The Largest Lakes in the United States by Surface Area

Can Contract Theory Explain Social Preferences - 1425 Words

Analytical Summary: Can Contract Theory Explain Social Preferences? One of the revolutionary changes in the economic thinking is taking into account the effect of social preferences on economic activities. During the last two decades, experimental economics showed that, social preferences play an important role on the economic activities. For example, Knack and Keefer (1997) proved that, trust and civic duty have important contribution to economic growth. Also, Slemrood (2003) find out that, real per capita income is higher in more trusting societies. Economists fail to understand fundamental economic questions when they disregard social preferences. Therefore, studies related to effect of social preferences on economy are highly important. In this regard, Macleod (2007) introduces the possibility of improvements of social preferences in a way that it will lead to a better economy. He assumes that fairness and trustworthiness plays an important role for contractual relations, which affects the economic activity. He shows in this article that, desired contractual activities could be achieved by improving fairness and trustworthiness of people. In his study, Macleod investigated the effect of social preferences on economic performance. As recent researchers suggest, for well functioning economy, there is lot of things to learn from psychology. In this respect, Macleod considers fairness and trust to be the most important factors for alleviating distortionary effects ofShow MoreRelatedEthics Course : The Trolley Problem1487 Words   |  6 Pagesthe best part about it was that we were not given a correct answer to the thought experiment. Now that the class is coming to an end, I will use the knowledge that I have gained from this class to come to an answer to this thought experiment and to explain how I arrived to it. The thought experiment that we were given is known as the â€Å"Trolley Problem† and it is split into two parts. In the first part of the problem we have an empty out of control trolley going down the rail track. If the trolley continuesRead MoreRational Choice Theory Of Criminal Behavior Essay1617 Words   |  7 Pagesthem pleasure and adrenaline. Criminal choices can be controlled by fear of punishment, but not all the time. The crime will be limited when the benefits are reduced and the costs increase. Rational choice theory is a perspective that holds criminality in the result of conscious choice. Not to mention, that it is predicted that individuals choose to commit crime when the benefits outweigh the costs of disobeying the law. In the rational choice theory, individuals are seen as motivated offenders byRead MoreRational Fools : A Critique Of The Behavioral Foundations Of Economic Theory1260 Words   |  6 PagesRational Fools: A Critique of the Behavioral Foundatio ns of Economic Theory written by economist, Amartya Sen, takes a look at behavioral self-interest and its relation to behavioral economics. At the time that this paper was written, behavioral economics was becoming a popular area to explore and economists were trying to figure out how they could apply their research to encourage human flourishing. Sen begins this paper by critiquing the work of Edgeworth, who claimed that the 1st principle ofRead MoreBusiness Ethics Essay1496 Words   |  6 Pagesdanger in response to the teasing, the teaser has a duty to rescue the other. ANSWER: D PAGE: 3-8 4. All of the following are considered exceptions to the general rule that there is no duty to rescue except: a. Contract – lifeguards, for example, have signed contracts agreeing to rescue people in exchange for pay and benefits. b. Witnessing an accident – this creates a duty to step in and help the injured c. Child abuse- statutes in nearly all states require that one report suspectedRead MoreBusiness Ethics And Explain Its Nature Essay1677 Words   |  7 Pages Section 1- Introduction 1. Define business ethics and explain its nature: Ethics deals with moral practices and also, tell us how to behave with others. Actually, ethics defines the difference between good and bad, moral and immoral and fair and unfair etc. In addition to this it tells us to adopt good things and avoid bad ones. In short, ethics means a code of conduct (Shearman, 1990). Business Ethics means to run a business not only for profit purpose but also for sake of welfare to the societyRead MoreConsumer behaviour theory is all fine and well, but has nothing to tell us about how consumers act in real life1037 Words   |  5 Pagesï » ¿Ã¢â‚¬ËœConsumer behaviour theory is all fine and well, but has nothing to tell us about how consumers act in real life’ In the current state of understanding consumer behaviour attitudes are core concept in gaining knowledge of people’s personalities, behaviour and choices they make. In other words answering the question - â€Å"Why do people do what they do?† Along with beliefs and identity they are main factor impacting on individual’s life since everyday choices are made embracing a certain attitudeRead MoreThe Theory Of Game Theory1616 Words   |  7 PagesGame theory is one to more complexed topics but reveals a clear understanding from different scholars. Don Ross explained that game theory is the study that interacts with the different choices of economics agents which bring forth many different outcomes with the point to the preferences of those agents, where the outcomes in question might have been intended by none of the agents (Ross, 2016). The properties that game theory considers in economic situations include two or more economic actorsRead MoreModels of Public Po licy1550 Words   |  7 Pagesgovernment policies involve universality. Only government policies extend to all people in a society; the policies of other groups or organizations reach only a part of the society. Finally, government monopolizes coercion in society, only government can legitimately imprison violators of its policies. †¢ †¢ The impact of institutional arrangements on public policy is an empirical question that deserves investigation. Federalism recognizes that both the national government and the state governmentsRead MoreTheoretical conceptual framework Conceptually, the three theories Stakeholders Theory, System900 Words   |  4 Pages the three theories Stakeholders Theory, System Theories and Functionalist Theory of Attitudes, have a significant function that is directly relating to this study. Stakeholders Theory emphasized the need for the effort to identify the public and consider those publics need. Similarly, Systems theory also relates to the study in a sense that the theory emphasizes on the relationship and the structure of the organizations. Functionalist Theory of Attitudes is an approach that explains the motivationRead MoreQualitative And Quantitative Research Methods1285 Words   |  6 Pagessuperior. Although there have been so many theories and conclusions, this paper intends to discuss on the similarities and differences between the qualitative and quantitative research methods. Also the effect of foundational belief system, sampling approaches, data collection strategies and which data analysis procedure is suitable for qualitative and quantitative research method is discussed. Finally the paper is concluded by discussing the analysed data. Theory Qualitative research concerns with the

Conduction Toturial free essay sample

Determine the steady rate of heat transfer through this glass window and the temperature of its inner surface for a day during which the room is maintained at 24 0C while the temperature of the outdoors is -5 0C. Take the convection heat transfer coefficients on the inner and outer surfaces of the window to be h1= 10 W/m2 . 0C and h2 = 25 W/m2 . 0C and disregard any heat transfer by radiation. (471W, 4. 40C) 3. Consider a 1. 2-m-high and 2-m-wide double-pane window consisting of two 3-mm-thick layers of glass (k=0. 78 W/m . 0C) separated by 12-mm-wide stagnant air space. Determine the steady rate of heat transfer through this double-pane window and the temperature of its inner surface for a day during which the room is maintained at 24 0C while the temperature of the outdoors is -50C. Take the convection heat transfer coefficients on the inner and outer surfaces of the window to be h1=10 W/ m2 . We will write a custom essay sample on Conduction Toturial or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 0C and h2 = 25 W/m2 . 0C and disregard any heat transfer by radiation. Given also k air = 0. 026 W/ m . 0C (114W, 19. 20C) 4. A cylindrical resistor element on a circuit board dissipates 0. 5W of power in an environment at 400C. The resistor is 1. 2 cm long, and has a diameter of 0. 3cm. Assuming heat to be transferred uniformly from all surfaces, determine (a) the amount of heat this resistor dissipates during a 24-h period, (b) the heat flux on the surface of the resistor, in W/m2 and (c) the surface temperature of the resistor for a combined convection and radiation heat transfer coefficient of 9 W/m2 . 0C. (3. 6 Wh, 1179 W/m2, 1710C) 5. Water is boiling in a 25-cm-diameter aluminum pan (k=237 W/ m . 0C) at 95 0C. Heat is transferred steadily to the boiling water in the pan through its 0. 5-cm-thick flat bottom at a rate of 800 W. If the inner surface temperature of the bottom of the pan is 1080C, determine (a) the boiling heat transfer coefficient on the inner surface of the pan, and (b) the outer surface temperature of the bottom of the pan. (1254 W/m2 . 0C, 108. 30C) 6. Steam at 320 0C flows in a stainless steel pipe (k= 15 W/m. 0C) whose inner and outer diameters are 5 cm and 5. 5cm, respectively. The pipe is covered with 3-cm-thick glass wool insulation (k= 0. 38 W/m. 0C). Heat is lost to the surroundings at 50C by natural convection and radiation, with a combined natural convection and radiation heat transfer coefficient of 15 W/ m2. 0C. Taking the heat transfer coefficient inside the pipe to be 80 W/m2. 0C, determine the rate of heat loss from the steam per unit length of the pipe. Also determine the temperature drops across the pipe shell and the insulation. (93. 9 W, 0. 095 0C, 290 0 C) 7. Consider a 8-m-long, and 0. 22-m-thick wall whose representative cross section is as given in the Figure 1. The thermal conductivities of various material used, in W/m. 0C, are kA=kF=3, kB=10, kC=23, kD=15 and kE=38. The left and right surface of the wall are maintained a uniform temperatures of 3000C and 1000C, respectively. Assuming heat transfer through the wall to be one-dimensional, determine (Given Rcond = x/kA and Rconv = 1/hA) a) The rate of heat transfer through the wall. b) The temperature at the point where the sections B, D and E meet. c) The temperature drop across the section F. (6453. 0075 W, 259. 59380C, 134. 22220C)

Darlene Druyun and Mike Sears Ethical Violation free essay sample

Misconduct Shocks the Defense Industry In 2003 misconduct of conflict-of-interest laws shocked the defense industry. Serious violations were committed at The Boeing Company by former top Air Force procurement official Darleen Druyun who admitted to helping The Boeing Company obtain a $23 billion tanker refueling contract in exchange for an executive job at the company. While verbally accepting a position with Lockheed Darlene Druyun did not disclose her job negotiations with a Mike Sears a Chief Financial officer while overseeing aerial tanker negotiations between Boeing and the U. S. Air force. This non-commitment to ethical behavior and compliance gave Boeing a competitive advantage while bidding on the contract. There were several ethical conflicts by both Darlene Druyun and Mike Sears. Mike Sears violated the company’s policy by approaching Darlene Druyun about joining the company, before she had disqualified herself from acting in her official government capacity on issues involving Boeing. This misconduct in the hiring procedure by Sears clearly violates the conflict-of-interest laws at Boeing. Darlene Druyun and Mike Sears secretly tried to conceal a deal to exchange an executive job at Boeing in exchange for the Tanker refueling contract, which violates procurement regulations (Procurement Integrity Act), stealing trade secrets related to several aerospace programs (Economic Espionage Act), fraudulent attempts to falsify contract documents (False Claims Act), and to commit fraud (Major Frauds Act). Not to mention conspiracy and aiding-and-abetting charges. Utilitarianism says that an act is ethical if its result increases total human happiness. The consequentialism of the utilitarianism theory for Darlene Druyun and Mike Sears was â€Å"Is it ethical to exchange an executive job for a high profile contract? † Both parties are going to benefit from the exchange and both parties will have something that they want. The pull begins with the participants honest, being well know, high ranking employees so there was an unwritten code of silence that resulted in employees failing to report suspected wrongdoing. The Categorical theory is ethical only if it is acceptable for everyone to put into practice. Yes, if this scandal was not brought to the attention of the Boeing and the U. S. Attorneys they may have gotten away with it. Pulling in the other direction, if everyone lied on bidding contracts and favored their each other the world would be in chaos. These two theories are contradictory and leave you to ponder if they are right or wrong, while the categorical theory proves to be unethical. The pull from the virtue theory challenges Boeings leadership to change the culture that allowed violations to occur and to handle the problem before it’s too late. Ethics and compliance are all of our responsibilities as the company motto vs. of the unwritten code of silence and the good old boy motto. The golden rule establishes a culture that ensures that there is no next time because if there not careful it can happen again. The investigations took six long years not to mention the world had changed their view of the Boeing Company. A newspaper headline read â€Å"Misconduct Shocks Defense Industry†. This National disgrace stands out, because this violation extends beyond favorable negotiations with Boeing. In this case, Darlene Druyun may have influenced the competition. Lockheed Martin, BAE Systems and Raytheon (in a unit later sold to L-3 Communications) were also in the running for the contract. Druyun never confessed that another bidder was the stronger competitor, but a statement lead the government to believe that another person on the panel may not have chosen Boeing. At that time, Lockheed Martin was building the C-130 while BAE Systems was working on an AMP-like program for KC-135s. In addition to working on the tanker negotiations with the Air Force, Druyun also chaired the NATO Airborne Early Warning and Control Program Management Board of Directors, which managed the NATO E-3A Airborne Warning and Control System (AWACS) program. Darleen Druyun was involved in the decision-making process that terminated changes made to evaluation factors including deletion of specific technical requirements. U. S. Attorneys presented compelling evidence that the two were collaborating to make sure their activities were kept a secret. Boeing investigated Druyun’s employment and when her name kept surfacing Boeing wanted to make sure the company’s hiring policies and procedures were followed. During the course of the investigation, the company discovered that both Sears and Druyun had been using Druyun daughter who was a Boeing employee in the Integrated Defense Systems department for several years. She was used as a mediator to relay messages. Boeing fired both Druyun and Sears the executive who hired her, last year after the company learned of their negotiations over Druyun’s job. The U. S. Justice Department reported that Prisoner 47614, Druyun plead guilty to one count of conspiracy, served nine months in prison in Marianna, Florida, seven months community confinement, and a $5,000 fine, three years of probation sentenced to and community service in April 2004. Druyun was to be sentenced Aug 6, 2004, but the sentencing was delayed to Oct. 1, 2004. Darleen received a stronger sentence because she lied to the prosecutors throughout the court process. Prisoner 70040, Mike Sears the Boeing senior executive plead guilty to one felony count of aiding and abetting, served four months in a federal prison in Oxford, Wisconsin, paid a fine of $250,000, two years of probation, and community service to. Also, when he was fired he forfeited approximately $5 million in equity-based compensation. Things could have been handled better by the company paying more attention to its compliance and ethics requirements. Boeing could start by educating leadership at Boeing, which in turn would educate the employees. This would challenge the Companys leadership to change the culture that allowed violations to occur in the first place. Stiffen the fines for violations. I think they got off the hook rather lightly, but that’s just my opinion. Establish a no repercussion rule to report violations and report suspected wrongdoing in an attempt to erase the unwritten code of silence. Although the acquisition proposal would have been a financial bonanza for Boeing, the theory pulls the other way when we stop to think that it would also have ultimately placed billions of taxpayer dollars at risk of abuse. Jim McNerney of the Boeing Company said it best â€Å"We as the leaders of the Boeing Company get to choose what kind of culture we are going to have. And we make these choices every day by what we do and frankly what we choose not to do. But the consequences of all those choices are our collective responsibility. †