Archive for December, 2007

Cost of products sold; utilities

Monday, December 31st, 2007

Cost of products sold (COPS) is the expense incurred by a company to sell a product. It includes raw and packing material costs, production costs (labor, utilities, etc.), and certain freight costs.

Low rate initial production; allow for long-term projects

Monday, December 31st, 2007

Low rate initial production (LRIP) is a term commonly used in military weapon projects/programs to designate the phase of initial, small-quantity production of a weapons systems. The prospective first buyer and operator (i.e., a country’s defence authorities and the relevant military units) gets to thoroughly test the weapons system over some protracted amount of time—in order to gain a reasonable degree of confidence as to whether the system actually performs to the agreed-upon requirements before contracts for mass production are signed.

The term is also applied in fields other than weapons production, most commonly in non-weapon military equipment programs.

Pettkus v. Becker; Expectation

Monday, December 31st, 2007

Pettkus v. Becker [1980] 2 S.C.R. 834 was a landmark family law decision of the Supreme Court of Canada. The Court established the requirements for a constructive trust in a common law relationship separation.

Contents


Background

Rosa Becker and Lothar Pettkus were together in a common law relationship for 19 years. Over this period Pettkus ran a successful beehive operation. When the relationship fell apart Becker attempted to claim half of the beehive business. She claimed that since her income went towards supporting Pettkus while he got his beehive business off the ground, she was entitled to a share in the business. In the alternative, she argued that there was a constructive trust of the assets which belonged to her on the basis of unjust enrichment.


Opinion of the Court

Dickson set out three requirements for finding a constructive trust. There must be 1) an enrichment; 2) a corresponding deprivation; and 3) the absence of any juristic reason for the enrichment. In this case, Dickson found that the requirements were satisfied and held that Becker was entitled to half the assets. He held that:
“where one person, in a relationship tantamount to spousal, prejudices herself in the reasonable expectation of receiving an interest in property, and the other person in the relationship freely accepts benefits conferred by the first person in circumstances where he knows or ought to have known of that reasonable expectation, it would be unjust to allow the recipient of the benefit to retain it.”


Aftermath

After the ruling in Becker’s favour, Pettkus avoided paying out the money owed. When Pettkus’ assets were finally liquidated, Becker’s lawyer took most of the share, and left her with nothing. In a tragic turn of events, Becker committed suicide on November 5, 1986. The suicide note accused the legal system of forcing her to do it.

Since the ruling many provinces have added legislation that recognizes common law relationships when dividing assets.


See also

  • Murdoch v. Murdoch a similar controversial matrimonal property case.


External links

  • full text from CanLII.org

Suzuki XL7; consumer’s

Monday, December 31st, 2007

The Suzuki XL-7 is Suzuki’s mid-size SUV, launched in 2001.


First generation

The first-generation XL-7 was a Suzuki design and was essentially a stretched Grand Vitara. It had a Suzuki-designed 2.7 liter V6 on a rear wheel drive-based platform with optional four wheel drive. When introduced, the XL-7 was the least expensive SUV available with 3-row seating in North America. The Suzuki XL-7 sold over 20,000 a year, and was awarded the Consumer’s Digest Best Buy award. However, sales slowed as competitors came out with SUVs with more features, lower prices, better fuel efficiency and more powerful engines, such as the Toyota Highlander, the Honda Pilot, and the Honda CR-V.


Second Generation

Introduced in the fourth quarter of 2006, Suzuki partnered with General Motors to build the 2007 XL-7, using the same unibody platform and many of the same components as the Chevy Equinox, Pontiac Torrent and Saturn VUE. The second generation model uses a version of the GM High Feature engine, built in Japan and shipped to CAMI Automotive in Ingersoll, Ontario, Canada, where the XL-7 is assembled with the Equinox and Torrent. Styling cues on the 2007 include a chrome slotted grille and trapezoidal headlights. The XL-7 is now aimed for city drivers and growing families, as the XL-7 no longer has a manual transfer case with low-range, but an on demand all-wheel drive system, now meant for handling snow and rain.


External links

  • XL7 Official Website
  • The ALL NEW 2007 XL7

Ambit; Expectation utilities

Monday, December 31st, 2007

Ambit can refer to:

  • Ambit Broadband, a producer of Cable Modem, ADSL, and IPTV products.
  • Ambit Informatik, a German knowledge company.
  • Ambit (magazine), a literary magazine.
  • Scope or range; a sphere of influence.
  • ambit claim, an extravagant initial demand made in expectation of an eventual counter-offer and compromise.

AirPort Admin Utility; utility

Monday, December 31st, 2007

The AirPort Admin Utility is a utility that is built in to Mac OS X and available for download for Windows XP. The utility serves to allow the user to configure an AirPort Wi-Fi Base Stations to create a wireless network. The AirPort Admin Utility has been superseded by the simple and aptly named AirPort Utility. Older AirPort Graphite and AirPort Snow base stations must use the Admin Utility, whereas the first generation AirPort Extreme and AirPort Express can use either one, but the second generation AirPort Extreme works only with AirPort Utility.

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Drinking Water Inspectorate; of consumption

Monday, December 31st, 2007

The Drinking Water Inspectorate is a section of Department for Environment, Food and Rural Affairs (DEFRA) set up to regulate the public water supply companies in England and Wales.

Based in Whitehall, it produces an annual report showing the quality of and problems associated with drinking water. Its remit is to assessing the quality of drinking water in England and Wales, taking enforcement action if standards are not being met, and appropriate action when water is unfit for human consumption.<ref>Drinking Water Inspectorate web site. Accessed 5 October 2007</ref>

It is also responsible for reporting on drinking water quality to the European Union under the European Drinking Water Directive (DWD), Council Directive 98/83/EC, which concerns the quality of water intended for human consumption.<ref>The European Commission’s Environment DG web site. Accessed 5 October 2007</ref> In addition, it provides advice to DEFRA on the transposition of European water legislation in England and Wales.


External links

  • Official website


References

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Felicific calculus; introduced by Bentham to

Monday, December 31st, 2007

The felicific calculus is an algorithm formulated by utilitarian philosopher Jeremy Bentham for calculating the degree or amount of pleasure that a specific action is likely to cause. Bentham, an ethical hedonist, believed the moral rightness or wrongness of an action to be a function of the amount of pleasure or pain that it produced. Thus, the felicific calculus could, in principle at least, determine the moral status of any considered act. The algorithm is also known as the Utility calculus, the Hedonistic calculus and the Hedonic calculus.

Variables, or vectors of the pleasures and pains included in this calculation—which Bentham called “elements” or “dimensions“—were:

  1. Intensity: How strong is the pleasure?
  2. Duration: How long will the pleasure last?
  3. Certainty or Uncertainty: How likely or unlikely is it that the pleasure will occur?
  4. Propinquity or Remoteness: How soon will the pleasure occur?
  5. Fecundity: The probability that the action will be followed by sensations of the same kind.
  6. Purity: The probability it will be followed by sensations of the opposite kind.

To these six, which consider the pleasures and pains within the life of a person, Bentham added a seventh element:

7. Extent: How many people will be affected?


Bentham’s Instructions

  • Begin with any one person of those whose interests seem most immediately to be affected by it: and take an account,

    • Of the value of each distinguishable pleasure which appears to be produced by it in the first instance.
    • Of the value of each pain which appears to be produced by it in the first instance.
    • Of the value of each pleasure which appears to be produced by it after the first. This constitutes the fecundity of the first pleasure and the impurity of the first pain.
    • Of the value of each pain which appears to be produced by it after the first. This constitutes the fecundity of the first pain, and the impurity of the first pleasure.
  • Sum up all the values of all the pleasures on the one side, and those of all the pains on the other. The balance, if it be on the side of pleasure, will give the good tendency of the act upon the whole, with respect to the interests of that individual person; if on the side of pain, the bad tendency of it upon the whole.
  • Take an account of the number of persons whose interests appear to be concerned; and repeat the above process with respect to each. Sum up the numbers expressive of the degrees of good tendency, which the act has, with respect to each individual, in regard to whom the tendency of it is good upon the whole. Do this again with respect to each individual, in regard to whom the tendency of it is bad upon the whole. Take the balance which if on the side of pleasure, will give the general good tendency of the act, with respect to the total number or community of individuals concerned; if on the side of pain, the general evil tendency, with respect to the same community.

To make his proposal easier to remember, Bentham devised what he called a “mnemonic doggerel” (also referred to as “memoriter verses”), which synthesized “the whole fabric of morals and legislation”:

Intense, long, certain, speedy, fruitful, pure—
Such marks in pleasures and in pains endure.
Such pleasures seek if private be thy end:
If it be public, wide let them extend
Such pains avoid, whichever be thy view:
If pains must come, let them extend to few.


Example Usage

Let us imagine you are a doctor driving to a patient, a young mother who is about to give birth. It looks like she will need a Caesarian section. It is late at night and you come across a car accident on the country road you are travelling on. Two cars are involved in the accident and both drivers are unconscious and have visible injuries. One of the men is the father of the child you are going to deliver, and the other man is very old. You do not know the extent of their injuries but in your opinion, without immediate medical help, one or both may die. You as a Utilitarian are now faced with one of three possible solutions:

  1. You help the young mother who’s about to give birth.
  2. You help the young woman’s husband.
  3. You help the old man.

The outcome of felicific calculus would suggest:

  1. Attending to the mother first is your primary concern as the doctor. The death of both mother and child is almost a certainty if you do not act now, whereas the death of the men is uncertain. Furthermore, the pain of the mother is clearly greater than that of the men at this time. There is a greater richness and purity in saving the life of a young child who has, in all probability, a long happy life ahead. Therefore the extent and duration of the utility created by these two people is a clear likelihood.
  2. Attending to the young husband is the next priority. The pleasures of a new family—its intensity, duration, extent, richness, and purity—are all clear probabilities. If, as the doctor, you attend him first his wife and child would in all probability die. The man would then experience pain. The pain experienced by the widowed husband is likely to outstrip any pleasure to be gained from continued life without his loved ones.
  3. Attending to the old man is the last priority. The duration and certainty of his future pleasure are questionable owing to his age—he has all but lived his life. This is sometimes known as the ‘good innings’ argument, according to which the older you are the less claim you have to life.

Certainly, the doctor should not be limited to the three choices. To maximize the felicific calculus, he should try to secure external help by calling another doctor to help the mother, and by asking people nearby and the emergency services to deal with the accident.

Some critics argue that the happiness of different people is incommensurable, and thus a felicific calculus is impossible in practice.


References

  • Jeremy Bentham, An Introduction to the Principles of Morals and Legislation, London, 1789, chap. 4

Ship of Theseus; always qualitatively the

Monday, December 31st, 2007

The Ship of Theseus is a paradox also known as Theseus’ paradox. It raises the question of whether an object, which has had all its component parts replaced, remains fundamentally the same.

Contents


Variations of the paradox


Greek legend

According to Greek legend as reported by Plutarch,

Plutarch thus questions whether the ship would remain the same if it were entirely replaced, piece by piece. As a corollary, one can question what happens if the replaced parts were used to build a second ship. Which, if either, is the original Ship of Theseus?


Heraclitus’s river

The Greek philosopher Heraclitus is notable for his unusual view of identity. Arius Didymus quoted<ref>Fr 39.2, Dox. gr. 471.4</ref> him as saying:

Plutarch also informs us of Heraclitus’ claim about stepping twice into the same river, citing that it cannot be done because “it scatters and again comes together, and approaches and recedes”<ref>”On the E at Delphi” 392b</ref>.


Locke’s socks

John Locke proposed a scenario regarding a favorite sock that develops a hole. He pondered whether the sock would still be the same after a patch was applied to the hole. If yes, then, would it still be the same sock after a second patch was applied? Indeed, would it still be the same sock many years later, even after all of the material of the original sock has been replaced with patches?


Grandfather’s old axe

“Grandfather’s old axe” is a colloquial expression of unknown origin describing something of which little original remains: “it’s had three new heads and four new handles but it’s still the same old axe.” The phrase has also been used in banter as in: “This is George Washington’s original axe…”, while holding up an apparently new axe. This example is used explicitly to explain significant points of the plot in The Fifth Elephant by Terry Pratchett. A similar example was also seen in Only Fools and Horses, where Trigger (a central character) won an award for using the same broom to sweep the streets for twenty years, even though he’d replaced the head 17 times and the handle 14 times.


Other examples

One can think of many examples of objects which might fall prey to Theseus’s paradox: buildings and automobiles for example can undergo complete replacement whilst still maintaining some aspect of their identity. Businesses, colleges and universities often change addresses and residences, thus completely “replacing” their old material structure for a new one, yet keeping the same purpose and often the same people that keep the organization functioning as it was. If two businesses merge, their identities merge (or one is consumed by the other). Similarly, the human body constantly creates new cells as old cells die. Average age of cells in an adult body may be less than 10 years. <ref> Your Body Is Younger Than You Think </ref>

If we relate identity to actions and phenomena, identity becomes even harder to grasp. Depending upon one’s chosen perspective of what identifies or continues a hurricane, if a hurricane Evan collapses at a particular location and then one forms again at or near the same location, a person may be totally consistent to either choose to call the latter mentioned hurricane the same as the former (as in “Evan” was reinvigorated), or choose to call the latter a new hurricane “Frank” or “Georgia”.

One could also see the bands Napalm Death and The Little River Band as contemporary examples of Theseus’s paradox. Both band’s current line-ups contains none of the founding members, yet they continue to use the same name.

A somewhat, more layman’s example is in most Herby films. In these films, when any part of the protagonist (a “living” car named Herbie) is replaced, no one thinks anything of it, however; if one were to replace all of Herbie’s parts at once, which part would contain his “soul”, and if a certain car part DID contain his soul, would it be transferred if the part were attached to ANOTHER car?


Proposed resolutions


Aristotle’s causes

According to the philosophical system of Aristotle and his followers, there are four causes or reasons that describe a thing; these causes can be analyzed to get to a solution to the paradox. The formal cause or form is the design of a thing, while the material cause is the matter that the thing is made of. The “what-it-is” of a thing, according to Aristotle, is its formal cause; so the Ship of Theseus is the same ship, because the formal cause, or design, does not change, even though the matter used to construct it may vary with time. In the same manner, for Heraclitus’s paradox, a river has the same formal cause, although the material cause (the particular water in it) changes with time, and likewise for the person who steps in the river.

Another of Aristotle’s causes is the end or final cause, which is the intended purpose of a thing. The Ship of Theseus would have the same end, that is, transporting Theseus, even though its material cause would change with time. The efficient cause is how and by whom a thing is made, for example, how artisans fabricate and assemble something; in the case of the Ship of Theseus, the workers who built the ship in the first place could have used the same tools and techniques to replace the planks in the ship.


Definitions of “the same”

One common argument found in the philosophical literature is that in the case of Heraclitus’s river we are tripped up by two different definitions of “the same”. In one sense things can be qualitatively the same, by having the same properties. In another sense they might be numerically the same by being “one”. As an example, consider two bowling balls that look identical. They would be qualitatively, but not numerically, the same. If one of the balls was then painted a different color, it would be numerically, but not qualitatively, the same as its previous self.

By this argument, Heraclitus’s river is qualitatively, but not numerically, different by the time one attempts to make the second step into it. For Theseus’s ship, the same is true.

The main problem with this proposed solution to problems of identity is that if we construe our definition of properties broadly enough, qualitative identity collapses into numerical identity. For example, if one of the qualities of a bowling ball is its spatial or temporal location, then no two bowling balls that exist in different places or points in time could ever be numerically identical. Likewise, in the case of a river, since it has different properties at every point in time—such as variance in the peaks and troughs of the waves in particular spatial locations, changes in the amount of water in the river caused by evaporation—it can never be qualitatively identical at different points in time. Since nothing can be qualitatively different without also being numerically different, the river must be numerically different at different points in time.

(A problem: “Since nothing can be qualitatively different without also being numerically different, the river must be numerically different at different points in time.” - this contradicts the example in the first paragraph of the painted bowling ball)

(Actually, “nothing can be qualitatively different without also being numerically different” is a false claim. Not all qualities must be different for a thing to be, overall, qualitatively different. For instance, numerical value might be a quality factor that remains the same, while other qualities change.)


Four dimensionalism

One solution to this paradox may come from the concept of four-dimensionalism. David Lewis and others have proposed that these problems can be solved by considering all things as 4-dimensional objects. An object is a spatially extended three-dimensional thing that also extends across the 4th dimension of time. This 4-dimensional object is made up of 3-dimensional time-slices. These are spatially extended things that exist only at individual points in time. An object is made up of a series of causally related time-slices. All time-slices are numerically identical to themselves. And the whole aggregate of time-slices, namely the 4-dimensional object, is also numerically identical with itself. But the individual time-slices can have qualities that differ from each other.

The problem with the river is solved by saying that at each point in time, the river has different properties. Thus the various 3-dimensional time-slices of the river have different properties from each other. But the entire aggregate of river time-slices, namely the whole river as it exists across time, is identical with itself. So you can never step into the same river time-slice twice, but you can step into the same (4-dimensional) river twice.<ref>David Lewis,”Survival and Identity” (in Amelie O. Rorty [ed.] The Identities of Persons (1976; U. of California P.) Reprinted in his Philosophical Papers I.</ref>

A seeming difficulty with this is that in special relativity there is not a unique “correct” way to make these slices — it is not meaningful to speak of a “point in time” extended in space. However, this does not prove to be a problem: any way of slicing will do (including no ’slicing’ at all), provided that the boundary of the object changes in a fashion which can be agreed upon by observers in all reference frames. Special relativity still ensures that “you can never step into the same river time-slice twice”, because even with the ability to shift around which way spacetime is sliced, you are still moving in a timelike fashion, which will not multiply intersect a time-slice, which is spacelike.


Metaphysics of quality

Robert M. Pirsig’s metaphysics of quality, presented in Lila: An Inquiry into Morals, defines a hierarchy of patterns and uses it to offer another solution to the paradox: the ship is simultaneously a set of lower-order patterns (the parts) which change, and a single higher-order pattern (the ship as a whole) which remains constant.


Madhyamika Buddhism

Within the Madhyamika school of Mahayana Buddhism, Candrakirti identifies the self as:

an essence of things that does not depend on others; it is an intrinsic nature. The non-existence of that is selflessness.

Bodhisattvayogacaryācatuḥśatakaṭikā 256.1.7

Indeed the concept of Buddhist Emptiness is the strong assertion that all phenomena are empty of any essence - demonstrating that anti-essentialism lies at the very root of Buddhist praxis. Therefore, within this school it is the innate belief in essence that is considered to be the affliction which serves as the base of all suffering. However, the school also rejects the tenets of Idealism and Materialism; instead, the ideas of truth or existence, along with any assertions that depend upon them are limited to their function within the contexts and conventions that assert them, akin to Relativism or Pragmatism. For Madhyamakas, replacement paradoxes such as Ship of Theseus are answered by stating that the Ship of Thesesus remains so (within the conventions that assert it) until it ceases to function as the Ship of Theseus.


In popular culture

The Ship of Theseus paradox is addressed in Terry Pratchett’s Discworld novel The Fifth Elephant. Here it is about an axe which periodically gets a new handle or a new blade. The characters in this book reason that, while it might not be the same axe physically, it will always remain the same axe emotionally. The Discworld series also pays homage to Heraclitus’ statement by claiming that the (notoriously polluted and slow-moving to the point of being solid) River Ankh in the city of Ankh-Morpork is the only river that it is possible to cross twice.

There is a reference to the paradox in the BBC comedy Only Fools and Horses. The character Trigger, who is a road sweeper, wins an award for having used the same broom for many years and thus saving money. When he is asked about it, he reveals naively that both the handle and head of the broom have been replaced several times. Trigger is a dim-witted character who makes foolish remarks, and the joke here is that he believes the broom to be the same one as he has always had.

In the 1986 book Foundation and Earth by Isaac Asimov, the ancient robot R. Daneel Olivaw says that over the thousands of years of his existence, every part of him has been replaced several times, including his brain, which he has carefully redesigned six times, replacing it each time with a newly constructed brain having the positronic pathways containing his current memories and skills, along with free space for him to learn more and continue operating for longer.

In So Long, and Thanks for All the Fish by Douglas Adams, Marvin the android claims he has undergone the same renovation, with the exception of the diodes down his left side (ironically, throughout the books he constantly complains of pain from just those diodes).

In the 1872 story Dr. Ox’s Experiment by Jules Verne there is a reference to Jeannot’s knife (the French equivalent of “Grandfather’s old axe”) apropos the van Tricasse’s family. In this family, since 1340, each time one of the spouses died the other remarried with someone younger, who took the family name.

The Heraclitus’s river paradox is featured in Francis Ford Coppola’s Apocalypse Now Redux in the newly added French plantation scene in a dialogue between Captain Willard and French colonist Roxanne:

Roxanne: “Do you know why you can never step into the same river twice?”

Willard: “Yeah, ’cause it’s always moving.”

It is also featured in Disney’s Pocahontas, during the song “Just Around the Riverbend”, in which Pocahontas sings “What I love most about rivers is you can’t step in the same river twice; The water’s always changing, always flowing”

A variation of the paradox exists in the manga and anime, Ghost in the Shell.


See also

  • Identity and change
  • Mereological essentialism
  • Philosophical zombie
  • Sorites paradox
  • Shunyata
  • Standing wave


References

Expenditure function; utility

Monday, December 31st, 2007

In microeconomics, the expenditure function describes the minimum amount of money an individual needs to achieve some level of utility, given a utility function and prices.

Formally, if there is a utility function <math>u</math> that describes preferences over L commodities, the expenditure function

<math>e(p, u^*) : \textbf R^L_+ \times \textbf R
\rightarrow \textbf R</math>

says what amount of money is needed to achieve a utility <math>u^*</math> if prices are set by <math>p</math>.
This function is defined by

<math>e(p, u^*) = \min_{x \in \geq(u^*)} p \cdot x</math>

where

<math>\geq(u^*) = \{x \in \textbf R^L_+ : u(x) \geq u^*\}</math>

is the set of all packages that give utility at least as good as <math>u^*</math>.


See also

  • Expenditure minimization problem
  • Hicksian demand function
  • Utility maximization problem

Melancholic depression; pleasure remains always qualitatively

Monday, December 31st, 2007

Melancholic Depression, or ‘depression with melancholic features’ is a subtype of depression characterized by the inability to find pleasure in positive things combined with physical agitation, insomnia, or decreased appetite. Roughly 10% of people with depression suffer from Melancholic Depression.


Diagnostic criteria (DSM-IV-TR)

The DSM-IV-TR, a widely used manual for diagnosing mental disorders, defines Depression with Melancholic Features as a subtype of depression characterized by:

  1. At least one of the following:

    1. Loss of pleasure in all or almost all, activities
    2. Lack of mood reactivity to usually pleasurable stimuli (can’t feel much better, even when something good happens)
  2. At least three of the following:
    1. Distinct quality of depressed mood (i.e., the depressed mood is experienced as distinctly different from the kind of feeling experienced after the death of a loved one)
    2. Depression is regularly worse in the morning
    3. Early morning awakening (at least 2 hours before usual time of awakening)
    4. Marked psychomotor retardation or agitation
    5. Significant anorexia or weight loss
    6. Excessive or inappropriate guilt


See also

  • Melancholia
  • Clinical Depression
  • Atypical Depression

The Lion of Comarre & Against the Fall of Night; future-regarding

Monday, December 31st, 2007

The Lion of Comarre & Against the Fall of Night are early stories by Arthur C. Clarke.

This volume is a collection of two early works by Arthur C. Clarke. Published in 1975, republished in 1982 and 1987. Both concern Earth in the far future, with a utopian but static human society.

Against the Fall of Night was later expanded and revised as The City and the Stars, one of Clarke’s best-known works.

The Lion of Comarre has a similar theme: it is about dissatisfied young man in search “something more” in a future society that believes it has discovered everything and ceases to advance. It is not, however, the same ‘future history’.

Finish Line (pricing game); prices

Monday, December 31st, 2007

Finish Line was a pricing game on the American television game show, The Price Is Right. Played from February 21, 1978 to September 25, 1978, it was played for a large prize worth more than $1,000, and used small prizes.


Gameplay

The centerpiece of Finish Line was a gameboard depicting a horse racing track with a horse and a finish line, both of which could move down the track but began at the starting line. The track was marked with a scale representing dollars.

The contestant was shown three pairs of small prizes, one at a time, and had to pick the prize of the pair which was more expensive. The prices of the rejected prizes were revealed as the contestant selected, and the finish line moved down the track one step for each dollar in the prices of the prizes, such that the finish line settled at the total of the prices of the rejected items.

Once all three selections were made, the race began. The horse moved one step for each dollar in the prices of the chosen prizes. If the horse crossed the finish line, the contestant won the large prize. In order words, if the total of the prices of the selected prizes was larger than the total of prices of the the rejected prizes, the contestant won.

In this way, the game had an identical goal to Give or Keep — a much longer-standing pricing game with which was essentially replaced by Finish Line for much of 1978. The goal of Finish Line was also very similar to that of Trader Bob, and opposite to that of Hurdles; however, the contestant’s choices were not totalled in those games, and the contestant had to make all three selections correctly. The game also had a similar theme to Hurdles.


Retirement

Finish Line was retired due to recurring mechanical problems with its set.


See also

  • The Price Is Right
  • List of retired The Price Is Right pricing games

Prices Information Cup; if prices

Monday, December 31st, 2007

The Prices Information Cup is a Go competition.


Outline

The Prices Information Cup is a Go competition. Only players above 6 dan can participate. The time format is hayago. The winner’s purse is 20,000,000 Won ($21,000)


Past winners

Player Years Held
Park Young-Hoon 2005
Lee Sedol 2006

Utility maximization problem; utility

Monday, December 31st, 2007

In microeconomics, the utility maximization problem is the problem consumers face: “how should I spend my money in order to maximize my utility?”

Suppose their consumption set

<math>\textbf R^L_+</math>

has L commodities. If the prices of the L commodities are

<math>p \in \textbf R^L_+</math>

and the consumer’s wealth is w, then the set of all affordable packages, the budget set, is

<math>B(p, w) = \{x \in \textbf R^L_+ : p \cdot x \leq w\}</math>.

The consumer would like to buy the best package of commodities it can afford. If

<math>u : \textbf R^L_+ \rightarrow \textbf R</math>

is the consumer’s utility function, then the consumer’s optimal choices x(p, w) are

<math>x(p, w) = \arg \max_{x^* \in B(p, w)} u(x^*)</math>.

Finding x(p, w) is the utility maximization problem.

The solution x(p, w) need not be unique. If u is continuous and no commodities are free of charge, then x(p, w) is nonempty. Proof: B(p, w) is a compact space. So if u is continuous, then the Weierstrass theorem implies that u(B(p, w)) is a compact subset of <math>\textbf R</math>. By the Heine-Borel theorem, every compact set contains its maximum, so we can conclude that u(B(p, w)) has a maximum and hence there must be a package in B(p, w) that maps to this maximum.

If a consumer always picks an optimal package as defined above, then x(p, w) is called the Marshallian demand correspondence. If there is always a unique maximizer, then it is called the Marshallian demand function. The relationship between the utility function and Marshallian demand in the Utility Maximization Problem mirrors the relationship between the expenditure function and Hicksian demand in the Expenditure Minimization Problem.

In practice, a consumer may not always pick an optimal package. For example, it may require too much thought. Bounded rationality is a theory that explains this behaviour with satisficing - picking packages that are suboptimal but good enough.


See also

  • Utility function
  • Expenditure minimization problem
  • Profit maximization problem


References

  • Mas-Colell, Andreu; Whinston, Michael; & Green, Jerry (1995). Microeconomic Theory. Oxford: Oxford University Press. ISBN 0-19-507340-1
  • Consumer Theory: The Neoclassical Model and Its Opposite Alternative, by Valentino Piana.

Scarcity value; prices

Monday, December 31st, 2007

Scarcity value is the economic factor that increases an item’s relative price based more upon its relatively low supply. Whereas the prices of newly-produced manufactured products depends mostly on the cost of production (the cost of inputs used to produce them, which in turn reflects the scarcity of the inputs), the prices of many goods — such as antiques, rare stamps, and those raw materials in high demand — reflects the scarcity of the products themselves.

In terms of partial-equilibrium supply and demand, the markets where prices are “cost-determined” have a supply curve that is very elastic or even horizontal, so that an increase in demand raises the quantity of production much more than the price. The price mostly reflects the scarcity of the inputs but not that of the product. On the other hand, those items with “scarcity value” have inelastic or even vertical supply curves, so that an increase in the demand for the product mostly increases the price and not the quantity supplied. The seller of the product receives a price higher than the cost of producing the item and so receives a significant scarcity rent or producer’s surplus when demand is high. Note that the cost of production may be close to zero, as with a rare stamp, so that the entire price consists of scarcity rent.


See also

  • Snob effect

Risk-utility test; utility function

Monday, December 31st, 2007

In legal disputes regarding product liability, a risk-utility test is used to determine whether a product’s design or warning is defective, thereby making the manufacturer liable for injuries caused by its product.

The manufacturer is held liable under the risk-utility test if the probability of injury times the gravity of injury under the current product design is more than the cost of an alternative reasonable design plus the diminished utility resulting from modifying the design. More simply, the court considers if the economic costs (determined from likely lawsuits) are higher than the cost of changing the product design (ex: installing a plastic guard) plus the loss of use of the product (ex: the new guard makes it harder to use the product).

Carmen Ejogo; worst you

Monday, December 31st, 2007

Carmen Ejogo Wright (born in 1 January 1974 in London, England) is an actress, born to a white Scottish mother and a Nigerian father.

She has appeared in Metro with Eddie Murphy, What’s the Worst That Could Happen? with Martin Lawrence, and Love’s Labour’s Lost with Kenneth Branagh, among other films, and also presented her own video show (The Carmen Ejogo Video Show) on BSB’s Power Station channel. While performing in the HBO film Boycott, she met and later married Jeffrey Wright. They have one son, Elijah.


Filmography

  • 2006: Kidnapped – Turner
  • 2005: Lackawanna Blues – Alean
  • 2001: What’s the Worst That Could Happen? – Amber Belhaven
  • 1999: Tube Tales – Girl in Steal Away
  • 1997: Metro – Veronica ‘Ronnie’ Tate


External links

Enhanced biological phosphorus removal; consume

Monday, December 31st, 2007

Enhanced biological phosphorus removal (EBPR) is a wastewater treatment configuration applied to activated sludge systems for the removal of phosphate.

The common element in EBPR implementations is the presence of an anaerobic tank (nitrate and oxygen are absent) prior to the aeration tank. Under these conditions a group of heterotrophic bacteria, called polyphosphate-accumulating organisms (PAO) are selectively enriched in the bacterial community within the activated sludge. These bacteria accumulate large quantities of polyphosphate within their cells and the removal of phosphorus is said to be enhanced.

Generally speaking, all bacteria contain a fraction (1-2%) of phosphorus in their biomass due to the its presence in cellular components, such as membrane phospholipids and DNA. Therefore as bacteria in a wastewater treatment plant consume nutrients in the wastewater, they grow and phosphorus is incorporated into the bacterial biomass. When PAOs grow they not only consume phosphorus for cellar components but also accumulate large quantities of polyphosphate within their cells. Thus, the phosphorus fraction of phosphorus accumulating biomass is 5-7%. This biomass is then separated from the treated water at end of the process and the phosphorus is thus removed. Thus if PAOs are selectively enriched by the EBPR configuration, considerably more phosphorus is removed, compared to the relatively poor phosphorus removal in conventional activated sludge systems.


External links

  • EPBR Metagenomics: The Solution to Pollution is Biotechnological Revolution - A Review from the Science Creative Quarterly

Dog-leg (stairs); consume

Sunday, December 30th, 2007

Dog-leg is a term used to describe a configuration of stairs between two floors of a building, often a domestic building, in which there are two short flights at 180 degrees to each other, joined by a half-landing to enable the 180 degree turn. The flights do not have to be equal, and frequently are not.

Structurally the flights of a dog-leg stair are usually supported by the half-landing, which spans the adjoining flank walls.

From the design point of view the main advantages of a dog-leg stair are:

  • To allow an arrangement that occupies a shorter, though wider, floor area than a straight flight, and so is more compact. Even though the landings consume total floor space, there is no large single dimension
  • The upper floor is not directly visible from the bottom of the stairs, thereby providing more privacy

Expense Ratio; consume

Sunday, December 30th, 2007

Total Annual Fund Operating Expenses (”Expense Ratio”) — the line of the fee table in the prospectus that represents the total of all of a fund’s annual fund operating expenses, expressed as a percentage of the fund’s average net assets. Looking at the expense ratio can help you make comparisons among funds.
Sources of Information

The expense ratio of a stock or asset fund is the total percentage of fund assets used for administrative, management, advertising (12b-1), and all other expenses. An expense ratio of 1% per annum means that each year 1% of the fund’s total assets will be used to cover expenses. The expense ratio does not include sales loads or brokerage commissions.

Expense ratios are important to consider when choosing a fund, as they can significantly affect returns. Factors influencing the expense ratio include the size of the fund (small funds often have higher ratios as they spread expenses among a smaller number of investors), sales charges, and the management style of the fund. A typical annual expense ratio for a U.S. domestic stock fund is about 1%, although some passively managed funds (such as index funds) have significantly lower ratios: for example, the Vanguard US Large Cap ETF has an expense ratio of 0.07%. [1]

One notable component of the expense ratio of U.S. funds is the “12b-1 fee”, which represents expenses used for advertising and promotion of the fund. 12b-1 fees are generally limited to a maximum of 1.00% per year (.75% distribution and .25% shareholder servicing) under NASD Rules.


Waivers, Reimbursements & Recoupments

Some funds will execute “waiver or reimbursement agreements” with the fund’s adviser or other service providers, especially when a fund is new and expenses tend to be higher (due to a small asset base). These agreements generally reduce expenses to some pre-determined level or by some pre-determined amount. Sometimes these waiver/reimbursement amounts must be repaid by the fund during a period that generally cannot exceed 3 years from the year in which the original expense was incurred. If a recoupment plan is in effect, the effect may be to require future shareholders to absorb expenses of the fund incurred during prior years.


Changes in Expense Ratio (Fixed & Variable Expenses)

Generally, unlike past performance, expenses are very predictive. Funds with high expenses ratios tend to continue to have high expenses ratios. An investor can examine a fund’s “Financial Highlights” which is contained in both the periodic financial reports and the fund’s prospectus, and determine a fund’s expense ratio over the last five years (if the fund has five years of history). It is very hard for a fund to significantly lower its expense ratio once it has had a few years of operational history. This is because funds have both fixed and variable expenses, but most expenses are variable. Variable costs are fixed on a percentage basis. For example, assuming there are no breakpoints, a .75% management fee will always consume .75% of fund assets, regardless of any increase in assets under management. The total management fee will vary based on the assets under management, but it will always be .75% of assets. Fixed costs (such as rent or an audit fee) vary on a percentage basis because the lump sum rent/audit amount as a percentage will vary depending on the amount of assets a fund has acquired. Thus, most of a fund’s expenses behave as a variable expense and thus, are a constant fixed percentage of fund assets. It is therefore, very hard for a fund to significantly reduce its expense ratio after it has some history. Thus, if an investor buys a fund with a high expense ratio that has some history, he/she should not expect any significant reduction.


Expenses Matter Relative to Investment Type

There are 3 broad investment categories for mutual funds (equity, bond, and money market - in declining order of historical returns). That is an over simplification but adequate to explain the effect of expenses. In an equity fund where the historical gross return might be 10%, a 1% expense ratio will consume approximately 10% of the investor’s return. In a bond fund where the historical gross return might be 8%, a 1% expense ratio will consume approximately 12.5% of the investor’s return. In a money market fund where the historical gross return might be 5%, a 1% expense ratio will consume approximately 20% of the investor’s historical total return. Thus, an investor must consider a fund’s expense ratio as it relates to the type of investments a fund will hold.

Hicksian demand function; utility

Sunday, December 30th, 2007

In microeconomics, a consumer’s Hicksian demand function <math>h(p, u)</math> gives the cheapest bundle under a price level <math>p</math> for which the consumer derives a utility level of at least <math>u</math>. The function is named after John Hicks.

Hicksian demand functions are often convenient for mathematical manipulation because they don’t require income or wealth to be represented. However, Marshallian demand functions of the form <math>x(p, w)</math> that describe demand given prices <math>p</math> and income <math>w</math> are easier to observe directly. The two are trivially related by

<math>h(p, u) = x(p, e(p, u)), \ </math>

where <math>e(p, u)</math> is the expenditure function (the function that gives the minimum wealth required to get to a given utility level), and by

<math>h(p, v(p, w)) = x(p, w), \ </math>

where <math>v(p, w)</math> is the indirect utility function (which gives the utility level of having a given wealth under a fixed price regime). Their derivatives are more fundamentally related by the Slutsky equation.

The Hicksian demand function is intimately related to the expenditure function. If the consumer’s utility function <math>u(x)</math> is locally nonsatiated and strictly convex, then
<math>h(p, u) = \nabla_p e(p, u).</math>


See also

  • Marshallian demand function
  • Convex preferences
  • Expenditure minimization problem

Fixed price; price

Sunday, December 30th, 2007

Fixed price is a phrase used in Indian English to mean that no bargaining is allowed over the price of a good or, less commonly, a service. As bargaining is very common in many parts of the world outside of Europe and North America, this term expresses an exception from the norm.

In the United Kingdom fixed price has a similar meaning, and commonly indicates that an external party (often the government) has set a price level, which may not be varied by individual sellers of a good or service.

As part of their rule of honesty and plainness, Quakers set a fixed price for their wares.


See also

  • Cost-plus contract
  • Variable pricing
  • Price fixing
  • Prix fixe

Risk-utility test; utility

Sunday, December 30th, 2007

In legal disputes regarding product liability, a risk-utility test is used to determine whether a product’s design or warning is defective, thereby making the manufacturer liable for injuries caused by its product.

The manufacturer is held liable under the risk-utility test if the probability of injury times the gravity of injury under the current product design is more than the cost of an alternative reasonable design plus the diminished utility resulting from modifying the design. More simply, the court considers if the economic costs (determined from likely lawsuits) are higher than the cost of changing the product design (ex: installing a plastic guard) plus the loss of use of the product (ex: the new guard makes it harder to use the product).

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Goldstino; is analogous to

Sunday, December 30th, 2007

The goldstino is a Goldstone fermion produced by the spontaneous breaking of supersymmetry. In theories where supersymmetry is a global symmetry, the goldstino is an ordinary particle (possibly the lightest supersymmetric particle, responsible for dark matter). In theories where supersymmetry is a local symmetry, the goldstino is absorbed by the gravitino, becoming its longitudinal component and giving it nonzero mass. This mechanism would be analogous to the way the higgs field gives nonzero mass to the W and Z bosons.

Consumer Council for Water; consumers

Sunday, December 30th, 2007

The Consumer Council for Water (CCWater) represents water and sewerage consumers in England and Wales. The organisation does so by providing impartial advice and/or advocacy for aggrieved consumers.

CCWater is independent of both the regulator, Ofwat, and the water companies.

There are ten regional committees, each representing customers of several different water companies. The main offices are in Victoria Square, Birmingham.


External links

  • CCWater