Called to the Headmasters Office - 842 Words

I was fighting in the trenches when a fresh battalion of German forces headed towards us there heads like the tips of arrows and spears used by the hunters of old. The noise of the machine gun fire drowned out the cries of despair and horror that had painted these lands with a scarlet tint. Brother fell after brother as the war raged on. The bodies were left there to rot. A bomb containing mustard gas had been let off. I was lucky. I got my gas mask on. For one of my allies their luck was out. He drowned in the sea of yellow as he coughed and spluttered the foul red foam of death. A German soldier had launched himself from the smoky landscape into the trench. I acted on instinct and shoved my knife into his body, his life now torn. He died slowly and in agony. I locked eyes on the soldier his eyes like they had been formed in the sea. No it couldnt be. I thrust my hand into his jacket as I read his dog tags. I screamed an ear shattering scream as the realization had sunk in. The spee d of time slowing down to a halt. My hands covered in red like the devils. My best friend was killed by my own hand. Where do I start? Well...I... It’s hard to find the right place to start. Lets just start from the beginning. I suppose it all began back in 1910 in my home town of Falkirk. I was twelve at the time, just a little lad, so innocent, so naive. I was called to the headmaster’s office. James, he started in his booming voice I have proposition for you. Yes sir? I repliedShow MoreRelatedR.K. Narayans Like the Sun Essay example835 Words   |  4 Pagesthe words are spoken, the reader know s Sekhars answer because the reader knows about his experiment whereas his colleagues do not. The next way Narayan shows that the truth has consequences by using dramatic irony is when he is invited to his headmasters house. At his house, the headmaster sings for him and wants his honest opinion about his performance. By using dramatic irony, Narayan foreshadows what is to come. He again shows that telling the truth can have consequences by having the headmasterRead MoreThe House On Mango Street Summer Assignment1060 Words   |  5 Pageson Mango Street, Sandra Cisneros puts plenty of examples of powerful and meaningful imagery. It helps to contribute to the overall tone and message the stories are trying to exude. In the vignette â€Å"A Rice Sandwich† Esperanza is sent to the headmaster’s office after trying to get into a lunch lin e that she wasn’t usually in, even when she had a letter from her mom that she was supposed to be there. The headmaster eventually becomes aware of where she lives: a rundown, raggedy house in an even worseRead MoreCreative Writing : The Story Of The Novels816 Words   |  4 Pagesyou think you can squeeze out of mister tightass.† â€Å"Ismail,† looking at him over her shoulder, â€Å"I may have to kill him.†    S3 Barry Floyd stepped gingerly into Evans office. Edna was not in the reception area to announce his presence. Floyd had the distinctive impression he was once again walking into his former headmasters office. Apprehension of an unwanted discovery loomed.   Ã‚  He had never seen anyone practice the ancient art of calligraphy. There, hunched over a notebook, was Evan feverishlyRead MoreEssay about Analysis of The Indian in the Cupboard by Lynne Reid Banks929 Words   |  4 PagesAnalysis of The Indian in the Cupboard by Lynne Reid Banks For this month’s book report I read a book called ‘The Indian in the Cupboard’ by Lynne Reid Banks. This book was about a boy named Omri and his small Indian toy. For Omri’s birthday he received a small Indian toy from a friend and a small cupboard from his brother. Omri put his Indian in the cupboard and to his surprise when he opened the cupboard the Indian toy had come to life. Omri has to keep his Indian a secret for fear ofRead MoreEssay On Transcendentalism In Dead Poets Society1344 Words   |  6 Pagesun-enrolled at Welton and then become a doctor through other training. Neil, instead of conforming to his father’s wishes, tragically kill himself. Another character who is seen as the group rebel is Charlie. He does weird things such as wanting to be called Nuwanda, and standing during Mr. Keating’s walking lecture. He stands to further prove the point of individualism by acting the complete opposite as everyone else. The character by the name of Meeks is also a bit rebellious and sneaky. At WeltonRead MoreJohn Knowles s A Separate Peace1737 Words   |  7 Pages Marshall McLuhan, a Canadian philosopher and public intellectual once said that, â€Å"everybody tends to merge his identity with other people†¦ It’s called being mass man†. Mass man is what one would describe as a person lacking any individuality or uniq ueness. This relates to John Knowles’s novel, A Separate Peace through the idea of Gene’s struggle with identity throughout the stories that he tells due to his own lack of individuality. In the novel, Gene Forrester is a student at the Devon School,Read MoreEssay on The Lesson and Mid-term Break1860 Words   |  8 Pagesfamily whereas in the lesson tells the story through the boys emotions. So by using two large stanzas rather than many small stanzas the poet makes you take in all the information at once. Analysing A 10-year-old child has been called into his headmasters office to be given the news of his fathers death. The headmaster breaks the news in a rather hard, matter-of-fact manner. There is no attempt at emotional contact; we see this emotional distance in the rest of the poem too. The speakerRead More Education in Victorian England Essay3579 Words   |  15 Pagesdomestic servants. In very few places were there sufficient charity boys to maintain an effective school, so the enrollment was supplemented with outsiders. In one Norwich school in 1833, there were 24 charity boys, 20 boys boarding at the Headmasters house, and 27 paying day scholars. This seems to have been a fairly typical mix. (Roach, 8)    Ragged Schools Schools for very poor children were established in the 19th century, when it became apparent that such children were often excludedRead MoreCatch Us If You Can5211 Words   |  21 Pagesanymore. Darren commented that Rory is â€Å"turning into a lassie†. For that, Darren was kicked in the shin by Mary Bailey. She detested the statement made by Darren. Darren insisted that Rory should be on the team. Mr Hood led Mary Bailey to the headmaster’s office for starting a fight. Darren suggested that Rory put his granda in Rachnadar, a hospital for old people. Rory was upset and ran home. Upon arriving home, Rory found his granda making potato chips out of apples. He had mistaken the bag of applesforRead MoreImpact of Teacher Participation in Decision Making in School Administration10240 Words   |  41 PagesIntermediate; appellate and creative types of decision. He explains the intermediate decision to be those that originate from a superior authority than the school head, example the board of governors. The appellate decisions are those that are called for his disposition. Creative decisions according to Shanehan (1987) are those concerned with significantly improving some aspects of education such as curricular programmes and admission policies. This requires initiative and drive. It is advocated

Night Creature Hunter’s Moon Chapter 18 Free Essays

His face went hard and still; his eyes darkened to the shade of evergreen smoke. â€Å"Jesus Christ, Leigh, what the hell is that?† â€Å"Nothing.† â€Å"Nothing?† He stood and took a few short, jerky steps away from me. We will write a custom essay sample on Night Creature: Hunter’s Moon Chapter 18 or any similar topic only for you Order Now â€Å"It looks like someone dug a furrow in your back with a butcher knife.† I winced. It had felt like that when it happened. He caught my expression and gritted his teeth. â€Å"I’m sorry. It’s just – † He moved his hands in a helpless gesture. I understood. My back wasn’t pretty. I tried not to peek at it, either. I hadn’t let anyone see me naked since it happened. I could tell myself sex didn’t interest me once Jimmy had died, and that was partly true. But nothing increases celibacy like a huge scar that runs from just below your left shoulder to your right hip. My days of wearing bikinis were over. Any hope of a backless wedding gown was as dead as my fiance. But I’d live. Bummer. â€Å"Who did that to you?† Damien asked. I sat up, keeping my shoulders slanted away from him. His hands clenched; his muscles bunched. â€Å"It was an accident,† I lied. As if I’d admit a werewolf had marked me as his forever. Damien frowned. â€Å"What kind of accident?† â€Å"I don’t want to talk about it.† â€Å"Too bad. I do.† I got off the bed, crossed the floor, found my clothes. I didn’t even realize I’d presented him with my back again until his fingers drifted over my left shoulder. I yelped, jumped, spun. How had he followed so quickly and so quietly? â€Å"Don’t touch me,† I whispered. I couldn’t bear for anyone to touch where Hector had. â€Å"Does it hurt?† â€Å"Of course not. It’s been years.† In truth, the thing had been aching on and off since I’d seen, or imagined, the white wolf. But I wasn’t going to confess that to anyone, ever. â€Å"If it doesn’t hurt, then why can’t I touch you?† â€Å"Why the hell do you think? It’s ugly. I’m – â€Å" I broke off. I’d wanted sex; I’d gotten it. Time to go. â€Å"I have scars, too,† he said quietly. I glanced up. He pointed to his thigh where a thin white line bisected the skin. I snorted. â€Å"That’s a scratch.† In truth, his body was damn near perfect. How had he gotten to be†¦ twenty-something with only one small scar? â€Å"Is this what you’re trying so hard to forget?† he asked. â€Å"I’ll never forget.† How could I? The scar would be with me forever, along with the memories. â€Å"Did one of the wolves hurt you?† In the midst of putting on my shirt, I froze. â€Å"What wolves?† â€Å"The ones you’re after.† A chill trickled over my skin. How could he know who I was? Then I remembered what sex had made me forget. The gun behind his toilet tank. The single silver bullet that I’d already used. I might be lying to him, but he was lying to me, too. I finished dressing. Time to get back to work. Damien lit a cigarette, stood at the window, naked, blowing smoke through his nose. He offered me a drag, but right now I didn’t want to put my mouth where his had been. It might make me want to put my mouth other places. â€Å"Who are you?† I asked. He shrugged, the movement pulling his muscles tight, then releasing them. â€Å"No one.† â€Å"Then why were you hiding the gun?† He frowned. â€Å"What gun?† The complete bafflement on his face slowed me down. â€Å"Uh, the one behind the toilet tank.† He lifted a brow, then the cigarette to his mouth. Slowly he drew in, blew out. â€Å"When were you in my bathroom?† Oops. I decided to be honest. About one thing anyway. â€Å"I broke in.† â€Å"Emergency bathroom break?† â€Å"Not exactly.† â€Å"What, exactly?† I didn’t know how to explain why I’d gone through his things. I’d had good reason, but none I could tell him. Juger-Suchers were supposed to be a secret monster-hunting society. Secret. As in, need-to-know only. He didn’t need to know. There was a lot of that going around. â€Å"Let me ask you a question,† Damien murmured. â€Å"Sure,† I said, eager to get off the previous topic. He pressed his thumb and forefinger together over the glowing stub. I blinked. That had to hurt, but he didn’t flinch. I recalled the sensation of his scarred, rough hands dancing over my body. Maybe it didn’t hurt anymore. The cigarette extinguished, he flicked what was left end over end. It landed between my feet. â€Å"Killing and burning wolves. Breaking and entering.† He crossed the room, stopping so close I could smell the smoke on his breath. I wanted to lick his teeth. â€Å"Searching my room and finding a gun.† He didn’t touch me, didn’t have to. Just the scent of him, the heat, all that lovely pale skin and rippling muscle. My body remembered and it yearned. His voice lowered, so soft I had to strain to hear him. â€Å"Who are you, Leigh?† Danger, danger. Time to lie a little more. â€Å"I told you. I’m with the DNR. The wolves†¦Ã¢â‚¬  My mind blanked. What was my cover again? â€Å"Right,† he said. â€Å"That new strain of rabies.† â€Å"Yes.† I let out a silent sigh of relief. â€Å"Where’s the gun?† he asked. Hell. â€Å"I – um – confiscated it.† â€Å"Confiscated? Can you do that?† â€Å"Sure.† I wasn’t exactly sure, but he didn’t need to know that, either. â€Å"Is it yours?† â€Å"No.† â€Å"Then†¦?† â€Å"When I moved in, you can bet I never looked behind the toilet tank. Who knows who lived here before me?† Was he telling the truth? I kind of thought that he was. If the gun was his, he was a very good actor. If the gun was his, what possible good could a single silver bullet do? The question now was: Whose gun had it been? Another job for Jessie McQuade. â€Å"I have to go,† I said. He was still standing so close the hair on my arms prickled. He hadn’t touched me since the ill-fated stroke to my back. I wanted him to, and because of that, I headed for the door. â€Å"Wait.† With my hand on the knob, I stopped. He followed, reaching out to place a hand on my shoulder. I tensed, but he refused to let go. When I’d yearned for his touch, I hadn’t meant there. Because I yearned and hated myself for it, hated him, I lashed out. â€Å"This was a stupid idea.† â€Å"I know.† His quiet admission was like throwing ice water on my anger. I wasn’t sure what to say. Sex had made me forget for a little while the realities of my life. But once the madness receded, I could see clearly again. I was lying to him. He had no idea who I was. What I did. He had no idea how dangerous it was to know me. If he was around when the shit hit the fan – and it would; it was only a matter of time – he’d get hurt. He might get dead. I yanked open the door. On the threshold I paused. All the cars were still there. â€Å"Does anyone ever go home around here?† I asked. â€Å"A lot of them walk.† I glanced back. Damien stood in the doorway, stark naked and aroused. I wanted him again. So much for self-control. What I felt for Damien reminded me far too much of what I’d once felt for Hector, and it frightened me. I forced my gaze back to the cars. â€Å"They walk home in the dark?† â€Å"Better than driving after you’ve been drinking since midafternoon.† â€Å"But – â€Å" â€Å"Most of them live in town. It’s quicker getting home as the crow flies.† What was with all the crow references? â€Å"I don’t get it,† I admitted. â€Å"A crow flies straight from one place to another. They don’t care about roads. If you go home as the crow flies†¦Ã¢â‚¬  His arm shot past my face, finger extended toward the woods. â€Å"You mean your customers walk home through the forest at night?† â€Å"Why not?† I could think of several reasons. All of them furry. â€Å"Have any of them disappeared lately?† â€Å"Disappeared how?† â€Å"One day here, tomorrow not so much.† â€Å"Of course.† â€Å"And you don’t wonder where they went?† â€Å"People come and go. They move. They start patronizing a different tavern. I’m not their father. Why?† â€Å"No reason.† â€Å"You think they got killed by wolves?† I shrugged. He was skirting a little close to the truth. â€Å"Wolves aren’t aggressive,† he said. â€Å"They are if they’re rabid.† That much was true. All reports of wolf attacks were by rabid animals – or at least that’s what we liked the common folk to believe. If the news got out that werewolves lived all over the place, it wouldn’t be pretty. â€Å"What aren’t you telling me?† he asked. â€Å"Have there been rabid wolf attacks in Crow Valley? Is that why you’re here?† â€Å"Yes.† What was another lie among so many others? I had to make him stop asking questions any way that I could. â€Å"But we don’t want that to get out,† I said hurriedly. â€Å"People will panic. We’ll have nuts in the forest with guns, shooting pets, then each other.† â€Å"Not to mention the press.† I flicked him a glance. I hadn’t thought of that, but he was right. Imagine, if you will, reports of a rabid wolf pack eating people upstate. What a story. â€Å"You can see why I’m being secretive,† I said. â€Å"We’re handling the problem.† â€Å"By we, you mean you and the sheriff?† â€Å"Yes.† We were handling the problem. Just not that problem. â€Å"You won’t tell anyone?† I pressed. â€Å"Who am I going to tell?† I glanced at the bar, then back at him. He snorted. â€Å"I don’t tell them anything. I listen.† â€Å"Good. Thanks.† He moved in my direction, and I fled before he kissed me again. One more like any of the others and I might forget everything I should remember. I hurried up the steps and inside my apartment, then glanced at my watch. Seven a.m. I had to be back at Jessie’s by noon so we could go over the Quantico report on serial killers. I could hardly wait. I took a long, hot shower. By the time I got out I smelled like citrus and honey, not earth and wind. My muscles were relaxed, my brain mush. I went to bed, fell asleep right away, and for the first time in my life I had nightmares in the daylight. In my dream the white wolf speaks, with Hector’s voice. â€Å"Querida, what did you expect?† He’d always called me querida, even though there’d been nothing of love in what we’d done. At least for me. I back away, my hands outstretched, but he keeps coming, his stiff-legged gait and raised hackles terrifying, the growl beneath the words making my skin prickle. â€Å"I had to get rid of them so you could be mine forever.† â€Å"No.† I hear myself speak in my sleep; the word echoes through my dream. Hector smiles, grins, pants. His teeth are as red as his tongue. God, get me away from him. I spin and run up the steps in the home of my childhood. But my childhood is over – beginning right now. â€Å"Mine,† Hector snarls at the others, stopping their mad pursuit of fleeing prey in midstep. Hector is the alpha – there is no doubt, no question. Just as there is no question that he will catch me. Both then and now. It is only a matter of time. I lock myself in my room, grab the phone, listen for a dial tone, and hear nothing. My cell phone is downstairs, in my purse, useless to me now. I run to the window, but before I can get it open and scream for someone, anyone, to help me, the door splinters inward, and he is there. I don’t want him near me with the blood of my loved ones still wet on his fur, ripe in his mouth. I look around for a weapon, something, anything, but there is nothing in this pink and white frothy sanctuary of my childhood. â€Å"You’ll never die, querida. We’ll be together always. You’ll like it. I promise.† I stare into his eyes and remember how it came to this. The deaths of my family, of Jimmy, were my own fault. Because I couldn’t say no when Hector touched me. In my sleep I moan, toss, turn. I couldn’t stop myself from touching Damien, either. But it isn’t the same. I’m not promised to another. I’m not having a last fling. I’m not flirting with the Devil. Damien is just a man. Hector was a beast. I move as far into the room as I can, cower against the wall, wait for him to strike. His eyes are so human they make me dizzy. I stared into those eyes while he did†¦ amazing things. Things that made me writhe, moan, scream for more. Hector had bewitched me, and now I knew why. Gunshots erupt downstairs. The sentries howl. The scent of burning flesh and flame drifts upward and Hector snarls. I think he’ll run. Instead he lunges. I turn away, hide my head, wait for the slash of his teeth. My dress tears; cool air caresses my back. â€Å"Wolves mate for life, querida.† Worried, disturbed, I straighten, glance over my shoulder just as he strikes – claw, not tooth. But why? I scream as white-hot agony erupts from shoulder to hip. He leaps upward, muscles flexing, body stretching – both horrible and beautiful at the same time. He crashes through the glass and is gone. Edward bursts into the room, hurries to the window, curses. As I lose consciousness, he bends over me and whispers, â€Å"Everything will be all right.† The phone begins to ring. I gasped and came awake with the bright light of day shining across my face. How long had I slept? Not long enough. What a strange dream. Hector the wolf had never spo-ken, though the words of my dream were real enough. He’d told me things in phone calls that made me weep. It had been my fault my family had died, because I’d let Hector into my life and he hadn’t wanted to let me out of his. He was possessive, obsessive. Freaking crazy. He wanted me for himself, and the only way to keep me was to make certain I had no one to turn to but him. He hadn’t counted on Edward. I’d traced the calls after I got out – by then, I had the technology – but they’d been placed from pay phones in different parts of the country. It did me no good to report them to the police. Dead men didn’t dial long-distance. I shook my head. My cell phone was ringing now. The sound wasn’t an echo of the dream. With a groan, I hoisted myself out of bed and crossed to the kitchen table. â€Å"Hello?† I flinched, half-expecting Hector’s deep, musical voice to whisper my name. â€Å"Where the hell are you?† Jessie snapped. Relief made me smile. â€Å"Good morning to you, too.† â€Å"It’s afternoon.† â€Å"Already?† â€Å"I have the report from Quantico.† â€Å"And?† â€Å"I think your friend Hector is on it.† How to cite Night Creature: Hunter’s Moon Chapter 18, Essay examples

Conduct Research on Sharing Economy e-Business

Question: Conduct research on Sharing Economy e-Business platforms such as Uber www.uber.com and airbnb www.airbnb.co.uk. Research on Crowd-sourcing platforms supporting micro-work such as Amazons Mechanical Turk; explain a scenario about how crowd-sourcing platform can be used to semi-automate marketing related tasks that involve humans and IT systems. Discuss barriers that need to be tackled so that the automation scenario described can be effectively executed. Answer: Conduct research on Sharing Economy e-Business platforms such as Uber www.uber.com and airbnb www.airbnb.co.uk. Competitive Threats acting on the e-Business1 framework of Ubers business Uber has left his own success in the hands of the economic drivers (Shaw, Horton and Chen 2011). Its noted that the internet competitors of Uber claim that the company make use of dodgy, methods and even the Uber brand ambassador has requested for the pressing or either cancelling the drivers that defect the Uber, and the company has tried to respond back about the marketing tactics, which prevent the drivers from working at Uber (Shaw, Horton and Chen 2011). In the past few years, Uber is impacted by its competitors on terms of employees background check and the security features in its cab that has resulted into many crimes in different parts of the world (Akerlof 1970). The rivals of the company have made the fundraising efforts through giving warning to the investors that Uber should raise its own capital through pushing the investment (Ariely 2010). It is suggested by the executives of the company that they should consider spending around $1 million in order to dig up the dirt over its media critics (Ariely 2010). Even the company is challenged by its competitors on the grounds of ethics, as many ethical issues have occurred in America for Uber (Ariely 2010). The company has tried to create the monopoly in the cab service industry, and Uber was the first company that came under the antitrust scrutiny (Ariely and Jones 2008). Through Uber e-business they try to create the digital monopoly in the market, so they try to dominate both local and global market (Ariely and Jones 2008). The company achieves this monopoly through its search results and related advertisements sales, but through this company is not actually getting any direct revenue and they have to compete with wide range of people in the overall internet advertising market (Richard 2014). Next argument relates with the effect of network and the benefits of scale that create barriers for new entrants in the market (Richard 2014). Components of the framework to structure the discussions about each factor affecting Uber The Uber app includes the driver and the fleet management, along with social interaction among the passenger and the drivers, payment as well as taxi hailing (Axelrod 2013). This kind of threat tries to pose with the incumbent providers of taxi services, users and the regulators that reside in transfer of control on various aspects related to the industry like allocation of work, pricing, as well as discrimination to whoever actually controls the software (Axelrod 2013). There are certain other features like taxes, insurance, fuel, as well as maintenance and repairs that create lot of difference between the Uber services and its competitors (Axelrod 2013). The employees working in the company are actually not happy with the low profit margin, which might lead to bad publicity of the company and competitions threat, as employees can leave their jobs to join their competitive group (Yochai 2004). Uber is also facing threat from the local authorities, due to its bad PR in many countries (Chris 2008). Its true that due to increasing competition in the taxi services the prices will definitely go down that will result into the loss of customers, and the revenue will also get reduced (Chris 2008). As the company has appointed new employees and is entering into new market, they are facing more fraud and scandals that damage the brand and the same will impact the e-business of the company that has created monopoly in the digital world (Chris 2008). Another competitive threat possess by Uber is that they dont follow the regulations through which the traditional drivers were abided, and this has resulted into the skirting fine (Chris 2008). There fore, negative publicity also impacts the online business of the company (Buchanan 1999). Competitive threats affecting Uber and suggesting initiatives to counter the threats Uber faces threat from various factors like regulations of the government, taxi permits in different countries, initial investment made by the company, increasing competitors in the market, and the PR value of the company. It is suggested that the company should focus over the sharing economy concept in their company, as it will help them in maintaining the collaborative work in the company and employees will also responsibly handle their job in effective ways. The company should also try to bring innovative ways in enhancing their service and even focus over the customer security through its online services. This will help them in building their reputation and monopoly in the global market. Social impact of Sharing Economy e-Business platforms Sharing economy has many names, like, peer-to-peer, collaborative production, access economy, mesh, collaborative assumption, or production based on common peer, but its true that all the definitions will most likely to encompass and remain elusive (Juliet 2014). In the case of this report, all the innovative models or either technologies or e-business platforms are referred as sharing economy (Juliet 2014). The sharing economy is referred as the broad concept for the emerging business models, exchanges as well as platforms (Ipeirotis, Provost and Wang 2010). Sharing economy relates with the sharing of knowledge about the services and goods for exchanging them (Ipeirotis, Provost and Wang 2010). All this exchange is leveraged through the cheap as well as ubiquitous knowledge that could be easily made available through the help of disruptive technology (Ipeirotis, Provost and Wang 2010). The different characteristics cover up decentralized exchange along with the self governance, focus over accessing the resource ownership, as well as companies that are becoming exchange facilitator, instead of acting as the producers (Ipeirotis, Provost and Wang 2010). Its true that sharing economy is rapidly expanding. The peer-to-peer consumer rental market is calculated to around $26 billion, and the increase in share economy is calculated to around 25% of the people residing in the UK, who are following the collaborative activities based on the internet (Ipeirotis, Provost and Wang 2010). The above analysis depicts the consequences of potential revolution from the perspective of sharing economy development (Kulkarni, Can and Hartmann 2011). Its evident that modern economy is full of huge capacity, and there are many idle resources lying in the modern world, these goods are that are not used, and the labor, which is not purchased by anyone (Kulkarni, Can and Hartmann 2011). In hu ge part of the excess capacity is actually due to the substantial cost of transaction that includes the use of resources (Kulkarni, Can and Hartmann 2011). Sharing economy holds different social impacts and the same could be understood from the perspective of e-business platforms of Uber and Airbnb (Kulkarni, Can and Hartmann 2011). Uber takes the benefits of underutilized resources such as people who require work and idle cars that could be used for the purpose of matching the same with the people demand that require a ride (Little, Chilton and Miller 2009). It decreases the matching prices to around zero and even minimizes the overhead, which includes exchange from both sides, such as creating the services of full car sharing (Little, Chilton and Miller 2009). Likewise, there is another e-business company named Open Shed that employs the idle resources to the place, where it is considered as economically valuable. Airbnb make use of idle resources for the people, who are looking for the room for residing (Little, Chilton and Miller 2009). From my perspective, the concept of sharing economy has tried to bring various technological changes such as computing power, constant access to the internet, along with satellite technology for the consumers, but at the same time it make use of traditional technologies such as tools, cars and houses (Little, Chilton and Miller 2009). There exists a possibility of including the principles of sharing economy along with other disruptive new technologies that is quite important from the viewpoint of society (Little, Chilton and Miller 2009). For example, how the business model of sharing economy could make use of nascent technologies like 3D printers or either consumer level drones. Actually, no answer is proposed for it, but it is expected that the entrepreneurs might come across these questions in near future (Little, Chilton and Miller 2009). Even the sharing economy has holds the same importance for the industrial companies (Little, Chilton and Miller 2009). The theory of Ronald Coases of the company also posits that companies are actually built with an aim to minimize the cost of transaction (Le, Edmonds, Hester and Biewald 2010). The 20th century is in various ways considered as century of the company, in which huge corporate entities could harness the scale of economy in order to push down the provision of less efficient services that is outside the company (Le, Edmonds, Hester and Biewald 2010). It is evident that if the sharing economy tries to push the cost of transaction, then in that case how the efficient companies will get restructured, but sharing economy usually gets more efficient, when they become large (Le, Edmonds, Hester and Biewald 2010). In other industries there are economies of scale, but its noted that traditional scale of economy will get rise with the excess capacity through enhancing the set of resources in the economy (Le, Edmonds, Hester and Biewald 2010). The social impact of sharing economy is that it can lead to the production of low cost goods, and the excess capacity get rise (Benjamin and Michael 2014). Its also noted that through sharing economy economies of scale might get reduce with the excess economic capacity (Benjamin and Michael 2014). A debate has already taken place in San Francisco regarding sharing economy, and this term includes the extensive range of both offline activities as well as digital platforms from the financial companies such as Airbnb that offers services of peer-to-peer lodging to the small initiatives like tool libraries and repair collection (Benjamin and Michael 2014). There are many companies who are eagerly trying to set up under the term big tent in the sharing economy, as it holds the positive symbol of sharing, along with magnetism technologies of innovative digital as well as rapidly increasing volume of sharing activities (Benjamin and Michael 2014). While the question that arise is that this boost of sharing economy will rule this sector, and it is claimed that whether sharing economy is of low carbon, fairer, socially connected, transparent or either participatory (Benjamin and Michael 2014). Its really a challenge how one could harness the sharing economy in order to increase the wealth. Sharing economy is leaving behind social impact, as Airbnbs along with their venture capitalist are trying to siphon off towards more value (Benjamin and Michael 2014). It even impact the exploitation of the labor, bring inequality for the minority communities as well as low income group, impact the regulation and taxation status that engage with the atte ndees, perverse the ecological impacts, lead the race towards the bottom dynamics in the coming years (Kleiner 2002). Most of the sharing economy websites or either the e-business platforms tries to advertise the green credentials and there are many users who actually care about the lying ecological effects (Alan 2013). The ecological advantages related to sharing economy is set as quite obvious, as secondary markets minimize the demands for having new goods; therefore, its footprints might go down (Alan 2013). Airbnb mention that staying in the lying homes might decrease the demand for new hotels, just like the tool sharing that could minimize the purchase of new tools (Airbnb, A greener way to travel: the environmental impacts of home sharing 2014). However, despite of the huge belief about the sector that supports in reducing the emission of carbon, there exist no comprehensive studies related to this impact (Airbnb, A greener way to travel: the environmental impacts of home sharing 2014). In the recent study related to the car sharing, it is explored that measurable minimization in the emission of greenhouse gas, but the same has happen due to the reduction of small household fraction. For most of the car sharing has enhanced the emission (Airbnb, A greener way to travel: the environmental impacts of home sharing 2014). The basic assumption is related to the ecological effects that are made about the visible shifts through the consumers in purchasing the products, instead of new products or either staying within the private houses instead of hotels (Ostrom 1990). In order to assess the entire social effects related to the sharing economy, it is important to focus over ripple impacts, and need to understand what is done by the seller or host with the money earned through sharing economy e-business platforms (Ostrom 1990). They might make use of this money for purchasing the products that has high impact. Another question is that does the market appearance for using the products would lead towards the people for purchasing new items that they are interested in selling out (Ostrom 1990). Its evident that if the travelling becomes less costly, do people travel more, and all this can increase the carbon footprints and ecological effects, and the question that arises is about the impact over the economic and social level (Jeremiah, Christine and Chris 2013). These platforms are creating serious impact over new markets, which have tried to increase the commerce volume and have tried to boost the consumers purchasing power (Jeremiah, Christine and Chris 2013). The huge profitable companies have tried to claim for generating the income and the business for the business providers (Jeremiah, Christine and Chris 2013). If this is so, then they will try to create the economic activities that wouldnt be there such as more travelling, more inclusion of private rides of automobiles, and shifting from one provider to the other (Jeremiah, Christine and Chris 2013). It is explored that Airbnb are taking various trips and cheap ride services are available for diverting the people towards the private transport from the public transport (Ipeirotis 2010). This implies that the platforms have enhanced the emission of carbon, as there services are using the energy (Ipeirotis 2010). The social impact related to it is increase in employment and reduction in poverty, as there more and more companies are coming in this area (Ipeirotis 2008). Its not easy for companies to have these services in both the ways like creating the new activity in economy and minimizes the carbon emissions from transportation vehicles as they both are linked with one another (Ipeirotis 2008). Research on Crowd-sourcing platforms supporting micro-work such as Amazons Mechanical Turk; explain a scenario about how crowd-sourcing platform can be used to semi-automate marketing related tasks that involve humans and IT systems. Discuss barriers that need to be tackled so that the automation scenario described can be effectively executed. Crowd-sourcing platforms supporting micro-work such as Amazons Mechanical Turk A crowdsourcing is considered as the practice for collecting the required services, or either the content through soliciting the contribution made from the support of huge people, and mainly through the help of online community, instead of suppliers and traditional employees (Jackson, Pompe and Krieshok 2011). This process is mainly applied for subdividing the tedious work process or either to fund the startups charities or companies (Jackson, Pompe and Krieshok 2011). It cover up the efforts of various self explored volunteers or either the part time employees, in which every contributor take their own initiative for adding the little portion into the huge outcome (Jackson, Pompe and Krieshok 2011). A crowdsourcing is differentiated from the outsourcing and the work comes through the unexplained public instead of commissioned through any particular group (Jackson, Pompe and Krieshok 2011). The term crowdsourcing was come in the year 2006 and is actually applied in different activities (Jackson, Pompe and Krieshok 2011). Crowdsorcing includes various labor divisions for the different tedious tasks that are actually spoiled for using the outsourcing based on crowd, but the same could be applied to particular requests such as crowdfunding, crowdvoting, missing person, competition based on broad, along with basic search results (Jackson, Pompe and Krieshok 2011). Presently, crowdsourcing is mainly transferred over the internet. The internet offers specific venues for the purpose of crowdsourcing, and individuals tend over the projects based on webs, in which they are actually not physically judged or either scrutinized and therefore could actually feel more comfortable in sharing (Kelty 2012). This basically permits the artistic projects that are well designed, due to the individuals are not so conscious, and are even not aware about the scrutiny towards their work (Kelty 2012). In the internet atmosphere, more and more attention is paid over particular requirements of the projects, instead of spending time in communicating with the individuals (Kelty 2012). Microwork is referred as the platform for crowdsourcing, in which users could complete small work for which the computers failed to have aptitude, due to the lesser amount of money (Law and Von Ahn 2011). The Amazon Mechanical Turk has also created the various projects for the users to participate into it, in which each task needs some time and provides little payments (Law and Von Ahn 2011). The similar Chinese version of it that is known as Witkey cover up various sites such as k68.cn and the other one is Taskcn.com (Law and Von Ahn 2011). While selecting the task, once the particular user win they could easily learn as well as submit the popular tasks for the purpose of increasing the likelihood for getting the work selected (Law and Von Ahn 2011). The best example of it is Mechanical Turk project, in which users are allowed to explore the images of satellite in order to explore the lost researcher (Law and Von Ahn 2011). The crowd is considered as the umbrella that is termed for the people that easily contribute in the efforts of crowdsourcing (Light 2011). Though it sometimes becomes challenging to collect the data related to the crowd demographics; a study is conducted through the help of sample of 400000 that are actually registered crowd-workers and are using the Amazon Mechanical Trunk for completing their task for the pay (Light 2011). According to the previous study conducted in the year 2008, it is explored that the users are basically American, female, young, as well as well educated along with 40% are having the income more than $40000 (Light 2011). By the year 2009, there was around 36% of the Mechanical Turk workforce that was actually Indian. Its noted that around 2/3rd of the Indian employees were actually male and around 66% were holding the bachelor degree (Light 2011). It was noted that around 2/3rd holds the yearly income that was less than $10000 along with 27% is dependent over th e income collected from the mechanical Turk for meeting the end (Light 2011). The average of the users in US for Mechanical Turk earned around $2.30 each hour for the task in the year 2009 as compared to $1.58 for the average worker in India (Orlikowski 1992). While most of the users in India are paid less than 5 hours in every week, and there are 18% who work for 15 hours each week (Ross, Irani and Silberman 2010). This is actually less than the required wages in every country and ethical questions are raised for the researchers that make use of crowdsourcing (Ross, Irani and Silberman 2010). Crowd-sourcing platform use of semi-automate marketing related tasks that involve humans and IT systems Semi-automated answers relate about the specific bots for particular task such as appropriate judgment (Brynjarsdottir, Hkansson, Pierce, Baumer, DiSalvo and Sengers 2012). Its evident that spammers could make use of the previously lying packages and try to tailor their attack in order to give the context. In the use cases, spammers could support in creating the bot, which tries to open with all the links that correspond to the content of HTML and tries to complete the appropriate task, where ever it is possible (Brynjarsdottir, Hkansson, Pierce, Baumer, DiSalvo and Sengers 2012). Or it might run the query over the search engines and explore about the proposed links that rank first. If in case bot is not sure about the results, it can even consult the human for the purpose of increasing the accuracy of the answer or either return the decreased confidence for preserving the relevant rate (Brynjarsdottir, Hkansson, Pierce, Baumer, DiSalvo and Sengers 2012). These semi-automatic approac hes need to be enhanced with both the reward and time ratio and the same should target over the collection of task with the questions that are easy to answer (Brynjarsdottir, Hkansson, Pierce, Baumer, DiSalvo and Sengers 2012). For the purpose of using the microtask platform, it is expected that the requester packages with the work in the semi-automatic tasks and tries to publish them over the groups (Kittur, Chi and Suh 2008). Amazon Mechanical Turk, which is the popular crowdsourcing platform, implies the semi-automate tasks, such as Human Intelligence task, which is the term mainly used for interchanging the microtask (Kittur, Chi and Suh 2008). A requester explains about various parameters of configuration like the number of results, which is required for Human Intelligence task, the actual time required for completing Human Intelligence task, and the restrictions placed over the workers profile such as natural language knowledge and geographical location (Kittur, Chi and Suh 2008). As most of the Human Intelligence task could be resolved easily, similarly Human Intelligence task is also trying to organize a group that could share the parameters of configuration, and the employees prefer to get assigned with the huge chuck of work in place of dealing with the question in different process (Ipeirotis, Provost and Wang 2010). Through completing the task by the employees, the requester tries to gather as well as assess the results as well as rewards that are accepted as per the scheme of pre-defined remuneration (Ipeirotis, Provost and Wang 2010). For most of the platforms, requester could try to automate the communication with system through API, while the employees follow the task by using the interface based on web that is generated through the requester (Alonso and Baeza-Yates 2011). The entire effectiveness related to the crowdsourcing could create influence through the ways that package is by requester which is the issue in the microtask series (Alonso and Baeza-Yates 2011). This packaging cover up the interface design that also includes the instructions for completing the task along with reduced criteria of quality for the work to get accepted, along with purposeful layout along with the procedures that is used by the requestor for the purpose of evaluating the outcome and for measuring the employees performance (Alonso and Baeza-Yates 2011). Due to various employees could actually perform the similar semi-automate tasks the requester could easily implement the various types of quality assurance (Alonso and Baeza-Yates 2011). A crowdsourcing is considered as the process in order to indirect the anonymous employees on the internet, mainly for the nominative money, and for completing the tasks, which are actually complex for the present computers but actually simple for the human beings (Alonso and Lease 2011). These examples include the annotation of image, analysis of sentiments, appropriate judgment, as well as translation of language (Alonso and Lease 2011). Presently, the platform of crowdsourcing such as Amazon Mechanical Turk permits the requester for creating the tasks in context of the web pages and decides over how the pay should be per task, and participants are restricted through declaring the filters over the rate of acceptance, and country (Alonso and Lease 2011). Once these tasks get completed, the requester again tries to back the outcome in context of the raw files that are supposed to be filtered over the wrong answers and decide over whether or not to actually pay for every answer (Alonso and Lease 2011). One specific crowdsourcing appeal is to complete the huge collection of the task, which couldnt be done by the requester in specific period of time (Alonso and Lease 2011). Barriers There are certain barriers related to tackling the scenario of automation that could be executed effectively, these are given below: Starting cost- Installation in the beginning, changes in team, configuration cannot be made without incurring the cost (Eickhoff and de Vries 2012). All these components will cost real time as well as money in the starting that could create the disruption (Eickhoff and de Vries 2012). Its important that businesses should need to invest their time that is needed for initializing the regular delivery through ensuring that the customization of the business infrastructure and objectives are put in place and are even operational (Eickhoff and de Vries 2012). Consideration of organizational culture- If the business is trying to accustom towards developing the software with the use of different methodologies or models like spiral or waterfall, they should try to overcome the learning curve before the model is implemented for continuous delivery (Heymann and Garcia-Molina 2011). In order to handle the automation scenario, organizations should around for training staff towards the tweaking process, and therefore, firms should try to maintain the previous operations at the time of transition in the continuous delivery process (Heymann and Garcia-Molina 2011). It often happens that the team members try to accustom their hands on the mistrust over increasing use of automation, which continuously delivers the entails (Heymann and Garcia-Molina 2011). To overcome his barrier, its important to work with the experts in order to ensure success (Heymann and Garcia-Molina 2011). Therefore, in this manner successful results at the onset will get build and even build the confidence in the process as well as minimizes the skepticism (Heymann and Garcia-Molina 2011). References Ipeirotis, P., Provost, F., and Wang, J. 2010. Quality management on Amazon Mechanical Turk. In: Proceedings of the ACM SIGKDD Workshop on Human Computation, 2, pp. 6467 Kulkarni, A., Can, M., and Hartmann, B. 2011. Turkomatic: automatic recursive task and workflow design for Mechanical Turk. In: Human factors in computing systems (CHI). Little, G., Chilton, L. and Miller, R. 2009. TurKit: tools for iterative tasks on mechanical Turk. In: Proceedings of the ACM SIGKDD Workshop on Human Computation, 2, pp. 2930 Alonso, O. and Baeza-Yates, R. A. 2011. Design and implementation of relevance assessments using crowdsourcing. In ECIR, pages, 2, pp. 53164 Alonso, O. and Lease, M. 2011. Crowdsourcing 101: putting the wsdm of crowds to work for you. In WSDM, pages, 3, pp. 12 Eickhoff, C. and de Vries, A. P. 2012. Increasing Cheat Robustness Of Crowdsourcing Tasks. Information Retrieval. Heymann, P. and Garcia-Molina, H. 2011. Turkalytics: analytics for human computation. New York, NY, USA: ACM. Ipeirotis, P. G., Provost, F. and Wang, J. 2010. Quality management on amazon mechanical turk. New York, NY, USA: ACM Kittur, A., Chi, H. and Suh, B. 2008. Crowdsourcing user studies with mechanical turk. ACM Pres. Le, J., Edmonds, A., Hester, V. and Biewald, L. 2010. Ensuring quality in crowdsourced search relevance evaluation: The effects of training question distribution. In SIGIR Workshop on Crowdsourcing for Search Evaluation. Shaw, A. D., Horton, J. J. and Chen, D. L. 2011. Designing incentives for inexpert human raters. New York, NY, USA: ACM. Akerlof, G. 1970. The market for lemons: Quality uncertainty and the market mechanism. The quarterly journal of economics, 84(3), pp. 488500. Ariely, D. 2010. The Upside of Irrationality: The Unexpected Benefits of Defying Logic at Work and at Home. Sage. Ariely, D., and Jones, S. 2008. Predictably irrational: The hidden forces that shape our decisions. Harper New York. Richard, A. 2014. How Government Holds Back Technological Change, IPA Review, 66(2), pp. 1-14. Airbnb, A greener way to travel: the environmental impacts of home sharing. 2014. Airbnb Blog, April 25 2015, www.blog.airbnb.com/environmental-impacts-of-home-sharing/. Axelrod, R. M. 2013. The evolution of cooperation. Basic Books. Yochai, B. 2004. Sharing Nicely: On Shareable Goods and the Emergence of Sharing as a Modality of Economic Production. Yale Law Journal, 114, pp. 273-358. Chris, B. 2008. The Growth of Australias Regulatory State: Ideology, accountability and the mega-regulators. Melbourne: Institute of Public Affairs. Buchanan, J.M. 1999. Rent Seeking and Profit Seeking. The Logical Foundations of Constitutional Democracy, Liberty Fund, Indianapolis. Juliet B. S. 2014. Paradoxes of Openness and Distinction in the Sharing Economy. Boston College Benjamin, H. and Michael, L. 2014. Digital Discrimination: The Case of Airbnb. Harvard Business School. Kleiner, M.M. 2002.Occupational Licensing. Journal of Economic Perspectives, 14(4), pp. 189-202. Alan, B. 2013.Analyzing the Extent and Influence of Occupational Licensing on the Labor Market. Journal of Labor Economics, 31(2), pp. 173202. Ostrom, E. 1990. Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge University Press. Jeremiah, O., Christine, T. and Chris, S. 2013. A Market Definition Report: The Collaborative Economy. Altimeter Research Ipeirotis, P. 2010. Analyzing the Mechanical Turk Marketplace. XRDS, 17(2), pp. 16-21. Ipeirotis, P. 2008. Why People Participate in MechanicalTurk? [Online]. Available at: https://www.behind-the-enemy-lines.com/2008/03/why-people-participate-on-mechanical.html [Accessed on: 25th April 2015]. Jackson, S., Pompe, A., and Krieshok, G. 2011. Thingsfall apart: maintenance, repair, and technology for education initiatives in rural Namibia. Proc iConference, 2, pp. 8390. Kelty, C. 2012. Two Bits: The Cultural Significance of Free Software. Duke University Press. Law, E. and Von Ahn, L. 2011. Human Computation. Morgan Claypool Publishers Light, A. 2011. Digital interdependence and how to design for it. Interactions, 18 (2), pp. 1-34. Orlikowski, W.J. 1992. The Duality of Technology: Rethinking the Concept of Technology in Organizations. Organization Science, 3(3), pp. 398427. Ross, J., Irani, L., and Silberman, M.S. 2010. Who are the crowdworkers? EA CHI, 4, pp. 2863-2872 Brynjarsdottir, H., Hkansson, M., Pierce, J., Baumer,E., DiSalvo, C., and Sengers, P. 2012. Sustainably unpersuaded.

Measuring Short Run and Long Run Relationship Between Gdp Per Capita and Consumption Per Capita of India free essay sample

By Rizwan Mushtaq Under supervision of Mumtaz Ahmed ABSTRACT This study is based on examining the relationship between income and consumption series of India covering the period of 1980-2009. Data about certain indicators were obtained from the official web site of World Bank. In first step of data analysis appropriate ARMA model was determined using correlogram and information criteria as well, and applied to the consumption data only. These models (ARMA and ARIMA models) are built up from the white noise process. We use the estimated autocorrelation and partial autocorrelation functions of the series to help us select the particular model that we will estimate to help us forecast the series. Second step of data analysis was comprised of co-integration and Error Correction model. It was found that per capita Gross Domestic Product and final household consumption per capita of India are not cointegrated. It was observed that both the series are integrated at order two I (2). We will write a custom essay sample on Measuring Short Run and Long Run Relationship Between Gdp Per Capita and Consumption Per Capita of India or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page But second condition of co-integration was not satisfied, the residuals were not found stationary. Hence it might be possible to conclude that there is no long run relationship between consumption and GDP series of India. As we know that the series are not co-integrated so we cannot apply Error correction model, but for the sake of understanding more specifically we also applied Error Correction Model. The adjustment co-efficient was not up to the standard it was around zero, it suggest that there is no need to make adjustments. Keywords: Gross Domestic Product, Consumption, ARMA, Co-Integration, Error Correction Model 1 AUTOREGRESSIVE MOVING AVERAGE PROCESS 1. Moving Average Process ARMA assumes that the time series is stationary-fluctuates more or less uniformly around a time-invariant mean. Non-stationary series need to be differenced one or more times to achieve stationarity. ARMA models are considered inappropriate for impact analysis or for data that incorporates random shocks†. More specifically an ARMA (pq) process is a combination of AR (p) and MA (q) models. Such a model states the current values of some series y depends linearity on its own previous values plus a combination of current and previous values of a white noise error term. The model could be written as: Keeping the effect of (Yt-1, Yt-2, Yt-3, Yt-4) fixed. ACF and PACF patterns for possible ARMA (p,q) models are as follows: AR(Process) MA(Process) ACF PACF ACF PACF Geometrically Number of non-zero It is significant at and It declines declines points = order of AR up to order of MA geometrically process, it takes non- process zero value up to order of AR ARMA (p,q) Process ACF Declines geometrically PACF Declines geometrically This methodology used sometimes and have certain flaws and issues. If both ACF and PACF declines geometrically we got ARMA procedures, just see the graphs and decide. BOX-JENKINS APPROACH They provide a methodology to fit an ARMA model to any given data series. It tells how to fit your ARMA model, there approach involves three steps: i. ii. iii. Identification Estimation Diagnostic Step 1: Identification Determining the order of ARMA model. This is done by plotting both ACF and PACF overtime. It tells us what order should we keep. Step 2: Estimation In this ste p we estimate the parameters of the model specified in Step I, using OLS and Maximum Likelihood method, depending on the model. Step 3: Diagnostic In this step model checking takes place. Box and Jenkins suggested two types of diagnostics 1) Over fitting (deliberately fitting a larger model than that is required) 2) Residuals diagnostic (Checking residuals for independence using Ljung-box test). Drawbacks in Box and Jenkins Approach Most of the time plot of ACF and PACF do not provide a clear picture. They do not match with deciding criteria; neither has MA nor AR process. So where we have messy real data we are unable to know which model is to use, and interpretation is very hard in this case. 7 Solution to This Problem Solution to this problem is to use the information criteria. Several criteria are available in literature but the most important criteria are discussed here. 1) Akaike’s Information Criteria AIC 2) Schwarz’s Bayesian Criteria SBIC 3) Hannan-Quinn Criteria AIC = ln(? ^2) + 2k/T SBIC = ln(? ^2) + k/T * lnT HQIC = ln(? ^2) + 2k/T * ln(lnT)) Where ? ^2 = RSS/T-K T= No. of observations, K=No. of regressors HQIC When plots are difficult to interpret and decide. We use information criteria; SBIC is considered the best one. The minimum value of SBIC is acceptable. CO-INTEGRATION 1. Integration To understand co-integration, it is essential to discuss integration first. A series is said to be cointegrated of order (1), if it becomes stationary after taking the first difference. The original series will called integrated at I (1) if it attains staionarity at second difference the series will called integrated at order two which can be written as I (2). And if the series become stationary at order (p) time the original series will be I (p). 8 2. Co-Integration After brief explanation of integration, now it is palpable to interpret co-integration. If two variables that are I (1) are linearity combined, then the combination will also be I (1). Two and more series (Xt, Yt) are said to be co-integrated if, i. i. They have same order of integration The residuals obtained from regressing Y on X are stationary. These two conditions must be fulfilled otherwise series will not considered as co-integrated. Engle and Granger, Procedure of Co-Integration Engle and Granger, proposed a Procedure for Co-Integration in (1987). X ? I (1): X is integrated of order (1) Y ? I (1): Y is integrated of order (1) Series X and Y are said to be co-integrated at order One I (1). They are actually non-stationary at level and become stationary at first difference. The combination of series X and Y will also be integrated at order one, it can be expressed as: Z = ? X + ? 2Y Z ? I (0) This process involves four steps: 9 Step I: Test the variables (x, y) for their order of integration using ADF. a) If both (x, y) are integrated of order (0) i. e. both are stationary at level than there is no need to test X, Y ? I (0). b) If both variables (X Y) are integrated of different order, than their will be no cointegration. c) If both variables (X Y) are integrated of same order, than proceeds to step II. Step II: Estimate long run (possible co-integration) equation if, X Y ? I (1). Here one thing should be noted that 95% of the economic series become stationary at order (1). If X Y ? I (0). Than estimate the following equation and get residuals Yt = ? 1+ ? 2 Xt + ? t Step III: Check the order of integration of residuals i. e. residuals are tested for stationary using ADF. It is important here to note that stationarity of residuals is tested by estimating the model without intercept and without time trend. So, estimate the following model. ? ? 10 Note: estimate this model and test the null hypothesis, also note that we have to use different critical values which are more negative than the usual Dickey-Fuller critical values, use critical values proposed by Engle and Granger. Step IV: In step 4 we estimate Error Correction Model (ECM). It gives us both short run and long-run impacts of X on Y, and also provides the adjustment co-efficient. Which is the co-efficient of lagged values of error term i. e. et-1. ERROR CORRECTION MODEL Error Correction Model (ECM) simply corrects the error. Here one thing is important to discuss that if variables X Y are co-integrated than the residuals (et) obtained from regression of Y on X will be stationary. It might be expressed in this way: et ? I(0) So, we can express the relationship between X and Y in the form of an Error Correction Model as: ?Yt = b1 + ? Xt + ? t-1+ Vt†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (10) Where, b1 = is short run impact of x on y. Vt = is the error term. And ? is the co-efficient of et. It is also called adjustment co-efficient, feedbacks and adjustment effect. If ? = 1 than 100% of adjustment taking place. If ? = 0. 5 than 50% of adju stment taking 11 place, and If ? ? 0 than there is no need to make adjustments. Basically Error Correction Model provides us both short run and long run impacts of X on Y. EMPIRICAL ANALYSIS ARMA 1-Identification Figure: 1 Correlogram Consumption Step I: As we know that the first step of ARMA is identification, it is done through correlogram. Figure: 1 Correlogram consumption denotes the typical processes from the ARMA family with their so called characteristics autocorrelation and partial autocorrelation. These described function of autocorrelation are not derive from relevant formula, rather are estimated using underlying simulated observations with disturbance drawn from a normal distribution. Figure: 1 articulates that the autocorrelation and partial autocorrelation functions are significant at lag 1, while the autocorrelation function declines geometrically, and is significant until lag 3. Plot of the 12 onsumption series (see appendix figure 1) also shows increasing trend which represents that the series is integrated, and we need to proceed with taking logarithms and first differences of the series. Step II: We now in step two because of above behavior of consumption series which we observe through correlogram. Here we take the log of consumption series and then first difference of said series. Below are the comman ds that are used to do so: genr lcons=log(cons)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (i) genr dlcons=lcons-lcons(-1)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (ii) We get correlogram of newly created dlcons (log-differenced) series, which is portrayed here: Figure: 2

Imagine and The Dream Weaver essays

Imagine and The Dream Weaver essays "Imagine" by John Lennon is a philosophical song about peace in the world. It relates to "The Dream Weaver" by Jack Bowen because throughout the book, the Old Man asks Ian to "imagine" many things, from two artists, to their conversation being just a dream. Imagination is important to philosophy, because imagining something can be the first step in creating it. The song begins: "Imagine there's no heaven It's easy if you try Nowhere below us Above only sky" (Lennon), and that is another important aspect of this book God. In fact, one entire chapter is devoted to God in the book and whether he exists or not. Lennon's song also discusses God, but in a way that asks people to give up their religion so people will not die fighting over religion. He writes, " Imagine there's no countries It isn't hard to do Nothing to kill or die for And no religion too Imagine all the people Living life in peace..." (Lennon). Just as the book notes that God's existence cannot be proven, Lennon notes that religion (not faith), has been the cause of many wars throughout history. Faith allows people to believe in God, while religion and its rules allow people to fight one another for what they think is right. Lennon wants the world to change by imagining a better world. Ian changes in the book by imagining impossible things and learning about philosophy. Both the song and the book have important messages, and want to get those messages across to others. Lennon did it with music, while the author does it with a children's book about philosophy. Both the song and the book use imagination to create a better place. Lennon creates dreams for people with his songs, dreams of a better world. At the end of the book, Ian becomes a certified "Dream Weaver," someone who can create dreams for people. Therefore, in the end the two are very much alike. Lennon could be considered a dream weaver too, because his songs created dreams for people...

Derecho and Derecha, Two Confusing Spanish Words

Derecho and Derecha, Two Confusing Spanish Words Two easily confused Spanish words are derecho and derecha. Both are distant cousins of the English words right and direct, and that is the source of the confusion: Depending on the context and usage, these words can carry meanings such as right (the opposite of left), right (entitlement), straight, upright and directly. ‘Derecho’ and ‘Derecha’ Explained These words are easiest to understand as nouns: El derecho is never a term of direction and is used to refer to something that is due a person according to law, moral principle or custom - in other words, a right. When used in the plural, it typically means rights such as in the phrase derechos humanos, human rights. It can also refer to a type of right that is less abstract. For example, derechos del autor (literally, authors rights) refers to royalties.La derecha refers to something that is on the right (opposite of left) side. It can refer to, for example, the right hand and the political right. The adverbial phrase a la derecha is common and means to the right or on the right. As an adjective, derecho (and derived forms derecha, derechos and derechas) can mean right (the opposite of left, as in el lado derecho, the right side), upright (as in el palo derecho, the upright pole), and straight (as in là ­nea derecha, straight line). Usually the context will make the meaning clear. Except in bad Spanglish, derecho as an adjective does not mean correct. As an adverb, the form is derecho. It typically means straight ahead or in a straight line as in anduvieron derecho, they walked straight ahead. Sample Sentences Here are some examples of these words in use: No tienes el derecho de iniciar la fuerza contra la vida, libertad, o propiedad de otros. (You dont have the right to initiate the use of force against the life, liberty or property of others.)Estos cambios pueden tener un impacto negativo contra los derechos al voto de minorà ­as raciales. (These changes can have a negative effect against the voting rights of racial minorities.)Queremos el derecho a decidir para toda la gente. (We want the right to decide for all the people.)Como consecuencia de este incidente sufrià ³ una herida grave en el ojo derecho. (As a result of this incident he suffered a serious injury in his right eye.)El coche es caro, pero no me funciona la luz de cruce derecha. (The car is expensive, but the right turn signal doesnt work for me.)El espejo derecho no es obligatorio salvo que algo nos obstaculice el uso del espejo interior. (The right-side mirror isnt mandatory unless something blocks our use of the interior mirror.)Siguià ³ derecho por un tiempo ante s de que parara. (She continued straight ahead for some time before she stopped.) Nunca he negado que hay diferente tipos de derechas. (I have never denied there are different types of conservatives.)Espero que la pared de la cocina està © derecha. (I hope the kitchen wall is straight up and down.)Gire a la derecha desde la rampa de salida. (Turn to the right from the exit ramp.)Por tradicià ³n el guila de la bandera mira a la derecha. (Traditionally, the eagle on the flag looks to the right.) If You Need To Say ‘Left’ Whether referring to physical direction or politics, the noun form for left is izquierda. The adjective form is izquierdo and its variations for number and gender. Zurdo is the adjective usually used to refer to someone who is left-handed. Some sample sentences: Sufro de constante inflamacià ³n en el ojo izquierdo. (I constantly suffer from inflammation in my left eye.)Se dice que un partido es de la izquierda cuando tiende a buscar una mayor distribucià ³n de las riquezas. (They say that a party is from the left when it tends to pursue a greater distribution of wealth.)La imagen a la izquierda muestra la rotacià ³n del planeta. (The image on the left shows the planets rotation.)Fue designado como mejor atleta zurdo del paà ­s. (He was named the countrys best left-handed athlete.) Key Takeaways As an adjective, derecho (and its feminine and plural forms) can mean the opposite of left as well as upright or straight, and it can also serve as an adverb to refer to action straight ahead.But as a noun, el derecho never refers to a direction. but to an entitlement.The noun form for something on the right (opposite of left) side is derecha.

Discuss the theory of Optimal Capital Structure Essay

Discuss the theory of Optimal Capital Structure - Essay Example It gives the Weighted Average Cost of Capital (WACC). If the firm needs to have the lowest WACC, it should design its capital structure in such a way that the debt equity ratio is high which would bring down the WACC. The Optimal Capital Structure is that mix of debt and equity that maximizes the firm’s value or minimizes the cost of capital. There is no standard mix of debt and equity that maximizes the firm’s value, but each firm should strike a balance between risk and return thereby maximizing the share price, depending on its size and financial position. 1) If the firm size is small, it is difficult to make regular principal and interest payments in the event of shortages in generating substantial cash flow. Such firms face heavy fines and penalties by the creditors. Trade-off Theory: Maximum debt can be raised when the share price is at its maximum. If the firm raises any more debt, the share price will decline. The point where share price is maximum, it is the trade-off point; risk and return are both at their peaks. Any change would cause a disbalance in the position of risk and return. The maximum risk involved is that of bankruptcy and the maximum return is the maximum value of the shares. Below is a graph that depicts the trade-off between risk and return. Signaling Theory: This theory states that when the firm issues bonds for debt financing, it sends out a positive signal in the market. The cost of borrowing will be low as compared to the return the firm will get by putting money in that project. When the firm issues shares for equity financing, it gives out a negative signal in the market because it reflects the credibility of the company and insinuates that the firm cannot raise finance by borrowing from the market and that it is in dire need of funds. 5) Future flexibility. The firm should leave room for maneuvering and have flexibility in the capital structure