Adverse Selection and Moral Hazard in a Model With 2 States of the World
|
|
- Clinton Lloyd
- 8 years ago
- Views:
Transcription
1 Advrs Slction and Moral Hazard in a Modl With 2 Stats of th World A modl of a risky situation with two discrt stats of th world has th advantag that it can b natly rprsntd using indiffrnc curv diagrams, with standard convx indiffrnc curvs rprsnting risk avrs consumrs (s diagram blow, showing th risk prmium for risky prospct b). This nabls a simpl modl of markt failur du to advrs slction in comptitiv insuranc markts (Rothschild and Stiglitz, 1976), and th fficincy loss du to moral hazard rsulting from a situation with unobsrvabl ffort and a risk avrs agnt, to b constructd and illustratd graphically. (1 π)/π b U1 risk prmium First, w covr som concptual prliminaris: Assum that thr ar 2 stats of th world, a bad stat (stat 2) and a good stat (stat 1), with probability of th bad stat occurring bing π. Assum that individuals hav a utility function gw i which givs utility in stat of th world i givn walth in stat i of W i and ffort. Not that ffort is not rlvant to th advrs slction modl, and that th function g() is th sam in all stats of th world, xcpt for its input W i, thus satisfying th axioms of xpctd utility thory. Individuals can only diffr in th probability π thy fac. Suppos thr ar two typs of individual, high risk and low risk (and not that low risk individuals ar high ffort individuals in th moral hazard modl thir highr ffort rducs th chanc of th bad stat of th world occurring). Hnc th two typs hav th following xpctd utility functions, with H L : U H = H gw 2 1 H gw 1 H U L = L g W 2 1 L gw 1 L An important rsult is that th marginal rat of substitution (th gradint of th indiffrnc curvs in W 1,W 2 spac) of th two typs is thn givn by:
2 U H W MRS H 1 1,2 = U H W 2 U L W MRS L 1 1,2 = U L W 2 = 1 H H = 1 L L Along th 45º W 1 =W 2 lin, th MRS bcoms 1 H H dg dw 1 dg dw 2 dw 1 dg dw 2 dg and 1 L L rspctivly. This rflcts th important fact that th high risk typs always hav shallowr indiffrncs curv than th low risk typs. (Intuitivly, bcaus th bad stat of th world is mor likly for thm, thy do not rquir so much additional walth in th bad stat in ordr to giv up walth in th good stat.) Also, not that if ithr typ is offrd insuranc at prmium rat p, in othr words offrd th chanc to pay px in both stats of th world in ordr to gt covrag of X in th bad stat of th world thn thy ar ffctivly bing offrd an xchang rat btwn W 1 and W 2 of 1 p p. Hnc, if p= thn ach typ will fully insur by picking an optimal bundl on th 45º lin. If p thn an individual optimally chooss to partially insur by picking an optimal bundl to th right of th 45º lin (this is illustratd blow). (1 π)/π (1 p)/p U1
3 Advrs Slction Modl (Rothschild and Stiglitz, 1976) In th advrs slction modl, agnt's ffort has no impact on risk, and so for simplicity w can st H = L =0. Th two typs diffr in π in a mannr that is byond thir control. Suppos that insuranc firms play a simultanous gam in which thy offr insuranc contracts (ach possibl contract bing a singl point in (W 1,W 2 ) spac), and th diffrnt typs of individuals thn slct thir prfrrd contract. Firms aim to maximiz thir profits givn th rspons of thir customrs and th contract(s) offrd by thir comptitors. Clarly, consumrs pick th contract offrd which lis on thir highst indiffrnc curv. W first considr th situation in which th insurrs can distinguish btwn high and low risk typs. In that cas, ach typ can b offrd actuarially fair insuranc with thir prmium p tailord to thir typ. Prfct comptition btwn insuranc companis will forc prmiums to b actuarially fair in quilibrium, and will also forc firms to offr full insuranc. This is illustratd in th diagram blow. Not that th ndowmnt point lis to th right of th 45º lin bcaus without insuranc walth is highr in th good stat of th world than in th bad. Th stpr diagonal lin rprsnts th fair insuranc lin for th low risk typs, th shallowr on th fair insuranc lin for th high risk typs. UL* UH* Considr instad a situation of advrs slction whr individuals know thir typ, but firms do not. Clarly, high risk typs will now hav an incntiv to concal this information from th insurr and imitat low risk typs, unlss th insurr can dsign a contract which will lad thm to rval thir typ. This might, at first glanc, b unncssary. A pooling quilibrium would involv ach firm offring a singl contract basd on th avrag risk. Thus th fair pooling insuranc lin lis in btwn that for th two typs in th diagram blow. Unfortunatly such a pooling quilibrium is not possibl bcaus thr ar contracts which li in th shadd ara which a comptitor could offr which ar prfrrd by th low risk typs to th pooling quilibrium contract, but not by th high risk typs, and li blow th low risk fair insuranc lin, showing that thy would crat positiv profits. This mans intuitivly that othr firms would b abl to poach away th low risk typs.
4 UL UH Considr now whthr a sparating quilibrium could xist, and its fficincy proprtis. This would involv two contracts aimd at th high and low risk typs, such that thy will slf slct, thus rvaling thir typ. In ordr to prvnt th high risk typs from imitating th low risk typs and taking th wrong contract, th low risk typs would nd to b offrd partial insuranc, at point b L, rathr than full insuranc as in th cas with prfct information. Th low risk typs will thrfor b on a lowr indiffrnc curv than with prfct information, and thus this outcom would b Parto infficint. Although infficint, such an quilibrium will xist if th poold insuranc lin passs undrnath th indiffrnc curv of th low risk typ, lablld U L ' in th diagram blow. bh bl UL* UH' UL'
5 Howvr, if th poold fair insuranc lin lis abov th indiffrnc curv for th low risk typs, as will occur if thr is a larg proportion of low risk typs, and is illustratd blow, thn th sparating quilibrium dos not xist ithr, bcaus both typs could b poachd away by a comptitor offring a pooling contract in th shadd ara. In fact no stabl quilibrium thn xists, and th modl prdicts unstabl comptitiv insuranc markts. UH' UL' Policy consquncs This classic modl suggsts that advrs slction will rndr comptitiv insuranc markts at bst infficint, and at worst unstabl. Signalling or scrning might allviat th problm, by nabling asir sparation of high and low risk typs, but probably still with a dadwight loss. Also, thr may b an quity problm with th sparating quilibrium (both undr prfct information and undr asymmtric information). For xampl, it may not b morally accptabl to say that in halthcar, for instanc, popl with pr xisting conditions should pay highr prmiums, or that mn should pay highr automobil insuranc (du to highr risk of crashing) or that womn should gt lss gnrous pnsions for a givn contribution rcord (bcaus thy ar at highr risk, from th insurr's prspctiv, of living longr). If thr ar both quity and fficincy problms with comptitiv insuranc markts, this provids a justification in conomic thory for various forms of social insuranc (.g. UK citizns ar ffctivly forcd to purchas halth insuranc in a social pooling contract by th National Halth Srvic). Moral Hazard du to Unobsrvabl Effort A scond ky application of this framwork would b th dadwight loss to socity du to th agncy cost of inducing an agnt to produc an ffort lvl whn th agnt is risk avrs. In a moral hazard modl, thr is a singl agnt, who must dcid whthr to bcom low risk by xrting high ffort, or high risk by xrting low ffort. Howvr, th utility functions w alrady dfind will dscrib th situation providd that H L and H L.
6 Th modl would fit a numbr of storis. For instanc, w might hav th standard txtbook cas of a workr (th agnt) bing contractd to prform som projct for a privat company (th principal) in which th outcom is risky but dpnds partly and unobsrvably on th ffort of th workr. On th othr hand, w might hav th xampl of moral hazard in a social insuranc situation. For xampl, whthr somon is unmployd or not dpnds partly but not fully on th ffort thy put in to finding and kping a job. In th bad stat of th world, th individual is unmployd and hnc has a lowr walth lvl than in th good stat of th world. If thr was no moral hazard problm (i.. job sarch/rtntion ffort was obsrvabl) thn, assuming a risk avrs individual, th fficint outcom would b for th govrnmnt to fully insur th individual by paying unmploymnt bnfit qual to post tax arnings whn mployd. With unobsrvabl ffort, on th othr hand, th optimal scond bst outcom is to mak walth whn unmployd lowr in ordr to provid an incntiv for high job sarch ffort. Hnc scond bst optimal unmploymnt bnfits will not fully rplac post tax arnings whn mployd. Similarly, th scond bst outcom in th cas of workr bing contractd is that rmunration is to som dgr prformanc rlatd, vn though this imposs risk on th workr, for which th contractor must compnsat thm. In what follows, w assum that th optimal scond bst outcom (and thrfor th profitmaximizing outcom for th contractor/mployr) would rquir th agnt to xrt high ffort. (Th sam would thn b tru of th Parto fficint outcom, sinc rmoving th agncy cost would mak high ffort vn mor socially bnficial.) W will xplain using th txtbook cas of a privat company contracting a workr to prform a task. Th diagram blow shows th crtain wag that would b rquird in ordr to induc th agnt to tak on th task and put in high ffort (/bcom low risk ) (point a) and low ffort (/b high risk ) (point b). With obsrvabl ffort, th contractor would offr point a (and rquir high ffort in th contract), and th agnt would thus hav utility lvl U H '. With unobsrvabl ffort, th contractor could no longr offr point a, bcaus th agnt would thn choos to put in low ffort, and thus th contractor would not b maximizing profits. By instad offring point c, th agnt would thn wakly prfr to put in high ffort. Howvr, this rsults in a highr xpctd wag bing paid, th diffrnc bing th agncy cost, which concptually is th risk prmium rquird to compnsat th agnt for th gratr risk thy now fac. Sinc th agnt is on th sam indiffrnc curv as with obsrvabl ffort, but th principal is now wors off, this is clarly Parto infficint. b a c UH' UL' agncy cost
Econ 371: Answer Key for Problem Set 1 (Chapter 12-13)
con 37: Answr Ky for Problm St (Chaptr 2-3) Instructor: Kanda Naknoi Sptmbr 4, 2005. (2 points) Is it possibl for a country to hav a currnt account dficit at th sam tim and has a surplus in its balanc
More informationQUANTITATIVE METHODS CLASSES WEEK SEVEN
QUANTITATIVE METHODS CLASSES WEEK SEVEN Th rgrssion modls studid in prvious classs assum that th rspons variabl is quantitativ. Oftn, howvr, w wish to study social procsss that lad to two diffrnt outcoms.
More informationby John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia
Studnt Nots Cost Volum Profit Analysis by John Donald, Lcturr, School of Accounting, Economics and Financ, Dakin Univrsity, Australia As mntiond in th last st of Studnt Nots, th ability to catgoris costs
More informationForeign Exchange Markets and Exchange Rates
Microconomics Topic 1: Explain why xchang rats indicat th pric of intrnational currncis and how xchang rats ar dtrmind by supply and dmand for currncis in intrnational markts. Rfrnc: Grgory Mankiw s Principls
More informationRural and Remote Broadband Access: Issues and Solutions in Australia
Rural and Rmot Broadband Accss: Issus and Solutions in Australia Dr Tony Warrn Group Managr Rgulatory Stratgy Tlstra Corp Pag 1 Tlstra in confidnc Ovrviw Australia s gographical siz and population dnsity
More informationIntermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers)
Intrmdiat Macroconomic Thory / Macroconomic Analysis (ECON 3560/5040) Final Exam (Answrs) Part A (5 points) Stat whthr you think ach of th following qustions is tru (T), fals (F), or uncrtain (U) and brifly
More informationThe example is taken from Sect. 1.2 of Vol. 1 of the CPN book.
Rsourc Allocation Abstract This is a small toy xampl which is wll-suitd as a first introduction to Cnts. Th CN modl is dscribd in grat dtail, xplaining th basic concpts of C-nts. Hnc, it can b rad by popl
More informationElectronic Commerce. and. Competitive First-Degree Price Discrimination
Elctronic Commrc and Comptitiv First-Dgr Pric Discrimination David Ulph* and Nir Vulkan ** Fbruary 000 * ESRC Cntr for Economic arning and Social Evolution (ESE), Dpartmnt of Economics, Univrsity Collg
More informationFree ACA SOLUTION (IRS 1094&1095 Reporting)
Fr ACA SOLUTION (IRS 1094&1095 Rporting) Th Insuranc Exchang (301) 279-1062 ACA Srvics Transmit IRS Form 1094 -C for mployrs Print & mail IRS Form 1095-C to mploys HR Assist 360 will gnrat th 1095 s for
More informationArchitecture of the proposed standard
Architctur of th proposd standard Introduction Th goal of th nw standardisation projct is th dvlopmnt of a standard dscribing building srvics (.g.hvac) product catalogus basd on th xprincs mad with th
More informationTraffic Flow Analysis (2)
Traffic Flow Analysis () Statistical Proprtis. Flow rat distributions. Hadway distributions. Spd distributions by Dr. Gang-Ln Chang, Profssor Dirctor of Traffic safty and Oprations Lab. Univrsity of Maryland,
More informationEconomic Insecurity, Individual Behavior and Social Policy
Economic Inscurity, Individual Bhavior and Social Policy By Indrmit S. Gill igill@worldbank.org and Nadm Ilahi nilahi@worldbank.org Th World Bank Washington, DC 20433 First Draft: March 27, 2000 Papr writtn
More information5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power
Prim numbrs W giv spcial nams to numbrs dpnding on how many factors thy hav. A prim numbr has xactly two factors: itslf and 1. A composit numbr has mor than two factors. 1 is a spcial numbr nithr prim
More informationQuestion 3: How do you find the relative extrema of a function?
ustion 3: How do you find th rlativ trma of a function? Th stratgy for tracking th sign of th drivativ is usful for mor than dtrmining whr a function is incrasing or dcrasing. It is also usful for locating
More informationLecture 3: Diffusion: Fick s first law
Lctur 3: Diffusion: Fick s first law Today s topics What is diffusion? What drivs diffusion to occur? Undrstand why diffusion can surprisingly occur against th concntration gradint? Larn how to dduc th
More informationB-285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives
Unit Stats Gnral Accounting Offic Washington, DC 20548 Halth, Eucation, an Human Srvics Division B-285141 April 21, 2000 Th Honorabl Charls B. Rangl Ranking Minority Mmbr Committ on Ways an Mans Hous of
More informationAP Calculus AB 2008 Scoring Guidelines
AP Calculus AB 8 Scoring Guidlins Th Collg Board: Conncting Studnts to Collg Succss Th Collg Board is a not-for-profit mmbrship association whos mission is to connct studnts to collg succss and opportunity.
More informationExpert-Mediated Search
Exprt-Mdiatd Sarch Mnal Chhabra Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA chhabm@cs.rpi.du Sanmay Das Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA sanmay@cs.rpi.du David
More informationLecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13
Lctur nots: 160B rvisd 9/28/06 Lctur 1: xchang Rats and th Forign xchang Markt FT chaptr 13 Topics: xchang Rats Forign xchang markt Asst approach to xchang rats Intrst Rat Parity Conditions 1) Dfinitions
More informationUse a high-level conceptual data model (ER Model). Identify objects of interest (entities) and relationships between these objects
Chaptr 3: Entity Rlationship Modl Databas Dsign Procss Us a high-lvl concptual data modl (ER Modl). Idntify objcts of intrst (ntitis) and rlationships btwn ths objcts Idntify constraints (conditions) End
More informationEssays on Adverse Selection and Moral Hazard in Insurance Market
Gorgia Stat Univrsity ScholarWorks @ Gorgia Stat Univrsity Risk Managmnt and Insuranc Dissrtations Dpartmnt of Risk Managmnt and Insuranc 8--00 Essays on Advrs Slction and Moral Hazard in Insuranc Markt
More informationPlanning and Managing Copper Cable Maintenance through Cost- Benefit Modeling
Planning and Managing Coppr Cabl Maintnanc through Cost- Bnfit Modling Jason W. Rup U S WEST Advancd Tchnologis Bouldr Ky Words: Maintnanc, Managmnt Stratgy, Rhabilitation, Cost-bnfit Analysis, Rliability
More informationCPS 220 Theory of Computation REGULAR LANGUAGES. Regular expressions
CPS 22 Thory of Computation REGULAR LANGUAGES Rgular xprssions Lik mathmatical xprssion (5+3) * 4. Rgular xprssion ar built using rgular oprations. (By th way, rgular xprssions show up in various languags:
More informationIMES DISCUSSION PAPER SERIES
IMES DISCUSSIN PAPER SERIES Th Choic of Invoic Currncy in Intrnational Trad: Implications for th Intrnationalization of th Yn Hiroyuki I, Akira TANI, and Toyoichirou SHIRTA Discussion Papr No. 003-E-13
More informationKeywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives.
Volum 3, Issu 6, Jun 2013 ISSN: 2277 128X Intrnational Journal of Advancd Rsarch in Computr Scinc and Softwar Enginring Rsarch Papr Availabl onlin at: wwwijarcsscom Dynamic Ranking and Slction of Cloud
More informationLong run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange
Lctur 6: Th Forign xchang Markt xchang Rats in th long run CON 34 Mony and Banking Profssor Yamin Ahmad xchang Rats in th Short Run Intrst Parity Big Concpts Long run: Law of on pric Purchasing Powr Parity
More informationunion scholars program APPLICATION DEADLINE: FEBRUARY 28 YOU CAN CHANGE THE WORLD... AND EARN MONEY FOR COLLEGE AT THE SAME TIME!
union scholars YOU CAN CHANGE THE WORLD... program AND EARN MONEY FOR COLLEGE AT THE SAME TIME! AFSCME Unitd Ngro Collg Fund Harvard Univrsity Labor and Worklif Program APPLICATION DEADLINE: FEBRUARY 28
More informationParallel and Distributed Programming. Performance Metrics
Paralll and Distributd Programming Prformanc! wo main goals to b achivd with th dsign of aralll alications ar:! Prformanc: th caacity to rduc th tim to solv th roblm whn th comuting rsourcs incras;! Scalability:
More informationhttp://www.wwnorton.com/chemistry/tutorials/ch14.htm Repulsive Force
ctivation nrgis http://www.wwnorton.com/chmistry/tutorials/ch14.htm (back to collision thory...) Potntial and Kintic nrgy during a collision + + ngativly chargd lctron cloud Rpulsiv Forc ngativly chargd
More informationEntity-Relationship Model
Entity-Rlationship Modl Kuang-hua Chn Dpartmnt of Library and Information Scinc National Taiwan Univrsity A Company Databas Kps track of a company s mploys, dpartmnts and projcts Aftr th rquirmnts collction
More informationDefining Retirement Success for Defined Contribution Plan Sponsors: Begin with the End in Mind
Dfining Rtirmnt Succss for Dfind Contribution Plan Sponsors: Bgin with th End in Mind David Blanchtt, CFA, CFP, AIFA Had of Rtirmnt Rsarch Morningstar Invstmnt Managmnt david.blanchtt@morningstar.com Nathan
More informationLogo Design/Development 1-on-1
Logo Dsign/Dvlopmnt 1-on-1 If your company is looking to mak an imprssion and grow in th marktplac, you ll nd a logo. Fortunatly, a good graphic dsignr can crat on for you. Whil th pric tags for thos famous
More informationME 612 Metal Forming and Theory of Plasticity. 6. Strain
Mtal Forming and Thory of Plasticity -mail: azsnalp@gyt.du.tr Makin Mühndisliği Bölümü Gbz Yüksk Tknoloji Enstitüsü 6.1. Uniaxial Strain Figur 6.1 Dfinition of th uniaxial strain (a) Tnsil and (b) Comprssiv.
More informationFraud, Investments and Liability Regimes in Payment. Platforms
Fraud, Invstmnts and Liability Rgims in Paymnt Platforms Anna Crti and Mariann Vrdir y ptmbr 25, 2011 Abstract In this papr, w discuss how fraud liability rgims impact th pric structur that is chosn by
More informationBasis risk. When speaking about forward or futures contracts, basis risk is the market
Basis risk Whn spaking about forward or futurs contracts, basis risk is th markt risk mismatch btwn a position in th spot asst and th corrsponding futurs contract. Mor broadly spaking, basis risk (also
More informationPerformance Evaluation
Prformanc Evaluation ( ) Contnts lists availabl at ScincDirct Prformanc Evaluation journal hompag: www.lsvir.com/locat/pva Modling Bay-lik rputation systms: Analysis, charactrization and insuranc mchanism
More informationEFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS
25 Vol. 3 () January-March, pp.37-5/tripathi EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS *Shilpa Tripathi Dpartmnt of Chmical Enginring, Indor Institut
More informationEfficiency Losses from Overlapping Economic Instruments in European Carbon Emissions Regulation
iscussion Papr No. 06-018 Efficincy Losss from Ovrlapping Economic Instrumnts in Europan Carbon Emissions Rgulation Christoph Böhringr, Hnrik Koschl and Ulf Moslnr iscussion Papr No. 06-018 Efficincy Losss
More informationAnalyzing the Economic Efficiency of ebaylike Online Reputation Reporting Mechanisms
A rsarch and ducation initiativ at th MIT Sloan School of Managmnt Analyzing th Economic Efficincy of Baylik Onlin Rputation Rporting Mchanisms Papr Chrysanthos Dllarocas July For mor information, plas
More informationCategory 7: Employee Commuting
7 Catgory 7: Employ Commuting Catgory dscription This catgory includs missions from th transportation of mploys 4 btwn thir homs and thir worksits. Emissions from mploy commuting may aris from: Automobil
More informationAsset set Liability Management for
KSD -larning and rfrnc products for th global financ profssional Highlights Library of 29 Courss Availabl Products Upcoming Products Rply Form Asst st Liability Managmnt for Insuranc Companis A comprhnsiv
More informationHigh Interest Rates In Ghana,
NO. 27 IEA MONOGRAPH High Intrst Rats In Ghana, A Critical Analysis IEA Ghana THE INSTITUTE OF ECONOMIC AFFAIRS A Public Policy Institut High Intrst Rats In Ghana, A Critical Analysis 1 by DR. J. K. KWAKYE
More informationITIL & Service Predictability/Modeling. 2006 Plexent
ITIL & Srvic Prdictability/Modling 1 2 Plxnt Th Company 2001 Foundd Plxnt basd on an Expandd ITIL Architctur, CMMI, ISO, and BS15000 - itdna 2003 Launchd itdna Srvic Offring 2003 John Groom, past Dirctor
More informationMathematics. Mathematics 3. hsn.uk.net. Higher HSN23000
hsn uknt Highr Mathmatics UNIT Mathmatics HSN000 This documnt was producd spcially for th HSNuknt wbsit, and w rquir that any copis or drivativ works attribut th work to Highr Still Nots For mor dtails
More informationWORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769
08-16-85 WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769 Summary of Dutis : Dtrmins City accptanc of workrs' compnsation cass for injurd mploys; authorizs appropriat tratmnt
More informationRemember you can apply online. It s quick and easy. Go to www.gov.uk/advancedlearningloans. Title. Forename(s) Surname. Sex. Male Date of birth D
24+ Advancd Larning Loan Application form Rmmbr you can apply onlin. It s quick and asy. Go to www.gov.uk/advancdlarningloans About this form Complt this form if: you r studying an ligibl cours at an approvd
More informationGOAL SETTING AND PERSONAL MISSION STATEMENT
Prsonal Dvlopmnt Track Sction 4 GOAL SETTING AND PERSONAL MISSION STATEMENT Ky Points 1 Dfining a Vision 2 Writing a Prsonal Mission Statmnt 3 Writing SMART Goals to Support a Vision and Mission If you
More informationOPINION NO. 90-17 December 28, 1990
OPINION NO. 90-17 Dcmbr 28, 1990 FACTS: Th inquiring law firm has bn rtaind by a workrs compnsation carrir~ primarily to proscut third-party lawsuits that injurd mploys hav lctd not to pursu. Th carrir
More informationC H A P T E R 1 Writing Reports with SAS
C H A P T E R 1 Writing Rports with SAS Prsnting information in a way that s undrstood by th audinc is fundamntally important to anyon s job. Onc you collct your data and undrstand its structur, you nd
More informationTIME MANAGEMENT. 1 The Process for Effective Time Management 2 Barriers to Time Management 3 SMART Goals 4 The POWER Model e. Section 1.
Prsonal Dvlopmnt Track Sction 1 TIME MANAGEMENT Ky Points 1 Th Procss for Effctiv Tim Managmnt 2 Barrirs to Tim Managmnt 3 SMART Goals 4 Th POWER Modl In th Army, w spak of rsourcs in trms of th thr M
More informationBudget Optimization in Search-Based Advertising Auctions
Budgt Optimization in Sarch-Basd Advrtising Auctions ABSTRACT Jon Fldman Googl, Inc. Nw York, NY jonfld@googl.com Martin Pál Googl, Inc. Nw York, NY mpal@googl.com Intrnt sarch companis sll advrtismnt
More informationSci.Int.(Lahore),26(1),131-138,2014 ISSN 1013-5316; CODEN: SINTE 8 131
Sci.Int.(Lahor),26(1),131-138,214 ISSN 113-5316; CODEN: SINTE 8 131 REQUIREMENT CHANGE MANAGEMENT IN AGILE OFFSHORE DEVELOPMENT (RCMAOD) 1 Suhail Kazi, 2 Muhammad Salman Bashir, 3 Muhammad Munwar Iqbal,
More informationIn the first years of the millennium, Americans flocked to Paris to enjoy French
14 chaptr Exchang Rats and th Forign Exchang Markt: An Asst Approach 320 In th first yars of th millnnium, Amricans flockd to Paris to njoy Frnch cuisin whil shopping for dsignr clothing and othr spcialtis.
More informationTheoretical aspects of investment demand for gold
Victor Sazonov (Russia), Dmitry Nikolav (Russia) Thortical aspcts of invstmnt dmand for gold Abstract Th main objctiv of this articl is construction of a thortical modl of invstmnt in gold. Our modl is
More information81-1-ISD Economic Considerations of Heat Transfer on Sheet Metal Duct
Air Handling Systms Enginring & chnical Bulltin 81-1-ISD Economic Considrations of Hat ransfr on Sht Mtal Duct Othr bulltins hav dmonstratd th nd to add insulation to cooling/hating ducts in ordr to achiv
More informationUser-Perceived Quality of Service in Hybrid Broadcast and Telecommunication Networks
Usr-Prcivd Quality of Srvic in Hybrid Broadcast and Tlcommunication Ntworks Michal Galtzka Fraunhofr Institut for Intgratd Circuits Branch Lab Dsign Automation, Drsdn, Grmany Michal.Galtzka@as.iis.fhg.d
More informationOver-investment of free cash flow
Rv Acc Stud (2006) 11:159 189 DOI 10.1007/s11142-006-9012-1 Ovr-invstmnt of fr cash flow Scott Richardson Publishd onlin: 23 Jun 2006 Ó Springr Scinc+Businss Mdia, LLC 2006 Abstract This papr xamins th
More informationOnline Price Competition within and between Heterogeneous Retailer Groups
Onlin Pric Comptition within and btwn Htrognous Rtailr Groups Cnk Kocas Dpartmnt of Markting and Supply Chain Managmnt, Michigan Stat Univrsity kocas@msu.du Abstract This study prsnts a modl of pric comptition
More informationA Theoretical Model of Public Response to the Homeland Security Advisory System
A Thortical Modl of Public Rspons to th Homland Scurity Advisory Systm Amy (Wnxuan) Ding Dpartmnt of Information and Dcision Scincs Univrsity of Illinois Chicago, IL 60607 wxding@uicdu Using a diffrntial
More informationFACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data
FACULTY SALARIES FALL 2004 NKU CUPA Data Compard To Publishd National Data May 2005 Fall 2004 NKU Faculty Salaris Compard To Fall 2004 Publishd CUPA Data In th fall 2004 Northrn Kntucky Univrsity was among
More informationMagic Message Maker Amaze your customers with this Gift of Caring communication piece
Magic Mssag Makr maz your customrs with this Gift of aring communication pic Girls larn th powr and impact of crativ markting with this attntion grabbing communication pic that will hlp thm o a World of
More informationGold versus stock investment: An econometric analysis
Intrnational Journal of Dvlopmnt and Sustainability Onlin ISSN: 268-8662 www.isdsnt.com/ijds Volum Numbr, Jun 202, Pag -7 ISDS Articl ID: IJDS20300 Gold vrsus stock invstmnt: An conomtric analysis Martin
More informationThe Constrained Ski-Rental Problem and its Application to Online Cloud Cost Optimization
3 Procdings IEEE INFOCOM Th Constraind Ski-Rntal Problm and its Application to Onlin Cloud Cost Optimization Ali Khanafr, Murali Kodialam, and Krishna P. N. Puttaswam Coordinatd Scinc Laborator, Univrsit
More informationGovernment Spending or Tax Cuts for Education in Taylor County, Texas
Govrnmnt Spnding or Tax Cuts for Education in Taylor County, Txas Ian Shphrd Abiln Christian Univrsity D Ann Shphrd Abiln Christian Univrsity On Fbruary 17, 2009, Prsidnt Barack Obama signd into law th
More informationCALCULATING MARGINAL PROBABILITIES IN PROC PROBIT Guy Pascale, Memorial Health Alliance
CALCULATING MARGINAL PROBABILITIES IN PROC PROBIT Guy Pascal, Mmorial Halth Allianc Introduction Th PROBIT procdur within th SAS systm provids a simpl mthod for stimating discrt choic variabls (i.. dichotomous
More informationMaintain Your F5 Solution with Fast, Reliable Support
F5 SERVICES TECHNICAL SUPPORT SERVICES DATASHEET Maintain Your F5 Solution with Fast, Rliabl Support In a world whr chang is th only constant, you rly on your F5 tchnology to dlivr no mattr what turns
More informationJune 2012. Enprise Rent. Enprise 1.1.6. Author: Document Version: Product: Product Version: SAP Version: 8.81.100 8.8
Jun 22 Enpris Rnt Author: Documnt Vrsion: Product: Product Vrsion: SAP Vrsion: Enpris Enpris Rnt 88 88 Enpris Rnt 22 Enpris Solutions All rights rsrvd No parts of this work may b rproducd in any form or
More informationHERO OPTIMAL PREVENTION WHEN INFORMAL PENALTIES MATTER: UNIVERSITY OF OSLO HEALTH ECONOMICS RESEARCH PROGRAMME Working paper 2007: 5
OPTIMAL PREVENTION WHEN INFORMAL PENALTIES MATTER: THE CASE OF MEDICAL ERRORS Svrr Grpprud Institut of Halth Managmnt and Halth Economics, Univrsity of Oslo and Norwgian Univrsity of Lif Scincs, Aas, Norway
More information(Analytic Formula for the European Normal Black Scholes Formula)
(Analytic Formula for th Europan Normal Black Schols Formula) by Kazuhiro Iwasawa Dcmbr 2, 2001 In this short summary papr, a brif summary of Black Schols typ formula for Normal modl will b givn. Usually
More informationLecture 20: Emitter Follower and Differential Amplifiers
Whits, EE 3 Lctur 0 Pag of 8 Lctur 0: Emittr Followr and Diffrntial Amplifirs Th nxt two amplifir circuits w will discuss ar ry important to lctrical nginring in gnral, and to th NorCal 40A spcifically.
More informationWage Inflation and the Distribution of Output Gaps in Europe: Insiders vs. Outsiders
Economtric Rsarch and Spcial Studis Dpartmnt Wag Inflation and th Distribution of Output Gaps in Europ: Insidrs vs. Outsidrs M. Dmrtzis and A. Hughs Halltt Rsarch Mmorandum WO&E no. 631 Sptmbr 2000 D Ndrlandsch
More informationDevelopment of Financial Management Reporting in MPLS
1 Dvlopmnt of Financial Managmnt Rporting in MPLS 1. Aim Our currnt financial rports ar structurd to dlivr an ovrall financial pictur of th dpartmnt in it s ntirty, and thr is no attmpt to provid ithr
More informationReal-Time Evaluation of Email Campaign Performance
Singapor Managmnt Univrsity Institutional Knowldg at Singapor Managmnt Univrsity Rsarch Collction L Kong Chian School Of Businss L Kong Chian School of Businss 10-2008 Ral-Tim Evaluation of Email Campaign
More informationOPTIONS AND FUTURES: A TECHNICAL APPRAISAL
Pag 15 OPTIONS AND FUTURES: A TECHNICAL APPRAISAL by David J.S. Rutldg Papr prsntd to Sminar on Trading in Options: Opportunitis in th Intrnational Markt sponsord by Th Sydny Stock Exchang and Th Scuritis
More informationThe fitness value of information
Oikos 119: 219230, 2010 doi: 10.1111/j.1600-0706.2009.17781.x, # 2009 Th Authors. Journal compilation # 2009 Oikos Subjct Editor: Knnth Schmidt. Accptd 1 Sptmbr 2009 Th fitnss valu of information Matina
More informationYouthWorks Youth Works (yüth- w rkz), n.
YouthWorks Youth Works(yüth- w rkz),n. 1. Baltimor City s summr jobs program. 2. Crats carr pathways for Baltimor City youth. 3. Givs Baltimor mployrs opportunitis to train thir futur workforc. Opportunity
More informationProjections - 3D Viewing. Overview Lecture 4. Projection - 3D viewing. Projections. Projections Parallel Perspective
Ovrviw Lctur 4 Projctions - 3D Viwing Projctions Paralll Prspctiv 3D Viw Volum 3D Viwing Transformation Camra Modl - Assignmnt 2 OFF fils 3D mor compl than 2D On mor dimnsion Displa dvic still 2D Analog
More informationProblem Set 6 Solutions
6.04/18.06J Mathmatics for Computr Scic March 15, 005 Srii Dvadas ad Eric Lhma Problm St 6 Solutios Du: Moday, March 8 at 9 PM Problm 1. Sammy th Shar is a fiacial srvic providr who offrs loas o th followig
More informationNAVAL POSTGRADUATE SCHOOL
NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT Th Survivor Bnfit Plan: A Cost-Bnfit Analysis By: Advisors: Scott E. Batty, and Tho Kang Dcmbr 2007 William R. Gats, Raymond E. Franck
More informationWho uses our services? We have a growing customer base. with institutions all around the globe.
not taking xpr Srvic Guid 2013 / 2014 NTE i an affordabl option for audio to txt convrion. Our rvic includ not or dirct trancription rvic from prviouly rcordd audio fil. Our rvic appal pcially to tudnt
More informationFleet vehicles opportunities for carbon management
Flt vhicls opportunitis for carbon managmnt Authors: Kith Robrtson 1 Dr. Kristian Stl 2 Dr. Christoph Hamlmann 3 Alksandra Krukar 4 Tdla Mzmir 5 1 Snior Sustainability Consultant & Lad Analyst, Arup 2
More informationLift Selection Guide
Lift Slction Guid Hlping you choos th right lifts to kp your staff and rsidnts saf Th Dirct Supply diffrnc Kp your community saf DIRECT SUPPLY MAKES EQUIPMENT SELECTION EASY BENEFITS OF SAFE LIFTING PRACTICES
More informationLG has introduced the NeON 2, with newly developed Cello Technology which improves performance and reliability. Up to 320W 300W
Cllo Tchnology LG has introducd th NON 2, with nwly dvlopd Cllo Tchnology which improvs prformanc and rliability. Up to 320W 300W Cllo Tchnology Cll Connction Elctrically Low Loss Low Strss Optical Absorption
More informationNew Basis Functions. Section 8. Complex Fourier Series
Nw Basis Functions Sction 8 Complx Fourir Sris Th complx Fourir sris is prsntd first with priod 2, thn with gnral priod. Th connction with th ral-valud Fourir sris is xplaind and formula ar givn for convrting
More informationCost-Volume-Profit Analysis
ch03.qxd 9/7/04 4:06 PM Pag 86 CHAPTER Cost-Volum-Profit Analysis In Brif Managrs nd to stimat futur rvnus, costs, and profits to hlp thm plan and monitor oprations. Thy us cost-volum-profit (CVP) analysis
More informationCategory 11: Use of Sold Products
11 Catgory 11: Us of Sold Products Catgory dscription T his catgory includs missions from th us of goods and srvics sold by th rporting company in th rporting yar. A rporting company s scop 3 missions
More informationIncomplete 2-Port Vector Network Analyzer Calibration Methods
Incomplt -Port Vctor Ntwork nalyzr Calibration Mthods. Hnz, N. Tmpon, G. Monastrios, H. ilva 4 RF Mtrology Laboratory Instituto Nacional d Tcnología Industrial (INTI) Bunos irs, rgntina ahnz@inti.gov.ar
More informationMAXIMAL CHAINS IN THE TURING DEGREES
MAXIMAL CHAINS IN THE TURING DEGREES C. T. CHONG AND LIANG YU Abstract. W study th problm of xistnc of maximal chains in th Turing dgrs. W show that:. ZF + DC+ Thr xists no maximal chain in th Turing dgrs
More informationstop super ripoffs By using this bargaining kit to protect your members superannuation in their EA up for WitH Your union
top upr ripoff By uing thi bargaining kit to protct your mmbr uprannuation in thir EA Union hav a lot to b proud of whn it com to uprannuation. Not only did w invnt it, but jut thi yar w hlpd win a tagd
More informationNatural Gas & Electricity Prices
Click to dit Mastr titl styl Click to dit Mastr txt styls Scond lvl Third lvl Natural Gas & Elctricity Prics Fourth lvl» Fifth lvl Glnn S. Pool Manufacturing Support Mgr. Enrgy April 4, 2013 Click Vrso
More informationProduction Costing (Chapter 8 of W&W)
Production Costing (Chaptr 8 of W&W).0 Introduction Production costs rfr to th oprational costs associatd with producing lctric nrgy. Th most significant componnt of production costs ar th ful costs ncssary
More informationcontent Fresh thinking for decision makers
Roland Brgr Stratgy Consultants contnt Frsh thinking for dcision makrs Think your bank can maintain its liquidity vn undr xtrm strss? Fin, but thr's mor to stratgic liquidity managmnt than that Th prcis
More informationOn the moments of the aggregate discounted claims with dependence introduced by a FGM copula
On th momnts of th aggrgat discountd claims with dpndnc introducd by a FGM copula - Mathiu BARGES Univrsité Lyon, Laboratoir SAF, Univrsité Laval - Hélèn COSSETTE Ecol Actuariat, Univrsité Laval, Québc,
More informationAbstract. Introduction. Statistical Approach for Analyzing Cell Phone Handoff Behavior. Volume 3, Issue 1, 2009
Volum 3, Issu 1, 29 Statistical Approach for Analyzing Cll Phon Handoff Bhavior Shalini Saxna, Florida Atlantic Univrsity, Boca Raton, FL, shalinisaxna1@gmail.com Sad A. Rajput, Farquhar Collg of Arts
More informationKey Management System Framework for Cloud Storage Singa Suparman, Eng Pin Kwang Temasek Polytechnic {singas,engpk}@tp.edu.sg
Ky Managmnt Systm Framwork for Cloud Storag Singa Suparman, Eng Pin Kwang Tmask Polytchnic {singas,ngpk}@tp.du.sg Abstract In cloud storag, data ar oftn movd from on cloud storag srvic to anothr. Mor frquntly
More informationA Multi-Heuristic GA for Schedule Repair in Precast Plant Production
From: ICAPS-03 Procdings. Copyright 2003, AAAI (www.aaai.org). All rights rsrvd. A Multi-Huristic GA for Schdul Rpair in Prcast Plant Production Wng-Tat Chan* and Tan Hng W** *Associat Profssor, Dpartmnt
More informationSPREAD OPTION VALUATION AND THE FAST FOURIER TRANSFORM
RESEARCH PAPERS IN MANAGEMENT STUDIES SPREAD OPTION VALUATION AND THE FAST FOURIER TRANSFORM M.A.H. Dmpstr & S.S.G. Hong WP 26/2000 Th Judg Institut of Managmnt Trumpington Strt Cambridg CB2 1AG Ths paprs
More informationFACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS
FACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS By Rui PdroPrira Magalhas 1 Sptmbr 2013 A Dissrtation submittd in part fulfilmnt
More informationAre Health Insurance Markets Competitive? By Leemore Dafny*
Ar Halth Insuranc Markts Comptitiv? By Lmor Dafny* To gaug th comptitivnss of th group halth insuranc industry, I invstigat whthr halth insurrs charg highr prmiums, ctris paribus, to mor profitabl firms.
More information