Fifth Element of Game Theory Essay Example for Free

Fifth Element of Game Theory Essay As each of the competing companies watchfully study the moves made by the others in the same industry they all belong to, they sometimes end up deciding to just do the best they can to win the biggest share in the market – without spending more time focusing of the others. This direction, when taken by the industry players, results to the occurrence of â€Å"Nash equilibrium. † (Economics 11th Edition by Richard G. Lipsey Paul N. Courant, UK: HarperCollins College Publishers, 1996) The above graph illustrates the Nash equilibrium and the optimum result that it leads to (Osborne, An Introduction to Game Theory). As opposed to how badly things may end up for the competing players, Nash equilibrium brings in profitable results for everybody. As opposed to getting stuck with the â€Å"prisoner’s dilemma† or the â€Å"pride game†, companies in this scenario have individually opted to stick to the strategies that they believe will work and will hand them the market dominance that will secure their place as the industry leader. Effects of Equilibrium Equilibrium brings balance to the economy – whether long- or short-lived. As a temporary phase that may or may not be maintained, equilibrium occurs when there is no tendency for change in the decisions of the economic entities regarding their products and services, the price and volume that they will supply, and the demand segment that they will target. (Lipsey Courant 510) Equilibrium comes in different forms as prevailing circumstances vary. â€Å"In the macroeconomic goods market, equilibrium occurs when planned aggregate expenditure is equal to aggregate output. † Thus, the volume that the suppliers has made available in the market is the same volume that buyers will actually buy. Meanwhile, equilibrium in the financial markets is attained when the supply of money is equal to the demand for money (Case Fair 67). In this setting, qualified borrowers find that there are loans that they can avail. In the same setting, financial institutions are able to use in their operations the idle cash in their coffers – they issue loans to maximize their income from lending activities. Equilibrium has been thoroughly explored as a concept and has been attributed with all kinds of applications arising from distinct circumstances and conclusions. It is not surprising that there evolved a specialized branch of game theory called â€Å"General Equilibrium Theory† which is widely used in analyzing the public and private sectors of the economy. (David Levine website) Freddie Mac in the Game Theory Freddie Mac never had to ward off many competitors in the industry. As one of the two giants –the other one being Fannie Mae – serving the country’s secondary mortgage market, the gaming area has turned out to be definitely spacious. Indeed, there is the entire USA as the territory to be serviced and there come the banks to take care of dealing with them – then there come Freddie Mac, Fanny Mae and Ginny to pour in the needed financial resources. With Freddie Mac and Fannie Mae issuing or guaranteeing a total of $5. 4 trillion in outstanding mortgage debt, these two companies practically make up the entire mortgage industry. Furthermore, they are equipped with all the needed ammunition for winning: Fannie Mae and Freddie Mac have indisputable strong points. Due to the implied backing of the United States government, they enjoy virtually unlimited access to the capital markets at funding costs that are below market. They pay no local taxes, only national. Each has enjoyed tremendous growth and profitability. As the biggest issuers of mortgage-backed securities and corporate securities in the world, the biggest buyers and hedgers of the securities in the world, and, not least, the source of liquidity for more than 75% of conventional and conforming home mortgages extended in this country, it could be argued that Fannie Mae and Freddie Mac are about as central to the American capital markets as the Treasury Department. (Annaly webstie) (Source: World Socialist website) Indeed, with their coveted roles as providers of a continuing supply of money for the banking institutions engaged in retail lending to the multitudes, Freddie Mac and Fannie Mae own the game. As competitors offering the same products and services, enjoying the same rare privileges and dealing with the same clients, Freddie Mac and Fannie May have consistently been like identical twins – though Fannie May turns out to be decades older than Freddie Mac. With each one of them keen on beating the other, the strategies and packages they resorted to turned out to work for both of them, at least during the booming growth years of the industry. Consistent with the Nash equilibrium concept, a report that came out in the Spring of 2002 showed that fully one-half of 2002’s 1. 2% gain in real GDP growth was brought on by the housing activities across the country. (Annaly website) Freddie Mac and Fannie May have been playing the Nash Equilibrium game. In such a game as theirs, â€Å"players play the best they can given their beliefs, and they have learned all there is to learn about their opponent’s play† (David Levine website). Works Cited Osborne, Martin. An Introduction to Game Theory. Oxford University Press, 2002. Lipsey, Richard Courant, Paul. Economics 11th Edition. New York: HarperCollins College Publishers, 1996. Case, Karl Fair, Ray. Principles of Economics 8th Edition. Prentice Hall, 2007. Levine, David. What is Game Theory? Department of Economic, UCLA. 29 October 2008 http://levine. sscnet. ucla. edu/general/whatis. htm#General%20equilibrium%20theory Annaly. com Website. FAQs on Fannie Mae and Freddie Mac, 29 October 2008 http://www. annaly. com/ie/ffmfaq. html World Socialist Web Site. The Importance of Fannie Mae and Freddie Mac. 29 October 2008 http://www. wsws. org/articles/2008/jul2008/debt-j25. shtml

Karl Marx :: Karl Marx Biography Essays

Karl Marx Karl Marx was the greatest thinker and philosopher of his time. His views on life and the social structure of his time revolutionized the way in which people think. He created an opportunity for the lower class to rise above the aristocrats and failed due to the creation of the middle class. Despite this failure, he was still a great political leader and set the basis of Communism in Russia. His life contributed to the way people think today, and because of him people are more open to suggestion and are quicker to create ideas on political issues. Karl Heinrich Marx was born May 5th, 1818 in Trier. Although he had three other siblings, all sisters, he was the favorite child to his father, Heinrich. His mother, a Dutch Jewess named Henrietta Pressburg, had no interest in Karl's intellectual side during his life. His father was a Jewish lawyer, and before his death in 1838, converted his family to Christianity to preserve his job with the Prussian state. When Heinrich's mother died, he no longer felt he had an obligation to his religion, thus helping him in the decision in turning to Christianity. Karl's childhood was a happy and care-free one. His parents had a good relationship and it help set Karl in the right direction." His ‘splendid natural gifts' awakened in his father the hope that they would one day be used in the service of humanity, whilst his mother declared him to be a child of fortune in whose hands everything would go well. (The story of his life, Mehring, page 2) In high school Karl stood out among the crowd. When asked to write a report on "How to choose a profession" he took a different approach. He took the angle in which most interested him, by saying that there was no way to choose a profession, but because of circumstances one is placed in an occupation. A person with a aristocratic background is more likely to have a higher role in society as apposed to someone from a much poorer background. While at Bonn at the age of eighteen he got engaged to Jenny von Westphalen, daughter of the upperclassmen Ludwig von Westphalen. She was the childhood friend of Marx's oldest sister, Sophie. The engagement was a secret one, meaning they got engaged without asking permission of Jenny's parents. Heinrich Marx was uneasy about this but before long the consent was given.

A Lost Lady – Essay

Set In Sweet Water, In the western plains, where Captain Forrester could comfortably transport â€Å"friends from Omaha or Denver over from the station in his democrat wagon† (5) to his stately home, a story unfolds that pits two worlds against each other–that of an Ideal past and that of the grim present. The narrator assumes the perspective of a third person omniscient, able to provide Insight Into characters' thoughts and motivations, and centers the novel on Marina Forrester and the men who surround her.Yet what seems to Interest Catcher irately in this work is the conflict between two generations of pioneer men in the West and resulting redefinition of manhood during the lamina period between the late 1 9th and early 20th centuries. Largely, Nile Herbert fascination with Marina Forrester and the men whom she attracts drives the novel, for Nile observes Marina through the years–with an interest that mirrors that of Wintergreen in Henry Sesame's Daisy Miller. Despite their age difference (he is 12 years old when he first meets Mrs..Forrester), Nile becomes enthralled with Marina as an image of Victorian mysticism during his youth. She becomes an â€Å"angel of the house,† happily greeting visitors in a disheveled dressing gown, with her hair partially coiffed, or toting baskets of freshly baked cookies to the neighborhood boys playing near the stream on the Forrester grounds. While Nile is still a boy, the Captain assumes the role of a great protector who chooses not to drain his fields for more productive land, but rather magnanimously allows the creek to run through his pasture, because he can afford to and because he admires the beauty of the place.This landscape becomes hemolytic, for when the Captain becomes ill and eventually dies, many changes take place at the homestead. For Catcher, the noble pioneer embodied by the Captain, who appreciates nature and values its beauty, finds replacement in the selfish modern man of Ivy P eters, who sees nature only In terms of resources waiting to be stripped and profits to be made. When Captain Forester's health weakens, Ivy Peters moves onto Forester's land and starts to assume his role as the dominant male In the household, replacing the grand, strong figure of the older railroad man.Ivy makes the session to drain the Forrester' meadowland, Instead planting wheat that will then be harvested and cut down. Catcher writes: â€Å"All the way from Missouri to the mountains this generation of shrewd, young men, trained to petty economies by hard times, would do exactly what Peters had done when he drained the Forrester marsh† (90). Here, Ivy acts as a symbol of a new generation of ruthless â€Å"shrewd young men† who ravage the landscape and strip the feminizes earth of her resources.Yet Ivy will not only dominate the land; the beautiful woman, like the beautiful land, also Decodes a target AT exploration. Marlin Forrester Decodes Immediately Keenan to a bird when Nile returns after being away for two years from the Forrester and the town in which they live. When Nile first greets Marina, he does so by clasping her in his arms while she lay on a hammock, â€Å"like a bird caught in a net† (92).This image of a bird becomes instrumental in Marina's relationship to Ivy; if Marina is the bird, then is the cruel male who will mutilate her and show her his dominance increasingly. That Catcher would use this image of a bird in reference to Marina, after roving her reader with a dramatic scene of cruelty and abuse when Peters uses a tool from a taxidermy kit to slice the eyes of a female woodpecker he has captured in his hands, while calling her â€Å"Miss Female,† stands as something more than coincidence.When the reader examines Ivy's treatment of Mrs.. Forrester, one sees that she becomes more and more dependent on him and therefore must tolerate his disrespectful behavior. â€Å"Poison Ivy† will become the scourge t hat ravages the â€Å"forest† found in Marina Forrest(ere), subtly spreading and taking over her land. A casting image of Marina emerges from the story she tells about how she and Captain Forrester became married.When Marina describes the scene in which she, crippled with two broken legs, is carried out of the ravine by men who took alternate turns in bearing her weight, an image of Captain Forrester holding the broken body of his wife reveals the Captain's comfort in taking care of a dependent woman. Marina's dependence does not threaten the Captain but draws them together. Marina submits to Captain Forrester and trusts that he will take care of her, for he represents the idealized image of masculinity that countered the Victorian â€Å"angel of the house† as the strong, dominant provider.After her husband's death, which leaves her disoriented like the blinded bird, without the Captain to carry her or give her a strong sense of noble masculinity from which to contrast herself, she must redefine her feminine female subject position against a new kind of male. Just as the new, modern male will exploit land and women, so will Marina learn to use her beauty as a commodity, in order to gain financial security within an increasingly commercialism world of men.

Gender Differences in Levels of Stress and Coping Styles...

Abstract The aim of the study was to examine how men and women differed in levels of stress and coping styles. One hundred and seventy-nine first-year Psychology students from Swinburne University completed an online questionnaire. The Depression Anxiety and Stress Scale (Lovibond Lovibond, 1995) and subscales of the Brief COPE (Carver, 1997) together with demographic questions were completed to measure stress and responsive cope. The hypothesis that women would report higher stress levels and use more negative coping than men was supported. Although, no support was indicated for women’s higher use of positive cope. It was concluded women suffer more stress than men and use varied coping strategies. Future research should compare†¦show more content†¦166 married couples were measured on anxiety, hostility and depressive emotions as well as a daily stressors checklist. The data from participants was self-recorded and retrospective. Results indicated that women reported more da ys of high distress with the continuation and onset more likely. The study did not investigate how men and women appraise daily events. Ben-Zur and Zeidner (1996), replicating their own study, tested Matud’s (2004) theory on socialization and role constraint without the limitation of retrospective data. The study compared patterns of coping reactions with coping strategies in 600 adult respondents (228 men and 372 women) during war (stressful circumstance) and after war (daily routine). It was predicted that the socialization hypotheses would see women use more emotion focused responses whereas the role constraint hypotheses would see similar responses. Results indicated that during war, women scored higher than men on 12 out of 15 subscales of coping. Women adopted a higher use of positive problem solving strategies such as active planning, favoured outlook and engaging social support related to family and home. Further, women used a wider range of coping strategies, but suffered higher anxiety than men. Men reported more coping responses such as venting, denial and acceptance of their circumstances, althoug h the war situation was byShow MoreRelatedEssay about 2301 Final Exam Workbook 2 6510 Words   |  27 PagesINTRODUCTION TO PSYCHOLOGY Objective 1.1 Define psychology. Key Terms Psychology- scientific study of behavior and mental processes Exercises 1. Put a check mark by each statement that is true regarding psychology. _√____ Psychologists study human behavior. _√____ Psychologists study animal behavior. _ √___ Psychologists study emotions and mental processes. _____ Psychology and common sense lead to the same conclusions about behavior and mental processes. _____ Psychology is not a scienceRead More2301 Final Exam Workbook Essay6573 Words   |  27 Pagesï » ¿CHAPTER 1: INTRODUCTION TO PSYCHOLOGY Objective 1.1 Define psychology. 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