The Bakan Peninsula Essays - Southeastern Europe, Yugoslavia

The Bakan Peninsula The Balkan Peniunsula is included the nations of Slovenia, Croatia, Bosnia, Herzegovina, the Former Yugoslav Republic of Macedonia, the Federal Republic of Yugoslavia, Albania, Greece, Romania, Bulgaria and European Turkey. Balkan history is described by military and political difficulty. Due to it's crusial area among Asia and Europe it has been vanquished and re-vanquished by endless countries. Looking for exchange courses to the center east, numerous eastern European nations have set up ports there. Inside the previous ten years Yugoslavia has experienced major political changes. In 1991 and 1992 four Yugoslav republics, Slovenia, Croatia, Bosnia and Herzegovina, proclaimed their autonomy from Yugoslavia. Serbia and Montenegro at that point framed the Federal Republic of Yugoslavia. After Yugoslavia started skirmishing with ethnic Albanian revolts in Kosovo toward the finish of 1998, NATO powers started airstrikes in late March, 1999. Caoncluding eleven weeks of bombarding, the Yugoslav government permitted a NATO peacekeeping power into Kososvo. Social Issues

Sparate Peace

In the novel Separate Peace, John Knowles utilizes both positive and negative scenes all through the novel. John Knowles does this to show how the setting can influence the characters and the occasions that are being taken all through the novel. Knowles presents immediately that there are two major scenes, the late spring meeting and the winter meeting, both assuming enormous jobs in the story’s plot and theme.The summer meeting would speak to harmony and the winter meeting would speak to the misery welcomed on by World War II, the move between them unmistakably affirms that Knowles expected to show how totally and unexpectedly the war surpassed the harmony at the late spring meeting. Knowles utilizes the mid year meeting setting to represent peace.Knowles utilizes the positive setting portrayed in this statement to uncover the significance of the setting: â€Å"They (elms) excessively appeared to be perpetual and failing to change, an immaculate, inaccessible world high in s pace, similar to the fancy towers and towers of an extraordinary church, too high to even consider being appreciated, unreasonably high for anything, incredible and remote and never useful†. Knowles portrays the setting like this to make a quiet picture speaking to the mid year meeting as a period of peace.This additionally carries a strikingly tranquil picture to mind further associating the ideas of summer and harmony together which is later vanquished by the war components of winter. Knowles utilizes the winter meeting setting to represent the misery of the war. Knowles utilizes this as the negative setting in the novel. In this statement, he depicts the significance of the setting: â€Å"Not long thereafter, early in any event, for New Hampshire, snow came†¦They accumulated there, thicker continuously, as quiet intruders vanquishing on the grounds that they collected so gently.I watched them spin by my window-don’t pay attention to this, the perky way they fel l appeared to infer, this little show, this innocuous trick†. Knowles utilizes words, for example, intruders and vanquishing to interface this picture to the combat area. This shows Knowles’ components of the war and how it overwhelmed the harmony present and the Devon School. Knowles likewise composes that these components of winter vanquished the life of nature which had recently been an image of summer.This reinforces his goal of featuring how the war component of winter assumed control over the tranquility of summer. The change between the past positive setting of summer and the negative setting of winter speaks with the impact the war had on the harmony at the Devon School. The time that Finny and Gene spend at the sea shore speaks to the pinnacle of the mid year. Be that as it may, overnight it is trailed by this portrayal of the sea: â€Å"The Ocean looked dead as well, dead waves murmuring severely along the sea shore, which was dim and dead looking itself†.Here Knowles utilizes words, for example, â€Å"dead†, â€Å"hissing†, and â€Å"grey†, which have a negative significance, to make an amazing negative setting scene in the novel. This causes an unforeseen complexity among negative and positive settings. This penetrating difference between the sea shore and a â€Å"dead† sea, which meets the sea shore at the shore with the murmuring of dead waves, anticipates the sharp complexity between the tranquility of summer and the misery of winter that meets the mid year of Finny’s fall.This occasion is the representative fall of harmony to the trouble of war. Knowles concretes this reality with expressing the setting of the circumstance not long before his fall, asserting that â€Å"From behind us the keep going long beams of light played over the grounds, complementing each slight undulation of the land, underlining the separateness of each bush†. The keep going long beams of light show the finis h of summer on the grounds that the finish of the long days denotes the start of pre-winter season because of sunshine reserve funds time.Since the late spring meeting speaks to harmony and the winter meeting speaks to trouble, this shows Finny’s tumble from the tree denotes the fall of harmony to trouble. John Knowles utilization of setting scenes reinforces his thought in the novel of the harmony at Devon school being overwhelmed by the components of World War II. This is finished by the expansion of positive settings of summer which speak to the harmony at the school; and winter, which speaks to the intrusion of the war and the penetrating differentiation between these two kinds of settings at specific scenes all through the novel.

The Importance of AP

The Importance of AP Advanced Placement courses, otherwise known as AP classes, are a common crossroad for high school seniors. Common courses include, but are not limited to: AP Euro, AP Stats, APUSH, and AP Language. Should I take an AP course my senior year, or a more relaxed schedule? Let me tell you, AP is worth every minute of studying. And heres why. 1. AP classes save you thousands of dollars. Literally.  AP classes are free to take at high school (with the exception of the AP exam fee) and are thousands of dollars to take at a university. Save yourself money now, as you will definitely need any spare change once you get to school. Plus, AP classes tend to be easier than college general education courses. 2. The work you put in now, during high school, allows for more flexibility in your college schedule.   The fewer general education courses you have to take your freshman year, the better (fewer 600-student lectures). 3. It helps to come into college with as many credits as you can.   Aside from the fact that you need a minimum amount of credits to graduate, having credit hours shows that you are hard-working, determined, and a good student. Credit hours show how prepared you are for college, so gather as many as you can! Rachel Class of 2020 I am studying Middle Grades Education with concentrations in Social Sciences and Literacy in the College of Education. Although I now reside in Champaign, I am originally from Vernon Hills, a Northwest suburb of Chicago.

The Complexities Of Cross Border Mergers Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3092 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The fifty wave of mergers and acquisition took popularity in the stream ofcross border mergers(Wikipedia)In 1998, cross-border acquisitions accounted for around 80% of FDI outflows of united kingdom in the US, on average over the 1984-1995 period, crossborder acquisitions accounted for over 90% of US FDI inflows. Cross border mergers and acquisitions are playing an important role in the growth of international production Although the basic merger or acquisition is the same worldwide, undertaking a cross-border transaction is more complex than those conducted in market because of the multiple sets of laws, customs, cultures, currencies, and other factors that impact the process.-article 102 For the first time in recent history, in 2007, the value of cross-border deals equaled the value of intraborder MAs (Economist 2007a). Article 100 Cross border ma are generally initiated by either Capital market school-capital market prospective of mergers and acq uisitions looks into revenue that is generated by the bringing together of assets of two companies. Don’t waste time! Our writers will create an original "The Complexities Of Cross Border Mergers Finance Essay" essay for you Create order They believe that a new investor becomes the owner because he/she can manage the assets in a better way then it was earlier done. These economists highlight concepts such as capital asset pricing model,agency theory, EMH, and a market for corporate control. Strategy school- unlike the capital market school, which is dependent on aspects like impact on the market after post or prior to MA, this school is interested in knowing the impact on individual entity (e.g.-impact of a merger on both the companies balance sheets, trading, business, revenue etc) Organisational behaviour school- evidence suggest that acquisitions in the last 2 decades have been much surrounded by implementation problems and bad post acquisition performance (vermeulen and barkema 2001). This school takes into account the human behaviour on post merger integration. The ecomomist are more inclined towards finding the impact of cross border MS on individuals. YEAR DEAL NATURE OF DEAL 1907 Royal Dutch / Shell- Friendly 1930 Unilever Plc /Unilever NV Dual-Headed Structures 1988 GrandMet / Pillsbury HostileDeal 1989 SmithKline Beckman / Beecham ADRand Stapled Stock 1997 BAT/ Zurich Dual-Headed and Demerger 1998 DaimlerBenz/Chrysler Global Share 1999 Vodafone / AirTouch Contested StockDeal 1999 Alcan / Alusuisse / Pechiney 3-WayStockDeal 1999 Vodafone AirTouch /Mannesmann Hostile StockDeal WHY MERGERS AND ACQUISITIONS faced with continued pressure to grow profits and with substantial cash on the balance sheet However, in many industries-telecommunications and banking, for example-further national consolidation is constrained in more mature markets by antitrust regulations, forcing companies to look abroad for new targets. In addition, as competitors, suppliers and customers become more global in outlook, many companies are feeling the pressure to expand their geographic presence just to remain competitive. agency theory (Kesner et al., 1994), hubris (Weston and Weaver, 2001; Berkovich and Narayanan, 1993; Roll, 1986; Seth et al., 2000) and empire building (Trautwein, 1990) indicate the existence of more than one motive for MAs. Hitt et al. (2001) also suggested multiple motives for firms to complete CBMAs. Acquiring of foreign targets should benefit the acquirers in many ways. First, it offers better access to product market in the forms of new sources of demand and enhan ced possibilities of receiving favourable treatment from consumers and regulators in foreign markets. Second, it leads to relatively stable cash flows owing to reduced exposure to macro-economic risk through geographical diversification as the business cycles of various countries are unlikely to move together. Third, it offers opportunities of using local resources and technology that may help reduce the cost of production. Fourth, the increased access to foreign capital markets helps in lowering the cost of capital of the firm. Finally, multinational firms enjoy more investment opportunities than domestic firms while maintaining the opportunities available in home market. Such enhanced business opportunities suggest that (a) acquisition of a foreign target should increase the value of bidder and (b) the gains CBAs should be higher than the gains from domestic target acquisitions. These should be reflected in both announcement period and long-term pe rformance of acquirers. There are a number of reasons why a corporation will merge with, acquire, or be acquired by another corporation. Sometimes, corporations can produce goods or services more efficiently if they combine their efforts and facilities. These efficiency gains may come simply by virtue of the size of the combined company; it may be cheaper to produce goods on a larger scale. Collaborating or sharing expertise may achieve gains in efficiency, or a company might have underutilized assets the other company can better use. Also, a change in management may make the company more profitable. Other reasons for acquisitions have to do more withÂÂ  hubrisÂÂ  and power. The management of an acquiring company may be motivated more by the desire to manage ever-larger companies than by any possible gains in efficiency. To facilitate faster entry into foreign market Increase market power Access to and acquisition of new resources and technology Diversification Improved management Synergy Managerial motive K. Shimizu et al. / Journal of International Management 10 (2004) 307-353 RECENT TRENDS The size of private equity has increased doubling the size of global mergers and acquisitions deals. The new figures show that private equity in cross border mergers and acquisitions is around 31% (2004-2007).new market player including financial corporations and sovereign wealth fund have entered the market. A survey by Accenture group reveals that 20% of the future growth will come from mergers and acquisitions Despite the current tightening of credit and general economic uncertainty, one area of business activity has remained surprisingly robust: MA. Although many players sat on the sidelines for the first half of 2008, global deal volume during the previous two years surpassed the record-breaking levels set in 2000. Moreover, the need for corporate growth and the availability of financing from new sources are likely to reignite the merger market boom and keep it going for the foreseeable future. The role of private equity has grown dramatically, doubling its share in global MA deals-accounting for more than 31 percent of transactions in the current MA wave (2004-2007) compared with the prior MA wave (1995-2000.) Other new investors, including corporations and sovereign wealth funds from emerging markets, have entered the MA arena. But the most significant trend has been the growth in the number of cross-border transactions, which now account for almost half of total MA deal value. While the majority of MAs involve two firms within the same country, over 40% of the MAs that were completed between 1999 and 2000 involved firms headquartered in two different countries (Hitt et al., 2001a,b) Cross-border MAs pose tremendous challenges, in particular, at the postacquisition stage (Child et al., 2001). Recent evidence suggests that they are not highly successful. For instance, a study by KPMG found approximately that only 17% of crossborder acquisitions created shareholder value, while 53% destroyed it (Economist, 1999 ). Complexities- article 102 foreign target acquisition increases the risk of the acquirer for several reasons. First, acquisition of a foreign target exposes the firm to wider range of transactions and translations risks. These may result in higher volatility in cash flows, earnings and net assets. Second, it exposes the acquirer to political risks such as threat of nationalization by host government, changes in host governments attitude towards foreign investment and amendments in financial regulations such as custom duties, taxes etc. that may affect bidders cash-flow adversely. Finally, due to differences in legal and cultural factors the agency cost of managing a foreign subsidiary is likely to be higher than running a domestic subsidiary. These factors are likely to push the cost of capital 6 which in turn reduces the value of the bidder. This suggests that, ceteris paribus, bidders of domestic targets, which are not exposed to these risk s, should perform better than bidders engaged in CBAs. Therefore, whether CBAs are superior to domestic acquisitions is an empirical issue as it addressed in the paper. The dynamics of cross-border MAs are largely similar to those of domestic MAs. However, due to their international nature, they also involve unique challenges, as countries have different economic, institutional (i.e., regulatory), and cultural structures (Hofstede, 1980; House et al., 2002) Flowback, Or I Dont Want Your Stock WhenÂÂ  foreign investorsÂÂ  perform a massive sell-off of a companys cross-listed sharesÂÂ  back to the country of issuanceÂÂ  as a result of an impending cross-border merger Flowback may be the biggest obstacle to the feasibility of cross-border mergers. Put simply, flowback is the unwillingness of target-company shareholders to hold foreign-domiciled equity of the acquirer. This sentiment is common among indexers and quasi-indexers; if themerged firm will not be indexed in the targets country, there is little incentive for these investors to hold the shares and a large incentive to sell. Many important stock indices, including the SP 500, no longer admit foreign-domiciled issuers. tax or currency issues-cross border mergers have complex tax structures which makes then deal even more complicated. Althought the government provides tax incentives Despite some harmonised rules, taxation issues are mainly dealt with in national rules, and are not always f ully clear or exhaustive to ascertain the tax impact of a cross-border merger or acquisition. This uncertainty on tax arrangements sometimes requires seeking for special agreements or arrangements from the tax authorities on an ad hoc basis, whereas in the case of a domestic deal the process is much more deterministic This uncertainty on tax arrangements sometimes requires seeking for special agreements or arrangements from the tax authorities on an ad hoc basis. The uncertainty on VAT regime applicable to financial products and services may put at risk thebusiness model or envisaged synergies . A group operating across several Member States may wish to centralize support functions to increase operating efficiency. But in many cases the result will include creating a VAT penalty on the inter group supply of services increase operating efficiency. But in many cases the result will include creating a VAT penalty on the inter group supply of services significant antitrust or non competition issues which law would be applicable- Take the case ofÂÂ  Tata Steels acquisition of UKs Corus, where the initial strains have begun to show through labour issues and could likely result in labour strikes on account of Tata Steels decision to mothball its Teesside unit in northeastern England. POLITICS AND ANTITRUST Politics still plays a role in cross-border MA-but to varying effect. In some cases, the reluctance of state shareholders to sell to foreign firms has scuttled planned transactions (although the quickening pace of privatization, particularly in Europe, should diminish these concerns). Reluctance to cede jobs and tax revenues to other states is another, potentially more enduring, obstacle. In other cases, political concerns about domestic competition and antitrust may in fact accelerate cross-border consolidation, as companies with fewoptions at home are forced to seek scale abroad. ÂÂ  The cultural complexities. One of the biggest challenges in a cross-border MA transaction is overcoming cultural and business differences. Understanding the culture, regulatory environment, benefits philosophy, customer expectations, working habits and marketing strategy of a company adds layers of complexity to a deal. Clashes in country and company cultures can easily trum p business objectives and derail a deal. Body intensity of MA activity is significantly higher in countries with better investor protection. International market for corporate control targets firms in countries with weaker corporate governance practices Zechner (2001) and Reese and Weisbach (2002) show that firms from countries with weak legal protection for minority shareholders list abroad more frequently than firms from other countries. Investor protection increases the demand for MA activity. Mearly pricing and valuation is not a good approach for final decision of whether to acquire or not. Every long term effect of the deal should be taken into concideration. Legal barriers Cross border mergers or acquisitions is a complicated transaction which involves numerous participants legal as well as private. A cross border deal (of a large firm or, of a important sector like mining, power, telecom) is actively contemplated by regulators and govt for possible flaws. There are often regulated by laws, local rules and regulatory restrictions.even at times when the bids are actually friendly takeovers acquirers are disadvantages by a potential lack of information and legal restrictions from the govt. countries having rigid legal system which leads to foggy decision ability. The bidder might not be aware of where the bid could fail or be rejected and on what grounds. In some countries the company law allows the companies to adopt defence tactics like poison pill, dual voting to prevent hostile takeovers. These efects discourages companies to take such a costly action Blocking cross-border mergers REGULATORY LAW : MA are regulated by both state and federal laws. State law sets procedures to be followed while approving a merger or a acquisition. It also establishes legal enforceability of these laws so that the acquired company and its shareholders are given a fair compensation. Law does not create any obstacle in the deal unless a question of who has the authority to regulate or govern a deal arises.m Main body We find that cross-border MAs are more likely to occur in countries where foreign institutions hold a higher fraction of the local stock market. Previous studies on cross-border MAs focus on country-level governance aspects. Rossi and Volpin (2004) find that targets in cross-border MA deals are more frequently from countries with weaker investor protection than their acquirers country, suggesting a convergence in governance standards. Starks and Wei (2004) and Bris and Cabolis (2008) find a higher takeover premium when investor protection in the acquirers country is stronger than in the targets country. In view of miller and Whitman, Ragazzi, black Stulz foreign direct investment (FDI) is the product of such factors as (a) imperfections in the product and factors markets, (b) different taxation, and (c) imperfections in the international financial markets. Effect of cross border merger and acquisition on share holder wealth cross-border transactions result in significant wealth destruction for shareholders while domestic transactions result in value generation for shareholders of German acquirers. Legal, economic or cultural obstacles to cross-border transactions, information imperfection and difficulties in post-merger integration due to cultural differences may have contributed to the negative cumulative abnormal returns to shareholders of cross-border transactions. A majority vote of shareholders is generally required to approve a merger La Porta et al. (1997) showed that investors in common-law countries enjoy the highest level of protection, while investors in civil-law countries receive the lowest. Rossi and Volpin (2004) show a strong positive relationship between takeover premiums and investor protection, suggesting that acquirers pay higher premiums when they acquire targets from countries that have better investor protection. Errunza and Senbet (1981, 1984), Kim and Lyn (19 86), and Morck and Yeung (1991) report a significantly positive relation between internationalisation and firm value. Bodnar, Tang and Weintrop (2003) corroborate the prior evidence on the positive effects of corporate international diversification on firm value, whereas Christophe (1997) and Denis, Denis and Yost (2002) find evidence that international operations lead to value destruction. Marcelo B. Dos Santos, Vihang R. Errunza and Darius P. Miller* evaluated 136 cross border mergers and acquisitions from the acquirers of foreign target firms between 1990-1999 and find no evidence on average of any statistically significant decrease in the excess value of the U.S. acquiring firms in 2 years surrounding the deal. Also they use similar valuation methodology as in Bodnar, Tang and Weintrop (2003) and Denis, Denis and Yost (2002), which represents a variation of the industry-matched multiplier approach. Their results advice that a cross border acquisition does no t result in value destruction. They find that related cross border mergers and acquisition does not lead to value destruction and unrelated cross border merger and acquisition leads to value destruction. Fatemi and Furtado (1988), Markides and Ittner (1994) and Datta and Puia (1995) all of which find either non-significant positive abnormal returns or, in the case of Datta and Puia, negative abnormal returns John Doukas And Nickolaos g. Travolis discuss how firms engaging in international expansion by acquiring foreign corporations with an intension to maximise shareloders wealth. Their results suggest that shareholders of firms not already operating in the target firms country get the best benefit from the acquisition, In terms of non-US countries, Kang (1993) investigates the abnormal returns of Japanese bidders in the US and finds positive abnormal returns to Japanese firms. Corhay and Rad (2000) find weak evidence that cross-border acquisitions are wealth -creating based on a sample of Dutch firms They also find evidence that the benefits from internalisation are greater for firms having less international exposure and making acquisitions outside their main industrial activity. In terms of cross-country comparisons, Eun et al. (1996) have shown that the returns to acquiring firms are likely to vary across countries. Examining Cross-border acquisitions in the US, they show that bidding firms sourced from Japan experienced positive abnormal returns while UK firms experienced considerable negative abnormal returns. Acquiring firms based in Canada experienced mildly positive abnormal returns that were considerably below those experienced by Japanese firms.4 Cakici et al. (1996) also report significantly positive abnormal returns around the event date for acquirers from Japan, Australia, the UK and the Netherlands. These studies suggest that positive abnormal returns are likely to vary depending upon the characteristics of the investing firms, the country of origin, and the country and/or industry in which the acquiring firm is investing in Hidden weaknesses/problems in acquired companies lead to over-optimistic expectations of the acquirer or failure to anticipate difficulties Strong internal/external pressures for swift decision-making encourage a financial focus as opposed to the assessment of crucial operational or cultural issues. Control by very few people with a limited time commitment or continuity throughout the pre- and post integration process. Frequently there is no a formal function/team taking responsibility to systematically control MA projects. Lack of processes in place to deal with the complex organisational dynamics necessary in pursuing MA synergies. Merged companies frequently take years to deliver full organisational integration. SOME MERGERS AND ACQUISITIONS Failure of General Motors (GM) AND Daewoo (one of the key players of the automotive industry) joint venture in 1980s was a result of differences in the approach of the managers. Daewoo executives wanted the venture to achieve net growth even thought the venture was running in net losses. But GM Wanted to reduce operations in order to increase the profits. eventually this led to a disagreement which was to be discontinued. This led to a great loss to bothd the companies in terms of investment and valuable time. This is a very good example of a friendly merger which can be unsuccessful due to changes in opinions.

Descriptive, Historical, Correctional, and Experimental Research Essay

Essays on Descriptive, Historical, Correctional, and Experimental Research Methods Essay The paper "Descriptive, Historical, Correctional, and Experimental Research Methods" is an outstanding example of an essay on statistics.Descriptive ResearchThis method of research explains what already exists in a group by describing categories of qualitative information or may involve collecting quantitative information. Descriptive research uses â€Å"what is† approach and it intensely involves the use of description as a device in organizing data into patterns emerging during analysis and usually uses diagrams such as charts to help the reader. This type of research can cover a wide geographical area. Descriptive research method may be successfully used to identify the relationship between two variables, revealing summary statistics and always help in recognizing alteration needed (Richey Klein 40-44).Historical Research MethodThis kind of research helps in the logical recall of complex events, people, significance and thoughts of the earlier period that have changed the current and it relies on numerous sources that involve both primary and secondary sources. It primarily relies on the analysis and interpretation of the historical information from chosen sources depending on the topic to be researched upon. This research method facilitates decision making and policy formulation whilst justifying the reason behind the current situation status and predicting future trends based on past ideas. It basically deals with past natural settings whilst its interpretation concentrates on the past research processes and requires very elaborate sensitivity to the related data. Historical research needs sources with first-hand information of the events, ideas or any other data that have the true details or original records about the event that the study is based on (Connaway Powell 246).Correctional Research MethodThis is one of the easiest research methods where a researcher assumes that there is a relationship between two variables and further tests for the s tatistical relationship between the two variables unlike descriptive research which only explains what is taking place, correlation research tends to explain the link between the different variables. Correlation research simply tries to assume that at least the two variables are related. Correlation research variables may take either the same direction which is referred to as positive correlation or opposite direction that is statistically referred to as negative correlation and no correlation which suggests that there is absolutely no relationship between two variables under study. Researchers usually use a number that ranges from -1 to +1 which is called correlation coefficient in measuring the strength of a correlation where any variable with a correlation above zero then it is called positive correlation (like +.34) while any correlation below zero (like-.87) is a negative correlation. However, it is important to note that correlation research does not imply causation but it is a means of looking for statistical relationships between variables when it is impossible to carry out testing (Burke Christensen 44).Experimental Research MethodAll the other research methods do not have control over the situations hence making this kind of research the best amongst all. This method of research is geared towards proving a general principle that tends to explain various facts’ relationships by accurately defining the variables in the theory for testability purposes. Experimental Methods have two types of variables known as Independent variable that is manipulated by the experimenter and the dependent variable which refers to the outcome of the variable also known as the results of the experiment. This kind of research is aimed at predicting phenomenon and helps in explaining the kind of some causation (Kothari 120).

Difference Between The Two States Of The Community Surrounding Education Free Essays

Facilitating and increasing possibilities in education remains to be a focal concern among states as it serves as an instrument for development and growth. This is why many states spend a large amount of income and resources for enhancing education to meet the demands of the population in general and the current trends in today’s society. Though there may be similarities in the overall objective, governments apply different e and varied strategies to make such effort a possibility. We will write a custom essay sample on Difference Between The Two States Of The Community Surrounding Education or any similar topic only for you Order Now This can be seen if the educational system of the United States and Saudi Arabia be compared accordingly. Upon close observation, one can see there are striking similarities and differences between the two. They are similar â€Å"in terms of government spending on education, freedom to choose the school where they will attend to, and education for people with special needs, while differ in terms of attitude towards education, literacy rate, religion in school, gender roles, grading scales, and stages of education† (Stevenson, 2008, p. 1). One major difference between the two states revolves around the attitudes and views of the community surrounding education. Compared to the United States wherein students are expected to attend class in a mandatory manner, Saudi Arabia does not impose such standards on students and remains to be open on individuals who seek to learn (Stalinsky, 2008). This in turn makes the system in United States strict and accountable towards creating educational policies. Another major difference is the statistics and numbers present as far as literacy rate is concerned. The United States educational system boasts of a 99% literacy rate for both men and women and continuously seeks new methods and mechanisms to solidify growth. On the other hand, Saudi Arabia fairs relatively lower than its counterpart and only provide 84. 7% for men and 70. 8% for women (Stevenson, 2008, p. 1). This is why the country is resolved towards establishing numerous frameworks to help alleviate the increasing number of illiterate in the region. Curriculum content and facilitation is another difference between Saudi Arabia and American education. America offers its curriculum in a diversified manner and caters to different areas such as Physical and Social Sciences. Contrary to this, teaching Islam has been the focal point of Saudi Arabia’s educational system. It derives from the Sharia (Islamic Law) and the Quran as the basis for teaching (Ministry of Education, 2004). Equally men who have been trained under this can provide â€Å"religious secondary education with focus primarily on Islamic and Arabic Studies† (Stevenson, 2008, p. 3). Lastly, the scope of education is also another component that differentiates between the two states. In the United States, the curriculum is equally administered and facilitated both males and females. On the other hand, for Saudi Arabia, â€Å"education is divided into three separately administered systems: general education for boys, education for girls and traditional Islamic education for boys† (Stevenson, 2008, p. 3). Though there has been a move within the government to expand the scope of instruction for women, this practice continues to be prevalent in Saudi Arabia’s society. To conclude, though both the United States and Saudi Arabia are committed towards creating available education for everyone, they have different ways of applying such principle. These differences can be rooted to various cultural beliefs and practices that continue to shape how people think in two states. In the end, despite these differences, it can be argued that each one is committed in providing the necessary avenues to increase proficiency and develop schemes to make its citizens competent and ready to address the challenges of the 21st century. How to cite Difference Between The Two States Of The Community Surrounding Education, Papers

The Most Devastating Choice Made In The free essay sample

Book Night By Elie Wiesel Essay, Research Paper The most annihilating pick made in Night was the determination non to fly Sighet. They had the opportunity but Elie s father did non desire to take the opportunity of nil bad occurrence and, he was to old and did non desire to get down a new life. He thought that nil would or could go on. They all did non believe Moshe the Beadle, when he told them of what happened. He said Germans were killing inhumanly and randomly, but no one believed him, and if they did, they denied it so they wouldn Ts need to believe of it. If they had fled Sighet many things would hold turned out different. Since, they didn Ts leave Germans advanced into their town, dividing Hebrews from all others. The fenced them in, and made their towns into Ghetto s. After the separation, the Jews were shortly deported to Concentration cantonments. We will write a custom essay sample on The Most Devastating Choice Made In The or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Before they were deported, everyone had to give their valuables to the SS officers so they could non corrupt the guards to freedom: so they lost their valuables every bit good as their freedom. After being deported, the Weisel household was transported to Auschwitz. That s where his female parent and sister were separated from his male parent and him. After they arrived to Auschwitz they were ordered to travel into two lines, Women and kids in one line and Work force in the other. Elie could hold gone with his female parent but he went his male parent and so he had to lie about his age. He survived but, he s female parent and sister did non. Elie neer saw his female parent or sister once more. Through the long agonizing trip Elie and his male parent went through. They about made it to the terminal of the line, so would hold survived. The trip was excessively much for the senior Weisel, so near to the terminal of the line but, he gave up and he died on the concluding stretch to freedom. All that Elie and his male parent went through and witnessed together was deserving nil. Elie tried his hardest to maintain his male parent and himself from giving up. It was merely excessively much for Elie s male parent to do it, from losing his place, married woman, girl, and freedom. He felt there merely was no ground for life, and he had no strength and did non desire to contend any longer. Elie and his full household went through snake pit during the Holocaust. Elie, himself, survived but unluckily his household didn t. If they had fled Sighet, if the had believed Moshe the Beadle they would hold all survived. Then once more, who could hold believed that a group of people could extinguish an full race of people based on hatred. Not go forthing Sighet was a important determination but could non be avoided and if I were in that place I wouldn t, couldn T believe the horror narratives I was hearing. What happened with the Holocaust was cold act of hatred and racism.

US Punitive Expedition During the Mexican Revolution

US Punitive Expedition During the Mexican Revolution Issues between the United States and Mexico began shortly after the beginning of the 1910 Mexican Revolution. With various factions threatening foreign business interests and citizens, US military interventions, such as the 1914 occupation of Veracruz occurred. With the ascendency of Venustiano Carranza, the United States elected to recognize his government on October 19, 1915. This decision angered Francisco Pancho Villa who commanded revolutionary forces in northern Mexico. In retribution, he began attacks against American citizens including killing seventeen aboard a train in Chihuahua. Not content with these attacks, Villa mounted a major assault on Columbus, NM. Attacking on the night of March 9, 1916, his men struck the town and a detachment of the 13th US Cavalry Regiment. The resulting fighting left eighteen Americans dead and eight wounded, while Villa lost around 67 killed. In the wake of this cross-border incursion, public outrage led President Woodrow Wilson to order the military to make an effort to capture Villa. Working with Secretary of War Newton Baker, Wilson directed that a punitive expedition be formed and supplies and troops began arriving at Columbus. Across the Border To lead the expedition, US Army Chief of Staff Major General Hugh Scott selected Brigadier General John J. Pershing. A veteran of the Indian Wars and Philippine Insurrection, Pershing was also known for his diplomatic skills and tact. Attached to Pershings staff was a young lieutenant who would later become famous, George S. Patton. While Pershing worked to marshal his forces, Secretary of State Robert Lansing lobbied Carranza into allowing American troops to cross the border. Though reluctant, Carranza agreed as long as US forces did not advance beyond the state of Chihuahua. On March 15, Pershings forces crossed the border in two columns with one departing from Columbus and the other from Hachita. Consisting of infantry, cavalry, artillery, engineers, and logistical units, Pershings command pushed south seeking Villa and established a headquarters at Colonia Dublan near the Casas Grandes River. Though promised use of the Mexican Northwestern Railway, this was not forthcoming and Pershing soon faced a logistical crisis. This was solved through the use of truck trains which used Dodge trucks to ferry supplies the one hundred miles from Columbus. Frustration in the Sands Included in the expedition was Captain Benjamin D. Foulois First Aero Squadron. Flying JN-3/4 Jennys, they provided scouting and reconnaissance services for Pershings command. With a weeks head start, Villa dispersed his men into the rugged countryside of northern Mexico. As a result, early American efforts to locate him met with failure. While many of the local populace disliked Villa, they were more annoyed by the American incursion and failed to offer assistance. Two weeks into the campaign, elements of the 7th US Cavalry fought a minor engagement with Villistas near San Geronimo. The situation was further complicated on April 13, when American forces were attacked by Carranzas Federal troops near Parral. Though his men drove off the Mexicans, Pershing elected to concentrate his command at Dublan and focus on sending out smaller units to find Villa. Some success was had on May 14, when a detachment led by Patton located the commander of Villas bodyguard Julio Crdenas at San Miguelito. In the resulting skirmish, Patton killed Crdenas. The next month, Mexican-American relations suffered another blow when Federal troops engaged two troops of the 10th US Cavalry near Carrizal. In the fighting, seven Americans were killed and 23 captured. These men were returned to Pershing a short time later. With Pershings men searching in vain for Villa and tensions rising, Scott and Major General Frederick Funston began negotiations with Carranzas military advisor, Alvaro Obregon, at El Paso, TX. These talks ultimately led to an agreement where American forces would withdraw if Carranza would control Villa. As Pershings men continued their search, their rear was covered by 110,000 National Guardsmen that Wilson called into service in June 1916. These men were deployed along the border. With talks progressing and troops defending the border against raids, Pershing assumed a more defensive position and patrolled less aggressively. The presence of American forces, along with combat losses and desertions, effectively limited Villas ability to pose a meaningful threat. Through the summer, American troops battled boredom at Dublan through sporting activities, gambling, and imbibing at the numerous cantinas. Other needs were met through an officially sanctioned and monitored brothel that was established within the American camp. Pershings forces remained in place through the fall. The Americans Withdraw On January 18, 1917, Funston informed Pershing that American troops would be withdrawn at an early date. Pershing agreed with the decision and began moving his 10,690 men north towards the border on January 27. Forming his command at Palomas, Chihuahua, it re-crossed the border on February 5 en route to Fort Bliss, TX. Officially concluded, the Punitive Expedition had failed in its objective to capture Villa. Pershing privately complained that Wilson had imposed too many restrictions on the expedition, but also admitted that Villa had outwitted and out-bluffed [him] at every turn. Though the expedition failed to capture Villa, it did provide a valuable training experience for the 11,000 men who took part. One of the largest military American military operations since the Civil War, it provided lessons to be utilized as the United States inched closer and closer to World War I. Also, it served as an effective projection of American power which aided in halting raids and aggression along the border.

J.J. Thomson Atomic Theory and Biography

J.J. Thomson Atomic Theory and Biography Sir Joseph John Thomson or J.J. Thomson is best known as the man who discovered the electron. J.J. Thomson Biographical Data Tomson was born December 18, 1856, Cheetham Hill, near Manchester, England. He died  August 30, 1940, Cambridge, Cambridgeshire, England. Thomson is buried in Westminster Abbey, near Sir Isaac Newton. J.J. Thomson is credited with the discovery of the electron, the negatively-charged particle in the atom. He is known for the Thomson atomic theory. Many scientists studied the electric discharge of a  cathode ray tube. It was Thomsons interpretation that was important. He took the deflection of the rays by the magnets and charged plates as evidence of bodies much smaller than atoms. Thomson calculated these bodies had a large charge to mass ratio and he estimated the value of the charge itself. In 1904, Thomson proposed a model of the atom as a sphere of positive matter with electrons positioned based on electrostatic forces. So, he not only discovered the electron but determined it was a fundamental part of an atom. Notable awards Thomson received include: Nobel Prize in Physics (1906) in recognition of the great merits of his theoretical and experimental investigations on the conduction of electricity by gases  Knighted (1908)Cavendish Professor of Experimental Physics at Cambridge (1884-1918) Thomson Atomic Theory Thomsons discovery of the electron completely changed the way people viewed atoms. Up until the end of the 19th century, atoms were thought to be tiny solid spheres. In 1903, Thomson proposed a model of the atom consisting of positive and negative charges, present in equal amounts so that an atom would be electrically neutral. He proposed the atom was a sphere, but the positive and negative charges were embedded within it. Thomsons model came to be called the plum pudding model or chocolate chip cookie model. Modern scientists understand atoms consist of a nucleus of positively-charged protons and neutral neutrons, with negatively-charged electrons orbiting the nucleus. Yet, Thomsons model is important because it introduced the notion that an atom consisted of charged particles. Interesting Facts About J.J. Thomson Prior to Thomsons discovery of electrons, scientists believed the atom was the smallest fundamental unit of matter.Thomson called the particle he discovered corpuscles rather than electrons.Thomsons masters work,  Treatise on the motion of vortex rings, provides a mathematical description of William Thomsons vortex theory of atoms. He was awarded the Adams Prize in 1884.Thomson discovered the natural radioactivity of potassium in 1905.In 1906, Thomson demonstrated a hydrogen atom had only a single electron.Thomsons father intended for J.J. to be an engineer, but the family did not have the funds to support the apprenticeship. So, Joseph John attended  Owens College in Manchester, and then Trinity College in Cambridge, where he became a mathematical physicist.  In 1890, Thomson married one of his students, Rose Elisabeth Paget. They had a son and a daughter. The son, Sir George Paget Thomson, received the Nobel Prize in Physics in 1937.Thomson also investigated the nature of pos itively-charged particles. These experiments led to the development of the mass spectrograph. Thomson was closely aligned with chemists of the time. His atomic theory helped explain atomic bonding and the structure of molecules. Thomson published an important monograph in 1913 urging the use of the mass spectrograph in chemical analysis.Many consider J.J. Thomsons greatest contribution to science to be his role as a teacher. Seven of his research assistants, as well as his own son, went on to win the Nobel Prize in Physics. One of his best-known students was Ernest Rutherford, who succeeded Thomson as Cavendish Professor of Physics.

TMA 01 (essay) Option 1 Essay Example | Topics and Well Written Essays - 2000 words

TMA 01 ( ) Option 1 - Essay Example It will focus in the various psychological processes that are involved in this learning process by relating the specific problem with how children learn and develop where theories such as behaviourism, social constructivism among others will be focused on where each theory will be focus on in detail. The paper will then relate the key points in these theories with the example of brushing teeth. Finally, it will conclude by summarizing the learning outcomes of this exercise. Context Alex’s case is being used as context to examine what processes the brain requires to undertake when it comes to learning in children. One of the Major aspects of the brain, which is crucial in teaching Alex how to brush his teeth, is memory. This is because, it is important for Alex’s mind to remember how he saw his mother brushing her teeth in order for Alex to learn how to brush his teeth. For instance, Alex’s mother congratulates him when he is able to brush his teeth. When the memo ry part of Alex’s brain associates brushing with a reward, which is in this case, is the congratulations, then it will result in Alex being able to learn how to brush his teeth by himself. This is mainly so since deep in his mind he feels that his mother will congratulate him. However, there are more processes involved in the process of Alex learning how to brush his teeth other than memory. These processes are well defined in the various theories of learning. In this case, the paper will consider social leaning theory, Behaviourism theory, social constructivism theory, and the constructivism theory. Behaviourism Between the 1920s and 1950s, behaviourism was the major paradigm that was used to understand human behaviour. It combined methodology, psychology, theory. The theory was generally based on various assumptions (Crain, 2000). The first assumption was that psychology was a form of science hence theories should be supported by data that is empirical gotten from the contr olled and careful observation and the measurement of behaviour. Thus, its goal was to predict and control. The second assumption that the theory took was that the primary concern when it came to understanding human behaviour as observable without the influence of things such as emotion or thinking. The theory was based on the assumption that the environment around them determined human behaviour thus people did not possess free will. The theory also assumed that very little difference existed between the learning process of human beings and animals. The theory assumed that the brain was born blank and that human beings assimilated behaviours because of some stimulus. This meant that any behaviour that human beings can be traced down to a specific stimulus and from the stimulus the different way in which the human would assimilate certain behaviour could be determined. Behaviourism theory was also used in philosophy. Though somehow similar , the philosophical approach of the theory s tipulated that the behaviour of human beings should be viewed as natural science where what they do can be traced to a stimulus assuming that they did not think or be emotionally influenced into perfuming the action. Edmund Fantino developed this aspect of behaviourism Social learning Theory The social learning theory is an approach to psychology in understanding the learning process in human beings. The theory stipulates that human beings learning outcomes are indeed based on the social context that they are in. This theory, relates more to children where

The economic growth in the countries of Asia-Pacific region Essay

The economic growth in the countries of Asia-Pacific region - Essay Example The paper attempts to establish a quantitative relationship between the economic development and the factors affecting it in a cross-national context with particular reference to East Asian countries. Economic growth in the East Asian region over the last half-century has not been the same in all the countries. The growth in economic performance of a country and the differences underlying the economic conditions of various countries in the region is owing to the factors affecting growth. McKinnon and Shaw emphasize on the critical importance of the development of a country’s financial sector towards the enhancement of its economic growth. They are of the view that economic growth is closely linked with the financial market liberty in a country. Government interference and subjection over the financial sector through different means result in economic deterioration. The past (pre-crisis) and recent (post-crisis) economic boost as noticeable in Malaysia is not a matter of coincidence, rather it has been due to the fact that the factors responsible for economic growth prevail and flourish rapidly in the country as discussed throughout the essay. Malaysia has been one of those few countries in the region to be able to recover quickly from the East Asian crisis and thus has rapidly taken a tremendous development track. On the contrary, the countries having a slower economic growth rate such as Philippines reveal the lagging of factors that undermine a country’s economic growth.

D.C. Berrys On Reading Poems to a Senior Class at South High Essay

D.C. Berry's On Reading Poems to a Senior Class at South High In "On Reading Poems to a Senior Class at South High" by D.C. Berry, the author vividly portrays the interactive experience of a poetry reading between a senior high school class and its teacher. The event is compared to a school of fish excitedly swimming around an aquarium until a sudden rupture in the aquarium causes everyone to "leak out." Berry uses form, sound devices, and poetic devices to enhance the different levels of excitement and interaction throughout the poetry reading. The nontraditional form of the poem with regard to stanzas, capitalization and punctuation, and rhyme scheme and meter, helps create a sensation of free-flowing water within a somewhat structured environment. The lengths of the stanzas reflect the changing pace of running water and the running monologue of the teacher. The first two stanzas are of average length because the water and speech have just begun to flow. The water rushes at a very fast pace as the students begin to show interest; this is reflected in an eight-lined stanza, the longest one in the poem. The highest level of interaction between the teacher and the students is in the fourth stanza which describes "thirty tails whacking words;" however, this stanza is cut short as the bell interrupts the teacher's speech. The water feebly drips in the fifth and sixth stanzas as the teacher no longer speaks, and all the excitement is gone. Finally, the last four-lined stanza restores the teacher to his original posi tion because it is equal in length to the second stanza when the teacher begins his reading. Nonstandard capitalization and punctuation further enhance the easy flow of the words with few ... ... also be seen as examples of metonymy within the context of describing the students as fish. In the first simile, the students are specifically referred to as the gills of a fish (instead of the whole fish) to emphasize their dependency on water. In the second simile, the class and the teacher are characterized as the tails of a fish to emphasize their active movement within the water and their interaction with the other fish. Therefore, the poetry reading is vividly portrayed as a school of fish actively and eagerly exploring their aquatic environment. This characterization of the students is a pun because there is an implied play on words between a high school class and a school of fish. Elements of form, sound devices, and poetic devices are essential to achieving this unique depiction of the poetry reading as an exciting and stimulating experience.

Game Theory and Life Insurance

Astln Bulletin 11 (198o) 1-16 A GAME T H E O R E T I C LOOK AT L I F E I N S U R A N C E UNDERWRITING* JEAN LEMAIRE Universit6 Libre de Bruxelles Tim decision problem o[ acceptance or rejection of life insurance proposals is formulated as a ~vo-person non cooperattve game between the insurer and the set of the proposers Using the mmtmax criterion or the Bayes criterion, ~t ~s shown how the value and the optunal stxateg~es can be computed, and how an optimal s e t of medina! , mformatmns can be selected and utlhzed 1. FORMULATIONOF THE GAME The purpose of this paper, whose m a t h e m a t i c a l level is elementary, is to d e m o n s t r a t e how g a m e t h e o r y can help the insurers to formulate a n d solve some of their underwriting problems. The f r a m e w o r k a d o p t e d here is life insurance acceptance, but the concepts developed could be a p p h e d to a n y other branch. The decision problem of acceptance or rejection of life insurance proposals can be f o r m u l a t e d as a two-person non cooperative g a m e the following w a y : player 1, P~, is the insurer, while player 2, P2, is the set of all the potential pohcy-hotders. The g a m e is p l a y e d m a n y times, m fact each time a m e m b e r of P. – fills m a proposal. Ve suppose t h a t tlfis person is either perfectly h e a l t h y (and should be accepted) or affected b y a disease which should be detected and cause rejection. We shall assume for the m o m e n t t h a t the players possess only two strategies each. acceptance a n d rejection for P~, health or disease for P2. To be more realistic we should introduce a third pure s t r a t e g y for P~: a c c e p t a n c e of the proposer with a surcharge. To keep the analysis as simple as possible we shall delay the introduction of surcharges until sectmn 4. Consequently we can define a 2 x 2 p a y o f f m a t r i x for the insurer. .P~ †¢ P2 healthy proposer A B ill proposer C D acceptance rejection I t iS evident t h a t the worst o u t c o m e for the insurer is to accept a b a d risk. I n t e r p r e t i n g the payoffs as utilities for P1, C should be the lowest figure. Clearly D > B : it is better for the insurer to reject a b a d risk than a good risk. Also A must be greater t h a n B. One anight argue a b o u t the relative * Presented at the 14th ASTIN Colloqumm, Taornuna, October x978. 2 JEAN LEMAIRE values, A and D, of the good outcomes. We shall suppose in the examples and the figures that D > A, but the analysis does not rely on this assumptmn. In order to find the value of the game and the optimal strategy for P~, we can apply – – the minimax criterion, or – – the Bayes criterion. 2. THE MINIMAX CRITERION To apply the minimax criterion assimilates P2 to a malevolent opponent whose unique goal is to deceive the insurer and to reduce his payoff. This is of course an extremely conservative approach, to be used by a pessimistic insurer, concerned only by its security level. 2. 1. Value and Optimal Strategies without information Since P2's objective is to harm P~, the game becomes a 2 x 2 zero-sum twoperson game, which can be represented graphicaUy. The vertical axis of fig. 1 is the payoff to P1. His possible choices are represented by the two straight lines. The horizontal axis is P2's choice: he can always present an healthy proposer, or a non healthy, or pick any probability mix in between. The use of mixed strategies is fully justified here since the game is to be played m any times. Since P2's payoff is the negative of Pl's', his objective is to minimize the insurer's maximum gain, the heavy broken line. The ordinate of point M Payoff Io p~ D A B healthy i'x~n hi'Klllh Fig. i LIFE INSURANCE UNDERWRITING 3 is then the value of the game. The abscissa of M provides the optimal mixed strategy of P2 P~'s optimal strategy can be obtained similarly (for more details see for instance OWLN (1968, p. 29) ) Thus, by adopting a mixed strategy (to accept any risk with a probability D-B PA = A + D – B – c ‘ and t  ° reject w i t h a p r o b a b i l i t y p n = I AD-BC ? ‘A),. P~ can guarantee himself a payoff of v~ = A + D – B – C ‘ D-C PH = A + D – B – C whatever the strategy adopted by his opponent. P2's optmml strategy is to present a proportion of good risks. 2. 2. Introduction of Medical Information The preceding model is extremely naive (and vv1Lt only be used as reference for comparisons) since it does not take into account P,'s possibility to gather some information about the proposer's health, by asking him to fill in an health questmnnaire, or by requiring him to undertake a medical examination. This information is of course only partially reliable. But, however imperfect, it can be used to improve P~'s guaranteed payoff. How can the insurer make optimal use of the information lie does have ? It is sufficient for our purposes to characterize tile medical information by two parameters : Ps, tile probability of successfully noticing a bad risk, and PF, tile false alarm probability of detecting a non-existant illness. Let us introduce a third pure strategy for P , : to follow the indications of tile medical information. If tile proposer is not healthy, his illness is detected with a probabihty Ps, and remains undetected with a probability 1 – – P S . . P i ‘ S expected payoff thus equals E = Dps + C(1-ps). Smailarly, his payoff m case the proposer is healthy is F = (1–pF)A + t~FB. Fig. 2 represents a â€Å"detector† with a . 7 success probability and a . 4 false alarm probability. We notice that, m this case, P1 can guarantee himself a payoff v2 > vl by mixing the strategies â€Å"to accept† and â€Å"to follow the detector's indication†. Of course, for other values of Ps and PF, tile optimal mixed strategy varies and can mix a different set of pnre strategies. The detector can even be so imperfect that the line . FE passes below the intersection of B D and AC; then the medical information is so weak that it is useless. 4 Payoff to Pl JEAN LEMAIRE JD1 J E~ ao % 7o % 4o % 6o % I A. healthy f~n heall hy Fig. 2 2. 3. Optimal Deteclwn System A detector is characterized by a pair (Ps, PFF) of probabilities. The underwriters can decide to render the standards of acceptation more severe, by rejecting more people, thereby incrcasing the success probabihty Ps. Unfortunately, the false alarm probability PF will then increase too. Can gaine theory help us to select an optimal detection system ? Must the company choose a â€Å"nervous† detector, with a high success probability, but also a high false alarm rate, or a â€Å"pldegmatic† or â€Å"slow† system with low probabilities Ps and PF ? Let us assume for sunplicity that all the medical information has been aggregated mto a single discriminating variable (for instance by using discrlminant- or regression analysis). The distribution of the discriminatmg variable for the healthy population will usually overlap the dastribution for the non healthy group. The choice of a particular detector can consist of selecting a critical value, any higher observed value leading to rejection, any lower value to acceptance (this procedure is optimal if the distributions are normal with equal variances Otherwise, tile decision rule can be obtained by a hkelilaood ratio method (see appendix or LEE (1971, pp. 2oi-2o3)). The shaded zone represents the false alarm probability, the dotted region the success probability. Each critical value determines those two probabilities. If the critical value is moved to the right, the detector becomes slower. If it is moved to the left, it become~ more nervous. The set of all the critical values LIFE INSURANCE UNDERWRITING healthy [ non healthy value acceptance t | of the t n g variable dlSCrlmlnat relectlon Fig. 3 Y Ps Fig 4 defines the efficiency curve of the d i s c n m i n a n t variable. The weaker the dlscriminant power of this variable, the nearest to the bissectmg line its efficiency line. A perfect discrimmant variable has a triangular efhciency x y z . The set of all the detectors determines a set of values for the game. The highest value v* for the insurer is reached when the p a y o f f line is horizontal. This can be roughly seen as follows (for a more rigorous proof see LUCE and RAIFFA (1957, pp. 394-396)): the critical value, m o v i n g from left to right, generates a family of hnes with decreasing slope. If . Pat chooses a d e t e c t o r with 6 JEAN LEMAIRE a pos~ttve slope, P= can reduce his payoff below v* b y always presenting h e a l t h y proposers. Similarly, ~f the slope is negative, a continuous flow of non h e a l t h y proposers will keep P~'s payoff below v*. yotl to Pt I D A C h , a i r h~ rmn heulth, Fig 5 The optimal detector can be easdy obtained b y equating the payoffs E and F : Dps + C ( 1 – p s ) = A ( l – p y ) Then (1) + BpF. D-C C-A PF – B – A PS + B – A defines a straight line in fig. 4, whose intersection with the efficiency line determines the o p t i m u m . N o t e t h a t the optimal s t r a t e g y of P~ is a pure s t r a t e g y : to follow the advace of the d e t e c t o r , the insurer does not have to t h r o w a coin after the mecidal examination m order to decide if tile proposer is accepted. W h a t happens is t h a t the â€Å"noise† in the observation system, however small, provides the necessary r a n d o m i z a t i o n in order to p r e v e n t P2 from outguessing the insurer. 2. 4. The Value of Improving the Detectton System A medmal e x a m i n a t i o n can always be improved† one can introduce an electrocardmgram, a blood test . . . . for each proposer. B u t ~s it w o r t h the cost ~ An i m p r o v e d discrimination ability means t h a t tile distributions of fig. 3 are more LIFE INSURANCE UNDERWRITING 7 Fig. 6 Payoff to p, D A im rn i ir~f r m i n B C healthy on hl, olt h Fig. 7 separated and present less overlap. The characterizing probabilities ibs and PF are maproved, and the efficiency line moves away from the bisecting line. The intersection of the improved efficiency line with (1) (which is determined only by the payoffs and therefore does not change with increased discrimina- 8 JEAN LEMAIRE tion) provides the new optimal detector; the ass ociated value is higher for the insurer. If the cost of implementing the new system is less (in utilities) than the difference between the two values, it is worthwhile to introduce it. The insurer should be willing to pay any amount inferior to the difference of the values for the increase in lus discrimination ability. 2. 5. A n Example 1 All the proposers above 55 years of age willing to sign a contract of over 3 million Belgian Francs in a given company have to pass a complete medical examination with electrocardiogram. We have selected 200 male proposers, loo rejected because of the electrocardiogram, and loo accepted. This focuses the attention on one category of rejection causes: the heart diseases, and implicitly supposes that the electrocardiogram is a perfect discriminator. This (not unrealistic) hypothesis being made, we can consider the rejected persons to be non healthy. Correspondingly the accepted proposers will form the healthy group. We have then noted the following characteristics of each proposer: x~: overweight or underweight (number of kilograms minus number of centimeters minus loo) ; x2: number of cigarettes (average daily number); m: the presence of sugar x4: or albumine in the urine; x s : the familial antecedents, for the mother, xs† and the father of the proposer. We then define a variable x0 = l o if the proposer is healthy 1 otherwise nd apply a standard selection technique of discriminant analysis in order to sort out the variables that slgnihcantly affect Xo The procedure only retains three variables xj, x2 and m, and combines them hnearly into a discriminating variable. The value of this variable ~s computed for all the observatmns, and tile observed distributions are presented in fig. 8. As was expected, the discrimination i s quite poor, the distributions strongly overlap. The multiple correlation between Xo and the set of the explaining variables equals . 26. The group centroids are respectively . 4657 and . 343We then estmaate for each possible crltmal value Ps and PF and plot them on fig. lo. t This e x a m p l e p r e s e n t s v e r y w e a k d e t e c t o r s a n d is o n l y i n t r o d u c e d m o r d e r to illus t r a t e t h e p r e c e d m g theory. LIFE INSURANCE UNDERWRITING 9 Fig 8 S Fig 9 We must now assign uNhtlcs to the various outcomes. We shall select A = 8, B = 4, C = o and D = lo. Then the value of the g a m e w i t h o u t medical information is 5. 714, P2 presenting 2/7 of bad usks and P i accepting 3/7 of the proposals. Let us now introduce the medmal reformation nd for instance evaluate the s t r a t e g y t h a t corresponds to a . 5 critical value. On fig. lO, we can read ~s = . 51 a n d PF = 33. Then E = . 5] ? ]o + . 4 9 x o = 5-], a n d F = 3 3 x 4 + . 67 x 8 = 6. 68. The value of this game is 6 121, P2 presenting more bad risks (34. 1%), P I mixing the strategies † r e j e c t † and â€Å"follow d e t e c t o r † with respect- 10 JEAN LE/vIAIRE F i g . 1o Fig. 11 LIFE INSURANCE UNDERWRITING 11 lye probabilities . 208 and . 792 Fig. 11 shows t h a t this s t r a t e g y is too â€Å"slow†, t h a t too m a n y risks are accepted. On the other hand, a detector w~th a . 4 critical value is too nervous: too m a n y risks are rejected T h e value is 5. 975, P2's optimal s t r a t e g y is to present 74. 7% of good risks, while Pa should accept 29. 7% of the tmle and trust the d e t e c t o r otherwise. To find the o p t i m u m , we read the intersection of the efficiency line with equation (1), in this case 5 ~F = 2 – 2 Ps We find PF = . 425 Ps = . 63 with a critical value of . 475. T h e n E = lOX. 63 + ox. 37 = . 425Ãâ€"4 + – 5 7 5 x 8 = 6. 3. f the insurer adopts the ptu'e s t r a t e g y of always accepting the a d w c e of the medical information, he can g u a r a n t e e himself a value of 6. 3 irrespective of his o p p o n e n t ‘ s strategy. L e t us now a t t e m p t to improve the me examination b y a d & n g a new variable xT, the blood pressure of the proposer Because of the high positive correlation between xt and xv, the selection procedure only retains as significant the varia bles x. % xe and x7 Fig. 9 shows t h a t the distributions are more separated. In fact, the group centroids are now . 4172 and . 828 and the multiple correlation between xo and the selected variables rises to . 407. T h e efficiency hne (fig IO) is uniformly to the right of the f o r m e r one. The intersection with (1) is PF = 37 P,s = . 652 with a critical value of approxunatxvely . 45. The value of the game rises to 6. 52, an i m p r o v e m e n t of 22 for the insurer at the cost of controlling the blood pressure of each proposer (see fig. 1~). 3' THE BAYES CRITERION I n s t e a d of playing as if the proposer's sole objective were to o u t s m a r t him, the insurer can a p p l y the B a r e s crlter~on, i. . assume t h a t P2 has a d o p t e d a fixed a priori s t r a t e g y H e can suppose (from past experience o1†³ from the results of a sample s u r v e y p e r f o r m e d with a m a x n n a i me&cal examination) t h a t a p r o p o r t i o n Pn of the proposers is hea lthy. The analysis is easier m this 12 JEAN LEMAIRE case, since P2's m i x e d strategy is now assumed to be known P t only faces a one-dimensional p r o b l e m ‘ he must maximize his utility on the d o t t e d vertical line of fig. 12. Pc/Of f p~ to JD A t B, N C ol eall hy 1 – PH PH non heoll hy Fig 12 One notices from fig. 12 t h a t a medical examination is sometimes useless, especially if PH is near 1. In this case, P t ‘ s optimal s t r a t e g y is to accept all the proposers. In the general case, P t should m a x m n z e the linear function of PF a n d PH [~5FB + (1 – – pF)A]~SH + [paD + (I – ps)c] (1 – PH), under the condition t h a t PF and Ps are linked b y the efficiency curve of fig. 4. As far as the example is concerned, this economic function (represented in fig lo) becomes 1. Ps – 3 4PF if one supposes that p2's mixed s t r a t e g y is to present 15% of bad risks. 6. 8 + F o r the first set of medical informatio n (xl, x2, x6), tile m a x i m u m is reached at the point Ps = . 28, PF = . 09. Since PH is r a t h e r tngh, this is a v e r y slow detector, yielding a fmal u t d l t y of 6. 914. Comparing to the optimal n n x e d strategy, this represents an increase in utility of . 614, due to tlie exploitation of . P2's poor play. Of course, tliis d e t e c t o r is only good as long as P2 sticks to LIFE INSURANCE UNDERWRITING 3 his mixed strategy. It is uneffective against a change in the proposers' behaviour: if for instance PH suddenly drops below . 725, P~'s utlhty decreases under 6. 3, the guaranteed payoff with the mlmmax strategy In this aspect, the Bayes criterion implies a more optimistic attitute of P1. For the second set of medical information (x2, m, xT), the opblnal detector (Ps = . 45, ~bF = o9) grants a utility of 7. t69 if PH = . 85, an improvement of . 649 colnparing to the ininimax strategy (see fig. 11). 4. T O W A R D S MORE R E A L I S M 4. 1. Surcharges Conceptually, the introduction of the possibility of accepting a proposer with a surcharge presents little difficulty: it amounts to introduce one more pure strategy for the insurer. Payoll to ID A G B heollhy non heoil hy F , g . 13 A detector could then be defined by two critical values C1 and C2 enveloping an m c e m t u d e or surcharge zone. The two critical limits would detelmme 4 probabihtles fl~ f12 p8 p4 = = = = probability probabihty probability probability of of of of accepting a bad risk surcharging a bad risk rejecting a good risk surcharging a good risk 14 JEAN LEMAIRE ealthy non healthy V Surchar~le I C1 C2 Fig. 14 and two efficiency curves. A necessary condition for a detector to be optimal is that the corresponding payoff hne is horizontal, i. e. that (2) (1–[email  protected] + 7b,G + p3B = ( 1 – p ~ – p 2 ) D + P2H + P~C. The two efficiency curves and (2) determine 3 relations between the probabilities. One more degree of freedom is thus avai lable to maximize the payoff. 4. 2. Increaszng the Number of Strategies of P2 In order to practically implement the preceding theory one should subdivide P2's strategy â€Å"present a non healthy proposer† according to the arious classes of diseases. P1 should then have as pure strategaes: reject, accept, a set of surcharges, and follow detector's advice, and P2 as m a n y pure strategms as the number of health classes. The graphical interpretation of the game is lost, but linear programming fan be used in order to determine its value and optimal strategies. Appendix: The Likehhood Ratio Method Let — x be the value of tlle discriminant variable, healthy, – – p(H) and p(NH) the a priori probabihties of being healthy or non – – f(x I H) and f(x ] NH) the conditional distributions of x. We can then compute the a posterior1 probability of being non healthy, given the value of the discriminant variable (1) p = p ( N g ix) = f(x l g H ) p ( N H ) f(x l N H ) p ( g g ) + f ( x l H)p(H)† LIFE INSURANCE UNDERWRITING 15 Similarly p ( H I x) = l – p. T h e e x p e c t e d payoffs for the two decisions are EPA = ( 1 – p ) A EPR = (1-p)B Define D* to be D* = EPA — + pC + po. EPn = [(A-B)+(D-C)]p – (A-B). Consequently, D* is a linear function of p, with a positive slope. There exists a critical ~b, ~b,, for which D* = o' (A – B ) Pc = ( A – B ) + ( D – C ) nd the optimal decision rule is to reject if p > Pc ( t h e n D * > o ) a n d t o – – accept if p < Pc (then D * < o ) . — If f ( x [ H) and f(x I N H ) are normal densities with equal variances, there is a one-to-one m o n o t o n i c relationship between p and x, and thus the crttmal p r o b a b l h t y Pc induces a critical value xe. In general, h owever, the cutoff point is not unique. T h e r e m a y be two or more critical values. In t h a t case, we define the likelihood ratio of x for hypothesis N H over hypothesis H as f(x [ N H ) L(x) Of f(x I H) c o u r s e o _-< L(x) =< oo. S u b s t i t u t i n g L(x) in (1) gives 1 P = or 1 L(x) p ( N H ) + p(H) p 1 (2) L(x) – p ( N H ) l – p † F o r constant a priori probabilities, there is a m o n o t o n e relationship between p and L(x); L(x) goes from o to oo as p goes from o to 1. Therefore, a unique critical likelihood ratio Lc(x) exists and can be obtained b y replacing Pc for p in (2) (3) p(H) A – B Lc(x) – p ( N H ) D – C† ] 6 JEAN LEMAIRE p 1. 0 ~-Pc = 0 5 0. 5 I I I NH H I_-~ X? I J_ X? 2 H — Fig. 15 The optimal decision rule reads if L(x) > L c ( x ) , reject; if L ( x ) < L c ( x ) , accept. Notice that, i f A – B = D – C , pc = 1/2 The decision rule is equivalent to maximizing the e x p e c t e d n u m b e r of correct classifications. F r o m (3) p(H) L e(x) #(NH)† If, furthermore, the prior probabii]ties are equal, Lc(x) = 1. REFERENCES AXELROD, 1~ (1978) Copzng wzth deception, International conference on applied game theory, Vmnna LEE, V,r. (1971) Dec~szon theory and human behaviour, J. Wiley, New York LuCE, R and H ]{AIFFA (1957). Games and deczszons, J Wiley, New York. OWEN, G. (1968) Game theory, ~V. Saunders, Philadelphia.

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