Friday, September 4, 2020
Place OF THE SLEEPING BEAUTIES by Kawabata. Do you concur with Eguchi that sex and demise are connected - Essay Example This could be said either to be genuine just of this book or additionally of reality. It is a given that everything is connected in some way or another. This can be taken a gander at from a basic viewpoint. On a very basic level, people are basely centered around the will to endure and keep away from death just as the will to accomplish sexual satisfaction from another person. Passing is something so natural in nature. It returns human bodies to a carbonic state and closures a cycle. Sex is surely a characteristic and all inclusive help, that it just bodes well to see a connection between the two generally normal and unavoidable acts a human will take part in. Nobody is liberated from approaching demise or an end sooner or later in there life though sex can be a start or a position of inception. We are conceived because of sex much of the time and afterward come back to the earth through death. This is a fundamental and certain association among sex and d passing. Kawabata is known for his unusual equals between the things which we may consider to be dim, for example, demise and misery; and things which we may consider to be acceptable, for example, magnificence and sex. These equals are satisfactory on the grounds that Kawabata is fit for uniting the two alternate extremes onto a typical plane. On account of this specific work by Kawabata, Eguchi is a character who winds up in the place of the resting delights which is basically a bordello that offers a nightÃ¢â¬Ës lay down with intensely quieted ladies who nearly have all the earmarks of being bodies. This is the immediate connect to the association among sex and demise which basically meets one with the other in a midpoint of necrophilia. Eguchiis harmed because of the passing of his significant other and along these lines appears to have an obsession with the issue of death and ladies as they merge. This place of Ã¢â¬Å"sleeping beautiesÃ¢â¬ appears to give the feeling that men may discover this the best circumstance in regards to a relationship with a lady or a feeling of friendship, since the ladies are basically in a
Tuesday, August 25, 2020
Section 1 is named: Dream-Analysis in Its Practical Application. The utilization of dream-investigation as per Jung in psychotherapy is as yet a discussed theme/question. A few specialists see utilizing dream-examination as fundamental in rewarding despondencies while others find that it is just piece of the mind. In the event that fantasy investigation is to be dealt with, at that point perceiving the oblivious is an absolute necessity. It is a technique for finding the oblivious mystic substance that are identified with anxieties. Jung says that the investigation and understanding of dreams can be advocated experimentally because of the way that the oblivious has an influence in depression and on the grounds that fantasies are communicating straightforwardly from the oblivious movement. Dreams give a right image of the emotional state despite the fact that the cognizant brain denies this exists. As indicated by Jung, dreams are to be on a similar level as physiology. He gave the model that on the off chance that sugar is found in pee, at that point pee contains sugar. He utilized that since he accepts dreams are realities which are significant for finding. It permits a knowledge for the reason for depressions just as a guess. It can appear when the treatment should start. Jung expresses that the Freudian view trusts it vital for the patient to be aware of his/her unsettling influences (enduring the injury). Jung doesnÃ¢â¬â¢t deny that a few anxieties have an awful inception yet he doesn't accept that all depressions are of this cause. All together for the fantasy or hypochondria to have genuine noteworthiness, a causalistic approach just won't do the trick. Not long after the start of treatment, dreams appear to turn out to be less straightforward. There can begin to turn into a trouble in translation because of the specialist being not able to comprehend the entire circumstance. Jung expresses that indiscernible dreams are an aftereffect of the doctorÃ¢â¬â¢s emotional conclusion being reflected. It is fundamental for the investigator to concede an absence of understanding when it happens in treatment. By exaggerating, the examiner requests to the patientÃ¢â¬â¢s mind, be that as it may, helping him/her develop into their fact arrives at the heart. There are privileged insights of the internal life that fantasies give data about too telling the visionary a few things about their character. Section 3 is named: The Aims of Psychotherapy. The development of depression and fundamental standards of treatment are not settled upon by psychochologists/psychoanalysists. As per Jung, numerous individuals find that clarifying their difficulties give them an inclination to control that originates from a feeling of mediocrity. The psychotherapistÃ¢â¬â¢s victories show him little or nothing. His/her disappointments are precious in that they constrain him/her to change their perspectives as well as techniques. Jung expresses that it looks bad to instruct from the Freudian perspective to a patient to whom the Adlerian hypothesis applies. The specialist isn't generally in a superior situation than the patientÃ¢â¬â¢s mind to realize what is needed, despite the fact that it oblivious to the patient. With regards to mystic constitution, a few people have an otherworldly mentality and about a materialistic one. These perspectives show instilled interests. Jung leaves his experience alone the dynamic device regarding treatment. Incredible decisions of life have more to do with impulses than cognizant will. JungÃ¢â¬â¢s commitment to psychotherapy for those situations where sane treatment delivers no palatable outcomes, are bound. Approximately 1/3 of his patients are not experiencing clinical hypochondria yet from the vacancy of their lives. By contemplating a fantasy altogether, something consistently comes out of it. It is a significant insight that shows the patient the oblivious driving him/her. Jung says there is trouble when dreams don't show anything unmistakable. Those fantasies give pieces of information of conceivable outcomes and never can be made conceivable to a pariah. Dreams that contain legendary pictures can be abnormal and confounding. For Jung, crude brain science, folklore, relative religion, and prehistoric studies is significant as they give analogies that improves the lives of his patients. Jung says that inventive dream is the root for all works of man. This action of creative mind liberates man from the Ã¢â¬Å"nothing butÃ¢â¬ to a feeling of play. JungÃ¢â¬â¢s point is to make a mystic state where the patient can start to explore different avenues regarding their own inclination. Ã¢â¬Å"The least of things with a significance is worth more in life than the best of things without itÃ¢â¬ (Carl Jung). Section 5 is named: The Stages of Life. The issues related with phases of human improvement intends to unfurl an image of clairvoyant life from support to grave. As indicated by Jung, our mystic procedures are made up of reflections, examinations, and questions. They are largely unfamiliar to the oblivious psyche of man. The presence of issues originates from the development of cognizance. At the point when man gets some distance from impulse it makes awareness. Issues draw a confined state where nature relinquishes and cognizance is driven. Indeed, even in that, a more extensive and higher cognizance gives us assurance and lucidity. In managing issues, we naturally reject the way that leads through obscurity yet need satisfying outcomes. Knowing depends on a cognizant association with mystic substance. Jung discusses how it appears that youngsters who battle with their reality are saved internal issues and those whom adjust effectively run into sex issues or clashes emerging from a feeling of mediocrity. The individuals who attempt to ensure themselves against the new or bizarre, relapse back to the past and falls in a similar hypochondriac state as the person who can recognize the new however runs from an earlier time. Whatever the past provides for us is typically adjusted to future prospects and requests. The structure and importance of an issue doesn't lie in the arrangement yet in the consistent working at it. Measurements show that there is an ascent in mental wretchedness cases for men around 40. For ladies, masochist challenges appear prior. As indicated by Jung, a person couldn't live to 70 or 80 if the life span had no significance for the species. Jung expresses that we don't have a clue what befalls an individual after they are dead. There are no logical confirmations about it. From the psychotherapy see, it is progressively attractive to consider demise a change a piece of the existence procedure whose time and degree gets away from our insight. The working of the keenness is an understanding that reasoning is a condition that nothing comes out of except for what we put in. Part 6 is named: Freud and Jung-Contrasts. Generally acknowledged thoughts are not the individual property of their creator. Opposite, the creator is the hireling of his thoughts. We don't make thoughts, they make us. Genuine articulation encourages us accomplish the best. It comprises in offering structure to what we watch. Jung expresses that FreudÃ¢â¬â¢s hypothesis in regards to sexuality, puerile joy and the contention they have with the truth is the most genuine articulation of his mystic cosmetics. Jung calls attention to that he isn't a rival of Freud. He says our observation is molded by what we are. Since we are for the most part extraordinary, we see and express things in an unexpected way. Jung takes a gander at man in methods of wellbeing and adequacy attempting to liberate the debilitated from FreudÃ¢â¬â¢s perspective. Jung expresses that FreudÃ¢â¬â¢s educating is uneven summing up realities just from hypochondriac perspectives. As per Jung, Freud committed an error conflicting with reasoning. Jung has never rejected philosophical analysis. He realizes that each word he expresses, conveys something of himself. He doesnÃ¢â¬â¢t question that characteristic senses are powers of impetus in human life regardless of in the event that they are called sexuality or the will to control. However, he doesnÃ¢â¬â¢t question likewise that these impulses slam into the soul. Jung ascribes a positive incentive to religion and science. Freud ascribed sexuality as the main driving mystic force. Jung says that simply after he split from Freud did Freud start to recognize equivalent status for to other clairvoyant exercises. Despite the fact that Freud says Jung prevents the significance from claiming sexuality in mystic life, Jung asserts something else. Jung says he attempts as far as possible to the wording of sex and only set it in its proper place. What Freud portrays is that sexual fixation that comes out when a patient has arrived at where him/her should be driven out of an off-base circumstance or demeanor. Religious philosophy can't help the individuals who are searching for an answer since it requests confidence and confidence can't be made. Jung expresses that we are confronted with a requirement for rediscovering the life of the soul. As indicated by Jung the differentiations return to their disparities in their fundamental presumptions. Part 10 is named: The Spiritual Problem of Modern Man. This profound issue is an inquiry that has a place with the present yet we can't judge completely. It has to do with something all inclusive. To be entire of the current way to be totally aware of oneÃ¢â¬â¢s presence and requires serious and broad cognizance. Pushing ahead is demonstration of tearing free every one of that grasps obviousness which asserts the greater part of man. Every great side has a terrible one. As indicated by Jung, current man has endured a lethal stun and therefore has fell into significant vulnerability. Jung says that an otherworldly need has surfaced. He says there has never been where the mind didn't show itself yet it didnÃ¢â¬â¢t draw in such a great amount of consideration up to this point. The clairvoyant life has consistently communicated in a magical framework. Jung says he used to trust it was his obligation to call individuals to arrange however not concedes the need in calling himself to arrange. He says that science has crushed the asylum of the internal life-it used to be a safe house and now a position of dread. A remuneration in the oblivious emerges when a bit of the cognizant life loses esteem. The baneful and mysteries of the inward life, to the advanced man, are important on the grounds that they serve his/her motivation. Mental understanding appears to trespass individual life and in this manner, it meets with individual obstruction and refusal. Jung stresses that
Saturday, August 22, 2020
The Illegality of Cocaine As I was skimming through the casebooks in Current Issues and Enduring Questions, I discovered a story by James Q. Wilson called Ã¢â¬Å"Back to the FutureÃ¢â¬ where he continued to tell that cocaine hurts an unburned child and can prompt physical deformations or neurological harm. This started my interest into needing to find out about the impacts of cocaine on the body and an unborn kid. Cocaine originates from the leaves of the Erythroxylon Coca tree which are local to Peru and Bolivia (GG 300). Cocaine is alluded to as a benzoylmethyl ecgonine. Ecgonine is an amino liquor base which is firmly identified with trephine, the amino liquor in atropine. Ecgonine is an ester of benzoic corrosive and a nitrogen-containg base which has a similar essential structure like the ones in manufactured neighborhood sedatives (GG 300). Cocaine is a hydrochloride, water-dissolvable salt, dry white powder that is normally grunted through a little cylinder put into the nostril; it can likewise be i nfused into a vein (Encarta). The historical backdrop of cocaine can be gone go into the 1850Ã¢â¬â¢s. In 1855 cocaine was first confined and came to be generally utilized as a sedative in minor medical procedures (Encarta). Cocaine has been utilized for quite a while as a medication of misuse, yet in the late 1970Ã¢â¬â¢s and 1980Ã¢â¬â¢s, it got one of the top medications to be taking (Encarta). There are four regular techniques for which it is utilized: 1. gulping which isn't extremely successful on the grounds that it isn't consumed by the gastrointestinal tract 2. grunting or sniffing is the most widely recognized 3. infusing with a needle delivers an extreme, magnificent surge, yet the impacts don't keep going long on account of the quick utilization by the liver 4. smoking or free-basing is regular since it creates an outrageous high. The issue with smoking is that it is trailed by touchiness and distress, which brings about the client needing to smoke more (walk). The imp acts of cocaine generally just last between twenty minutes and an hour relying upon the virtue and the measure of the medication taken in (walk). The main signs saw from cocaine are and increment in engine action, quick heartbeat, hypertension, and an expansion in breath (walk). Other than these outcomes seen from cocaine, demise may some of the time happen from a little portion cause by seizures or a coronary episode (Encarta).
With regards to creatures and their privileges, there is an unequivocal line between our requirements and our exploiting those species that we think about second rate. For whatever length of time that man has existed he has been predatory, and similar remains constant for some different types of creatures. Creatures are a need to people for endurance, regardless of whether it be for food, attire, and so forth. In any case, the superfluous torment of creatures through testing isn't a need for human endurance. With regards to the unnecessary torment of creatures that we guarantee to profit, the creatures lives should be mulled over. S. F. Sapontzis gives his hypothesis with regards to why creatures ought not be utilized in testing. To begin with, creatures are not equipped for giving their agree to be utilized as subjects in an examination. Also, "experiments must be performed on a person who is willing, ethically. In this way it is unethical to utilize creatures in experiment s" (Sapontzis 209). It would be extraordinary if this reality where our lives were really administered by ethics. The miserable truth is that we don't. Until we do, somebody will need to go to bat for the quiet greater part that is unequipped for voicing its conclusion. When there is torment and out of line treatment towards people, individuals at that point understand that it isn't right. These individuals understand that it's off-base with regards to creatures too. Henry Spira said of the creatures utilized in tests: "Ã¢â¬ ¦the casualties can't compose with regards to their own interests" (Spira 194). With regards to unnecessarily leading examinations on creatures, nobody ever says anything. People need to quit considering themselves a better animal groups than different creatures. They need to begin pondering how we can stop the brutality that they incur upon creatures for quite a while in a great many trials. Tom Regan, a notable basic entitlements ex tremist, composed, "the principal wrong is the framework that permits us to see creatures as our assets, here for us-to be eaten, or carefully controlled, or misused for sport or money" (Regan 14). Nothing could be more evident than this reality; man sees itself as such a prevalent animal types, that all others were put on earth for his benefit. It is this kind of reasoning that has gotten people to where we are today. What humankind needs to do is get over its lofty self esteem and understand that they are not the ruler of the wilderness and we rea... ...n evaluated that between 100 million and 200 million creatures kick the bucket in research centers far and wide each year" (Ryder 77-78). In spite of the fact that it has been demonstrated that a great deal of good has come out of creature research and creature testing, this doesn't compensate for all the torment and enduring that these creatures go however without having the option to assent. Reality despite everything remains that, in spite of the advantages (when there are benefits), maybe we have to ponder the impacts that our activities are having on these creatures. Work Cited Blum, Debrorah. The Monkey Wars. New York: Oxford. 1994 "Experiments on Animals." Animal Rights and Human Obligations. Eds. Tom Regan and Peter Singer. Englewoods Cilffs: Prentice Hall. 1976 Regan, Tom. The Case for Animal Rights. Los Angels: University of California Press. 1983 Ryder, Richard R. Creature Revolution. Cambridge: Basil Blackwell. 1989 Sapontzis, S. F. Ethics, Reason, and Animals. Philidelphia: Temple U P. 1987 "Speciesism in the Laboratory." In Defense of Animals." Ed. Dwindle Singer. Oxford: Blackwell. 1985 Spira, Henry. "Fighting To Win." In Defense of Animals." Ed. Dwindle Singer. Oxford: Blackwell. 1985
Friday, August 21, 2020
Populace Distributions - insights lab report - Essay Example This hypothesis depends on the idea that a heart with little size will have littler cardiovascular yield when contrasted with the bigger heart. Subsequently, this logical hypothesis recommends that the heart beat of the bigger individual will thump gradually to meet the metabolic necessities. The above theory will be analyzed by gathering an example of short and tall people and distinguish whether there are critical contrasts in their heart beat rates. To demonstrate this, an examination will be led which will see if there are extensive contrasts in the pulse of tall and short subjects. The specialists in the field8 as have likewise stressed that people who are truly fit have a higher stroke volume when contrasted with latent people. This implies people having a poor state of being will arrive at their most extreme heart beat rate at a lower work level than people who are genuinely fit. In view of the above conviction, a hypothesis has been advanced that since genuinely fit people ha ve a higher vigorous limit before arriving at most extreme pulse subsequently they will have a more slow pace of increment in heart beat and a quicker come back to the resting return after the activity. For the check of previously mentioned speculation, a controlled test will be directed in which the subjectÃ¢â¬â¢s pulse before exercise and 15 minutes after exercise and afterward 30 minutes after exercise will be estimated to know whether there are huge contrasts in the pulse of people in the gathering. Invalid Hypothesis 1: Measurement of pulse. Investigation of the information: a) Number of Subjects in each class Range Frequency 40-50 0 50-60 3 60-70 10 70-80 19 80-90 8 90-100 2 >100 0 b) Histogram Figure 1: Histogram of Heart Beats every Minute Median = 76 Mode = 80 Both the middle and mode lie in the 70-80 subject gathering of the variable. c) The information for the given variable is spread evenly around the focal area. It has a modular class. I anticipate that the informa tion should be modular since the vast majority of the people will have a typical heart beat rate with not many remarkable cases. My desires are upheld by the diagram of histogram as dominant part of the recurrence of the information lies in set. d) Null Hypothesis: (There is no distinction in the mean pulse of the tall and short subjects) Alternative Hypothesis: (There is a distinction in the mean pulse of the tall and short subjects) Significance Level The speculation is to be performed at 5% noteworthiness level or 95% certainty level, so Critical Value The basic qualities for the two followed test for with certainty level of are If the estimation of the t test measurement is lesser than - 2.02 or more prominent than 2.02 than dismiss; in any case don't dismiss. T-test Value: The information esteems for the little subject gathering and tall subject gathering are connected in the index (Table 1 and Table 2) Where By utilizing recipes we ascertain that (All the estimations are given in reference section) Where The estimation of t-test measurement is - 0.339 and it doesn't fall in the dismissal district in this manner we don't dismiss the invalid theory. The test outcomes are not measurably noteworthy at the 5% level; that is, at the 5% centrality level, the information don't give adequate proof to reason that there is distinction in the mean pulse of the tall and short people. Invalid Hypothesis 2 and 3: Heart rate and recuperation after exercise. a) Mean pulse These are the class mean pulses (beats every moment) Before Exercise 75.2 Directly After Exercise 124.8 After 1 Minute 105.9 After 5 Minutes
Thursday, August 6, 2020
James, Jesse James, Jesse (Woodson), 1847â"82, American outlaw, b. Clay co., Mo. At the age of 15 he joined the Confederate guerrilla band led by William Quantrill and participated in the brutal and bloody civil warfare in Kansas and Missouri. In 1866, Jesse and his brother Frank became the leaders of a band of outlaws whose trail of robberies and murders led through most of the central states. At first they robbed only banks, but in 1873 they began to rob trains. The beginning of their downfall came in 1876 when, after killing two people and failing to secure any money in an attempted bank robbery at Northfield, Minn., they lost several members of the gang, including the Younger brothers, three of their most trusted followers, who were captured and imprisoned (see Younger, Cole ). The James brothers escaped and were quiet until 1879, when they robbed another train. The reward offered by Gov. Thomas T. Crittenden of Missouri for the capture of the James brothers, dead or alive, tempted one o f the gang, Robert Ford, who caught Jesse (then living under the name of Thomas Howard) off guard and killed him. Frank James surrendered but was twice acquitted and lived out his life peacefully and prosperously on his farm near Excelsior Springs, Mo. The melodramatic style of the exploits of the James gang attracted wide public admiration, giving rise to a number of romanticized legends, the famous song The Ballad of Jesse James, and much popular literature. See biographies by R. Love (1926), C. W. Breihan (1953, repr. 1970), and T. J. Stiles (2002); H. Croy, Jesse James Was My Neighbor (1949, repr. 1962); J. L. James, Jesse James and the Lost Cause (1961); W. A. Settle, Jesse James Was His Name (1966); M. L. Gardner, Shot All To Hell: Jesse James, the Northfield Raid, and the Wild West's Greatest Escape (2013). The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved. See more Encyclopedia articles on: U.S. H istory: Biographies
Thursday, June 25, 2020
Academic finance has transformed significantly from the days where most academics and practitioners believed that markets were efficient. Traditionalists argue that the market prices assets at their fair value, assuming that all relevant information pertinent and relevant to an asset is known by all market participants-in reality however there is an information asymmetry. In addition to this financial and economic theory have assumed that all economic agents behave in a two way rational manner-the principles of expected utility theory and unbiased prediction of the future thus their decisions and actions must be rational as well. However, events in the last decade such as, the dotcom bubble and the crash of 2008, suggest that in reality markets do not behave as theory suggested but in fact other factors must be taken into account: i.e. human behavior. Traditional finance paradigms have yet to explain the behavior of markets during bubbles and times of uncertainty, even when there is no changes in the fundamentals of a stock the price may plummet or rise. The same principle is applicable to commodities and the foreign exchange market. Traditionally human psychology has not been an integral part of the study of finance despite the fact that financial markets are operated by humans. Behavioral finance is a field that studies the influence of investor psychology and the effect on the markets; it seeks to explain why markets are inefficient and the irrational behavior of investors in other words, if EHM were true then in theory premiums or discounts of financial instruments should not exist. However, in the rea lity such is not the case but the question really is why? Selden (1912) in his book Psychology of the Stock Market proposed that the movements of prices on financial markets are influenced in large part by the attitudes and behavior of the market participants. Also it is important to consider that as markets became more globalized the number of participants increased. 1.3 Justification The study of behavioral finance represents an opportunity to revaluate our perceptions of financial theory and adds another dimension to the study of financial markets, a shift occurs from the traditional view of markets as being efficient, extremely analytical and normative into a more realistic view of what actually occurs. By adding the dimension of behavior it is then possible to identify certain patterns of individual and collective behavior that may affect the function of the markets, for example traditional finance has been unable to explain the bubbles in Taiwan, Japan and the United States. Behavioral finance provides a previously non existing bridge between psychology and finance. Both are social sciences but in finance, before behavioral finance, there was little importance placed on individual decision making processes and finance like its mother discipline economics treated decision making as a black box. Finance acknowledges the existence of mental models of choice but it is more concerned with prediction rather than description or explanation. In terms of research Olsen points the fact that financial researchers have almost always found it necessary to offer ex post behavioral explanations for numerical results indicates that behavior has always been important and worthy of study in the field of finance.(Olsen, 1998) Clearly in a social science where individuals are an integral part of the process quantitative results are not sufficient. Behavioral finance is of interest because it helps explain why and how markets might be inefficient (Sewell, 2001) The importance of this literature review of behavioral finance is that it exposes the reader to a highly theoretical paradigm in finance that currently is being discussed at the highest levels of academia at top universities around the globe, and leaves the opportunity of further research to be conducted by others who may be interested in the subject matter. It is also relevant to point ou t that as of this writing there is no unified theory of behavioral finance thus making this work more important as it provides a very detailed account of the current state of the subject matter and offers insights on possible future research on the topic that may be developed in the near future. Additionally, given the complexity to design an experiment-due to time constraints-and collection of empirical evidence both locally and internationally a literature review demands the same amount, if not more, research and analysis. 1.4 Delimitation The research limited to the domain of behavioral economics, finance and decision psychology. 1.5 Research Questions What is behavioral finance? What are the most relevant works on behavioral finance? What are future research topics on behavioral finance? 1.6 General Objective Demonstrate the implications of decision making processes and their effects on financial markets 1.7 Specific Objectives Define behavioral finance Discuss the most relevant works on behavioral finance 1.8 Theoretical Framework For the purposes of this work it is important to identify two distinct areas within finance in order to provide an adequate starting point for the study. A brief introduction of the traditional paradigm of finance and then continue with a discussion of behavioral finance 1.8.1 Traditional Finance Standard finance is based on the works of Miller and Modigliani in arbitrage theory, Markowitz with portfolio theory, and Black-Scholes-Merton option pricing model. The aforementioned theories/models assume that markets are efficient and that all the agents in the economy are rational. The efficient market hypothesis-here after EMH-the price of an asset reflects all the available information and prices reflect the fair value. The efficient market hypothesis is based on the notion that people behave rationally, maximize expected utility accurately and process all available information (Shiller, 2001). According to EMH it is impossible to make an above average profit and beat the market consistently over time without taking excess risk (Johnsson, Lindblom, Platan , 2002). 1.8.2 Behavioral Finance The emerging new paradigm of behavioral finance looks to serve as an alternative to the behaviorally incomplete theory if finance now often referred to as standard or modern finance (Olsen, 1998). It is important to note that although it seeks to replace modern finance it does not completely reject the existing theories, it only limits the boundaries in which they are function. Behavioral finance seeks to understand and predict systematic financial market implications of psychological decision processes. In addition, behavioral finance is focused on the application of psychological and economic principles for the improvement of financial decision making (Olsen, 1998). Ritter proposes in his research that behavioral finance is composed of two main elements: cognitive psychology and the limits of arbitrage (Ritter, 2003). Within cognitive psychology distinctive behaviors can be identified: heuristics-rules of thumb which make decision making easier, overconfidence-people are overl y optimistic/confident of their skills, mental accounting-when people make two decisions instead of one when the situation demands a single course of action, framing-notion that how a concept is presented to an individual matters (Ritter, 2003), conservatism, and disposition effect. 1.9 Principal Works Since behavioral finance mixes elements from psychology it then is important to note certain important works that discuss areas pertinent to the study of behavior. In 1959 Leo Festinger introduced the concept of cognitive dissonance. When two simultaneously held cognitions are inconsistent, this will produce a state of cognitive dissonance. Because of the experience of dissonance is unpleasant, the person will strive to reduce it by changing their beliefs (Sewell, 2001). Kahneman and Tversky in 1979 propose prospect theory. According to the theory people give less importance to the outcomes that have less chances occurring versus outcomes that are obtained with certainty. The theory proposes that investors in general are risk averse. Risk aversion is equal to the concavity of the utility function, where marginal utility of wealth decreases. Kahneman and Tversky conducted an experiment in which the concluded that people systematically defy the utility theory. Under prospect th eory value is assigned to gains and losses rather than to final assets, also probabilities are replaced by decision weights (Sewell, 2001). In addition to this Kahneman and Tversky also introduced the value function in which they identified four possible risk profiles: risk aversion for high to moderate probability of gains and low probability of losses and risk seeking for low probability of gaining and a high probability of losing. Thaler proposes that there are situations in which consumers in fact act in opposition to economic theory among a the topics discussed were underweighting of opportunity costs, failure to ignore sunk costs, search behavior, choosing not to choose and regret, and recommitment and self-control (Thaler, 1980). In a separate research Kahneman and Tversky further explored the concept of framing and prospect theory in the context of the rational theory of choice. Another important contribution was Shillers conclusion that stock prices volatility could not be explained merely by information about future dividends, he suggested there were elements that influenced volatility of stock prices. Thaler and De Bondt publish an article titled Does the Stock Market Overreact? They concluded that people tended to overreact to unexpected and dramatic news three years year after the publication of their work, Thaler and De Bondt produced more evidenced that provided further support to their overreaction hypothesis. Other authors such as Rabin propose that expected utility theory does not explain risk aversion over modest stakes (Sewell, 2001). Thaler and Rabin then conclude that expected utility hypothesis is dead. Shiller presents evidence that suggests that the US markets are for the most part overvalued and points to various factors-among them psychological-that may explain the phenomena. Thaler publishes The Winners Curse in which he discusses the tendency of individuals to overestimate/underestimate the value of an item in competitive biddin g when information is limited. Thaler and Benartzi discuss in their paper the equity premium puzzle and offer an explanation based on behavioral principles (Sewell, 2001). 1.10 Key Words Behavioral finance, arbitrage, efficient market, psychology 1.12 Content Scheme Chapter I: Problem Approach Background Problem formulation Objectives Justification Research Questions Chapter II: Reference Framework Theoretical basis Literature Review Definitions of terms Chapter III: Methodology Research design Chapter IV: Conclusions and Recommendations Conclusions Recommendations 2. Methodology 2.1 Research Paradigm There are two main paradigms of research: quantitative and qualitative. In order to achieve the objectives of this research a mixture of both methods but the qualitative method will dominate the proceedings. 2.2 Research Techniques Documentation This literature review will employ articles from journals, papers, dissertations, and other relevant sources of information. The information will be properly classified and categorized accordingly in order to maintain the proper organization of sources. 2.3 Information Processing System The information processing system to be utilized for the development of the literature review is composed of the following computer applications: Microsoft Word Microsoft PowerPoint Adobe Acrobat Pro 9 2.4 Information Analysis Information will be analyzed from an editor point of view since the object of the study is to gather all the relevant works regarding behavioral finance and present them in a unified format. Information will be classified according to importance from the most general to the most specific as to cover both macro and micro elements of the subject matter. 3. Organizational and Administrative Elements 1. Chronogram Activity Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Research/Reading x x x x x x Literature Review x x x Analysis x Future Research X Recommendations x End of writing x Review x x First defense x Second defense x 2. Research Budget Item Price Paper Ream $ 4.00 Office Supplies $ 13.00 Book binding $ 40.00 CD-R $ 3.00 Printing Costs $ 40.00 Total $ 100.00 4. Preliminary Bibliography BARBERIS, Nicholas C., and Richard H. THALER, 2003.ÃâÃ A survey of behavioral finance.ÃâÃ In: George M. CONSTANTINIDES, Milton HARRIS, and RenÃ © M. STULZ, eds.ÃâÃ Handbook of the Economics of Finance: Volume 1B, Financial Markets and Asset Pricing. Elsevier North Holland, Chapter 18, pp. 1053-1128. DE BONDT, WERNER F. M., AND RICHARD H. THALER, 1987. Further Evidence on Investor Overreaction and Stock Market Seasonality. The Journal of Finance, 42(3), 557-581. DE BONDT, WERNER F. M., AND RICHARD THALER, 1985. Does the Stock Market Overreact? The Journal of Finance, 40(3), 793-805 FAMA, Eugene F., 1998.ÃâÃ Market efficiency, long-term returns, and behavioral finance.ÃâÃ Journal of Financial Economics,ÃâÃ 49(3), 283-306. JOHNSSON, MALENA., LINDBLOM HENRIK., PLATAN, PETER. Behavioral Finance And the change of investor behavior during and after the speculative bubble at the end of the 1990s. Master Thesis in Finance, School of Economics and M anagement. Lund University. KAHNEMAN, Daniel, and Amos TVERSKY, 1979. Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263-292. KAHNEMAN, Daniel, and Amos TVERSKY, 1996. On the Reality of Cognitive Illusions. Psychological Review, 103(3), 582-591. KAHNEMAN, Daniel, and Amos TVERSKY, 2000. Choices, Values, and Frames. Cambridge: Cambridge University Press. OLSEN, ROBERT A. Behavioral Finance and Its Implications for Stock-Price. Financial Analysts Journal, Vol. 54, No. 2 (Mar. Apr., 1998), pp. 10-18 RITTER , JAY R. Behavioral Finance. Pacific-Basin Finance Journal Vol. 11, No. 4, (September 2003) pp. 429-437 SELDEN, G. C., 1912. Psychology of the Stock Market: Human Impulses Lead To Speculative Disasters. New York: Ticker Publishing SHILLER, ROBERT J. 2002. From Efficient Market Theory to Behavioral Finance, Cowles Foundation Discussion PapersÃâÃ 1385, Cowles Foundation for Research in Economics, Yale University. SHILLER, ROBERT J. 2005. Behavioral Economics and Institutional Innovation, Cowles Foundation Discussion PapersÃâÃ 1499, Cowles Foundation for Research in Economics, Yale University. SHILLER ROBERT J., 1998. Human Behavior and the Efficiency of the Financial System,ÃâÃ ÃâÃ Cowles Foundation Discussion Papers 1172, Cowles Foundation for Research in Economics, Yale University. SLOVIC. PAUL. Psychological Study of Human Judgment: Implications for Investment Decision Making. The Journal of Finance Vol. 27, No. 4 (Sep., 1972), pp. 779-799 THALER, Richard H., 1992. The Winners Curse: Paradoxes and Anomalies of Economic Life. Princeton, NJ: Princeton University Press. THALER, Richard H., 1999. Mental Accounting Matters. Journal of Behavioral Decision Making, 12(3), 183-206. THALER, Richard, 1980. Toward a Positive Theory of Consumer Choice. Journal of Economic Behavior Organization, 1(1), 39-60. THALER, Richard, 1985. Mental Accounting and Consumer Choice. Marketing Scien ce, 4(3), 199-214. TVERSKY, Amos, and Daniel KAHNEMAN, 1973. Availability: A Heuristic for Judging Frequency and Probability. Cognitive Psychology, 5(2), 207-232. TVERSKY, Amos, and Daniel KAHNEMAN, 1974. Judgment Uncertainty: : Heuristics and Biases. Science, 185(4157), 1124-1131. TVERSKY, Amos, and Daniel KAHNEMAN, 1981. The Framing of Decisions and the Psychology of Choice. Science, 211(4481), 453-458. TVERSKY, Amos, and Daniel KAHNEMAN, 1986. Rational Choice and the Framing of Decisions. The Journal of Business, 59(S4), S251-S278. TVERSKY, Amos, and Daniel KAHNEMAN, 1991. Loss Aversion in Riskless Choice: A Reference-Dependent Model. The Quarterly Journal of Economics, 106(4), 1039-1061. TVERSKY, Amos, and Daniel KAHNEMAN, 1992. Advances in Prospect Theory: Cumulative Representation of Uncertainty. Journal of Risk and Uncertainty, 5(4), 297-323. von NEUMANN, John, and Oskar MORGENSTERN, 1944. Theory of Games and Economic Behavior. Princeton, NJ: Princeton Un iversity Press.