Pricing Kernels Defined in Relation to Asset Pricing

The asset pricing kernel,  also known as the stochastic discount factor (SDF), is the random  variable that satisfies the function used in computing the price of an asset. Pricing Kernel and Asset Pricing   The pricing kernel, or stochastic discount factor, is an important concept in mathematical finance and financial economics. The term  kernel  is a common mathematical term used to represent an operator, whereas the term stochastic discount factor  has roots in financial economics and extends the concept of the kernel to include adjustments for risk. The fundamental theorem of asset pricing in finance suggests that the price of any asset is its discounted expected value of future payoff specifically under risk-neutral measure or valuation. Risk-neutral  valuation can only exist  if the market is free of arbitrage opportunities, or opportunities to exploit price differences between two markets and profit from the difference. This relationship between an assets price and its expected payoff is considered the underlying  concept behind all asset pricing. This expected payoff is discounted by a unique factor that depends upon the framework set forth by the market.  In theory, risk-neutral valuation (in which there is an absence of arbitrage opportunities in the market) implies the existence of some positive random variable or the stochastic discount factor. In risk-neutral  measure, this positive stochastic discount factor would theoretically be used to discount the payoff of any asset. Additionally, the existence of such a pricing kernel or stochastic discount factor is equivalent to the law of one price, which presumes that an asset must sell for the same price in all locales or, in other words, an asset will have the same price when exchange rates are taken into consideration. Real-Life Applications Pricing kernels have numerous uses in mathematical finance and economics. For instance, pricing kernels can be used to produce contingent claim prices. If we were to know the current prices of a set of securities in addition to the future payoffs of those securities, then a positive pricing kernel or stochastic discount factor would provide an efficient means of producing  contingent claim prices assuming an arbitrage-free market. This valuation technique is particularly helpful in an incomplete market, or a market in which total supply is not sufficient to meet the demand. Stochastic Discount Factors Apart from asset pricing, another use of the stochastic discount factor is in the evaluation of the performance of hedge funds managers. In this application, however, the stochastic discount factor would not strictly be considered the equivalent to a pricing kernel.

Erik Erikson s Psychosocial Development - 1629 Words

Reflection Paper #4 Erik Erikson’s psychosocial stages theory suggests that people pass through eight distinctive developmental stages as they grow and change throughout their lives. Integrity versus despair is the eighth and final stage of Erikson’s stage theory of psychosocial development. This stage begins at approximately age 60 and ends at death. The crisis represented by this last life stage is integrity versus despair. Erikson proposed that this stage begins when the individual experiences a sense of mortality and tries to find meaning in their accomplishments. This may be in response to retirement, the death of a spouse or close friends, the result from changing social roles, worsening health, or other situations that lead to†¦show more content†¦For example, Julie just turned 67 and recently retired from her three-decade long job as a school teacher. As she begins to reflect back on her life both before deciding to retire and after, she finds that she experiences both fee lings of satisfaction as well as a few regrets. In addition to a career as a teacher that spanned multiple decades, she also raised several children and is confident that she has good relationships with all of her children. Her life evaluation most likely occurred slowly before she decided to retire. But after her last day, the actual idea of retired became more real after her last day and reminded her of her growing age. Julie now has time to reflect upon her life while deciding on what do with her new found free time. Upon reflection, Julie realizes that her biggest regret was that she could never afford to pay for her daughter’s college tuition on a single parent income. Julie’s daughter Sarah, now has a child of her own. After evaluating her life and feeling relatively proud with her accomplishments, she decided to follow her creative passions she never had time for like, taking free educational classes in art and creative writing. Julie also decides to help look a fter Sarah’s daughter while she is at work. While Julie realizes that there are some things she might have done differently if she had the chance, Julie feels an overall sense of pride and accomplishment with

Case Study Analysis Free Essays

Ethical Case Study 2: Sally Goes to School Shanda Woody Montreat College Ethical Case Study 2: Sally Goes to School A fundamental aspect of ethics in counseling is the right to informed consent. Informed consent reflects respect for the client as an individual and promotes self-governing during the counseling process (Pope Melba, 2011). The American Counseling Association Ethical Decision Making Model provides counselors with a blueprint for making ethical decisions while placing an emphasis on values and principles and is appropriate in resolving the ethical dilemma contained in this case study (Miller Davis, 1996). We will write a custom essay sample on Case Study Analysis or any similar topic only for you Order Now ACA Model The ACA Code of Ethics states, â€Å"when counselors are faced with ethical dilemmas that are difficult to resolve, they are expected to engage in a carefully considered ethical decision making model† (ACA, 2005). This model directly applies the ACA Code of Ethics while combining Kitcheners (1984) virtue ethics, counselor consultation, and self-determination (Corey, Corey Callahan, 2011). The model also includes the work of Van Hoose and Paradise (1979), Stadler (986), Haas and Malouf (1989), Forester-Miller and Rubenstein (1992), and Sileo and Kopala (1993). The ACA model encourages a counseling relationship based on trust and states when counselors are faced with an ethical dilemma they apply careful consideration to the decision making process (Corey, Corey Callahan, 2011). ACA Decision Making Model Process The ACA model identifies Kitcheners five moral principles as the cornerstone of the decision making process and they include: autonomy, nonmaleficence, beneficence, justice, and fidelity (Forester-Miller Davis, 1996). Upon eviewing these ethical principles, the model outlines seven steps in the decision making process including: identify the problem; apply the ACA Code of Ethics, determine the nature of the dilemma, determine a possible course of action, consider potential consequences for all options and determine a course of action, evaluate the course of action, and implement the action (Forester-Miller, Davis, 1996). The first step in the model is to identify the problem by gathering as much information as possible. It is important to outline the facts and eliminate any assumptions so that the counselor can determine the ethical dilemma and the course of action needed. In this phase, the model suggest asking questions such as: Is the issue related to me and what I am doing or not doing? Is it related to the client and/or the client’s family? Is the issue an ethical, legal or clinical problem? (Forester-Miller, Davis, 1996) The next step is to apply the ACA Code of Ethics. If there is a standard or standards that apply, the model recommends following the course of action indicated which should lead to a solution. It is important that counselors be familiar with the ethical standards and understand the implications (Forester-Miller et al. ,1996). The next step in the model is to determine the nature and dimensions of the dilemma. In this step, the counselor would consider the moral principles and decide which principles apply, then review any professional literature to help reach a decision, consult with colleagues and other professionals, and seek out assistance from state and national associations. At this point in the decision making process, the counselor may want to refer to Kitcheners (1984) five moral principles to ensure autonomy, justice, beneficence, nonmaleficence, and fidelity are being used as a guide in the decision making process. (Forester-Miller et al. , 1996) Next, counselors begin to brainstorm and create possible solutions for the ethical dilemma. After this stage, counselors will consider the information gathered during previous stages, assess each option carefully and consider the implications for the course of action. The ACA model stresses the mportance of eliminating options that will not result in the optimum outcome and to avoid making decisions that will be more problematic that the situation at hand. (Forester-Miller et al. , 1996) The final two stages include evaluating and implementing the selected course of action. At this point, it is imperative that the counselors consider any new ethical dilemmas that may have been created by the decision made a nd if it is determined more harm will come to the client the counselor must go back to the beginning and reevaluate the process to ensure the best possible outcome. Once it has been determined that this ethical decision made is appropriate, the counselor will implement the plan and follow up with the situation to ensure the course had the anticipated results. Ethical Decision and Implications After reviewing the ACA decision making model, the counselor would choose to discuss the purpose of treatment, the goals, procedures and techniques provided during the therapeutic relationship (Corey Herlihy, 2006). Any testing or diagnosis needs to be explained as the client has a right to be an active participant. Implementation of the ACA Code of Ethics A. 2. a Informed Consent which states clients have a right to choose and remain in the therapeutic relationship and counselors have an obligation to inform clients of the ongoing counseling process is imperative(ACA, 2005). At this juncture, the counselor would also want to refer to ACA Code of Ethics E. 3. a which states counselors must explain the nature and purpose of assessments in a way that the clients can understand (ACA, 2005). Reflections on the Decision Making Process Upholding the ethical standards of the counseling professional can be a difficult task due to a myriad of reasons. An ethical dilemma can prove to be overwhelming and complex but if the counselor utilizes an effective decision making model, refers to the ACA Code of Ethics as a guide, and upholds professional ethics by maintaining the best interest of the client the result should be positive and a learning experience for all involved. References Forester-Miller, H. Davis, T. (1996). A practitioner’s guide to ethical decision making. American Counseling Association (1996) Corey, G. , Corey, M. , Callahan, P. , (2011). Issues and ethics in the helping professions. 8TH edition. American Counseling Association (2005). Code of Ethics, Alexandria, VA: Author. Corey, G. , Herlihy, B. , (2006). ACA ethical standards casebook. 6th edition Pope . How to cite Case Study Analysis, Free Case study samples

Computer, Internet, Privacy INTERNET REGULATION POLICING CYBERSPACE T Essay Example For Students

Computer, Internet, Privacy INTERNET REGULATION: POLICING CYBERSPACE T Essay Computer, Internet, PrivacyINTERNET REGULATION: POLICING CYBERSPACE The Internet is a method of communication and a source of information that is becoming more popular among those who are interested in, and have the time to surf the information superhighway. The problem with this much information being accessible to this many people is that some of it is deemed inappropriate for minors. The government wants censorship, but a segment of the population does not. Legislative regulation of the Internet would be an appropriate function of the government. The Communications Decency Act is an amendment which prevents the information superhighway from becoming a computer red light district. On June 14, 1995, by a vote of 84-16, the United States Senate passed the amendment. It is now being brought through the House of Representatives.1 The Internet is owned and operated by the government, which gives them the obligation to restrict the materials available through it. Though it appears to have sprung up overnight, the inspiration of free-spirited hackers, it in fact was born in Defense Department Cold War projects of the 1950s.2 The United States Government owns the Internet and has the responsibility to determine who uses it and how it is used. The government must control what information is accessible from its agencies. This material is not lawfully available through the mail or over the telephone, there is no valid reason these perverts should be allowed unimpeded on the Internet. Since our initiative, the industry has commendably advanced some blocking devices, but they are not a substitute for well-reasoned law.4 Because the Internet has become one of the biggest sources of information in this world, legislative safeguards are imperative. The government gives citizens the privilege of using the Internet, but it has never given them the right to use it. They seem to rationalize that the framers of the constitution planned plotted at great length to make certain that above all else, the profiteering pornographer, the pervert and the pedophile must be free to practice their pursuits in the presence of children on a taxpayer created and subsidized computer network.3 People like this are the ones in the wrong. Taxpayers dollars are being spent bringing obscene text and graphics into the homes of people all over the world. The government must take control to prevent pornographers from using the Internet however they see fit because they are breaking laws that have existed for years. Cyberpunks, those most popularly associated with the Internet, are members of a rebellious society that are polluting these networks with information containing pornography, racism, and other forms of explicit information. When they start rooting around for a crime, new cybercops are entering a pretty unfriendly environment. Cyberspace, especially the Internet, is full of those who embrace a frontier culture that is hostile to authority and fearful that any intrusions of police or government will destroy their self-regulating world. 5 The self-regulating environment desired by the cyberpunks is an opportunity to do whatever they want. The Communications Decency Act is an attempt on part of the government to control their free attitude displayed in homepages such as Sex, Adult Pictures, X-Rated Porn, Hot Sleazy Pictures (Cum again + again) and sex, sex, sex. heck, its better even better than real sex6. What we are doing is simply making the same laws, held constitutional time and time again by the courts with regard to obscenity and indecency through the mail and telephones, applicable to the Internet. 7 To keep these kinds of pictures off home computers, the government must control information on the Internet, just as it controls obscenity through the mail or on the phone. Legislative regulations must be made to control information on the Internet because the displaying or distribution of obscene material is illegal.The courts have generally held that obscenity is illegal under all circumstances for all ages, while indecency is generally allowable to adults, but that laws protecting children from this lesser form are acceptable. Its called protecting those among us who are children from the vagrancies of adults. .u5e165234f7a160762a253497cdf5b0f2 , .u5e165234f7a160762a253497cdf5b0f2 .postImageUrl , .u5e165234f7a160762a253497cdf5b0f2 .centered-text-area { min-height: 80px; position: relative; } .u5e165234f7a160762a253497cdf5b0f2 , .u5e165234f7a160762a253497cdf5b0f2:hover , .u5e165234f7a160762a253497cdf5b0f2:visited , .u5e165234f7a160762a253497cdf5b0f2:active { border:0!important; } .u5e165234f7a160762a253497cdf5b0f2 .clearfix:after { content: ""; display: table; clear: both; } .u5e165234f7a160762a253497cdf5b0f2 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u5e165234f7a160762a253497cdf5b0f2:active , .u5e165234f7a160762a253497cdf5b0f2:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u5e165234f7a160762a253497cdf5b0f2 .centered-text-area { width: 100%; position: relative ; } .u5e165234f7a160762a253497cdf5b0f2 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u5e165234f7a160762a253497cdf5b0f2 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u5e165234f7a160762a253497cdf5b0f2 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u5e165234f7a160762a253497cdf5b0f2:hover .ctaButton { background-color: #34495E!important; } .u5e165234f7a160762a253497cdf5b0f2 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u5e165234f7a160762a253497cdf5b0f2 .u5e165234f7a160762a253497cdf5b0f2-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u5e165234f7a160762a253497cdf5b0f2:after { content: ""; display: block; clear: both; } READ: Eternal Seeds Essay8 The constitution of the United States has set regulations to determine what is categorized as obscenity and what is not.In Miller vs. California, 413 U.S. at 24-25, the court announced its Miller Test and held, at 29, that its three part test constituted concrete guidelines to isolate hard core pornography from expression protected by the First Amendment.9 By laws previously set by the government, obscene pornography should not be accessible on the Internet. The government must police the Internet because people are breaking laws. Right now, cyberspace is like a neighborhood without a police department. 10 Currently anyone can put anything he wants on the Internet with no penalties. The Communications Decency Act gives law enforcement new tools to prosecute those who would use a computer to make the equivalent of obscene telephone calls, to prosecute electronic stalkers who terrorize their victims, to clamp down on electronic distributors of obscene materials, and to enhance the chances of prosecution of those who would provide pornography to children via a computer. The government must regulate the flow of information on the Internet because some of the commercial blocking devices used to filter this information are insufficient. Cybercops especially worry that outlaws are now able to use powerful cryptography to send and receive uncrackable secret communications and are also aided by anonymous re-mailers. 11 By using features like these it is impossible to use blocking devices to stop children from accessing this information. Devices set up to detect specified strings of characters will not filter those that it cannot read. The government has to stop obscene materials from being transferred via the Internet because it violates laws dealing with interstate commerce. It is not a valid argument that consenting adults should be allowed to use the computer BBS and Internet systems to receive whatever they want. If the materials are obscene, the law can forbid the use of means and facilities of interstate commerce and common carriers to ship or disseminate the obscenity.12 When supplies and information are passed over state or national boundaries, they are subject to the laws governing interstate and intrastate commerce. When information is passed between two computers, it is subjected to the same standards. The government having the power to regulate the information being put on the Internet is a proper extension of its powers. With an information based system such as the Internet there is bound to be material that is not appropriate for minors to see. In passing of an amendment like the Communications Decency Act, the government would be given the power to regulate that material. BIBLIOGRAPHY Buerger, David. Freedom of Speech Meets Internet Censors; Cisco Snubs IBM. Network World. Dialog Magazine Database, 040477. 31 Oct. 1994, 82. Diamond, Edwin and Stephen Bates. And Then There Was Usenet. American Heritage. Oct. 1995, 38. Diamond, Edwin and Stephen Bates. The Ancient History of the Internet. American Heritage. Oct. 1995, 34-45. Dyson, Esther. Deluge of Opinions On The Information Highway. Computerworld. Dialog Magazine Database, 035733. 28 Feb. 1994, 35. Exon, James J. Defending Decency on the Internet. Lincoln Journal. 31 July 1995, 6. Exon, James J. Exon Decency Amendment Approved by Senate. Jim Exon News. 14 June 1995. Exon, James J. , and Dan Coats. Letter to United States Senators. 27 July 1995. Gaffin, Adam. Are Firms Liable For Employee Net Postings? Network World. Dialog Magazine Database, 042574. 20 Feb. 1995, 8. Gibbs, Mark. Congress Crazies Want To Carve Up Telecom. Network World. Dialog Magazine Database, 039436. 12 Sept. 1994, 37. Horowitz, Mark. Finding History On The Net. American Heritage. Oct. 1995, 38. Laberis, Bill. The Price of Freedom. Computerworld. Dialog Magazine Database, 036777. 25 Apr. .u786fbc7f418741dadd42f968d395ed5d , .u786fbc7f418741dadd42f968d395ed5d .postImageUrl , .u786fbc7f418741dadd42f968d395ed5d .centered-text-area { min-height: 80px; position: relative; } .u786fbc7f418741dadd42f968d395ed5d , .u786fbc7f418741dadd42f968d395ed5d:hover , .u786fbc7f418741dadd42f968d395ed5d:visited , .u786fbc7f418741dadd42f968d395ed5d:active { border:0!important; } .u786fbc7f418741dadd42f968d395ed5d .clearfix:after { content: ""; display: table; clear: both; } .u786fbc7f418741dadd42f968d395ed5d { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u786fbc7f418741dadd42f968d395ed5d:active , .u786fbc7f418741dadd42f968d395ed5d:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u786fbc7f418741dadd42f968d395ed5d .centered-text-area { width: 100%; position: relative ; } .u786fbc7f418741dadd42f968d395ed5d .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u786fbc7f418741dadd42f968d395ed5d .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u786fbc7f418741dadd42f968d395ed5d .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u786fbc7f418741dadd42f968d395ed5d:hover .ctaButton { background-color: #34495E!important; } .u786fbc7f418741dadd42f968d395ed5d .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u786fbc7f418741dadd42f968d395ed5d .u786fbc7f418741dadd42f968d395ed5d-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u786fbc7f418741dadd42f968d395ed5d:after { content: ""; display: block; clear: both; } READ: Own Story Essay 1994, 34. Messmer, Ellen. Fighting for Justice On The New Frontier. Network World. Dialog Magazine Database, 028048. 11 Jan. 1993, S19.Policing Cyberspace. U.S. News World Report. 23 Jan. 1995, 55-60. Messmer, Ellen. Sen. Dole Backs New Internet Antiporn Bill. Network World. Dialog Magazine Database, 044829. 12 June 1995, 12. Shifting Into The Fast Lane. U.S. News World Report. 23 Jan. 1995, 52-53. Taylor, Bruce A. Memorandum of Opinion In Support Of The Communications Decency Amendment. National Law Center for Children Families. 29 June 1995, 1-7. Turner, Bob. The Internet Filter. N. p.: Turner Investigations, Research and Communication, 1995. WebCrawler Search Results. Webcrawler. With the query words magazines and sex. 13 Sept. 1995.