The Game Theory and Long Run Marginal Cost in Microeconomics Term Paper

The Game Theory and Long Run Marginal Cost in Microeconomics - Term Paper Example The numerical investigation of these circumstances is called game hypothesis and was initially evolved by Von Neumann and Morgenstern in 1944. As the subject creates, it has picked up acknowledgment, especially in business, legislative issues and with the military. In 1994 the Nobel Prize for Economics was granted to Harsanyi, Nash, and Selten for their commitments to Game Theory. The second piece of the paper includes the investigation of the since a long time ago run minimal expense. The since quite a while ago run minor cost bend shows the adjustment in complete expense coming about because of an adjustment underway when all data sources including capital and plant size are variable. This paper examines the various instances of since quite a while ago run cost bend with the classifications of profits to scale. Here we just consider two person’s lose-lose situations. These are games with two players typically called An and B wherein any play of the game the measure of As increase rises to the measure of Bs misfortune (so the entirety of the two players gains is zero). We allude to As addition and Bs misfortune all through the hypothesis yet normally, B can dominate matches so As gain isn't generally positive. Our article is to locate the best procedure for every player. By a best procedure we imply that in the event that A (state) digresses from this methodology then B can adjust Bs system to acquire than if An adhered to the best technique. Unadulterated Strategies: To comprehend the game we as a matter of first importance search for an unadulterated system. This happens when the best technique for every player is to pick a similar alternative for all plays of the game. In the event that there is an unadulterated methodology, A plays iâ and B play j (state), at that point the ijth component (the result to A for each play) is known as a seat point. Blended Strategies and Dominance: If there is no unadulterated technique then we search for a blended methodology which implies every player blends their choices in specific extents. Illuminating the game methods deciding these extents for this situation.

Get Born free essay sample

Flies new CD, Get Born, is fantastic. This Australian band grew up tuning in to exemplary gatherings like The Who and The Beatles, and it is anything but difficult to hear the awesome impact. With their numerous instruments and styles, they bring back an old stone feel that numerous groups have deserted. This CD has the more seasoned AC/DC, Bachman-Turner Overdrive blended in with some more up to date sounds. Last Chance starts like some other tune yet advances with a beat that out of nowhere catches the audience members eye. I was in a split second helped to remember AC/DC. It has the style of an old stone tune and makes certain to turn into a moment top pick. The third melody, Rollover D.J., is splendid. Fly takes the harmony changes of Bachman-Turner Overdrives Takin Care of Business and includes their own unmistakable style. The most remarkable part is the console blasting with the extraordinary sound of an old stone organ. We will compose a custom exposition test on Get Born or on the other hand any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page This CD highlights instruments most groups overlook, including the slide guitar and tambourine, which assist Jet with bringing back that old stone feel. All the tunes put me as a primary concern of the ?s with basic stone sounds and an intriguing blend of instruments. Call me nostalgic, yet this band helps me to remember when rock implied something.

The Best Transfer Essay of 2019 TKG

The Best Transfer Essay of 2019 We’ve written a lot about the creative process as it relates to writing college essays. You have to ask yourself hard-hitting questions, get vulnerable, and show a side of yourself you might not initially feel comfortable broadcasting to a team of admissions counselors. This advice applies to all essays, but there’s an additional task at hand when it comes to writing a transfer essay. Along with all of the above, you must also make a case for yourself as to WHY you want to transfer, and why the school you’re applying to is the only place in the world where you can find what you need. It’s true that you have a lot to prove with a transfer essay, but that doesn’t mean your essay has to sound like a legal argument. This essay hits all of the marks and doesn’t sound like it was written by a lawyer/robot. My favorite transfer essay from 2019 begins with the below: “I’ve loved reading history books for as long as I can remember, and growing up I read them the way most p eople read Harry Potter. When I was in middle school, I was captivated by the history of the Three Kingdoms. A few years later in high school, I became obsessed with the history of the Qing Dynasty. When I got to college I took a class on the history of espionage. I immediately dedicated myself to an independent study, as I wanted to dive into the role of the Chinese Communist intelligence and the Nationalist intelligence during the Second Sino-Japanese War and how that served as a factor that influenced the outcome of the Chinese Civil War. I’ve spent the last four months analyzing this topic and I need access to specific documents to finish my thesis.” The first ~140 words of this essay provide a glimpse, albeit a brief one, into the background story of this student. The first paragraph is short but it sets a scene. Had this essay started with a harsh demand of needing highly specific thesis documents, it would be pretty hard for an admission counselor to warm up to the studen t. Instead, she explains (in as few words as possible, because we’re only working with 650 words here) exactly why she likes what she likes. Our student didn’t randomly decide on a thesis and then decide to transfer just for fun. She grew up loving history, immediately took a class that was related to that interest, and then decided to do an independent study that lead to her thesis topic. Jumping to the middle of the essay:   “I did an independent study at [school], but the professor that oversaw my research was not an expert in my field of interest.”There are two things I love about this sentence and the paragraph that follows. The first thing is that this sentence shows exactly how our student made the best of the resources that she had at her disposal. It’s not enough to say “my major isn’t available, so I’m taking general classes until I get to where I really want to be.” You need to show admission counselors that you’re doing what you can with what you ha ve. Writing about conducting an independent study at a school that lacks expertise in your field of interest is a great way to do that. Secondly, you should never talk negatively about your current school. This sentence explains plainly that the resources are not available, but she doesn’t harp on her school. It’s not dramatic. Plus, no one likes a complainer.What follows this sentence is an incredibly specific list of classes and professors that our student spent hours researching. Reasons for wanting to transfer should be followed with things (extracurricular activities, classes, professors, programs, etc.) that you plan to undertake once you get accepted.   Towards the end of the essay, the focus shifts to things our student is looking for outside of the classroom. It would be easy to get up caught up with purely academic reasons here, but instead, she shows what else she plans to do with her time. “My goal is to attend a school with a strong Chinese history program that sh ares the same deep appreciation of Chinese history and culture as I do.”This is not a throwaway sentence. This sentiment relates back to our student’s genuine love for Chinese history and her Taiwanese roots.   If this sentence was used early in the essay, an admissions counselor might think “well…why?” But when you read the rest of the essay, her appreciation of Chinese culture is made completely clear. All of the classes, professors, and cultural events written about (along with the reason for WHY she’s interested) relate back to both her thesis and background. An important note on reasons for why you want to take certain classes: When you’re looking at a course catalog, there are (hopefully) many classes that sound interesting. Who wouldn’t want to learn about the gross overuse of plastic or the evolution of Jazz music? But we can’t stress enough how important it is to dissect the syllabus and find specific areas of interest to write about. So, it’s not “I w ant to take Macroeconomics because I look Micro last year and it’s the logical next step.” In this essay, our student wrote about reading material, optional class trips, supplemental documents, and even midterm writing prompt to explain why she’s interested. Working on this essay was one of the most rewarding experiences I’ve had because together, we were able to write incredibly detailed and specific essays that resonated deeply with our student. Writing transfer essays can be overwhelming but we were able to find out what’s most important and focus on those aspects with a personal touch.   Want help crafting your essay? Contact us here.

Essay Justifying the War the in Iraq - 1011 Words

Justifying the War the in Iraq Early last year, the latest Gulf War broke out, and, within weeks, British and American leaders claimed that peace would prevail: that the fighting had ended. More than six months after the end of the war, soldiers, and Iraqis, are still dying. What went wrong? Was Bush lying all along, or did he just make a mistake? I think that the answer to this question is obvious: Bush and Blair, or Bliar, as anti-war campaigners call him, have lying to us all along. Before the war, the UN vetoed the war, until such time as there was any proof that Saddam Hussein had weapons of mass destruction. Bush and Blair, however, decided to ignore the clearly superior views of†¦show more content†¦One of Bushs main excuses for the war was that Saddam and broken too many laws. However, it is quite obvious that he was just being greedy, and was doing for the money. Also, the State of Israel has broken just as many UN laws. Has America waged war against them, in support of Palestine? No. In fact, quite the opposite! Britain and America have been freely selling arms to Israel, knowing that they would be used against Palestinians. (Therefore, we in Britain should, no, must boycott Israeli and American goods (Israeli goods have a bar code beginning with 0810).) What has been gained by this war? The answer is nothing. At least, nothing positive: At least twenty thousand Iraqi civilians have been injured, and the Iraqi death toll is estimated to be between eight and ten thousand! The UNs word about permission for a legal war now counts for nothing: having ignored it once, why will Britain and America bother obeying it in the future? And this war has cost billions of dollars. Only a week and a half ago George Bush put forward another six billion dollars! And that is English billions, not American, so that is $6,000,000,000,000! And then, having lied to us, and gone against what, we, the population wanted, Blair invited over his playmate to Britain. But, ofShow MoreRelatedJack Harkness, A Time Traveler847 Words   |  4 Pagesis worth any cost, the ends justifying the means is only true in regards to societal preservation. In the homeschool community, many people I knew where highly critical of Abraham Lincoln and his actions. I have had friends call him a monster, the worst president of the United States, a destroyer of states’ rights and individual freedoms, a dictator, and much worse. They cite excellent references where Lincoln shut down the press or executed people during the civil war, and yes, this did happen. ButRead MoreThe Bombing Of The Islamic Government Of Iran889 Words   |  4 PagesFrom the recent massacres happening in Iraq and Syria, we can gather that Washington has trampled on a path which has been seen as a way to redefine the war in Iraq, an effective scheme to bring the com mand of Assad to its crumbling demises and to recalibrate an inclusive plan to collapse the Islamic Government of Iran. Immediately coinciding with the withdrawal of US forces from Iraq, an organized string of deadly explosions gripped Iraq, leading to the massacre of dozens of civilians. MultipleRead MoreUnited States Involvement in Organized Conspiracy 1184 Words   |  5 PagesUnited States Involvement in Organized Conspiracy Was the war in Iraq a means to improve national security or a conspiracy to seek personal satisfaction? On March 19, 2003 a war was waged under public scrutiny, to destroy the Baathist regime headed by the Iraqi leader, Saddam Hussein. This pivotal point in United States history marked the beginning of public concern about political corruption within our government as a means to convey personal satisfaction. National security became the groundRead MoreGeorge Bush and His War Against Terrorism Essay928 Words   |  4 PagesGeorge Bush and His War Against Terrorism When George W Bush came to the presidential office of America at the beginning of the year 2000, there was already a lot of controversy that surrounded him. He was appointed Governor of Texas in 1995 and as of 7:30pm, December 7, 2000, 152 people have been executed during Bushs office as governor. This makes Texas Governor George W Bush the most-killing Governor, in the history of the United States of America. This list canRead MoreDivine Right of Kings in Oedipus and Modern Society1437 Words   |  6 Pagesthe Press when he stated, I am a war presidentÂ…with war on my mind (Scheer). In October of 2002, President Bush spoke before Congress in an effort to pass the Iraq War Resolution. This bill would grant President Bush absolute power and authority over military actions and war in Iraq. The bill was ratified on October 16, 2002, justifying war under the pretenses that Iraqs WMD supply directly threatened the United States. Shockingly, Bushs proposed Iraq War Resolution passed with very littleRead MoreEssay The Invasion of Iraq was Illegal1703 Words   |  7 Pagesdictatorship warranted war, then we might also need to invade Zaire, Zimbabwe, Syria, Libya, China, and a host of other countries† (Babka) . This is a common argument that has been brought up by others who believe the invasion of Iraq was illegal. However, the failed diplomatic policies of the United States are what led to the failed invasion of Iraq. George W. Bush sent an invasion to Iraq with only Congress approving his â€Å"Authorization for Use of Military Force Against Iraq Resolution of 2002†.Read MoreA Brief Look at the Persian Gulf War1479 Words   |  6 PagesPersian Gulf War, also called Gulf War, (1990–91), international conflict that was triggered by Iraq’s invasion of Kuwait on August 2, 1990. Iraq’s leader, Saddam Hussein, ordered the invasion and occupation of Kuwait with the apparent aim of acquiring that nation’s large oil reserves, canceling a large debt Iraq owed Kuwait, and expanding Iraqi power in the region1. The Iraqi leader Saddam Hussein claimed as a reason for the invasion a territorial dispute over the Shatt al-Arab, the waterway whichRead MoreEssay on Just War Doctrine And The Gulf Conflict1275 Words   |  6 Pages Just War Doctrine and the Gulf Conflict nbsp;nbsp;nbsp;nbsp;nbsp;In evaluating US involvement in the Iraq conflict in terms of the Just War Doctrine - jus ad bellum and jus in bello - it is my opinion that the US adhered to the Doctrine in its entirety. The US acted justly both in its entering into the Gulf conflict (jus ad bellum) and in its conduct while in the conflict (jus in bello). To support this opinion I will individually address the co parts that constitute the Just War DoctrineRead MoreTypes Of Enemy Labelling Is An Appropriate Way Of Analysing Its Arguments1232 Words   |  5 PagesWhile Aday’s analysis is well-researched, it can be argued that the importance of the variable ‘enemy labelling’ has been overstated. From Tables 5 and 6, the coverage on NBC shows the enemy in Iraq to be called â€Å"insurgents† whereas they are â€Å"terrorists† at FNC. In Afghanistan, at NBC, they are labelled â€Å"Taliban† or â€Å"Taliban and al Qaeda† differing to FNC’s use of â€Å"terrorist† or â€Å"jihadist†. While the differences in the terms used to describe the enemy is interesting to note, this does not furtherRead More The Effects of Reagan and Bush’s Policies in El Essay1696 Words   |  7 PagesThe Effects of Reagan and Bush’s Policies in El Salvador and Iraq United States foreign policy, since the Cold War, has been driven by ideology: good versus evil, capitalism versus communism, and democracy versus totalitarianism. America’s foreign policy objective from 1945 to 1991 was to contain communism, prompting Cold War calculus – the enemy of your enemy is your friend. The United States, following Cold War calculus, allied with unscrupulous leaders opposed to communism,

Death Penalty Should Not Be Legal - 1285 Words

Death Penalty, Constitutional or Not Imagine a family member of yours was unjustly framed with something he didn’t commit and he is sentenced to death penalty, how would you feel? Death sentence has been thrown back and forth with the argument that it is or it is not an acceptable way of punishing. Offenders are doing what they know best, breaking the law, but the government instead of fixing the problem by doing something better, the make it worse by taking another life from society, which can be considered a â€Å"crime†. The death penalty is currently being used by thirty-four out of the fifty in the United States. Death penalty often establishes the question, â€Å"Does the government have the right to take away someone’s life?† When death penalty claim another life, the people that get affected are the families of the ones being charged. Death penalty does not bring justice in this world, instead it takes the life of another human being, innocent or n ot. Death penalty should not exist because it is unconstitutional and affects the families of the person being charged with a certain case. Death sentence didn’t just come out of the blue, it had to come from somewhere and what inspired its creation The death penalty was established in the Eighteenth century, when Captain George Kendall became the first person to be executed in 1608. The death penalty dated back to when King Hammurabi existed as stated here. http://www.deathpenaltyinfo.org stated, â€Å"The first establishedShow MoreRelatedThe Death Penalty Should Not Be Legal1261 Words   |  6 PagesThe Death Penalty Should Not Be Legal The death penalty should not be legal because of two major reasonings. These reasons are, the death penalty takes the lives of many innocent people, and it also costs too much. The death penalty should not be legal because innocent people are wrongly convicted and killed. According to the Death Penalty Information Center, it puts innocent lives at risk. At least 4.1% of all defendants sentenced to death in the United States in the modern era are innocent (DeathRead MoreThe Death Penalty Should Be Legal1457 Words   |  6 PagesThe death penalty can be traced all the way to biblical times when people were executed for many reasons such as: for not believing in their god(s), choosing to interact in sexual conduct while unmarried, stealing, murder, etc. The methods of execution back in those times were to either: stone, hang, slay, crucify, and burn not only the offender who committed the crime, but if he or she had a family, the entire family was executed with them as a warning to the people of their tribe or city to notRead MoreShould The Death Penalty Be Legal?985 Words   |  4 PagesBen Goble Mr. Newman English Comp. November 4, 2015 Should the Death Penalty be Legal? The death penalty, also called capital punishment, has been a topic of debate among the public for many years, gaining very little ground in changing the legality of it one way or the other. The topic is very controversial because many people feel that it is wrong to take the life of another person. On the other hand a very comparable number of people push for the legality of capital punishment for condemningRead MoreThe Death Penalty Should Not Be Legal1004 Words   |  5 Pagesabolish death penalty† (Bosman). In thirty-one states, federal government and military legal system, the death penalty is lawful. Even the Supreme Court has been changed direction of capital punishment. One day, it could be a legal and illegal by the Supreme Court. Most of European countries ban the death penalty except Belarus that if a criminal involve international terrorism, murdered, inhumane crime and the criminal receives death penalty. Nowadays, banned the death penalty becomeRead MoreDeath Penalty Should Be Legal943 Words   |  4 PagesDo you think that death penalty will give justice for the innocent lives? The death penalty continues to be an issue of controversy in the whole world because people have different beliefs for giving justice to the innocents. For some people, they want it legal because death penalty will give justice for the innocent victims and a form of vengeance to the criminals. On the flipside, other people don’t agree with it because a lot of innocents are putting into death. These people believe that it isRead MoreThe Death Penalty Should Not Be Legal1573 Words   |  7 PagesThere are many legal issues that come along with the death penalty. Ratified on December 15, 1791, The United States Bill of Rights states in its eight amendment, â€Å"Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.† (8th Amendment to the Constitutio n). The Supreme Court stated during the 1958 case of Trop v. Dulles, that the 8th amendment must draw its meaning from the evolving standards of decency that mark the progress of a maturingRead MoreThe Death Penalty Should Be Legal1555 Words   |  7 Pageshave on a person? The death penalty, or capital punishment, is one of the most debated topics in America. It has been used for centuries, but many claim it to be barbaric, and want the practice to end all together. The death penalty should only be used in cases where there is absolute evidence that the criminal is guilty, because life in prison can be an alternative, there are many flaws in the justice system, and it can be a cruel and unusual punishment. The death penalty is legal in 32 states, theRead MoreThe Death Penalty Should Be Legal1554 Words   |  7 Pagesreceive the death penalty. Some say it is what they deserve, while others say that it is a â€Å"cruel and unusual†punishment. States, such as New Jersey, have already banned the penalty, but some states are still pending on whether to have the penalty or to follow New Jersey’s path . If you were to go and ask people why they are against the death penalty, they would say it is because it goes against morality, constitutionality, and the irrevocable mistakes of putting the wrong person to death. WhenRead MoreThe Death Penalty Should Not Be Legal1553 Words   |  7 Pagescalled problems with our system of justice is the death penalty. Capital punishment in this country seems to have its pros and cons. There are more issues and complications with being sentenced to death, while the positives are minuscule. The death penalty should not be allowed in the United States, and there are many reasons for this argument. The death penalty has caused controversy in the country since it became popular. 31 states use the death penalty and is also used by the military. Its use isRead MoreThe Death Penalty Should Be Legal Essay2884 Words   |  12 Pagesis the death penalty - should it be legalized across the 50 states or be declared unconstitutional? Some believe the death penalty is a better option for those who deserve the highest form of punishment available. However, others argue capital punishment is a waste of resources and should be brought to an end. Therefore, while many believe the death penalty should be legalized throughout the United States because it offers a higher form of punishment, others believe the death penalty should be repealed

News Coverage And The Media Essay - 1802 Words

News coverage has changed dramatically throughout the years. The advancement of technology has helped the media advance by giving individuals a superior point of view of how the world is seen today and making traditional journalism less important. In addition, the expanding presence, speed and accessibility of advanced technology; phones, computers and other media such as apps, has allowed citizen journalists to report on breaking news not only to a bigger worldwide, but also more rapidly than conventional news correspondents. Many believe this type of news scope is essential to news coverage today; citizens’ being relatable, unlimited and accessible to capture pictures and footage of overall news as it breaks. However, have citizen journalists improved or compromised news coverage? Professional and citizen news coverage are both important to ensure the public gets the information that they need. Since news coverage has turned into a critical wellspring of gathering informatio n, the advantages and the disadvantages of citizen and traditional journalism and how they complement each others will be presented. There are both advantages and disadvantages of citizens providing news coverage. At first, here are a few disadvantages of this kind of news. For example, it poses difficulties to the audience about what to believe. Therefore, it will be difficult for individuals to choose what to accept, unlike traditional journalism, where it is safe to expect the information dispersedShow MoreRelatedNews Media and the Coverage of Darfur765 Words   |  3 Pagesï » ¿ News Media and the Coverage of Darfur Our news media is as celebrity-obsessed as the rest of the nation. And why shouldnt it be? The articles and television news coverage of celebrities is going to sell a lot more magazines and draw in a lot more viewers than something depressing and/or hard to understand like a genocide. Lets face it, when people come home from a long, hard day at work, they want to be entertained, not forced to think of the bad things happening in the world. Plus, thanksRead MoreSocial Media And International News Coverage1520 Words   |  7 Pagesaffect the world’s response to the attack? The following will investigate two attacks that occurred in two very different parts of the world at relatively the same time and the reasons for the disparity in their attention on social media and international news coverage. The 2015 Baga Massacre occurred January 3-7 in the Nigerian town of Baga. The series of mass killings was committed by Boko Haram, a Salafi jihadist group. Boko Haram raided the regional Multinational Joint Task Force base, then turnedRead MoreThe Issue of Media and Responsible News Coverage878 Words   |  3 PagesOctober 14, 2013 Introduction The topic I chose to explore more in depth with is the issue of media and the ethics behind responsible news coverage. I wanted to examine the guidelines of media reporting as well as if proper aspects of responsibility, morality, and privacy is taking place when the news instantly reports on different public issues, crimes, and incidents around the country. For example, your child is at school when a gunman invades and openly shoots many other children and teachersRead MoreInternational News Coverage On Indian English Print Media Dailies Essay2485 Words   |  10 PagesInternational News Coverage in Indian English Print Media Dailies A Qualitative Content Analysis of The Times of India, The Hindu and The Indian Express Introduction India is home to one of the largest, most diverse print media sectors in the world. With a whopping 82237 newspapers registered as of 2012, out of which a staggering 11,478 are in English, the Indian media seems to be thriving and feeding an incredible number of people information every single day. Despite these overwhelminglyRead More‘News’ is media coverage of an event that occurs somewhere in the world and Communication experts600 Words   |  3 Pages‘News’ is media coverage of an event that occurs somewhere in the world and Communication experts have studied the criteria they believe to affect the integration of internal national events into local news. There is constantly something happening to someone in the world at any given second, so what criteria qualify an event as news (Galtung and Ruge 65, 2009)? Johan Galtung and Mari Holmboe Ruge claim that events are understood culturally and by what will grasp the audience’s attention. They theorizeRead MorePower Of The Fourth Estate : How Does New Media Coverage On Polarized Criminal Justice?2420 Words   |  10 Pages Power of the Fourth Estate: How does new media coverage on polarized criminal justice cases influence case verdicts, public opinion and policy in the United States? The disbursement of accurate information is vital for the sustenance of a healthy democracy. It ensures that its citizens are equipped to make responsible, informed decisions pertaining to matters that affect their daily lives. In the United States, the media is referred to as the fourth estate or fourth branch of government (alongsideRead MoreWho Takes Advantage Of Media Coverage?1379 Words   |  6 Pages Who takes Advantage of Media Coverage? Tyasia Senega American River College Media Research Projects Professor Wilbur Johnson November 25th, 2015 â€Æ' Abstract Media coverage over the years has expanded quickly with the help of new age technology, forcing today’s society on total reliance of media coverage. With the news in the palm of our hands, we are constantly being updated on worldwide dilemmas every second, but who takes advantage of coverage? Using coverage for the downfall of others orRead MoreMedia Managing Research Paper Overview 1203 Words   |  5 Pagesassume that a firm’s media coverage is an exogenous result of actual news about the firm. In this paper I show that firms actively manage the quantity of media coverage they receive, increasing coverage of good news and decreasing coverage of bad news. Firms do this media managing by including â€Å"media experts† on their board of directors. That is, coverage in the news media is, in part, a choice that firms make. Here is an example that describes the expectations of firms from media experts I considerRead MoreMedia Should Be After A Disaster878 Words à ‚  |  4 Pagesbroadcast of entertainment shows, such　as TV variety shows, and then they had only the news about the Great East Japan Earthquake for a while. It happened not only after the disaster but also, after the 9/11 attacks; after a disaster, the media tends to have extensive coverage that is focus on almost just a disaster. (Houston, Pfefferbaum, Reyes, 2008) I have recognized how grin the disaster was, but the extensive coverage was so disgusting for me, and it made the feeling â€Å"Let me leave from TV, I do notRead MoreRisk And Politics Of Disaster Coverage1263 Words   |  6 PagesAnalysis of â€Å"Risk and Politics of Disaster Coverage in Haiti and Katrina† Introduction and Purpose of the Study The article, â€Å"Risk and Politics of Disaster Coverage in Haiti and Katrina,† by Jennifer Petersen of the University of Virginia, which appeared in the journal Communication, Culture Critique in 2014, provides a comparison and contrast of the media coverage of Hurricane Katrina (2005), which devastated the U.S. Gulf Coast and was the costliest natural disaster in the nation’s history

Historical Cost Accounting and Systemic Risk

Question: Discuss about the Historical Cost Accounting and Systemic Risk. Answer: Introduction: According to Jack (2015), the economic and the accounting definition of fair value states, that the fair value is any value estimated at market price, expected to be received from the selling of an asset or to be transferred as a liability in a particular point of time. The concept is not new in nature it was primarily developed to overcome the deficiencies in the historical cost accounting technique. The system was aimed to present the assets and the liabilities based on current market price in the financial reporting rather than exhibiting them as an item of acquisition cost. This method was particularly used to maintain and disclose the financial statements based on the fair valuation of assets and liabilities (Nber.org., 2016). The method was particularly useful for countering the negative effects of inflation and changes in the value of currencies over the years. This was particularly evident during the global financial crisis in the year 2008. In the traditional financial reporting method, the fair value was not possible to be determined. For example if the company has purchased 2 acres of land for an amount of AUD 75,000 15 years back. The different company has purchased another 2 acre of land situated beside the earlier land but for an amount of AUD 100000. In case the company where following historical costing method the first company is observed to show a less amount of asset than the latter although both the lands have same amount of area and located at the same place. In order to address this type of issues fair value accounting method was introduced and this was particularly evident to tackle debacles during the global financial crisis (GCF) (Magnan et al., 2015). According to Greenberg et al., (2013), the global financial crisis has identified that fair value accounting has lost its necessary benefits as the prices of the active markets they are not available. This situation had made a complex vision making procedure for the companies in the assessment of fair values and hence modifications where implemented to make changes in the implemented details. Although it was observed that fair value accounting did not had any negative implications on GCF and it further provided the investors with an opportunity to know about the subprime positions office company. The fair value accounting system has a positive impact on BHP Billiton as over the years the company has been able to gain more confidence of the shareholders by presenting this particular disclosure in areas related to remuneration and financial derivatives. Although the negative impact has been seen by realizing a loss of USD 107 million through fair value accounting, which was unrealized, the previous years financial statements of the company (AASB, 2013). It was also observed that during the global financial crisis the SME and the banking sector did not suffer for writing of its assets or undervaluation of the same. It was further observed that banks, which were exercising a higher discretion in ascertaining the fair values, were also involved in presenting overvalued assets (Aasb.gov.au, 2016). Discussion For showing the importance of fair value, treatment the chosen company is BHP Billiton Limited. This particular business is observed to have a high amount of noncurrent assets and as per the sedation given by IFR is this type of business needs to revalue its asset on regular basis. As per international financial reporting standards the involvement of the risk of impairment losses, possibility of gain by devaluation and capital assets plays a vital role in mining industry. Hence, for a fair demonstration of the financial statements the evaluation or impairment of the assets should be shown wherever necessary. It is also important to understand that the concept of fair value accounting stands on it three tier hierarchy. The first tier shows the most accurate measurement related to the fair values in the active market (Beisland Frestad, 2013). The second tire is categorized based on those assets where the distinguishable prices are unutilized or the active markets are absent. The third tire is categorized as the assets where there is absence of significant amount of input and it is done using the internal anticipation method and internal models of the evaluation process (Bischof et al., 2013). The principle of fair value treatment highlights on the importance of measurement process and time required to evaluate the assets and liabilities of a particular company at a fair price. Particular standard is essential for segregating measurement process of equities, assets and liabilities. In a mining company like BHP Billiton, it is also useful for providing guidance for different types of non-financial assets such as equipments, machinery and vehicles used for transportation of the coal. Some of the pros of fair value accounting, with relevance to mining industry such as BHP Billiton Limited includes addressing of noticeable up for it or downward activity in the market value of the competitors. Fair value is helpful in determining the proper price of the items during inflation arising from the estimated prices of the future products. It is also helpful when there is a major change in the foreign exchange rates and manufacturing costs of the raw materials. With relevance to minin g industry, fair value treatment is particularly useful for determining the highly valuable capital projects and in developing of existing acquisition and construction of the mines. This particular method is used to determine that diminution in the volume of minerals of the reserves in the coal mines. This is particularly helpful when there are significant alterations in the interest rates and changes in the government policies, social changes and various types of environmental laws (Christensen Nikolaev, 2013). The cons of fair value accounting, is often seen with managers who use this method for personal benefit. In several cases it has been observed that managers select market prices for the items which can show the forms profitability higher than actual. The various cases the fair value of expenses related to the assets are often ignored or not considered. This makes the asset look more profitable which is actually untrue. With respect to mining company such as BHP Billiton, the stocks and investments are dynamic in nature and fluctuate rapidly in a short period. In such a situation the fair value computation becomes complex in nature and accuracy is not ensured. Due to this problem, the company often ends up exhibiting higher value asset in a particular instance and in the next moment, this leads to financial loss. The annual report of BHP Billiton Limited mainly states the treatment of fair value accounting in the changes in the derivatives of the company. The annual report also states that a desirable knowledge of both intrinsic values and technical requirements of the individual customers is reflected through the fair value of its products. The annual report of BHP Billiton clearly states that the remuneration provided by the company produces 41% of the face value from the fair value amount. This is a significant point to be considered as an importance of fair value disclosure of the company. The fair value adjustment and disclosure done by individual committees and assess the known as Kepler Associates (Lee Park, 2013). The annual report of the company clearly states that the fair value treatment is shown in the long-term incentive scheme. The long-term incentive scheme computation of fair value is done based on multiplication of its value of the award with the fair value factor of 41% as per the present design of the plan. The company further disclosed that the property plant and equipment has been recorded as the cost of contracted from the activated depreciation and the impairment charges. This particular cost is the fair value of the acquired asset at the time of acquisition and consideration and the company further states that this includes the direct cost of procuring the asset to the location and considering the future cost of closure of the same. The company has further declared that bill and the intangible assets have been also computed based on fair value accounting method (Bhpbilliton.com, 2016). The interactive corporate report of the company states that the fair value is not responsible for considering the forfeiture of conditions over the awards. The company's corporate report further suggested that it incurred a loss of USD 107 through fair value disclosure, which was unrecognized in the financial statement of 2013 and 2014. With relevance to the previously discussed levels of categorization of change and treatment of asset, BHP Billiton Limited is positioned at third tier of the hierarchy (Bhpbilliton.com, 2016). Conclusion The discussions mentioned in the report states the importance of exhibiting fair value in the financial statements of any organization. It has been further stated that surgical accounting method was not sufficient to adhere to the needs of financial reporting and hence fair value method was introduced. The various controversies and the arguments related to this method was addressed over the time by collaboration of Australian accounting standards Board with IASB, which resolved several issues pertaining to fair value accounting during the global financial crisis. The new standard of fair value accounting has provided the accountants report the financial items more accurately and present the statements with more uniformity. Reference List AASB, C.A.S., 2013. Fair Value Measurement Aasb.gov.au.(2016).Retrieved13September2016,fromhttps://www.aasb.gov.au/admin/file/content105/c9/AASB13_08-15.pdf Beisland, L. A., Frestad, D. (2013). How fair-value accounting can influence firm hedging. Review of Derivatives Research, 16(2), 193-217. 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