Thematic Research Paper. In Aldous Huxley’S Novel, Brave

Thematic Research Paper In Aldous Huxley’s novel, Brave New World, strict societal rules and class structures bear negative results for the World State, such as resentment, gender inequality, and rebellion. The citizens resent different classes and societies, caused by draconian societal structure. A society wholly reliant on medical technology to thrive creates gender imbalance as it erases motherhood and has a flawed familial structure. The World State ultimately becomes its own worst enemy, as the harsh rules and caste system eventually lead the people to rebel against the law. Resentment caused by strict societal rules and classes is evident through the reactions of the citizens of the World State to the Savage. In the World State, the†¦show more content†¦As the director shows the students the Central London Hatchery and Conditioning Center, he describes the Bokanovsky Process, a method to create genetically modified embryos. These embryos are born into various classes, such as Alphas, Deltas, and Epsilons. The Bokanovsky Process erases the need for motherhood. â€Å"Bokanovsky s Process is one of the major instruments of social stability...standard men and women; in uniform batches. The whole of a small factory staffed with the products of a single bokanovskified egg† (Huxley 4). As described in Brave New World, the Bokanovsky Process is a method of cloning individuals to create a unified World State and to forge fear of straying from standardization. In addition, biotechnology destroys the need for mothers and creates hatred of those who rebel against order and desire for motherhood. This rebellion is palpable when Bernard and Lenina visit Malpais and witness mothers inter acting with their children. The World State’s stringent society affects those who feel it is unjust, and these individuals renounce the laws and beliefs of their society. When Bernard and Lenina spend time in Malpais, they observe a spectacle foreign to them: motherhood. In the World State, society shuns those who merely think about motherhood, let alone dream of it. When Bernard notices mothers who are loving and caring for their children, he exemplifies unorthodox beliefs and discusses motherhood. â€Å"What a wonderfully

The Psychoanalytic Theory of Personality - 903 Words

Personality Theories Introduction In psychology, personality can be described as the the patterns of behavior, thought, and emotion unique to an individual, and the ways they interact to help or hinder the adjustment of a person to other people and situations (personality, 2012). Psychologists may make use of idiographic or nomothetic techniques in order to study personality of an individual. Many characteristics of human behavior can be examined while studying ones personality. To put in simple words, personality theories are utilized for organizing what is known, stimulating new research, and specifying a view of personality in a formal way. Trait, psychoanalytic, social learning, and humanistic views are the 4 groups of such theories which have been developed in the precedent century (Kasschau, 1985). Psychoanalytic Theory The Psychoanalytic Theory was put forwarded by Sigmund Freud in which he considered the human personality as a whole by dividing it into 3 functional parts namely id, ego, and superego. Freud regarded the id as the unfathomable stage of the unconscious, subjugated by the gratification principle. He viewed it as having an object to gratify the instinctual drives. He saw the superego to have been originated in an infant through identification with parents. The supergo, according to him, has a purpose of functioning as an inner repressor of the urges of the id in response to social pressures. In contrast, ego was seen by him as a part of theShow MoreRelatedThe Theory Of Personality : A Psychoanalytic Theory1084 Words   |  5 PagesFreud developed a theory to describe the structure of personality called a psychoanalytic theory. 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Capital Asset Prices a Theory of Market Equilibrium Under Conditions of Risk free essay sample

American Finance Association Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk Author(s): William F. Sharpe Source: The Journal of Finance, Vol. 19, No. 3 (Sep. , 1964), pp. 425-442 Published by: Blackwell Publishing for the American Finance Association Stable URL: http://www. jstor. org/stable/2977928 . Accessed: 23/08/2011 00:15 Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available at . http://www. jstor. org/page/info/about/policies/terms. sp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [emailprotected] org. Blackwell Publishing and American Finance Association are collaborating with JSTOR to digitize, preserve and extend access to The Jou rnal of Finance. http://www. jstor. org The VOL. XIX journal of FINANCE No. 3 SEPTEMBER 1964 CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* WILLIAM F. SHARPEt I. INTRODUCTION ONE OF THE PROBLEMSwhich has plagued those attempting to predict the behavior of capital markets is the absence of a body of positive microeconomic theory dealing with conditions of risk. Although many useful insights can be obtained from the traditional models of investment under conditions of certainty, the pervasive influence of risk in financial transactions has forced those working in this area to adopt models of price behavior which are little more than assertions. A typical classroom explanation of the determination of capital asset prices, for example, usually begins with a careful and relatively rigorous description of the process through which individual preferences and physical relationships interact to determine an equilibriumpure interest rate. This is generally followed by the assertion that somehow a market risk-premium is also determined,with the prices of assets adjusting accordingly to account for differencesin their risk. A useful representation of the view of the capital market implied in such discussions is illustrated in Figure 1. In equilibrium, capital asset prices have adjusted so that the investor, if he follows rational procedures (primarily diversification), is able to attain any desired point along a capital market line. He may obtain a higher expected rate of return on his holdings only by incurring additional risk. In effect, the market presents him with two prices: the price of time, or the pure interest rate (shown by the intersection of the line with the horizontal axis) and the price of risk, the additional expected return per unit of risk borne (the reciprocal of the slope of the line). A great many people provided comments on early versions of this paper which led to major improvementsin the exposition. In addition to the referees, who were most helpful, the author wishes to express his appreciation to Dr. Harry Markowitz of the RAND Corporation,Professor Jack Hirshleifer of the University of California at Los Angeles, and to Professors Yoram Barzel, George Brabb, Bruce Johnson, Walter Oi and R . Haney Scott of the University of Washington. AssociateProfessorof Operations Research,Universityof Washington. 1. Althoughsome discussionsare also consistentwith a non-linear (but monotonic) curve. 425 426 The Journalof Finance At present there is no theory describing the manner in which the price of risk results from the basic influences of investor preferences, the physical attributes of capital assets, etc. Moreover, lacking such a theory, it is difficult to give any real meaning to the relationship between the price of a single asset and its risk. Through diversification, some of the risk inherent in an asset can be avoided so that its total risk is obviously not the relevant influence on its price; unfortunately little has been said concerning the particular risk component which is relevant. Risk Capital Market Line 0 Expected Rate of Return Pure InterestRate FIGURE 1 In the last ten years a number of economists have developed normative models dealing with asset choice under conditions of risk. Markowitz,2 following Von Neumann and Morgenstern, developed an analysis based on the expected utility maxim and proposed a general solution for the portfolio selection problem. Tobin showed that under certain conditions Markowitzs model implies that the process of investment choice can be broken down into two phases: first, the choice of a unique optimum combinationof risky assets; and second, a separate choice concerningthe allocation of funds between such a combination and a single riskless 2. Harry M. Markowitz, Portfolio Selection, Efficient Diversification of Investments (New York: John Wiley and Sons, Inc. , 1959). The major elements of the theory first appearedin his article Portfolio Selection,The Journal of Finance, XII (March 1952), 77-91. 3. James Tobin, Liquidity Preference as Behavior Towards Risk, The Review of Economic Studies, XXV (February, 1958), 65-86. CapitalAssetPrices 427 asset. Recently, Hicks4 has used a model similar to that proposed by Tobin to derive corresponding conclusions about individual investor behavior, dealing somewhat more explicitly with the nature of the conditions under which the process of investment choice can be dichotomized. An even more detailed discussion of this process, including a rigorous proof in the context of a choice among lotteries has been presented by Gordonand Gangolli. Although all the authors cited use virtually the same model of investor behavior,6 none has yet attempted to extend it to construct a market equilibriumtheory of asset prices under conditions of risk. We will show that such an extension provides a theory with implications consistent with the assertions of traditional financial theory described above. Moreover, it sheds considerable light on the relationship b etween the price of an asset and the various components of its overall risk. For these reasons it warrants considerationas a model of the determinationof capital asset prices. Part II provides the model of individual investor behavior under conditions of risk. In Part III the equilibrium conditions for the capital market are considered and the capital market line derived. The implications for the relationship between the prices of individual capital assets and the various components of risk are described in Part IV. II. OPTIMAL INVESTMENT POLICY FOR THE INDIVIDUAL The Investors Preference Function Assume that an individual views the outcome of any investment in probabilistic terms; that is, he thinks of the possible results in terms of some probability distribution. In assessing the desirability of a particular investment, however, he is willing to act on the basis of only two para4. John R. Hicks, Liquidity,The Economic Journal, LXXII (December, 1962), 787802. 5. M. J. Gordon and Ramesh Gangolli, Choice Among and Scale of Play on Lottery Type Alternatives, College of Business Administration,University of Rochester, 1962. For another discussion of this relationship see W. F. Sharpe, A Simplified Model for Portfolio Analysis, Management Science, Vol. 9, No. 2 (January 1963), 277-293. A related discussioncan be found in F. Modiglianiand M. H. Miller, The Cost of Capital, CorporationFinance, and the Theory of Investment, The AmericanEconomic Review, XLVIII (June 1958), 261-297. 6. Recently Hirshleifer has suggested that the mean-variance approach used in the articles cited is best regarded as a special case of a more general formulation due to -Arrow. See Hirshleifers InvestmentDecision Under Uncertainty,Papers and Proceedings of the Seventy-Sixth Annual Meeting of the AmericanEconomic Association, Dec. 963, or ArrowsLe Role des ValeursBoursierespour la Repartitionla Meilleuredes Risques, InternationalColloquiumon Econometrics,1952. 7. After preparingthis paper the author learned that Mr. Jack L. Treynor, of Arthur D. Little, Inc. , had independentlydeveloped a model similar in many respects to the one describedhere. UnfortunatelyMr. Treynors excellent work on this subject is, at present, unpublished. 428 The Journal of Finance meters of this distribution-its expec ted value and standard deviation. This can be representedby a total utility function of the form: U = f(E,, a,) where Ew indicates expected future wealth and cw the predicted standard deviation of the possible divergence of actual future wealth from Ew. Investors are assumed to prefer a higher expected future wealth to a lower value, ceteris paribus (dU/dEw 0). Moreover, they exhibit risk-aversion, choosing an investment offering a lower value of aw to one with a greater level, given the level of Ew (dU/dow 0). These assumptions imply that indifference curves relating Ew and co will be upward-sloping. To simplify the analysis, we assume that an investor has decided to commit a given amount (WI) of his present wealth to investment. Letting Wt be his terminal wealth and R the rate of return on his investment: R we have Wt R WI + Wi. This relationship makes it possible to express the investors utility in terms of R, since terminal wealth is directly related to the rate of return: U = g(ER, OR) . Figure 2 summarizes the model of investor preferences in a family of indifference curves; successive curves indicate higher levels of utility as one moves down and/or to the right. 10 8. Under certain conditions the mean-variance approach can be shown to lead to unsatisfactory predictions of behavior. Markowitz suggests that a model based on the semi-variance(the averageof the squareddeviationsbelow the mean) would be preferable; in light of the formidablecomputationalproblems,however, he bases his analysis on the variance and standard deviation. are 9. While only these characteristics requiredfor the analysis, it is generally assumed that the curves have the property of diminishingmarginal rates of substitution between EW and aw, as do those in our diagrams. 10. Such indifferencecurves can also be derived by assuming that the investor wishes to maximize expected utility and that his total utility can be representedby a quadratic function of R with decreasingmarginal utility. Both Markowitz and Tobin present such a derivation. A similar approachis used by Donald E. Farrar in The Investment Decision Under Uncertainty (Prentice-Hall, 1962). Unfortunately Farrar makes an error in his cardinal utility axioms to transderivation; he appeals to the Von-Neumann-Morgenstern form a function of the form: E(U) = a+ bER cER2 -CR2 into one of the form: E (U) = k1 E -k2aR2. Wt WI Wi is That such a transformation not consistent with the axioms can readily be seen in this form, since the first equation implies non-linear indifferencecurves in the ER aR2 plane while the second implies a linear relationship. Obviously no three (different) points can lie on both a line and a non-linear curve (with a monotonic derivative). Thus the two functions must imply different orderings among alternative choices in at least some instance. Capital Asset Prices 429 CYR // -7.. /he or .. Ineten poruiy The~. uv Thsetofinvestmentopportuniti ureshtoewihmsm shsuiiy Every investment plan available to him may be representedby a point in the ER, OR plane. If all such plans involve some risk, the area composed of such points will have an appearance similar to that shown in Figure 2. The investor will choose from among all possible plans the one placing him on the indifference curve representing the highest level of utility (point F). The decision can be made in two stages: first, find the set of efficient investment plans and, second choose one from among this set. A plan is said to be efficient if (and only if) there is no alternative with either (1) the same ER and a lower CR, (2) the same OR and a higher EB Thus investment Z is inefficientsince or (3) a higher ER and a lower CR. investments B, C, and D (among others) dominate it. The only plans which would be chosen must lie along the lower right-hand boundary (AFBDCX)- the investment opportunity curve. To understand the nature of this curve, consider two investment plans -A and B, each including one or more assets. Their predicted expected values and standard deviations of rate of return are shown in Figure 3. 430 The Journal of Finance If the proportion a of the individuals wealth is placed in plan A and the remainder (1-a) in B, the expected rate of return of the combinationwill lie between the expected returns of the two plans: ER= aERa + (1 a) ERb The predicted standard deviation of return of the combination is: RC Va2Ra 2 + (1 a)2 Rb2 + 2rab a(1 a) CRaORb Note that this relationshipincludes rab, the correlation coefficientbetween the predicted rates of return of the two investment plans. A value of +1 would indicate an investors belief that there is a precise positive relationship between the outcomes of the two investments. A zero value would indicate a belief that the outcomes of the two investments are completely independent and -1 that the investor feels that there is a precise inverse relationship between them. In the usual case rab will have a value between o and +1. Figure 3 shows the possible values of ERc and ORCobtainable with differentcombinations of A and B under two different assumptions about OR aRb -B CRa- I l I ERa FIGURE 3 I I I ERb ER CapitalAssetPrices 431 the value of rab. If the two investments are perfectly correlated, the combinations will lie along a straight line between the two points, since in this case both ERC and oRc will be linearly related to the proportions invested in the two plans. 11If they are less than perfectly positively correlated, the standard deviation of any combination must be less than that obtained with perfect correlation (since rabwill be less); thus the combinations must lie along a curve below the line AB. 2AZB shows such a curve for the case of complete independence (rab 0); with negative correlation the locus is even more U-shaped. 13 The manner in which the investment opportunity curve is formed is relatively simple conceptually, although exact solutions are usually quite difficult. 14 One first traces curves indicating ER, ORvalues available with simple combinations of individual assets, then considers combinations of combinations of assets. The lower right-hand boundary must be either linear or increasing at an increasing rate (d2 CR/dE2R; 0). As suggested earlier, the complexity of the relationship between the characteristics of individual assets and the location of the investment opportunity curve makes it difficult to provide a simple rule for assessing the desirability of individual assets, since the effect of an asset on an investors over-all investment opportunity curve depends not only on its expected rate of return (ERI) and risk (CR1), but also on its correlations with the other available opportunities (rii, rI2 . , rin). However, such a rule is implied by the equilibrium conditions for the model, as we will show in part IV. The Pure Rate of Interest We have not yet dealt with riskless assets. Let P be such an asset; its risk is zero (oRp = 0) and its expected rate of return, ERR, is equal (by definition) to the pure interest rate. If an investor places a of his wealth 11. ERC = aERa + (1 -a) ERb = ERb + (ERa ERb) butab a)2 cvRb2 + 2rab a(1 a) rRa aRb ORC= V/a2Ra2 + (1thereforethe expression underthe squareroot sign can be factored: 1, YRc = /[aaRa + (1 GO)cRb]2 a YRa + (1 (OYRa a) aRb 0Rb + YRb) a 12. This curvature is, in essence, the rationale for diversification. 13. When rab YRb ERbERa = 0, the slope of the curve at point A is ERb , at point B it is ERa . When rab =-1, the curve degeneratesto two straight lines to a point on the horizontal axis. 14. Markowitz has shown that this is a problem in parametricquadraticprogramming. An efficientsolution techniqueis describedin his article, The Optimizationof a Quadratic Function Subject to Linear Constraints,Naval Research Logistics Quarterly, Vol. 3 (March and June, 1956), 111-133. A solution method for a special case is given in the authorsA SimplifiedModel for Portfolio Analysis,op. cit. 432 The Journal of Finance in P and the remainderin some risky asset A, he would obtain an expected rate of return: ERC= aERP+ (1 a) ER1a The standard deviation of such a combination would be: 0Rc Va202Rp + ( -a)2aua2 + 2rpa a(1-a) (}RplRa but since ORp = 0, this reduces to: CrR = (1 a) (Ra. This implies that all combinations involving any risky asset or combination of assets plus the riskless asset must have values of ERC and OCR which lie along a straight line between the points representing the two components. Thus in Figure 4 all combinations of ER and OR lying along OaR P FIGURiE 4 v the line PA are attainable if some money is loaned at the pure rate and in some pBlaced A. Similarly, by lending at the pure rate and investing in combinations along PB can be attained. Of all such possibilities, howB, ever, one will dominate: that investment plan lying at the point of the curve where a ray from point P is tangent original investment opprortunity to the curve. In Figure 4 all investments lying along the original curve Capital Asset Prices 433 from X to cPare dominated by some combination of investment in 4 and lending at the pure interest rate. Consider next the possibility of borrowing. If the investor can borrow at the pure rate of interest, this is equivalent to disinvesting in P. The effect of borrowing to purchase more of any given investment than is possible with the given amount of wealth can be found simply by letting a take on negative values in the equations derived for the case of lending. This will obviously give points lying along the extension of line PA if borrowingis used to purchase more of A; points lying along the extension of PB if the funds are used to purchase B, etc. As in the case of lending, however, one investment plan will dominate all others when borrowing is possible. When the rate at which funds can be borrowedequals the lending rate, this plan will be the same one which is dominantif lending is to take place. Under these conditions, the investment opportunity curve becomes a line (POZ in Figure 4). Moreover, if the original investment opportunity curve is not linear at point c, the process of investment choice can be dichotomized as follows: first select the (unique) optimum combination of risky assets (point c), and second borrow or lend to obtain he particular point on PZ at which an indifference curve is tangent to the line. 5 Before proceeding with the analysis, it may be useful to consider alternative assumptions under which only a combination of assets lying at the point of tangency between the original investment opportunity curve and a ray from P can be efficient. Even if borrowingis impossible, the investor will choose 4 (and len ding) if his risk-aversion leads him to a point below 4)on the line Pq). Since a large number of investors choose to place some of their funds in relatively risk-free investments, this is not an unlikely possibility. Alternatively, if borrowing is possible but only up to some limit, the choice of 4) would be made by all but those investors willing to undertake considerablerisk. These alternative paths lead to the main conclusion, thus making the assumption of borrowing or lending at the pure interest rate less onerous than it might initially appear to be. III. IN EQUILIBRIUM THE CAPITAL MARKET In order to derive conditions for equilibrium in the capital market we invoke two assumptions. First, we assume a common pure rate of interest, with all investors able to borrow or lend funds on equal terms. Second, we assume homogeneity of investor expectations:16 investors are assumed 15. This proof was first presented by Tobin for the case in which the pure rate of interest is zero (cash). Hicks considersthe lending situation under comparableconditions but does not allow borrowing. Both authors present their analysis using maximization subject to constraints expressed as equalities. Hicks analysis assumes independenceand thus insures that the solution will include no negative holdings of risky assets; Tobins covers the general case, thus his solution would generally include negative holdings of some assets. The discussion in this paper is based on Markowitz formulation, which on includesnon-negativityconstraints the holdingsof all assets. 16. A term suggested by one of the referees. 434 The Journal of Finance to agree on the prospects of various investments-the expected values, standard deviations and correlation coefficients described in Part II. Needless to say, these are highly restrictive and undoubtedly unrealistic assumptions. However, since the proper test of a theory is not the realism of its assumptionsbut the acceptability of its implications,and since these assumptions imply equilibrium conditions which form a major part of classical financial doctrine, it is far from clear that this formulation should be rejected-especially in view of the dearth of alternative models leading to similar results. Under these assumptions, given some set of capital asset prices, each investor will view his alternatives in the same manner. For one set of prices the alternatives might appear as shown in Figure 5. In this situaaR Cl C2 -C3 C1/ / ~~ B B~2 1/ A3/ P FIGURE 5 ER tion an investor with the preferences indicated by indifferencecurves A1 throughA4 would seek to lend some of his funds at the pure interest rate and to invest the remainderin the combination of assets shown by point since this would give him the preferredover-all position A*. An investor 4,0 with the preferencesindicated by curves B1 through B4 would seek to invest all his funds in combination 4, while an investor with indifference curvesC1throughC4 would invest all his funds plus additional (borrowed) Capital Asset Prices 435 funds in combination 4 in order to reach his preferred position (C*). In any event, all would attempt to purchase only those risky assets which enter combination b. The attempts by investors to purchase the assets in combination 4 and their lack of interest in holding assets not in combination would, of course, lead to a revision of prices. The prices of assets in 4 will rise and, since an assets expected return relates future income to present price, their expected returns will fall. This will reduce the attractiveness of combinations which include such assets; thus point (among others) will move to the left of its initial position. 7 On the other hand, the prices of assets not in will fall, causing an increase in their expected returns and a rightwardmovement of points representingcombinationswhich include them. Such price changes will lead to a revision of investors actions; some new combination or combinations will become attractive, leading to different demandsand thus to further revisions in prices. As the process continues, the investment opp ortunity curve will tend to become more linear, with points such as moving to the left and formerly inefficient points (such as F and G) moving to the right. Capital asset prices must, of course, continue to change until a set of prices is attained for which every asset enters at least one combination lying on the capital market line. Figure 6 illustrates such an equilibrium condition. 8All possibilities in the shaded area can be attained with combinations of risky assets, while points lying along the line PZ can be attained by borrowing or lending at the pure rate plus an investment in some combination of risky assets. Certain possibilities (those lying along PZ from point A to point B) can be obtained in either manner. For example, the ER, aR values shown by point A can be obtained solely by some combination of risky assets; alternatively, the point can be reached by a combination of lending and investing in combination C of risky assets. It is important to recognize that in the situation shown in Figure 6 many alternative combinations of risky assets are efficient (i. e. , lie along line PZ), and thus the theory does not imply that all investors will hold On the same combination. 9 the other hand, all such combinations must be perfectly (positively) correlated,since they lie along a linear border of 17. If investors consider the variability of future dollar returns unrelated to present price, both ER and cR will fall; under these conditions the point representingan asset would move along a ray through the origin as its price changes. 18. The area in Figure 6 representingER aR values attained with only risky assets has been drawn at some distance from the horizontal axis for emphasis. It is likely that would place it very close to the axis. a more accurate representation 19. This statement contradicts Tobins conclusion that there will be a unique optimal combination of risky assets. Tobins proof of a unique optimum can be shown to be incorrect for the case of perfect correlation of efficient risky investment plans if the line connectingtheir ER, aR points would pass through point P. In the graph on page 83 of this article (op. cit. ) the constant-risklocus would, in this case, degenerate from a loci, thus giving family of ellipses into one of straight lines parallel to the constant-return multiple optima. 436 The Journalof Finance the ER, oR region. 20This provides a key to the relationship between the prices of capital assets and different types of risk. aRl B p FIGURE 6 ER IV. THE PRICES OF CAPITAL ASSETS We have argued that in equilibrium there will be a simple linear relationship between the expected return and standard deviation of return for efficient combinations of risky assets. Thus far nothing has been said about such a relationshipfor individualassets. Typically the ER,ORvalues associated with single assets will lie above the capital market line, reflecting the inefficiencyof undiversifiedholdings. Moreover, such points may be scattered throughout the feasible region, with no consistent relationship between their expected return and total risk (OR). However, there will be a consistent relationshipbetween their expected returns and what might best be called systematic risk, as we will now show. Figure 7 illustrates the typical relationship between a single capital 20. ER, 0R values given by combinations of any two combinationsmust lie within the region and cannot plot above a straightline joining the points. In this case they cannot plot below such a straight line. But since only in the case of perfect correlationwill they plot along a straight line, the two combinationsmust be perfectly correlated. As shown in Part IV, this does not necessarily imply that the individual securities they contain are perfectly correlated. Capital Asset Prices 437 asset (point i) and an efficient combination of assets (point g) of which oR it is a part. The curve igg indicates all ERJ, values which can be obtained with feasible combinations of asset i and combination g. As before, we denote such a combination in terms of a proportion a. of asset i and 1 would indicate pure investa) of combination g. A value of a (1 ?R _ P FiGuRE 7 ER ent in asset i while a = 0 would imply investment in combination g. Note, however, that a = . 5 implies a total investment of more than half the funds in asset i, since half would be invested in i itself and the other half used to purchase combination g, which also includes some of asset i. This means that a combinationin which asset i does not appear at all must be represented by some negative value of a. Point g indicates such a combination. In Figure 7 the curve igg has been drawn tangent to the capital market line (PZ) at point g. This is no accident. All such curves must be tangent to the capital market line in equilibrium,since (1) they must touch it at the point representing the efficient combination and (2) they are continuous at that point. 2 Under these conditions a lack of tangency would 21. Only if rig = -1 will the curve be discontinuousover the range in question. 438 The Journal of Finance imply that the curve intersects PZ. But then some feasible combinationof assets would lie to the right of the capital market line, an obvious impossibility since the capital market line represents the efficient boundary of feasible values of ER and OR. The requirement that curves such as igg be tangent to the capital market line can be shown to lead to a relatively simple formula which relates the expected rate of return to various elements of risk for all assets which are included in combinationg. 22Its economic meaning can best be seen if the relationship between the return of asset i and that of combination g is viewed in a manner similar to that used in regression analysis. 28Imagine that we were given a number of (ex post) observations of the return of the two investments. The points might plot as shown in Fig. . The scatter of the R, observations around their mean (which will approximate ERi) is, of course, evidence of the total risk of the asset CRi. But part of the scatter is due to an underlyingrelationshipwith the return on combination g, shown by Big, the slope of the regression line. The response of R, to changes in Rg (and variations in Rg itself) account for 22. The standard deviation of a combinationof g and i will be: or = V/a2aRi2 + (1 a)2 ORg2 + 2rig a(l a) cRiaRg at a = 0: do but or = 1 rjgcvRjaTgl daL = d[0Rg2 Rg at a = 0. Thus: da a [cvRg- rigaRil will be: The expectedreturnof a combination E = aERi + (1 ca) ERg Thus, at all values of a: dE dL = _ [ERg ERJ] and, at a = 0: dcv cvRg- rigcfRi dE ERg-ERi Let the equationof the capitalmarketline be: CvR = S(ER P) = where P is the pure interest rate. Since igg is tangent to the line when c lies on the line: (ERg, CvRg) qp,Rg~- jgj dR rigq. ,i Rg ERgERi ERg P 0, and since or: E rgRE l+ LERg ERi. -P] [ERg-P 23. This model has been called the diagonal model since its portfolio analysis solution can be facilitated by re-arranging data so that the variance-covariance the matrix becomes diagonal. The method is described in the authors article, cited earlier. CapitalAssetPrices Return on Asset i (Ri) 439 . , ~~~ig -4.. ERi Return FIGuRE8 on Combination g (Rg) much of the variation in Ri. It is this component of the assets total risk which we term the systematic risk. The remainder,24 being uncorrelated with Rg, is the unsystematic component. This formulation of the relationship between R, and Rg can be employed ex ante as a predictive model. Big becomes the predicted response of Ri to changes in Rg. Then, given ORg (the predicted risk of Rg), the systematic portion of the predicted risk of each asset can be determined. This interpretation allows us to state the relationship derived from the tangency of curves such as igg with the capital market line in the form shown in Figure 9. All assets entering efficient combination g must have (predicted) Big and ER, values lying on the line PQ. 25Prices will 24. ex post, the standarderror. 25. /Big20 Rg2 g BigcRg ORi aRi2 and: Big =- -rigcvRi 4 oRg The expressionon the right is the expressionon the left-hand side of the last equation in footnote 22. Thus: Big = E- Rg P + [EgiP] ERI. 440 The Journal of Finance djust so that assets which are more responsive to changes in Rg will have higher expected returns than those which are less responsive. This accords with common sense. Obviously the part of an assets risk which is due to its correlationwith the return on a combinationcannot be diversifiedaway when the asset is added to the combination. Since Bigindicates the magnitude of this type of risk it should be directly related to expected return. The relationsh ipillustrated in Figure 9 provides a partial answer to the question posed earlier concerning the relationship between an assets risk Q Big 0 J______________ t -f Pure Rate of Interest -P ~~~~~~~~~~E FIGURE 9 and its expected return. But thus far we have argued only that the relationship holds for the assets which enter some particular efficient combination (g). Had another combination been selected, a different linear relationshipwould have been derived. Fortunately this limitation is easily overcome. As shown in the footnote,26 we may arbitrarily select any one 26. Consider the two assets i and i*, the former included in efficient combination g and the latter in combinationg*. As shown above: Big = -[E1,gP] and: + [E P] ERI Capital Asset Prices 441 of the efficient combinations, then measure the predicted responsiveness of every assets rate of return to that of the combination selected; and these coefficients will be related to the expected rates of return of the assets in exactly the mannerpictured in Figure 9. The fact that rates of return from all efficient combinations will be perfectly correlatedprovides the justification for arbitrarily selecting any one of them. Alternatively we may choose instead any variable perfectly correlated with the rate of return of such combinations. The vertical axis in Figure 9 would then indicate alternative levels of a coefficient measuring the sensitivity of the rate of return of a capital asset to changes in the variable chosen. This possibility suggests both a plausible explanation for the implication that all efficient combinations will be perfectly correlated and a useful interpretation of the relationship between an individual assets expected return and its risk. Although the theory itself implies only that rates of return from efficient combinations will be perfectly correlated, we might expect that this would be due to their common dependence on the over-all level of economic activity. If so, diversification enables the investor to escape all but the risk resulting from swings in economic activity-this type of risk remains even in efficient combinations. And, since all other types can be avoided by diversification, only the responsiveness of an assets rate of return to the level of economic activity is relevant in BJ*g* = rj*g* = rj*g Thus: Bi*g*oRg* Bi*gcrRg [ERg* P + [E *-P] ER11* Since Rg and Rg* are perfectly correlated: and: B. = Bi*g[ [ ORg Crjg Since both g and g* lie on a line which intercepts the E-axis at P: YRg ERg-P ERg* P and: (yRg* Bj*g* = Bi*g P Thus: [E g p] ERi* = Bi*g from which we have the desired relationship between R,* and g: [ ]ER:P + [ E Pz] Bj*g[] ErP+ [El IP] Bi*g must therefore plot on the same line as does Big. 442 The Journal of Finance assessing its risk. Prices will adjust until there is a linear relationship between the magnitude of such responsiveness and expected return. Assets which are unaffected by changes in economic activity will return the pure interest rate; those which move with economic activity will promise appropriatelyhigher expected rates of return. This discussion provides an answer to the second of the two questions posed in this paper. In Part III it was shown that with respect to equilibrium conditions in the capital market as a whole, the theory leads to results consistent with classical doctrine (i. e. , the capital market line). We have now shown that with regard to capital assets considered individually, it also yields implications consistent with traditional concepts: it is commonpractice for investment counselorsto accept a lower expected return from defensive securities (those which respond little to changes in the economy) than they require from aggressive securities (which exhibit significant response). As suggested earlier, the familiarity of the implications need not be considereda drawback. The provision of a logical framework for producing some of the major elements of traditional financial theory should be a useful contributionin its own right.

Lobby free essay sample

The idea behind this project is to design a lobby of a first class hotel of 200 rooms and therefore we decided to create a virtual hotel. Good planning and coordination was important for the work to realize. It took us a lot of time to design our lobby and for that we had to do a lot of research work in order to have the necessary information to make a good lobby. 1. The objectives of the architect 1- To cluster the public facilities- restaurants, lounges, conference rooms, front desk and so forth around the lobby, ensuring hotel guests can find the various facilities with a minimum difficulty. 2- Also when guests linger in it, the lobby in it, the lobby serves as an informal gathering space. It also functions as a control point with the staff visually over seeing access throughout the building. 3- Provide clear path to front desk, food and beverage, reservation, public relation officer through the lobby. We will write a custom essay sample on Lobby or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 4- Make the front desk visible to entering guests. It should have sufficient space for check in / check out lines and have direct access to the front office. [pic] 2. 0 Profile of our hotel Le Royal Hotel is set on a superb location, tucked between Le Morne Mountain and one of Mauritius’ most beautiful beaches. It stretches itself on the spectacular Le Morne Peninsula, on the South-West tip of the island. This luxury hotel covers an impressive 150-hectare, bordered by 7 km of protected beaches and the largest lagoon of Mauritius. With a name that says it all, Le Royal Hotel positions itself as the ultimate 5-star resort in Mauritius. It offers 2 Spas and a total of 7 superb restaurants, with different cuisines and characteristics. The hotel also boasts a stylish collection of high-quality accommodation, including Junior and Senior Suites and 13 luxury seaside Villas featuring their private beaches. Le Royal Hotel also proposes a comprehensive array of land and water sports including diving and deep-sea fishing. [pic] 3. 0 What is a lobby? Every hotel, regardless of its size, must have a public lobby. The size of the lobby is largely determined by the number of guest rooms as well as by the type of hotel that is on the architect’s drawing boards. It goes without saying that the larger the hotel, the larger the lobby. The lobby will also have to be larger in a resort or convenient hotel. A resort hotel will require a large lobby because guests will congregate there in the evening. A hotel catering to conventions needs a large lobby because here again there is a constant gathering of conventioneers before they go off to lectures, seminars, meetings, luncheons, and dinners. There is no rule of thumb to determine the size of a lobby. One must proceed by making a careful study of similar types of hotels and arrive at decisions after discussions with hotel operators and managers. A hotel lobby sets the mood for a hotel. This space, more than any other, will create the first and usually the most lasting impression. Furnishings, color, finishing materials, lighting, and decor must create the proper ambience regardless of whether the hotel is large or small, in a city or a resort, moderately priced or expensive. The interior designer plays a most vital part in planning and designing hotel lobbies. [pic] 4. 0 Plan of the lobby [pic] 5. 0 The functional areas of the lobby; 5. 1 Cyber Cafe There would be a cyber cafe located near the main restaurant. The guests will have access to the computers and Internet access is also available. The room is also composed with a fax a telecopy service that can help the guests from time to time. [pic] 5. 2 Luggage Room It is where we put the cases and the belongings of the guests after their arrival to the hotel. The baggages will be put there and shortly after that the guests have completed the formalities it will be out to the respective guests’ rooms. The luggage compartment is not so big; it occupies a small space only. [pic] 5. 3 Lounge It is the sitting area. The lounge is near the front office and face to the main entrance. It is divided into two sections where the guests and employees can provide services to the latter more easily. The lounge is also composed with some plants just to give a sense of relaxation in the hotel. [pic] 5. 4 The back offices The back offices are mainly composed of the Sales Marketing department, the Reservation office department, Administration department and the Front Office department. All these departments are located at the back of the Front Office found in the lobby. There will be a corridor with the door for staff entrance close to the Front Office desk. The guests won’t have access to the back of the house area of the hotel. [pic] 5. 5 Main Entrance The main entrance of the lobby will have a width of approximately 5-6 meters where it will make circulation a lot more comfortable. The main entrance has also been built by taking into consideration disable persons; a special floor is made available to those people. [pic] 5. 6 Administration office Office Administration is a set of day-to-day activities related to financial planning, billing and recordkeeping, personnel, and physical distribution and logistics, within a business. Administrative functions Administrators, broadly speaking, engage in a common set of functions to meet the organizations goals. †¢ Planning is deciding in advance what to do, how to do it, when to do it, and who should do it. It maps the path from where the organization is to where it wants to be. The planning function involves establishing goals and arranging them in logical order. Administrators engage in both short-range and long-range planning. †¢ Organizing involves identifying responsibilities to be performed, grouping responsibilities into departments or divisions, and specifying organizational relationships. The purpose is to achieve coordinated effort among all the elements in the organization. Organizing must take into account delegation of authority and responsibility and span of control within supervisory units. †¢ Staffing means filling job positions with the right people at the right time. It involves determining staffing needs, writing job descriptions, recruiting and screening people to fill the positions. †¢ Directing is leading people in a manner that achieves the goals of the organization. This involves proper allocation of resources and providing an effective support system. Directing requires exceptional interpersonal skills and the ability to motivate people. One of the crucial issues in directing is to find the correct balance between emphasis on staff needs and emphasis on production. †¢ Controlling is the function that evaluates quality in all areas and detects potential or actual deviations from the organizations plan. This functions purpose is to ensure high-quality performance and satisfactory results while maintaining an orderly and problem-free environment. Controlling includes information management, measurement of performance, and institution of corrective actions. Budgeting, exempted from the list above, incorporates most of the administrative functions, beginning with the implementation of a budget plan through the application of budget controls. 5. 7 Lifts Lifts are expensive. They should be wider than they are deep to facilitate entry. Tough surfaces are required to resist damage by baggage. The main lift bank must be visible on ente ring the reception area. Specialist design of the lift system may be necessary. Additional service lifts may also be required for housekeeping and room service. There are often one or two service lifts to every three guests’ lifts, and these open onto service lobbies on each floor. At least one lift should be large enough to take furniture such as bed or bath, or a stretcher case as accidents and illness occur in hotels, and it may be preferable not to use the public areas in such event. [pic] 5. 8 Stairs Staircase design is dictated by fire escape requirements. The main stairs should be beside the lift bank to enable guests to find them easily, with secondary stairs at the end of each corridor. Some ramps may be required for guests using wheelchairs. [pic] 5. 9 Concierge The concierge counter is located at the right of the entrance. The counter is normally occupied by one person; therefore there is no need for a large desk. The concierge counter has drawers for keys, message indicator panels, and the wake up system, brochure holders, and the stationery drawer. A concierge is somebody who works at the concierge counter and very often has great contacts and can make things happen that the guest might not be able to do. For example, if the guest needs theater tickets, or if the guest needs a reservation at an exclusive restaurant, often a hotel concierge can use his or her contacts and make those things happen. They can also do some fairly ordinary things too, for example, helping the guest print out a boarding pass or helping the guest with flight arrangements, but theyre great at doing things that just seem impossible. In a nutshell, the concierge is there to satisfy the needs of the guest. [pic] 5. 10 The public relation counter The public relation counter is located at the left of the entrance. This enables the guest relation officers to quickly reach the guests as they enter the lobby and this facilitates the work of both the public relation officers and the guests. The public relation counter is enhanced with lightings and plants. This counter has been set up so as the queries of the guests can be satisfied. The public relation officer can be asked to organize a wedding, therefore he has to make suitable arrangements concerning the wedding and if additional requirement is needed. [pic] 5. 11 Reception Reception areas should provide a clear introduction to the building, with straightforward unobstructed routes to the enquiry desk, lift, stairs and waiting area. A screened telephone point is helpful, especially in buildings where visitors will need to call taxis or waiting colleagues. The reception of our hotel is located at the right of the entrance. The reception is enhanced by lightings and this contributes to the esthetics aspects of the reception. The reception desk is large enough so as to be able to accommodate the different working stationeries and office tools; the computer, printer, credit/debit card transactions, telephones. There is enough space at the reception to allow paper work to be carried out comfortably, to cater many guests at a time and to allow the employees to move comfortably. [pic] 5. 12 The Water Fountain For most consumers, indoor fountains are decorative water features that simply look good as lifestyle furnishing items in traditional or contemporary homes. The benefit of flowing water is maintaining a balanced, healthy and serene environment. Given that they moisturize the atmosphere in air-conditioned rooms or buildings, relieve stress in pressured lives and are a powerful form of relaxation therapy for hyperactive children, insomniacs, and those living with noisy neighbors or busy roads Water features add an element of natural energy and serenity to any environment. Fountains designers and their clients are increasingly choosing water features as a compelling, cost effective way to distinguish and differentiate their work and home environment. [pic] 5. 13 Information desk The information desk is located at the left of the entrance. This is the desk where the different tour operators would be present and allowing them to be within the reach of the guests. Tourists can get different magazines from which they can get information about the hotel’s surroundings and some places of interest. The tour operators can guide them whenever they have any problems or questions pic] 5. 14 The Main Restaurant â€Å"La Belle Vue† is the main restaurant of the hotel. The name of the restaurant has been chosen in relation to its location which faces the sea. Guests have the opportunity to admire the blue lagoon every time they are having their meal. The atrium area is treated casually, with brick paving and tables with cloth runners in a low-ceilinged interior space. The intermediate zone is more formal, and the â€Å"interior section includes leather banquettes, table linen, lower lighting levels and such additional accessories such as artwork. It is also an exhibition cooking area where the chef is visible. Guests like to see who is preparing their meals. This design also brings chefs out of the kitchen. The restaurant will offer different moods for breakfast or dinner, for family groups or couples and for informal meals or special-occasion dinners. [pic] 5. 15 The Main Bar The â€Å"Skipper’s Deck† is the main bar of the hotel. It is close to the main restaurant as it provides easy accessibility to guests. The bar is very spacious with seating all around it and can accommodate around 75 guests. The bar also faces the sea and guests are able to admire the seaside as well as the sunset in the evening. A variety of alcoholic and non alcoholic drinks are made available to guests. There are the classic cocktails as well as the exotic ones prepared by the barman. The bar is in an open space which makes it really accessible to guests who can spend their day relaxing there. There is also a corner where artists make their representations at night to improve the overall atmosphere. [pic] 5. 16 Tourist shops Tourist shops provide a space where guests can do their shopping with souvenirs, clothes, artifacts†¦ at hand. In the tourist shops, one can have Mauritian handicrafts and souvenirs and also the guests have access to useful stationary that can be use to send post cards to relatives and friends during their holidays. [pic] 5. 17 The Patio Patios are typically made of concrete or stone slabs laid over a firm base. This base is often formed of a layer of compacted hardcore, a layer of sharp sand, and a layer of cement mortar. The firmness and stability of the base is essential to the robustness of the top layer of slabs an infirm base will typically result in cracked slabs. Patios that hold a lot of weight, such as driveways, require stronger foundations than those that are designed for light use. A patio is an outdoor space generally used for dining or recreation that often adjoins a residence. The patio of our hotel is found near the main bar and is on a terrace from which the guests can have a sea-side view. For the decoration we have covered the concrete floor with teak wood. The guests can relax and have their food in the open area. [pic] 5. 18 The Coffee shop Coffee shops focus on providing coffee and tea as well as light snacks. The coffee shop is mainly used by tourists who are both waiting to check in or check out and is available on a 24hr basis. The coffee shop provides a rapid service and it can be used as a place for relaxation. [pic] 6. 0 Materials and decorations The materials which have been used in the designing of the lobby have been meticulously chosen. The materials are durable and particularly esthetic for the lobby. They have also been chosen in accordance with the theme of the hotel which is a tropical style. Durable materials are indeed very costly but however, they can resist and maintain them with the high traffic, impact and scrapping. Tropical style Tropical chic is one of the most popular looks today. It includes comfort, warmth, and a touch of the exotic, using jungle themes, restful colors, and natural textural elements. Its a style that has fresh appeal with touches of traditional. This is not the multi-colored jungle look you might choose for a childs room. It mixes lots of texture and intricate pattern with simple details and a few large accessories. Common motifs include stylized palm trees, large leafed banana plants, monkeys, animal prints, rattan, leather, and grass cloth. Here are some of the underlying elements and themes of a tropical look of our lobby. Colors This tropical palette is influenced by palm trees and sunny skies. Other palettes may include brighter hues reflecting the culture and history of the region. A Balinese interior will have deeper, richer colors. Furniture and Finishes Exotic hardwoods like teak, rosewood and â€Å"koa† are used for furniture. Natural materials like cane, sea grass, water hyacinth, banana leaf and rattan are woven to form chairs, sofas and tables and a myriad of accents. Fabrics Look for prints that feature palm trees and their far-reaching fronds and tropical plants with vivid, beautiful blooms like hibiscus, anthurium, orchid and Bird of Paradise. For a more refined look incorporate Thai silks and floral-printed linen. Art and Accessories Look to the beach for inspiration and find ways to incorporate them into the room. Tropical plants set in wicker planters, shells displayed in jars or shadow boxes and baskets, mats and rugs made of natural materials like rattan and sea grass will all infuse the room with a warm-weather attitude. [pic][pic][pic] The Roof The roof is critically important part of any building. The roof of our lobby is water proof because if water gains access to the building through the roof system great damage can result, first to the roof and later to the structural elements of the building. Our roof is made up of wood and is partly transparent. The roof life expectancy depends on the quality of the construction material. Since the roof is partly transparent, we can save on electricity as during the day we can get natural light to lighten the lobby. The general circulation layout should facilitate movement and, as far as ossible, provide for the separation of guests, staff and maintenance personnel. This is not just to avoid disturbing the guests, but also to enable efficient servicing. Separate the circulation of resident and non-resident guests; for instance, by providing direct access to restaurants, conference rooms and banqueting halls. This avoids congestion in the main reception area and gives better control and supervision. Circulation in public spaces should wherever possible be through areas of other use such as lounges or shopping areas, or have special use, such as lobbies. . 0 Safety and security Safety and security should be one of the hotel’s main concerns. At Le Royal Hotel, safety and security of its guests is seriously considered and steps are taken to make sure that their stay is as safe as possible. The lobby of Le Royal Hotel is safe and secures enough in order to operate. Safety involves avoiding tho se causes of injury and damage that we might call accidental slips and falls, cuts, burns, and other personal injuries and property damage. Security Guards-Most hotels do not have security guards while some employ them only at night. At the hotel, we have our own staff of trained security guards working 24-hours every day to provide the best in safety and security for our guests. Defibrillation Units-A life saving devise in case of heart attacks, defibrillation units are starting to be deployed among police and emergency personnel across the nation. At the hotel, we maintain 2 defibrillation units (one in the water park and one in the hotel lobby) along with trained staff to allow us to respond immediately to anyone who might have the need while waiting for emergency personnel to arrive. Security Cameras-At the hotel, we cover and record nearly all of our common areas, the parking lot, exercise room, lobby guest hallways, and other areas with security cameras monitored 24 hours, seven days a week, by our security staff to ensure guest safety. Fire Alarms-While most hotels now have smoke detectors and fire alarms, the hotel has a state of the art alarm system with smoke detectors in the lobby and throughout the entire hotel that is monitored 24 hours a day, 7 days per week that pinpoints the exact point of the alarm allowing our security staff to respond immediately to the area of any alarm condition. Emergency Power-Very few hotels have any provision for emergency power in case of an electrical outage while a few hotels provide limited emergency stand-by power to provide elevator service and some lighting. The hotel has a 2-Megawatt stand-by generator that provides 100% emergency power to the entire complex making it the only Hotel in the State that can provide uninterrupted guest service during a power outage. Employee Photo ID-For added security, each employee of the hotel wears a photo ID nametag allowing quick identification. . 0 Hazard Signs So as to avoid accidents, signs have been placed in the lobby. Signs are important in any establishment, whatever the nature of the organization. Signs are important for preventing danger and optimizing both the personnel’s and the guest’s safety. For this purpose, there have been many signs indicating measure to be taken as well as warning signs. The signs are placed in areas of the lobby where the guests and employees can easily see them. Some of the signs that are included in the lobby are found below. pic] [pic] [pic] 10. 0 Conclusion It is often said that the first impression is always the last impression. Any guests entering the hotel must have a satisfied feeling. In other words, if the guests are happy with the hotel environment we can be sure of having a satisfied guest with a nice stay. While designing our lobby we have take n into consideration appropriate esthetics and safety and security elements. They cannot be foregone as it is them which will determine the success and failure of the hotel. Lobby free essay sample The objectives of the architect 1- To cluster the public facilities- restaurants, lounges, conference rooms, front desk and so forth around the lobby, ensuring hotel guests can find the various facilities with a minimum difficulty. 2- Also when guests linger in it, the lobby in it, the lobby serves as an informal gathering space. It also functions as a control point with the staff visually over seeing access throughout the building. 3- Provide clear path to front desk, food and beverage, reservation, public relation officer through the lobby. 4- Make the front desk visible to entering guests. It should have sufficient space for check in / check out lines and have direct access to the front office. [pic] 2. 0 Profile of our hotel Le Royal Hotel is set on a superb location, tucked between Le Morne Mountain and one of Mauritius’ most beautiful beaches. It stretches itself on the spectacular Le Morne Peninsula, on the South-West tip of the island. We will write a custom essay sample on Lobby or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This luxury hotel covers an impressive 150-hectare, bordered by 7 km of protected beaches and the largest lagoon of Mauritius. With a name that says it all, Le Royal Hotel positions itself as the ultimate 5-star resort in Mauritius. It offers 2 Spas and a total of 7 superb restaurants, with different cuisines and characteristics. The hotel also boasts a stylish collection of high-quality accommodation, including Junior and Senior Suites and 13 luxury seaside Villas featuring their private beaches. Le Royal Hotel also proposes a comprehensive array of land and water sports including diving and deep-sea fishing. [pic] 3. 0 What is a lobby? Every hotel, regardless of its size, must have a public lobby. The size of the lobby is largely determined by the number of guest rooms as well as by the type of hotel that is on the architect’s drawing boards. It goes without saying that the larger the hotel, the larger the lobby. The lobby will also have to be larger in a resort or convenient hotel. A resort hotel will require a large lobby because guests will congregate there in the evening. A hotel catering to conventions needs a large lobby because here again there is a constant gathering of conventioneers before they go off to lectures, seminars, meetings, luncheons, and dinners. There is no rule of thumb to determine the size of a lobby. One must proceed by making a careful study of similar types of hotels and arrive at decisions after discussions with hotel operators and managers. A hotel lobby sets the mood for a hotel. This space, more than any other, will create the first and usually the most lasting impression. Furnishings, color, finishing materials, lighting, and decor must create the proper ambience regardless of whether the hotel is large or small, in a city or a resort, moderately priced or expensive. The interior designer plays a most vital part in planning and designing hotel lobbies. [pic] 4. 0 Plan of the lobby [pic] 5. 0 The functional areas of the lobby; 5. 1 Cyber Cafe There would be a cyber cafe located near the main restaurant. The guests will have access to the computers and Internet access is also available. The room is also composed with a fax a telecopy service that can help the guests from time to time. [pic] 5. 2 Luggage Room It is where we put the cases and the belongings of the guests after their arrival to the hotel. The baggages will be put there and shortly after that the guests have completed the formalities it will be out to the respective guests’ rooms. The luggage compartment is not so big; it occupies a small space only. [pic] 5. 3 Lounge It is the sitting area. The lounge is near the front office and face to the main entrance. It is divided into two sections where the guests and employees can provide services to the latter more easily. The lounge is also composed with some plants just to give a sense of relaxation in the hotel. [pic] 5. 4 The back offices The back offices are mainly composed of the Sales Marketing department, the Reservation office department, Administration department and the Front Office department. All these departments are located at the back of the Front Office found in the lobby. There will be a corridor with the door for staff entrance close to the Front Office desk. The guests won’t have access to the back of the house area of the hotel. [pic] 5. 5 Main Entrance The main entrance of the lobby will have a width of approximately 5-6 meters where it will make circulation a lot more comfortable. The main entrance has also been built by taking into consideration disable persons; a special floor is made available to those people. [pic] 5. 6 Administration office Office Administration is a set of day-to-day activities related to financial planning, billing and recordkeeping, personnel, and physical distribution and logistics, within a business. Administrative functions Administrators, broadly speaking, engage in a common set of functions to meet the organizations goals. †¢ Planning is deciding in advance what to do, how to do it, when to do it, and who should do it. It maps the path from where the organization is to where it wants to be. The planning function involves establishing goals and arranging them in logical order. Administrators engage in both short-range and long-range planning. †¢ Organizing involves identifying responsibilities to be performed, grouping responsibilities into departments or divisions, and specifying organizational relationships. The purpose is to achieve coordinated effort among all the elements in the organization. Organizing must take into account delegation of authority and responsibility and span of control within supervisory units. †¢ Staffing means filling job positions with the right people at the right time. It involves determining staffing needs, writing job descriptions, recruiting and screening people to fill the positions. †¢ Directing is leading people in a manner that achieves the goals of the organization. This involves proper allocation of resources and providing an effective support system. Directing requires exceptional interpersonal skills and the ability to motivate people. One of the crucial issues in directing is to find the correct balance between emphasis on staff needs and emphasis on production. †¢ Controlling is the function that evaluates quality in all areas and detects potential or actual deviations from the organizations plan. This functions purpose is to ensure high-quality performance and satisfactory results while maintaining an orderly and problem-free environment. Controlling includes information management, measurement of performance, and institution of corrective actions. Budgeting, exempted from the list above, incorporates most of the administrative functions, beginning with the implementation of a budget plan through the application of budget controls. 5. 7 Lifts Lifts are expensive. They should be wider than they are deep to facilitate entry. Tough surfaces are required to resist damage by baggage. The main lift bank must be visible on ente ring the reception area. Specialist design of the lift system may be necessary. Additional service lifts may also be required for housekeeping and room service. There are often one or two service lifts to every three guests’ lifts, and these open onto service lobbies on each floor. At least one lift should be large enough to take furniture such as bed or bath, or a stretcher case as accidents and illness occur in hotels, and it may be preferable not to use the public areas in such event. [pic] 5. 8 Stairs Staircase design is dictated by fire escape requirements. The main stairs should be beside the lift bank to enable guests to find them easily, with secondary stairs at the end of each corridor. Some ramps may be required for guests using wheelchairs. [pic] 5. 9 Concierge The concierge counter is located at the right of the entrance. The counter is normally occupied by one person; therefore there is no need for a large desk. The concierge counter has drawers for keys, message indicator panels, and the wake up system, brochure holders, and the stationery drawer. A concierge is somebody who works at the concierge counter and very often has great contacts and can make things happen that the guest might not be able to do. For example, if the guest needs theater tickets, or if the guest needs a reservation at an exclusive restaurant, often a hotel concierge can use his or her contacts and make those things happen. They can also do some fairly ordinary things too, for example, helping the guest print out a boarding pass or helping the guest with flight arrangements, but theyre great at doing things that just seem impossible. In a nutshell, the concierge is there to satisfy the needs of the guest. [pic] 5. 10 The public relation counter The public relation counter is located at the left of the entrance. This enables the guest relation officers to quickly reach the guests as they enter the lobby and this facilitates the work of both the public relation officers and the guests. The public relation counter is enhanced with lightings and plants. This counter has been set up so as the queries of the guests can be satisfied. The public relation officer can be asked to organize a wedding, therefore he has to make suitable arrangements concerning the wedding and if additional requirement is needed. [pic] 5. 11 Reception Reception areas should provide a clear introduction to the building, with straightforward unobstructed routes to the enquiry desk, lift, stairs and waiting area. A screened telephone point is helpful, especially in buildings where visitors will need to call taxis or waiting colleagues. The reception of our hotel is located at the right of the entrance. The reception is enhanced by lightings and this contributes to the esthetics aspects of the reception. The reception desk is large enough so as to be able to accommodate the different working stationeries and office tools; the computer, printer, credit/debit card transactions, telephones. There is enough space at the reception to allow paper work to be carried out comfortably, to cater many guests at a time and to allow the employees to move comfortably. [pic] 5. 12 The Water Fountain For most consumers, indoor fountains are decorative water features that simply look good as lifestyle furnishing items in traditional or contemporary homes. The benefit of flowing water is maintaining a balanced, healthy and serene environment. Given that they moisturize the atmosphere in air-conditioned rooms or buildings, relieve stress in pressured lives and are a powerful form of relaxation therapy for hyperactive children, insomniacs, and those living with noisy neighbors or busy roads Water features add an element of natural energy and serenity to any environment. Fountains designers and their clients are increasingly choosing water features as a compelling, cost effective way to distinguish and differentiate their work and home environment. [pic] 5. 13 Information desk The information desk is located at the left of the entrance. This is the desk where the different tour operators would be present and allowing them to be within the reach of the guests. Tourists can get different magazines from which they can get information about the hotel’s surroundings and some places of interest. The tour operators can guide them whenever they have any problems or questions pic] 5. 14 The Main Restaurant â€Å"La Belle Vue† is the main restaurant of the hotel. The name of the restaurant has been chosen in relation to its location which faces the sea. Guests have the opportunity to admire the blue lagoon every time they are having their meal. The atrium area is treated casually, with brick paving and tables with cloth runners in a low-ceilinged interior space. The intermediate zone is more formal, and the â€Å"interior section includes leather banquettes, table linen, lower lighting levels and such additional accessories such as artwork. It is also an exhibition cooking area where the chef is visible. Guests like to see who is preparing their meals. This design also brings chefs out of the kitchen. The restaurant will offer different moods for breakfast or dinner, for family groups or couples and for informal meals or special-occasion dinners. [pic] 5. 15 The Main Bar The â€Å"Skipper’s Deck† is the main bar of the hotel. It is close to the main restaurant as it provides easy accessibility to guests. The bar is very spacious with seating all around it and can accommodate around 75 guests. The bar also faces the sea and guests are able to admire the seaside as well as the sunset in the evening. A variety of alcoholic and non alcoholic drinks are made available to guests. There are the classic cocktails as well as the exotic ones prepared by the barman. The bar is in an open space which makes it really accessible to guests who can spend their day relaxing there. There is also a corner where artists make their representations at night to improve the overall atmosphere. [pic] 5. 16 Tourist shops Tourist shops provide a space where guests can do their shopping with souvenirs, clothes, artifacts†¦ at hand. In the tourist shops, one can have Mauritian handicrafts and souvenirs and also the guests have access to useful stationary that can be use to send post cards to relatives and friends during their holidays. [pic] 5. 17 The Patio Patios are typically made of concrete or stone slabs laid over a firm base. This base is often formed of a layer of compacted hardcore, a layer of sharp sand, and a layer of cement mortar. The firmness and stability of the base is essential to the robustness of the top layer of slabs an infirm base will typically result in cracked slabs. Patios that hold a lot of weight, such as driveways, require stronger foundations than those that are designed for light use. A patio is an outdoor space generally used for dining or recreation that often adjoins a residence. The patio of our hotel is found near the main bar and is on a terrace from which the guests can have a sea-side view. For the decoration we have covered the concrete floor with teak wood. The guests can relax and have their food in the open area. [pic] 5. 18 The Coffee shop Coffee shops focus on providing coffee and tea as well as light snacks. The coffee shop is mainly used by tourists who are both waiting to check in or check out and is available on a 24hr basis. The coffee shop provides a rapid service and it can be used as a place for relaxation. [pic] 6. 0 Materials and decorations The materials which have been used in the designing of the lobby have been meticulously chosen. The materials are durable and particularly esthetic for the lobby. They have also been chosen in accordance with the theme of the hotel which is a tropical style. Durable materials are indeed very costly but however, they can resist and maintain them with the high traffic, impact and scrapping. Tropical style Tropical chic is one of the most popular looks today. It includes comfort, warmth, and a touch of the exotic, using jungle themes, restful colors, and natural textural elements. Its a style that has fresh appeal with touches of traditional. This is not the multi-colored jungle look you might choose for a childs room. It mixes lots of texture and intricate pattern with simple details and a few large accessories. Common motifs include stylized palm trees, large leafed banana plants, monkeys, animal prints, rattan, leather, and grass cloth. Here are some of the underlying elements and themes of a tropical look of our lobby. Colors This tropical palette is influenced by palm trees and sunny skies. Other palettes may include brighter hues reflecting the culture and history of the region. A Balinese interior will have deeper, richer colors. Furniture and Finishes Exotic hardwoods like teak, rosewood and â€Å"koa† are used for furniture. Natural materials like cane, sea grass, water hyacinth, banana leaf and rattan are woven to form chairs, sofas and tables and a myriad of accents. Fabrics Look for prints that feature palm trees and their far-reaching fronds and tropical plants with vivid, beautiful blooms like hibiscus, anthurium, orchid and Bird of Paradise. For a more refined look incorporate Thai silks and floral-printed linen. Art and Accessories Look to the beach for inspiration and find ways to incorporate them into the room. Tropical plants set in wicker planters, shells displayed in jars or shadow boxes and baskets, mats and rugs made of natural materials like rattan and sea grass will all infuse the room with a warm-weather attitude.

How the U.S. Is Countering Terrorism

How the U.S. Is Countering Terrorism Terrorism is not new, nor is the practice of trying to prevent it through  counterterrorism  measures. But as the number of terrorist attacks has skyrocketed in the 21st century, the United States and other nations have had to become much more proactive in defending their citizens from such violence.   Counterterrorism in the U.S. The U.S. government has made fighting terrorism a priority since the early 1970s, following the terrorist attacks on the 1972 Summer Olympics in Munich, Germany, and several airline hijackings. But it was the Sept. 11, 2001, terrorist attacks that made counterterrorism a pillar of domestic and foreign policy in the U.S. and beyond. The RAND Corporation, a defense policy think tank, defines the ongoing war on terror this way: Counterterrorism, since 2001, threatens terrorist safe havens, infiltrates terrorists financial and communications networks, hardens critical infrastructure, and connects the dots among the intelligence and law enforcement communities... Several federal agencies play critical roles in contemporary counterterrorism, both domestically and internationally, and often their efforts overlap. Among the most important are: Department of Homeland Security: The lead agency in charge of all domestic anti-terrorism and security activities.Department of State: Manages  the development and implementation of all U.S. government policies and programs aimed at countering terrorism overseasOffice of the Director of National Intelligence: Coordinates the gathering, analysis, and sharing of data among federal intelligence agencies such as the FBI and CIA.Federal Bureau of Investigation: Executes counterterrorism actions such as surveillance and investigation in conjunction with other law-enforcement agents at the local, state, and federal level.Central Intelligence Agency: Collects, analyzes, and shares international intelligence and data to inform and carry out U.S. foreign policy.National Counterterrorism Center: Plans  and coordinates counterterrorism policies and programs among federal agencies Fighting terrorism isnt limited to these agencies. The Department of Justice, for example, is responsible for prosecuting terror-related criminal cases, while the Department of Transportation frequently works on security issues with Homeland Security. State and local law enforcement agencies are often involved in some capacity as well.   On an international level, the U.S. government frequently cooperates with other countries on matters of security. The United Nations, NATO, and other nongovernmental organizations also have established counterterrorism policies of their own. Types of Counterterrorism Generally speaking, counterterrorism efforts have two goals: to protect the nation and its citizens from attack and to neutralize threats and actors who would attack the U.S. Defensive measures can be simple, like placing concrete bollards in front of buildings to stop an explosive-laden vehicle from getting too close. Video surveillance of public areas coupled with facial-recognition technology is another, considerably more advanced defensive counterterrorism measure. The security lines at U.S. airports, operated by the Transportation Security Agency, are yet another example. Offensive counterterrorism measures can range from surveillance and sting operations to arrests and criminal prosecutions to seizing financial assets and military action. In February 2018, for example, the Treasury Department froze the assets of six people known to conduct business with Hezbollah, an Islamic organization the U.S. has labeled a terrorist organization. The 2011 raid by Navy Special Forces on Osama bin Ladens Pakistan compound, which resulted in the death of the Al Qaeda leader, is one of the best-known examples of successful military counterterrorism activity. Sources Jenkins, Brian. Bush, Obama, And Trump: The Evolution Of U.S. Counterterrorist Policy Since 9/11. ICT.org.il. 24 September 2017.Lederman, Joshua. Taking Aim at Iran, US Hits Hezbollah With New Sanctions. StarTribune.com.  2 February 2018.Roser, Max; Nagdy, Moses; and Ritchie, Hannah. Terrorism. OurWorldInData.org. January 2018.United Nations staff. UN Global Counter-Terrorism Strategy. UN.org.  United States Department of State. Country Reports on Terrorism 2016. State.gov. July 2017.

Divergence of Hungarian and Finnish Languages

Divergence of Hungarian and Finnish Languages Geographic isolation is a term commonly used in biogeography to explain how a species might diverge into two distinct species. What is often overlooked is how this mechanism serves as a major driving force for many cultural and linguistic differences among different human populations. This article explores one such case: the divergence of Hungarian and Finnish. Origins of the Finno-Ugrian Language Family Also known as the Finno-Ugrian language family, the Uralic language family consists of thirty-eight living languages. Today, the number of speakers of each language varies immensely from thirty (Votian) to fourteen million (Hungarian). Linguists unite these diverse tongues with a hypothetical common ancestor called the Proto-Uralic language. This common ancestral language is posited to have originated in the Ural Mountains between 7,000 to 10,000 years ago. The origin of the modern Hungarian people is theorized to be the Magyars who resided in the dense forests on the Western side of the Ural Mountains. For unknown reasons, they migrated to western Siberia at the beginning of the Christian era. There, they were vulnerable to the onslaught of military attacks by eastern armies such as the Huns. Later, the Magyars formed an alliance with the Turks and become a formidable military power that raided and fought throughout Europe. From this alliance, many Turkish influences are evident in the Hungarian language even today. After being driven out by the Pechenegs in 889 CE, the Magyar people searched for a new home, eventually settling on the outer slopes of Carpathians. Today, their descendants are the Hungarian people who still inhabit the Danube Valley. The Finnish people split off from the Proto-Uralic language group approximately 4,500 years ago, traveling west from the Ural Mountains to ​the south of the Gulf of Finland. There, this group split into two populations; one settled in what is now Estonia and the other moved northward to modern-day Finland. Through differences in region and over thousands of years, these languages diverged into unique languages, Finnish and Estonian. In the middle ages, Finland was under Swedish control, apparent from the significant Swedish influence present in the Finnish language today. The Divergence of Finnish and Hungarian The diaspora of the Uralic language family has led to geographic isolation between members. In fact, there is a clear pattern in this language family between distance and language divergence. One of the most obvious examples of this drastic divergence is the relationship between Finnish and Hungarian. These two major branches split approximately 4,500 years ago, compared with Germanic languages, whose divergence commenced an estimated 2,000 years ago. Dr. Gyula Weà ¶res, a lecturer at the University of Helsinki in the early twentieth century, published several books about Uralic linguistics. In Finland-Hungary Album (Suomi-Unkari Albumi), Dr. Weà ¶res explains that there are nine independent Uralic languages that form a language chain from the Danube valley to the coast of Finland. Hungarian and Finnish exist on the polar opposite ends of this language chain. Hungarian is even more isolated due to its peoples history of conquering while traveling across Europe toward Hungary. Excluding Hungarian, the Uralic languages form two geographically continuous language chains along major waterways. Coupling this vast geographic distance with several thousand years of independent development and vastly differing history, the extent of the language diversion between Finnish and Hungarian is not surprising. Finnish and Hungarian At first glance, the differences between Hungarian and Finnish seem overwhelming. In fact, not only are Finnish and Hungarian speakers are mutually unintelligible to each other, but Hungarian and Finnish differ significantly in basic word order, phonology, and vocabulary. For example, although both based on the Latin alphabet, Hungarian has 44 letters while Finnish has only 29 in comparison. Upon closer inspection of these languages, several patterns reveal their common origin. For example, both languages employ an elaborate case system. This case system uses a word root and then the speaker can add several prefixes and suffixes in order to tailor it for their specific needs. Such a system at times leads to extremely long words characteristic of many Uralic languages. For example, the Hungarian word megszentsà ©gtelenà ­thetetlensà ©ges translates to a thing that is almost impossible to make unholy, originally coming from the root word szent, meaning holy or sacred. Perhaps the most significant similarity between these two languages is the relatively large number of Hungarian words with Finnish counterparts and vice versa. These common words generally are not exactly alike  but can be traced to a common origin within the Uralic language family. Finnish and Hungarian share approximately 200 of these common words and concepts, most of which concern everyday concepts such as body parts, food, or family members. In conclusion, despite the mutual unintelligibility of Hungarian and Finnish speakers, both originated from a Proto-Uralic group that resided in the Ural Mountains. Differences in migration patterns and histories led to geographic isolation between language groups that in turn led to the independent evolution of language and culture.

Burj Khalifa Description Essay Example | Topics and Well Written Essays - 500 words

Burj Khalifa Description - Essay Example Burj Khalifa occupies maximum floor area. The travel distance elevator in the Burj Khalifa offers the longest distance in comparison to elevators in all other structures in the contemporary world. Thus, it offers the tallest elevator service in skyscrapers. The building was completed in six years in total. The total amount of concrete consumed in the construction of just the foundations of Burj Khalifa was more than 45000 m3 that weighs above 110000 tonnes. The foundation is made of piles protruded over 50 m into the ground. A total number of piles used in the making of the foundation is 192. According to an estimate, the total volume of concrete used in the construction of the whole structure would be about 330000 m3 along with over 39000 tonnes steel and the whole structures has consumed some 22 million man-hours of construction (â€Å"Burj Khalifa†). The speed of construction grew with the passage of time. In the start, a number of panels produced each day fell between 20 a nd 30. As the construction gained speed, the rate of production of panels increased up to 175 per day. (â€Å"Burj Khalifa†) According to the Chicago-based Council on Tall Buildings and Urban Habitat (CTBUH), there are three fundamental criteria to judge a structure’s eligibility to be called as a skyscraper, namely the height to architectural top ratio, floor area occupied, and the height to tip ratio (â€Å"Burj Khalifa†).

Where Are You Going Where Have You Been by Joyce Carol Oates Essay

Where Are You Going Where Have You Been by Joyce Carol Oates - Essay Example This story narrates the sexual advances in the midst of a time that represents the idea and philosophy of the beat culture along with its attempt to change and ignore all traditional concepts. However, what comes out of the story is the lust of Arnold and the opportunity to blend the nihilist ideology of the era into personal satisfaction. This process of seduction is well documented in this story and it reflects the complex nature of the juxtaposition within traditional moral and rebellious nature of the generation of the beat culture. It should be mentioned that Larry Rubin's assertion that Connie's encounter with Arnold Friend is only "a dream-like projection of her erotic fantasies" (Rubin, 202) is mistaken for several reasons. Firstly, it is not desperately required for a person of that generation to fantasize when the elements are readily available. Secondly, there is no single instance where it is hinted that Arnold is a metaphor or result of a fantasy. He appears completely real and menacing all the while. Thus it cannot be stated that critic Larry Rubin is correct when asserting that Connie's encounter with Arnold Friend is only "a dream-like projection of her erotic fantasies" (Rubin, 202). It is true that Joyce M. Wegs mentioned that "Arnold is clearly a symbolic Satan" (Wegs, 202) but it appears that he is the product of the era itself. Arnold is no different and his character is well depicted in the story where his ability is low and he seeks a benefit of low interest and he is satisfied with his gains. It can well be stated that are always some negative points in the time of change and people like Arnold are the individuals who are instrumental in incorporating those negative for their momentary and intangible benefits. The doubts, dilemmas, and confusions of the beat culture were gradually, quite slowly indeed, giving way to a new and unique cultural revolution. It was happening all across the Western world and the characters of the story find themselves in the midst of it. People suddenly seemed to realize that there was enough of political warfare to disgrace humanity. The prevailing standards suddenly seemed to be meaningless, and the insurgent youths wanted something different to happen. This 'something' took place in the form of nihilism and beat movement and the story depicts exactly this mood when an opportunist like Arnold took full advantage of the situation of Connie. He tried to justify his acts by yielding bizarre psyche and philosophies, actually fallacy, that was so relevant at the time among mass culture. Arnold's approach to Connie was planned but he placed like an artistic jest with fallacies of philosophy. "Now, put your hand on your heart, honey. Feel that That feels solid too but we know better. Be nice to me, be sweet like you can because what else is there for a girl like you but to be sweet and pretty and give in-and get away before her people come back" (Oates, 388-9) or for that matter lines like "I'll have my arms tight around you so you won't need to try to get away and I'll show you what love is like, what it does. The hell with this house! It looks solid all right". (Oates, 388) It is evident from these words that the actual intention was to emulate the philosophical concept of the time but the situation and the intention was completely materialistic in nature. No matter how much Arnold poses as a carefree beat and a nihilist by uttering unconventional and anti establishment ideas like "The place where you came from ain't there any more, and where you had in mind to go is cancelled out. This place you are