Preference Reversal And Expert :: essays research papers

Subjects in gambling tasks that involve both choice and pricing show a pattern of responses known as preference reversal. That is, although subjects in a choice condition generally will give higher preference ratings to “safe';, high-probability/low-payoff, bets than to “longshot';, low-probability/high-payoff, bets, when they are asked in a pricing condition to generate an amount of money that they would accept to avoid the gamble altogether they tend to give higher values for longshots over safer bets. Tversky, Slovic, and Kahneman (1990) demonstrate that among the several possible actions that subjects could be taking to produce this pattern, the critical factor appears to be the overpricing of the longshot bets. If subjects are actually offered a monetary figure (hypothetically) by the experimenter to replace the gamble, they will accept this figure even though it is lower than the figure that they generated in the pricing condition. Tversky et al. (1990) further show ed that this overpricing is largely due to a phenomena known as scale compatibility, which involves certain biases when the response required by the subject is in the same units as the factors influencing the decision. Since the payoffs of the bets and the buy-out prices assigned to them are both monetary values, this leads people to give greater weight to the payoff value of the bets when asked to price them (a situation of compatibility) than when asked to choose between them (a situation of non-compatibility).   Ã‚  Ã‚  Ã‚  Ã‚  The development of expertise in avoiding preference reversal, then, would have to involve the circumvention of the compatibility effect. One possible way in which this could occur would involve subjects consistently selecting either payoff or probability as the critical factor in both choice and pricing conditions. By adopting a strategy of maximizing the chance of any payoff in both the choice and pricing condition and giving that option the higher rating on both scales, preference reversal would be avoided. Conversely, considering only the greatest potential for gain in each condition would have the same effect.   Ã‚  Ã‚  Ã‚  Ã‚  This strategy, however, would be susceptible to preference reversals in the other direction. In the first case of maximizing the chance of payoff, the safe bet (H) would be favored over the longshot (L) and the pricing would also favor the safe bet (Ch) over the longshot (Cl) (i.e. Ch Cl). Yet when any amount of money (X) is offered at a %100 probability, that option would be selected over both H and L.

Is an invitation to treat an offer? Discuss? Essay

Answer: Section 2(a), Contracts Act 1950 provides that ‘when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to the act or abstinence, he is said to make a proposal’. Case: M N Guha Majumder v R E Donough [1974] 2 MLJ 114 Facts: Property owned by the defendant was advertised for sale, and written offers to purchase were invited. The plaintiff viewed the property on two occasions. During the interval between the two occasions the plaintiff was in communication with the defendant’s agent, and it was alleged that the defendant had accepted the plaintiff’s offer to purchase the property for RM70,000. There had been on the occasion of the second visit to the property some discussion on the mode of payment. There was also no clear agreement on the sale of orchid plants which the defendant wished to sell separately, although the matter was discussed between the parties. The defendant denied that he had decided to go on with the sale. The defendant was anxious, however, to effect a quick sale as he was desirous of leaving Kuching permanently for Johor bharu. Issue: Whether there was a contract inexistence between the plaintiff and the defendant at the material time. Held: 1. The law does not impute an intention to enter   into such a legal relationship as that of vendor and purchaser where the circumstances and the conduct of the parties negative any intention of the kind. 2. The evidence indicated that the parties did not intend to be immediately bound. They had not the necessary animus contrahendi (means intention to contract). What passed was only a negotiation from beginning to end. Whether an advertisement is an offer or an invitation to treat depends on the intention of the parties in each case. The courts have held that  advertisements of bilateral contracts are not offers whereas advertisements of unilateral contracts are construed to be offers. In the case of Majumder v Attorney-General of Sarawak, the Federal Court held that an advertisement in the newspaper for the post of a doctor was an invitation to treat. When an auctioneer invites bids, he is merely making an ‘invitation to treat’, and when a bidder makes a bid, he is making an offer. The contract, i.e. the sale, is only made when the auctioneer announces its completion by the fall of the hammer. Similarly, a display of goods in a shop is an invitation to treat. An offer to buy is made when the customer puts the articles in a basket provided by the shop or takes the item off the shelf. The contract is only made at the cashier’s desk when the customer pays for the items. However, if it is clear in the circumstances that a party intends their words or conduct to constitute an offer, then the courts will be prepare to construe it as such. For example, in Carlill v Carbolic Smoke Ball Co. Ltd [1893] 1 QB 256, the advertisement of a unilateral contract was held to be an offer. Case: Carlill v Carbolic Smoke Ball Co. Ltd [1893] 1 QB 256 Facts: Carbolic Smoke Ball Co. Ltd. Advertised that they would offer  £1,000 to anyone who still succumbed to influenza after using a certain remedy for a fixed period. The plaintiff duly used it but, nevertheless, contracted influenza. The plaintiff then sued for the money. Held: The plaintiff was entitled to the  £1,000 as she had accepted the offer made to the world at large. To summarize, an invitation to treat is not an offer, but rather is an offer to consider offers. Instances which are generally regarded as invitations to treat include: -Auctions; -Advertisement of tenders; -Catalogues; -Price lists; and -Goods displayed in shop windows and shelves.

Yolanda by Oscar Casares Essay Example

Yolanda by Oscar Casares Essay Example Yolanda by Oscar Casares Paper Yolanda by Oscar Casares Paper miolanda by Oscar Casares is a story narrated by a thirty-six-year-old man reflecting on his experiences during one summer in his youth. The story starts in present day before recounting the experiences of the summer he met Yolanda. She was the young wife of Frank, a controlling older husband, who moved in next door to the narrator when he was twelve years old. The narrator thinks Yolanda is beautiful and develops a huge crush on her, so he cant help but listen to Yolanda and Franks fights and make-up sessions throughout the summer since their houses are so close ogether. His feelings for Yolanda grow when she spends time looking after him when he comes down with chickenpox. Ultimately, Frank and Yolanda have a huge fght and Yolanda ends up crawling through the narrators window into his bed for comfort and protection. The narrator also learns of Yolandas imperfections after that night, although now, as an adult, he isnt fond of recalling them. Casares central idea focuses on loss of innocence, the Journey into the adulthood, and the longing to reclaim that innocence by going back to a time when life had not yet left its scars. The central character is the narrator who tells the story, but his name is never revealed. This narrator is round since the reader gets to see not only what he thinks and feels as an adult, but also what he thought and felt as a teenage boy. He is also a dynamic character, changing from a young, innocent boy, into the adult narrator he is today reflecting back on his younger self. His Journey into adulthood began when he meets Yolanda and develops his first crush. A persons first crush is usually not forgotten because it is often this crush that crashes one into the world of adulthood and sexuality. Yolanda came to the narrators bed that night for shelter, wanting to escape the troubles in her life and feel safe, much like the narrator now goes back to that night to escape his own. Yolanda is a major character in the story and is the object of the narrators obsession. She is a round character, shown through the eyes of the narrator as the perfect woman repressed by her Jealous husband, only to be revealed in the end as a deceitful woman with flaws. In the beginning of the story she is controlled by her husband, but she begins stepping out of that subservient role as the story progresses by attaining a Job, wanting to drive nd buy a car, and eventually in the end leaving her role as a wife completely. Her characters struggle is reminiscent of a teenager fighting to gain independence from their parents, even though in this case it is gaining independence from a controlling husband. It is this transformation from being controlled to being in control that makes her character dynamic. The minor characters include Frank and the narrators mother and father. Frank is the Jealous, controlling husband next door. From him, the narrator learns people like him exist; people who will yell at and do everything they an to control the world, even those they supposedly love. Knowing him takes away a piece of the narrators innocence because before knowing him, he did not realize this kind of person existed. Then there is the narrators mother and father, whose roles seem to simply help propel the story forward by giving more information about Yolanda and Frank. The central conflict of the story is an internal one between the narrators desire to gain back his innocence and having to live with the fact that it is gone forever. He thinks about Yolanda when he cant sleep at night, implying there are numerous troubles in his life that keep him awake. He seems to want to go back in time, even if only in his mind, to before he realized the hardships of life, back to when a perfect world still seemed attainable, his innocence was still intact, and things were different. He tells the story of his loss of innocence and entry into the world of adulthood, but the conflict is ultimately left unresolved. The reader is left to assume that his internal conflict will continue and he will continue to think about Yolanda when he cant sleep at night, since the memory of that night is the last time he felt safe [enough] to fall asleep.

Free Essays on Law V. Justice

Law v. Justice Throughout the history of man society has defined itself in terms of law and the order law creates. There has, however, always been the notion that laws are a form of justice, and a means of just governance. It is the combination of both law and justice that leads to the social framework we take for granted today. Law has always been the agreed upon rules by which a society abides. While opinions upon whether or not a law is right will vary, there is a general consensus in the just nature of laws. If this consensus is not met, the law is repealed, as was shown in the United States during prohibition. The difficulty here resides in a population with desires that are not just, and laws that reflect that. Justice, on the other hand, is a very abstract concept. Like law, it is a form of social order derived from a mandate from the masses. There is no actual correct definition of justice, but rather it is an agreed upon way of behaving. It means to be fair and true to each other, and to let personal politics stay out of the way of what is truly best for the society as a whole. This is a wonderful theory, but seems to be slightly more difficult when applied to a society. It is the struggle between law, justice, and social order that has led to many of the conflicts of mankind. The current situation in the United States war against terrorism is based on our laws being broken and our social order up heaved by those who believe they are acting justly. It is precisely for this reason that justice cannot be defined and that agreed upon laws and social stipulations must be held in place. If a society were given over to allowing justice to be a personal matter, there would be, for the most part, a state of anarchy. The Oresteia is full of examples of justice. There is a basic social morality that is derived from a general consensus regarding whether or not it is appropriate to kill someone. A murder must be justified by eith... Free Essays on Law V. Justice Free Essays on Law V. Justice Law v. Justice Throughout the history of man society has defined itself in terms of law and the order law creates. There has, however, always been the notion that laws are a form of justice, and a means of just governance. It is the combination of both law and justice that leads to the social framework we take for granted today. Law has always been the agreed upon rules by which a society abides. While opinions upon whether or not a law is right will vary, there is a general consensus in the just nature of laws. If this consensus is not met, the law is repealed, as was shown in the United States during prohibition. The difficulty here resides in a population with desires that are not just, and laws that reflect that. Justice, on the other hand, is a very abstract concept. Like law, it is a form of social order derived from a mandate from the masses. There is no actual correct definition of justice, but rather it is an agreed upon way of behaving. It means to be fair and true to each other, and to let personal politics stay out of the way of what is truly best for the society as a whole. This is a wonderful theory, but seems to be slightly more difficult when applied to a society. It is the struggle between law, justice, and social order that has led to many of the conflicts of mankind. The current situation in the United States war against terrorism is based on our laws being broken and our social order up heaved by those who believe they are acting justly. It is precisely for this reason that justice cannot be defined and that agreed upon laws and social stipulations must be held in place. If a society were given over to allowing justice to be a personal matter, there would be, for the most part, a state of anarchy. The Oresteia is full of examples of justice. There is a basic social morality that is derived from a general consensus regarding whether or not it is appropriate to kill someone. A murder must be justified by eith...

Writing an Engaging Op-Ed Piece

Writing an Engaging Op-Ed Piece Op-Ed is the publishing industrys commonly-used term for opinion editorial – the type of article in which ones opinion is expressed relating to political, public policy, cultural or controversial topics. Op-ed pieces are most often placed near the front of a publication and are treated much the same way as letters to the editor are treated.As with any persuasive writing – and op-ed articles are definitely considered persuasive – the approach you take will be the difference between engaging your audience and alienating your audience. Starting with a hook such as a question is an often-used approach that is effective, and sets the article up nicely to drive your point home.You should keep in mind that the opening paragraph is the best place to state your position and thesis, detailing why you are writing the piece, the news-worthy event that prompted your writing, and the slant you are taking on the topic. Beyond this, the format for the article can be varied, as l ong as you create a valid argument and provide reasonable explanations and points to support it.There are, however, basic things that should be included in an op-ed piece. The three necessary criteria of an engaging op-ed article are that it:Expresses the writers opinionIs written about a timely and news-worthy topicSuggests a course of action that should be taken based on the writers expertise or opinionResearch and valid facts are importantOp-ed writing should always be opinion-based yet factual and you should take the time to carefully research the topic if it is one on which you are not well-versed. However, most op-ed pieces are written by someone who is an expert on the topic, or at least someone who has kept up-to-date on all facts and recent news related to it, so most writers approach this genre only if they are highly aware of the nuances and commonly used terminology relating to the subject. As this genre of writing generally elicits much feedback from a publications read ership, any information that is incorrect will likely be openly and harshly criticized, immediately discrediting the writer. Since many newspapers allow this type of open criticism and dialogue, especially in relation to op-ed pieces (since the writer is most often not affiliated with the newspapers staff), op-ed articles should be carefully fact-checked before you submit them, especially if your purpose is related to marketing and achieving higher visibility for your company or organization.Op-Ed for marketingA brief word on writing op-ed articles for marketing: an engaging op-ed piece is a great way to achieve visibility for a company and can be used as a unique and effective marketing strategy to highlight the companys presence. A CEOs input, written in the form of an op-ed piece on current industry-related topics, will show his or her expertise and unique leadership ability. Most newspapers and publications will also include a tagline with a brief author bio, which serves as fre e and widely read publicity for any company – whether it is a small business or a multi-national corporation.Common mistakes writers makeEspecially if you are writing for marketing purposes, you should avoid some of the common mistakes writers makes when writing op-ed pieces. One of the most common mistakes that a writer will make when attempting to get an op-ed piece published is writing about a topic that is either old news or a weak/non-newsworthy topic. Submitting an op-ed article about current and highly relevant topics/situations is the easiest way to get your work published.Another common mistake is to approach the op-ed piece like a political ad or a public humiliation of key public figures. Especially if you plan to use your op-ed piece for marketing, it is crucial that you provide timely advice that is controversial, yet reasonable. While newspapers will allow some bit of controversy to be present in op-ed pieces because the writer is not associated with the newspap er staff, there is a limit to how far you can take it. You want to be seen as an expert – a voice of reason – and word choice, careful research, and precise editing is crucial in attaining this result. Often humor, insight, and emotional appeals are most effective in engaging your audience while maintaining your status as a concerned expert, and you should attempt these without seeming overly preachy.As with any persuasive topic, it is best to approach the subject through the use of active verbs, ignoring the overuse of adjectives and adverbs, which often tend to water down writing. Your word choice and language used are crucial in maintaining your role as an expert; dont resort to name-calling, unfounded accusations, or highly charged political statements that could be misinterpreted easily by readers.Length and formatThe average op-ed piece is between 400 and 1,200 words, and many newspapers have specific requirements concerning word count. If a publications op-ed re quirements are not listed on their web page, it is wise to contact the editor in charge of op-ed submissions and request information regarding submissions guidelines. Additionally, many newspapers allow op-ed pieces to be submitted via email but might have restrictions concerning whether the article should be included in the body of the email or as an attachment.If the newspaper or publication does not provide specific guidelines for submission of op-ed pieces, a generally accepted format is single-spaced, Times New Roman (or similar) font, with the authors name and the articles word count listed at the top of the page before the title and body of the article. Also, most newspapers prefer that the author include a brief tagline, or bio, written at the end of the piece.

Comparing two poems Essay Example | Topics and Well Written Essays - 500 words

Comparing two poems - Essay Example ‘Because I could not stop for death’ is an allegory that describes death as a pleasant journey through eternity. The death is seen as a gentlemanly act which takes the person on a ‘carriage held but just ourselves And Immortality’. The poet has showed death not as a terrifying thing but as an amenable personality that helps the person to attain immortality. The poet’s imagery of death as a journey is also an effort to demonstrate that death is a natural culmination of life’s various stages. The different phases of one’s life are important destinations that are designed to provide the mankind with happiness and fulfillment. Indeed, man’s relationship with eternal force is very evident in the poem which eloquently says asserts that ‘We passed the fields of gazing grain; We passed the setting sun. Or rather, he passed us;’. Time has no relevance for death because it takes one beyond the limitation of time and space. In t otal contrast, ‘I heard a fly buzz when I died’ portrays death as portend of grief and uncertainty. It projects an imagery of death as a fearful event that inculcates a sense of dread and acute helplessness against its finality.

Examining the influence of culture on KFC in Chinese market Essay

Examining the influence of culture on KFC in Chinese market - Essay Example Qualitative research method is employed for accomplishing the research. Hence, questionnaires will be prepared based on the research questions (Flower, 2009). In order to obtain accurate results from the questionnaire analysis, the researcher has applied random sampling. The variables that are used in the questionnaire apply Likert scale, measuring from strongly disagrees to agree. Likert scale helps in deciphering the exact reaction of the respondents other than obtaining responses in just Yes and No (Bryman and Crame, 2011). This also assists in examining the strong opinion of the respondents regarding the questions. The respondents of the questionnaire are customers of KFC in China. They will give their opinion based on observation and satisfaction with the food and services that are experienced in the KFC restaurants in China. All the respondents of KFC are above 18 years, who are frequent visitors at KFC. The responses are significant so as to evaluate whether KFC is able to provide them foods and services that are according to their culture in the business. Their experience with the food products and service will encourage them to give rates to the quality. In order to maintain good relation with KFC, the researcher has taken approval from the fast food giant regarding the variables that are used for measuring the quality of services and food products. The variables are also approved by the culture study experts and practitioners so as to ensure validity of the research area in the real world. Qualitative research method is employed for accomplishing the main aim of the research. The qualitative research helps in comparing the data in cross section. It also provides information regarding the perception of the individual respondents of the survey. The qualitative research also helps in examining the responses, which aims at describing the local condition (Hennink, and Bailey, 2011). The focus group