Manipulates History Essay

Richard III Manipulates the Court of York in the same way that Shakespeare Manipulates History. Discuss the links between the playwright and protagonist.  Richard may be portrayed as an evil, vile, lying murderer but he actually has many aspects in common with the man who shaped him into this revolting state of mind, Shakespeare himself. Shakespeare’s Richard III is one of the only written documents we have describing this misapprehended king and Shakespeare was born many years after his death so he had no possible way of knowing what happened first hand. All evidence points to Shakespeare’s ideas being total fiction just as the Richard he describes lies and slanders to the courts. When we first meet Richard he instantly begins a soliloquy to the audience who are captivated with resentment for him as they are the people included in his plots and plans and are powerless to impede them. Right from the start he establishes himself as a synonym for evil. He portrays to the audience about his physical deformity with pleasure, which we later see is a metaphor for his psychological state of mind. Being ‘Cheated of feature by dissembling nature’ (Act I Scene 1 line 19) he uses it to mask his evil and rationalize his becoming a villain. He feigns upset and disappointment that people hate him solely because of his malformation and routinely feel sympathy for him.  Ã¢â‚¬ËœBecause I cannot flatter and look fair,  Smile in men’s faces smooth, deceive and cog  Ã¢â‚¬ ¦I must be held a rancorous enemy.’  (Act I Scene 3 Lines 43-50)  This of course is an example of dramatic irony as the audience and Richard both know that he really should be held a rancorous enemy and he does ‘flatter, smile smooth, deceive and cog’ for example when he woos Anne in almost impossible circumstances. He validates his impiety by telling the audience of his boredom with life. He states ‘I †¦ have no delight to pass away the time’ (Act I Scene 1 line 25) as he cannot ‘caper nimbly in a lady’s chamber’ (Line 12). Now the war is over there is nothing he is good at so he resorts to the only other thing he has left: using his aptitude to cause others misery. To him it is merely exciting to nearly get caught. He wants to be king but not for the joy of being king but for the suspense of getting there. All he really wishes to do is make his tedious life more interesting as really he has no need to be higher than he is at the beginning as the Duke of Gloucester is a very high position with nearly as much money as the king would have had as he was his brother. In any case he was definitely well off where he was.  Shakespeare was living under the reign of Elizabeth I and as would often write plays for royalty, he created one for her. Writing a play would definitely impress Elizabeth and get him into her good books, he would certainly have gotten a large sum of money for it if she liked it. This was the time of the Tudor dynasty the foundation of which was when Richard III was killed and Richmond became king. By writing this play Shakespeare set out to diminish the fact that this had undermined the Divine Right of Kings. If he had portrayed Richard as a good man then Richmond could have been said to be wrong and evil for killing a righteous man and his claim to the throne devalued along with Elizabeth I as they were related. Shakespeare would have most likely been killed for suggesting this, but by making Richmond seem virtuous benevolent and respectable he was also flattering the Queen. Through the course of the play Richard doesn’t ever think twice about quickly disposing of enemies in his way. He cleverly lets them seal their own fate with one word. When Hastings was no longer any use to him he first used Buckingham to stir things up and push him onto thin ice. Then Richard comes onstage in an angry mood talking of witchcraft and as soon as Hastings says ‘If they have done this, my noble lord- ‘ (Act III Scene 4 Line 72) Richard immediately and tactfully picks up the word ‘if’. It is what he has been waiting for and clamours ‘Talk’st thou to me of ifs? Thou art a traitor. Off with his head!’ (Lines 74-75) He has skilfully sealed Hastings fate with one word. He also uses the fact that the two princes are illegitimate as an excuse to murder them, telling Buckingham ‘I wish the bastards dead’ (Act IV Scene 2 Line 19) But he has the common sense not to make a public matter and hires a private assassinator to do the butchery.  From the very beginning when Richard successfully woos Anne he reveals to the audience that he does not truly care about her at all and will unhesitatingly get rid of her as soon as she begins to get in his way. He says ‘I’ll have her, but I will not keep her long’ (Act I Scene 2 Line 233) and as soon Richard sees that the best way to the throne is to marry his niece he quickly disposes of Anne with little thought telling Catesby to ‘Rumour it abroad that Anne my wife is very grievous sick’ (Act IV Scene 2 Line 52) and ‘Give out that Anne my queen is sick and like to die’ (Line 58). With this rumour spread Richard can easily kill Anne off without raising suspicion as everybody is expecting her to die. The play begins unusually with Richard himself giving a soliloquy. In it he brags to the audience about the ‘plots [I have] laid, inductions dangerous †¦ Clarence and the king in deadly hate’ (Act I Scene 1 Lines 34-35). He cycles through his strategies with the audience saying ‘†G† of Edward’s heirs the murderer shall be’ (Line 41) is a rumour he has spread. This is also moderately dangerous for Richard to say as he is the duke of Gloucester. But Richard is just playing with fire and finds the slight danger amusing as it makes his life more interesting and exciting. When Clarence arrives with the prison guard he immediately transforms to a caring, loving brother but subtly plays on words saying ‘I will perform it to enfranchise you’ (Line 110) which means to Clarence that Richard will do anything to free him but the audience and Richard both know that he will do anything to free Clarence from life. This is the same case later when he tells Clarence ‘Your imprisonment shall not be long’ (Line 114) as the audience also knows that this is because he will be dead soon. As soon as Clarence is out of earshot, Richard mutates back into his true identity stating ‘Clarence hath not another day to live’ (Line 151). He is proud of his management of Clarence but tells himself and the audience ‘Clarence still breathes, Edward still reigns, when they are gone, then must I count my gains’ (Lines 162-163). His plan is not complete yet. Richard’s plan is rushed somewhat when there is news that the king is on his deathbed. He wants Edward to die but not before he has signed Clarence’s death warrant and so goes to Edward ‘To urge his hatred more to Clarence’ (Line 148). He is ‘Deformed, unfinished, sent before [my] time’ (Act I Scene 1 Line 20) and may kill anyone anytime, but is not just pure evil. He is also an extremely intelligent character, with his quick thinking and clever use of words, who could possibly have been a great king if he would use his vast intellect for good, which is mainly why the play is not only a history but also a tragedy, as we know Richard could make something of himself.  The court of York is already very unstable, the king is ill, the heir to the throne is a child and his protector is Richard, ‘A man that loves not me nor none of you’ (Act I Scene 3 Line 13) and Richard uses this to his advantage. When Elizabeth threatens to g to the king about Richard he immediately comes out with all the crimes she had committed against the king.

Horses Anatomy Essay

The respiratory system of the horse is well adapted to athletic exercise, with unrestricted upper airway diameters, and a large lung capacity afforded by 18 ribs. These combine to enable air intakes of up to 1800 litres per minute in a galloping horse. Volumes of up to 300 litres of blood are pumped at high pressure through small lung capillaries surrounding 10 million air sacs to take up and deliver over 70 litres of oxygen per minute to the working muscles at the gallop. As a result, any restriction in upper airway diameter, obstruction of the airways, diseases or stress related conditions that reduce efficiency of oxygen uptake from the air sacs, can have a great influence on athletic capacity. The large lung surface and high blood flow rates also provide the additional function of heat loss during and after exercise, with up to 20% of the muscle heat generated during exercise being exchanged across the lung surface to supplement sweating and other skin surface heat loss mechanisms. The respiratory system is continually challenged by a large amount of foreign material, including viruses, bacteria and fungi inhaled in air from track and arena surfaces during exercise, or from dusty bedding, feed and stable environments. The horses circulatory system is a very large and complex system made up of veins and arteries. The blood is the pumped under enormous pressure from the heart along the arteries which have thick muscular walls to deal with the pressure. It oxygenates the body and the internal organs The circulatory system is based upon the heart – a hollow, muscular organ in the chest cavity. It pumps the blood around the body and is divided into four separate compartments . Blood from the right ventricle goes to the lungs to be oxygenated and then is returned to the left ventricle. Blood from the left ventricle is pumped all through the body in arteries. Arteries repeatedly branch and diminish in size until they become microscopic capillaries. Capillaries permit necessary interchange between blood and tissue. They eventually join up to produce veins, which convey blood to the right atrium and from there to the right ventricle. A horse of average size has approximately 50 pints (28 litres) which circulate through his system every 40 seconds. Excretory system Depending on size, age, and productive status (work, sport, pleasure, breeding, pregnancy, lactation, retirement), a horse will digest about 60% of most feedstuffs. Feed that is 60% digestible indicates that if a horse is fed 25 pounds of dry feed, 15 will be digested and 10 pounds will be excreted as manure (feces). This will vary by feed. Feeds that are higher in fiber such as hays and grasses have a lower digestibility. Conversely, concentrate feeds that contain grains such as corn, oats, and/or barley, usually have a higher efficiency of digestion and less fecal excretion. Nitrogen (N) is a major component of protein. Horses need protein for maintenance, growth, reproduction, lactation, and work. Phosphorus (P) is a macromineral needed for maintenance, growth, and other physiologic functions. Water is also essential for bodily functions. Water is lost from the body primarily in the excretion of feces and urine, sweat, evaporation from the lungs and skin, and in the case of lactation, from milk. It also affects the consistency of manure. All nutrients that are digested (absorbed) are metabolized in the horse’s body. Some of these, especially nitrogen in proteins, are excreted in the urine. After being digested and metabolized in the body, waste nitrogen is converted to urea in the liver and excreted in the urine. Additional  undigested nitrogen is excreted in the feces. Overfeeding protein will increase the excretion of nitrogen. Overfeeding phosphorus will increase the excretion of phosphorous, most of which is excreted in the feces. Horses should be fed a diet that is digestible and formulated to meet nutritional requirements, while avoiding excesses. Overfeeding can result in higher levels of nitrogen and phosphorus in the manure. Horse farmers should feed horses according to their nutritional needs. Specific recommendations for nitrogen (protein) and phosphores.

A Sociological View of Rastafarianism

A Sociological View of Rastafarianism Essay Organized religion is a duality between the religion and the church which represents it. Sometimes the representation of the religion is marred and flawed to those who view it because of the bureaucracy contained within. Unknown to those who gaze upon the dissolved morals and values of what is perceived to be the contradiction known as modern religion, it was never intended to be this way. Most religions started off as a sect, a minor detail on the fringes of the society it never wanted to represent. Rastfarianism is such a sect. The differences between Rastafarianism and a normal mainstream religion are numberless, including: no set membership, no authoritative leader, no offices of authority, no trained clergy and no involvement with the world as a whole. Rastafarianism is based upon an underrepresented minority which needed hope in the face in utter demise. According to Max Weber, religion emerges to satisfy a social need. In treating suffering as a symptom of odiousness in the ey es of gods and as a sign of secret guilt, religion has psychologically met a very general need (Weber 271). Rastafarianism emerges in the slums of Kingston, Jamaica in the 1930s to meet the needs of the poor, unskilled black Jamaicans who needed a hope. The social situation which was emerging in the 1930s which called for this need was as follows. Jamaica was a commonwealth of the British Empire. It had recently, around 1884, received a write in clause to their constitution which stipulated if the new government did not succeed and the economic life of Jamaica were to suffer because of it, the political constitution would be amended or abolished to meet new conditions. Black Jamaicans had a taste for power in their mouths and in 1938, this erupted in labor riots and violence. This act did nothing for their cause. It would still be 30 years until Jamaica received its independence. Blacks in Jamaica were the victims of social stratification which left them at the bottom rung of the la dder. They had menial jobs such as field worker or an attendant at the sugar plant, if they had jobs at all. The blacks were suffering as a people and as an organized group. Ethopianism had been introduced to Jamaica in 1784 by George Liele, by adding it to the name of his Baptist church, hoping to graft itself onto the African religion of Jamaican slaves. But the movement to embody the Ethiopian ideology par excellence was the Back to Africa movement of Marcus Garvey (Barret 76). He saw African civilization as anterior to all others and used bible verses which were easily interpretable to portray Africans as the chosen people mentioned in the bible, as in Psalm 68: Princes shall come out if Egypt and Ethiopia shall stretch forth his hands onto God (Barret 78). Garveys persistence culminated in the crowning of Ras Tafari as Negus of Ethiopia. He took the name Haile Selassie and added King of Kings and the Lion in the Tribe of Judah, placing himself in the legendary line of King Solo man, and therefore, in the same line as Jesus Christ of Roman Catholicism. Out of this came Rastafarianism which took over Jamaica at a time when it was in a low tide economically and socially. Socially, people experienced the brunt of the Depression as well as disaster due to a devastating hurricane. Politically, colonialism gripped the country and the future of the masses looked hopeless. Any doctrine which that promised a better hope and a better day was ripe for hearing (Barret 84). Weber analyzed conditions such as these as a theodicy of suffering. One can explain suffering and injustice by refrying to individual sin committed in former life, to the guilt of ancestors . . . to the wickedness of all people. As compensatory promised one can refer to hopes of the individual for a better life in the future of this world or to the for the successors, or to a better life in the hereafter (Weber 275). In other words, those who are disadvantaged in a situation (the poor, hopeless, black Jamaicans) will be rewarded. The poor people have a decided advantage in the Rastas view, since they are forced to look into themselves and confront the basic reality of human existence and only there can God be found (Owens 173) Their negative situation will be turned into a positive one (transvaluation) because they are the truly righteous, or so they believed. Rastafarianism was more than a religion to the people of Jamaica, it was a hope. It was their escape from the the rational e veryday world. This theodicy of suffering, in which the underprivileged and underrepresented Jamaicans believed, was compensation for the deplorable state in which they found themselves. The Rastafarian way of living and their everyday activities began as a deviant social behavior, but rather was a routinization of the masses into one cohesive unit, following the same general creed under different principles. This point can be seen most specifically in the modern Rastafarian hairstyles. In traditional Rastafarianism most Rastas do not cut their hair but allow it to grow naturally long matted strands or locks. These locks are in accordance with the Leviticus 21:5: They shall not make baldness upon their head (Johnson-Hill 25). But in todays Rastafarianism, their are men who will not grow facial hair or locks in accordance to their position in the work place and in society, but still believe in the faith of and consider themselves a part of the Rastafarian religion. This process of electing points on a subject in which a followers ideas converge with is called elective affinity, as coined by Max Weber. This elective affinity concerning Rastafarianism was spurred by cha rismatic prophets of the belief system such as Marcus Garvey, Haile Selassie, and Samuel Brown. All of these men preached to the negatively privileged strata which existed in the Jamaican slums and the impoverished Jamaican parishes. The underprivileged strata became a status group in a sociological point of view when they selected Rastafarianism and Haile Selassie as their god. This annunciation and promise led these impoverished blacks into a status group known as Rastafarians. This elective affinity between underprivileged Jamaicans and Rastafarians was seen most directly in a change in diet to follow Kosher food laws, a change in hair style, the use of a different language, and a the use of a holy weed; ganja. These highly visible symbols served as a solidification of a persons elective affinity and a public statement of their beliefs. To become a member of the Rastafarian status group was to embrace the lifestyle and the conceptual livity of a personal relationship with nature, in a pure organic way (Johnson-Hill 25). The Rastafarian lifestyle, at its early core, was based upon responses to social actions cast forth by the Jamaican bureaucracy. These actions exist on the guise of a messianic hope which is generally known as Ethiopia or Africa (Barret 117). The first reaction is aggression, which was exemplified by the social struggles for equality or even acknowledgment by the economically challenged island residents. The second reaction is acceptance. This ambivalence toward the situation is more of a standstill than anything else. The act of accepting ones own unfortunate situation negates the aggression and action of the previous step. This is where the Messianic values began to seep into the Rastafarian watershed. With these people and this clear-cut fashion only among them and under other very particular conditions, the suffering of a peoples community, rather than the suffering of the individual, became the object of hope for religious salvation (Weber 273). Rastafarian men and women began to forget their own individual struggles and rely on the preaching from Haile Selassie to comfort them as a group. Individuality is looked down upon in the Rastafarian religion. The status group or strata will suffer as a whole, not as individual pieces of a puzzle. Every Rastafarian considers himself an authoritative spokesman for Selassie. It is consequently unthinkable that one of the brethren should assume special prerogatives in speaking for the Emperor (Owens 43). READ: Education Starts at Home EssayThe third and final response to social action by Rastafarians is avoidance. This act is predominated by the view that Jamaica is Babylon and Ethiopia is Zion. This metaphor implying hopelessness in Jamaica acts very much, in Marxian terminology, as an opiate. This outlook on everyday life does not produce action, rather it reduces it. Another example of this can be seen economically. The Rastafarians generally represent the lowest segment of the Jamaican social class . . . This level of Jamaican society represents the largest body on unemployed and underemployed and the greatest number of unemployables . . . (Barret 115). This fact is well known among the Rastafarians and it is partially why many are in the religion, acceptance into a social class which is higher than their own. They have mostly given up on employment besides that of home produced items which are pawned to tourists or others within the Rastafarian movement. Their is no motivatio n to produce economically because most of the industry within Jamaica during the early Rastafarian period was controlled by the British land owners. Working for these British men would have been a direct violation of their religious creed; The white person is inferior to the black person (Barret 104) and The Black person is the reincarnation of ancient Israel, who, at the hand of the White person, has been in exile to Jamaica (Barret 104). This ties into Webers Theodicy of Suffering because to suffer economically is to suffer through all aspects of ones life. But, many times, as previously illustrated, an ambivalence to end suffering leaves one still in the same peculiar situation. Without a motive to change, there is not change in a cultures motives. So, the early Rastafarians suffered not from a theodicy of suffering which was merely and only forced upon them by the white Jamaican bureaucracy; but rather a self- imposed and self-induced level of their suffering. This way of viewing Rastafarian all changed as time passed. Social strata are decisive for the development of a religion (Weber 282) and as the social strata which embodies this religion began to change, the religion changed proportionately with it. This can be seen in contrasting the previous three social reactions just stated: aggression, acceptance and avoidance. As the general body of Rastafarianism began to grow old and pass away, so did many of their ideas and rationalitys concerning the religion in which they were a part. These views were handed down to the new, younger members of the Rastafarian religion and updated substantially to concur with the new time period and the new state of Rastafarians in Jamaica. Largely, there is no need for one to use aggression to prove equality in Jamaica. The modern Rastafarian, rather is a symbol of the Jamaican lifestyle and one can almost mistakenly assume all Jamaicans embody the Rastafarian way of thinking and lifestyle. The newly indep endent Jamaica uses aspects of the traditional Rastafarian to promote its tourism industry: such as the reggae music which originally symbolized the suffering of black Jamaicans, the dread locks which represented the I-tal way of organic living and the artifacts and cultural productions of such Rastafarian artisans. Rastafarians no longer accept their status as a constant; an unchanging fact which merely misrepresents them in popular culture. They have began to work on their economic status within the Jamaican community. Rastafarians now occupy enviable positions in Jamaica. There are Rasta physicians, pharmacists, professors, journalists, pilots, teachers . . . to name only a few of their trades and professions (Barret 243). They are willing to educate their children to become productive citizens of the country, which is evident in the formation of Rasta primary and secondary schools and the possibility of a Rasta university within Jamaica. Rastafarians now have control over their own destiny within the scope of mass media and their ultimate portrayal. With the advent of educated and world minded Rastafarians, the Rastafarian movement has proliferated out of Jamaica and into the mainstream of the world, including both the United States and England. The final large change concerning Rastafarians is avoidance. Instead of avoiding the problems in Jamaica and praying for a magical repatriation to Ethiopia, they have first decided to repair the problems which exist in Jamaica before they leave for Zion. This new brethren is focused on change and one way they have decided to accomplish this is through political action. Rastafarians are traditionally apolitical; they do not vote. Their word for politics is politricks, which sums up their perception of the political game (Barret 220). With the election of a pro Rastafarian prime minister, Michael Manley, Rastafarians were encouraged to use their constitutional rights and vote. There is no way of telling how many Rastafarians voted or continue to vote, but their role in Jamaican culture requires them to be addressed and noticed. The act of being spoken to and about in a public forum is just aspect in which indirectly they have traversed out of the avoidance stage. Rastafarians also no l onger avoid the media. Rather, they embrace it and use it to their advantage. This is evident is the many quotes and passages contained within Leonard Barrets book and the relative ease of access he obtained many on these passages. The Rastafarian culture is moving toward the future, and as Weber stated, changing with the social strata, which is changing with the times. It can then be inferred Rastafarianism is a constantly updated and evolving entity, modernizing as the world does so as well. But this evolving modern entity did not always keeps its modernity defined. Many of the actions of Rastafarianism worked against modernity and favored a complete stand still in all actions of life. In effect, the pain of the poor black Jamaica strata directly led into a form of ambivalence which militated against social and economic change; in essence, the status group of Rastafarians and their beliefs acted as an opiate against socioeconomic change. Religion is the opium of the people (Marx 54). This opium like quality leads directly into a state of false consciousness, which ties in directly with Webers theodicy of suffering. Both of these militate against socieconomic change by giving a check of approval to a negative situation. In this way, Marx and Weber are showing the flaws in the Rastafarian system. The inherent flaw of giving false hope or false consciousness to a people based on a system (Rastafarian) which at its base complies with stagnant situations and life styles. At t he same time, Marxism can be interpreted as a direct conflict with itself. The Rastafarian movement occupies not only an opiate status, but a status of opposition as well. The Rastafarian movement was founded originally as an opposition to the bureaucratic ways of the ruling class. The religion modeled greatly an American democratic way of thinking: by the people for the people. The people are the underrepresented and under appreciated blacks of Jamaica. In comparison with a Weberian sociological thought process, they both agree upon Rastafarian as basically an evolution. This plays more into Marxs favor because of the direct correlation between themselves. Like the Rastafarian evolution, in which they retreated on many of their former beliefs and creeds, Marx also did the same according to the time he was writing in. So, a direct comparison can be made through the evolution of Marx and Rastafarianism; both occur because of the rise of modernity and culture around them, directly eff ecting the person or group in question. READ: Theories on and Analysis of Information Management in KFCMarx and Weber also collide in beliefs on the idea of theodicy of suffering. Weber believed religion emerges to fulfill a social need. The poor, black, Jamaicans needed hope, and with their economic status, suffering was a major part. Taken on a face value then, the Jamaican culture can be divided into two distinct classes: theodicy of suffering and theodicy of good fortune. The former group, those who indirectly believe in a theodicy of suffering, are alienated from the latter group. Within the suffering group, there is alienation among members due to separation from product. The product, in this case, is their religion. Now all of the members of the Rastafarian status group belong to Rastafarianism as a whole, but there are sects within the sect, which are different from each other. For an example, the emergence of the uptown Rasta which differs in belief system from Rastafarianism as a whole. The alienation comes in the fact that the people, not as one unified group, but as a large organization of individuals are single entities and none speak for the religion. Criticism of this can be found in a previously mentioned Joseph Owens quote (see page four, first paragraph). Although each member is a spokesman for Selassie, is unthinkable to assume each member of the brethren might have something different to say? This leads to alienation among those within the same sect. The previously stated belief contrasts with a Weberian point of view as well. In a Marxian view of thought, the poor should try to revolt against their ruling bureaucracy. This appropriation is further determined by the manner in which it must be effected. It can only be effected through a union, which by the character of the proletariat itself can again only be a universal one, and through a revolution . . . (Marx 192). There is a flaw under the question: how can a society revolt through Marxism and still be prone against change, an opiate in Marxian view, to their own standing within the community? Karl Marx would see this as a complete oxymoron. Rastafarianism should benefit the social group, not allow it to stop progression and merely graze the lips of those who chose it, giving them a short and unsatisfying taste of what is available to them. This yearning for more should lead the people into a full economic and political revolt against this bourgeoisie. While relatively similar to a Marxian point of view, Durkheimian sociology sees Rastafarianism as a social entity. This religion was originally associated as Jamaican poor and the term Rasta and poor, black Jamaican could be used interchangeable. And with this association, Rastafarianism emerged to regulate the desires of the Jamaican poor. It brought about a solidarity among the lowest status class which served as a jumping point into embracing their situations. Thus, the religion is inseparable from the groups which contain it. This occupies the ideas of Weber in that if the religion is inseparable from the groups which contain it, then, the religion will indirectly evolve as the group evolves. This basically complies with the Weberian point of view that religious beliefs change along with the strata which embody them. Also, if Rastafarianism is a social entity, it therefore must have risen out of the need for a social set of values, complying with the Weberian ideal of religion em erging to satisfy a social need. This Durkheimian point of view also crosses paths with the views of Karl Marx. If religion brings about solidarity among a status group which happens to be underprivileged, revolution is a possible following steps. One person may revolt, but one needs masses along the same ideals to successfully revolt. By integrating society, one brings the society or group on the same consciousness, although it may be a false consciousness. No matter rational or irrational, the motives exist and can be accomplished with aid of a charismatic prophet, in this case, Marcus Garvey or Samuel Brown. To update this idea, there is a popular t-shirt which states Never underestimate stupid people in large groups. The same could be applied to a Marxian and Durkheimian point of view. Their t-shirt might say Never underestimate the power of alienated oppressed on the same intellectual level.Durkheim and Weber do disagree on some levels. One of them being the role of individuality within religion. A Durkheimian point of view toward individuality could not characterize the Rastafarian movement because it believes one should embrace all the exists, but do not include each other. This directly violates the Rastafarians belief in an I-n-I mentality. This implies a three-fold relationship between any individual self, Jah God, and other selves (Johnson-Hill 23). Max Weber sees religion as a unification of a people, which is evident in his distinction between strata and status. Rastafarianism is a status group, individuality is left behind at the strata before seemingly advancing into a higher level of consciousness, complete with its own symbols, language and customs, especially marijuana usage. Although the beliefs of a religion change, the essence of the religion does not. This is supported by Weber with the idea that changes in a decisive stratum lead to a change of beliefs. This is opposed by Durkheim stating a religion as a whole has lasted because it performs a social function; it integrat es those involved within it. The falsity is what people believe. So, if people change, the religion changes with the people, not necessarily minor beliefs within it. It is a cycle which includes the transfer of old gods to new gods, completely changing the religion with society. Rastafarianism has not faded away, and in fact has spread its brethren among many areas of the world. The Rastafarian movement is no longer a mere revolutionary movement; it has become a part of the establishment, a part of officialdom (Barret 245). Rastafarianism may have started on the fringes of Jamaican society, but it now a representation of what it considered hell. In terms of an outsider, Jamaica is no longer Babylon, it is now Rastafaria, a step on the way to utopian Zion. Rastafarianism is now an integration of all of Jamaican society rather that just one social strata. Its changes have moved along with the changes of Jamaica as a nation. The people of Jamaica are interchangeable with Rastafarianism. It is ironic which a group so hating of their own environment would become such a force as to represent it to the world. Rastafarianism is truly by the people, for the people.

Health Care Provider and Faith Diversity Essay Example | Topics and Well Written Essays - 1250 words

Health Care Provider and Faith Diversity - Essay Example This paper will try to explore through an interview of three nurses with different religious sects in order to understand differences and similarities in spiritual healing practices, as well as how to incorporate them despite the diversity of religious beliefs in the health care setting. (1) What is your spiritual perspective on healing? In an interview with a Sikh nurse, she shared that their soul unites with their god. They believe in reincarnation so that healing is not limited to the physical aspect, but more importantly, spiritual healing of which a dead body will reincarnate into a greater being once they have overcome the obstacles of lust, anger, greed, attachment and ego. They believe in meditating on the Waheguru or holy name, that they must be diligent and honest in their work, and share the fruit if their labor based on the principles of truth, equality, karma, freedom and justice. For the Buddhist nurse, spiritual healing meant a refuge in the triple gem of the Buddha or enlightened one, the teachings or Dharma, and the community or Sangha. They practice meditation and mindful of others and their environment through cultivation of higher wisdom and understanding. They also invoke their buddhas and bodhisatvas to achieve healing. The Shinto nurse I interviewed said they also believe in spirits they call as â€Å"kami† of which Shinto also is known as â€Å"kami-no-michi†. The spirit and the body are one although even inanimate objects are believed to be inhabited by kami. In achieving spiritual healing, the Shinto practice purification ceremonies called harae or harai, divination, shamanic or third-party healing, and the spirit possession. These are influenced by Buddhism and Taoism or Confucianism traditions. (2) What are the critical components of healing, such as prayer, meditation, belief, etc? For the Sikh and Buddhist, meditation is a vital part of their spiritualism, while the Shinto offer prayers, food, or others in their purif ication ceremonies. In addition, it is part of the Sikh and Buddhist’s spiritual life to maintain harmonious relationship with their fellow beings and their environs. The Shinto on the other hand use ema of which to write their wishes then left at shrine grounds, believe in talisman or ofuda, and the amulet omamori for better health. (3) What is important to people of a particular faith when cared for by health care providers whose spiritual beliefs differ from their own? The hospital and clinic settings have evolved as such that of cosmopolitan structures where various cultures merge. For patients and health care providers, diversity has been accepted if not continuously being promoted. Religious differences are respected but due to the high possibility of difference between the care provider and the patient, spiritual activity is hardly discussed or encouraged by care providers (McLaren, 2004). It is a given that majority of care providers may be Christians who believe in p raying to their God for spiritual and physical healing. This may pose a difficulty for non-Christian believing patients, and therefore, a lack of spiritual assistance may occur. However, as mentioned earlier, diversity calls for respect and acceptance of other faiths, beliefs, culture and tradition of fellow humans in daily encounters such as in a hospital setting. This is most important

Channel Tunnel (between UK and France) Essay Example | Topics and Well Written Essays - 750 words

Channel Tunnel (between UK and France) - Essay Example Apart from that it also has a significant role in both the International Union of Railways (UIC) and the Community of European Railways (CER). This channel is also popularly called as the â€Å"chunnel† because of its three-way tunnel encompassing rail connections. It connects at one end with Folkestone in England to Calais in France at the other one. After the treaty for the construction of rail link between France and England was signed in 1986, the consortium, which was responsible for carrying out the managerial tasks of this project, started to face severe problems. These problems were mostly based on fiscal (economic) matters. Apart from the money hurdle which was being faced with at the time, meeting the already set schedule and the most important of the lot, ensuring safety for the rails as well as the passengers traveling in them was a much bigger problem than the other ones. By 1990, many people started to have serious doubts whether this project would ever be completed. There was a do or die situation attached to this project and the authorities at the helm of affairs really had to do something solid to restore the confidence of people that was lost from them in this project. Channel Tunnel’s fire of 1986 is one classic example of the handling of fire regime within the tunnel and how the same should be tackled in the wake of another fire instance within the mega structure. When it became quite evident that this project was in serious jeopardy, Eurotunnel called upon the resources of Bechtel to play a bigger role in the accomplishment of what was left at that moment of time, a sheer dream. Bechtel’s involvement began in 1987.

PORTFOLIO ASSIGNMENT Essay Example | Topics and Well Written Essays - 1000 words

PORTFOLIO ASSIGNMENT - Essay Example The article defines the adolescent depression as a disorder that affects teenagers. According to the author, such a disorder mostly leads to sadness, a loss of self-worth and interest in the activities and discouragement. It further elaborates the different causes and symptoms of depression in teens. Some of these symptoms are loss of but sometimes an increase in appetite, loss of concentration, decision making, fatigue, feeling upset, restless, and irritable, worthless, hopeless, self-hatred, thinking or talking about suicide or death and trouble sleeping. If the behavior of a teenager changes for more than the period of two weeks, then it is also considered as a symptom of depression. True depression in teens in most of the cases is difficult to diagnose, therefore the author emphasizes to gather the information from friend and family members to identify depression in teenagers. This article doesn’t only throw light on the medication and therapy for treating the depression b ut it also considers the possible complications and prevention techniques. (Berger) Depression can be a response to many situations factors and stresses. However, the author argues that in teenagers, depressed mood is common because of the normal process of maturing, the influence of sex hormones and independence or more freedom conflicts with parents. It may be cause of death of a friend or relative, a breakup with a boyfriend or girlfriend and failure or poor grades at school. The author considers two mains factors that contribute to the depression in teens, the hormones and social pressures. By explaining the biological and hormonal causes of the problem, the article takes into account the epigenetic approach and by throwing light on the school performance and environmental stress the author takes a socio-cultural approach to this problem. However, the author did not approach this problem on the basis of other theories

Old to New, how will older ports Compete with new and larger Essay

Old to New, how will older ports Compete with new and larger Structures - Essay Example This paper will look at the measures that old ports can take to ensure that they are able to compete with new and more modern ports. Older ports should invest in equipment that will enable them to compete effectively with newer ports. Equipment used at ports determines the speed at which ports are able to operate and clear goods. Older ports should invest in equipment that will ensure that goods are cleared within the shortest time possible. This will enable the ports to operate efficiently and effectively (Gubbins 2003). For example, some of the old ports had no cranes as containers were rarely used for transportation in the olden days. These ports can ensure that they install such equipment that will make sure that goods at the port are handled effectively and with maximum care. It is important that old ports have the latest technology used in handling goods at the port. This will help them be able to effectively compete with newer ports. Newer ports have installed the latest technology that can be used to handle containers at ports. Older ports should follow suit and ensure that are able to purchase and install the latest technology used in handling goods at ports. Technology will enable them to be able to clear goods in record time. This will be advantageous to the older ports due to the fact that they do not have enough space to store goods for a long period of time unlike newer ports. Technology will also ensure that human labor is only used where it is needed. Ports should be able to have machines that are controlled by humans. Humans should not be employed to do tedious work in the ports. This will slow down the process of clearing goods and services and as a result, the port might come to a standstill as there is no enough space to store the containe rs. Older ports can enter into business partnerships that are mutually

Why military leaders need Critical and Creative Thinking to be Essay

Why military leaders need Critical and Creative Thinking to be successful - Essay Example Todays military leaders are constantly compelled to act as "out of the box" thinkers. Such statements give the impression that the only comprehensive solutions are those that have never been conceived. However, what a professional military education system (PMES) as well as the military really endeavor to produce are leaders that have strongly critical as well as creative thinking skills (Hbr 1). Both indirectly avoid the idea that the box even exists. Todays organizations function in what the U.S War College describes as a VUCA setting. Volatility, complexity, uncertainty, and ambiguity are continuous realities within the 21st century. The military tries to prepare for challenges it could probably face by creating realistic training scenarios as well as routinely adding such activities into its ongoing operations. The objective is not to teach them what to think, but to develop their ability to think creatively and critically about the number of contingencies posed by a dynamic environment—in essence to educate them how to think appropriately. The expression "professional military education"(PME) shows the duality of the system. It is intended to both increase the military’s professionalism as well as educate it. These are related as well as overlapping goals, but they are not similar. Professionalism means that the military leaders share both an amount of knowledge directly associated with their mission and ethics. While education implies a widening beyond the limitations of knowledge directly associated with the mission and the advancement of critical and creative thinking. Good decision making is one of the traits together with good leadership that is significant when it comes to command. Critical and creative thinking also has significant consequences for group dynamic skills as well as quality control. Critical and creative

Why do many managers prefer that their employees work in teams Essay

Why do many managers prefer that their employees work in teams - Essay Example Managers of a majority of companies across the world desire and decide that their employees should work in teams because they think teamwork will improve efficiency and make the employees more satisfied. But from the research done so far and from the results obtained from the experiments of teamwork in companies, it is clear that teamwork need not necessarily deliver the outcomes that managers envisage. The problems in teamwork arise from it being something that involves humans who have different perceptions on one matter. Also it is very difficult to ensure equal opportunity in a team where talents at different levels act together. The hierarchy inside a team is also problematic. It is in this context that it is argued that teamwork is not delivering. At the same time, the proponents of teamwork have drawn attention to the successful outcomes that teamwork has brought about. History of teamwork Managers consider teamwork as a motivating factor and this was why GenXers of America wer e introduced with teamwork in their work places, which was a first time corporate reform of its kind (Appelbaum, Serena and Shapiro, 2004, 12). It was supposed to give more personal responsibility to them (Appelbaum, Serena and Shapiro, 2004, 12). It was also understood as originating from the GenXers’ search for sense of belonging (Appelbaum, Serena and Shapiro, 2004, 12). There have been many approaches in understanding and defining teamwork. It was initially observed that through teamwork, certain management objectives like, â€Å"positive attitude, risk-taking, individual and group responsibility and supportiveness have been achieved albeit very unevenly† (Findlay et al., 2000, 1567). By projecting the results of the small experiments of teamwork to a wider canvas, better productivity and more positive employee attitudes and behavior were expected of work-teams (Kirkman, Jones and Shapiro, 2000). Another viewpoint also emerged which saw teamwork as a function of em ployee self-aggrandizement by allowing the employees to make decisions in a creative manner (Ivancevich, n.d., 198). All these discussions, though defines teamwork differently, show how much value that new generation managements put in teamwork. Has employees welcomed teamwork ? There has been mixed response from the side of employees towards teamwork. One interesting criticism against teamwork has been that the employees were initially â€Å"bewitched† into teamwork rather than being logically convinced (McCabe, 2000, 209). But this argument is in a way, self-defeating because it agrees that employees have been accepting teamwork. By introducing teamwork, managements were trying to convince the employees that they were entering a new and more democratic cultural ambience (McCabe, 2000, 209). But later employees could not but see the inconsistencies in this management position. But if employees are disillusioned with teamwork as its critics say, then the question arises why t eamwork has become such a catchy phrase in management. Another allegation that though the employees value teamwork as positive, â€Å"employees are protective of social difference within their ranks† (Findlay et al., 2000, 22). But it has to be kept in mind that the employees have been used to the social hierarchies involved with the conventional management structure, for very long. Hence, to argue that they would be rebelling against a less hierarchical situation is highly illogical. Does teamwork, really work? Why? The commonsense promoted at managerial levels of organizations that teamwork is beneficial to employees and it will enhance productivity is found to be only partially true by researchers (McCabe, 2000; Findlay et al, 2000). Findlay et al. (2000) have been critical

Happiness in marriage Essay Example for Free

Happiness in marriage Essay Happiness in marriage is entirely a matter of chance. With reference to marriages in Pride and Prejudice, to what extent is this statement true? Marriage is the key issue in Pride and Prejudice, and Austen uses class structure, manners and proper behaviour in society to embellish the topic. It is the overall picture given by these subjects that tell us about the happiness a woman could expect from entering the state of marriage, whether marrying for love and felicity, or, as seems the wise choice in the case of many of the characters, for money and financial security. Pride and Prejudice explores the situations that many young ladies found themselves put in, and whether or not it was possible to achieve fulfilment and happiness if you were to marry for the latter. In the Bennet household, particularly, marriage is a very poignant subject. For Mrs Bennet, she feels it is essential for her girls (and for herself) that they should marry well, as otherwise they stand to lose everything without a son to take over the estate. Her feelings are made clear at the beginning, once she has heard that a wealthy Mr Bingley has recently moved to the neighbourhood. Without any knowledge or regard for his character, she immediately jumps to the conclusion that it is a fine thing for our girls. This statement is made purely on the awareness of his handsome fortune, and of the happiness and fortune that it could bring her. She uses the word girls, and this shows that she doesnt care for individual happiness, but she does want one of them married to him, never mind which. Her own marriage is described as lacking in respect, esteem and confidence, and through Elizabeths eyes it is improper and unsuitable. Although their marriage was based chiefly on an attraction on Mr Bennets part, Jane Austen states that it had been an imprudent move, and that he had married a woman whose weak understanding and illiberal mind had very early in their marriage put an end to all real affection. The only happiness he seems to have from the marriage is his constant mocking of his wife for his own amusement, and marvelling at her ignorance. The marriage which exists is based on a fancy rather than the three qualities that Jane Austen, through Elizabeth, attributes to true marital happiness for both partners: respect, esteem and confidence, which is exactly what Mr and Mrs Bennet dont have for each other. Mrs Bennet, for her own daughters marriages, sees the purpose as a way of supporting themselves, and gaining some kind of financial security, and the bigger the fortune, the better the match. When Elizabeth turns down the heir to Longbourn, Mr Collins, she says to her daughter If you go on refusing every offer of marriage, you will never get a husband, and I am sure I do not know who is to maintain you when your father is dead. This view is one shared by Charlotte, although she does not air her opinions so openly. Charlotte Lucas is a realist. Her role in the book is to represent the thoughts and intentions of many ladies in eighteenth century society. What numerous young women were doing, whether they were influenced by their mothers or not, was to make a cautious and prudent marriage. As a girl of twenty-seven, plain, and in danger of dying an old maid, she has taken on the view that happiness in marriage is entirely a matter of chance is a reference to the fact that women did pre-dominantly marry for money, not indeed love. She even goes as far as to advise Elizabeth on a match with Mr Darcy, although Elizabeths feelings are prejudiced towards him. She tells Elizabeth not to be a simpleton, and allow her fancy for Wickham make her appear unpleasant in the eyes of [Darcy] a man ten times his consequence. This shows her prudence, that although Elizabeth has admitted she has feelings for Wickham, she should keep herself open to anyone who pays her a compliment, and is wealthier. It is this theory that influences her own marriage with Mr Collins, for although there is no real affection on her side, he can offer her protection and a comfortable life. The practical nature of her marriage causes her to justify herself to her best friend, and she openly admits to her I am not a romantic, I never was. Immediately, this tells us that this marriage is not the result of a passionate affair, it is the conclusion that her chance of happiness with him is as fair as most people can boast on entering the marriage state. This statement is quite shocking, because it means the wedding takes place with no real affection on either side: it is done merely for self-gain. This view is also made clear when she comments on Jane and Bingleys relationship: When [Jane] is secure of him (i.e. a wedding or engagement has taken place), there will be leisure for falling in love as much as she chuses. Although Mr Collins seems to be happy, when he tells Elizabeth that We (he and Charlotte) seem to have been designed for each other, we have to go back to the fact that Charlotte was his third choice. He had favoured Jane, before Mrs Bennet enlightened him with the information that she believed that she would soon be engaged to Bingley, and it was only afterwards, when Elizabeth had turned his offer of marriage down, that he showed any regard for Charlotte. He proposed twice in three days, and so it is clear that no real feelings of admiration on either part could have developed strongly. This marriage is established on the ground that Mr Collins wants to set an example to his parishioners, and, more importantly in his eyes, to please his wealthy patroness, Lady Catherine. Mr. Collins also remarks on Elizabeths situation, as his wife had done previously when he says that her portion is unhappily so small that it will in all likelihood undo the effects of [her] loveliness and amiable qualifications. The Lucases are by no means wealthy, but Mr Collins is not looking for wealth, he is looking to add to his happiness by obtaining a companion. He came with the intention of returning home with a Bennet bride, but failing that he has an intelligent, practical woman, who has gone into a marriage with no pre-wedding romance, but to be content with her quite prosperous situation. As Elizabeth observes, Charlotte was disgracing herself and sunk in her esteem, was added the distressing conviction that it was impossible for that friend to be tolerably happy in the lot she had chosen. In direct contrast to Charlottes carefully thought about match, Lydia rushes into a passionate and imprudent marriage. Society almost expected women to marry above their own wealth and station, to make a sensible union, but it was a disgrace to have an affair it was essential that a woman should keep her virtue. Lydia, however, did the latter but not the first. Inside these parameters, Lydia is a slur on her already tarnished family name. Herr quite insincere love caused her to follow her heart, and go against the foresight that was instilled in so many young women, essentially from birth. Her love can be described more as a fancy, because it holds none of the virtues so important to Elizabeth, and therefore Jane Austens eyes: respect, esteem and gratitude. However, the match between herself and Wickham gives them both happiness, and, although her family does not share their feelings, her decision, however misguided, does give her happiness. Prior to the marriage, she writes for there is but one man in the world I love, and he is an angel. This view is in opposition to Charlottes, that one must marry into good fortune, and then see what happiness may come of it, if any at all. Lydias perception of Wickham is unchanged when she writes again, once Elizabeth and Darcy are married. She says that If you love Mr Darcy half so well as I do my dear Wickham, you must be very happy. Although on initially embarking on her elopement, the marriage looked as though it was a flirtatious whim, especially on the part of Wickham, by the end, there is no real relationship development, except that they still love each other. From the circumstances surrounding both of their families, it is safe to say that Wickham is not marrying for wealth, it is for his apparent love for Lydia. Previously, he had been engaged to Mary King, a wealthy heiress of ten thousand pounds, and Elizabeth had said of the match a wise and desirable measure for both; handsome young men must have something to live on, as well as the plain. As Colonel Fitzwilliam said of men Our habits of expense make us too dependent, and there are not many in my rank of life who can afford to marry without some attention to money. However, these same motives are not seen in his match with Lydia, although it is true to say that unless Darcy had intervened, they may not have married. Elizabeth also observes that his affections for Lydia were not equal to Lydias for him.that their elopement had been brought on by the strength of her love. She also wonders why he chose to elope with her at all, before coming to the conclusion that some financial gain must have been the reason, and if that were the case, he was not the young man to resist an opportunity of having a companion. However, these reasons have not impaired Lydias enjoyment of married life, nor Wickhams, as she is constantly praising him he is always her dear, and he did everything the best in the world. Whether these observations are made due to Lydias ignorance, or her blindness in her fancy, she does not seem to have tired of him, as Mr Bennet had of Mrs Bennet soon after their wedding. Someone who has married for both money and affection is Jane. There is a mutual attraction between her and Mr Bingley, and this leads onto, we presume, matrimonial bliss. Their relationship is fixed firmly on a rational basis, and they both share an optimistic view of the world. Elizabeth, early on in the book, comments on the likelihood that Janes marriage would be for money, not love, but by the end, Jane and Bingleys equally happy manners and charming countenances mean that there is equality in their affections unlike Wickham and Lydia, where there is more fondness on her side. Their shared admiration for one another gives the foundation for equilibrium, that there will be a good balance of respect, esteem and confidence on both sides. Mr Bingley says that he could not conceive an angel more attractive, while Jane says of Bingley, albeit in private, that she never saw such happy manners. With these observations, this is a match will lead to domestic felicity that luck and chance will have no role in the marriage; it has been carefully thought out, and although it is practical, it is also a match which will bring happiness on both sides. Elizabeth describes him as violently in love, and goes on to say, at the request of her aunt, that he was wholly engrossed in her and his inattention to anyone else, meant that this was the very essence of love. Mr Bennet, immediately after the engagement had been announced tells his daughter that you will be a very happy womanI have no doubt of your doing very well together. These views are ones shared by all, because it is obvious from their first physical attraction, and also their same manner, that they were well suited, and that their pleasure is secured by such high regard. However, when Elizabeth announces her engagement, her father is not as convinced that she will be as happy as Jane is. Her knowledge of Darcys gallantry has grown, whereas her fathers has been stifled, and so he doubts her true happiness when he says: I know your true disposition, Lizzy. I know that you could be neither happy nor respectable unless you truly esteemed your husband. However, his understanding of her true feelings could not be further from the truth. Throughout the entire book, it seems Darcy and Elizabeths relationship is the only one that has grown in understanding and estimation of one another. Respect on both sides has grown, because as they have gained more knowledge, they have also gained more esteem. This is the one relationship where there is a true shift from almost hate to true love. The re-assessment of characters allows us to see the real feelings behind the relationship, and even with Jane and Bingleys, although they respect one another, their connection is based centrally around admiration, whereas Darcy and Elizabeth have had to conquer their own pride and prejudice to have a full understanding of each other. Throughout the novel, Austen dropped hints about Darcys interest into Elizabeths intriguing character, but Elizabeth showed no interest in Darcy, except to air her feelings of intolerance at his proud nature. Mrs Gardiner, whose marriage is a very good example of what a successful relationship should aim to achieve, is very motherly towards Elizabeth and gives her competent advice, rather than nonsensical schemes for marriage. She advises her on her fancy for Mr Wickham: affection for Wickham would be so very imprudent because of his want of fortune. The relationships in the book are mainly seen through the eyes of Elizabeth, and it is she who determines whether they are happy or not. She was full of scorn for Charlottes match with her fathers cousin, and when she advised Elizabeth that Jane should secure him and than fall in love, she made a witty and ironic comment, which tells us that she would only marry for a love that had been determined before a ceremony: Where nothing is in question but the desire of being well married; and if I were determined to get a rich husband, or any husband, I dare say I should adopt it. In short, Lizzy represents Austens own view on marriage, that one should truly know, admire and respect a person before entering the state. Her mother complained to Mrs Gardiner, that had it not been for Lizzys perverseness she could have married Mr Collins. With views such as this, it is little wonder that the intelligent Elizabeth has such guarded opinion of marriage: she had always been aware of the impropriety of her own parents union, that this could put her off entering into marriage with someone she did not hold esteem for. It is this reasoning that allows her to fall in love with Darcy, and visa versa. Her unconventional views on what should be established prior to an engagement contrast with many of the motives for the marriages in the book. Lydia and Wickham, as well as Mr Bennet had all been headlong in their reasons, and these marriages, although they could bring happiness for at least some amount of time would not have been as morally successful as Elizabeth and Darcy, whose marriage is based on mutual esteem. Whereas Charlotte had thought about the espousal, and then agreed, much to the disdain of her friend, her happiness is impaired, because the marriage is not based on love, as Elizabeths is, it is principled on common gain, as were many matches in the society. Not only do Darcy and Elizabeth respect and gratify each other, they also share common interests, such as reading, as well as having the same elegant tastes. These qualities ensure happiness, unlike Mr and Mrs Bennet, where stimulation of the mind is essential to one, and stimulation of the tongue necessary for the other. Pride and Prejudice is a very good example of what different types of marriages can achieve: a good home and security, passion and fun or intelligent companionship. Marriage opens up different ways to different types of happiness, but true happiness can only be achieved on the grounds of honour and deference. Lydia, and to some extent Wickham, are happy, despite the different morals in their marriage, when compared to Charlotte and Mr Collins marriage. Darcy and Elizabeth are happy because they knew, appreciated and respected each other before entering matrimony, whereas Wickham and Lydia entered marriage with little but their fancy for each other to base their lives together on. In my opinion, Darcy and Elizabeths match is better, because their happiness is determined before marriage, not decided afterwards. Happiness in marriage is entirely a matter of chance is true to some marriages, but in a carefully calculated marriage, based on respect, esteem and confidence, the question of chance is indifferent.

Application to Modern Investment Theory to EMH

Application to Modern Investment Theory to EMH The modern investment theory and its application on the efficient markets hypothesis 1. Introduction The Modern investment theory and its application is predicated on the Efficient Markets Hypothesis (EMH), assumption that markets fully and instantaneously integrate all available information into market prices. Underlying this comprehensive idea is the assumption that market participants are perfectly rational, and always act in self-interest, making optimal decisions. These assumptions have been challenged. It is difficult to tip over the neo classical convention that has yielded such insights as portfolio optimization, Capital Asset Pricing Model, Arbitrage Pricing Theory and Cox Ingersoll-Ross theory of the term structure of interest rates, all of which are predicated on the EMH[2] rather than downside risks[3]. The theory of behavioral finance is opposite to the traditional theory of Finance and deals with human emotions, sentiments, conditions, biases on collective as well as individual basis. Behavior finance theory is helpful in explaining past practices of investors and dete rmining the false performance of the investors. Behavioral finance is a concept of finance which deals with finances incorporating findings from psychology and sociology. It is reviewed that behavioral finance is generally based on individual behavior and financial market outcomes. There are many models explaining behavioral finance that explains investors behavior or market irregularities where rational models fail to provide adequate information. Investors do not expect such research to provide a method to make lots of money from inefficient financial markets quickly. According to Shiller (2001) Behavioral finance has basically emerged from the theories of psychology, sociology and anthropology where implications of these theories appear to be significant for efficient market hypothesis, that is based on the positive notion that people behave rationally, maximize their utility. It is found that in efficient market the principle of rational behavior is not always correct. Thus, the idea of analyzing other model of human behavior has come up. Gervais (2001) further explains the concept where he says that people like to relate to the stock market as a person having different moods, this person can be bad-tempered or high-spirited and can overreact one day or make amends the next. This person indicates human behavior which is unpredictable and behaves differently in different situations. Lately many researchers have suggested the idea that psychological analysis of investors may be very helpful in understanding financial markets better. To do so it is important to understand behavioral finance presenting the concept of traditional theory overestimating rationality of investors, their biases in decisions casting a cumulative impact on asset prices. To many researchers the study of behavior in finance appeared to be a revolution. As it transforms peoples mentality and perception about markets and factors that influence the markets. The paradigm is shifting. People are continuing to walk across the border from the traditional to the behavioral camp. Gervais (2001, pp.2). On the contrary some people believe that may be its too early to call it a revolution. Gervais (2001) states that Fama in (1970) argued that behavioral finance has not really shown an impact on world prices, and that model contradict each other on different point of times. Giving very less account to behaviorist explanations of trends and the irregularities anomaly ( is any occurrence or object that is strange, unusual, or unique) also argued that in order to locate patterns the data mining techniques are much helpful. Other researchers have also criticized the idea that behavioral finance models tend to replace the traditional models of market functions. Some weaknesses in this area, explained by Gervais (2001)are that generally overreaction and under reaction are major causes of market behavior. In these cases People take the behavior that seems to be easy for a particular study regardless of the fact that whether these biases are either primary factor of economic forces or not. Secondly, lack of trained and expert people. The field does not have enough trained professionals both in psychology or finance fields and therefore as a result the models presented by researchers are improvised. Gervais (2001) also focused on individual behavior impacting asset prices and explained that this field of behavioral finance is currently in its developmental stage, in its way of development it is facing a lot of disagreement which itself is a productive one. He points out that if we apply the conceptual models of behavioral finance to the corporate finance, it can majorly pay off. If money managers are incorrectly rational, means they are probably not evaluating their investment strategies correctly. They might take wrong decisions in their capital structure decisions. It has been found that quite a few people foresee behavioral finance displacing the age old Efficient Markets theory. On the contrary underlying assumption that investors and managers are completely rational makes insightful sense to many people. 2. Traditional Finance and Empirical Evidence Fung, (2006) claimed that Post Keynesian theory has criticized mainstream economic theory for using statistical methods to model the world in which histori ­cal market data cannot provide, In recent years, two different lines of research experimental economics and behavioral finance have pro ­duced results that are at odds with the predictions of mainstream finan ­cial theory. This paper argues that it is beneficial to the development of good financial theory for Post Keynesian economists to engage in an exchange of ideas with the practitioners of these two lines of research. The difference of opinion originated when experimental economics and behavioral finance understood the difference between agents rationality in theory and in real world. Both had a same point of view regarding Post Keynesian economists where both of them refused to assume Post Keynesian economists assumption of economic actors being always rational by maximizing expected utility. Instead of assuming ration al economic ac ­tors who always act consistently, they often tap into insights provided by psychology to try to explain economic behavior. The use of psychol ­ogy can be traced back to Keynes, and, in fact, some of the papers in experimental economics and behavioral finance take a remark of Keynes on the psychology of economic actors as an inspiration for designing empirical tests of economic behavior. Indeed, some of these papers rec ­ognize that we live in an uncertain world, and they examine the heuris ­tics, or rules of thumb, that economic actors develop to guide their behavior in face of uncertainty. When Keynes made his remark in 1936 (the original publication date of the General Theory), there was not yet an efficient market hypothesis. But in 1970 Fama published his pioneering paper on efficient markets. In it, he defined an efficient market as a market in which prices always fully reflect available information. Traditional theory assumes that agents are rational an d the law of one price holds that is a perfect scenario. Where the law of One price[5]. And agents rationality explains the behavior of investor Professional and Individual which is generally inconsistent with rationality or future predictions. If a market achieves a perfect scenario where agents are rational and law of one price holds then the market is efficient. With the availability of large amount of information, form of market changes. It is unlikely that market prices contain all private information. The presence of noise traders (traders, trading randomly and not based on information). Researches show that stock returns are typically unpredictable based on past returns where as future returns are predictable to some extent. According to Glaser et al. (2003) Few examples from the past literature explains the problem of irrationality which occurs because of naive diversification, behavior influenced by framing, the tendency of investors of committing systematic errors while ev aluating public information. Lately it has been found that investors` attitude towards the riskiness of a stock in future and the individual interpretation may explain the higher level trading volume, which itself is a vast topic for insight. A problem of perception exist in the investors actions that stocks have a higher risk adjusted returns than bonds. Another issue with the investors is that these investors either care about a stock portfolio or just about the value of each single security in their portfolio and thus ignore correlations. The concept of ownership society[6] has been promoted in the recent years where people can take better care of their own lives and be better citizen too if they are both owner of financial assets and homeowners. As Shiller (2006) suggested that in order to improve lives of less advantaged people in our society is to teach them how to be capitalist, In order to put ownership society in its right perspective, behavioral finance is needed to be und erstood. The concept of ownership society seems very attractive when people appear to make profits from their investments. Behavioral finance is also very helpful in understanding and justifying government involvement in investing decisions of individuals. The failure of millions of people to save properly for their future is also a core focus of behavioral finance. According to Glaser et al. (2003) there are two approaches towards behavioral finance, where both tend to have same goals. The goals tend to explain observed prices, market trading volume and Last but not the least is the individual behavior better than traditional finance models. Belief Based Model: Psychology (Individual Behavior) Incorporates into Model Market prices and Transaction Volume. It includes findings such as Overconfidence, Biased Self- Attrition, and Conservatism and Representativeness. Preference Based Model: Rational Friction or from psychology Find explanations, Market detects irregularities and individual behavior. It incorporates Prospect Theory[7], House money effect and other forms of mental accounting. Behavioral Finance and Rational debate: the article by Heaton and Rosenberg (2004) highlights the debate between the rational and behavioral model over testability and predictive success. And it was found that neither of them actually offers either of these measures of success. The rational approach uses a particular type of rationalization methodology; which goes on to form the basis of behavior finance predictions. A closer look into the rational finance model goes on to show that it employs ex post rationalizations of observed price behaviors. This allows them greater flexibility when offering explanations for economic anomalies. On the other hand the behavior paradigm criticizes rationalizations as having no concrete role in predicting prices accurately, t hat utility functions, information sets and transaction costs cannot be `rationalized. Ironically they also reject the rational finances explanatory power which plays an essential role in the limits of arbitrage, which actually makes behavioral finance possible. Heaton Rosenberg (2004) presented Milton Friedmans theory that laid the basis of positive economics. His methodology focused on how to make a particular prediction; it is irrelevant whether a particular assumption is rational or irrational. According to this methodology, the rational finance model relies on a limited assumption space since all assumptions that are supposedly not rational have been eliminated. This is one of the major reasons behind the little success in rational finance predictions. Despite the minimal results, adherents of this model have criticized the behavioral model as lacking quantifiable predictions that are based on mathematical models. Rational finance has targeted a more important aspect in the structure of economy, i.e. Investor uncertainty, which further cause financial anomalies. In explaining these assertions, the behavioral approach emphasizes importance of taking limits in arbitrage. Further his methodological approach falls into the category `instru mentalism[8], which basically states that theories are tools for predictions and used to draw inferences. Whether an assumption is realistic or rational is of no value to an instrumentalist. By narrowing what may or may not be possible, one will inevitably eliminate certain strategies or behaviors which might in fact go on to maximize utility or profits based on their uniqueness. An assumption could be irrational even in the long run, but it is continuously revised and refined to make it into something useful. In opposition to this, many individuals have said that behaviouralists are not bound by any constraints thus making their explanations systematically irrational. Heaton Rosenberg (2004) further explains the concept of Rubinstein that how when everyone fails to explain a particular anomaly, suddenly a behavioral aspect to it will come up, because that can be based on completely abstract irrational assumptions. To support rationality, he came up with two arguments. Firstly he w ent on to say that an irrational strategy that is profitable, will only attract copy cat firms or traders into the market. This is supported when a closer look is given towards limits to arbitrage. Secondly through the process of evolution, irrational decisions will eventually be eliminated in the long run. The major achievements characterized of the rational finance paradigm consist of the following: the principle of no arbitrage; market efficiency, the net present value decision rule, and derivatives valuation techniques; Markowitzs (1952) mean-variance framework; event studies; multifactor models such as the APT, ICAPM, and the Consumption CAPM. Despite the number of top achievements that supporters of the rational model claim, the paradigm fails to answer some of the most basic financial economic questions such as `What is the cost of capital for this firm? or `What is its optimal capital structure?; simply because of their self imposed constraints. So far this makes it seem lik e rational finance and behavioral finance are mutually exclusive. Contrary to this, they are actually interdependent, and overlap in several areas. Take for instance the concept of mispricing when there is no arbitrage. Behavior finance on the other hand suggests that this may not be the case; irrational assumptions in the market will still lead to mispricing. Further even though certain arbitrageurs may be able to identify irrationality induced mispricing, because of the imperfect market information, they are unable to convince investors of its existence. Over here, the rational model is accepting the existence of anomalies which are affected both through the factors of risk and chance; therefore coinciding with the perspective of behavioral finance. Two instances are clear examples of how rationalization is an important limit of arbitrage: i) the build-up and blow-up of the internet bubble; and ii) the superiority of value equity strategies. If we focus on the latter, we are able to see behavioral finance literature that highlights the superiority of such strategies in the ability of analysts to extrapolate results for investors. This is possible when rationalization is taken as a limit to arbitrage. Similarly these strategies may also limit arbitrage against mispricing, through the great risk associated with stocks. In explaining most anomalies it is essential that analysts first conclude whether pricing is rational or not. To prove their hypothesis that irrationality induced mispricing exists; behaviouralists may find it easier if they accepted the role of rationalization in limits of arbitrage. Slow information diffusion and short-sales constraints are other factors which explain mispricing. However these factors alone cannot form the basis of a strong and concrete explanation that will clarify pricing across firms and also across time. Those supporting the rational paradigm attack behavioral finance adherents in that their predictions for the financial markets have been made on irrational assumptions; that are not supported by concrete mathematical or scientific models. In their view the lack of concrete discipline in the methodology adopted in behavior finance leads to the lack of testing in their forecasts. On the other hand the rational model is criticized for its lack of success in financial predictions. The behaviouralists claim that this limitation exists because the supporters of rational finance dismiss aspects of the economic market simply because it may not fall into explainable rational behavior. Both perspectives claim to align themselves with respect to the goals of `testability and `predictions, while at the same time continue to offer evidence against the other model. In reality however, rather than being exclusively mutual both paradigms assist one another in making their predictions. Ray (2006) examines a new genre of behavioral markets prediction markets and their remarkable a bility to aggregate inside and expert information from around the world in order to accurately predict all types of economic and financial variables. To date it is said that the prediction markets are the most accurately efficient markets as they prove to show all three forms of market efficiency (weak, semi-strong, and strong), in contrast to regulated markets. Prediction markets are also said to be decision markets. It initially evolved in 1988 with the first online betting market the Iowa Electronic Market. These online markets have proven their predictions accurately since the time they came into being. To be precise these prediction markets are behavioral markets with powerful statistical components that are able to predict the most likely values of future financial variables, variances around such values, and their correlations with other future financial variables. Ray (2006) says that being unregulated, prediction markets are highly effective at flushing out and thereafter a ggregating relevant information including inside and expert information regarding a particular event, globally extracting such information from savvy bettors who are eager to profit from their inside and expert information. These sorts of prediction markets have become so popular that now a days major companies use such behavioral markets to accurately forecast sales, earnings, product success, and many other financial and economic variables. The foremost tool for these markets is the wisdom of crowd. In order to accurately predict financial and economical variables he presented few conditions as a prerequisite, which included mainly having a variety of opinions, with no herd behavior, should be able to use their knowledge according to the information available with them and last but not the least is the fact that prediction markets expectations are not self fulfilling prophecies. Prediction markets are a new genre of behavioral markets that continually reveal the thinking of confid ent insiders by suggesting them to profit from their inside and expert information. The subjective evidence with a few statistical evidences corroborates the impressive ability of these markets to predict financial events of all types. The phenomenon exists from ages and effectively proves its performance especially in worlds financial markets. The demonstrated accuracy of predictions in these markets can be of significant utility to traders, financial analysts, behavioral analysts, and many others intending to forecast and analyze financial data. A persons tendency to make errors is known as cognitive bias. These errors are based on the cognitive factors that include statistical judgments, social attribution and memory being common to all the humans in the world. Cognitive bias is the tendency of intelligent, well-informed people to consistently do the wrong thing. Crowell (1994, pp. 1). The reason behind this cognitive bias is that the Human brain is made for interpersonal relationships and not for processing statistics. He discussed the frailty of forecasts. Generally it is said that the world is divided into two groups: People forecasting positively and people forecasting negatively. These forecasts exaggerate the reliability of their forecasts and trace it to the illusion of validity which exists even when the illusionary character is recognized. Fisher and Statman, (2000) discussed five cognitive bias, underlying the illusion of validity that are Overconfidence, Confirmation, Representativeness, Anchoring, and Hindsight. Shiller (2002) discusses, that irrational behavior may disappear with more learning and a much more structured situation. History proves it that many of cognitive biases in human judgment value uncertainly will change; they may be convinced if given proper instructions, on the part-experience of irrational behavior. The three most common themes of behavioral finance are as follows: Heuristics, Framing and Market Inefficiencies. People when decide on the basis of the rules of thumb regardless of rationalizing suffer from Heuristics. Some forms of Heuristics are: Prospect theory, Loss Aversion, Status quo Bias, Gamblers Fallacy[9], Self-serving bias and lastly Money illusion. Framing is basically a problem of decision making where the decision is based on the point where there is difference in how the case is presented to the decision maker. Cognitive framing, Mental accounting and Anchoring are the common forms of Framing 3. Market Inefficiencies As observed, that market outcomes are totally opposite to rational expectations and efficient market hypothesis where mispricing, irrational decision making and return anomalies are examples of it. Fung (2006) introduced three forms of market efficiency earlier presented by Fama in 1970. In the weak form, the information set con ­tains only historical prices. In the semi strong form, information set contains all publicly available information. In the strong form, the infor ­mation contains not only all publicly available information but also insider information not available to the public. This definition of efficient mar ­kets is too general to be testable empirically. To make the model testable, he proposed a process of price formation known as the expected re ­turn or fair game efficient markets model. In this model, when investors form expectations of security prices, they fully utilize all the information that is fully reflected in those prices. It is called a fair game model, because using only the information that is fully reflected in security prices, no trading system can have expected profits or returns in excess of equi ­librium expected profits or returns. These terms have been described as specific market anomaly from a behavioral point of view. Anomaly (economic behavior) Disposition effect Endowment effect Inequity aversion Intertemporal consumption Present-biased preferences Momentum investing Greed and fear Herd behavior Anomalies (market prices and returns) Efficiency wage hypothesis Limits to arbitrage Dividend puzzle Equity premium puzzle Behavioral Economic Models are restricted to a certain observed market anomaly and it adjusts the neo classical models by explaining the phenomenon of Heuristics and framing to the decision makers. It is usually said that economics get along with in the neo classical framework, with just one restriction of the assumption of rationality. Loix et. Al (2005) in their paper Orientation towards Finances explains the individual financial management behavior, people dealing with their financial means. They have analyzed the Non-specific financial behavior as already we see extensive research on the specific finance behavior such as saving, taxation, gambling and amassing debt, and gave a lot of importance to stock market, investors and households. The analysis of general public`s behavior was done, where an ordinary man is not sure and simply act according to the guesses over their money related issues. It was also found that people interested in economic and financial matters are much more active in collecting specific information than general public, stating that financial behavior of household is an important relevant topic that needs to be discussed in much more details. Household financial management is similar to the financial management. The construct of orientation towards finances was developed where the individual ORTO FIN focuses on competencies (interest and skills). Having stronger money attitude is an indication of stronger orientation towards finances and much more effective competencies. Therefore we expect some relevance and similarity between corporate and household management behavior as both require organizing, forecasting, planning and control. Loix et. al (2005) analyzed general publics behavior in basically dividing them into two groups, Financial Information and Personal financial planning. Also explaining some practical and theoretical gaps in the area of psychology of money usage, they concluded that ORTOFIN (Orientation towards finance) indicates the involvement of individuals in managing their finances. Proving out the point that active interest in financial information and an urge to plan expenses are two main factors. A stronger ORTFIN indicates: greater use of debit accounts, higher savings account, wide variety of investments, greater awareness of ones financial Intimate knowledge of the details of ones savings/deposit accounts obsessed by money, higher achievement and power in monetary terms, Further age is also inversely proportional. Shiller, (2006) in his article talked about the co-evolution of neo-classical and behavior finance that in 1937 when A. Samuelsson one of the great economists wrote about people m aximizing the present value of utility subject to a present value. Another judgment he realized was time being consistent human behavior where if at any time t, 0 4. Investing and Cognitive Bias Money Managers and Money management is a very popular phenomenon. The performance in a stock market is measured at daily basis and waiting for a highly subjective annual review of ones performance by ones superior. Market grades you on a daily basis. The smarter one is, more confident one becomes of ones ability to succeed; clients support them by trusting them that eventually helps their careers. But the truth is that few money managers put in sufficient amount of time and effort to figure out what works and develop a set of investment principles to guide their investment decisions Browne (2000). Further he discussed the importance of asset allocation and risk aversion, in order to understand why we do what we do regardless of whether it is rational or not. General public opts for money Managers to deal with their finances and these managers are categorized in three ways: Value Managers, Growth Managers and Market Neutral Managers. The vast majority of money managers are categorized as either value managers or growth managers although a third category, market neutral managers, is gaining popularity these days and may soon rival the so-called strategies of value and growth. Some investment management firms even are being cautious by offering all styles of investments. What too few money managers do is analyze the fundamental financial characteristics of portfolios that produce long-term market beating results, and develop a set of investment principles that are based on those findings. Difference of opinion on the definition of value is the problem. The reasons for this are two-fold, one being the practical reality of managing large sums of money, and other related to behavior. As the assets under management of an advisor grow, universe of potential stocks shrinks. Analyzing why individual and professional investors do not change their behavior even when they face empirical evidence, suggests that their decisions are less than optimal. An answer to this questio n is said to be that being a contrarian may simply be too risky for the average individual or professional. If a person is wrong on collective basis, where everyone else also had made a mistake, the consequences professionally and for ones own self-esteem are far less damaging than if a person is wrong alone. The herd instinct allows for comfort of safety in numbers. The other reason is that individuals try to behave same way and do not tend to change courses of action if they are happy. If the results are not too painful individuals can be happy with sub-optimal results. Moreover, individuals who tend to be unhappy make changes often and eventually end up being just as unhappy in their new circumstances. According to traditional view of investment management, fundamental forces drive markets, however many other investment firms are consider being active and basing their working on their experienced Judgment. It is also believed that Judgmental overrides value and fundamental forces of markets can be lethal as well as a cause of financial disappointment. Historically it has been found that people override at wrong times and in most cases would be better off sticking to their investment disciplines and the reason to this behavior is the cognitive bias. According to Crowell (1994) and many other researchers, stocks of small companies with low price/book ratios provide excess returns. Therefore, given a choice among small cheap stocks and large high priced stocks, prominent investors (financial analysts, senior company executives and company directors) will certainly prefer small cheap ones. But the fact is opposite to this situation where these prominent investors would opt for large high priced ones and so suffer from cognitive bias and further regret. The assumptions made by Crowell (1994, pp.2) were that Long term investment value should be negatively correlated with size since small stocks provide superior returns. Long term Investment value should have a negative correlation with Price/book since low Price/Book stocks provide superior returns. Whereas the results Crowell`s survey were contrary stating that Long Term Investment had a positive correlation with size and with Price/Book stocks. Crowell further stated that according to Shefrin and Statman, prominent investors overestimate the probability that a good company is a good stock, relying on the representative heuristics, concluding that superior companies make superior stocks. Discussing the concept of regrets, aversion to regret is different from aversion to risk; Regret is acute when an individual must take responsibility for the final outcome. Aversion to regret leads to a preference for stocks of good companies. The choice of the stocks of bad companies involves more personal responsibility and higher probability of regret. Therefore, two major Cognitive errors appear: We have a double cognitive error: good company always makes good stock (representativeness), and involves less responsibility(Less aversion to regret). (Crowell, 1994,pp.3) The Anti Cognitive bias actions would be admitting to your owned stocks, admitting earlier investment mistakes. Further, taking the responsibility for actions to improve their performance in future. The reasons for all the available discip Application to Modern Investment Theory to EMH Application to Modern Investment Theory to EMH The modern investment theory and its application on the efficient markets hypothesis 1. Introduction The Modern investment theory and its application is predicated on the Efficient Markets Hypothesis (EMH), assumption that markets fully and instantaneously integrate all available information into market prices. Underlying this comprehensive idea is the assumption that market participants are perfectly rational, and always act in self-interest, making optimal decisions. These assumptions have been challenged. It is difficult to tip over the neo classical convention that has yielded such insights as portfolio optimization, Capital Asset Pricing Model, Arbitrage Pricing Theory and Cox Ingersoll-Ross theory of the term structure of interest rates, all of which are predicated on the EMH[2] rather than downside risks[3]. The theory of behavioral finance is opposite to the traditional theory of Finance and deals with human emotions, sentiments, conditions, biases on collective as well as individual basis. Behavior finance theory is helpful in explaining past practices of investors and dete rmining the false performance of the investors. Behavioral finance is a concept of finance which deals with finances incorporating findings from psychology and sociology. It is reviewed that behavioral finance is generally based on individual behavior and financial market outcomes. There are many models explaining behavioral finance that explains investors behavior or market irregularities where rational models fail to provide adequate information. Investors do not expect such research to provide a method to make lots of money from inefficient financial markets quickly. According to Shiller (2001) Behavioral finance has basically emerged from the theories of psychology, sociology and anthropology where implications of these theories appear to be significant for efficient market hypothesis, that is based on the positive notion that people behave rationally, maximize their utility. It is found that in efficient market the principle of rational behavior is not always correct. Thus, the idea of analyzing other model of human behavior has come up. Gervais (2001) further explains the concept where he says that people like to relate to the stock market as a person having different moods, this person can be bad-tempered or high-spirited and can overreact one day or make amends the next. This person indicates human behavior which is unpredictable and behaves differently in different situations. Lately many researchers have suggested the idea that psychological analysis of investors may be very helpful in understanding financial markets better. To do so it is important to understand behavioral finance presenting the concept of traditional theory overestimating rationality of investors, their biases in decisions casting a cumulative impact on asset prices. To many researchers the study of behavior in finance appeared to be a revolution. As it transforms peoples mentality and perception about markets and factors that influence the markets. The paradigm is shifting. People are continuing to walk across the border from the traditional to the behavioral camp. Gervais (2001, pp.2). On the contrary some people believe that may be its too early to call it a revolution. Gervais (2001) states that Fama in (1970) argued that behavioral finance has not really shown an impact on world prices, and that model contradict each other on different point of times. Giving very less account to behaviorist explanations of trends and the irregularities anomaly ( is any occurrence or object that is strange, unusual, or unique) also argued that in order to locate patterns the data mining techniques are much helpful. Other researchers have also criticized the idea that behavioral finance models tend to replace the traditional models of market functions. Some weaknesses in this area, explained by Gervais (2001)are that generally overreaction and under reaction are major causes of market behavior. In these cases People take the behavior that seems to be easy for a particular study regardless of the fact that whether these biases are either primary factor of economic forces or not. Secondly, lack of trained and expert people. The field does not have enough trained professionals both in psychology or finance fields and therefore as a result the models presented by researchers are improvised. Gervais (2001) also focused on individual behavior impacting asset prices and explained that this field of behavioral finance is currently in its developmental stage, in its way of development it is facing a lot of disagreement which itself is a productive one. He points out that if we apply the conceptual models of behavioral finance to the corporate finance, it can majorly pay off. If money managers are incorrectly rational, means they are probably not evaluating their investment strategies correctly. They might take wrong decisions in their capital structure decisions. It has been found that quite a few people foresee behavioral finance displacing the age old Efficient Markets theory. On the contrary underlying assumption that investors and managers are completely rational makes insightful sense to many people. 2. Traditional Finance and Empirical Evidence Fung, (2006) claimed that Post Keynesian theory has criticized mainstream economic theory for using statistical methods to model the world in which histori ­cal market data cannot provide, In recent years, two different lines of research experimental economics and behavioral finance have pro ­duced results that are at odds with the predictions of mainstream finan ­cial theory. This paper argues that it is beneficial to the development of good financial theory for Post Keynesian economists to engage in an exchange of ideas with the practitioners of these two lines of research. The difference of opinion originated when experimental economics and behavioral finance understood the difference between agents rationality in theory and in real world. Both had a same point of view regarding Post Keynesian economists where both of them refused to assume Post Keynesian economists assumption of economic actors being always rational by maximizing expected utility. Instead of assuming ration al economic ac ­tors who always act consistently, they often tap into insights provided by psychology to try to explain economic behavior. The use of psychol ­ogy can be traced back to Keynes, and, in fact, some of the papers in experimental economics and behavioral finance take a remark of Keynes on the psychology of economic actors as an inspiration for designing empirical tests of economic behavior. Indeed, some of these papers rec ­ognize that we live in an uncertain world, and they examine the heuris ­tics, or rules of thumb, that economic actors develop to guide their behavior in face of uncertainty. When Keynes made his remark in 1936 (the original publication date of the General Theory), there was not yet an efficient market hypothesis. But in 1970 Fama published his pioneering paper on efficient markets. In it, he defined an efficient market as a market in which prices always fully reflect available information. Traditional theory assumes that agents are rational an d the law of one price holds that is a perfect scenario. Where the law of One price[5]. And agents rationality explains the behavior of investor Professional and Individual which is generally inconsistent with rationality or future predictions. If a market achieves a perfect scenario where agents are rational and law of one price holds then the market is efficient. With the availability of large amount of information, form of market changes. It is unlikely that market prices contain all private information. The presence of noise traders (traders, trading randomly and not based on information). Researches show that stock returns are typically unpredictable based on past returns where as future returns are predictable to some extent. According to Glaser et al. (2003) Few examples from the past literature explains the problem of irrationality which occurs because of naive diversification, behavior influenced by framing, the tendency of investors of committing systematic errors while ev aluating public information. Lately it has been found that investors` attitude towards the riskiness of a stock in future and the individual interpretation may explain the higher level trading volume, which itself is a vast topic for insight. A problem of perception exist in the investors actions that stocks have a higher risk adjusted returns than bonds. Another issue with the investors is that these investors either care about a stock portfolio or just about the value of each single security in their portfolio and thus ignore correlations. The concept of ownership society[6] has been promoted in the recent years where people can take better care of their own lives and be better citizen too if they are both owner of financial assets and homeowners. As Shiller (2006) suggested that in order to improve lives of less advantaged people in our society is to teach them how to be capitalist, In order to put ownership society in its right perspective, behavioral finance is needed to be und erstood. The concept of ownership society seems very attractive when people appear to make profits from their investments. Behavioral finance is also very helpful in understanding and justifying government involvement in investing decisions of individuals. The failure of millions of people to save properly for their future is also a core focus of behavioral finance. According to Glaser et al. (2003) there are two approaches towards behavioral finance, where both tend to have same goals. The goals tend to explain observed prices, market trading volume and Last but not the least is the individual behavior better than traditional finance models. Belief Based Model: Psychology (Individual Behavior) Incorporates into Model Market prices and Transaction Volume. It includes findings such as Overconfidence, Biased Self- Attrition, and Conservatism and Representativeness. Preference Based Model: Rational Friction or from psychology Find explanations, Market detects irregularities and individual behavior. It incorporates Prospect Theory[7], House money effect and other forms of mental accounting. Behavioral Finance and Rational debate: the article by Heaton and Rosenberg (2004) highlights the debate between the rational and behavioral model over testability and predictive success. And it was found that neither of them actually offers either of these measures of success. The rational approach uses a particular type of rationalization methodology; which goes on to form the basis of behavior finance predictions. A closer look into the rational finance model goes on to show that it employs ex post rationalizations of observed price behaviors. This allows them greater flexibility when offering explanations for economic anomalies. On the other hand the behavior paradigm criticizes rationalizations as having no concrete role in predicting prices accurately, t hat utility functions, information sets and transaction costs cannot be `rationalized. Ironically they also reject the rational finances explanatory power which plays an essential role in the limits of arbitrage, which actually makes behavioral finance possible. Heaton Rosenberg (2004) presented Milton Friedmans theory that laid the basis of positive economics. His methodology focused on how to make a particular prediction; it is irrelevant whether a particular assumption is rational or irrational. According to this methodology, the rational finance model relies on a limited assumption space since all assumptions that are supposedly not rational have been eliminated. This is one of the major reasons behind the little success in rational finance predictions. Despite the minimal results, adherents of this model have criticized the behavioral model as lacking quantifiable predictions that are based on mathematical models. Rational finance has targeted a more important aspect in the structure of economy, i.e. Investor uncertainty, which further cause financial anomalies. In explaining these assertions, the behavioral approach emphasizes importance of taking limits in arbitrage. Further his methodological approach falls into the category `instru mentalism[8], which basically states that theories are tools for predictions and used to draw inferences. Whether an assumption is realistic or rational is of no value to an instrumentalist. By narrowing what may or may not be possible, one will inevitably eliminate certain strategies or behaviors which might in fact go on to maximize utility or profits based on their uniqueness. An assumption could be irrational even in the long run, but it is continuously revised and refined to make it into something useful. In opposition to this, many individuals have said that behaviouralists are not bound by any constraints thus making their explanations systematically irrational. Heaton Rosenberg (2004) further explains the concept of Rubinstein that how when everyone fails to explain a particular anomaly, suddenly a behavioral aspect to it will come up, because that can be based on completely abstract irrational assumptions. To support rationality, he came up with two arguments. Firstly he w ent on to say that an irrational strategy that is profitable, will only attract copy cat firms or traders into the market. This is supported when a closer look is given towards limits to arbitrage. Secondly through the process of evolution, irrational decisions will eventually be eliminated in the long run. The major achievements characterized of the rational finance paradigm consist of the following: the principle of no arbitrage; market efficiency, the net present value decision rule, and derivatives valuation techniques; Markowitzs (1952) mean-variance framework; event studies; multifactor models such as the APT, ICAPM, and the Consumption CAPM. Despite the number of top achievements that supporters of the rational model claim, the paradigm fails to answer some of the most basic financial economic questions such as `What is the cost of capital for this firm? or `What is its optimal capital structure?; simply because of their self imposed constraints. So far this makes it seem lik e rational finance and behavioral finance are mutually exclusive. Contrary to this, they are actually interdependent, and overlap in several areas. Take for instance the concept of mispricing when there is no arbitrage. Behavior finance on the other hand suggests that this may not be the case; irrational assumptions in the market will still lead to mispricing. Further even though certain arbitrageurs may be able to identify irrationality induced mispricing, because of the imperfect market information, they are unable to convince investors of its existence. Over here, the rational model is accepting the existence of anomalies which are affected both through the factors of risk and chance; therefore coinciding with the perspective of behavioral finance. Two instances are clear examples of how rationalization is an important limit of arbitrage: i) the build-up and blow-up of the internet bubble; and ii) the superiority of value equity strategies. If we focus on the latter, we are able to see behavioral finance literature that highlights the superiority of such strategies in the ability of analysts to extrapolate results for investors. This is possible when rationalization is taken as a limit to arbitrage. Similarly these strategies may also limit arbitrage against mispricing, through the great risk associated with stocks. In explaining most anomalies it is essential that analysts first conclude whether pricing is rational or not. To prove their hypothesis that irrationality induced mispricing exists; behaviouralists may find it easier if they accepted the role of rationalization in limits of arbitrage. Slow information diffusion and short-sales constraints are other factors which explain mispricing. However these factors alone cannot form the basis of a strong and concrete explanation that will clarify pricing across firms and also across time. Those supporting the rational paradigm attack behavioral finance adherents in that their predictions for the financial markets have been made on irrational assumptions; that are not supported by concrete mathematical or scientific models. In their view the lack of concrete discipline in the methodology adopted in behavior finance leads to the lack of testing in their forecasts. On the other hand the rational model is criticized for its lack of success in financial predictions. The behaviouralists claim that this limitation exists because the supporters of rational finance dismiss aspects of the economic market simply because it may not fall into explainable rational behavior. Both perspectives claim to align themselves with respect to the goals of `testability and `predictions, while at the same time continue to offer evidence against the other model. In reality however, rather than being exclusively mutual both paradigms assist one another in making their predictions. Ray (2006) examines a new genre of behavioral markets prediction markets and their remarkable a bility to aggregate inside and expert information from around the world in order to accurately predict all types of economic and financial variables. To date it is said that the prediction markets are the most accurately efficient markets as they prove to show all three forms of market efficiency (weak, semi-strong, and strong), in contrast to regulated markets. Prediction markets are also said to be decision markets. It initially evolved in 1988 with the first online betting market the Iowa Electronic Market. These online markets have proven their predictions accurately since the time they came into being. To be precise these prediction markets are behavioral markets with powerful statistical components that are able to predict the most likely values of future financial variables, variances around such values, and their correlations with other future financial variables. Ray (2006) says that being unregulated, prediction markets are highly effective at flushing out and thereafter a ggregating relevant information including inside and expert information regarding a particular event, globally extracting such information from savvy bettors who are eager to profit from their inside and expert information. These sorts of prediction markets have become so popular that now a days major companies use such behavioral markets to accurately forecast sales, earnings, product success, and many other financial and economic variables. The foremost tool for these markets is the wisdom of crowd. In order to accurately predict financial and economical variables he presented few conditions as a prerequisite, which included mainly having a variety of opinions, with no herd behavior, should be able to use their knowledge according to the information available with them and last but not the least is the fact that prediction markets expectations are not self fulfilling prophecies. Prediction markets are a new genre of behavioral markets that continually reveal the thinking of confid ent insiders by suggesting them to profit from their inside and expert information. The subjective evidence with a few statistical evidences corroborates the impressive ability of these markets to predict financial events of all types. The phenomenon exists from ages and effectively proves its performance especially in worlds financial markets. The demonstrated accuracy of predictions in these markets can be of significant utility to traders, financial analysts, behavioral analysts, and many others intending to forecast and analyze financial data. A persons tendency to make errors is known as cognitive bias. These errors are based on the cognitive factors that include statistical judgments, social attribution and memory being common to all the humans in the world. Cognitive bias is the tendency of intelligent, well-informed people to consistently do the wrong thing. Crowell (1994, pp. 1). The reason behind this cognitive bias is that the Human brain is made for interpersonal relationships and not for processing statistics. He discussed the frailty of forecasts. Generally it is said that the world is divided into two groups: People forecasting positively and people forecasting negatively. These forecasts exaggerate the reliability of their forecasts and trace it to the illusion of validity which exists even when the illusionary character is recognized. Fisher and Statman, (2000) discussed five cognitive bias, underlying the illusion of validity that are Overconfidence, Confirmation, Representativeness, Anchoring, and Hindsight. Shiller (2002) discusses, that irrational behavior may disappear with more learning and a much more structured situation. History proves it that many of cognitive biases in human judgment value uncertainly will change; they may be convinced if given proper instructions, on the part-experience of irrational behavior. The three most common themes of behavioral finance are as follows: Heuristics, Framing and Market Inefficiencies. People when decide on the basis of the rules of thumb regardless of rationalizing suffer from Heuristics. Some forms of Heuristics are: Prospect theory, Loss Aversion, Status quo Bias, Gamblers Fallacy[9], Self-serving bias and lastly Money illusion. Framing is basically a problem of decision making where the decision is based on the point where there is difference in how the case is presented to the decision maker. Cognitive framing, Mental accounting and Anchoring are the common forms of Framing 3. Market Inefficiencies As observed, that market outcomes are totally opposite to rational expectations and efficient market hypothesis where mispricing, irrational decision making and return anomalies are examples of it. Fung (2006) introduced three forms of market efficiency earlier presented by Fama in 1970. In the weak form, the information set con ­tains only historical prices. In the semi strong form, information set contains all publicly available information. In the strong form, the infor ­mation contains not only all publicly available information but also insider information not available to the public. This definition of efficient mar ­kets is too general to be testable empirically. To make the model testable, he proposed a process of price formation known as the expected re ­turn or fair game efficient markets model. In this model, when investors form expectations of security prices, they fully utilize all the information that is fully reflected in those prices. It is called a fair game model, because using only the information that is fully reflected in security prices, no trading system can have expected profits or returns in excess of equi ­librium expected profits or returns. These terms have been described as specific market anomaly from a behavioral point of view. Anomaly (economic behavior) Disposition effect Endowment effect Inequity aversion Intertemporal consumption Present-biased preferences Momentum investing Greed and fear Herd behavior Anomalies (market prices and returns) Efficiency wage hypothesis Limits to arbitrage Dividend puzzle Equity premium puzzle Behavioral Economic Models are restricted to a certain observed market anomaly and it adjusts the neo classical models by explaining the phenomenon of Heuristics and framing to the decision makers. It is usually said that economics get along with in the neo classical framework, with just one restriction of the assumption of rationality. Loix et. Al (2005) in their paper Orientation towards Finances explains the individual financial management behavior, people dealing with their financial means. They have analyzed the Non-specific financial behavior as already we see extensive research on the specific finance behavior such as saving, taxation, gambling and amassing debt, and gave a lot of importance to stock market, investors and households. The analysis of general public`s behavior was done, where an ordinary man is not sure and simply act according to the guesses over their money related issues. It was also found that people interested in economic and financial matters are much more active in collecting specific information than general public, stating that financial behavior of household is an important relevant topic that needs to be discussed in much more details. Household financial management is similar to the financial management. The construct of orientation towards finances was developed where the individual ORTO FIN focuses on competencies (interest and skills). Having stronger money attitude is an indication of stronger orientation towards finances and much more effective competencies. Therefore we expect some relevance and similarity between corporate and household management behavior as both require organizing, forecasting, planning and control. Loix et. al (2005) analyzed general publics behavior in basically dividing them into two groups, Financial Information and Personal financial planning. Also explaining some practical and theoretical gaps in the area of psychology of money usage, they concluded that ORTOFIN (Orientation towards finance) indicates the involvement of individuals in managing their finances. Proving out the point that active interest in financial information and an urge to plan expenses are two main factors. A stronger ORTFIN indicates: greater use of debit accounts, higher savings account, wide variety of investments, greater awareness of ones financial Intimate knowledge of the details of ones savings/deposit accounts obsessed by money, higher achievement and power in monetary terms, Further age is also inversely proportional. Shiller, (2006) in his article talked about the co-evolution of neo-classical and behavior finance that in 1937 when A. Samuelsson one of the great economists wrote about people m aximizing the present value of utility subject to a present value. Another judgment he realized was time being consistent human behavior where if at any time t, 0 4. Investing and Cognitive Bias Money Managers and Money management is a very popular phenomenon. The performance in a stock market is measured at daily basis and waiting for a highly subjective annual review of ones performance by ones superior. Market grades you on a daily basis. The smarter one is, more confident one becomes of ones ability to succeed; clients support them by trusting them that eventually helps their careers. But the truth is that few money managers put in sufficient amount of time and effort to figure out what works and develop a set of investment principles to guide their investment decisions Browne (2000). Further he discussed the importance of asset allocation and risk aversion, in order to understand why we do what we do regardless of whether it is rational or not. General public opts for money Managers to deal with their finances and these managers are categorized in three ways: Value Managers, Growth Managers and Market Neutral Managers. The vast majority of money managers are categorized as either value managers or growth managers although a third category, market neutral managers, is gaining popularity these days and may soon rival the so-called strategies of value and growth. Some investment management firms even are being cautious by offering all styles of investments. What too few money managers do is analyze the fundamental financial characteristics of portfolios that produce long-term market beating results, and develop a set of investment principles that are based on those findings. Difference of opinion on the definition of value is the problem. The reasons for this are two-fold, one being the practical reality of managing large sums of money, and other related to behavior. As the assets under management of an advisor grow, universe of potential stocks shrinks. Analyzing why individual and professional investors do not change their behavior even when they face empirical evidence, suggests that their decisions are less than optimal. An answer to this questio n is said to be that being a contrarian may simply be too risky for the average individual or professional. If a person is wrong on collective basis, where everyone else also had made a mistake, the consequences professionally and for ones own self-esteem are far less damaging than if a person is wrong alone. The herd instinct allows for comfort of safety in numbers. The other reason is that individuals try to behave same way and do not tend to change courses of action if they are happy. If the results are not too painful individuals can be happy with sub-optimal results. Moreover, individuals who tend to be unhappy make changes often and eventually end up being just as unhappy in their new circumstances. According to traditional view of investment management, fundamental forces drive markets, however many other investment firms are consider being active and basing their working on their experienced Judgment. It is also believed that Judgmental overrides value and fundamental forces of markets can be lethal as well as a cause of financial disappointment. Historically it has been found that people override at wrong times and in most cases would be better off sticking to their investment disciplines and the reason to this behavior is the cognitive bias. According to Crowell (1994) and many other researchers, stocks of small companies with low price/book ratios provide excess returns. Therefore, given a choice among small cheap stocks and large high priced stocks, prominent investors (financial analysts, senior company executives and company directors) will certainly prefer small cheap ones. But the fact is opposite to this situation where these prominent investors would opt for large high priced ones and so suffer from cognitive bias and further regret. The assumptions made by Crowell (1994, pp.2) were that Long term investment value should be negatively correlated with size since small stocks provide superior returns. Long term Investment value should have a negative correlation with Price/book since low Price/Book stocks provide superior returns. Whereas the results Crowell`s survey were contrary stating that Long Term Investment had a positive correlation with size and with Price/Book stocks. Crowell further stated that according to Shefrin and Statman, prominent investors overestimate the probability that a good company is a good stock, relying on the representative heuristics, concluding that superior companies make superior stocks. Discussing the concept of regrets, aversion to regret is different from aversion to risk; Regret is acute when an individual must take responsibility for the final outcome. Aversion to regret leads to a preference for stocks of good companies. The choice of the stocks of bad companies involves more personal responsibility and higher probability of regret. Therefore, two major Cognitive errors appear: We have a double cognitive error: good company always makes good stock (representativeness), and involves less responsibility(Less aversion to regret). (Crowell, 1994,pp.3) The Anti Cognitive bias actions would be admitting to your owned stocks, admitting earlier investment mistakes. Further, taking the responsibility for actions to improve their performance in future. The reasons for all the available discip