Effects That Caffeine Consumption

Effects That Caffeine Consumption Caffeine is the most commonly used psychoactive substance in the United States (Roehrs Roth, 2008). Regular coffee drinkers consume an average of 200-500mg of caffeine per day (Julien, 2005). Caffeine is found in a broad variety of sources including coffee, tea, energy drinks, chocolate and some over the counter medications (Roehrs Roth, 2008). Upon consumption, caffeine reaches peak plasma levels in 30-75 minutes and has a half life of 3-7 hours when consumed in a single dose (Roehrs Roth, 2008). When consumed in greater quantities, the half life is extended (Roehrs Roth, 2008). Caffeines high rate of consumption may be due to the desirable effects it produces, such as increase mental alertness, improved flow of thought and of course, feelings of wakefulness (Julien, 2005). Caffeine is not without its undesirable effects; caffeine consumption may have a negative effect on tasks which require fine motor skills, complex arithmetic skills, or precise timing (Julien, 2005). Structurally, caffeine is similar to adenosine. In the brain, adenosine decreases neural firings and inhibits neurotransmitter release (Roehrs Roth, 2008). Caffeine works as an adenosine antagonist; blocking adenosine receptors in the brain. As a consequence, caffeine prevents adenosine from decreasing neural firings, leading to an increase in firings, and the stimulant effects caffeine is well known for (Roehrs Roth, 2008). Caffeines blocking of adenosine receptors leads to dopamine release in the prefrontal cortex, causing caffeines alerting effects (Julien, 2005). While discontinuation of caffeine consumption may produce withdrawal symptoms, caffeine does not influence the dopaminergic structures associated with rewards and addiction (Julien, 2005). Typical withdrawal symptoms include headache, drowsiness, fatigue, and negative mood (Julien, 2005). It is often difficult to estimate the amount of caffeine a person consumes due to great variability in the amount of caffeine per beverage (particularly coffee), exclusion of new caffeinated products on questionnaires, and variation in consumption from day to day. It is also difficult to compare results between studies due to a great amount of variation in methods of measuring caffeine consumption levels (Shohet Landrum, 2001). A study by Shohet Landrum (2001) of undergraduate university students implemented the use of an updated version of the caffeine consumption questionnaire as well as looking at chronotype and age. The caffeine Consumption questionnaire decreases a great deal of inaccuracy of caffeine consumption measurement. Shohet Landrum (2001) found that the average participant in the study consumed 1597.6mg/week. They also found that level of caffeine consumption is positively correlated with age. It was speculated that this increase may be an effort to compensate for de creased metabolism and subsequent decrease in energy (Shohet Landrum, 2001). In the same study, there was no significant difference in caffeine consumption between males and females (Shohet Landrum, 2001). Caffeine consumption in the evening was higher among older people, who tended to be morning-types (Shohet Landrum, 2001). The effects that caffeine consumption has on sleep are vast. Orbeta, Overpeck, Ramcharrin, Kogan Ledski (2006) found in a study of American high school students that those who reported a high rate of caffeine consumption also reported more difficulty falling asleep and felt more tired in the morning. In a number of studies, caffeine administration in varying amounts significantly reduced total sleep time and increased sleep onset latency (Roehrs Roth, 2008). Some studies also found a reduction in percentage of slow wave sleep after caffeine administration (Roehrs Roth, 2008). In a study where caffeine was administered prior to sleep, EEG spectral power density was reduced in the .75 4.5 Hz band. In a parallel study, men were administered 200 mg of caffeine upon waking (07:00 h) still experienced a reduction in EEG spectral power density in the .75 4.5 Hz range in the subsequent night sleep (Landolt, Werth, Borbely, Dijk, 1995). In this same study, total sleep time and sleep eff iciency were reduced following caffeine administration in the morning. Power density was reduced in the .25 .5 Hz range, and enhanced in the 11.25 12.00 Hz and 13.25-14.00 Hz ranges for NREM sleep (Landolt et al., 1995). Though a single 200 mg dose of caffeine in the morning clearly influences sleep propensity and power density of the EEG in the subsequent sleep episode, there was no deterioration in subjective sleep quality, and there is not a severe disruption of sleep continuity (Landolt et al., 1995). In contrast, a study by Sanchez-Ortuno, Moore, Taillard, Valtat, Leger, Damien, Bioulac, and Philip (2005) found that up to eight cups of coffee consumed by regular coffee drinkers was not associated with reduced TST. There was also no relationship found between caffeine consumption and day time sleepiness in participants consuming up to eight cups daily (Sanchez-Ortuno et al., 2005). The chronotype of an individual may be related to caffeine consumption. Chronotypes are a preference for being active during a particular time of day (Giannotti, Cortesi, Sebastiani, Ottaviano, 2002). Some individuals may be categorized as Morning-Types. Morning Types prefer to wake early in the morning, retire earlier in the evening, and are most active in the early hours of the day, where as Evening-Types prefer to rise later, and engage in activities later in the day. Others may fall somewhere between the morning-type and evening-type extreme. Daily physiological rhythms such as core body temperature, blood pressure and hormone secretions vary from one chronotype to another. Morningness and Eveningness also tend to vary with age, with older adults generally demonstrating a preference for morning activity, and younger adults a preference for evening activity (Giannotti et al., 2002). A study by Giannotti et al. (2002) of adolescents found that as they approached young adulthood, t heir circadian preference shifted more towards Eveningness. Giannotti et al. (2002) also found that Evening types tended to consume more caffeine, particularly in the morning. This may be due to forced pressure to adhere to a schedule more appropriate for those with a preference for morning activity (Giannotti et al., 2002). In a study of both men and women with different, but fixed work schedules by Ana Aden (1994) it was found that caffeine consumption increased with preference for evening. Evening types consumed more caffeine than neutral types, and neutral types consumed more caffeine than morning types. Interestingly, a large percentage of evening types were found to be caffeine abusers. 500 mg or more of caffeine per day was considered abuse (Aden, 1994). Adolescent evening types showed a more irregular sleep schedule and poorer subjective sleep quality in a study by Giannotti et al. (2002). Evening types also had higher sleep/wake behaviour scores than morning types, an indication of more sleep problems in evening types (Giannotti et al., 2002). Evening type adolescents reported consuming more sleeping pills than morning types as well as more day time sleepiness (Gianotti et al., 2002). Evening types had a greater tendency to fall asleep at school, and attention problems as well (Giannotti et al., 2002). An increase in the accessability of technology like computers, internet, television, and MP3 players may also impact caffeine consumption as well as sleep. A study by Calamaro, Mason, Radcliffe (2009) found that adolescents with higher scores on the multi-tasking index also reported higher caffeine intake, increase daytime sleepiness, increased incidents of falling asleep at school, and decreased total sleep time. Only 20% of the teenagers in this study received the recommended 8-10 hours of sleep for their age (Calamaro et al., 2009). 33% reported falling asleep at school on a regular basis, and 37% and 42% take naps on school days and weekends respectively (Calamaro et al., 2009). Clearly there is a great deal of interaction between caffeine consumption and chronotype. There is also apparent interaction between caffeine consumption and sleep quality. Chronotype had an influence on sleep quality in adolescents, There is also a relationship between caffeine consumption and sleep quality and multi-tasking/technology use. The present study aimed to examine the interrelationship between these variables in a group of university students. It was hypothesized that students who reported higher caffeine consumption would report lower subjective sleep quality. This relationship would be demonstrated by a significant positive correlation between level of caffeine consumption determined by Caffeine Consumption Questionairre (mg/week) (Modified from Landrum, 1992) and score on the Pittsburgh Sleep Quality Index (a higher score indicates poorer sleep quality) (Buysse et al., 1989). It was also predicted that students who were evening-types would consume a greater amount of c affeine than morning-type students. This would be demonstrated by a significant negative correlation between Morningness-Eveningness Questionairre (a lower score indicates a preference for eveningness) (Horne stberg, 1976) and daily caffeine consumption (mg/week) . Next, it was predicted that evening types would experience more subjective sleep problems than morning types. More specifically, there would be a significant negative relationship between scores on the Morningness-Eveningness Questionnaire and Pittsburgh Sleep Quality Index score. The fourth prediction was that students who scored higher on the Nighttime Activities (Multi-tasking) Index would also consume a greater amount of caffeine. Specifically, there would be a positive relationship between Caffeine Consumption Questionnaire score and Nighttime Activities (Multi-Tasking) Index score. Finally, we predicted that students who were evening-types would use more technology between 21:00 and 06:00. This would be indicated b y a significant negative relationship between Morningness-Eveningness score and Nighttime Activities (Multi-Tasking) Index score. Method Participants Participants in this study were 49 undergraduate students enrolled in a Sleep and Arousal course and Trent University. Student age ranged from 20-31 years. Mean age of participants was 22.12 years (SD 2.26). 9 males and 39 females participated in this study. Materials Materials used were 4 established questionairres. The Morningness-Eveningness Questionairre (Horne stberg, 1976) was used to determine an individuals chronotype (preferred or peak time of day (morning, evening or neutral)). Scores range from 16-86. Questionnaires were scored as follows: (16-30) Definitely Evening, (31-41) Moderately Evening, (42-58) Neutral, (59-69) Moderately Morning, (70-86) Definitely Morning. The Pittsburgh Sleep Quality Index was used to measure students overall sleep quality (Buysse et al. 1989). Scores range from 0-21, with lower scores indicating better sleep quality. A modified version of the Caffeine Consumption Questionairre (Landrum, 1992) was used to estimate weekly caffeine consumption in students. Participants indicate how much caffeine they consume in the morning, afternoon, evening, and night time. Students also indicate the source of caffeine (small coffee, medium tea, soft drink, large coffee). The caffeine content of each type and size of drink was determined by Calamaro et al. (2009) and Roehrs and Roth (2008). Finally, the Night-Time Activities Questionnaire, modified from Calamaro et al. (2009) was used to measure the amount of time students spent doing various technology based activities in the evening (9:00pm 6:00am). Activities such as watching television, and using the computer were included). A multi-tasking index was then created by adding the total hours of time spent on all tasks and dividing this number by 9 (the total hours between 9:00 pm and 6:00 am). A student who engages in 9 hours of activity in that 9 hour period would receive a score of 1.0 (A score greater than 1 is possible, for example, if a student was listening to music and using the computer at the same time). Procedure Participants filled out all four questionnaires during a scheduled lecture period. The Morningness-Eveningness Questionnaire and the Pittsburg Sleep Quality Index were scored by students after completion, while the other two questionnaires were scored by the instructor. Results Caffeine Consumption Questionairre The mean level of caffeine consumption in milligrams per week for the morning (06:00 12:00) period was 685.63 (SD = 1032.21). Mean afternoon (12:00 18:00) period caffeine consumption was 394.90 (SD = 554.39). The mean level of evening (18:00 02:00) period caffeine consumption in these university students was 320.49 (SD = 355.48) and mean night time (02:00 06:00) caffeine consumption was 24.84 (SD = 64.49) milligrams per week. Mean caffeine consumption total in milligrams per week was 1425.86 (SD = 1737.82). These results were similar to results found by Shohet et al. in that the greatest amount of caffeine was being consumed in the morning time. There was a slightly lower level of total caffeine consumption in our study compared to the results found by Shohet et al., with a difference of 171.74 mg/week between the two studies. This amount is equivalent to about 1 cup of coffee. (MORE COMPARISON BETWEEN OURS AND SHOHET..SEE TABLE 2 IN PAPER AT BATA) The mean source of the caffeine consumed weekly in milligrams was 974.69 (SD = 1713.09) for coffee, 270.12 (SD = 338.18) for tea, 99.24 (SD = 163.39) for soft drinks, 45.06 (SD = 127.23) for energy drinks, and 36.73 (SD = 74.44) for hot chocolate. The vast majority of caffeine consumed weekly by these university students was via coffee while very little caffeine was consumed in hot chocolate. Morningness-Eveningness Questionnaire (MEQ) The mean MEQ score was 43.59 (SD = 12.25). Scores ranged from 24 to 69. 16.33% of participants were Definitely-Evening (n= 8), 34.69% were Moderately-Evening (n=17), 36.73% were Neutral (n=18) and 12.24% were Moderately-Morning. None of the participants were Definitely-Morning types. Pittsburgh Sleep Quality Index (PSQI) Each subscale of the PSQI has a possible score of 0-3. The mean Subjective Sleep Quality score was 1.37 (SD = 0.83). The mean Sleep Onset Latency score was 1.84 (SD = 1.01). The mean Sleep Duration score was 0.78 (SD = 0.82). The mean Habitual Sleep Efficiency score was 0.69 (SD = 0.98). The mean Sleep Disturbances score was 1.55 (SD = 1.14). The mean Use of Sleeping Medication was 0.37 (SD = 0.83), and the mean Daytime Dysfunction score was 1.35 (SD = 0.83). The mean total score on the PSQI was 7.78 (SD = 3.93). According to Buysse et al. (1988), a score greater than 5 indicates that someone is a poor sleeper. The mean score of our participants was within the range of abnormal. The greatest amount of sleep disturbance came from high sleep onset latency, while the least disruptive factor was reliance on the use of sleep medications. Night-Time Activities Questionnaire (NTAQ) The mean data for the activities included on the NTAQ are included in figure 1. The mean multi-tasking index of these night time activities is 0.60 (SD = 0.29). The range of multi-tasking index scores was 0.12 1.39. A score of 0.60 means that the participant was doing some combination of the activities on the NTAQ for 5.40 hours. (0.60 x 9 hours = 5.40) of the 9 hour sleep period. In the case of the score of 1.39, the participant was engaging in an activity on the NTIQ for 12.51 hours. Since the measured period is only 9 hours, this participant was engaging in more than one activity at a time, for example, listening to MP3 player and online computer use. Results of Correlation Analysis There was a significant negative correlation between MEQ and Multi-Tasking Index. Morning types tended to have lower Multi-Tasking Index scores than Evening types, r = -.32, p Table 1 Correlations found between Morningness-Eveningness Questionnaire (MEQ), Pittsburg Sleep Quality Index (PSQI), Multi-tasking Index, and Caffeine Consumption Questionnaire. . Â ­_ MEQ PSQI Multi-Tasking . MEQ score -.16 -.32* PSQI score .03 Caffeine Consumption Coffee -.06 .31* -.06 Tea .20 -.20 -.08 Hot Chocolate .13 -.18 .08 Soft Drinks -.30* .02 .08 Energy Drinks -.14 .20 .07 . Total Caffeine -.06 .25 .01 . * p Discussion We predicted that participants who consumed a greater level of caffeine would have higher scores, indicating poorer sleep quality, on the Pittsburgh Sleep Quality Index. Although total caffeine consumption level failed to predict a higher sleep quality score, there was a significant negative correlation between level of coffee consumption and PSQI. Morningness-Eveningness Questionnaire Score was predicted to negatively correlate with score on the Caffeine Consumption Questionnaire. Total caffeine consumption did not significantly correlate with MEQ score. Level of caffeinated soft drink consumption did significantly correlate with MEQ with evening types consuming greater amounts of caffeinated soft drinks than morning-types. It was predicted that evening types would report more sleep problems via the PSQI. This correlation failed to reach significance in our analysis. There is no significant difference between Pittsburgh Sleep Quality Index score in evening-types from morning-types. We predicted that students who scored higher on the Nighttime Activities (Multi-tasking) Index would also consume a greater amount of caffeine. The analysis revealed no significant relationship between these variables. Our final prediction was that evening-types would engage in a greater level of technology use in the evening, as indicated by a significant negative relationship between MEQ score and Multi-Tasking Index. There was a significant relationship between MEQ and Multi-Tasking Index. Evening types did tend to engage in more activities involving technology between the hours of 2100 and 0600 than morning-types, as predicted. Using The Caffeine Consumption Questionnaire and Pittsburgh Sleep Quality Index as a measure, consumption of higher levels of caffeine did not did predict poorer sleep quality. Although several studies found that caffeine consumption increased sleep onset latency, decreased total sleep time and increased daytime sleepiness, we did not find that high levels of total caffeine consumption predicted a significantly poorer sleep quality score (Roehrs Roth, 2008). Although total caffeine consumption and PSQI were not correlated, caffeinated coffee consumption did predict a poorer sleep quality score. This contrasts findings by Sanchez-Ortunga et al. (2005) in which up to eight cups of coffee consumed by regular coffee drinkers did not result in a significantly lower TST. Although it should be taken into consideration that TST is only one component of the PSQI. Contrary to our findings, Gianotti et al. (2002) found that Evening-types tended to consume a greater amount of caffeine than morning types. Ana Aden (1994) also found that daily caffeine consumption increased as preference for evening activity increased. Although these results contrast our findings, we did find a slight but significant relationship between consumption of caffeinated soft drinks and preference for evening. Gianotti et al. (2002) also found that evening-type adolescents reported poorer subjective sleep quality than morning types. These evening-type adolescents also showed a more irregular sleep schedule. Evening types showed greater daytime sleepiness, increased frequency of falling asleep during the day, and other indications of poor sleep quality (Gianotti et al., 2002). Contrary to these findings, we found no relationship between PSQI score and chronotype. Although Calamero et al. (2009) found that those reporting an increased multi-tasking index score also consumed greater amounts of caffeine, we found no relationship between the two. We did, however, find a significant relationship between chronotype and multi-tasking index. Evening types tended to engage in more technologically based activities between 2100 and 0600. There was no previous research available examining the relationship between chronotype and Night-time Activities/Multi-tasking Index. This may be a possible area of further investigation. One limitation of this study is the lack of diversity in the sample. The participants were a relatively small group of undergraduate psychology students between the age of 20-31. The small sample size may have made it difficult for trends in the data to reach significant levels. Also, chronotype and caffeine consumption have been shown to change over the lifetime, however, we were able to examine only a small window of young adulthood, leaving little opportunity for drastic variations. Also, being students, many of these participants may have schedules which vary drastically from day to day, as well as an increased frequency of engaging in late night activities with peers. These behaviours may have a confounding influence on many sleep variables. Thus, these findings may not be generalized to the population. Re-examining the same material with a larger and more diverse sample may yield more helpful results. This would be fairly simple to do since the questionnaires may be filled out with little guidance or instruction, and simply be distributed and returned by post or electronically administered. Another limitation is that the entire data collection procedure relied completely on student self-reports. The accuracy of these self-evaluations of sleep quality, sleep latency, and level of caffeine consumption may not have been accurate. Some questionnaires were also self scored, leaving open the opportunity for error in calculations. Although much of our analysis of caffeine consumptions effect on sleep quality failed to reach statistical significance, the trends in the data indicate that caffeine does likely detrimentally influence sleep quality. As previous research has shown, the impact caffeine may have on daytime functioning and sleep may be greater than many people realize. Caffeine consumption may be leading to a poorer nights sleep, and this less recuperative sleep subsequently may lead to more caffeine consumption the following day to compensate for the caffeine disrupted sleep of the night before. One can see how this may result in a caffeine/poor sleep cycle. Another interesting finding was the correlation between chronotype and Multi-tasking index score. It would be interesting to investigate whether this relationship is due to evening-types engaging in more night-time activities in order to simply occupy the time between when they believe they should be sleeping and when they are able to sleep, or if the opportunity to occupy the mind and stave off sleep, and disrupting their natural activity time preference. Although we did not specifically make any predictions regarding Multi-tasking Index and PSQI, it is interesting to note that there was no relationship between Multi-tasking Index and PSQI. Research by Calamaro et al. (2009) found that a high Multi-tasking Index was related to sleep problems like difficulty falling asleep, decreased total sleep time and daytime sleepiness. There was no relationship between chronotype and sleep quality in our study, despite findings of a significant relationship by Gianotti et al. (2002). Although the trend in our data leaned towards a similar relationship, it did not reach significance. The difference in our findings compared to Gianotti et al. (2008) may have to do with factors unique to adolescents. In summary, there is a significant relationship between Multi tasking and chronotype, PSQI and coffee consumption level. All other comparisons failed to reach significance. The trend in the data indicate that caffeine does indeed detrimentally effect sleep quality, but the degree of influence it has remains unclear. References Adan, A. (1994). Chronotype and personality factors in the daily consumption of alcohol and psychostimulants. Addiction, 89(4), 455-462. Buysse, D.J., Reynolds, C.F., Monk, T.H., Berman, S.R., Kupfer,D.J. (1989). The Pittsburgh Sleep Quality Index (PSQI): A new instrument for psychiatric research and practice. Psychiatry Research, 28(2), 193-213. Calamaro, C.J., Mason, T.B., Ratcliffe, S.J. (2009). Adolescents living the 24/7 lifestyle: effects of caffeine and technology on sleep duration and daytime functioning. Pediatrics, 123(6), 1005-1010. Gianotti, F., Cortesi, F., Sebastiani, T., Ottaviano, S. (2002). Circadian preference, sleep and daytime behaviour in adolescence. Journal of Sleep Research, 11(3), 191- 199. Julien, R.M. (2005). Caffeine and nicotine. In A primer of drug action. (10th ed., pp. 225-251). New York: Worth Publishers. Landolt H.P., Werth, E., Borbely, A.A., Dijk, D.J. (1995). Caffeine intake (200 mg) in the morning affects human sleep and EEG power spectra at night. Brain Research, 675(1-2), 67-74. Landrum, R.E. (1992). College students use of caffeine and its relationship to personality. College Student Journal, 26(2), 151-155. Orbeta, R.L., Overpeck, M.D., Ramcharran, D., Kogan, M.D., Ladsky, R. (2006). High caffeine intake in adolescents: associations with difficulty sleeping and feeling tired in the morning. Journal of Adolescent Health, 38(4), 451-453. Roehrs, T., Roth, T. (2008). Caffeine: Sleep and daytime sleepiness. Sleep Medicine Reviews, 12(2), 153-162. Sanchez-Ortuno, M., Moore, N., Taillard, J., Valtat, C., Legar, D., Bioulac, B., Philip.,P. (2005). Sleep duration and caffeine consumption in a French middle-aged working population. Sleep Medicine, 6(3), 247-251. Shohet, K.L., Landrum, R.E. (2001). Caffeine consumption questionnaire: a standardized measure for caffeine consumption in undergraduate students. Psychology Reports

Amy Tans The Joy Luck Club Essay -- Amy Tan Joy Luck Club Essays

Amy Tan's â€Å"The Joy Luck Club† The â€Å"Joy Luck Club,† by Amy Tan, is a collection of short stories about the relationships between Chinese born mothers and their American born daughters. The story called â€Å"Four Directions† is about a woman named Waverly Jong. The story is about Waverly trying to tell her mother that she is getting married to a American man named Richard. Waverly was a chess champion as while she was a young girl and she remembers the strategy that she used in her matches, and in her life, as she tries to tell her mother about a marriage to an American man. Waverly’s mother was raised in China under Chinese traditions. Waverly’s mother wants Waverly to marry a Chinese man and dos not want Waverly to marry an American man. As Waverly brings us through her decision making process, she questions the Chinese traditions that her mother strictly follows. Since Waverly grew up in an American society, she has lost the Chinese traditions that her mother has tried to teach her and therefore has weakened the bond between Waverly and her mother.   Ã‚  Ã‚  Ã‚  Ã‚  As Waverly brings her mother through her house, Waverly lets her mom see the male items that are around to hint to her mother that she is living with a man, like his clothes around the bedroom and his barbells on the floor. Waverly goes to her closet and shows her mother the fur coat that Richard had given to her. After seeing the coat, Waverly’s mom says: â€Å"This is not so good,’ she said at last. ‘It is just leftover...

Answer to Chapter 1 Introduction to Derivatives & Risk Management, Chance, Brooks.

CHAPTER 1: INTRODUCTION END-OF-CHAPTER QUESTIONS AND PROBLEMS 1. (Market Efficiency and Theoretical Fair Value) An efficient market is one in which prices reflect the true economic values of the assets trading therein. In efficient markets, no one can earn returns that are more than commensurate with the level of risk. Efficient markets are characterized by low transaction costs and by the rapid rate at which new information is incorporated into prices. 2. (Arbitrage and the Law of One Price) Arbitrage is a type of investment transaction that seeks to profit when identical goods are priced differently. Buying an item at one price and immediately selling it at another is a type of arbitrage. Because of the combined activities of arbitrageurs, identical goods, primarily financial assets, cannot sell for different prices for long. This is the law of one price. Arbitrage helps make our markets efficient by assuring that prices are in line with what they are supposed to be. In short, we cannot get something for nothing. A situation involving two identical goods or portfolios that are not priced equivalently would be exploited by arbitrageurs until their prices were equal. The â€Å"one price† that an asset must be is called the â€Å"theoretical fair value. † 3. (Arbitrage and the Law of One Price) The law of one price is violated if the same good is selling at different prices. On the surface it may appear as if that is the case; however, it is important to look beneath the surface to determine if the goods are identical. Part of the cost of the good is convenience and customer service. Some consumers might be willing to pay more because the dealer is located in a more desirable section of town. Also, the higher priced dealer may have a better reputation for service and customer satisfaction. Buyers may be willing to pay more if they feel that the premium they pay helps assure them that they are getting a fair deal. It is important to note that many goods are indeed identical and, if so, they should sell at the same price, but the Law of One Price is not violated if the price differential accounts for some economic value. 4. (The Storage Mechanism) Storage is simply holding the asset. Some assets, like commodities, require considerable storage space and entail significant storage costs. Others, like stocks and bonds, do not consume much space but, as we shall see later, do incur costs. Storage enables us to more adequately meet our consumption needs and, thus, provides for a more efficient alteration of our consumption patterns across time. For example, we can store grains for the winter. In the case of stocks and bonds, we can store them and sell them later. The proceeds from the sale of the securities can be used to meet consumption needs at the later time. Likewise, storage enables speculators to hold goods and securities in the hope of selling them later at a profit. In addition, storage plays an important role in defining the relationship between spot instruments and derivatives. 5. (Delivery and Settlement) In futures markets, delivery seldom occurs. Since delivery is always possible, however, an expiring futures contract will be priced like the spot instrument. The knowledge that futures prices will eventually converge to spot prices is important to the pricing of futures contracts. 6. The Role of Derivative Markets) Derivative markets provide a means of adjusting the risk of spot market investments to a more acceptable level and identifying the consensus market beliefs. They make trading easier and less costly and spot markets more efficient. These markets also provide a means of speculating. 7. (Criticisms of Derivatives Markets) On the surface, it may be difficult to distinguish speculation from gambling. Both entail high risk w ith the expectation of high gain. The major difference that makes speculation somewhat more socially acceptable is that it offers benefits to society not conveyed by gambling. For example, speculators are necessary to assume the risk not wanted by others. In gambling, there is no risk being hedged. Gamblers simply accept risk without there being a concomitant reduction in someone else's risk. 8. (Misuses of Derivatives) Derivatives can be misused by speculating when one should be hedging, by not having acquired the requisite knowledge to use them properly by acting irresponsibly when using derivatives such as by being overly confident of one’s ability to forecast the direction of the market. 9. The Role of Derivative Markets) The existence of derivative markets in the United States economy and indeed throughout most modern countries of the world undoubtedly leads to a much higher degree of market efficiency. Derivatives facilitate the activities of individual arbitrageurs so that unequal prices of identical goods are arbitraged until they are equal. Because of the large number of arbitrageurs, this is a quick and efficient process. Arbitrage on this large a scale makes markets less capable of being manipulated, less costly to trade in, and therefore more attractive to investors. The opportunity to hedge also makes the markets more attractive to investors in managing risk. ) This is not to say that an economy without derivative markets would be inefficient, but it would not have the advantage of this arbitrage on a large scale. It is important to note that the derivative markets do not necessarily make the U. S. or world economy any larger or wealthier. The basic wealth, expected returns, and risks of the economy would be about the same without these markets. Derivatives simply create lower cost opportunities for investors to align their risks at more satisfactory levels. This may not necessarily make them wealthier, but to the extent that it makes them more satisfied with their positions, it serves a valuable purpose. 10. (Return and Risk) Return is the numerical measure of investment performance. There are two main measures of return, dollar return and percentage return. Dollar return measures investment performance as total dollar profit or loss. For example, the dollar return for stocks is the dollar profit from the change in stock price plus any cash dividends paid. It represents the absolute performance. Percentage return measures investment performance per dollar invested. It represents the percentage increase in the investor’s wealth that results from making the investment. In the case of stocks, the return is the percentage change in price plus the dividend yield. The concept of return also applies to options, but, as we shall see later, the definition of the return on a futures or forward contract is somewhat unclear. 1. (Repurchase Agreements) A repurchase agreement (known as repos) is a legal contract between a seller and a buyer, the seller agrees to sell a specified asset to the buyer currently as well as buy it back usually at a specified time in the future at an agreed future price. The seller is effectively borrowing money from the buyer at an implied interest rate. Typically, repos involve low risk secur ities, such as U. S. Treasury bills. Repos are useful because they provide a great deal of flexibility to both the borrower and lender. Derivatives traders often need to be able to borrow and lend money in the most cost-effective manner possible. Repos are often a very low cost way of borrowing money, particularly if the firm holds government securities. Repos are a way to earn interest on short-term funds with minimal risk (for buyers) and repos are a way to borrow for short-term needs at a relatively low cost (for sellers). 12. (Derivative Markets and Instruments) An option is a contract between two parties—a buyer and a seller—that gives the buyer the right, but not the obligation, to purchase or sell something at a later date at a price agreed upon today. The option buyer pays the seller a sum of money called the price or premium. The option seller stands ready to sell or buy according to the contract terms if and when the buyer so desires. An option to buy something is referred to as a call; an option to sell something is called a put. A forward contract is a contract between two parties—a buyer and a seller—to purchase or sell something at a later date at a price agreed upon today. A forward contract sounds a lot like an option, but an option carries the right, not the obligation, to go through with the transaction. If the price of the underlying good changes, the option holder may decide to forgo buying or selling at the fixed price. On the other hand, the two parties in a forward contract incur the obligation to ultimately buy and sell the good. 13. (The Underlying Asset) Because all derivatives are based on the random performance of something, the word â€Å"derivative† is appropriate. The derivative derives its value from the performance of something else. That â€Å"something else† is often referred to as the underlying asset. The term underlying asset, however, is somewhat confusing and misleading. For instance, the underlying asset might be a stock, bond, currency, or commodity, all of which are assets. However, the underlying â€Å"asset† might also be some other random element such as the weather, which is not an asset. It might even be another derivative, such as a futures contract or an option.

Banneker Reflection Essays

Banneker Reflection Essays Banneker Reflection Essays In writing my rhetorical analysis of Benjamin Banneker’s letter to Thomas Jefferson, I would have been more successful and possibly earned a higher score if I would have, gave more elaboration and support within each paragraph, used better structuring of paragraphs and elaborated vocabulary and transitions, and took more time to connect with the prompt. In the opening of my first body paragraph, I gave basic reasoning of how Banneker used emotional diction while writing to Jefferson. I successfully stated my claim and direct evidence from Banneker’s letter, I elaborated very little though. Although I stated Banneker’s point and motive, I did not elaborate appropriately of how it would’ve effectively persuaded Jefferson. What I wrote was â€Å"the strategic approach using encompassing words as well as negative connotations was a strategy he used.† I did not appropriately state how that was effective. I wasn’t able to convey why it was used. In the second paragraph, I did successfully state my claim, provided support, and elaboration. It was acceptable, but not extensively detailed which it could’ve been. I could have added much more support by stating how repetition was engaging and explain a much deeper analysis of the connotation of the word â€Å"sir†. For example, I wrote, â€Å"When using â€Å"sir† he uses it in a positive light.† But I could’ve demonstrated how it was used, specifically why, and how it is pleasing to Jefferson. In the third paragraph, I did not get to finish. I wrote my claim, evidence, and elaboration. I did not get to finish elaborating more on the evidence. The third paragraph, in my opinion, was the most successful. Overall, my connection with the prompt and letter was exceptional. I have to work on elaboration and specifically accounting the reasoning behind my claims. While writing my essay, one of the important things that I missed was a good structure, elaborated vocabulary and transitions in my essay. While writing, even though I had supported my claim, evidence, and some support, it was very choppy and much of it was misplaced. For example, in my third paragraph I had detailed what Banneker was trying to achieve, but I had not echoed the specific examples from the letter before I provided the information. That leaves the reader to be confused and not really understand what that applies to. Also, my transitions weren’t very complementary, some weren’t even transitions and I had just started to explain. In the second paragraph, I hopped right into my claim making the essay choppy and not formatted properly. I used â€Å"â€Å"Sir†, a word that Banneker repeatedly uses, for the most part, in every paragraph.† It made the reading hard to follow, especially if it was being said out loud. It doesn’t transition comfortably. Another problem was that I had not used appropriate or higher vocabulary. If I would have used much more connecting words in explaining, my essay would have made much more sense. For instance, I stated that Banneker used emotional diction when he used word such as â€Å"groaning captivity†, â€Å"cruel oppression†, but I could’ve used another word that was much more appropriate in describing those words. It is much easier to understand and

Speak of the Devil!

Speak of the Devil! Speak of the Devil! Speak of the Devil! By Maeve Maddox One of my favorite sayings is God is in the details. It makes me think of patient medieval manuscript illuminators who might spend days on the meticulous execution of one initial letter. Their work was a form of prayer. Every detail deserved the utmost attention because the work was being offered to the glory of God. Nowadays the expression has morphed into the Devil is in the details The necessity of paying close attention to details is still the focus of the saying, but now the admonition warns against ignoring details for fear of law suits or time delays. A FEW OTHER DEVIL EXPRESSIONS between the devil and the deep blue sea trapped in a difficult situation with no easy way out. (between a rock and a hard place) therell be the devil to pay there will be severe consequences devilled eggs hard-cooked eggs in which the yolks have been flavored with hot spices; devilled grilled with hot condiments (also spelled deviled) devils food cake a rich moist, airy layer cake made with cocoa. Probably named to contrast it with angel food cake, which is white and fluffy. devil-may-care attitude a wildly reckless attitude that laughs at caution a devil of a question a question that has no easy answer, or, perhaps, a question considered impertinent by the person being asked it. dust devil sand spout or dust storm printers devil a printers apprentice devilry, deviltry, devilment all words referring to devilish behavior, either in the sense of wicked behavior or of roguery. speak of the devil nowadays this expression is used when one has been speaking of a person just before the person arrives. Or perhaps one has been speaking of rain just before a downpour. Full-length versions of the proverb: Speak of the devil and he will appear; Speak of the devil and hell be at your elbow. The expression originated with the belief that one should not mention the devils name for fear of attracting his attention. Devils advocate from Latin. advocatus diaboli, one whose job it is to urge against the canonization of a candidate for sainthood. little devil little rascal; playful use for clever rogue devilish behavior wicked behavior OTHER NAMES FOR THE DEVIL Old Nick Old Scratch Lucifer Beelzebub The Tempter The Lord of Darkness The Deceiver The Lord of the Flies Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:7 Examples of Passive Voice (And How To Fix Them)8 Types of Parenthetical Phrases50 Musical Terms Used in Nonmusical Senses

Solid Waste Analysis Essay Example | Topics and Well Written Essays - 750 words

Solid Waste Analysis - Essay Example Moreover, the underlying question of whether or not all waste products are resources waiting to be used will be answered. Before delving into such a critique, it is necessary to understand that the current economic system is gravely different from even that which existed but a few scant years ago. This is the result of the fact that when one views the history of industrial creation within the world, raw materials were plentiful, cheap, and readily available. As a function of this, a particular type of consumer culture developed in which it was oftentimes more expedient and cheaper to purchase an entirely new product than it was to have the older one fixed. However, as resources have increased in price as a function of scarcity and increasing demands on consumer markets, the use and re-use of recycled material has become increasingly popular. The example that is used is the way that waste, formerly understood as worthless mass that must find a place to be stored, came to be something that was desirable and profitable for firms to seek to reclaim. One can of course consider that forms of plastic and metal would of course be something valuable to firms; however, biomass as well has the potential of generating profits for many firms (Middleton, 2008). Although it is interesting that the technology has increased in the way that it has, the fact of the matter is that it is the profitability of the waste that has driven companies and individuals to seek to extract it from refuse is the real motivating factor; not the desire to be more efficient or to reduce the impact on the environment. Although it is definitely a positive thing that the overall level of waste has been reduced, it would be premature to assume that the technology alone can solve the issue of waste within our current system. The fact of the matter is that the world economy has grown and continues to grow, world populations have grown as well and the overall level of waste that is being produced is incr easing each and every year. Due to the fact that the world currently has a much higher population concentration as well as a subsequently high level of consumer goods demanded, it is vitally important to consider the means whereby these needs and demands might continue to be met without the disastrous effects on the environment that previously have been engaged as a function of short sighted means of production and a complete lack of recycling. (Weitz et al, 2002). By pointing out high density populations as a prime example of the way in which an economic system can utilize waste to increase growth, the reader can use this as a powerful example for the way in which other entities and governments can engage the same idea to effect positive change and profits as well. Ultimately, the reader can understand that the changes in technology and economics have meant that nearly no form of waste is without a potential to be used in a profitable way. Although it is not possible to state that there will soon be a time in which nothing will be discarded entirely, the movement that has been experienced and exhibited within the past several decades illustrates the way in which interested parties can seek to increase efficiency and generate a profit based upon refuse that had previously been marked as a liability to the surrounding area (Wang & Nie, 2001). Although the discoveries and changes that have given to the system help the reader to understand the ways in which current technology has helped to reclaim a wide variety of man-made material from solid waste, there is also the unmentioned issue with relation to the

JIT variability Essay Example | Topics and Well Written Essays - 500 words

JIT variability - Essay Example Variabilities in production and distribution systems are those unexpected occurrences that upset or alter pre-planned production activities. As a way of overcoming such variabilities, JIT systems use existing inventories judiciously and tactically. For example, â€Å"the 'extra' inventory is then used to cover variations or problems. Effective inventory tactics require 'just in time', not 'just in case'. JIT inventory is the minimum inventory necessary to keep a perfect system running. With JIT inventory, the exact amount of goods arrives at the moment it is needed, not a minute before or a minute after.† (Chapter 16, p.495) One way in which JIT can help remove variability is by â€Å"eliminating inventory that hides variability in the production system†. A suitable analogy to illustrate this point is a lake full of rocks. â€Å"The water in the lake represents inventory flow, and the rocks represent problems such as late deliveries, machine breakdowns, and poor person nel performance. The water level in the lake hides variability and problems. Because inventory hides problems, they are hard to find†. (Chapter 16, p.495) JIT can help reduce variability here by reducing unwanted inventory. The top management can greatly reduce variability by adopting JIT practices.