Essays on Monetary Value

Abstract

Decision-making under risk occurs when there is an uncertainty about the states of nature that can occur, but the probabilities of each of the states of nature occurring have already been determined. We can use these probabilities to determine additional strategies for decision-making. One such strategy is the Expected Monetary Value (EMV) approach for making an optimal decision. In the problem where the company had to decide on the right investment approach, the company had already done research to determine the various possible states of nature for each of the alternatives as well the probabilities of each of these ...

Abstract

Decision-making can involve a single decision or multistage decisions. When the decision-maker has to make at least two decisions separated in time, such as a situation where a company must first decide if it makes sense to hire an expert to make an actual decision about an investment. As the decision-maker goes on making decisions, the uncertainty diminishes. The probabilities are determined in a reverse manner when compared to regular decision-tree used for decision-making. The resulting process is Baye’s rule or theorem. The company wants to find out if hiring an expert so that he or she can ...

According to Dekun Zheng (1983), China has been one of Asia’s most distinguished countries, and it has been known to have a class structure which has divided it into two Chinas. The upper class and the rural class has had clear demarcations in the country. The upper class of the Chinese civilization has enjoyed a luxurious lifestyle which has been visible from their expenditure, way of living and spending. Moreover, the author mentions the importance of gaining a classical education, which has been important to the Chinese upper class that helped them rise above the rural class of ...

Executive Summary 3

Introduction 4 Decision Making 4 Decision Table 4 Figure 1. Decision table 5

Decision Making Under Uncertainty 5

Figure 2. Uncertainty decision 5

Optimistic 5

Pessimistic 5 Criterion of Realism 6 Equally Likely 6 Minimax Regret 6 Expected Monetary Value 7 Figure 3. EMV when no additional information was gathered 7 Figure 4. EMV with a favorable result from the additional information 8 Figure 5. EMV with an unfavorable result from the additional information 8 Figure 6. EMV from the additional information 9 Conclusion and Recommendation 9

References 10

Appendices 11 Analytical Experience and Plans 13 Executive Summary Management decisions have always been considered a difficult task especially ...

Literature Review: Principle of Equivalence

List of References: 12 Literature Review Principle of Equivalence Background Usually, whenever a property is purchased or acquired from a willing or non-willing seller, it is expected that a fair compensation is given to those whose interests are deprived. However, it may be difficult to determine what a fair compensation constitutes. In some cases claimants may receive more or less compensation compared to the value of their property. In other instances, the monetary sum provided may be a huge sum, but it may not cover non-quantifiable losses such as psychological and social implications. As experience has shown, there are ...

Pt14a

International Management Abstract The film and music industry have both evolved drastically during the past decades. From vinyl records to CD’s to digital mp3 files in the music industry, and from cassette tapes to mp4 files in the film industry. The evolution in both the film and music industry is most likely a result of the practicality demanded by the society. Individuals often seek easier and cheaper alternatives. In both of these relevant industries, the most practical solution is of course to have instant access to demanded content that is merely software and requires no type of disc. ...

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Introduction

Galaxy Micro Systems is in the middle of deciding what kind of contract it will tie up with a national franchiser for three years service warranty. There are two alternatives; one is a lump sum contract paid out at the onset. The other is combination of a smaller fixed sum and an installment payment schedule spread over three years. Both schemes appear to be acceptable to Galaxy but there are parameters that need to be defined to make the decision. There is also a significant potential sale that needs to be assessed as it will influence ...

Analysis of Energy Sufficiency, Sustainability and Conflicts of US Forests

Abstract The focus of the paper is to analyze the economics of US forests. In particular, the paper analyses the energy sufficiency, sustainability, as well as potential conflicts regarding this essential us natural resource. Concerning forest sustainability, the paper will consider issues such as how the US can use and retain forests to meet different human needs, how it can preserve and promote healthy forests, and how the country can make ethical choices concerning forests. Key findings in the paper reveal that although the United States has shown some efforts in creating sustainability concerning forests, there is still much ...

Overview of the South African Economy

South Africa is a country located in the Southern tip of Africa. The country is the 25th largest in the world by area the 24th largest by population with 51 a population of million, (Central Intelligence Agency-CIA, 2013). It is Africa’s most prosperous economy and the World Bank ranks it as an upper-middle class income economy. Lately, various global economy agencies such as the Organisation for Economic Co-operation and Development (OECD) and the World Bank consider South Africa as a newly industrialised country (CIA, 2013). The country is now part of a team of countries that form BRIC (Brazil, Russia, India, and ...

GDP is the monetary value of all goods and services produced in a given nation within a specified period. GDP is calculated after every year and it includes all investments, public and private consumptions, government outlays and exports fewer imports. GDP is a measure of nation’s economic health. Nevertheless, Gross Domestic Product is a measure of the nation’s standards of living. Countries are compared on with respect to their Gross Domestic Product since it shows the monetary value of the country’s economy. Ideally, the greater the GDP, the bigger the economy of the country. It is measured using two different ...

Part 1

Ethic in business is a crucial thing. In these paper Halliburton company is said to have been involved in corruption scandals shall be evaluated. At the same time the Wal-Mart company that has been exploiting people shall be evaluated from different perspectives as outlined.

Utilitarianism takes two dimensions, the act utilitarianism and the rule utilitarianism. The act utilitarianism has it that consequences of a single act be measured depending on how right or wrong the course of action was. The basic rule in this case is exercising the probable benefit. In this case the point of reference in every action that ...

Placing a cap on “Pain and Suffering” in tort actions is essential; this is because there are many cases that arise from tort actions. Tort action is in itself a civil action or injury that does not arise from a contract. The law for such action provides for some outline of money damages. The actions arise from accidental laws like personal injury and negligence. This calls for a cap on the tort actions regarding pain and suffering. Reforms are needed, for proposals and enactment, to have a clear outset of the nature of tort actions.

The laws that are adopted and exist for ...

A Response to Steven Vogel "Grades and Money”

In the essay "Grades and Money,” Steven Vogel presents to the reader, the relationship that exists between money and grades. He argues that students are only interested in getting good grades rather than learning. He says that most of the students have created a direct relationship between grades and money. They believe that good grades create opportunities to get more money than poor grades. Vogel successfully directs the value of education from the importance studying to that of the relationship that exists between good grades and making money. It is to this regard that students strive to get good grades ...

Should the paintings value that much?

If you are aware of the price of most valuable art pieces, you will notice that the twenty highest price paid paintings are defined as abstract painting. As Perl wrote, good art is now simply defined as art that sells. Therefore, does it mean the traditional -- trompe-l'œil painting and the renaissance art are not good? For this argument, a lot of arties and scholar have stated their opinions, and every one of them has their own explanation for their position. However, there are mainly opposite voices regarding the question if abstract art should value that much, and whether ...

EXECUTIVE SUMMARY

Allergan also referred as AGN has been a successful organization since the inception. Company was established in 1948 and had a wide history of success. Company has been trying to stabilize in the current scenario. David E.I. Pyott, who is the CEO of the company, is trying to build the company strong enough to resist takeover or merger by Valeant Pharmaceutical. Company has adopted innovation strategy to operate in the current competitive environment. It has company structure and culture that encourages innovation in each and every employee of the organization. David E.I. Pyott believes in returns from intensive research and development which ...

Introduction: An argument whether Cornealious Anderson should go to jail or go Free

Often the judicial system in the United States is known for making the perpetual, miscues in at which these errors concerns most people of ethnicity or primarily African-American males. This essay will brief the debate at which Cornealious Anderson, native of Missouri, should serve a 13 year sentence for allegedly robbing a Burger King restaurant after released from the jail due to the numerical glitch or systematic miscue in that the state of Missouri was at fault.

Findings

This activity is seemingly the norm when it comes to the judicial system in the United States. Anderson, like most African-Americans, draw attention due ...

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A firm investing in production factors uses them to produce competitive products. Monetary value of the use of economic resources of the company for the production and sale of products or services is called the cost of production or cost of services . Cost of products (services) is a set of costs on a production and marketing costs associated with the provision of services . In cost reflects all costs incurred by labor and materials costs in the form of raw , material , fuel and energy resources , depreciation of fixed assets, wages. Cost ...

Yang reports in his publication (Corruption in Asia: China Case) that the Peoples’ Republic of China was ranked position 80 out of 176 countries in the corruption list by the Transparency International in 2012. This ranking placed one of the world’s most significant economies in the same position as three other countries; Serbia, Tobago and Trinidad. By the latest ranking, The Peoples’ Republic of China ranks as more corrupt than most developed countries. China is more corrupt than Burkina Faso, Panama, Jamaica and Peru. The populous country suffers widespread vices related to inequity and misuse of public resources. ...

Life cycle cost analysis is a method that is used in assessing the total cost of facility ownership. In its assessment, it takes into account all expenditures of purchasing, possessing, planning, design, construction and acquisition, operations, repairs, restoration and rehabilitation, devaluation and the cost of finance and replacement or disposing of a building or building system. It is an important economic tool of analysis in selection of alternatives that impact current and future costs.it compares the initial cost and the least alternative in a twenty year duration.it is also referred to as “cradle to grave” or “womb to tomb” cost and it ...

Macroeconomics is a branch of economics that deals with the performance, structure, behavior and decision making of the economy as a whole. It examines the economy as a whole and attempts to answer questions such as what brings about the growth of the economy over time, what causes short-run fluctuations in the economy and what influences the values various economic indicators and how these indicators affect economic performance. Macro- economics deals with aggregates such as national income, consumption and investment. There are several indicators that deal with macro-economic which include the GDP (Gross Domestic Product), unemployment rates, and price indices (Forte, 423). ...

ANALYSIS OF CHINA'S ECONOMY

ABSTRACT China still being a developing nation has witnessed quite difficulties in managing the economy. Due to the constantly rising challenges including high level of inequality, rapid urbanization along with demographic pressure related to aging of population and migration of labor, China has lost its competitiveness in the international market. Even though, China has become the world’s largest exporter of goods and services, it still faces difficulties in managing the troublesome economy of the nation. The high level of trade deficit along with high credit requirements of both public and private sector has reduced the economy of ...

Discussion between Christopher Caldwell and I

Caldwell: Just how important or valuable do you consider college education in America today? Me: Considering the increase in the number of families, sacrificing a lot to have at least one of the family members in college, I presume therefore that college education must be very important and valuable too. Caldwell: According to you, you presume college education to be important simply because many families sacrifice to at least have one of their own go to college. They have to spend a lot of money, up to $180, 000 dollars just for one student. I think these money can ...

Which character truly understands the concept of ‘heritage’?

In Alice Walker’s classic short story “Everyday Use”, the central conflict revolves around two sisters who are very different from one another in life opportunities, choices, and values. While the story is told by their elderly mother, the focal point of the story is on their two differing viewpoints and the way that each of them perceives the concept of heritage. While Dee has an intellectual understanding of the concept, for Maggie, it is a concrete experience that she lives day-to-day, making her concept of heritage more valid despite her limited opportunities. Dee is glamourous, well-educated, lives in ...

The articles are about modern day economists giving alternative ways of measuring the Gross Domestic Product of a country other than by the monetary value of final goods and services in the country. They argue that Gross Domestic product does not take into account adverse economic growth effects like pollution in its accounting. In addition, it does not take into account the informal economy like leisure time and life quality in its accounting of the GDP. Through time, economists have suggested other ways to measure a nation’s economic health by mainly focusing on well-being measures. China and the U.S have ...

There is no doubt that Amherst functions as a private health care institution. Speculations advanced by this literature review points toward unfolding the extent it is a private institution. This researcher’s assumption is that the extent to which Amherst is classified a private health care institution depends on an assessment concerning risks and returns exploring concepts pertaining to operations, performance, and talent.

The London School of Economics researchers confirmed that there were distinct factors relating management practices to outcomes as it pertains to financial returns in any health care institution (Dorgan et.al, 2009).Therefore, the ability to integrate risk and return ...

Business ethics (business and society)

Sustainable development is a form of development that matches with current existing needs without interfering with the capacity of future generations to acquire their own needs. It comprises of two major concepts which include, the ‘concept of needs’ and the ‘idea of limitations’. The concept of needs stipulates that the essential needs of the most poor in the world should be given an overriding priority. On the other hand, the idea of limitations, which is enforced by able state of technology and social union, states that the environment should meet both current and future needs. However, how and whether the ...

John Locke’s Second Treatise of Government

Disproportionate and Unequal Possession of the Earth: John Locke’s Second Treatise of Government

In John Locke’s Second Treatise of Government, Section 50 says that “by a tacit and voluntary consent,” men “have agreed to a disproportionate and unequal possession of the earth” (Locke, 1690, p. 19). Whether or not gold or money is a good representative of real wealth in goods or services and that man has made this tacit and consensual agreement for “disproportionate and unequal possession of the earth” is a debate that scholars continue to debate. Locke’s writing invites inquiry; his ideas concerning possession, consent, wealth, ...

Part 1

Gross domestic product (GDP) This is the total monetary value of all goods and services that are produced by a country excluding the goods and services produced abroad usually in a period of one year. It consists of public and private consumption, investments, government expenditures and the net exports.

Real GDP

This the total monetary value of goods and services produced within a country’s borders in a certain period of time and whose value has been adjusted to accommodate the inflation rate in that period. It can also be referred to as inflation corrected GDP. Real GDP puts into account price level changes ...

Environmental Economics Exam

Question One

The laws of thermodynamics

The increasing need for environmental consideration and conservation has been a subject in debates and has received equally varied interpretations from many an environmentalist. Of particular significance is the importance of the laws of thermodynamics in environmental economics, environmental policy planning, and policy design. In this era of increased environmental degradation characterized by severe human activities and implications to the environment, it becomes crucial to apply the principles of thermodynamics in studying the different interactions between natural systems and the interaction of technology in the environment. The First and Second thermodynamic laws formed the ...

Introduction

Our environment of late has become a scarce resource. Economics being a discipline concerned about effective utilisation and distribution of scarce resources is therefore vital when addressing environmental problems. When formulating environmental policy, economics comes into play with the aim of balancing the costs and benefits of the environmental measures. In this essay, I will discuss air pollution as an environmental problem and the economics involved in addressing it.

Air pollution and Trends in the last 20 years

According to EPA there are six major pollutants that determine air quality. They include: lead, carbon monoxide (CO), nitrogen dioxide (NOx), sulphur dioxide (SOx), particulate matter, and ozone.

Figure 1: Percentage of Primary Air Pollutants

Since measures of controlling ...

Compare and contrast Mary Rowlandson’ A Narrative of the Captivity and Restoration with Harriet Jacobs, Incidents in the Life of a Slave Girl We might expect these two texts to be completely different from each other because they come from such different genres. A Narrative of the Captivity and Restoration is an example of the captivity narrative genre, which was very popular in the seventeenth and eighteenth centuries and beyond – until the American frontier was finally closed towards the end of the nineteenth century. They always involved European prisoners, held captive or hostage by indigenous tribes people, before being ...