Talent Management in Hype Center

Introduction Hype Center is a marketing firm that undertakes marketing of domestic items such as perfumes, lotions, and medicated soap. Since the center is a small marketing firm that started its operations on July 2013, then it still requires more employees. Recently, the firm embarked on a search for qualified employees. The firm then put the candidate under a three-month probation period.Advertising We will write a custom assessment sample on Talent Management in Hype Center specifically for you for only $16.05 $11/page Learn More During the probation, the intern would work with three other employees of the center as a team. The firm hired the intern because the marketing project aimed at increasing sales. Therefore, the center examined qualities of the intern. The psychometric indicators employed include expertise, professional qualifications, abilities, and attitudes. As a human resource officer, the firm tasked me to review staff performance and co mpile a report. Therefore, the report examines the skills and competencies of the intern in the field of marketing. Literature Review Human resource managers usually examine a number of qualities and attributes that potential employees have before recruiting them. Among other attributes, human resource managers expect an employee to have the ability of working with others in a productive and harmonious manner. Furthermore, the human resource department expects individuals to demonstrate good self-monitoring abilities. The abilities enable employees to regulate their behaviors and effectively accommodate different social challenges that individuals comes across in the workplace (Bikhchandani, 2002). Thus, the individual can adapt and work harmoniously and productively with other team members who have different personalities. Talents are essential in the marketing aspect of the company. According to Terracino (2005), employees should also have the social intelligence as it enables the m to respect the opinions of other employees. In addition, Marchioni (2009) states that a candidate must be goal oriented, very thoughtful of others, have good self-control on impulses, be organized, and mindful on the marketing details as demonstrated in conscientiousness personality trait.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The conscientiousness personality trait is one of the big five personality traits also known as the big five locators. This makes it easy for individuals to influence other team members, as well as target consumers assertively. Competent marketing skills enable marketers to convince customers on the validity of the products, and increase sales. Additionally, the human resource department expects an employee to have intrinsic style of interaction, which is one of the four styles of interactions styles. Berens (2008) notes that the interaction style ena bles individuals to understand and work with teams and perform well. The individual value contributions enable employees make consultations before deciding on a course of action (Snyder, 2000). Moreover, team members amass information and other points of view so that they can use them to make informed decisions. In this style of interaction, the individuals are calm, patient, and quiet, and thus can produce, sustain, define, and clarify issues objectively. Consequently, these indidviduals believe that for a project to succeed, it should take a reasonable period of time. Therefore, the interaction style enables an individual communicate ideas, opinions, and suggestions using clear and appropriate way inline with the relevant audience or authority. Data Self-monitoring Results Your score is 50, on a scale of 0 (low self-monitor) to 100 (high self-monitor). You are neither a high nor low self-monitor. Big Five Locator Results Advertising We will write a custom assessment sample o n Talent Management in Hype Center specifically for you for only $16.05 $11/page Learn More Interaction Styles Based on the results of the ISAT, you are an energizer! Full of persuasive energy, energizers are natural people. You know how to strike up a conversation and keep it going. Jung Type Results You are a natural leader. You are a confident and original thinker, and believe strongly in yourself. You are a strong individualist who seeks new angles or novel ways of looking at life. In general, you are an extremely capable and intelligent individual who strives to do their best and continue to move in a positive direction. Findings On the results of the self-monitoring test, the intern neither scored 50%, which means that the intern is neither low nor high self-monitor. Since the intern possessed such self-monitoring skills and social intelligence, then the intern was able to respect the opinions of other team members and react in a suitable manner to di fferent workplace challenges. The individual was also able to employ self-control, organization, and marketing skills on the team members, as well as target consumers. Regarding the big five locator, the results show that the intern scored 68, 83, 60, 45, 45, and 18 in extraversion, conscientiousness, neuroticism, agreeableness, and openness respectively. The high level of extraversion and conscientiousness implies that the intern is outgoing and conscious of what is happening in the workplace.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Furthemore, the intern demostrated high levels of understanding on matters concerning production, sustainability, difinition, and clarification of marketing issues. The intern also valued consultation, this was evident from the intern’s nature of asking for the opinions from other team members before making a decision. While working with the team of four members i noticed that the intern synthesised opinions and suggestion from the team members before using the information to make a wise decision. Consequently, the intern was determined that in the firm would achieve the required targets in terms of growth and sales. The intern also demonstrated good communication and interpersonal skills evident from the manner in which the individual presented opinions, ideas, and issues to team members and superiors. In the interaction style results, the intern demonstrated energizer style of interaction of the persuasive energy. The persuasive was evident from the cheerful and welcoming n ature of the intern. Additionally, the intern was outgoing and valued teamwork in the acheivement of positive results. In other words, the intern was goal oriented and objective. Moreover, the individual possesed patience and was calm at all times irrespective of the team and workplace challenges. The intern appeared as having natural abilities of leadership as demonstrated by the Jung type indicator. Moreover, the Jung type indicator showed that the intern is a great thinker with intelligent abilities to move in the positive direction. The intern can easily adapt to the workplace, and thus able to work well with other team members who have different personalities in a creative and pleasant way. Furthermore, the individual had social intelligence and good self-monitoring abilities. Conclusion Hiring the right person is vital for any organization. However, many organizations are not effective in hiring employees, and thus, they end up hiring wrong employees. Hiring of wrong employeer s lowers the perfomance of the firm. According to this context Hype Center should employ good and qualified individuals who have the relevant competencies. When the right person is hired for the job, the firm will have little time and resources spent on the indidividual in the aspect of training. Therefore, it is fundamental for the firm to put the right policies and practises in place. The policies help the firm employ the right individuals who are productive and useful. It is important that the firm gets individuals who have good interpersonal skills and good working skills. Give that the firm is a marketing firm, potential employees should have the right skills required in persuading and influencing target clients so that the firm can grow and increase its sales. Reccommendations Policies should be instituted by the center because it enables the firm get the right people for the right job. If the center employ incompetent individuals, it will incur huge losses due to poor perform ance. The instituted policies should ensure that only employees who have essential knwoldge and skills serve the center. Among other skills, good interpersonal skills are fundamental as they enable individuals to work well with employees and clients. Moreover, they enable individuals to understand and appreciate various personalities of other employees. Additionally, the firm should use the policies in the recuitment of employees who understand the significance of self monitoring and social intelligence. Self-intelligence makes the employees have good communication and interpersonal skills. Thus, self-intelligence is key in acheivng growth of the firm as it makes employees respect other employees and target consumers, as well as overcome workplace challenges. Furthemore, the firm should hire individuals who can persuade and convince customers to buy products, and thus increase the volume of sales. Employees who have the right qualifications and personalities quickly adapt new challe nges of the workplace. Therefore, it is important for the firm to have the right employees who can work collectively with other employees and achieve the objectives and goals of the firm. The right individuals are beneficitial to the center because the human resource department will just regulate and accommodate different temperaments. In addition, it is important for the firm to hire right idividuals who have self-control, organization skills, and good marketing skills. Moreover, the firm should hire individuals who can consult before making decisions,and those who have relevant styles of interaction. Since good interaction styles enables individuals to produce, sustain, define, and clarify issues, it is essential for the center to hire employees with these skills. References Berens, V. (2008). Understanding Yourself and Others. New York:Telos Publishers. Bikhchandani, S. (2002). A Theory of Fashion,Custom ,and Cultural Change as Informational Cascades. Journal of Political Economy , 100(5), 992-1026. Marchioni, M. (2009). The Self Monitoring Scale.London: Macmillan Publishers. Snyder, M. (2000). Self Monitoring Appraisal and Reappraisal. Pyschological Bulletin,  126(4), 530-555. Terracino, A. (2005). Universal Features of PersonalityTraits from the Observer Perspective. Journal of Personality and Social Pyschology, 88(6), 547-561. This assessment on Talent Management in Hype Center was written and submitted by user Charleigh Ochoa to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Performance Appraisal Essays

Performance Appraisal Essays Performance Appraisal Essay Performance Appraisal Essay TRAINING PROJECT REPORT ON â€Å"To Analyze the Present PERFORMANCE APPRAISAL AT NTPC, ANTA† A Training Project Report Submitted in partial fulfillment of the requirements for the Award of the PGDM Academic Session 2010-2011 SUMITTED BY- SUMITTED TO- NEHA GUPTA CHETNA MAM PGDM [HR] MAHARISHI ARVIND INTERNATIONAL INSTITUTE OF MANAGEMENT, KOTA. Approved by AICTE, Ministry of HRD, Govt. of India) CERTIFICATE This is to certify that Ms Neha Gupta a student of PGDM III semester at Maharishi Arvind International Institute of Management has completed Training Project entitled â€Å"To analyze the present performance appraisal at NTPC†. This project has been completed after studying for one year in PGDM course and for partially fulfilling the requirements for award of PGDM. The Major Research Project has been conducted under the guidance of â€Å"Mrs. Chetna Mangal† of MAIIM and is as per norms. Director: Academic Guide: Dr. Payal Uppadhay Mrs. Chetna Mangal CERTIFICATE This is to certify that Ms. Neha Gupta student of PGDM III semester at Maharishi Arvind International Institute of Management has submitted Training Project Report entitled â€Å"To analyze the present performance appraisal at NTPC†. This project has been completed after studying for one year in PGDM course and for partially fulfilling the requirements for award of PGDM. The Training Project Report has been evaluated and viva-voce conducted by the undersigned panel of examiners. The project has been found satisfactory/unsatisfactory and is recommended/not recommended for acceptance. Prof. Prof. Internal Examiner External Examiner DECLARATION I hereby declared that the Research Project titled â€Å"PERFORMANCE APPRAISAL SYSTEM IN NATIONAL THERMAL POWER COOPERATION LMTD ANTA [KOTA] an original work of mine carried out under the guidance of Mr. Ananth Jaganaath (Senior HR Officer) during my survey period. The project was spread over a period of 6 weeks i. e. 26-05-2011 to 07-07-2011 and was carried out for the same period. NEHA GUPTA MAIIM Kota (raj. ) ACKNOWLEDGEMENT The Summer Internship at â€Å"NTPC, Anta† has been a Quantum leap in terms of practical apprehension understanding of management concepts, sincerity, diligence, and responsibility and above all self-confidence. In particular, I would like to extend my heartfelt gratitude to â€Å"Ms. Ananth jagannath (Sn. HR officer) NTPC,Anta† who gave me the opportunity to do my summer training in NTPC,Anta without his facilitation and cooperation, this project would not be so fulfilling. I would like to take this opportunity to thank my project guide Mr. Ananth jagannath (senior hr officer) for his guidance and for keeping me on track through his expertise in the field of Human Resource. I am also grateful to respected Mr. Anil Gupta (Hr Officer) for their valuable guidance to me regarding my training. I am also very grateful to all of the employees of NTPC, Anta without their cooperation I think I would not be able to learn. At the onset, I would like to thank Mr. Payal Upadhay (Deputy Director, Maharishi Arvind International Institute of Management, Kota, and Rajasthan) for giving me the opportunity to gain vital insights into the corporate world. I would like to acknowledge Mrs. Chetna Mangal (project guide) the entire esteemed faculty at MAIIM (Mrs. Shilpa Sharma, Miss Gazal Yadav, Mrs. Anju Ghosh Mr. Rupesh Garg) Kota for providing me with the required theoretical background to approach the project. However, I accept the sole responsibility for any possible error of omission and would be extremely grateful to the readers of this project report if they bring such mistakes to my notice Neha Gupta Maharishi Arvind International Institute of Management Kota, Rajasthan PREFACE To survive, thrive beat the competition in today’s brutally competitive world one has to manage the future. Managing the future means managing information. What we learned in post graduate in business management classroom study is no doubt quite important for gaining theoretical knowledge, but practical training is equally important for student, who wants to provide himself with the real working environment in any field of study. Practical training provides an opportunity to the theoretical knowledge being applied in practice. Hence it acts as a bridge between the education and practical environment. This report is prepared to study the â€Å"Performance appraisal at NTPC, Anta, kota. In the present era it is becoming the backbone of every concern. Neha Gupta MAIIM Kota (raj. ) EXECUTIVE SUMMARY In my project, entitled-â€Å"To analyze the present performance appraisal system of National Thermal Power Corporation Ltd. , I have studied the present appraisal system of NTPC by analyzing the details of the appraisal system, articulate the organizational, functional, departmental individual objectives , factors in business dynamics to grade employees on objectives transparent productivity parameters, self appraisal followed by reporting officer higher authority’s assessment , link between rewards and performance to increase motivation level of employees , assessment of training developmental needs of the individuals and make them aware about the parameters used to evaluate their performance. In my own style, I have tried to find out whether the present appraisal system is effective enough to serve the purpose of performance appraisal i. e. to understand the needs of employees and provide them formal regular feedback related to their performance. For this purpose, I used questionnaires to get the opinions of employees at different levels. I also went through different books, websites and magazines to gather material related to the topic. After collecting the information, I analyzed the data and provide the necessary suggestions to improve the system. CONTENTS Title Page No. 1. Certificateii-iii 2. Decelerationiv 3. Acknowledgementv-vi 4. Preface vii 5. Executive Summary viii 6. Contents ix CHAPTER-I -COMPANY PROFILE * History 2 * About NTPC3 * Vision and Mission Statement 3 * About the company 4-8 * Organization structure of NTPC 9 CHAPTER-II-PROJECT PROFILE 10 * Conceptual framework 11-22 * Objectives of PA 23-24 * Procedure of PA 25-29 CHAPTER III RESEARCH METHODOLOGY 30 * Research objective 31 * Research Methodology 32-33 * Data Collection Method 34 * SWOT Analysis 35-36 CHAPTERIV-DATA AND INTERPRETATION 37 Result and Discussion 38 * Interpretation –I 39 * Interpretation –II 40 * Interpretation –III 41 * Interpretation –IV 42 * Interpretation –V 43 * Interpretation –VI 44 * Interpretation –VII 45 * Interpretation –VIII 46 CHAPTERV-FINDINGS AND CONCLUSION 47 * Findings 48 * Limitations 49 CHAPTERVI-RECOMMENDATIONS 50 * Bibliography 51

S4 W7 one pager Assignment Example | Topics and Well Written Essays - 250 words

S4 W7 one pager - Assignment Example This scenario seems not to change as the organization sticks to mediation rather than the use of force. A good example is the situation in Syria where the organization has all the reasons to use force to restore peace in Syria. However, the organization opted to provide mediation chances between the government and the rebellion. This decision was questionable as many Arab nations felt that the organization would have used force to restore the peace in Syria. Clement & Smith (2009) argues that even if the organization wanted to use force in Syria, they would have lacked an experienced group to deal with the situation. The only option was to outsource peacekeeping troop from the United Nations. This move would be a breach of the organization’s rules and regulations. The capabilities of the League of Arab States are not beyond finding other means of resolving conflicts other than mediation. Their peacekeeping ambition may be only implemented if the member states change the constitution and amend the clause on using force in its member

What do we mean by navigating another culture Essay - 1

What do we mean by navigating another culture - Essay Example When people from another culture interact with that particular society, they have to understand the cultural behavior of the host society and refrain from offending them by any indication that they do not respect the other culture. For this, they have to examine various characteristics and ramifications of another culture. As per the experts, all cultures share four major characteristics which are common in different cultures (Sarkar, 2010). It includes symbols which reflect on the art, religion, language and finance of that particular culture. When dealing with people from other culture, it is necessary to keep the open mind and learn the nuances of the other culture for a successful social outcome. When navigation of other culture is concerned, it is also necessary for a person to learn the core philosophy of that culture’s values (Hofstede et al, 2010). He or she should also understand various geo-political, socio-economic and cross-cultural factors such as traditions, customs, religious and social values such as taboos and ethos at the time of navigation in another culture. The person while navigating another culture, should always remember that something such as lack of respect, appreciation or ignorance about another cultural milieu can lead to breakdown in communication and goodwill from the people of another culture. In fact, if one tries to understand or imitate their ways while with them, it will lead to wholehearted support as well as enhancement of goodwill. Sarkar, A,N. Navigating the Rough Seas of Global Business Negotiation: Reflection on Cross-Cultural Issues and Some Corporate Experiences, UBIT [Online], Volume 3 issue 2, 48, 2010. Available at: https://commons.esc.edu/globalissues/wp-content/uploads/sites/1354/2014/05/navigating-global-negotiations.pdf [Accessed 07 February

PRINCIPLES OF MARKETING Essay Example | Topics and Well Written Essays - 750 words

PRINCIPLES OF MARKETING - Essay Example The marketing mix is customized to match the needs of the targeted consumers in the market that is vital to enhancing the attractiveness of products and services supplied by a given company. In addition, the branding of the MAC Cosmetic products has been influential in enhancing the attractiveness of the business that is vital to sales revenue generation. Consequently, this paper evaluates the influence of marketing strategies of MAC Cosmetics in enhancing the welfare of the business. The mission statement of MAC Cosmetics is one of the attributes that has enhanced its attractiveness in the market. This is due to the role of mission statement in articulating the intention and objective of a business organization in offering services or goods to the targeted market (Kotler & Keller, 2012). Consequently, the mission statement of MAC Cosmetics in extending its services and goods to the targeted market has been able to reinforce the marketing effort of the company in attracting consumers in the market. The mission statement of MAC Cosmetics Company is as reflected below. The mission statement indicated above for MAC Cosmetics reflects that the company embraces the diverse global community. This is instrumental in enhancing the acceptance of the company’s products since it caters for possible negative undertone a product may face from market (Carey, Knowles, & Towers-Clark, 2011). Consequently, the mission statement of MAC Cosmetic is vital in enhancing the penetration of its products in the market. The financial performance and position of MAC Cosmetics is one of the vital aspects that reflect how the marketing efforts of the business enhance the welfare of the business in enhancing the wealth of consumers. Accordingly, the recent financial statement of MAC Cosmetics indicates that the marketing strategies of the company have been vital in enhancing the generation of sales revenue. The sales revenue of the company in 2012 stood at

Optimal Economic Uncertainty Index

Optimal Economic Uncertainty Index Introduction Economic uncertainty states about the uncertain of future economic events. This means we cannot foresee what will happen to the country’s economic in the future and this is why this research is been investigate. There are many situations which caused the uncertainty to happen such as the changes in economic and financial policies, various views about the growth prospects, the productivity movements, wars and natural disasters (Bloom et al., 2013). The first innovative work which discussed about the effects of uncertainty is done by Knight (1921). Knight formalized a distinction between risk and uncertainty. Based on Knight’s research, risk was applies to the situations where is unpredicted but still can accurately calculate the odds. However, uncertainty applies to the situations where is unpredicted all the information we need with the purpose of set accurate odds. According to a theory of profit and entrepreneurship, Knight suggests that the function of the entreprene ur is to earn profit by undertaken the investments with uncertain outcome (Bewley, 2002). Thereafter, more and more researcher has constructed diverse models to investigate the uncertainty. Mises (1949) states that researchers never gave up in searching the best ways to reduce the problems which caused by the uncertainty. However, the results gain by most researchers which tested the uncertainty could not supply suitable and meaningful outcomes. This is because the researchers’ understanding and the modeling created has supply limited information from the empirical data and too much effort has been applied in explaining and estimating the characteristic of human beings under variety situations (Ellsberg 1961; Epstein 1999). However, an open question remains as to whether or not research in this area could better our knowledge of economic turbulences and other utmost uncertainties and improve the scientific accuracy of economic theory. There are fewer of empirical studies on the economic uncertainty index depend on normative analysis. This type of analysis creates value judgments about the economy or the goals of public policy to be archive. (Caplin and Schotte 2008). Thus, normative analysis cannot be used to refute the precision of the economic uncertainty index (Gan 2014). Monetary conditions indexes (MCI) have become famous in several countries over the past few years as a useful tool and indicator for the stance of monetary policy. Although MCI played as an alternative monetary policy rule sparked intense debate and yet whether a consensus can be reached remained unknown at the beginning however it has been losing its magnet effect on the economy from the past years. The main factor of this change would be exchange rate, which is merely determined by the market. Gan (2014) conducted a paper namely the optimal economic uncertainty index constructed is one of many in the economic uncertainty literatures, which the optimal form may reflect the true economic conditions. This study will apply two monetary policy rules which are MCI and OEUI in selected Asian countries to examine which rules would facilitate achieving the best economic outcomes and lead to rational and wise policy decisions through a comparison. Matters of the study The argument of monetary policy rules in an economic uncertainty A good monetary policy rule is very important to the economy. It can help the economy respond efficiently to economic upheavals by limiting the gap of actual economy activity from its equilibrium, without significantly changing the ultimate goals of monetary policy. As stressed by Svensson (2000), monetary policy rule can either describe a systematic response of policy instrument to events in the economy (e.g., changes in macro variables and changes in policy variables), or it can suggest a specific economic outcome, or it can target the central bank’s goals (e.g. output and/or inflation). This behaviour of the policy rule can be inferred only in the context of a full model that links the policy instrument to the targeting variables included in the rule. Levin, Wieland, and Williams (2001) investigated the performance of forecast-based monetary policy rules by using five macroeconomic models that present a wide range of views on aggregate dynamics. They categorize the characteristics of rules that are robust to model uncertainty. However, the performance of monetary policy rule in an economic uncertainty is still under debate. Dotsey and Plosser (2012) examine the design of monetary policy rules in an environment. The argument is lingering around the issue that people have only an imperfect knowledge of the economy to confront challenges arising from various forms of economic uncertainty. The inadequate of non-optimal monetary policy rules in an economic uncertainty Simple monetary policy rules – non-optimal – such as Taylor (1993) may involve a reaction to variables other than conventional variables such as inflation gap and output gap, which are considered intuitively relevant to the conduct of monetary policy. Generally, these rules are similar to those discussed in Clarida et al. (1998). The great virtue of the simple rules is simplicity, which makes them easy to understand. Simple rules still can be used in central bank communication, although the public would not be able to verify the exact rule that is being followed. The rule can perform well in a wide range of models, which makes it robust to model uncertainty (Taylor, 2000). As stressed by Orphanides (2007: 11), some useful elements of policy design surface from historical analysis of TR: (i) good stabilization performance have a strong relation to the inflation’s reaction; (ii) good performance is associated with policy rules that show considerable inertia; (iii) a strong reaction to incorrectly measured output gaps has historically proven counterproductive; (iv) successful policy could still usefully incorporate information from real economic activity by focusing on the growth rate of the economy. Additionally, financial market analysts, scholars and central banks’ staff have been using monetary policy rules increasingly to forecast interest rates and to evaluate and describe central bank actions. Despite the fact that simple policy rules can often provide a good approximation to fully optimal policy under perfect information and are typically more robust to uncertainty (Cateau, 2007), simple rules have a number of weaknesses. Although their performance is rarely disastrous, they can involve large welfare losses relatively to fully optimal rules (Nikolov, 2002). In the similar vein, Svensson (2003) argued that a commitment to a simple instrument rule might be far from optimal in some circumstances. Crucially, simple rules are rarely optimal. Some studies, for example, Batini, Harrison and Millard (2003) argued that Taylor-type rules are not robust to open economy features. Taylor (2007) recognized that the TR is not supposed to be followed mechanically, but he also argued that monetary policy might deliver better results in terms of low inflation and output variability by staying closer to the rule. The failure of monetary conditions index Generally an MCI is a measurement of demand pressure; demand pressure is often measured by the output gap (output gap is the difference between current output and the estimated output in equilibrium level). The MCI is simple economic uncertainty measure because it involves gap variables in estimation; any estimation of gap variables is subject to considerably uncertainty (Gan, 2014). The equation of MCI[1] is a combination of interest rate gap[2] and exchange rate gap[3]. Thereby, increases in interest rates as well as increases in exchange rates[4] indicate a higher MCI figure and, therefore, tighter monetary conditions rested here. The estimation of the weights of the two variables in the MCI is at the heart of calculating of the MCI. The ratio of these weights would encode whether an appreciation in interest rates can be compensated along with depreciation in the exchange rate. The weights also reflect the relative impacts and changes of the interest rates as well as in the exchan ge rate affected on monetary conditions. Therefore, the MCI is generally viewed as a summative and informative tool for the public; meanwhile it serves as an early indicator for the central banks. However, the benign MCI played as an alternative monetary policy rule still sparked intense debate and yet whether a consensus can be reached remained unknown. Noticeably, the MCI has been losing its magnet effect on the economy from the past years. The most contributive factor of this change would be exchange rate, which is merely determined by the market. Further, the MCI mixes up two variables that are situated on two fundamentally different stages of the transmission process. The evidences can be briefly summarized by the application of the two MCI formerly leading advocates, the Bank of Canada (BOC) and the Reserve Bank of New Zealand (RBNZ). Since the early 1990s, BOC officially used MCI as an operating target (operating target is variable that the central bank influences directly by its monetary policy instruments[5]); however, the BOC did not directly control both the interest rate and the exchange rate simultaneously, but merely focused on the control of the interest rate. This means that central bank adjusted its interest rates to modify monetary conditions directly, which in turn is assumed to affect the exchange rate in various systematic approaches (usually via uncovered interest parity – UIP).[6] Due to its inability to target the exchange rate under MCI’s mechanical way, The RBNZ in 1999 gave up the concept of MCI may. The recurrent depreciation during the crisis and the evocable changes in the MCI were interpreted as signals of upcoming tightening that can cause long-term interest rates to rise and consequently exacerbate recessionary forces (Ito and Hayashi, 2004). To sum up, the concept of the MCI had lost a great part of its initial attractiveness in the end of the 1990s. The RNBZ abandoned published an MCI in March 1999 and concentrated its policy statements on a short-term interest rate. While the BOC continues to publish the MCI, its role in taking monetary policy decisions was reduced to that of many other indicators in recent years. The perform of optimal economic uncertainty In economics, optimal analysis is a normative analysis. It studies what the economic ought to be. However, the study about the optimal economic uncertainty is very limited. Most of the empirical studies are approximate form but not optimal. The optimal analysis is very common in most of the economic study such as the studies of monetary policy rule and others. In the late 1970s, the Federal Reserve stabilized the country’s economy by using the optimal Taylor Rule in the monetary policy. However, the Taylor Rule has misplaced the policy makers to face the real time data (Orphanides, 2003). This is because the optimal Taylor Rule only can perform better in the interest rate function. Giannoni (2000) investigated optimal policy rule in a simple forward-looking model, when the policymaker faces uncertainty about model parameters and shock processes. Other than that, Dieppe et al. (2004) examined the optimal monetary policy rule in the model of the euro area which is known as the ECB’s Area Wide Model, including a high degree of intrinsic perseverance and a restricted role for forward-looking anticipation. The optimal economic uncertainty index constructed by Gan (2014) is one of many in the economic uncertainty literatures, which the optimal form may reflect the true economic conditions. Since the economic uncertainty index is not observable. The rule of optimal economic uncertainty index suggests optimal economic uncertainty index can be computed by using grid search method based on small open economic model; a small open economic model is very close to a true economic model and it is not partial economic model. Motivation of the Study What is the response of optimal economic uncertainty to macro variables and policy variables? Until today, there are no policymakers (hereafter, central banks) have publish the optimal economic uncertainty index, for the reason they might be unwilling to publish such an index, or such an explicit formula simply does not exist. As stressed by Bernanke (2010a), economic engineering to address economic uncertainties needs to be improved. Optimality in this study can be given by particular specifications of the central bank’s loss function. Therefore, an optimal rule is the one that derived by minimizing a loss function. Two models are practically employed here. The first model is an optimal economic uncertainty index, which is proposed by Gan (2014). The second one is MCI concept which is based on the theoretical works by De Wet (2002). Thereby the optimal monetary responses can be derived. What is the welfare gain from taking into account the external variable? In order to answer this question, the study attempts to compare the derived optimal economic uncertainty index to a set that assumes with the exchange rate variable and a set that assumes without exchange rate variable. In line with this measure, one feasible approach is to measure the difference in the loss function values. For this purpose, the study would derive the optimal economic uncertainty index for a small open economic model in two setting, in other words, a model with the exchange rate variable and a model without the exchange rate variable. Objectives The objective is to examine the optimal economic uncertainty index (see Figure 1.1) while including the role of external variables – normative analysis. Specifically, this model is augmented and examined with exchange rates. The first model is the MCI of Bank of Canada is a variant of economic conditions rule, which can serve as a competitive rule; this rule consists exchange rates, interest rates and past output. The second model is the optimal economic uncertainty index based on a small open economy model, which was proposed by Gan (2014). Since the basic idea is to keep the rules at constant, i.e., MCI (De Wet, 2002) and optimal economic uncertainty index (Gan, 2014), these optimal rules would bring the economy back to its long-run equilibrium; the process can be indicated by MCI (i.e. an indicator that encompassed the total effects of interest rates and exchange rates), and by optimal economic uncertainty index (i.e. an indicator that encompassed the total effects of inter est rates, exchange rates, inflation and output at optimal level). This study also examines the dynamic profiles of monetary policy rules through a comparison. Eventually, this would enable us to draw an inference regarding which rules would facilitate achieving of the best economic outcomes and lead to rational and wise policy decisions and aid in assessing the behavior of the economic uncertainty in the future. Figure 1.1 Analytical Frameworks (theoretic framework of optimal economic uncertainty index) Figure 1 (a) 3D macro model and the optimal economic uncertainty index at zero uncertainty level of macroeconomic conditions. (b) 2D field of view of the optimal economic uncertainty index with zero uncertainty level of macroeconomic conditions. (c) 2D field of view of the negative-optimal economic uncertainty index with economic contraction. (d) 2D field of view of the positive-optimal economic uncertainty index with economic expansion. Significance of the Study The attainment of these objectives will certainly benefit the central banks. With the growing international mutual consent, both in academia and among central banks, maintaining the medium to long-term price stability is the overriding goal of monetary policy (Asian Development Bank, 2008). Research provides strong support in maintaining low and stable inflation, ultimately; this is beneficial for overall economic outcome (Mishikin, 2008). In line with this consensus, the proposed economic uncertainty index based on a small open economic model – suggested in this study may be considered by the central banks as an alternative framework with the end view of coming up with an improved and more effective economic policy strategy. This study provides exploration of two types of monetary policy rules in an economic uncertainty, the MCI of Bank of Canada and optimal economic uncertainty index based on a small open economic model of Gan (2014), where a set of parameters inducing different decision rules are determined. This study encompasses two macro variables (i.e., output and inflation) and two policy variables (i.e., interest rates and exchange rates) in the optimal model. Not only does this facilitate a better understanding of current policy actions, but it permits markets to better forecast the central bank’s future actions. The optimal policy in one setting may not be optimal policy in some other setting because there is no agreement on the best model of the economy (Plosser, 2008). The rules derived in this study can be contrasted. The optimal economic uncertainty index may outperform other rules (e.g., the Taylor rule and MCI rule) as it can be useful for the central banks. The proposed rule can serve asa policy of inflation targeting that in line with a welfare maximizing policy aiming at minimizing the output gap and inflation gap. This rule is superior that maintaining public confidence while giving monetary authorities to achieve the best economic outcomes in an optimal way. Conclusion This thesis is divided into five chapters. The current chapter sets the background and motivation for the thesis. Chapter 2 explores the theoretical and empirical literature on monetary policy rules with the aim of highlighting two research gaps that motivate the present study. Chapter 3 examines the MCI rule â€Å"true† policy reaction function through optimal TR, while Chapter 4 furthered the MCI rule by employing optimal economic uncertainty index based on a small open economic model. Lastly, Chapter 5 summarizes the major findings of the thesis and their implications, together with some recommendations for future study. [1] [2]Interest rates in the current period minus interest rates in the base period, i.e., changes in interest rates. [3]The level of the effective exchange rate minus the effective exchange rate in the base period divided by the level of the base period. i.e., changes in exchange rates. [4] A positive value for indicates appreciation of the domestic currency. [5] Cf. Burton and Lombra (2006: 671) and Thomas (2006: 608) for textbook definition. [6] Interest-rate-parity theorem states that the interest rate differential between two countries will be equal to the difference between the forward-exchange rate and the spot-exchange rate (equation), in other words, interest differential between two countries should be equally expected in term of the exchange rate change.

Louise Brooks And The Flapper Era :: essays research papers fc

The flapper era was the time of the worship of youth (pandorasbox/flapper). Flappers were women of the Jazz Age. They had measurements of pre-adolescent boys, with no waistline, no bust, and no butt. Flappers had short hair worn no longer than chin length, called bobs. Their hair was often dyed and waved into flat, head-hugging curls and accessorized with wide, soft headbands. It was a new and most original style for women. A lot of make-up was worn by flappers that they even put on in public which was once unheard of and considered something done only by actresses and whores. Flappers wore short, straight dresses often covered with beads and fringes, and they were usually worn without pantyhose. Young flappers were known to be very rebellious against their parents, and society blamed their waywardness partially on the media, movies, and film stars like Louise Brooks (Szabo). Louise Brooks was a big part of the Jazz Age and had a lot of influence on the women of the 1920’s. Being a film star with a great, original personality she is known for being one of the most extraordinary women to set forth the Flapper era. Her sleek and smooth looks with her signature bob helped define the flapper look (pandorasbox/flapper).On November 14, 1906, in Cherryvale, Kansas, Mary Louise Brooks was born. She had two brothers, one sister, and parents, Leonard and Myra Brooks, who was a costume maker and pianist. In 1910, Brooks performed in her first stage role as Tom Thumb’s bride in a Cherryvale church benefit. Over the next few years she danced at men’s and women’s clubs, fairs, and various other gatherings in southeastern Kansas.At ten years old she was already a serious dancer and very much interested in it. In 1920, Brook’s family moved to Wichita, Kansas, and at 13 years old she began studying dance (pandorasbox/chron). Louise Brooks had a typical education and family life. She was very interested in reading and the arts, so in 1922 she traveled to New York City and joined the Denishawn Dance Company. This was the leading modern dance company in America at the time. In 1923, Brooks toured the United States and Canada with Denishawn by train and played a different town nearly every night, but one year later she leaves Denishawn and moves back to New York City. Not too long after her return, she gets a job as a chorus girl in the George White Scandals.

An Exploration Of The Traditional Customs Union Theory And The Static And Dynamic Effects Of Economic Integration

Introduction The benefits gained from regional integration are widely documented in literature and have been known since the time of classical economists (Oslington, 2013). Regional integration has become the subject of great interest due to the perceived benefits of preferential trade arrangements such as customs union, free trade area, and common market among many others.This paper will focus explicitly on customs unions, exploring the traditional customs union theory introduced by prof. Jacob Viner. The paper starts by defining customs union and then examines Viner’s framework of trade creation and trade-diversion effects. It is important to first define customs union and introduce the theory of customs union. In general, tariff systems often tend to discriminate either between commodities or between countries. Commodity discrimination occurs where different commodities are subjected to different rates of duty whereas country discrimination occurs where different countries are subjected to different rates of duty on the same commodity (Lipsey, 1960). The theory of customs union is defined by the latter part which involves geographical discrimination by imposition of external tariffs to imports from non-member states. As defined by (Clausing, 2000), a customs union is a form of preferential trade arrangement that involves a tariff-free market access between member countries while imports from non-member countries are subjected to a common external tariff. Customs union have for a long time formed the basis for regional integration. This has primarily been driven by the perceived trade benefits for having such trade agreements between member countries. Some of the best-known customs unions include the Benelux formed by Belgium, Luxembourg and Netherlands; Zollverein which was formed by German states; and the EEC which was established by several states including France, Belgium and Italy, and is now widely recognized as the EU (Strielkowski, 2013). Other examples of customs unions are the Mercosur and the Andean Community (Hannam, 2014). Viner’s framework of trade creation and trade-diversion effects. Any useful literature exploring the welfare effects of custom union formation must commence with the appreciation of the traditional Vinerian orthodoxy which is based on two important considerations: trade creation and trade diversion effects. The Vinerian orthodoxy has been the driving force behind the huge volume of literature exploring the welfare effects of economic integration. For a long time, the perceived trade gains of customs unions had provided the rationale for regional integration (Jovanovic, 1998). Such regional agreements were viewed as good in terms of the welfare benefits. However, following the work of Viner Jacob, this proposition turned out to be incorrect. Using the concepts of trade creation and trade diversion, Jacob Viner argued that regional trade agreements did not necessarily result trade gains in spite of elimination of trade barriers (Ambrego & Riezman 2003; Lipsey 2006). Suppose that two countries A and B agree to form a customs union with country C remaining outside the union. If prior to the formation of customs union, country A was importing from country C which is a low cost producer. With the union formed, A chooses to import from country B which is a high cost producer. In this case, the welfare is lowered despite the benefits of a tariff-free market as trade is diverted from a low cost producer to a high cost producer (Ambrego & Riezman 2003; Lipsey 2006). However, if a union was formed between A and C, then trade will be created and the welfare will increase. Using these static concepts, Professor Viner concluded that such regional agreements can only be beneficial to partner countries if it leads to trade in commodities which were not previously traded (trade creation) (Corden, 1972). Whereas if the union was trade diverting by shifting locus of production from low-cost third country to higher-cost partner country, then the effects are most likely to be detrimental for both partner countries and the rest of the world as well (Chipman, 1998 & Lipsey, 2006). Since the publication of his seminal work in 1950, many economists have been interested in pursuing the impact of these two effects on world welfare. His work has been the driving force behind later subsequent literature examining the impact of regional trade agreements on welfare. Subsequent empirical work Much of the empirical literature on customs union formation has been motivated by the work of Viner (1950). Prior to Vinerian orthodoxy, it had been customary to recognize customs union as always increasing welfare. The classical economic theory behind the formation customs union was the presumption that higher degree of economic integration was beneficial (Jonavonic 1998). Customs union formation was viewed as a step closer to free trade liberalization hence was seen as increasing world welfare. Viner’s seminal contributions proved this argument to be incorrect. However, Viner’s seminal contributions were challenged by Meade (1955) on grounds that the orthodoxy overlooked some of the benefits resulting in trade-diverting unions such as the benefits arising from substitution in consumption (Chipman, 1998). Lipsey (1957) and Gehrels (1956) criticized the Viner’s work over the same issue. These authors argued that preference considerations had to be taken into account when making determinations of the welfare gains and losses (Chipman, 1998). Dissatisfaction with the Vinerian orthodoxy led to the development of other approaches that yielded clear propositions including the general theory of the second best and the terms of trade-volume approach. It is important to note that the traditional Vinerian orthodoxy was based on two simplifying assumptions: Constant costs of production (Nicholls, 1993) Fixed proportions in consumptions (Nicholls, 1993). Meade (1956), Lipsey (1957) and Gehrels (1956) extended Viner’s basic model by relaxing the assumption of zero price elasticity’s of demand (Lee, 1978: p.248). This allowed for the determination of welfare effects with consideration of the changes in composition of consumption. Kemp (1969), Michaely (1965) and Vanek (1965) relaxed the assumption of constant costs. What is missing from traditional customs union theory? Besides these limitations, the traditional Vinerian orthodoxy seem to be missing important dynamic aspects which are crucial in determination of the welfare effect. The traditional customs union theory seems to concentrate more on trade creation and trade diversion effects that are likely to be trivial, ignoring those that are crucial in determining the net gains/losses from integration. Pro-competitive effect One particular aspect missing is the pro-competitive effect. For example, many small countries will tend to have a few large firms that may collude and raise prices at the expense of consumers. Forming customs union and ensuring a tariff free market will increase the degree of competition and force domestic firms to price more in line with marginal cost (Jovanovic, 1998). This pro-competitive effect will encourage them to reduce inefficiency and force them to price in line with marginal costs, thereby leading reducing the prices to consumers. This pro-competitive effect make it increasingly difficult for these firms to charge margins in excess of marginal costs (Josic & Josic, 2013) In this regard, Baldwin & Venables (1995) emphasize the importance of pro-competitive effect and even suggest that regional integration amplifies the pro-competitive effect compared to global integration. Formation of customs union create a large market and subjects producers to new forms of competition. Increase in competition forces the firms to be reduce the levels of x-inefficiency and to price in line with marginal cost in order to gain a new market share. Economies of scale Another criticism of the traditional customs union theory lies in its failure to allow for economies of scale (Corden, 1972). Viner’s analysis fails to incorporate the effect of economies of scale. It is a fact that regional integration leads to the formation of larger markets which allows firms to exploit greater economies of scale. Customs union formation will therefore lead to the exploitation of greater economies of scale, thereby driving down the costs. With the tariff barriers removed, nationally-scaled firms may benefit greater economies of scale from the larger single market created (Cakmak & Yilmaz, 2008). Economies of scale will allow these union producers to achieve an optimum scale of production, increase their efficiencies and decrease the average production costs as well as the prices to consumers (Ginsberg, 2010: 95) Technology spill overs Yet another aspect missing in the traditional customs union theory are the larger effects of technological advances. The productivity and innovative abilities of nationally scaled firms may further be enhanced by technology spillovers (Cakmak & Yilmaz, 2008). Research and development programs may help in improving technological innovations. There is a greater potential for technological innovation where such unions exist. Accumulation or growth effects Furthermore, given that integration leads to increased efficiency, it is also more likely to induce greater investment. This additional investment may lead to medium-term growth effect in some countries and can even improve long-run growth rates where the additional investment is associated with faster technical progress (Josie & Josie, 2013). From an investment perspective, foreign direct investment will be particularly important in boosting domestic growth. Arguments for and agents removing all tariffs Indeed there appears to be a number of justifiable reasons for customs union formation. A member country’s welfare as well as the world’s welfare can be raised if tariffs are reduced under such customs unions. However, the greatest benefits would be achieved by complete removal of the tariffs compared to mere reduction of these tariffs. The removal of all trade barriers will without doubt yield significant benefits in terms of reducing monopoly power, improving terms of trade, increasing efficiency, and improving technological innovations through technology spill-overs among many others. In fact, customs union theory fails to justify or rather explain the need for customs union formation since complete removal of all trade barriers could have all the benefits without incurring potential losses associated with joining customs unions (Jovanovic, 1998). The welfare of a member country is less likely to be raised by a mere reduction in tariffs compared to complete removal. A free trade agreement would therefore tend to have more welfare benefits than a customs union since trade creation is merely dependent on removal of tariff barriers (Clausing, 2000). However, Krueger (1997) points out that free trade agreements may not necessarily yield greater benefits than a customs union and even argues that it can generate additional welfare costs which would otherwise not have been incurred under a customs union. In fact, Krueger (1997) argues that a customs union will always remain superior to a free trade agreement. This points to the need for further analysis of the benefits and costs associated with Free trade agreements and customs unions formation. Conclusion Based on this analysis, this paper concludes that the static concepts of trade creation and diversion cannot appropriately measure the welfare effects of regional integration. Even though Viner seminal contributions points out that consumer welfare may increase due to tariff reductions while welfare cost may accrue from tariff discrimination of customs union, these static effects are trivial when considering the welfare effects of integration. The traditional customs union theory seem to ignore dynamic effects that are crucial in determining the net gains/losses from integration such as the pro-competitive effect, growth effect, economies of scale, and reduction of x-inefficiencies and monopoly power among many others A prime example can be seen with the European Union, a single market that has had important consequences both within and outside Europe. Following the EU’s single market program, there is now a greater awareness of the importance of formation of customs union and of the value of removing tariff barriers. The EU is not only the largest single importer and exporter, but is also the world’s largest and richest economic entity (Ginsberg, 2010: p.96). The gains associated with joining the union far outweigh the economic risks/costs. The EU is currently planning to expand its reach other European nations. Preferential trading agreements seem to be growing more rapidly, both in size and number. Reference Akkoyunlu-Wigley, A., 2006. â€Å"Effects of customs union with European Union on the market structure and pricing behaviour of Turkish manufacturing industry†. Applied Economics, vol.38 (20). Ambrego, L. and Riezman, R., 2003. Computation and the theory of customs unions. Ontario, Universities of Warwick and Western Ontario and NBER Baldwin, R.E. and Venables, A.J., 1995. â€Å"Regional economic integration†. In Handbook of International Economics, vol.3 , edited by G.M. Grossman and K. Rogoff. Amsterdam: North-Holland, pp.1597-1644 Cakmak, O.A. and Yilmaz, S., 2008. The dynamic effects of economic integration: a comparative study on the competitive power of Turkey and EU-8 (Poland, the Czech Republic, Hungary, Slovakia, Slovenia, Latvia, Lithuania and Estonia). Gazi University. Chipman, J.S., 1998. Welfare effects of trade-diveriting customs unions: a quantitative approach, USA, University of Minnesota. Clausing, K.A., 2000. â€Å"Customs unions and free trade areas†. Journal of Economic Integration, vol 15 (3), pp.418-435 Corden, W.M., 1972. â€Å"Economies of scale and customs union theory†. Nuffield College, Oxford Publishers., Journal of Political Economy, vol.80 (3) Gehrels, F., 1956. Customs Union from a Single-Country Viewpoint, Review of Economic Studies, 24, pp. 61-64. Ginsberg, R.H., 2010. Demistifying the European Union: the enduring logic of regional integration. Rowman & Littlefield publishers4 Hannan, D., 2014. The EU is not a free trade area but a customs union: until we understand the difference, the debate about our membership is meaningless. The Telegraph. Available from http://blogs.telegraph.co.uk/news/danielhannan/100186074/the-eu-is-not-a-free-trade-area-but-a-customs-union-until-we-understand-the-difference-the-debate-about-our-membership-is-meaningless/ [Viewed on 30th November 2014]. Josic, H. and Josic, M., 2013. Static and dynamic effects of customs union creation, Croatia, Faculty of Economics and Business Zagreb Jovanovic, M. N., 1998. International Economic Integration, London, Routledge. Kemp, M., 1969, The Pure Theory of International Trade and Investment. London: Prentice-Hall. Krueger, A., 1997. â€Å"Free Trade Agreements versus Customs Unions†, Journal of Development Economics 54, 169-187. Lee, S.A., 1978. Economic relations between West Asia and Southeast Asia. Papers and proceedings of an international conference, Singapore, Institute of Southeast Asian. Lipsey, R. G., 1957, â€Å"The theory of customs unions: trade diversion and welfare†, Economica 24: 40:46 Lipsey, R.G., 1960. â€Å"The theory of Customs Unions: a general survey†, The Economic Journal, vol.70, No. 279 Lipsey, R.G., 2006. â€Å"The theory of customs unions: trade diversion and welfare†. Economica, New Series vol, 24. No.93 Meade, J.E., 1955, The Theory of Customs Unions. Amsterdam: North Holland. Mendes, M., 1986. â€Å"An alternative approach to customs union theory†. Journal of International Economic Integration 1(I), spring publications, pp.43-58 Michaely, M., 1965. â€Å"On Customs Unions and the Gains from Trade†, Economic Journal, 75, pp. 577-583. Nicholls, S.A., 1993. Theories of economic integration: a selective review, London: University of London Oslington, P., 2013. Contextual history, practitioner history and classic status: reading Jacob Viner’s the customs union issue, North Sydney, Australia, Australian Catholic University Strielkowski, W., 2012. Advanced economics of European integration: microeconomic aspects, National University of Ireland Viner, J., 1950, The Customs Union Issue. New York: Carnegie Endowment for International Peace

Absolutism Essay Example

Absolutism Essay Example Absolutism Essay Absolutism Essay World History II Age of Absolutism Pros and Cons to Absolutism Directions: Complete the graphic organizer found on my aboard and email your response to me or turn in for full credit. Answers also must be supported with specific, accurate and relevant evidence to receive full credit. With this task now complete, do you feel that absolute rule is the right way to run a country during this time, or does it Just not work and only leads to more lasting problems? Respond with Just a one paragraph response, focusing on either the pros or cons that were in the graphic organizer Response: An absolute rule is the worst form of government during this time. The cons certainly outweigh the pros and it is possible the country may be destroyed because of one single ruler. An absolute ruler is given a profuse amount of power and has many decisions to make. He is solely responsible for a large mass of people. Too much power may go to the persons head, setting the country up for disaster. The people have very little say in all aspects of the country. They most likely will not be able to practice the religion they want nor vote on any legislative acts. In this case, an unfair punishment may be placed upon someone that is accused of a crime that he or she has not even committed. The ruler may also favor a certain group of people making everyone unequal in the country. Overall an absolute ruler can change a country for the negative in many ways.

Problem set Essays

Problem set Essays Problem set Essay Problem set Essay Problem set BY lu19920218 ECE 302 Problem Set 9 Fall 2013 The following problems have been selected from the course text. 4. 78 In a large collection of wires, the length of a wire is X, an exponential random variable with mean 511 cm. Each wire is cut to make rings of diameter 1 cm. Find the probability mass function for the number of complete rings produced by each length of wire. 4. 85 The exam grades in a certain class have a Gaussian pdf with mean m and standard deviation o. Find the constants a and b so that the random variable Y = ax + has a Gaussian pdf with mean m and standard deviation o . 4. 86, 4. 87 Let X = U n where n is a positive integer and U is a uniform random variable in the unit interval. Find the cdf and pdf of X. Repeat for the case where U is uniform in the interval [-1, 1]. 4. 94 modified Let Y = a where X is uniformly distributed in the interval (-1/2, 1/2). a. Show that Y is a Cauchy random variable. b. Find the pdf of Z = IN . 4. 96 Find the pdf of X† In(l U where U is a uniform random variable in (O, 1). . 9 modified Let X be a random variable with mean m. Compare the Chebyshev inequality and the exact probability for the event {IX m I c} as a function of c for the case where: a. X is a uniform random variable in the interval b]; b. X has pdf fX(x) = 2 exp(-alxl); c. X is a zero mean Gaussian random variable with variance 0 2 . 4. 100 Let X be the number of successes in n Bernoulli trials where the probability of success is p. Let Y = X/n be the average number of successes per trial. Apply the Chebyshev inequality o the event {IY pl a}. What happens as n †+ m? 4. 102 a. Find the characteristic function of the random variable X uniformly distributed over b). b. Find the mean and variance of X by applying the moment theorem. 4. 105 modified a. Show that the characteristic function of a Gaussian random variable X with mean m and variance 0 2 is 22 OX (w) = eJmw-o 12 . the characteristic function of Y = ax + b, a = O, where X is a Gaussian random variable. Hint: use the definition of (w), namely, OY (w) = E[eJwY ].

Why women are enthusiastic about Birkin bag by Hermes Research Paper - 1

Why women are enthusiastic about Birkin bag by Hermes - Research Paper Example It is included in Forbes magazine’s Most Extravagant Handbags list. Bag prices range from US$6,000 to US$120,000 depending on the materials used and the craftsmanship that goes with it (Prabhakar, 2007). So, why do women go gaga over a Birkin bag? What strategy does Hermes adopt making it very successful all these years despite tough competition and the worldwide financial crisis? Where lies the â€Å"mystery† of the Hermes Birkin? According to Hermes CEO, Patrick Thomas, â€Å"Hermes has no desire to become a â€Å"masstige† (a mass producer of prestige goods) (Wright, 2009). Our strategy will be a strategy of value, not a strategy of volume; we are not in the mass luxury† (Agathe, Imadec-Bentata & Zimmerman, 2009, p. 8). They say no to short-term profit; thus, even in times of recession, few discounts are offered (Xie, n.d.) They cannot compromise the quality and the finishing of the product just to increase their sales (Wright, 2009). Hermes strategy is centered on the respect of the legacy of the luxury brand’s history, its heritage. (Xie, n.d.) Their mission is the pursuit of excellence. They adopt a model of scarcity to preserve its prestige and integrity. They do not change their strategy according to the state of the economy (Wright, 2009). They stick to the rule of luxury, that is, even in the worst financial crisis; the world will still have rich people who would like to hold on to exclusive items that can hold value such as a Birkin bag (Xie, n.d.). A purchase of a Birkin bag is viewed not an expense but an investment that could last for 40 years and whose price could go up to more than double as the years go by (Wright, 2009). One of the marketing techniques employed by Hermes is to keep a waiting list with high-profile customers such as Hollywood stars. They also put a â€Å"Reserved† sign on their display bag and they limit the number of Birkin sold to each customer for every purchase

Segregation's Lingering Legacy Essay Example | Topics and Well Written Essays - 250 words

Segregation's Lingering Legacy - Essay Example It is highly beneficial for children to learn what makes them different aside from the color of skin. Whether African-American, Asian, Native American and so on, each race and ethnicity has so much to offer and share with their communities that people of other races simply cannot understand without being taught. Institutional racism is ultimately causing widespread neglect of cultural differences that are important to learn. I think our educational system still has a large amount of segregation because they allow it to happen. Teachers, principals and parents are all too afraid of hurting someone’s feelings or being touted as a bigot if they open their mouth and say something. Our country is so absorbed with â€Å"what will they think of me?† that society is ceasing to function. The fear of a legal claim of racism, the NAACP, the ACLU or another organization’s intervention is likely a great fear for many, so they have no desire to change the segregation. Blacks a re no better than whites, Asians, or any other race and vice versa. Our children need to be taught by their elders both in the home and in school the differences in race, culture and communities so that they can grow, learn and be steadier, well-rounded adults.