Demand and Supply for Financial Assets Essay Example

Demand and Supply for Financial Assets Essay Demand and Supply for Financial Assets Mishkin ch. 5: Bonds †¢ Motivation: Monetary policy works primarily by manipulating interest rates. Interest rates are determined by the demand and supply for bonds. Demand and supply for other financial assets are determined similarly. †¢ Perspectives on the bond market: 1. Bonds as financial assets = Determinants of Asset Demand. †¢ Bond demand affected by relative risk, relative liquidity, and wealth. †¢ Asset pricing (Finance) issues. Instantaneous responses to news. 2. Saving and Borrowing = Real Factors. Bond market matches savers and borrowers, affected by their behavior. †¢ Macro issues: Real savings/investment. Takes time. 3. Liquidity Preference †¢ View bonds as alternative to holding money. Affected by monetary changes. †¢ Special issues: Flexible versus â€Å"sticky† prices. DEFER. †¢ Application: Money Interest Rates †¢ Mishkin provides survey. Needs more analysis – Star t reading the lecture notes. [Mishkin ch. 5 P. 1] Perspective #1: Bonds as Financial Assets †¢ General Finance Question: What determines the demand for financial assets? . Expected return (+) 2. Risk (-) 3. Liquidity (+) 4. Wealth (+) Applies to all financial assets. Bonds as example. †¢ The Demand Curve for Bonds †¢ Remember â€Å"High price Low yield†. Implies downward sloping demand function. †¢ Demand function shifts if bonds’ risk or liquidity change. †¢ Demand is relative shifts if return, risk, or liquidity on other assets change. †¢ Note: Bond market responds quickly to financial news, to any news relevant for determining the return, risk, or liquidity of bonds relative to other assets. Time horizon: Instantaneous (within seconds). [Mishkin ch. 5 P. 2] Demand for other financial assets †¢ Same arguments as for bonds: Downward sloping, because â€Å"higher Price lower expected return† logic applies to all financial assets, provided the asset’s payment stream remains unchanged. Shifting down/left when risk increases. Shifting up/right when liquidity increases. Examples: Stocks, mutual funds, real estate, gold, investments abroad. Similar for equity-type assets, except future payments are uncertain New element: Unexpected new information about payments shift the demand curve †¢ Example: Stock with expected value next year $100 More demand now at $80 than at $90 = Downward sloping demand curve. Suppose the expected value next year rises to $120: Demand at $96 (20% discount) is similar to previous demand at $80 = Shift right/up in the demand curve †¢ Special factor for long-term bonds: Rising interest rate before maturity would reduce the price = Reduce the return = Expected increases in interest rates reduce the demand for long-term bonds. Mishkin ch. 5 P. 3] Wealth as Demand Factor: Caution †¢ Basic point: More wealth = More demand for all financial assets. †¢ Co ntrast wealth with the demand factors that affect relative values: Demands for different financial assets are negatively related when relative returns, relative risks, and relative liquidity levels shift. Demands for different financial assets are positive related when wealth changes. †¢ Wealth can change in two ways: 1. New savings. 2. Re-valuation. Re-valuation is a distraction (or even misleading): Not a source of new demand. Example: Hold 100 bonds @100 = $10,000 wealth. If price rises to $110 = Wealth $11,000. Will demand increase? Demand from existing wealth is still 100 bonds. New savings must come from real activity = Surplus of income over spending. New savings take time: NOT an instantaneous factor = Creates dynamics. Purchasing power of wealth is eroded by inflation = Real returns (after inflation) determine the incentives to save †¢ Lessons for applications: Source of wealth changes is savings. Savings raise all asset demands. Quantity axis in diagrams = Number of securities or their face value (not $ value). [Mishkin ch. 5 P. 4] The supply of bonds and other financial assets †¢ Simple: the supplier/issues of securities defines the market! Treasury bond market = supply by U. S. Treasury Market for Microsoft stock = supply by Microsoft †¢ Supply incentives in the primary market: 1. Need for funds: Private: Profitability of capital investments. Public: Level of government bu dget deficits. 2. Cost of borrowing: Borrow more if the cost is low = upward-sloping supply curve. Inflation reduces the real value of debt = Real returns (after inflation) determine the incentives to issue securities †¢ Secondary market: Fixed supply except for buyback/new issues. = Steep or vertical supply curve. †¢ Mishkin’s demand supply diagrams: generic up/down slopes [Mishkin ch. 5 P. 5] Demand Supply = Equilibrium Price and Volume †¢ For bonds: Exact price-yield relationship (Example: F=1000) †¢ For all financial assets: High price tends to imply low future returns. [Mishkin ch. 5 P. 6] We will write a custom essay sample on Demand and Supply for Financial Assets specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Demand and Supply for Financial Assets specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Demand and Supply for Financial Assets specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Applications: Predict the Effect of Changes †¢ Reasons why bond demand may shift †¢ Reasons why bond supply may shift †¢ Scenarios that involve shifts in demand and supply: Business cycles Inflation: The Fisher Effect †¢ In each case: Task: Determine the impact on prices and quantities. Ask additional questions: What’s the time horizon? What’s the likely impact on other markets, e. g. , the stock market? †¢ Alternative view: Loanable Funds analysis (see Online Appendix5#1) Supply of securities = Demand for financing Demand for securities = Supply of funds to financial markets. Helpful way to think about markets, but not required for exams. [Mishkin ch. 5 P. 7] Summary: Factors that shift the Demand for Bonds [Mishkin ch. 5 P. 8] Summary: Factors that shift the Supply for Bonds [Mishkin ch. 5 P. 9] Notes on Mishkin’s Examples (1) †¢ About higher expected interest rates: Higher yield expected = Lower expected return = Declin e in demand = Reduced price = Yield rises immediately. Lesson: Rational investors act on expectations. Markets move when information arrives that changes investor expectations. About the slopes of demand and supply curves: Demand: Depends on how easily investors can go elsewhere when prices rise: For a specific bond relative to others: Essentially horizontal/very flat. For bonds as an asset class: Elastic/flat. Investors can substitute to stocks etc. For bonds as reflecting the supply of savings: Quite inelastic/steep. Consumptionsavings decisions are not highly sensitive to interest rates. Supply: usually inelastic/steep. New issues are small relative to outstanding quanties of identical or similar securities. Relevance of slopes: Steeper vs. flatter Larger vs. smaller price changes. [Exam: Generic slopes okay. But remember for real-world applications. ] [Mishkin ch. 5 P. 10] Notes on Mishkin’s Examples (2) †¢ About the time horizon and level of aggregation: Ins tructive to separate two sets of issues: 1. Allocation of existing financial assets: Instantaneous: Supply is well-approximated by a vertical line. Pricing is relative to other financial assets. Economic arguments involve relative return, risk, liquidity (nothing else). In equilibrium, all financial assets must attract investors = Must offer the same risk- and liquidity-adjusted return. 2. Flows of savings and capital investment: Takes time: New demand and supply more important relative to existing financial assets the more time passes. Savings are unspecific: Savers will invest in any savings vehicles that pays the equilibrium return: Markets clear at the aggregate level. Equilibrium return must match aggregate flow of funds into financial markets with total demand for funds from issuers of securities. [Mishkin ch. 5 P. 11] Scenario: Business Cycle Expansion †¢ Shifts in Demand and Supply: Higher incomes. Real capital investment is more profitable. [Caution: Distinguish real and financial investments! ] †¢ Questions: What causes business cycles? How do we know that supply shifts more than demand? = Macroeconomic issues. [Mishkin ch. 5 P. 12] Scenario: Increase in Expected Inflation †¢ Lower real cost of borrowing = More security issues (supply). †¢ Lower real return = Less savings (demand). Conclude: Fisher effect. †¢ Questions: What causes higher expected inflation? = Macroeconomic issue. Mishkin ch. 5 P. 13] Evidence on the Fisher Effect (Fits the data at least in the long-run) [Mishkin ch. 5 P. 14] Collect Open Questions †¢ Why does expected inflation change? Leading answer: Money growth. Not an exogenous disturbance. = Needs analysis. Topic: Money and Inflation. †¢ What causes business cycles? Many causes. Among them: â€Å"Mistakes† in monetary policy . = Needs analysis. Topic: Money and Output. †¢ Agenda: 1. Reinforce the lessons on demand and supply: More examples. 2. Examine how monetary policy influences inflation and output. 3. Return to the interest rates – remainder of Mishkin ch. 5 [Mishkin ch. 5 P. 15] Applications of Asset Demand Supply Analysis 1. A Classic: The â€Å"Flight to Quality† (Lesson: Asset demand is relative) Stock Market Price Supply Price Bond Market Supply Demand Stocks Demand Bonds 1987 stock market crash: stocks - flight to bonds 1994 Mexican Peso crisis: emerging market stocks - to US stocks and bonds 1997 Asian crisis: Asian stocks and bonds - to US and Europeans stocks and bonds 1998 Russian default: risky bonds (foreign and US low quality) - to US Treasury bonds . The Term Structure of interest rates: (Mishkin ch. 6, part 2) Defer discussion, raises macro issues. [Mishkin ch. 5 P. 16] 3. The Risk-structure of interest rates: (Mishkin ch. 6, part 1) Good measures of riskiness: Bond Ratings Good measures of promised return: Yield to maturity. Find: (1) Changes in risk = Changes in relative yields (2) Holding risk constant, yields move together 4. The Stock Marke t Crash of 1987 Can we always assume that demand is downward sloping? . The Market for Foreign Exchange (Mishkin ch. 17. Much improved in 8ed. ) Exchange rate = Relative price of different country’s financial assets Demand = Function of relative return, risk, and liquidity Supply = Fixed in short run (apart from official interventions – later) More later if time – for now, note one key point: High US interest rates relative to foreign interest rates increase the demand for dollar assets = Stronger dollar [Mishkin ch. 5 P. 17]

The Prince by Niccolo Machiavelli

The Prince by Niccolo Machiavelli Introduction This paper presents a detailed review of an interesting book titled â€Å"The Prince† that convey vital principalities of leadership. The book was a masterpiece work of an Italian who was a renowned historian, and a diplomat called Niccolo Machiavelli. The writer was also known as a strong politician who had noble political ideals and theories.Advertising We will write a custom book review sample on The Prince by Niccolo Machiavelli specifically for you for only $16.05 $11/page Learn More Despite developing his writing skills from a humble background, his insightful narratives have been instrumental in transforming individual’s social and political lifestyle. This explains why the book that has been branded as a traditional peace of work by critics due to its â€Å"mirrors of prince style† remains one of the innovative political narrations of the day. Imperativeness of the book and its theme Indeed, the information contained in the book has been instrumental in transforming political activities in various settings. It has been helpful in inculcating noble ruling guidelines and principles among leaders. It adopted a political theme with an aim of enhancing leadership by fostering democracy and understanding through integration of effective ruling principalities (Machiavelli, 2004). The author focuses on the theme due to the unfair experiences and treatment that he was facing because of bad governance and oppressive rule. The book’s ideals and key concerns or areas The book focuses on leadership ideals and effective principalities that shape good governance or political practice. Its aim is to convey credible information about political issues and the role of leaders in the development of cohesive societies (Landon, 2005). Machiavelli opens his narration or political observation by stating that all forms of dominion in various jurisdictions are republics or principalities. He asserted that, any le ader who seeks to exercise good leadership should adopt noble principalities (Machiavelli, Skinner Price, 1988). Such leaders should ensure that the set rules that guide operations in their territories are favorable and acceptable. That is the rules should be ideological, socially relevant and economically viable. In the book, the author’s concern is seen to be exclusively with principalities. He noted that ethical ruling principalities are the primary virtues that leaders are under obligation to practice or adopt especially in the current environment. He innovatively concentrated on the best techniques of governance and holding up to the noble principalities in the first eleven chapters of the book (Machiavelli, 2004). This shows how individuals can achieve greatness in their respective areas of operation.Advertising Looking for book review on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More Discussion s Imperatively, the author provided educative information that seeks to foster unity and excellent leadership. He distinguishes the three types of principalities in the first eleven chapters. He also analyzed the best techniques of acquiring the principalities and the process of achieving their absolute maintenance. Firstly, he considers hereditary principality that pose minimal difficulties in various settings. Marriott (2012) noted that hereditary principalities are consistent ruling ideals that â€Å"princes† or territory leaders acquire through experiences, historical studies and predecessors. Secondly, he considers mixed cases that explain the process through which rulers’ annexes new possessions in their territories. He asserted that this is where key issues that threaten political integration begin. This is because the annexing process leads to unfair acquisition or expansion of territorial setting by some leaders. This happens especially in territories whose le aders lack democratic ideals and regard for other peoples basic rights (Machiavelli Rebhorn, 2003). In this regard, the author insists that leaders or rulers should hold and practice complete composite principalities. This is essential in ensuring that they foster peaceful coexistence and political stability. It is also vital in ensuring that they exercise total political control in their territories. Other chapters of the book focus on the procedures of acquiring new principalities and its consequences. The chapters state that individuals can acquire new principalities or control ideals by their own arms, ability or good lack. They also convey essential information on the consequences of obtaining leadership principalities through wickedness. This is why the author emphasizes on the need for civilization and adoption of civil principalities (Landon, 2005) Notably, leaders should get full acquaintance with the way one can measure ruling principalities and potential leadership ideal s. The measurement guidelines are crucial in providing them with a viable benchmark through which they can gage their performance. It is also significant to ensure that their actions are executed with good intentions to boost social and economic integration.Advertising We will write a custom book review sample on The Prince by Niccolo Machiavelli specifically for you for only $16.05 $11/page Learn More In addition, the author affirmed that ruling principalities affect human affairs and productivity. They influence communication and understanding between individuals especially leaders and the public. This hinders progress since inferior operating principles impede sharing of ideas and development of innovative concepts through teamwork (Marriott, 2012). Lack of noble principles in leadership also compromises liberty and execution of activities under democratic guidelines. Conclusion Indeed, the book provides insightful information that has been significant i n shaping individuals perception on the significance of good leadership in our societies. It gives essential leadership principalities that leaders should adopt to foster unity among locals where democratic ideals have been cited. It also recognizes that rulers should exercise composite guiding principles within their territories. References Machiavelli, N. (2004). The prince: And, the art of war. London: Collectors Library. Machiavelli, N., Skinner, Q., Price, R. (1988). Machiavelli: The prince. Cambridge: Cambridge University Press. Machiavelli, N., Rebhorn, W. A. (2003). The prince and other writings. New York: Barnes Noble Classics. Marriott, K. (2013). The Prince.  Retrieved from gutenberg.org/ebooks/1232Advertising Looking for book review on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More Landon, W. J. (2005). Politics, patriotism and language: NiccoloÌ€ Machiavellis secular patria and the creation of an Italian national identity. New York [u.a.: Lang.

How Can Science and Technology Help Fight Global Problems Term Paper

How Can Science and Technology Help Fight Global Problems - Term Paper Example If science is the base of knowledge and experiment then technology is its application which focuses more on developing a use for something. Science is more about the analysis, hypothesis, theories, and concepts whereas, the technology relies more on analysis and fusion of design. Technology is an applied science so it explains how these experiments are applicable to the species and how it controls them to adapt to its environment. We can find best examples of technology and science in daily lives of human. Firstly comes the internet, it is technology and to create it the experiments were done which is called science. Furthermore, the example for mobile phones can be taken. A mobile phone is a technology and the experiment accomplished to make it is a science. Hence, technology is incomplete without science as they both are incorporated with each other. 2) Pick one of the following natural events and describe how large events help to shape the Earth as it is today. Make sure to explain what causes the event and how scientist tries to predict such events. An earthquake occurs when two blocks of earth suddenly dislocate from one another. Fault or fault plane is the surface from where they slip or dislocate and the location below the earth’s surface where an earthquake begins is known as hypocenter and location directly above on the surface of the earth is called as an epicenter. The earthquake has three shocks: foreshocks, mainshocks and aftershocks. Foreshocks are the smaller earthquakes which are later followed by the larger earthquake known as mainshocks. Mainshocks are always followed by aftershocks which are, also the small earthquakes which occur at the same place and continue for days, weeks, months and years.  

Commercial Law case study Example | Topics and Well Written Essays - 1500 words

Commercial Law - Case Study Example It did not lead Rein AJ to doubt the general veracity of the plaintiff. (c) The defendant in his affidavit said nothing about having received an offer from the plaintiff for $150,000 (the plaintiff on his evidence made no such offer in the telephone conversation). It was not put to the plaintiff that he had made an offer to the defendant or that the defendant had rejected it. The defendant swore in the witness box however that it had been said in an answer in cross examination. Given that that was his explanation for why the plaintiff was not entitled as highest bidder, Rein AJ found his failure to refer to it in his affidavit surprising and his evidence on this point difficult to accept. (d) The plaintiff said that when he spoke to the defendant, the defendant told him that the Wirraway had a current airworthiness certificate. The defendant when cross examined on this said that the airworthiness certificate had expired in July 2006. He said he did not recall if he told the plaintiff that there was a current airworthiness certificate. (e) The defendant's version of events, which involved him saying that he would not agree to sell the aircraft unless the buyer inspected it, is not credible and particularly so since he listed the aircraft on eBay for sale without any indication that the buyer should inspect first. (f) Further the defendant had also listed the Wirraway on the "Buy now" section of eBay for $275,000, and claimed that had anyone clicked on that he would not have sold if the Wirraway had not been inspected (T40-T41), which further diminished his credibility. (g) The defendant himself had purchased many items (including Vintage car parts) on eBay and knew that he was entitled to the items when he had been the highest bidder, and Rein AJ found his assertion that he did not understand that he was committed to sell as somewhat surprising. Question 5: The defendant argued there was no binding and enforceable agreement, what were the components of this argument (4 marks) The defendant accepted that both he and the plaintiff accepted, by clicking on an "accept" button, the terms and conditions of eBay but the defendant's argument was that there was no binding and enforceable agreement as between the plaintiff and the defendant. To support his contention

Research: Sustainability Policy for EU Islands

Research: Sustainability Policy for EU Islands EU Island-Friendly Policymaking – Malta’s case Charlon Joseph Abela For us small island developing States, the question of sustainability is not an abstruse, arcane concern. It is rather a matter that affects the very nature of our existence. H.E. Mr L.Erskine Sandiford Prime Minister of Barbados[1] Table of Contents Abstract European Union policy is not considered to be one which well reflects the sustainability challenges which islands continuously face. The EU policy approach as regards sustainability issues has been regarded as an incremental and a fragmented one. This paper seeks to identify the main sustainability challenges faces by EU islands and strives for the achievement of their awareness. The current definition of islands is also noted. Here, the problem lies on the fact that the definition of islands is rather restrictive and consequently excludes island states. Additionally, one should also not the fact that both insularity as well as peripherality fall within any of the categories of the Union’s Impact Assessment guidelines. One of the main problems which put European islands at a disadvantage is that since they are found in different administrative strata of the EU, a lack of harmonisation vis-à  -vis statistical data and other elements exists. This hinders the efficient monitoring of sustainable development. Malta’s role in stressing these problems as suffered by European islands will be considered in the light of the European Union’s policy-making. Keywords: European Union, Sustainability Challenges, Definition, Impact Assessment guidelines, Harmonisation, Policy-Making. Research Question Starting off from the theories of the main proponents on the subject of Sustainable Development the author of this paper seeks to discover how European Union (EU) policy making is addressing sustainability challenges in island states and how this is seen from the perspective of the concerned stakeholders. In this context, a case study would be the best general method to observe the impact of these policies. Malta’s Mistra case will be analysed. Literature Review One may ask why the issue of sustainable development is found in political science and not within ecosystem theory or human ecology. The reason for this is that most academic debate is led and dominated by economic theories which reflect the preference for economic capital and monetary valuation. Cost-benefit analysis and normative policy theory also fall within these theories. (e.g. Vatn and Bromley, 1994; Victor, 1991; Gutà ©s, 1996; Munda, 1996; Gowdy, 2003). The 1992, action plan of the United Nations about sustainable development, more famously known as Agenda 21, called for the countries’ development of National Sustainable Development Strategies (NSDSs). This plan recognized the need that key decisions had to be taken at a national level together with stakeholders. Before delving deeply into the challenges of Sustainable Development one has to look at various scholars (and organisations) who discussed this subject and observe their definitions and believes. The roots of sustainable development challenges come from the concepts of economical and social sound developments that in sum demands a drastic change in one’s methods of production, innovation, decision-making, scientific understanding and problem-oriented research (Ashford, 2002; Rammel, 2003; Funtovicz and Ravetz, 1994). According to the Malta Environment and Planning Authority (MEPA) sustainable development results from the â€Å"concern over the social and environmental impacts of economic development† and â€Å"aims to achieve progress through ‘win-win-win’ solutions based on the integration of environment, economic and social policy objectives†.[2] Discussing sustainable development one has to look at the Conventional forms of development and at the Sustainable development model. Approaches of a conventional nature say that in line with globalisation modernization will take place. According to David Pepper (1996) modernization and progress of society depends on two variables that are, how much structurally specialised it is and how differentiated it is. This theory closely relates to an ego-centric growth and one’s personal advance. However, one of the impacts of modernization is the devastating effect on nature. This includes wilderness transformation to natural parks, deforestation and river harnessing for energy generation. According to Thomas C. Bell from the U.S Water News, in the context of hydropower dams these have been the cause of negative impacts on the rivers’ ecosystems.[3] According to Walt Whitman Rostow (1960), within the Conventional model, the society is seen to pass from various stages of economic growth which he splits up into five categories, that are, 1)Traditional Society; 2) Preconditions for take-off; 3) Take-off; 4) Drive to maturity; and 5) Age of high mass consumption. With ‘Take-off’ there is the emergence of new industries and new entrepreneurial classes while during the ‘maturity’ stage economic growth exceeds population growth. At the final state, the society’s mass consumption allows the introduction of social welfare (Pepper 1996).[4] Such a model proposes a linear development which presents the necessity for Third World societies to reach development of a Western style. However, in opposition to this idea of linear development John Barry (1999) believes that there is no such development which may be guaranteed for modern society and such development is not to be necessarily harmonious between countr ies. A number of models of environmental development have been created in order to replace the previous development paradigms. According to Mark Roseland (2000) these new models consider social change, the advancement of social equity, the expansion of organisational effectiveness and the building to human and technical capabilities aiming at sustainability. Within these new models, sustainability, asks for the protection of the base of natural resources upon which further development lies. This environmental development model is not solely directed towards the protection of nature but also at the creation of an ecological society that lives harmonized with nature. Such a society, demands that economic activity and human progress by no means necessitate the ruin of nature. According to Susan Baker (2006) â€Å"Sustainable development is part of new efforts, albeit tentative to integrate environmental, economic and (more recently) social considerations into a new development paradigm.†[5] Aims The following are the main aims of the study: What are the interpretations and ways of implementation of the policy in the national context? What are the main sustainability issues, policy design, implementation ideas and resultant changes to land use? How sustainable are the criteria? What is the impact on the 9 Land Use Functions (LUF)? What are the sustainability framework indicators? Methodology The methodology used in this study is based on the general principles of the SENSOR protocol. This protocol was established to carry out surveys in 4 SENSOR[6] sensitive areas, mainly: Coastal regions Post-industrial regions Mountainous regions Island regions Because of the lack of direction and missing documented examples of participatory approaches to the Impact Assessment, a methodological framework for the involvement of stakeholders in the Sustainability Impact Assessment (SIA) is analyzed in the background of the policies developed as part of the SENSOR project, especially as regards the use of European land. [7] The Framework Programme for Participatory Impact Assessment (FoPIA) design enables the assessment of policy effects that are considered to be sensitive to national, regional and local sustainability concerns by gathering and connecting the expertise of the national, regional and local stakeholders who do play a vital role in the analysis process. Situations within the SENSOR project allude to potential variation in European policy as a result of perceived sustainable development challenges. Scenarios which possibly may involve a blend of policy instruments including legislation, subsidies and taxes, are thoroughly comparatively studied in a counterfactual or baseline setting for the exhibition of situations in which the policy is not implemented. These settings are then made subject to the Sustainability Impact Assessment (SIA) which involves the selection and investigation of the sustainability criteria and indicators that reflect main concerns related to the sustainability of land use. Impact assessments and sustainability limits are acknowledged by the stakeholders’ knowledge of the present socio-economic and environmental status of the region. Now that a basic understanding of the FoPIA has been delivered, one can delve into its various stages. These stages will be the main methodology through which information will be gathered for this study. The FoPIA is founded on 5 blocks within the European Environment Agency, that are, the Driver; Pressure; State; Impact; and Response. Driver, refers to sustainability issues that drive / generate interest in a particular policy. Pressure, refers to variations in the use of land as a result of changes in policy. State and Impact, refer to the resultant changes in the spheres of society, economics and environment. Finally, Response, refers to the policy makers’ final decisions according to their knowledge from information gathered from the assessment’s technical output. Normally, this final category is seen to be outside of the Sustainability Impact Assessment Tool (SIAT). For effective data gathering, the FoPIA is based on a Stakeholder-approach. This method is divided into two phases. The first phase consults stakeholders in semi-structured interviews while in the second phase the stakeholders are gathered and participate in a Sustainability Impact Assessment (SIA) workshop. The FoPIA approach presents ue with a methodological journey from problem definition to the stakeholders’ feedback. Figure 1 illustrates the logical structure of the FoPIA. Figure 1 The following sections show how this method can be applied in detail. Phase 1. This phase commences with the critical study of the policy’s national interpretations and ways of implementation in the context of the main sustainability issues and difficulties. This is achieved through semi-structured interviews with the concerned policy makers who operate both at national level as well as those who represent the national interest at an EU level. Generally, these are representatives coming from the government’s departments. However, members of working groups and members of specifically-set advisory panels are also interviewed. Another set of interviews is done with regional stakeholders. These interviews focus on the change of land use that will take place when the policy is implemented. These stakeholders are chosen from government departments and those involved in decision making, which are specifically concerned with the policy in question. Interviewed stakeholders may also be chosen from the ‘land’ representatives and interest groups. The method used for these interviews is that of Snowball Sampling and is to be done through email correspondence or by telephone. Each interview is based on a topic guide asking questions on sustainability issues, policy design and implementation as well as the resultant changes in land use. All interviews have to pass through three stages: Recording Transcription Analysis Content analysis involves the highlighting of the key themes mentioned and the results are to be used as the foundation for draft of possible scenarios. This information is to be forwarded to the Sustainability Impact Assessment (SIA) workshop. Phase 2. This phase involves the SIA workshop, which brings together all the stakeholders in Phase 1. Throughout the workshop, the stakeholders execute analysis of sustainability criteria. Additionally an assessment of the consequent changes resulting from the policy in question, within the social, environmental and economic indicators is done. Any new indicator values are contrasted with the sustainability limits laid down by the stakeholders. Finally, criteria are reassessed in order to highlight the stakeholders’ preferences. In the beginning of the SIA workshop the team leading the study presents a prà ©cis of the findings discovered from the interviews in the first phase. Stakeholders, then discuss these points and if an agreement is achieved the points may be amended to reflect more precisely any possible recent policy development. Following is a definition and assessment of the main sustainability criteria in the context of the land use. This stage requires a moderated discussion and a scoring exercise which are followed by another discussion in order to achieve agreement on the criteria scores. The discussion on sustainability criteria is based in nine Land Use Functions (LUF) which are to be presented by the moderator. These 9 LUFs are categorised as follows:[8] Social functions: Cultural Health and Recreation Provision of work Economic functions: Residential and non land-based industries and services Land-based production Infrastructure and mobility Environmental functions: Provision of abiotic resources Provision of habitat Maintenance of ecosystem processes Each of these nine functions are passed through a process of scoring ranging from ‘1’ to ‘10’. A score of ‘1’ shows low importance while that of ‘10’ signifies extremely high importance. After the scoring phase, the stakeholders can defend or reconsider their scores as a result of new information/understanding from other participants. This enables ‘social learning ‘(Henkens et al. 2007). An average of the scores is drawn, however, if any participant changes his/her score the average can only be amended by consensus from all participants. Following, definition and agreement on sustainability framework indicators are sought. These are then used for an impact assessment of each policy scenario. These Land Use Function Criteria Indicators (LUFCI) are obtained from the previous stage. This stage, seeks to link impacts and sustainability issues brought up by the stakeholders. Stakeholders agree on a list of LUFCIs in the previous stage. In this stage they agree upon LUFCIs are used for the performance of an impact assessment on each policy scenario. Again, the participants have to provide a score on each LUFCI ranging from -3 to 3. ‘-3’ denotes a strong negative impact, while a ‘+3’ denotes a very positive impact. These predictions are to be made on a time period of 25 years. As in previous stages, an average score is worked out. Stakeholders discuss together the average of the LUFCIs which enables social learning on a basis of the differences between their opinions. During this stage, acceptability of the resultant impacts is assessed. Each LUFCI is set a minimum standard (also referred to as a ‘sustainability limit’) which again after individual scoring is followed by discussion. Participants should assess each LUFCI and choose whether their approach is sustainable or unsustainable. Again score vary from -3 to +3. Now, stakeholders should again analyse the LUFC in the background of the impact assessment in order to extract the stakeholders’ preferences for the policy scenarios. This stage is highlighted by the consideration of trade-offs which might result both from positive and negative impacts. Participants are again asked to provide a score which ranges from 1 to 9, whereby a score of ‘1’ denotes the least importance. As before, an average score is calculated, discussed and amended only if all agree. This final session involves another discussion of both the process as well as of the final results of the SIA. This allows all participants to reflect on the output and to consider the providing of feedback on the methods used, materials and research inputs adopted. This session is divided as follows: A presentation of the summary of the workshop results The stakeholders discuss results Participants should highlight any point with which they agreed or disagreed throughout the running of the study including the methodological aspect This includes the highlighting of parts which required further clarifications The participants should provide their feedback on whether they believe that this FoPIA based study is efficient in within the set context and whether they believe that there will be any analytical and political achievements. Finally, participants should point out if they enjoyed the study’s methodological part and if they believe that there were any setbacks. They should also suggest any possible improvements. References Blewitt John, Understanding Sustainable Development, TJ International, 2008 Baker Susan, Sustainable Development, Routledge, 2006 Sustainable Development Strategies: A Resource Book, Organisation for Economic Co-operation and Development, Paris and United Nations Development Programme, New York, 2002 Sustainable Development: New Research, Abate Gugsa et al. Maples D. Alexander (Editor), Nova Science Publishers, Inc. 2005 Trade, Climate Change and Sustainable Development: Key Issues for Developing Countries; International Centre for Trade and Sustainable Development (http://ictsd.net/downloads/2008/08/mauritius-complete-policy-paper.pdf) (accessed on 20th December 2013) Pierce Roger, Research Methods in Politics: a practical guide, TJ International Ltd, 2008 Morris Jake, Sustainability Impact Assessment: Tools for Environmental, Social and Economic Effect of Multifunctional Land Use in European Regions. Session 3: FOPIA – A new methods engaging regional stakeholders in Impact Assessment. Accessed from http://tran.zalf.de/home_ip-sensor/newsevents/brussels/09_Tabbush_SNESOR_final_policy_day.pdf (accessed on 22nd December 2013) Morris Jake Berton, Tassone Valentina, De Groot Rudolf, Camilleri Marguerite and Moncada Stefano, A Framework for Participatory Impact Assessment: Involving Stakeholders in European Policy Making, a Case Study of Land Use Change in Malta, Ecology and Society 16(1): 12, Published under the license by the Resilience Alliance http://www.mepa.org.mt/sustainabledevelopment (accessed on 22nd December 2013) http://www.timesofmalta.com/articles/view/20131030/local/ngo-insists-proposed-mistra-deveopment-is-unacceptable.492552#.UsPN0_RDt_Q (accessed on 23rd October 2013) 1 [1] Opening statement to the UN Global Conference on the Sustainable Development of Small Island Developing States. Barbados, 26 April – 6 May 1994. [2] http://www.mepa.org.mt/sustainabledevelopment (accessed on 21st December 2013) [3] Bell Thomas C. , U.S. Water News, 1995 [4] Baker Susan, Sustainable Development, Routledge, 2006 [5] Baker Susan, Sustainable Development, Routledge, 2006 [6] SENSOR project: Sustainability Impact Assessment: Tools for Environmental, Social and Economic Effects of Multifunctional Land Use in European Regions. This is an integrated project funded under the European Commission’s sixth Framework Programme, that is, a Framework Programme for Participatory Impact Assessment (FOPIA). The FoPIA is a set of research methods that altogether facilitates the understanding of the involvement of national, regional and local stakeholders as regards the assessments of policy impacts on European land use. [7] Morris Jake Berton, Tassone Valentina, De Groot Rudolf, Camilleri Marguerite and Moncada Stefano, A Framework for Participatory Impact Assessment: Involving Stakeholders in European Policy Making, a Case Study of Land Use Change in Malta, Ecology and Society 16(1): 12, Published under the license by the Resilience Alliance [8] Morris Jake, Sustainability Impact Assessment: Tools for Environmental, Social and Economic Effect of Multifunctional Land Use in European Regions. Session 3: FOPIA – A new methods engaging regional stakeholders in Impact Assessment. Accessed from http://tran.zalf.de/home_ip-sensor/newsevents/brussels/09_Tabbush_SNESOR_final_policy_day.pdf (22nd December 2013) Why was Captain Jack Famous Across the Nation? Why was Captain Jack Famous Across the Nation? Name: Jacob J. Ervine Kintpuash was a Modoc Indian Chief, but it was easier for white settlers from Yreka to call him Captain Jack. Captain Jack was famous across America and the world because of the huge impact he and his band of freedom fighters had fighting against the Army for their tribal lands. This small group of Modocs held off against the might of the U.S. Army that spent hundreds of thousands of dollars and almost a year perusing them. The Modoc War last between 1872 and 1873 and was a desperate struggle for the Modocs. The life and death of Captain Jack is important when understanding the fame behind this modern day folk hero. The Ben Wright massacre was highly influential on Kintpuash. Ben Wright and his men from Yreka killed more than thirty Modoc Indians under a flag of truce. Captain Jack saw his father murdered during the massacre in 1852. The Modoc Indians never forget this atrocity and would influence Kintpuash on the broken promises and deceitfulness of settlers. In 1864 a treaty was signed with the Klamath, Modoc, and Yahooskin Indians to give up their lands to live on a shared Indian Reservation east of Klamath. The problems that plagued the Modocs on the Klamath Reservation stemmed from both the infighting of the other tribes and the ratification being stalled. The Modocs were ill-treated and abused by the Klamath Indians, The Klamath ceaselessly annoyed them with threats and insults. Alfred B. Meacham. The tribes were hard-pressed to cooperate and supplies were often late. In 1865 Kintpuash appealed to the Offices of the Reservation, but was ignored. Kintpuash angrily lead his people back to Modoc Lands. When they returned the discovered that their ancestral homelands were being taken over by white settlers. To earn money to survive, several Modocs worked on farms as hands and Kintpuash rented his lands and worked in Yreka where he got his nickname, Captain Jack. In 1869 Soldiers brought the Modocs back to the Reservation, but nothing had changed so the Modoc returned to their lands once again. In 1872 the Army was called to return the Modoc to the reservation, forcibly if needed. Captain Jack wanted to avoid conflict, but the situation intensified when they were asked to drop their weapons. Scar Face Charlie and Lieutenant Botell shot at each other, but missed. Both sides retaliated and this skirmish was known as The Lost River Battle. The Modocs retreated to the modern-day lava beds. The militia attacked a separate Modoc Camp lead by Hooker Jim, and in response the Modocs lead by Hooker Jim killed over a dozen settlers. Afterwards Hooker Jim and other Modocs joined Captain Jacks Stronghold in the Lava Beds. The war against the Indians was highly publicized throughout the country as conflict often is. It was expected that the Modoc would be quickly defeated by the Army. Considering how outnumbered the Modoc were. War was not favored by all people, but these were mostly humanitarian and religious groups. President Grant said he would use a peace policy. However, the policy demanded that Indians remain on reservations, but the Modoc would not return to the Klam ath Reservation. There were approximately fifty-five Modoc men and their families in Captain Jacks Stronghold. The Stronghold is one of the most if not the most defensible places in the United States. The Stronghold was fortified and small skirmishes ensued until the first battle. In January 17, 1873, the U.S. Army outnumbered the Modocs six to one and attempted to advance on the Stronghold. Aided by the fog the Modocs killed 40 soldiers including five officers. The Modocs had no casualties and this prompted a Peace Commission. Captain Jack was insulted by his own people for negotiating and opting for peace. They forced him to wear womens clothing during meetings. The Modocs thought if the American leaders were killed they would leave. Captain Jack agreed if their demands werent met. On April 11, 1873 negotiators, General Canby, and Reverend Thomas were killed on Captain Jacks alleged command and all peace talks ended. The fighting continued in the Second Battle, the Battle of Sand Butte, and The Battle of Dry Lake where the War turned against the Modoc. On May 10, 1973, the Modoc attacked a U.S. Army Camp at Dry Lake. The Army defended themselves and rushed the Modoc killing five Modocs including Ellens Man, a famous member of the group, which lead to the fracture of the Modoc groups. The Modoc had to flee the Stronghold and were in desperate need of water and food. The dissent caused Hooker Jim to surrender and agree to capture Captain Jack in exchange for Amnesty. On June 1, 1873 Captain Jack surrendered after fighting the U.S. Army for 7 months. In Fort Klamath Captain Jack was tried as a war criminal. Captain Jack was translated for and told that he only wanted peace. 6 men were found guilty of breaking laws of war for murder, breaking 7 laws. Throughout the nation sympathizers of Captain Jack asked for clemency. President Grant allowed two men to served prison sentences at Alcatraz Prison. Ca ptain Jack, Boston Charlie, Black Jim, and Schonchin John were sentenced to hang. For months, they were interviewed by reporters and pictures of the condemned were sold. The Fort became a tourist attraction and the execution was highly publicized. The purpose was to make an example of them for other Indians to reflect on. On October 3, 1873, after the hanging, the men were decapitated and sent to Washington D.C. Alfred B. Meacham went on to produce an Indian lecture tour that defended the Modoc that tried to kill him. Meacham was a friend to the Indians and a Humanitarian who wanted to shed a new light onto the plight of the Modoc. Whether famous or infamous the news across the country surrounded Captain Jack and The Modoc War. His impact was felt worldwide as stories reached England and beyond. The chapter in our national history which tells our dealings with the Indian tribes will be one of the darkest and most disgraceful in our annuals. Alfred B. Meacham. Captain Jack was famous across the nation because he and his band of Modocs defied the odds and took on the U.S. Army that outnumbered them and had superior equipment. The resourcefulness of the Modocs and the use of the highly defensible lava flows and caves allowed them to hold out for 7 months. Humanitarians saw the Modocs as fighting for a righteous cause against overpowering opposition. Captain Jack had always opted for peace, and in the trial, he said that he was opposed to murder of the two Peace Commissioners. Because he didnt speak English the translations were thought to be speculative. The Modoc War was so famous that it attracted tourism and memorabilia. It showed the wrongdoings of the settlers and government in the public idea that started a paradigm shift. That perhaps the Indians were not the aggressors, but the victims. BIBILIOGRAPHY RESEARCH LISTS Books Landrum, Francis S. Guardhouse, Gallows, and Graves: The Trial and Execution of Indian Prisoners of the Modoc Indian War by the U.S. Army, 1873. Klamath Falls, Or: Klamath County Museum, 1988. Eyewitness Accounts The Modoc War . TV | OPB. Television, Radio News for Oregon and Southwest Washington . Home | OPB. n.d. http://www.opb.org/television/programs/oregonexperience/segment/the-modoc-war-/. Recent Online Sources Most, Stephen. The Treaty of 1864. Oregon History Project. Last modified 2003. https://oregonhistoryproject.org/narratives/nature-and-history-in-the-klamath-basin/inhabiting-the-land/the-treaty-of-1864/#.WM87DqK1uUk. Kintpuash New World Encyclopedia. Info:Main Page New World Encyclopedia. Last modified May 29, 2013. http://www.newworldencyclopedia.org/entry/Kintpuash. CAPTAIN JACK, Modoc Indian Warrior Battle of Lost River Klamath Reservation. CALIFORNIA INDIAN EDUCATION CALIE Educational Tribal Website of Calif Native American Indians Families Reservation and Urban Communities of North America USA Southern CA. Accessed March 19, 2017. http://www.californiaindianeducation.org/famous_indian_chiefs/captain_jack/. Mark, Stephen. Modoc War. The Oregon Encyclopedia. Accessed March 19, 2017. https://oregonencyclopedia.org/articles/modoc_war/#.WM9teqK1uUk. IMPROVEMENT I tried to write the facts I saw in my own words on the previous discussion. The material was limited even on the Audubon Society website so I didnt have a lot to work with. I tried harder to make sure it wasnt just copy and paste.

Hilton Case study Essay

Problem: From the case, we know Hilton is currently using the marketing penetration by focusing on business travelers. And now the expensive loyalty-program features that are added by Starwood Hotels and Resorts Worldwide Inc. for attracting more business travelers is threatening Hilton by increasing Hilton’s cost or decreasing Hilton’s market shares. Solution: In my opinion, in response to the Starwood’s strategy, the solution for Hilton’s dilemma should be market development which is developing new market from current products or services. Hilton can avoid increasing its cost by showing customers Hilton has more and better benefits. There are several reasons for this solution. Firstly, HHonors Program has been a good service program for Hilton. On the other hand, Starwood’s Preferred Guest announcement was a strategy to their less effective frequent-guest program. As it shown on the case, â€Å"they changed it every few years†. Secondly, it is risky to compete with them by increasing the cost and adding the features Starwood added. It is because the lower cost-effectiveness will hurt the profit of the whole hotel industry eventually. Also, if Hilton can have the same or more amount of business with lower costs compared to other competitors, Hilton earns more profits. The last but not the least, it is important to market and consolidate the Hilton brand nowadays. We need to let customers know how superior Hilton is than other hotels to attract and retain consumers. Implementation: For implementation, Hilton needs to realize its flashpoints and put more marketing efforts on them. Firstly, HHW’s program has a unique practice called Double Dipping which means customers can earn mileage in partner airline and also earn HHonors points. This flashpoint can not only attract customers but also better relationship with corporate clients. Double Dipping melts the conflict of competing with the airline’s program. Hilton can talk to partner airlines by sharing members and create a complemented program with them. Then, Hilton can advertise this program to more airlines by calling them. So Hilton can attract more customers through airlines without increasing advisement costs. Also, Hilton can increase the number and range of partners such as car rental firms and Cookies firms. This action will help customers attain their rewards easily and eventually will help Hilton get more customers. Thirdly, Hilton can franchise to more small hotels with comparable with lower loyalty- program cost than its competitors in order to increase the market share of Midmarket without F&B segment which other big competitors don’t have. After that, Hilton can send an email to their current customers in their computer system by presenting the appreciation for being Hilton customers and introducing Double Dipping and other partners for customers to attain rewards earlier. Also, tell them they can get desirable points by having someone experience Hilton. Guest managers who are responsible for making the best customers feel special and satisfy their needs as perfect as possible can call upper-rank customers by introducing themselves.

Describe the effects of the Blitz in Everyday life in Britain

By 1940, Britain had seen the face of war through the Blitz. Devouring everything, Hitler's Luftwaffe were relentless as they launched raids after merciless raids. Loved ones died, friends suffered, rationing ravaged the lands and there was the constant fear of death at every turn at every corner. No one was safe, not even The Royal family when they moved to Coventry. The reminder of war and a reality that they could not escape haunted the people as some died of severe fatigue. Morale was low, with death possible by a number of means and the quality of life alien to what people were used to, the Blitz was the most effective weapon against the Britons. The era of 1940-41 saw the focus of attacks on London as well as some other cities. Parts of these places were described as being razed. With thousands of homeless strangers wandering for shelter, and with virtually no finance, these houses stayed as rubble. Even people with homes could not stop to wander what they would do when they were without. Homelessness was just one of the problems, death being the other major factor. There could be many possible means of dying. Shrapnel wounds, extreme exhaustion, being buried alive under the rubble the list is endless. Even in their subterranean cellars, people could die of flooding. Throughout the war there wasn't even a bomb shelter designed to take full impact from a bomb. The few places which provided full shelter from the bombing, the underground railways for example, proved too costly for the Brits. The Blitz's ruthless aggression took all and any victims, women and children took large percentages of the death toll. Schools, entertainment facilities and even churches were targeted. The population's moral was low, women feared for their husbands and sons abroad and dreaded for their children on the home front. Children were targeted by the bombing of schools and education, in theory this would prove an excellent tactic for the Germans as the children were the future of Britain, thus with a lack of education the British army would weaken. Furthermore, with entertainment facilities being bombed, morale would dip to its lowest for it was one of the only things which could relieve the Britons minds. Not even churches were safe, the people had no one to turn to. With scarcity of faith and society in an anarchy they did want to be in, one wonders how the people coped with the devastation the Blitz brought. The first attack on Britain by Hitler's Luftwaffe brought the start of a fifty seven day consecutive bombing. Around three hundred German bombers set out to destroy London. The Royal Air Force had a demanding task set against them as they were heavily outnumbered and could not replace the amount of planes falling from the skies. Women on the home front were expected to work overtime without extra pay. The arduous labour they had undergone brought them severe fatigue and when they finished work and went home, if it was still standing, the air raid sirens and blackout would not help them to get any rest. The life of a commoner during the Blitz was no easy one. With friends and family dying abroad as well as on the home front life would have been torment. Huge amounts of stress and pressure would be exerted on those working in factories, urged to work overtime and for little pay. Death could be met at any and every corner, a bomb blast could lead to a number of painful deaths. Rationing was enforced due to the bombing of major ports such as in Portsmouth. As well as the fact that entertainment was also targeted, life was made worse for the Brits as they had nowhere to turn to in order to relieve their pain and sorrow. Life during the Blitz was strenuous due to all these factors, yet probably the worst devastation the Blitz had brought was how the inhabitants could not talk about their problems as it may have revealed positions to spies. One must applaud those who survived the Blitz and all they went through for it is hard to live when there is nothing to live for.