Movie Exorcist Essay Example | Topics and Well Written Essays - 250 words - 1

Movie Exorcist - Essay Example Telling the story of exorcising devil that controls the twelve-year-old girl by the name Rigan, he includes cynical and excessively naturalistic shots. On the other hand, it really impressed the audience, influenced it more strongly, making really feel the trouble of events. The work on the movie was serious and complicated. It took 224 days instead of planned 85 to film the best-seller, and in the course of work, quite a strange event happened when nine people of the group, including two actors, died. However, the end result surpassed all the expectations. Many people consider this movie to be the most interesting in the genre of horror. However, if to hear this story not from the writer, but from the mother of the girl controlled by the devil, the story would be even more frightful because the mother in the movie seemed shocked and very afraid because of the state of her daughter. She thinks not about the devil and its origin.

How to teach a dog to Stay

How to teach a dog to Stay How to teach a dog to Stay Training a dog involves the positive strengths and encouragement. To train a dog to stay when commanded is a useful advantage in many situations. It requires proper time, patience and determination though it is a simple process. This type of behavior of the dog is beneficial to the dogs owner. When the dog gets over excited or does not behave properly, then the owner can settle his dog by commanding him to stay. Effective training can be provided to the dog in a calm and quiet location so that the dog can concentrate on the owners training without any distraction. Do not try to train your dog when he is in the excited mood. The first thing to start with the training is to make your dog sit and get its attention towards you. Do not provide any reward to the dog before the training. Once the dog is seated in front of you, just say the word stay. After sometime, move to the side of the dog and behind the dog but do not move away from your dog. If your dog does not move then offer him a treat. You can try to go a bit away from the dog. But, he gets up from his place and moves around you, then place him in the original location and command him to sit. Repeat this process until the dog gets seated in his position even if you move away from him. In the initial stage, let your dog sit only for 15 to 20 minutes. Once the dog continues to sit and stay at the same place even if you are moving, then proceed further to the next step. Now start increasing the distance from the dog. Instruct the dog to sit at the same place as before and you try to move some yards away from your dog. Reward the dog as before if he does not move from its position. Start increasing the time as the dog understands the command to stay. Train your dog in such a way that he will remain in the seated position without a move when you are out of that room for some time. Here are some additional tips with basic techniques to successfully train a dog to stay. During the training session of a dog, you should remain generous in treating your dog as well as in giving the rewards. Try to keep the sessions of small duration at least in the beginning. You can take several sessions in a day of 10-15 minutes. Instruct your dog by making it as a game. The dog cannot immediately understand your commands. So, if it does not perform up to your mark, then instead of punishing him, just do not reward him. Remember that not to provide any kind of training when the dog is in dangerous situation or any bad circumstances. Try to get him out of that situation and make him feel relax by diverting his mind in playing his favorite games.

The Bean Trees :: essays research papers

There were many sacrificial elements that existed in The Bean Trees. Sacrifices that the characters in the novel made for the benefit of others or themselves. These sacrifices played a role almost as significant as some of the characters in the book. Some prime examples of these sacrifices are Mattie’s will to offer sanction to illegal immigrants, the fact that Taylor sacrificed the whole success of her excursion by taking along an unwanted, abused Native-American infant, and Estevan and Esperanza’s decision to leave behind their daughter for the lives of seventeen other teacher union members. Mattie sacrifices her business, her reputation, and her life to help out illegal aliens that are running, for one reason or another, from their original country. Most of these aliens are searching for a better life in America. Mattie assists them by providing them with housing, food, and medical attention whenever needed. She knows the consequences involved, and yet she perseveringly volunteers to give these people sanction. "There was another whole set of people who spoke Spanish and lived with her for various lengths of time. I asked her about them once, and she asked me something like had I ever heard of a sanctuary."(Kingsolver 105) It’s amazing how Mattie’s morals and beliefs make her sacrifice her everyday life for the benefit of people whom she had never met before. Taylor Greer had been running away from premature pregnancy her entire life. Afraid that she would wind up just another hick in Pittman County, she left town and searched for a new life out West. On her way getting there, she acquires Turtle, an abandoned three-year-old Native American girl. Taylor knows that keeping Turtle is a major responsibility, being that she was abandoned and abused. Yet, Taylor knows that she is the best option that Turtle has, as far as parental figures go. "Then you are not the parent or guardian?’†¦. ‘Look,’ I said. ‘I’m not her real mother, but I’m taking care of her now. She’s not with her original family anymore." (Kingsolver 162) As the story progresses, Taylor accepts Turtle as part of life. This sacrifice later turns into a blessing. Estevan and Esperanza’s sacrifice involved a major part of their lives. Both Estevan and Esperanza sacrificed their daughter for the lives of seventeen other people. Back in Guatemala, they were part of an secret underground teachers union where important information was passed by word of mouth.

Anomalies in Option Pricing

Anomalies in option pricing: the Black-Scholes model revisited New England Economic Review, March-April, 1996 by Peter Fortune This study is the third in a series of Federal Reserve Bank of Boston studies contributing to a broader understanding of derivative securities. The first (Fortune 1995) presented the rudiments of option pricing theory and addressed the equivalence between exchange-traded options and portfolios of underlying securities, making the point that plain vanilla options – and many other derivative securities – are really repackages of old instruments, not novel in themselves. That paper used the concept of portfolio insurance as an example of this equivalence. The second (Minehan and Simons 1995) summarized the presentations at â€Å"Managing Risk in the '90s: What Should You Be Asking about Derivatives? â€Å", an educational forum sponsored by the Boston Fed. Related Results Trust, E-innovation and Leadership in Change Foreign Banks in United States Since World War II: A Useful Fringe Building Your Brand With Brand Line Extensions The Impact of the Structure of Debt on Target Gains Project Management Standard Program. The present paper addresses the question of how well the best-known option pricing model – the Black-Scholes model – works. A full evaluation of the many option pricing models developed since their seminal paper in 1973 is beyond the scope of this paper. Rather, the goal is to acquaint a general audience with the key characteristics of a model that is still widely used, and to indicate the opportunities for improvement which might emerge from current research and which are undoubtedly the basis for the considerable current research on derivative securities. The hope is that this study will be useful to students of financial markets as well as to financial market practitioners, and that it will stimulate them to look into the more recent literature on the subject. The paper is organized as follows. The next section briefly reviews the key features of the Black-Scholes model, identifying some of its most prominent assumptions and laying a foundation for the remainder of the paper. The second section employs recent data on almost one-half million options transactions to evaluate the Black-Scholes model. The third section discusses some of the reasons why the Black-Scholes odel falls short and assesses some recent research designed to improve our ability to explain option prices. The paper ends with a brief summary. Those readers unfamiliar with the basics of stock options might refer to Fortune (1995). Box 1 reviews briefly the fundamental language of options and explains the notation used in the paper. I. The Black-Scholes Model In 1973, Myron Scholes and the late Fischer Black published their seminal paper on option pricing (Black and Scholes 1973). The Black-Scholes model revolutionized financial economics in several ways. First, it contributed to our understanding of a wide range of contracts with option-like features. For example, the call feature in corporate and municipal bonds is clearly an option, as is the refinancing privilege in mortgages. Second, it allowed us to revise our understanding of traditional financial instruments. For example, because shareholders can turn the company over to creditors if it has negative net worth, corporate debt can be viewed as a put option bought by the shareholders from creditors. The Black-Scholes model explains the prices on European options, which cannot be exercised before the expiration date. Box 2 summarizes the Black-Scholes model for pricing a European call option on which dividends are paid continuously at a constant rate. A crucial feature of the model is that the call option is equivalent to a portfolio constructed from the underlying stock and bonds. The â€Å"option-replicating portfolio† consists of a fractional share of the stock combined with borrowing a specific amount at the riskless rate of interest. This equivalence, developed more fully in Fortune (1995), creates price relationships which are maintained by the arbitrage of informed traders. The Black-Scholes option pricing model is derived by identifying an option-replicating portfolio, then equating the option's premium with the value of that portfolio. An essential assumption of this pricing model is that investors arbitrage away any profits created by gaps in asset pricing. For example, if the call is trading â€Å"rich,† investors will write calls and buy the replicating portfolio, thereby forcing the prices back into line. If the option is trading low, traders will buy the option and short the option-replicating portfolio (that is, sell stocks and buy bonds in the correct proportions). By doing so, traders take advantage of riskless opportunities to make profits, and in so doing they force option, stock, and bond prices to conform to an equilibrium relationship. Arbitrage allows European puts to be priced using put-call parity. Consider purchasing one call that expires at time T and lending the present value of the strike price at the riskless rate of interest. The cost is [C. sub. t] + X[e. sup. -r(T-t)]. (See Box 1 for notation: C is the call premium, X is the call's strike price, r is the riskless interest rate, T is the call's expiration date, and t is the current date. At the option's expiration the position is worth the highest of the stock price ([S. sub. T]) or the strike price, a value denoted as max([S. sub. T], X). Now consider another investment, purchasing one put with the same strike price as the call, plus buying the fraction [e. sup. -q(T-t)] of one share of the stock. Denoting the put premium by P and the stock price by S, then the cost of this is [P. sub. t] + [e. sup. -q(T-t)][S. sub. t], and, at time T, the value at this position is also max([S. sub. T], X). (1) Because both positions have the same terminal value, arbitrage will force them to have the same initial value. Suppose that [C. sub. t] + X[e. sup. -r(T-t)] [greater than] [P. sub. t] + [e. sup. -q(T-t)][S. sub. t], for example. In this case, the cost of the first position exceeds the cost of the second, but both must be worth the same at the option's expiration. The first position is overpriced relative to the second, and shrewd investors will go short the first and long the second; that is, they will write calls and sell bonds (borrow), while simultaneously buying both puts and the underlying stock. The result will be that, in equilibrium, equality will prevail and [C. sub. t] + X[e. sup. r(T-t)] = [P. sub. t] + [e. sup. -q(T-t)][S. sub. t]. Thus, arbitrage will force a parity between premiums of put and call options. Using this put-call parity, it can be shown that the premium for a European put option paying a continuous dividend at q percent of the stock price is: [P. sub. t] = -[e. sup. -q(T-t)][S. sub. t]N(-[d. sub. 1]) + X[e. sup. -r(T-t)]N(-[d. sub. 2]) where [d. sub. 1] and [d. sub. 2] are defined as in Box 2. The importance of arbitrage in the pricing of options is clear. However, many option pricing models can be derived from the assumption of complete arbitrage. Each would differ according to the probability distribution of the price of the underlying asset. What makes the Black-Scholes model unique is that it assumes that stock prices are log-normally distributed, that is, that the logarithm of the stock price is normally distributed. This is often expressed in a â€Å"diffusion model† (see Box 2) in which the (instantaneous) rate of change in the stock price is the sum of two parts, a â€Å"drift,† defined as the difference between the expected rate of change in the stock price and the dividend yield, and â€Å"noise,† defined as a random variable with zero mean and constant variance. The variance of the noise is called the â€Å"volatility† of the stock's rate of price change. Thus, the rate of change in a stock price vibrates randomly around its expected value in a fashion sometimes called â€Å"white noise. † The Black-Scholes models of put and call option pricing apply directly to European options as long as a continuous dividend is paid at a constant rate. If no dividends are paid, the models also apply to American call options, which can be exercised at any time. In this case, it can be shown that there is no incentive for early exercise, hence the American call option must trade like its European counterpart. However, the Black-Scholes model does not hold for American put options, because these might be exercised early, nor does it apply to any American option (put or call) when a dividend is paid. (2) Our empirical analysis will sidestep those problems by focusing on European-style options, which cannot be exercised early. A call option's intrinsic value is defined as max(S – X,0), that is, the largest of S – X or zero; a put option's intrinsic value is max(X – S,0). When the stock price (S) exceeds a call option's strike price (X), or falls short of a put option's strike price, the option has a positive intrinsic value because if it could be immediately exercised, the holder would receive a gain of S – X for a call, or X – S for a put. However, if S [less than] X, the holder of a call will not exercise the option and it has no intrinsic value; if X [greater than] S this will be true for a put. The intrinsic value of a call is the kinked line in Figure 1 (a put's intrinsic value, not shown, would have the opposite kink). When the stock price exceeds the strike price, the call option is said to be in-the-money. It is out-of-the-money when the stock price is below the strike price. Thus, the kinked line, or intrinsic value, is the income from immediately exercising the option: When the option is out-of-the-money, its intrinsic value is zero, and when it is in the money, the intrinsic value is the amount by which S exceeds X. Convexity, the Call Premium, and the Greek Chorus The premium, or price paid for the option, is shown by the curved line in Figure 1. This curvature, or â€Å"convexity,† is a key characteristic of the premium on a call option. Figure 1 shows the relationship between a call option's premium and the underlying stock price for a hypothetical option having a 60-day term, a strike price of $50, and a volatility of 20 percent. A 5 percent riskless interest rate is assumed. The call premium has an upward-sloping relationship with the stock price, and the slope rises as the stock p rice rises. This means that the sensitivity of the call premium to changes in the stock price is not constant and that the option-replicating portfolio changes with the stock price. The convexity of option premiums gives rise to a number of technical concepts which describe the response of the premium to changes in the variables and parameters of the model. For example, the relationship between the premium and the stock price is captured by the option's Delta ([Delta]) and its Gamma ([Gamma]). Defined as the slope of the premium at each stock price, the Delta tells the trader how sensitive the option price is to a change in the stock price. (3) It also tells the trader the value of the hedging ratio. (4) For each share of stock held, a perfect hedge requires writing 1/[[Delta]. ub. c] call options or buying 1/[[Delta]. sub. p] puts. Figure 2 shows the Delta for our hypothetical call option as a function of the stock price. As S increases, the value of Delta rises until it reaches its maximum at a stock price of about $60, or $10 in-the-money. After that point, the option premium and the stock price have a 1:1 relationship. The increasing Delta also means that th e hedging ratio falls as the stock price rises. At higher stock prices, fewer call options need to be written to insulate the investor from changes in the stock price. The Gamma is the change in the Delta when the stock price changes. (5) Gamma is positive for calls and negative for puts. The Gamma tells the trader how much the hedging ratio changes if the stock price changes. If Gamma is zero, Delta would be independent of S and changes in S would not require adjustment of the number of calls required to hedge against further changes in S. The greater is Gamma, the more â€Å"out-of-line† a hedge becomes when the stock price changes, and the more frequently the trader must adjust the hedge. Figure 2 shows the value of Gamma as a function of the amount by which our hypothetical call option is in-the-money. (6) Gamma is almost zero for deep-in-the-money and deep-out-of-the-money options, but it reaches a peak for near-the-money options. In short, traders holding near-the-money options will have to adjust their hedges frequently and sizably as the stock price vibrates. If traders want to go on long vacations without changing their hedges, they should focus on far-away-from-the-money options, which have near-zero Gammas. A third member of the Greek chorus is the option's Lambda, denoted by [Lambda], also called Vega. (7) Vega measures the sensitivity of the call premium to changes in volatility. The Vega is the same for calls and puts having the same strike price and expiration date. As Figure 2 shows, a call option's Vega conforms closely to the pattern of its Gamma, peaking for near-the-money options and falling to zero for deep-out or deep-in options. Thus, near-the-money options appear to be most sensitive to changes in volatility. Because an option's premium is directly related to its volatility – the higher the volatility, the greater the chance of it being deep-in-the-money at expiration – any propositions about an option's price can be translated into statements about the option's volatility, and vice versa. For example, other things equal, a high volatility is synonymous with a high option premium for both puts and calls. Thus, in many contexts we can use volatility and premium interchangeably. We will use this result below when we address an option's implied volatility. Other Greeks are present in the Black-Scholes pantheon, though they are lesser gods. The option's Rho ([Rho]) is the sensitivity of the call premium to changes in the riskless interest rate. (8) Rho is always positive for a call (negative for a put) because a rise in the interest rate reduces the present value of the strike price paid (or received) at expiration if the option is exercised. The option's Theta ([Theta]) measures the change in the premium as the term shortens by one time unit. (9) Theta is always negative because an option is less valuable the shorter the time remaining. The Black-Scholes Assumptions The assumptions underlying the Black-Scholes model are few, but strong. They are: * Arbitrage: Traders can, and will, eliminate any arbitrage profits by simultaneously buying (or writing) options and writing (or buying) the option-replicating portfolio whenever profitable opportunities appear. * Continuous Trading: Trading in both the option and the underlying security is continuous in time, that is, transactions can occur simultaneously in related markets at any instant. * Leverage: Traders can borrow or lend in unlimited amounts at the riskless rate of interest. Homogeneity: Traders agree on the values of the relevant parameters, for example, on the riskless rate of interest and on the volatility of the returns on the underlying security. * Distribution: The price of the underlying security is log-normally distributed with statistically independent price changes, and with constant mean and constant variance. * Continuous Prices: No discontinuous jumps occur in the price of the underlying security. * Transactions Costs: The cost of engaging in arbitrage is negligibly small. The arbitrage assumption, a fundamental proposition in economics, has been discussed above. The continuous trading assumption ensures that at all times traders can establish hedges by simultaneously trading in options and in the underlying portfolio. This is important because the Black-Scholes model derives its power from the assumption that at any instant, arbitrage will force an option's premium to be equal to the value of the replicating portfolio. This cannot be done if trading occurs in one market while trading in related markets is barred or delayed. For example, during a halt in trading of the underlying security one would not expect option premiums to conform to the Black-Scholes model. This would also be true if the underlying security were inactively traded, so that the trader had â€Å"stale† information on its price when contemplating an options transaction. The leverage assumption allows the riskless interest rate to be used in options pricing without reference to a trader's financial position, that is, to whether and how much he is borrowing or lending. Clearly this is an assumption adopted for convenience and is not strictly true. However, it is not clear how one would proceed if the rate on loans was related to traders' financial choices. This assumption is common to finance theory: For example, it is one of the assumptions of the Capital Asset Pricing Model. Furthermore, while private traders have credit risk, important players in the option markets, such as nonfinancial corporations and major financial institutions, have very low credit risk over the lifetime of most options (a year or less), suggesting that departures from this assumption might not be very important. The homogeneity assumption, that traders share the same probability beliefs and opportunities, flies in the face of common sense. Clearly, traders differ in their judgments of such important things as the volatility of an asset's future returns, and they also differ in their time horizons, some thinking in hours, others in days, and still others in weeks, months, or years. Indeed, much of the actual trading that occurs must be due to differences in these judgments, for otherwise there would be no disagreements with â€Å"the market† and financial markets would be pretty dull and uninteresting. The distribution assumption is that stock prices are generated by a specific statistical process, called a diffusion process, which leads to a normal distribution of the logarithm of the stock's price. Furthermore, the continuous price assumption means that any changes in prices that are observed reflect only different draws from the same underlying log-normal distribution, not a change in the underlying probability distribution itself. II. Tests of the Black-Scholes Model. Assessments of a model's validity can be done in two ways. First, the model's predictions can be confronted with historical data to determine whether the predictions are accurate, at least within some statistical standard of confidence. Second, the assumptions made in developing the model can be assessed to determine if they are consistent with observed behavior or historical data. A long tradition in economics focuses on the first type of tests, arguing that â€Å"the proof is in the pudding. It is argued that any theory requires assumptions that might be judged â€Å"unrealistic,† and that if we focus on the assumptions, we can end up with no foundations for deriving the generalizations that make theories useful. The only proper test of a theory lies in its predictive ability: The theory that consistently predicts best is the best theory, regardless of the assumptions required to generate the theory. Tests based on assumptions are justified by the principle of â€Å"garbag e in-garbage out. † This approach argues that no theory derived from invalid assumptions can be valid. Even if it appears to have predictive abilities, those can slip away quickly when changes in the eThe Data The data used in this study are from the Chicago Board Options Exchange's Market Data Retrieval System. The MDR reports the number of contracts traded, the time of the transaction, the premium paid, the characteristics of the option (put or call, expiration date, strike price), and the price of the underlying stock at its last trade. This information is available for each option listed on the CBOE, providing as close to a real-time record of transactions as can be found. While our analysis uses only records of actual transactions, the MDR also reports the same information for every request of a quote. Quote records differ from the transaction records only in that they show both the bid and asked premiums and have a zero number of contracts traded. nvironment make the invalid assumptions more pivotal. The data used are for the 1992-94 period. We selected the MDR data for the S&P 500-stock index (SPX) for several reasons. First, the SPX options contract is the only European-style stock index option traded on the CBOE. All options on individual stocks and on other indices (for example, the S&P 100 index, the Major Market Index, the NASDAQ 100 index) are American options for which the Black-Scholes model would not apply. The ability to focus on a European-style option has several advantages. By allowing us to ignore the potential influence of early exercise, a possibility that significantly affects the premiums on American options on dividend-paying stocks as well as the premiums on deep-in-the-money American put options, we can focus on options for which the Black-Scholes model was designed. In addition, our interest is not in individual stocks and their options, but in the predictive power of the Black-Scholes option pricing model. Thus, an index option allows us to make broader generalizations about model performance than would a select set of equity options. Finally, the S&P 500 index options trade in a very active market, while options on many individual stocks and on some other indices are thinly traded. The full MDR data set for the SPX over the roughly 758 trading days in the 1992-94 period consisted of more than 100 million records. In order to bring this down to a manageable size, we eliminated all records that were requests for quotes, selecting only records reflecting actual transactions. Some of these transaction records were cancellations of previous trades, for example, trades made in error. If a trade was canceled, we included the records of the original transaction because they represented market conditions at the time of the trade, and because there is no way to determine precisely which transaction was being canceled. We eliminated cancellations because they record the S&P 500 at the time of the cancellation, not the time of the original trade. Thus, cancellation records will contain stale prices. This screening created a data set with over 726,000 records. In order to complete the data required for each transaction, the bond-equivalent yield (average of bid and asked prices) on the Treasury bill with maturity closest to the expiration date of the option was used as a riskless interest rate. These data were available for 180-day terms or less, so we excluded options with a term longer than 180 days, leaving over 486,000 usable records having both CBOE and Treasury bill data. For each of these, we assigned a dividend yield based on the S&P 500 dividend yield in the month of the option trade. Because each record shows the actual S&P 500 at almost the same time as the option transaction, the MDR provides an excellent basis for estimating the theoretically correct option premium and evaluating its relationship to actual option premiums. There are, however, some minor problems with interpreting the MDR data as providing a trader's-eye view of option pricing. The transaction data are not entered into the CBOE computer at the exact moment of the trade. Instead, a ticket is filled out and then entered into the computer, and it is only at that time that the actual level of the S&P 500 is recorded. In short, the S&P 500 entries necessarily lag behind the option premium entries, so if the S&P 500 is rising (falling) rapidly, the reported value of the SPX will be above (below) the true value known to traders at the time of the transaction Test 1: An Implied Volatility Test A key variable in the Black-Scholes model is the volatility of returns on the underlying asset, the SPX in our case. Investors are assumed to know the true standard deviation of the rate of return over the term of the option, and this information is embedded in the option premium. While the true volatility is an unobservable variable, the market's estimate of it can be inferred from option premiums. The Black-Scholes model assumes that this â€Å"implied volatility† is an optimal forecast of the volatility in SPX returns observed over the term of the option. The calculation of an option's implied volatility is reasonably straightforward. Six variables are needed to compute the predicted premium on a call or put option using the Black-Scholes model. Five of these can be objectively measured within reasonable tolerance levels: the stock price (S), the strike price (X), the remaining life of the option (T – t), the riskless rate of interest over the remaining life of the option (r), typically measured by the rate of interest on U. S. Treasury securities that mature on the option's expiration date, and the dividend yield (q). The sixth variable, the â€Å"volatility† of the return on the stock price, denoted by [Sigma], is unobservable and must be estimated using numerical methods. Using reasonable values of all the known variables, the implied volatility of an option can be computed as the value of [Sigma] that makes the predicted Black-Scholes premium exactly equal to the actual premium. An example of the computation of the implied volatility on an option is shown in Box 3. The Black-Scholes model assumes that investors know the volatility of the rate of return on the underlying asset, and that this volatility is measured by the (population) standard deviation. If so, an option's implied volatility should differ from the true volatility only because of random events. While these discrepancies might occur, they should be very short-lived and random: Informed investors will observe the discrepancy and engage in arbitrage, which quickly returns things to their normal relationships. Figure 3 reports two measures of the volatility in the rate of return on the S&P 500 index for each trading day in the 1992-94 period. (10) The â€Å"actual† volatility is the ex post standard deviation of the daily change in the logarithm of the S&P 500 over a 60-day horizon, converted to a percentage at an annual rate. For example, for January 5, 1993 the standard deviation of the daily change in lnS&P500 was computed for the next 60 calendar days; this became the actual volatility for that day. Note that the actual volatility is the realization of one outcome from the entire probability distribution of the standard deviation of the rate of return. While no single realization will be equal to the â€Å"true† volatility, the actual volatility should equal the true volatility, â€Å"on average. † The second measure of volatility is the implied volatility. This was constructed as follows, using the data described above. For each trading day, the implied volatility on call options meeting two criteria was computed. The criteria were that the option had 45 to 75 calendar days to expiration (the average was 61 days) and that it be near the money (defined as a spread between S&P 500 and strike price no more than 2. 5 percent of the S&P 500). The first criterion was adopted to match the term of the implied volatility with the 60-day term of the actual volatility. The second criterion was chosen because, as we shall see later, near-the-money options are most likely to conform to Black-Scholes predictions. The Black-Scholes model assumes that an option's implied volatility is an optimal forecast of the volatility in SPX returns observed over the term of the option. Figure 3 does not provide visual support for the idea that implied volatilities deviate randomly from actual volatility, a characteristic of optimal forecasting. While the two volatility measures appear to have roughly the same average, extended periods of significant differences are seen. For example, in the last half of 1992 the implied volatility remained well above the actual volatility, and after the two came together in the first half of 1993, they once again diverged for an extended period. It is clear from this visual record that implied volatility does not track actual volatility well. However, this does not mean that implied volatility provides an inferior forecast of actual volatility: It could be that implied volatility satisfies all the scientific requirements of a good forecast in the sense that no other forecasts of actual volatility are better. In order to pursue the question of the informational content of implied volatility, several simple tests of the hypothesis that implied volatility is an optimal forecast of actual volatility can be applied. One characteristic of an optimal forecast is that the forecast should be unbiased, that is, the forecast error (actual volatility less implied volatility) should have a zero mean. The average forecast error for the data shown in Figure 3 is -0. 7283, with a t-statistic of -8. 22. This indicates that implied volatility is a biased forecast of actual volatility. A second characteristic of an optimal forecast is that the forecast error should not depend on any information available at the time the forecast is made. If information were available that would improve the forecast, the forecaster should have already included it in making his forecast. Any remaining forecasting errors should be random and uncorrelated with information available before the day of the forecast. To implement this â€Å"residual information test,† the forecast error was regressed on the lagged values of the S&P 500 in the three days prior to the forecast. 11) The F-statistic for the significance of the regression coefficients was 4. 20, with a significance level of 0. 2 percent. This is strong evidence of a statistically significant violation of the residual information test. The conclusion that implied volatility is a poor forecast of actual volatility has been reached in several other studies using different methods and data. For example, Canina and Figlewski (1993), using data for the S&P 100 in the years 1983 to 1987, found that implied volatility had almost no informational content as a prediction of actual volatility. However, a recent review of the literature on implied volatility (Mayhew 1995) mentions a number of papers that give more support for the forecasting ability of implied volatility. Test 2: The Smile Test One of the predictions of the Black-Scholes model is that at any moment all SPX options that differ only in the strike price (having the same term to expiration) should have the same implied volatility. For example, suppose that at 10:15 a. m. on November 3, transactions occur in several SPX call options that differ only in the strike price. Because each of the options is for the same interval of time, the value of volatility embedded in the option premiums should be the same. This is a natural consequence of the fact that the variability in the S&P 500's return over any future period is independent of the strike price of an SPX option. One approach to testing this is to calculate the implied volatilities on a set of options identical in all respects except the strike price. If the Black-Scholes model is valid, the implied volatilities should all be the same (with some slippage for sampling errors). Thus, if a group of options all have a â€Å"true† volatility of, say, 12 percent, we should find that the implied volatilities differ from the true level only because of random errors. Possible reasons for these errors are temporary deviations of premiums from equilibrium levels, or a lag in the reporting of the trade so that the value of the SPX at the time stamp is not the value at the time of the trade, or that two options might have the same time stamp but one was delayed more than the other in getting into the computer. This means that a graph of the implied volatilities against any economic variable should show a flat line. In particular, no relationship should exist between the implied volatilities and the strike price or, equivalently, the amount by which each option is â€Å"in-the-money. † However, it is widely believed that a â€Å"smile† is present in option prices, that is, options far out of the money or far in the money have higher implied volatilities than near-the-money options. Stated differently, deep-out and far-in options trade â€Å"rich† (overpriced) relative to near-the-money options. If true, this would make a graph of the implied volatilities against the value by which the option is in-the-money look like a smile: high implied volatilities at the extremes and lower volatilities in the middle. In order to test this hypothesis, our MDR data were screened for each day to identify any options that have the same characteristics but different strike [TABULAR DATA FOR TABLE 1 OMITTED] prices. If 10 or more of these â€Å"identical† options were found, the average implied volatility for the group was computed and the deviation of each option's implied volatility from its group average, the Volatility Spread, was computed. For each of these options, the amount by which it is in-the-money was computed, creating a variable called ITM (an acronym for in-the-money). ITM is the amount by which an option is in-the-money. It is negative when the option is out-of-the-money. ITM is measured relative to the S&P 500 index level, so it is expressed as a percentage of the S&P 500. The Volatility Spread was then regressed against a fifth-order polynomial equation in ITM. This allows for a variety of shapes of the relationship between the two variables, ranging from a flat line if Black-Scholes is valid (that is, if all coefficients are zero), through a wavy line with four peaks and troughs. The Black-Scholes prediction that each coefficient in the polynomial regression is zero, leading to a flat line, can be tested by the F-statistic for the regression. The results are reported in Table 1, which shows the F-statistic for the hypothesis that all coefficients of the fifth-degree polynomial are jointly zero. Also reported is the proportion of the variation in the Volatility Spreads, which is explained by variations in ITM ([R. sup. 2]). The results strongly reject the Black-Scholes model. The F-statistics are extremely high, indicating virtually no chance that the value of ITM is irrelevant to the explanation of implied volatilities. The values of [R. sup. 2] are also high, indicating that ITM explains about 40 to 60 percent of the variation in the Volatility Spread. Figure 4 shows, for call options only, the pattern of the relationship between the Volatility Spread and the amount by which an option is in-the-money. The vertical axis, labeled Volatility Spread, is the deviation of the implied volatility predicted by the polynomial regression from the group mean of implied volatilities for all options trading on the same day with the same expiration date. For each year the pattern is shown throughout that year's range of values for ITM. While the pattern for each year looks more like Charlie Brown's smile than the standard smile, it is clear that there is a smile in the implied volatilities: Options that are further in or out of the money appear to carry higher volatilities than slightly out-of-the-money options. The pattern for extreme values of ITM is more mixed. Test 3: A Put-Call Parity Test Another prediction of the Black-Scholes model is that put options and call options identical in all other respects should have the same implied volatilities and should trade at the same premium. This is a consequence of the arbitrage that enforces put-call parity. Recall that put-call parity implies [P. sub. t] + [e. sup. -q(T – t)][S. sub. t] = [C. sub. t] + [Xe. sup. -r(T – t)]. A put and a call, having identical strike prices and terms, should have equal premiums if they are just at-the-money in a present value sense. If, as this paper does, we interpret at-the-money in current dollars rather than present value (that is, as S = X rather than S = [Xe. sup. -r(t – q)(T – t)]), at-the-money puts should have a premium slightly below calls. Because an option's premium is a direct function of its volatility, the requirement that put premiums be no greater than call premiums for equivalent at-the-money options implies that implied volatilities for puts be no greater than for calls. For each trading day in the 1992-94 period, the difference between implied volatilities for at-the-money puts and calls having the same expiration dates was computed, using the [+ or -]2. 5 percent criterion used above. (12) Figure 5 shows this difference. While puts sometimes have implied volatility less than calls, the norm is for higher implied volatilities for puts. Thus, puts tend to trade â€Å"richer† than equivalent calls, and the Black-Scholes model does not pass this put-call parity test.

Hollywood Science & Disaster Cinema Essay

To some extent, all fiction attempts to bend factual truths in the service of the narrative. In some cases, this is done for purposes of pure function, such as heightening the stakes of narrative or preventing the dramatic momentum from grinding to a complete halt. In other cases, it is done to express a particular authorial viewpoint – perhaps a political perspective or an observation about society – which is more often than not, contingent on the thematic integrity of the narrative. In the case of cinematic fiction, Hollywood has always had a special affinity for a liberal interpretation of the truth. In the 90s disaster classic, Armageddon, screenwriters Jonathan Hensleigh and J. J. Abrams presuppose that it is impossible to communicate drilling experience to well-trained astronauts in order to justify sending up an oil rig crew with no astronautical experience to save the world by dropping hydrogen bombs into a geologic mass the size of Texas – which is roughly analogous to trying to split an apple with a needle. The 2003 film, The Core operates from a complete non-premise in which an inactive magnetic field puts Earth at risk from incineration by space-based microwaves – which more accurately, pose no threat and are affected little by magnetic forces let alone the Earth’s magnetic field. One could say that Hollywood does not merely bend the truth. Rather, truth is made to stretch, contort and mold itself into incredulous shapes as if it were so much Play-Doh. The film The Day After Tomorrow, which had been marketed heavily as an ostensibly cautionary tale about the potential perils of climate change, is certainly no exception to this Hollywood tradition. Directed by German-born Roland Emmerich, the apocalypse porn auteur of such films as Independence Day and Godzilla decides to unleash his cathartic urges on a larger, planetary scale (with New York remaining his primary canvas of destruction). The Day After Tomorrow focuses on one paleoclimatologist – an eight-syllable term for ‘guy who studies prehistoric weather conditions’ – and his futile attempts to convince world leaders of the disastrous implications of climate change. While many of the scientific premises he puts forth are true, it is when they reach their tipping point and send the Earth into an Ice Age far sooner than he had predicted that the film enters the realm of fantasy. At the very least, The Day After Tomorrow does the honorable thing to scientists and tries not to make them look like idiots to viewers who know a thing or two about science. Jack Hall, the aforementioned paleoclimatologist played by Dennis Quaid, maintains a coherent view of science that is above par for most Hollywood scientists. He articulates the film’s core premise, which is that melting polar ice will have a negative effect on the Gulf Stream that will severely disrupt the natural thermal flows causing severe weather changes. However, he projects that this will happen over the course of decades or centuries. Therefore, the mechanics of climate change articulated by Hall are sound. (Duke University, 2004; McKibben, 2004) It is the rate at which climate change occurs within the film that is unrealistic, as well as the near-mystical forecasting abilities of Hall’s computer simulations. The notion that no one other than Hall can transplant present day meteorological data, as gathered by his colleague Terry Rapson, played by Ian Holm, and his co-workers at the Hedland Climate Center, into a paleoclimatological scenario is utterly discombobulating, as if to suggest they are the only experts who could foresee this. To screenwriters’ Jerry Rachmanoff and Roland Emmerich credit, they remain fully aware of the level to which they have exaggerated these matters. The climate tipping point sends the Global North into a series of weather disasters: Tornados wreak havoc on the Hollywood sign (as if to foreshadow the film’s ultimate rejection of a Hollywood ending solution), hurricanes sending automobiles flying all over Los Angeles, and sub-zero temperatures freezing airborne helicopters over Scotland. All the while, the hero-scientists, such as hurricane specialist Janet Tokada, point out plainly how nigh-impossible this accelerated pace of disaster is. It’s almost as if their secondary role was to remind viewers that these are all the exaggerations of fictional conceit. Unlike The Core, The Day After Tomorrow does not disrespect the professional integrity of the science professions by presenting a fabricated non-problem. Furthermore, The Day After Tomorrow does not propose that blue-collar derring do, when equipped with enough magical high technology can combine to form the â€Å"silver bullet† solutions which undo everything. However, by presenting the climate change problem on such incredulous terms, The Day After Tomorrow risks undermining the very message it is attempting to get across, despite the fact that it has the National Oceanic and Atmospheric Administration director telling a dismissive Vice President who vaguely resembles Dick Cheney, that if policy makers â€Å"had listened to the scientists, you would have had a different policy to begin with! † While popular culture may have a limited influence on policy making, it most definitely affects popular perceptions of key issues such as nuclear weaponry and bioterrorism. (Schollmeyer, 2005) The filmmakers of The Day After Tomorrow have often stated that one of their goals to draw increased attention and spur greater action towards addressing the threats of climate change. However, because many scientists on both sides of the climate change debate have taken issue with the scientific accuracy of the events depicted in the film, it risks muddying this goal further. This means that The Day After Tomorrow’s lack of scientific accuracy makes it easier for climate change skeptics to continue to dismiss the threat of climate change by suggesting that the film is built on the foundations of propagandist and alarmist science, while the climate change Cassandras will remains Cassandras as they become forced to debunk a film that represents their own concerns. REFERENCES McKibben, B. (2004, May 4) â€Å"The Big Picture. † Grist. Retrieved online on December 6, 2008 from: http://www. grist. org/comments/soapbox/2004/05/04/mckibben-climate/ Duke University (2004, May 13). â€Å"Disaster Flick Exaggerates Speed Of Ice Age. † ScienceDaily. Retrieved online on December 6, 2008, from: http://www. sciencedaily. com ¬ /releases/2004/05/040512044611. htm Schollmeyer, J. (2005, May-June) â€Å"Lights, camera, Armageddon. † Bulletin of the Atomic Scientists, volume 61. Retrieved online on December 6, 2008 from: http://www. illinoiswaters. net/heartland/phpBB2/viewtopic. php? t=9007

Top Soft Skills Employers Seek

Top Soft Skills Employers Seek The experts at The Savvy Intern polled members of an organization called  the Young Entrepreneur Council to see what specific soft skills they look for in their team members and which traits  every aspiring new hire should work to develop. Here are the top results of their survey:Curiosity, Teachability, and DriveDavid Ciccarelli of Voices.com wants someone who’s curious and has  a passion for learning.Motivation, Attention to Detail, and a Positive OutlookOrange Mud’s Josh Sprague says these qualities represent such potential for excellence, they can even vault a worthy candidate past the entry level gig they originally applied for.Communication, Adaptability, and a Proactive MentalityThe ability to express yourself, the flexibility to embrace new challenges, and a willingness to go above and beyond are what count at Recruiter.com, according to Miles Jennings.Energy, Positivity, and HeartObinna Ekenzie, formerly of the NBA and currently with Wakanow.com, looks fo r the same attributes in his employees as he used to see on the court. You’ve got to want it and have the vitality to go after it.Empathy, Curiosity, and AttitudeFor Perks Consulting’s Lauren Perkins, it’s all about the willingness to understand other people, bring in your own perspective, and see opportunities where others see only obstacles.Comb through your job and life experiences to find anecdotes that illustrate your abilities in each of these soft-skill areas, and you’ll be an unbeatable asset to any company lucky enough to have you.

Someone i admire Essay Example

Someone i admire Essay Example Someone i admire Essay Someone i admire Essay The question should teenagers be allowed a television in their bedroom has been debated for many years now. With the forever updating technology such as; mobile phones, pods, computers and laptops television should really be the least of our parents worries. In my opinion teenagers should be allowed a television in their bedroom as long as they agree to use it in moderation and of course, fulfill that agreement. Some of the reasons a teenager should be allowed a television in their editor are; it shows them that you as parents, trust your teenage daughter or son. Being a teenager myself I know that it feels brilliant to be trusted and granted freedom. Another reason I feel teenagers should be allowed a television in their bedroom is that it would help to avoid a lot of arguments between siblings or parents on what to watch. Additionally, as parents would you rather that your teenage son or daughter was watching television in their bedroom at night or out in the streets with friends you disprove of? Personally if it were me I would prefer them watching television. Another example could be; as a parent would you rather you teenager was watching a television programmer about illegal drugs or using illegal drugs? Again if it were me I would rather they were watching television. Television can also help discourage the use of things such as; drugs, cigarettes or alcohol as sometimes it shows the effects or consequences on people. Even though there are scenes of violence, sex, drug abuse and such, scenes of this nature can also be viewed on other electronic gadgets such as; mobile phones or computers. There are also a lot of violent and inappropriate video games these days which can be in the bedroom, therefore surely if televisions are not allowed in the bedroom no electronic devices should be. By not allowing teenagers to have any electronic equipment in their bedroom they may feel you are taking away their freedom and making their privacy a minority. I feel that television is probably one of the easiest electronic devices to monitor, this is because parents can find out what exactly is on each channel. Ultimately it is gadgets like mobile phones, tablet computers and laptops we should be worried about. Firstly they are much harder to monitor and secondly, a teenager is much more likely to stay up social networking or testing that watching television. Overall I think parents should allow teenagers to have a television in their bedrooms provided that they get enough sleep, get all their school work done and listen to their parents.

Dictionaries and Lexicons

Dictionaries and Lexicons Dictionaries and Lexicons Dictionaries and Lexicons By Maeve Maddox Both dictionaries and lexicons are collections of words. Both words derive from Latin and Greek words meaning to speak or to say. dictionary: A book dealing with the individual words of a language (or certain specified classes of them), so as to set forth their orthography, pronunciation, signification, and use, their synonyms, derivation, and history, or at least some of these facts lexicon: A word-book or dictionary; chiefly applied to a dictionary of Greek, Hebrew, Syriac, or Arabic. The word dictionary entered English before lexicon. Thomas Elyot first used the word in the title of his Latin-English dictionary in 1538. Earlier English writers all the way back to Old English times compiled collections of words, but under different labels. Dictionaries are of two kinds. One kind pairs words in two languages. This was the first kind. The oldest known are Sumerian-Akkadian word lists on cuneiform tablets. In England, the Anglo-Saxon scholar Aelfric (c. 955-1012) compiled a Latin-English vocabulary grouped under topics such as plants and animals. The first English-English dictionary in alphabetical order was compiled in 1604 by Robert Cawdrey, an English school teacher. In 1755 Samuel Johnson completed A Dictionary of the English Language. His was the most extensive and reliable English dictionary until the achievement of the Oxford English Dictionary in the 19th century. Although originally applied to dictionaries of Greek, Hebrew, Syriac, or Arabic, the word lexicon is now used in the sense of vocabulary proper to some sphere of activity or simply as an elegant variation on the word dictionary. Lexicon is the word of choice when it comes to collections of words related to supernatural matters, for example: The Harry Potter Lexicon, and The Twilight Lexicon. Words related to lexicon are lexicographer: A writer or compiler of a dictionary. lexical: pertaining to words lexeme:   A word-like grammatical form intermediate between morpheme and utterance, often identical with a word occurrence; a word in the most abstract sense, as a meaningful form without an assigned grammatical role; an item of vocabulary. lexis: the total word-stock of a language; diction or wording as opposed to other elements of verbal expression such as grammar. 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 Vocabulary category, check our popular posts, or choose a related post below:36 Adjectives Describing Lightâ€Å"As Well As† Does Not Mean â€Å"And†75 Synonyms for â€Å"Hard†

Exchange risk Case Study Example | Topics and Well Written Essays - 1000 words

Exchange risk - Case Study Example They can gain from a one month forward contract and essentially make a profit of (16.136-16.103) = 0.033million AUD. The 0.9450 put option is at a strike price that is not close to making a profit. It is obviously higher than the 1 month forward rate provided. The Australian firm is only worried that the Australian dollar can depreciate against the US dollar on the day of transaction. If 0.9250 is selected, then a higher premium will be payable to the clearing house. The clearing house protects the counterparties against the potential loss in value of the currencies used. Assuming the firm takes the strike at 0.9250, then the premium (insurance) for every option will be (0.0780*15million) = 1.17 million USD, so in 31st October the firm gets (15/0.9250)=16.22 million AUD. The Australian firm buys the put option at the 3 month forward. 15 million USD is equal to 15/0.9257 = 16.203million USD. The premium of the put option is 15million*0.114 = 1.71million USD. If the exchange goes above the strike price then the firm exercises the option and makes profit of (0.2486-0.114)*15=1.98 mill USD. (c) The effectiveness of hedging is that it maintains the value of the $15 million invoice despite any fluctuation in the exchange rate between the two countries. If the invoice payment not hedged, then the 15 million USD can be changed using 31st October spot rate. In case the Australian dollar depreciates against the US dollar, then the firm makes a loss i.e. (16.22-16.13) =0.09mil AUD. The 0.925 option gives us 16.22mil AUD and the one month forward mid-rate of 0.9206 gives us 16.13mil AUD. Which is lower than the former (HICKS 2000). (e) One major amendment made to OTC derivatives trading is; every standardized OTC derivative agreements should be traded on an electronic trading platform or over an exchange. Moreover, OTC derivatives should be cleared through a clearing house by the beginning of January 2013. Contracts that are cleared through a clearing

Although the United Nations Has Led the Way in Developing Essay

Although the United Nations Has Led the Way in Developing International Human Rights l - Essay Example In general, the two Covenants on Human Rights of 1966 for the United Nations human rights system really emphasise the assessment of the periodical reports that are filed by respective state parties at periodical time phases to the United Nations Human Rights Committee.(hitherto will be known as committee). In addition to this, the International Covenant of Civil and Political Rights (ICCPR) introduce oversight through controversial procedure in the guise of an inter-state complaint2.Further, the First Optional Protocol to this Covenant permits an individual to request for an assessment of a said infringement of the covenant3. However , the UN committee referred above is not toothed with adequate authority and hence , being criticised as â€Å" in no sense a court of law † which can be regarded as less competent as compared to the Inter-American or European Court4. One of the efficient ways of guaranteeing honour for human rights is to submit the said infringements or queries t o an international judicial setup. However, under international community, it is very arduous to implement such submission as international community is very vigilant about any sort of judicial review or statement5. It is to be noted that the mechanism for human rights protection not only existing on the international level but also on the regional level like the â€Å"American Convention on Human Rights and Fundamental Freedoms and the European Convention for the Protection of Human Rights and the African Charter on Human and People’s Rights.† The Inter-American Court and Commission and the European Court of Human Rights, have poignant authority to ensure the effective safeguard of the rights that are highlighted in the relevant conventions. Further, the verdicts made by these institutions are as effective as national court’s verdicts. As already seen, the UNHRC (the United Nations Human Rights Committee) created under the International Covenant on Civil and Po litical Rights (ICCPR) has the authority to look into complaints made by the individual on said human rights infringement. However, the UNHRC is in short of poignant authority to be as effective as the regional human rights courts in America and in Europe. This research paper evaluates the efficacy of the UNHRC through a comparative evaluation. The comparison between the regional and international human rights committee is being carried over on the following grounds; The visibleness of such courts ,particularly in the public domain To pursue interim steps to bar the frustration of such infringement The ability and fact finding calibre of the Court The implementation of final verdicts and the follow-ups thereto. Analysis It is to be noted that in spite of existence of statutory shortcomings of both the Covenant and the Optional Protocol, the UNCHR can function in an efficient way as that of regional human rights courts without amending these instruments. This can be reality if the co mmittee’s interim measure is given a binding status; further, through the reversal of burden of proof, the committee can surmount the lack of its autonomous fact-finding capacity. Further, the UNCHR should enhance its visibility and should give wide publicity of its verdicts, and the committee should see that compliances by states with its final, up-to-point binding verdicts.

Civil Society and Global Finance Essay Example | Topics and Well Written Essays - 1250 words - 1

Civil Society and Global Finance - Essay Example This transition occurred in the running century, however, it initiated in the 1990s; the reason was increasing competition for economic sustainability and supremacy. In the running decade, the magnitude of the economic activities is considered enormous than previous decades, unfortunately, this success is the cost of ignorance or non-compliance of social and environmental obligations. The companies are more interested in improving their financial positions for obtaining credit facility. The devised financial policies are extremely converged to point of high revenue generation, such that significant environmental and social aspects have been outclass. Such practices was never exercised in 20th century, the companies considered compliance of social and environmental laws obligatory, the financial profits were curtails, production numbers were reduced only to secure the necessary non-financial interests, beneficial for the human society (Clarkson, 2002). As per critics, it was in 1980s when the international investment regime transformed significantly. The attributing factors towards such transformation included "extra-ordinary increase in the volume of global FDI flows and stocks; second, the rising levels of corporate concentration in high technology global production resulting from mergers, acquisitions and network relationships, in particular strategic business alliances; and third, the development and widespread application of information technologies to international corporate organization". During the 1980s and 1990s, the economic indicators of the world economy were negative, and severe slowdown in the foreign direct investment was witnessed, "global foreign direct investment flows declined in 1991 for the first time since 1982, falling from USD 230billion in 1990 to USD 180billion in 1991" (Jan 2002).  

Realism and Romantism Essay Example | Topics and Well Written Essays - 1000 words

Realism and Romantism - Essay Example The core idea of the American Dream, would be the individual citizens ability to achieve a level of existence, that would enable them to live their live to the fullest. To not only provide for themselves but also, include the opportunity to be able to provide for their families as well. As it stood for many, the attitude towards the American Dream would be one of a wistful state. Many would desire it and hope to achieve it. On the other side of the equation, there would be those that felt the elements of the American Dream would be nothing more, than a capitalist viewpoint and the encouragement of a mentality that promoted greed through mass acquiring of products. In the earlier days of the nation, the assessment of the American Dream would take on the appearance of an innocent and romantic idea, something that would have taken such an appearance if documented by those writers of the Romanticism era of literature. As literature would enter into the more realistic era of time, those e arlier thoughts would in fact be adjusted to be more in line with the time period around them. During the period of the romantics, well known authors would have included Mark Twain, Emily Dickinson, Walt Whitman, Ralph Waldo Emerson and Edgar Allen Poe. As for motivations during this period, "American poets like Walt Whitman, Emily Dickinson, Ralph Waldo Emerson, and Edgar Allen Poe were inspired by nature, patriotism, and religion to create inspirational and experimental poetic works," (Lombardi, p.1). With such relevance placed upon the notions of being patriotic in this instance, individuals such as Whitman, Dickinson, Emerson and Poe, would have found their beliefs of the power of the American Dream, to be heavily influenced by the period which they would have been writing. To have such a level of patriotism running through their respective veins, it would have only seemed natural to assert the benefits and strength of the nation and what it would offer to anyone who lived within it. With the inherent power that lies within the written word, the ability of an author to ai de in the influence of ideas and discussion, would have been present and used by the very authors who published during the era itself. Walt Whitman, Emily Dickinson and Mark Twain, among others, would also be mentioned within the period of realism, thus bringing light to the varied level of period ability that each would have had, as it came to producing works during those points in time. As it came to literature and the element of romanticism, it would have been, "The period between the "second revolution" of the Jacksonian Era and the close of the Civil War in America saw the testings of a nation and its development by ordeal. It was an age of great westward expansion, of the increasing gravity of the slavery question, of an intensification of the spirit of embattled sectionalism in the South, and of a powerful impulse to reform in the North. Its culminating act was the trial by arms of the opposing views in a civil war, whose conclusion certified the fact of a united nation dedicated to the concepts of industry and capitalism and philosophically committed to egalitarianism," (Harmon, et. al., p.1). Heavily emphasized morals and a predominant level of

The development and acquisition of language over the span of lifetime Essay - 1

The development and acquisition of language over the span of lifetime - Essay Example Language acquisition in human beings is evident during infancy most probably at four months. At this time the babies start to discriminate speech sounds and uses babbling which commonly comes from their mothers. They use preverbal Communication which involves gestures and vocalization to make their intents known. The way they acquire this type of language skills is universal and therefore the syntax process takes place slowly as they develop1. The syntactic development of the child is explained using two theories or approaches. The first one includes Nativist theory which argues that children have an innate language acquisition device (LAD). It assumes that LAD is a small area in the brain which has a collection of syntactic rules for all the languages that he or she may be interacting with. The theory notes that the environment alone gives communication full of errors and therefore the device provides the child with novel ability to construct sentences using learned vocabulary. Ther efore because of possession of this LAD they are able to learn any language without the interference of the incomplete information from the environment. The second theory known as the empiricist opposes the fist theory. It argues that there is enough information that can develop the linguistic domain of a child and not LAD.Empiricist believes that brain process is sufficient enough for language development in babies. For a child to acquire language fast, then engagement with environment more often is needed in order to stimulate the rate of development.

History of mordern political thought Essay Example | Topics and Well Written Essays - 1000 words

History of mordern political thought - Essay Example ..But mostly he wrote about politics. He was mad about politics. He says in one of his letters that he had to talk about it; he could talk of nothing else...The Prince is scarcely more than a pamphlet, a very minor fraction of its author's work, but it overshadows all the rest...Everyone recognizes "Machiavellian" as an adjective for political conduct that combines diabolical cunning with a ruthless disregard for moral standards...The Prince contradicts everything else Machiavelli ever wrote and everything we know about his life.... The notion that The Prince is what it pretends to be, a scientific manual for tyrants, has to contend not only against Machiavelli's life but against his writings... The standard explanation has been that in the corrupt conditions of sixteenth-century Italy only a prince could create a strong state capable of expansion. The trouble with this is that it was chiefly because they widened their boundaries that Machiavelli preferred republics. In the Discorsi he wrote, "We know by experience that states have never signally increased either in territory or in riches except under a free government. The cause is not far to seek, since it is the well-being not of the individuals but of the community which makes the state great, and without question this universal well-being is nowhere secured save in a republic.... Popular rule is always better than the rule of princes." (1958) Machiavelli was a nationalist, a political scientist, a scholar and a staunch republican. About the most pro-monarchic view that could possibly be ascribed to him is that a Prince might be the best way to unify Italy. Machiavelli began by writing satire of the corrupt leaders of Italy such as the Medicis, making bare their horrible and destructive ambitions, but he also created modern political science simultaneously. This paper will analyze precisely how The Prince is in fact brilliant political science. Modern political science takes something for granted that class ical analyses of politics and law would have found preposterous: Analyses of what governments actually do and how to efficently carry out objectives are just as valuable as analyses of what governments should do. The Prince describes how princes actually behave and how they should behave if they want to be effective, not if they want to be moral. The Prince opens up in a rather startling way for a philosophy book about politics and law: It describes what principalities there are (Chapter I). He goes on to distinguish separate types of rule for hereditary and mixed principalities (Chapter II and III). The Prince is proceeding with simple, clear analyses, breakdowns and categories. Filling The Prince is distinct analysis of history of the Greeks and Romans, what a modern political scientist would call a case study, providing support for his claims. Take his analysis of Nabis in Chapter IX. â€Å"Nabis, Prince of the Spartans, sustained the attack of all Greece, and of a victorious Ro man army, and against them he defended his country and his government; and for the overcoming of this peril it was only necessary for him to make himself secure against a few, but this would not have been sufficient if the people had been hostile...[G]ranted a prince who has established himself as above, who can command, and is a man of courage, undismayed in adversity, who does not fail in other qualifications, and who, by his resolution and energy, keeps the whole people encouraged — such a one will never find himself deceived in them, and it will be shown that

The development and acquisition of language over the span of lifetime Essay - 1

The development and acquisition of language over the span of lifetime - Essay Example Language acquisition in human beings is evident during infancy most probably at four months. At this time the babies start to discriminate speech sounds and uses babbling which commonly comes from their mothers. They use preverbal Communication which involves gestures and vocalization to make their intents known. The way they acquire this type of language skills is universal and therefore the syntax process takes place slowly as they develop1. The syntactic development of the child is explained using two theories or approaches. The first one includes Nativist theory which argues that children have an innate language acquisition device (LAD). It assumes that LAD is a small area in the brain which has a collection of syntactic rules for all the languages that he or she may be interacting with. The theory notes that the environment alone gives communication full of errors and therefore the device provides the child with novel ability to construct sentences using learned vocabulary. Ther efore because of possession of this LAD they are able to learn any language without the interference of the incomplete information from the environment. The second theory known as the empiricist opposes the fist theory. It argues that there is enough information that can develop the linguistic domain of a child and not LAD.Empiricist believes that brain process is sufficient enough for language development in babies. For a child to acquire language fast, then engagement with environment more often is needed in order to stimulate the rate of development.

Personal Injury Law Essay Example | Topics and Well Written Essays - 2000 words

Personal Injury Law - Essay Example The duty of the proprietor is measured using the reasonable man’s test: that is, what a reasonable man would have done when presented with similar circumstances. The law imposes a duty on a proprietor to maintain the premises in a reasonably secure or safe condition. This means that he has a duty to offer premises that are safe and secure for use. This duty is owed to every invitee: that is, somebody who has either express or implied permission to be in the premises. Additionally, he has a duty to inspect the premises for that which was likely to cause injuries. A breach of this duty makes the proprietor liable for any resulting injury to an invitee. The basis of liability for this duty is the presumed â€Å"superior knowledge† on the part of the proprietor. The law presumes that the proprietor has better knowledge on the existence of a factor that predisposes the invitee to risks. If the invitee has as much knowledge of the hazard as the proprietor, there is no duty on the part of the proprietor to warn him and the proprietor is not liable for any resulting harm if the invitee voluntarily assumes the risk. ... Therefore, the proprietor is more likely to be found culpable where he has more comprehension of the quality and quantity of risks presented by a particular set of circumstances than the invitee. The proprietor is not liable for readily observable hazards that should be appreciated by the invitees. He has no duty to warn about obvious risks that the invitee should decipher from the use of reasonable senses. Additionally, in both cases the court addresses the question on the circumstances in which it shall grant a judgment notwithstanding the verdict of the jury. As a general rule, the court shall try as much as possible to uphold the verdict of the jury unless, even without weighing the credibility of evidence presented, there can be only one conclusion as to the proper judgment. The question as to negligence shall be left to the jury, unless in indisputable cases. The standard of review for a motion of judgment notwithstanding the verdict requires that the court weigh the evidence i n the most favorable manner to the non-moving party, giving the party all the benefit for all favorable inferences that may be made. Oates V. Mulji Motor Inn, Inc. The brief facts of this case are that a school tennis team registered to stay overnight at the appellee’s motel. At about 9pm, the team decided to go swimming at the motel’s pool. While swimming, a 17 year old Jarvis Coates drowned while swimming in the defendant’s motel pool. Coates parents commenced an action against the motel and the coach alleging that their negligence led to the death of Jarvis. At the time of the drowning, the pool did not have overhead lights, or a safety rope separating the deep from the shallow end. Although there was an underwater light

Ohmic Heating in Food Preservation

Ohmic Heating in Food Preservation Ohmic heating is also known as joule heating, electric resistance heating, direct electric heating, electro heating and electro conductive heating. It is a process in which alternating electric current is passed through food material to heat them. Heat is internally generated within the material owing to the applied electrical current. In conventional heating, heat transfer occurs from a heated surface to the product interior by the means of convection and conduction and is time consuming especially with longer conduction or convection paths that may exist in the heating process. Elecroresistive or ohmic heating is volumetric in nature and thus has the potential to reduce over processing by virtue of its inside-outside heat transfer pattern. Ohmic heating is distinguished from other electrical heating method by the presence of electrodes contacting the food by frequency or by waveform. Ohmic heating is not a new technology; it was used as a commercial process in the early twentieth century for the pasteurization of milk. However, the electro pure process was discontinued between the late 1930s and 1960s ostensibly because of the prohibitive cost of the electricity and a lack of suitable electrode material. Interest in ohmic heating was rekindled in the 1980s, when investigators were searching for viable methods to effectively sterilize liquid- large particle mixtures, a scenario for which aseptic processing alone was unsatisfactory. (Rahman, 1999) Ohmic heating is one of the newest methods of heating foods. It is often desirable to heat foods in a continuous system such as heat exchanger rather than in batches as in a kettle or after sealing in a can. Continuous systems have the advantage that they produce less heat damage in the product, are more efficient, and they can be coupled to aseptic packaging systems. Continuous heating systems for fluid foods that contain small particles have been available for many years. However, it is much more difficult to safely heat liquids containing larger particles of food. This is because it is very difficult to determine if a given particle of food has received sufficient heat to be commercially sterile. This is especially critical for low acid foods such as Beef stew which might cause fatal food poisoning if under heated. Products tend to become over processed if conventional heat exchangers are used to add sufficient heat to particulate foods. This concern has hindered the development o f aseptic packaging for foods containing particulates. Ohmic heating may over come some of these difficulties and limitations. Considerable heat is generated when an alternating electric current is passed through a conducting solution such as a salt brine. In ohmic heating a low-frequency alternating current of 50 or 60 Hz is combined with special electrodes. Products in a conducting solution (nearly all polar food liquids are conductors) are continuously passed between these electrodes. In most cases the product is passed between several sets of electrodes, each of which raise the temperature. After heating, products can be cooled in a continuous heat exchanger and then aseptically filled into presterlized containers in a manner similar to conventional aseptic packaging. Both high and low- acid products can be processed by this method. (Potter et al, 2006) An advancement in the thermal processing is ohmic heating. In principle, electricenegy is transformed into thermal energy uniformly throughout the product. Rapid heating results, and better nutritional and organoleptic qualities are possible when compared with conventional in -can sterilization. Ohmic heating employs electrodes immersed on pipe, Quass says. Product is pumped through the pipe as current flows between the electrodes. Depth of penetration is not limited. The extent of heating is determined by the electrical conductivity through the product, plus residence time in the electric field. ohmic heating is useful for foods thus burn-on or have particulates that plug up heat exchangers, continues Quass. Instead of using a scraped surface heat exchanger for stew, for example, ohmic heating can reduce the come-up time, and improve product quality. Ohmic heating is defined as a process wherein (primarily alternating) electric currents are passed through foods or other materials with the primary purpose of heating them. The heating occurs in the form of internal energy generation within the material. Ohmic heating is distinguished from other electrical heating methods either by the presence of electrodes contacting the food (as opposed to microwave and inductive heating, where electrodes are absent), frequency (unrestricted, except for the specially assigned radio or microwave frequency range), and waveform (also unrestricted, although typically sinusoidal).In inductive heating, electric coils placed near the food product generate oscillating electromagnetic fields that send electric currents through the food, again primarily to heat it. Such fields may be generated in various ways, including the use of the flowing food material as the secondary coil of a transformer. Inductive heating may be distinguished from microwave heating by the frequency (specifically assigned in the case of microwaves), and the nature of the source (the need for coils and magnets for generation of the field, in the case of inductive heating, and a magnetron for microwave heating).Information on inductive heating is extremely limited. A project was conducted in the mid-1990s at the Technical University of Munich (Rosenbauer 1997), under sponsorship from the Electric Power Research Institute. No data about microbial death kinetics under inductive heating were published. Thus, the succeeding discussion focuses on ohmic heating. A large number of potential future applications exist for ohmic heating, including its use in blanching, evaporation, dehydration, fermentation, and extraction. The present discussion, however, concerns primarily its application as a heat treatment for microbial control. In this sense, the main advantages claimed for ohmic heating are rapid and relatively uniform heating. Ohmic heating is currently being used for processing of whole fruits in Japan and the United Kingdom. One commercial facility in the United States uses ohmic heating for the processing of liquid egg. The principal advantage claimed for ohmic heating is its ability to heat materials rapidly and uniformly, including products c ontaining particulates. This is expected to reduce the total thermal abuse to the product in comparison to conventional heating, where time must be allowed for heat penetration to occur to the center of a material and particulates heat slower than the fluid phase of a food. In ohmic heating, particles can be made to heat faster than fluids by appropriately formulating the ionic contents of the fluid and particulate phase to ensure the appropriate levels of electrical conductivity. Principle of ohmic heating: Joule heating is also referred to as ohmic heating or resistive heating because of its relationship to OhmHYPERLINK http://en.wikipedia.org/wiki/Ohms_lawHYPERLINK http://en.wikipedia.org/wiki/Ohms_laws Law. Ohms law states that,at constant temperature in an electrical circuit, the current passing through a conductor between two points is directly proportional to the potential difference (i.e. voltage drop or voltage) across the two points, and inversely proportional to the resistance between them. The mathematical equation that describes this relationship is: I= v/R Where, I is the current in amperes, V is the potential difference between two points of interest in volts, and R is a circuit parameter, measured in ohms (which is equivalent to volts per ampere), and is called the resistance. The potential difference is also known as the voltage drop, and is sometimes denoted by U, E or emf (electromotive force) instead of V. The law was named after the physicist Georg Ohm, who, in a treatise published in 1827, described measurements of applied voltage and current passing through simple electrical circuits containing various lengths of wire. He presented a slightly more complex equation than the one above to explain his experimental results (the above equation is the modern form of Ohms law; it could not exist until the ohm itself was defined (1861, 1864)). Well before Georg Ohms work, Henry Cavendish found experimentally (January 1781) that current varies in direct proportion to applied voltage, but he did not communicate his results to other scientists at the time. The resistance of most resistive devices (resistors) is constant over a large range of values of current and voltage. When a resistor is used under these conditions, the resistor is referred to as an ohmic device because a single value for the resistance suffices to describe the resistive behavior of the device over the range. When sufficiently high voltages are applied to a resistor, forcing a high current to flow through it, the device is no longer ohmic because its resistance, when measured under such electrically stressed conditions, is different (typically greater) from the value measured under standard conditions (see temperature effects, below). Ohms law, in the form above, is an extremely useful equation in the field of electrical/electronic engineering because it describes how voltage, current and resisitance are interrelated on a macroscopic level, that is, commonly, as circuit elements in an electrical circuit. Advantages of ohmic heating: Ohmic heating exhibits several advantages with respect to conventional food processing technologies as follows. Particulate foods upto 1 in are suitable for ohmic heating; the flow of a liquid particle mixture approaches plug flow when the solids content is considerable (20-70%). Liquid particle mixtures can heat uniformly under some circumstances (for example, if liquids and particles posses similar electrical conductivities or if properties such as solids concentration, viscosity, conductivity, specific heat and flow rate are manipulated appropriately). Temperatures sufficient for ultra high temperature (UHT) processing can be rapidly achieved. There are no heat surfaces for heat transfer, resulting in a low risk of product damage from burning or over processing. Energy conversion efficiencies. Relatively low capital cost. (Biss et al 1989) Parameters of importance in ohmic heating: Product properties: The most important parameter of interest in ohmic heating is the electrical conductivity of the food and food mixture. Substantial research was conducted on this property in the early 1990s because of the importance of electrical conductivity with regard to heat transfer rate and temperature distribution. The electrical conductivity is determined using the following equation: à Ã¢â‚¬Ëœ= L / AR Where à Ã¢â‚¬Ëœ is the specific electrical conductivity (S/m), A the area of cross section of the sample (m2), L the length of the sample (m), and R the resistance of the sample (ohm). General findings of numerous electrical conductivity studies are as follows. The electrical conductivity is a function of food components; ionic components (salt), acid, and moisture mobility increase electrical conductivity, while fats, lipids, alcohol decrease it. Electrical conductivity is linearly correlated with temperature when the electrical field is sufficiently high (at least 60 V/cm). Nonlinearities (sigmoid curves) are observed with lower electrical field strength. Electrical conductivity increases as the temperature and applied voltage increases and decreases as solids content increases. Lowering the frequency of AC during ohmic heating increases the electrical conductivity. The waveform can influence the electrical conductivity; through AC is usually delivered in sine waves, sawtooth waves increased the electrical conductivity in the some cases, while square waves decreased it. Electrical conductivity as opposed to raw sample showed increased electrical conductivity as opposed to raw samples when both were subsequently subjected to ohmic heating. The electrical conductivity of solids and liquids during ohmic heating of multiphase mixtures is also critically important. In an ideal situation, liquid and solid phases posses essentially equal electrical conductivities and would thus (generally) heat at the same rate. When there are differences in the electrical conductivity between a fluid and solid particles, the particles heat more slowly then a fluid when the electrical conductivity of the solid is higher than that of the fluid. Fluid motion (convective heat transfer) is also an important consideration when there are electrical conductivity differences between fluids and particles. Other product properties that may affect temperature distribution include the density and specific heat of the food product. When solid particles and a fluid medium have similar electrical conductivities, the component with the lower heat capacity will tend to heat faster. Heat densities and specific heats are conductive to slower heating. Fluid viscosity also influences ohmic heating; higher viscosity fluids tend to result in faster ohmic heating than lower viscosity fluids. Texture Analysis: Sensory evaluation is critically important to any viable food processes. Numerous publications have cited the superior product quality that can be obtained through decreased process time, though few published studies specifically quantify sensory and texture issues. Six stew formulations sterilized using ohmic heating before and after 3 years of storage were analyzed; the color, appearance, flavor, texture, and overall food quality ratings were excellent. Indicating that ohmic heating technology has the potential to provide shelf-stable foods mechanical properties of hamburgers cooked with a combination of conventional and ohmic heating were not different from hamburgers cooked with conventional heating. Microbial Death Kinetics: In terms of microbial death kinetics, considerable attention has been paid to the following question: does electricity result in microbial death, or is microbial death caused solely by heat treatment? The challenge in modeling microbial death kinetics is precise matching of time-temperature histories between ohmic heating and conventional process. The FDA has published a comprehensive review of microbial death kinetics data regarding ohmic heating. Initial studies in this area showed mixed results, though the experimental details were judged insufficient to draw meaningful conclusions. Researches compared death kinetics of yeast cells under ohmic heating. More recent work in this area has indicated those decimal reduction times of Bacillus Subtiles spores were significantly reduced when using ohmic heating at identical temperatures. These investigators also used a two-step treatment process involving ohmic heating, followed by holding and heat treatment, which accelerated microbial death kinetics. The inactivation of yeast cells in phosphate buffer by low-amperage direct current (DC) electrical treatment and conventional heating at isothermal temperature was examined. These researchers concluded that a synergistic effect of temperature and electrolysis was observed when the temperature became lethal for yeast. Future research regarding microbial death kinetics, survivor counts subsequent to treatment, and the influence of electricity on cell death kinetics are necessary to address regulatory issues. At the present time, assuming that microbial death is only a function of temperature (heat) results in an appropriately conservative design assumption. Vitamin Degradation Kinetics: Limited information exists regarding product degradation kinetics during ohmic heating. Researchers measured vitamin C degradation in orange juice during ohmic and conventional heating under nearly identical time-temperature histories and concluded that electricity did not influence vitamin C degradation kinetics. This study was conducted at one electrical field strength (E=23.9 V/cm). Others found that the ascorbic acid degradation rate in buffer solution during ohmic heating was a function of power, temperature, NaCl concentration, and products of electrolysis. Further research in this area could include the influence of electrical field strength, end point temperature and frequency of AC on the degradation of food components during ohmic heating. The characterization of electrolysis is also critical need in this area. Mechanisms of Microbial Inactivation The principal mechanisms of microbial inactivation in ohmic heating are thermal in nature. Occasionally, one may wish to reduce the process requirement or to use ohmic heating for a mild process, such as pasteurization. It may then be advantageous to identify additional non-thermal mechanisms. Early literature is inconclusive, since temperature had not been completely eliminated as a variable. Recent literature that has eliminated thermal differences, however, indicates that a mild electroporation mechanism may occur during ohmic heating. The principal reason for the additional effect of ohmic treatment may be its low frequency (50 60 Hz), which allows cell walls to build up charges and form pores. This is in contrast to high-frequency methods such as radio or microwave frequency heating, where the electric field is essentially reversed before sufficient charge buildup occurs at the cell walls. Applications of ohmic heating in food industries: Ohmic heating can be applied to wide variety of foods, including liquids, solids and fluid-solid mixture. Ohmic heating is being used commercially to produce liquid egg products in United States. It is being used in the United Kingdom and Japan for the processing of whole fruits such as Strawberries. Additionally, ohmic heating has been successfully applied to wide variety of foods in lab including Fruits and Vegetables, juices, sauces, stew, meats, seafood, pasta and soups. Widespread commercial adoption of ohmic heating in the United states is dependent on regulatory approval by the FDA, a scenario that requires full understanding of the ohmic heating process with regard to heat transfer (temperature distribution), mass transfer (concentration distribution, which are influenced by electricity), momentum transfer ( fluid flow) and kinetic phenomena (thermal and possibly electro thermal death kinetics and nutrient degradation) Research Related To Effect Of Ohmic Heating On Food Products: 1. Ohmic heating could up juice quality: Israeli scientists say that ohmic heating of orange juice has proved to be good way of improving the flavor quality of orange juice while extending sensory shelf life. The scientists were observed that sensory shelf life of orange juice could be extended to more than 100 days, doubling expectancy compared to pasteurization methods. Ohmic heating uses electricity to rapidly and uniformly heat food and drink, resulting in less thermal damage to the product. The technology has been around since the early 1900s, but it was not until the 1980s that food processing researchers began investigating the possible benefits to the industry. The scientists compared pasteurized orange juice, which had been heated at 9oËÅ ¡c for 50 sec, with orange that was treated at 90,120 and 150ËÅ ¡c for 1.13, 0.85 and 0.68 sec in an ohmic heating system. The experiment found that for all examples retention of both pectin and vit. C was reported similar. Likewise both treatments prevented the growth of micro-organisms for 105 days, compared to fresh orange juice. However, where the ohmic heated samples proved much stronger was in the preservation of flavors and the general taste quality over a period of time. The scientists tested five representative flavor compounds- decanal, octanol, limonene, pinene and mycrene. Testing showed that levels of these compounds were significantly higher in the ohmic treated samples after storage than in the pasteurized examples. The scientists results found that only adverse reaction that the ohmic treated orange juice had that it increased browning in the juice, although this was not reported to be visible, until after 100 days. Conversely the appearance of the ohmic heated samples was said to be visibly less cloudy. The implications of the findings to the juice industry could be wide reaching as quality is a major driving force for a product that is often marketed in the premium category. If the cost of implementation proves competitive then this could become a serious contender to pasteurized methods. (Siman et al 2005) 2. Ohmic heating behavior of hydrocolloid solutions: Aqueous solutions of five hydrocolloids (Carrageenan, 1-3%; xanthan, 1-3%; pectin, 1-5%; gelatin, 2-4% and starch, 4-6%) were heated in a static ohmic heating call at a voltage gradient of 7.24V cm-1. Time and temperaturedata, recorded at selected time intervals, were used to study the effect of concentration and temperature on the ohmic heating behavior of hydrocolloid solutions. Of the test samples examined, carrageenan gave the shortest time to raise the temperature from 20 to 100ËÅ ¡c: 4200,1600 and 1100s at 1, 2 and 3% concentraton respectively. For the same temperature raise, xanthan samples required 5500, 2300 and 1400s at 1, 2 and 3% concentration levels. Pectin and gelatin samples were found to exhibit even lower, but similar heating profiles. At highest concentration (5%), pectin took 7300s to reach 100 from 20ËÅ ¡c, and at all other concentrations, the time limit of 10,000s was exceeded before it reached 100ËÅ ¡c. The temperature of starch solutions never ex ceeded 62ËÅ ¡c within the specified time limit. Heating was found to be uniform throughout samples for carrageenan, pectin (1-3%) and gelatin samples. For xanthan and starch solutions, some non-uniformity in temperature profiles was observed. The observed ohmic heating behavior of hydrocolloid solutions corresponded well with their electrical conductivity values. The homogenesity of heating was related to rheological properties of hydrocolloid solutions and values. The homogenesity of heating was related to rheological properties of hydrocolloid solutions and their behavior at high temperature. (Marcotte et al 1998) 3. Design and performance evaluation of an ohmic heating unit for liquid foods: An experimental ohmic heating unit was designed and fabricated for continuous thermal processing of liquid foods. The unit was supported by a data acquisition system for sensing the liquid temperature distribution, line voltage and current with time. A separate small ohmic heating unit was also used for batch heating tests. The data acquisition system performed well and could record temperatures, voltage and current at intervals of two seconds. The performance of the ohmic heating unit was evaluated based on batch and steady state continuous flow experiments. Tests with 0.1 M aqueous sodium chloride solution showed the ohmic heating to be fast and uniform. In batch heating tests, the electrical conductivity of the liquid could be determined easily as a function of temperature using instantaneous values of the voltage gradient and current density. In continuous flow heating experiments, other physical properties, applied voltage gradient and dimensions of unit the heating. (Jindal et al, 1993) 4. Determination of starch gelatinization temperature by ohmic  heating: A method for measuring starch gelatinization temperature (T), determined from a change in electrical conductivity (à Ã‚ ±), was developed. Suspension of native starches with different starch/ water mass ratios and pre-gelatinized starches were prepared, and ohmicallly heated with agitation to 90ËÅ ¡c using 100V by AC power at 50 Hz, and a voltage gradient of 10 V/cm. the results showed that à Ã‚ ± of native starch suspensions was linear with temperature (R2>0.999) expect for the gelatinization range, but the linear relationship was always present for the pre-gelatinized starch-water system. It was seen that the shape of dà Ã‚ ±/dT versus T curve was essentially similar to the endothermic peak on a DSC thermo gram, and the gelatinization temperature could be conveniently determined from this curve. Thus, the segment profile on this curve was called the block peak. The reason for the decrease in à Ã‚ ± of native starch suspension in the gelatinization range was probably th at the area foe motion of the charged particles was reduced by the swelling of stearch granules during gelatinization. ( Tatsumi et al 2003) 5. Ohmic heating of strawberry products: electrical conductivity measurements and ascorbic acid degradation kinetics The effect of field strength and multiple thermal treatments on electrical conductivity of strawberry products were investigated. Electrical conductivity increase with temperature for all the products and conditions tested following linear relations. Electrical conductivity was found to depend on the strawberry- based product., an increase of electrical conductivity with field strength was obvious for two strawberry pulps and strawberry filling but not for strawberry-apple sauce. Thermal treatments caused visible changes (a decrease) in electrical conductivity values of both strawberry pulps tested, but the use of a conventional or ohmic pre-treatment induces a different behavior of the pulps conductivity values. Ascorbic acid degradation followed first order kinetics for both conventional and ohmic heating treatments and the kinetic constants obtained were in the range of the values reported in the literature for other food systems. The presence of an electric field does not affect ascorbic acid degradation. (Castro et al, 2003) 6. Polyphenoloxidase deactivation kinetics during ohmic heating of grape juice The heating method affects the temperature distribution inside a food and directly modifies the time-temperature relationship for enzyme deactivation. Fresh grape juice was ohmically heated at different voltage gradient (20, 30 and 40 V/cm) from 20ËÅ ¡C to temperatures of 60, 70, 80 or 90ËÅ ¡c and the change in the activity of polyphenoloxidase enzyme (PPO) was measured. The critical deactivation temperatures were found to be 60ËÅ ¡c or lower for 40V/cm were fitted to the experimental data. The simplest kinetic model involving one step first-order deactivation was better than more complex models. The activation energy of the PPO deactivation for the temperature range of 70-90ËÅ ¡c was found to be 83.5 kJ/mol. (Baysal et al, 2006) 7. Processing and stabilization of cauliflower by ohmic heating technology: Cauliflower is a brittle product which does not resist conventional thermal treatments by heat. The feasibility of processing cauliflower by ohmic heating was investigated. Cauliflower florates were sterilized in 10 kW APV continuous ohmic heating pilot plant with various configurations of pre-treatments and processing conditions. The stability of final products was examined and textural qualities were evaluated by mechanical measurements. Ohmic heating treatments gave a product of attractive appearance, with interesting firmness properties and proportion of particles >1cm. stabilities at 25ËÅ ¡c and 37ËÅ ¡c were verified and in one case, the product was even stable at 55ËÅ ¡c. Low temperature precooking of cauliflower, high rate and sufficient electrical conductivity of florates seem to be optimal conditions. The interest of using this electrical technology to process brittle products such as ready meals containing cauliflower was high lightened. (Sandrine et al, 2006 ) The commercial development of ohmic heating processes The authors discuss the problems of heat transfer techniques in cook-chill food processing. These include destruction of flavours and nutrients, and particle damage arising from high shear often employed to improve heat transfer rates. These heat transfer problems have now been overcome with the development of ohmic heating technology. The ohmic heating effect occurs when an electric current is passed through an electrically conducting product. In practice, low frequency alternating current (50 or 60 Hz) from the public mains supply is used to eliminate the possibility of adverse electro-chemical reactions and minimise power supply complexity and cost. Electrical energy is transformed into thermal energy. The depth of penetration is virtually unlimited and the extent of heating is governed only by the spacial uniformity of electrical conductivity throughout the product and its residence time in the heater. The authors briefly discuss the design features, temperature control and marke t acceptance of ohmic heating. (Skudder et al 1992) 8. Electrical conductivity of apple and sour cherry juice concentrates during ohmic heating Ohmic heating is based on the passage of electrical current through a food product that serves as an electrical resistance. In this study, apple and sourcherry concentrates having 20-60% soluble solids were ohmically heated by applying five different voltage gradients (20-60 V/cm). The electrical conductivity relations depending on temperature, voltage gradient and concentration were obtained. It was observed that the electrical conductivities of apple and sourcherry juices were significantly affected by temperature and concentration (P < 0.05). The ohmic heating system performance coefficients (SPCs) were defined by using the energies given to the system and taken up by the juice samples. The SPCs were in the range of 0.47-0.92. The unsteady-state heat conduction equation for negligible internal resistance was solved with an ohmic heating generation term by the finite difference technique. The mathematical model results considering system performance coefficients were compared with experimental ones. The predictions of the mathematical model using obtained electrical conductivity equations were found to be very accurate.  (Coskan et al 1999) CONCLUSION: The studies discuss the problems of heat transfer techniques in cook-chill food processing. These include destruction of flavours and nutrients, and particle damage arising from high shear often employed to improve heat transfer rates. These heat transfer problems have now been overcome with the development of ohmic heating technology. The Energy efficiency is more and also the cost of preservation is also low so, it is beneficial to use the this technique.