Autocorrelation (Econometrics)

Autocorrelation (Econometrics) Free Online Research Papers Autocorrelation can be defined as correlation between the variables of some observations at different points of time if it is about a â€Å" time series data†, or it will be correlation between the variables of some observations at different space if it is about â€Å" cross sectional data†. The classical linear regression model (CLRM) according to the regression context does not exist in the error (ui) this can be written in this form E(uiuj) = 0 i ? j The classical model have an assumption saying that the disturbance of a certain observation does not change or be effected from the disturbances of any other observations, but if the equation was like this: E(uiuj) ? 0 i ? j then in this case the disturbance in a certain observation can be affected by the disturbance in other observations. When the autocorrelation is calculated, the number that results can fall between +1 and -1. When the result is autocorrelation of +1 this means that perfect positive correlation which explains that an increase that happens in one time series will result an increase proportional to the other time series, while if the result was -1 this means that perfect negative correlation occurs and this explains that if an increase happened in one time series the results will be proportionate decrease in the other time series. This type of value can be used in a useful way for computing for security analysis. For example, â€Å"if you know a stock historically has a high positive autocorrelation value and you witnessed the stock making solid gains over the past several days, you might reasonably expect the movements over the upcoming several days (the leading time series) to match those of the lagging time series and to move upwards.† There are some consequences if we used OLS while the presence of autocorrelation, the estimators of the OLS will be still linear unbiased as well as â€Å" consistent† and â€Å"asymptotically† normally distributed, but they will not be efficient any more, the same thing also happens with the heteroscedasticity. There are four methods to detect the autocorrelation which are: Graphical Method The Runs Test Durbin-Watson d test A general test for autocorrelation: the Breusch-Godfrey or (BG) test Let’s talk about each one separately The first is the graphical method: â€Å" the assumption of non autocorrelation of the classical model relates to the population disturbance ut , they are not directly observable, but instead of them we have their proxies ?t which we can obtain by using the normal OLS steps.† There are a lot of ways to examine the residual, the easiest is that we can plot them against time and this is called â€Å" Time sequence plot† also we can plot the â€Å" Standardized Residual† against time, the standardized residuals are not the real residuals they are the samples which are made like this â€Å"?t â€Å" their values are always pure numbers and we can make a comparison between it and the standardized residual of another regression. The second is the â€Å" Run Test† and sometimes it is called â€Å"Geary test which is a â€Å" test that we make no assumption about the distribution from which the observations are drawn or it is called a non parametric test† : this occurs when the set of data that we are working on is divided in to negative and positive observations, then in this data we will find several residuals that are positive and another several residuals that are negative. The run is defined as â€Å" an un interrupted sequence of one simple† which means that for example if we have in the observation ten positive numbers under each other then they are in a set alone and then we had eleven negative numbers they will be in a set alone and then we had another five positive numbers so this will be another set and not added to the other positive set they are written like this: (++++) () (+++++++) The runs length is determined through the number of elements inside every set for example in the example here we have three runs the first is containing four pluses the second is containing six minuses and the third run is containing seven pluses. â€Å" One can derive a test of randomness of runs, by examining how runs behave in a strictly random sequence of observations.† We must look to the number of runs that we have for instance in the previous example they are consisting of three runs and seventeen observations. â€Å" we must look if this is too many or too few compared with the number of runs expected in a strictly random sequence of seventeen observations.† â€Å" if it is consisting of too many runs it means that the residual changes signs a lot so the indicates negative serial correlation, and if they were containing of very few runs they may suggest positive auto correlation.† There are some shortcuts that are done to make things become easier which are: â€Å" N: Total number of observations = N1+N2† â€Å" N1: Number of the plus residuals† â€Å" N2: Number of minus residuals† â€Å" R: Number of runs† â€Å" Under the null hypothesis the successive outcomes are independent and we make an assumption that N1 > 10 and N2 > 10† â€Å" Mean: E(R) = (2 N1N2 )/N+ 1† â€Å" Variance: ?_(R= (2N_(1 N_(2 ( 2 N_1 N_2-N)) ))/((?N)?^2 (N-1)))^2† The third is the â€Å" Durbin Watson d test† it is the most known test for getting the serial correlation and it is defined in the following equation: d = (?_(t=2)^(t=1)(?t-t ?_(-1))^2 ?)/(?_(t=1)^(t=n)t ?^2 ) This equation is the â€Å" ratio of the sum of squared differences in successive residuals to the RSS† the number that we get from the numerator of the â€Å" d statistic† equation is â€Å" n-1†. There is a great advantage of the â€Å" d statistic† which is that it is â€Å" based on the estimated residual, which are calculated in the regression analysis.† There are six assumptions used in the d-statistic which are: â€Å" The regression model includes the intercept term. Sometimes it is not presented as in the case of the regression through the origin, it is essential to rerun the regression including the intercept term to obtain the RSS† â€Å" The explanatory variables are non stochastic or fixed in repeated sampling.† â€Å" The disturbance are generated by the first order autoregressive scheme: ut = put-1+?_t. Therefore it cannot be used to detect higher order autoregressive schemes. â€Å" The error term ut is assumed to be normally distributed.† â€Å" The regression model does not include the lagged values of the dependent variable as one of the explanatory variables.† â€Å" There are no missing observations in the data.† There is a line that is from 0 till d From o till dL â€Å" Reject Ho evidence of positive autocorrelation.† From dL till dU â€Å"Zone of indecision† From dU till 2 and from 2 till 4-dU we do not reject H0 or H0* or both From 4 – du till 4 – dL: â€Å" is called the zone of indecision. From 4 – dL till 4 reject H0* evidence of negative autocorrelation. There is a rule that says H0: No positive autocorrelation and H0*: No negative autocorrelation. There are some rules that we have to define from it:Type equation here. p ?= ((U_(t ) ) ?(U_t ) ?-1?)/((U_t^2 ) ? ) By using the previous equation we can say that d?2(1-p ?) There is another equation says -1 ? p ? 1 implies that o ? d ? 4 any estimated d value must lie between these limits. In the first equation if p ? = 0, d = 2, this is only in the case if there is no serial correlation, then d is expected to be 2, if d was 2 in an application then there is an assumption that can be made that â€Å" there is no first order autocorrelation, either positive or negative, if p ? was +1 this indicates perfect positive correlation in the residuals. When d is closer to zero this means that the evidence of positive serial correlation is great, and if there is autocorrelation the residuals will be bunched together and their differences will therefore tend to be small, and as a result of this the numerator some of squares will be smaller in comparison with denominator sum of squares, if p ? was -1 this means that there is a negative correlation among successive residuals, d?4 the closer the d to 4 the greater the evidence of negative serial correlation. After we assume the assumptions that are listed above then we can go in the procedures of Durbin Watson test correctly which are: â€Å" Run the OLS regression and obtain the residuals.† â€Å" Calculate d from d = (?_(t=2)^(t=1)(?t-t ?_(-1))^2 ?)/(?_(t=1)^(t=n)t ?^2 ) and this is a step that most of the computers do.† â€Å" For the given sample size and the given numbers of explanatory variables find out the critical dL and dU variables.† The fourth and last one is the Breusch Godfrey or (BG) test: It is a test that is made to not do the wrong things that happened in the Durbin Watson test of autocorrelation, and this test allows â€Å" no stochastic repressors such as the lagged values of the regressand, and higher order autoregressive scheme.† Y = B1 + B2Xt +Ut Assume that the error term (Ut) is as follows: Ut =P1Ut-1 + P2Ut-2 ¬ + †¦+ PpUt-p + ?t The Ho that is going to be tested is P1 = P2 = †¦ = Pp = 0 The Breusch Godfrey test steps is like this: â€Å"Estimate Y = B1 + B2Xt +Ut by OLS and obtain the residual.† â€Å" regress Ut on the original Xt.† â€Å" if the sample size is large (BG) have shown that: (n – p)R2~ X2p There are many tests for autocorrelation because there is â€Å" no particular test has yet been judjed to be unequivocally best and thus the analysts are still in the unenviable position of considering a varied collection of test procedures for detecting the presence or structure or both of autocorrelation.† There are some steps that we have to do when we find autocorrelation the first is to try to find out if the autocorrelation is â€Å"pure autocorrelation† and not as a result of mis-specification of the model, the second thing is that it was â€Å"pure autocorrelation appropriate transformation of the original model can be used, because in the transformed model we do not have the problem of pure autocorrelation, the third thing is â€Å" in a large sample we can use the newly west method to obtain standard error of OLS estimators that are corrected for autocorrelation.† The fourth and last thing is that â€Å"in some situations we can continue to use the OLS method† Research Papers on Autocorrelation (Econometrics)Research Process Part OneStandardized TestingIncorporating Risk and Uncertainty Factor in CapitalHarry Potter and the Deathly Hallows EssayThe Fifth HorsemanThe Relationship Between Delinquency and Drug UseEffects of Television Violence on ChildrenDefinition of Export QuotasInfluences of Socio-Economic Status of Married MalesBionic Assembly System: A New Concept of Self

The Email Outreach Plan Ian Cleary Uses to Build Relationships + Links

The Email Outreach Plan Ian Cleary Uses to Build Relationships + Links Do you open your Inbox only to see several emails asking for the same thing? To link to someone else’s content? Instantly, you move them to the Trash folder. Email outreach can actually work and complement your inbound marketing efforts. But your emails need to not be anything like the random ones that you throw away. Today, we’re talking to Ian Cleary of RazorSocial and OutreachPlus. He is an amazing inbound marketer, who has discovered that complementing inbound tactics with outbound email outreach can help you build relationships, increase brand authority, and boost your backlink profile. To do it well, you need to think about personalized connections, providing value to them, and starting small. Everything you will learn about email outreach from Ian is pure gold. It works, and it can help you reach your goals. Definition of Email Outreach: An email outreach tool helps you reach out to subscribers, a new audience, a smaller audience, or a group of influencers Send highly personalized emails to promote content or generate leads Benefits of email outreach include building your brand, driving relevant traffic to your site, promoting your content, and growing your authority Cold email outreach works by with highly personalized, relevant, and very targeted emails Provide something of value; deliver brief, quality content Conduct research to make sure you are reaching out to the right target audience Don’t think about selling, but about starting a conversation Ways to find influencers and build relationships, develop relevancy Following Up: Send two emails and then stop; don’t be annoying or damage relationships Outreach Criteria: Look for opportunities to engage and interact with Websites with a higher authority to get valuable links Tactics that work to complement outreach efforts include getting onto social media, sharing content, and looking for opportunities to interact; when reaching out, reference conversation, interaction, or piece of content Highest converting outreach for Ian is guest posting; invite people to be a part of the blogs you’re writing When getting started with email outreach start small, build the skill, and get better at it over time to be successful Links: RazorSocial OutreachPlus How to Find Influencers with a Framework for Measuring Influence Twitonomy GroupHigh Write and send a review to receive a care package If you liked today’s show, please subscribe on iTunes to The Actionable Marketing Podcast! The podcast is also available on SoundCloud, Stitcher, and Google Play. Quotes by Ian Cleary: â€Å"Ive done a lot of outreach reaching out to people to build relationships, to build links to my content, do a lot of promotional content.† â€Å"I think nowadays, you need to do inbound and outbound–its crucial to do both. Email outreach is where youre reaching out by email.† â€Å"I say do a small number of emails, highly personalized, and very targeted. Do your research to make sure its very relevant.†

The benefits of cryotherapy Essay Example | Topics and Well Written Essays - 500 words

The benefits of cryotherapy - Essay Example In order to achieve this, cryotherapy has become one of the most preferred approaches by doctors to boost the immune system of the human body. Researchers have proved that cryotherapy comes with numerous benefits and patients who have been subject to this technology have indicated admirable outcomes. Cryotherapy basically involves a simple process that entails exposing the human body to very low temperatures. It is â€Å"therapeutic use of cold† (Archer 262). It involves spraying patients with a dry nitrogen mist the cools then skin immediately patients enter a chamber that is specially designed for this purpose. Even though the temperature of the skin is lowered just for a few minutes, the result of spraying patients with skin-chilling dry Nitrogen is often wonderful (Archer 262). When the temperature of the body drops, the immune system of the body is activated to respond, thereby leading to pain or inflammation relief (Eaves 72; Kenner 662; Aigner and Stephens 48). Perhaps, some people are wondering about how it feels when one undergoes cryotherapy. The therapy is very quick and the whole treatment procedure is absolutely painless, which is one of the main advantages of cryotherapy. Cryotherapy is also beneficial because it treats numerous health conditions (Knight and Draper 5). Cryotherapy can be used to treat serious debilitating diseases like arthritis and Fibromyalgia. It is also known to boost the performance of athletes (Millis and Levine 314). According to CryoClinics, cryotherapy remains crucial for facilitating recovery in sports and ensuring highly competitive sports (CryoClinics Para 11). Do you recall the ice bags that team doctors usually put on the head of players when there is head collision of some soccer player hurt his leg? This is fundamentally what cryotherapy technique. â€Å"Welsh rugby team began using cryotherapy in the run-up to the 2011 Rugby World Cup in order to aid their

Depiction of Culture in the Band's Visit Essay Example | Topics and Well Written Essays - 1250 words

Depiction of Culture in the Band's Visit - Essay Example The importance of cross cultural understanding has been impressively portrayed in the movie through the tale of Egyptian police orchestra arrived in Israel to play at the inauguration ceremony of the Arab Cultural Centre. When they arrived Israel there was no one at the airport to receive them and they seek the way to get at the spot at their own. On their way to reach the spot, the members of the group communicate and miscommunicate with each other and their interaction with each other and people in Israel shows the differences of cultures that influence the understanding of each other. The members of the band fall in to the problems due to the difference in the pronunciation of some letters in Arabic and English however, as they proceed they found that despite several cultural differences they share lots of human characteristics with the Israelis. The visit allows them exploring the similarities within the different cultures. The story of the movie tells about the situation when tw o set of people belonging to different culture interact with each other. The movie shows the strength of cross culture understanding and also explains how lives of the people are affected while moving in a culturally strange society. It gives the message that only the sense of humanity could help people in such situation because when someone could see them as human and not people of other culture they could come forward to help them, otherwise the culture biasness never allows people of different cultures to openly help each other at their best. The Egyptian band lost in Israel eventually reached a fictional town that was not their actual destination. At the town they were helped by a kind-hearted restaurant owner Dina who arranged space for the band members to spend night at her home and homes of her friends. While spending the night at the Israeli people’ homes the Egyptian bands and their Israeli hosts got the opportunity to know each other beyond the political and culture differences as they interact with each other as ordinary people regardless of their cultural identities. The movie shows that lives could become easy when people learn to put humanity first and political and cultural boundaries at second place. The band could face even tougher situation if people they met in Israel with give more importance to political and cultural boundaries and less to the humanity. However, their kind behaviour based on humanity allows them understanding each other and help each other to find out the way out from the troublesome situation the Egyptian band was facing in Israel. The night spent at the homes of the Israeli people turned out to be an interesting, funny yet challenging episode for the band members that changed their lives in little yet important ways by adding to their understanding of people from different cultures on the base of humanity. The strange and funny night spent by the band members allowed the learning a lot from the Israeli hosts and a t the same time the Israeli people also gain cross cultural understanding during their stay at their homes. The movie talks about the challenges that the people often encounter while interacting with the people of other c

In a large number of situations both insurers

In a large number of situations both insurers â€Å"In a large number of situations both insurers and the courts recognise that the doctrine of subrogation in insurance may have unfortunate results and is wasteful. It is clear that the doctrine no longer serves any useful purpose†. Discuss. INTRODUCTION It has been recognised that fundamentally it is tort law that ensures compensation for loss in terms of compensation within the concept of the tortfeasor restoring loss through damages being paid to the person wronged[1]. In terms of insurance this liability can be revealed through the idea behind third party liability, the first party being the insured, the second party being the insurer, and the third party relating to any potential for restitution needing to be paid to anybody not included within the terms of the contract who might have met some sort of loss through the actions of the insured person, eventually becoming incorporated into the law of liability. Meanwhile, subrogation[2] has been defined as â€Å"the substitution[3] of one person in place of another with reference to a lawful claim†[4] or, more simply, the recognition in law that a lawful claim may be pursued by a third party in accordance with the principles of substitution[5]. Various types of subrogation are recognised, revealed as legal, statutory and conventional subrogation, the latter relating specifically to the terms of a contract, the legal revealed in allowing one individual to assume the rights over another and the statutory occurring as a result of the law being applied in terms of legal subrogation. This essay, focuses on the tenets of insurance law through which the principle of indemnity is revealed through the doctrine of subrogation in terms of its conventional interpretation within its statutory framework, i.e. as a remedy in â€Å"what might be classified as unjust enrichment in a legal system that is based upon the civil law†[6]. Subrogation originates from both common law and the laws of equity and it is also through both equity and common law that it continues to be administered, with the law of restitution recognised as a quasicontract within common law rather than incorporated into the laws of contract[7] or the law of tort. It has, however, become clear that this doctrine of subrogation no longer serves any useful purpose and has by been recognised both insurers and the courts that, in many situations, it may have unfortunate results and is wasteful. This essay discusses the issues surrounding the concept of subrogation and presents an argument that suggests that the function of this doctrine is, indeed, outmoded, inefficient and costly. DISCUSSION No Profit Rule Any capricious risk reassigned through a contract of insurance is subject to various fundamental assumptions, one of which is the factor surrounding that risk’s arbitrary nature. Through the element of ‘utmost good faith’[8] it is expected that the person to be insured discloses everything that could be relevant to the risk that the insurer is taking when it has agreed to insure the client[9]. Similarly, the client may not be put at a disadvantage by any actions the insurer may undertake, with a number of regulations to ensure that the insurer adheres to acceptable practices and the insured does not, through any misrepresentation, preclude any entitlements owed to the insurer[10]. Under the terms of the ‘made whole principle’ the insured person must be reimbursed in full prior to any profit being considered liable to the insurer, and the insurer may not implement the doctrine of subrogation until the insured person has been reimbursed in full[11], exc ept where a clause in the policy enables the insurer to apply the principle of subrogation when only partial payment has been made. Nevertheless, insurers are within their statutory rights to offer a voluntary settlement to the insured person and then pursue judgment with the expectation of receiving full compensation through implementing the doctrine of subrogation against the third party’s liability insurance. However, the client may not jeopardise the trust that exists between insurer and insured by claiming more than their loss[12], more recently the basis of a case where a Canadian Court of Appeal reduced the amount of compensation received by the Appellant, while they: â€Å"imposed significant punishment for the bad faith of the respondent without upsetting the proper balance between the compensatory and punitive functions of tort law†. Although in English law claiming more than the actual loss is not specifically illegal, to do so would be in breach of equitable principles and the doctrine of indemnity which assumes that the insured person would not make a profit from their loss. The doctrine of subjugation may be used in certain cases, stipulated by the courts, in order to remedy situations[13] whereby an unjust profit had been made, in accordance with the explanation given by Lord Diplock in Orakpo v Manson Investments Ltd: â€Å"It is a convenient way of describing the transfer of rights from one person to another, without assignment or assent of the person from whom the rights are transferred and which takes place in a whole variety of widely different circumstances†[14]. Should the situation occur whereby the insured profits, it would be expected that they reimburse any excess to their insurer[15]. Meanwhile, if, after both the insured and the insurer has been fully indemnified, there is excess money from the claim, the insurer is within their rights to claim it, as in the case of Yorkshire Insurance Co v Nisbet Shipping Co[16]. Similarly, if a claim is settled in full by a third party and the money paid to the insurer, then that insurer is legally within their rights to deduct any excess from the compensation before paying the residue to the insured in accordance with the terms of their insurance agreement, as revealed in the case of Scottish Union National Insurance Co v Davis[17]. Evidence of Loss The Courts tend to interpret insurance policies in accordance with those rules relating to the laws governing contracts, taking the overall context as being consistent with the actual intended meaning[18] although, in situations where a meaning might be unclear it is usually the insured person who benefits in accordance with the doctrine of contra proferentem in terms of the guidelines of equity, although in the case of Leppard v Excess Insurance Co Ltd the actual sum awarded to the insured was reduced on Appeal as it was ruled the insured had been awarded indemnity in excess of his loss[19]. Accordingly, and in view of the fact that insurance policies are subject to the rules of contract, it is necessary to ascertain whether the client was insured and, if so, under what terms, as revealed in the case of Sprung v Royal Insurance (UK) Ltd[20] where it was decided that, although the plaintiff had clearly suffered a loss through the late payment of his claim, the: â€Å"loss was recoverable in law from the defendants in addition to the interest element of the sum which had already been paid in respect of the loss under the policy†[21]. However, the figure awarded should be in accordance with the market value of the property and, in situations where a property was incomplete, the value of the loss should reflect the market value at the time the loss occurs, illustrated by the case of Richard Aubrey Film Productions Ltd v Graham[22] who, nearing completion of their filming, had their negatives stolen. At completion the film had an estimated market value of around  £20,000 but, as it still required further editing and other attention, thought to be around  £4,700 in value, prior to release the full market value was not considered to be appropriate. It was interpreted that compensation should be in accordance with the value of an ordinary indemnity contract, reflecting the sum a buyer would be prepared to pay for the film at the time of loss. An overriding factor in assessing whether compensation may be payable is the legislation appropriate to each individual case, identified through either its comprehensive cover or through its specific limitations in terms of criteria. Policies need to take account for the devastation fire can cause, taking into account ‘reasonable reinstatement’ as clarified by Reynolds v Phoenix Assurance Co Ltd[23] relating to the proposed refurbishment of an old mill. On the advice of their insurance brokers they greatly increased their indemnity. Subsequently a fire destroyed most of the building. It was established that the policyholder genuinely intended to rebuild the property and should be properly indemnified, although an issue was raised with the doctrine of undue enrichment, which was taken into account. Remedy of Restitution According to case law, and especially clarified by Lord Diplock[24], it is generally an accepted principle that the rule of subrogation cannot be appropriate in every case and should be utilised reservedly for instances where it is especially pertinent and, as clarified in the case of Re TH Knitwear (Wholesale) Ltd[25], only to the satisfaction of the courts, as in the case of Campbell Auto Finance Co v Warren in 1933[26], and similarly in later rulings, e.g. Re Chobaniuk and Canadian Johns Manville Co Ltd[27], although there are always exceptions. Subrogation may occur through the breach of duty or duplicity by the defendant resulting in the plaintiff being owed some form of corrective justice and recognised as a fundamental principle that profit may not be assumed through deceit[28], or the doctrine of unjust enrichment[29], in accordance with Lord Goff’s ruling in Lipkin Gorman[30]: â€Å"A claim to recover money at common law is made as a matter of right; and even though the underlying principle of recovery is the principle of unjust enrichment, nevertheless, where recovery is denied, it is denied on the basis of legal principle†. An insurer may enter into a simple subrogation by metaphorically standing in place of the insured person[31], after the insured person’s claim has been paid[32], and claiming the value of the insured person’s indemnity from this third party. This claim through subrogation must, however, be undertaken in the name of the insured person to reflect the fact that liability continues even though the insured person has already been indemnified. In effect, this means that the insurer is forcing the insured person to undertake further action despite the fact that they have already received full payment. The result will reimburse the insurer to the value of that which has already been paid to the insured. In theory, this would enable an insured person who had suffered a loss from the actions of a third person, to receive double compensation through a secondary action against the third party, the tortfeasor, as in the case of Caledonia North Sea Ltd v London Bridge Engineering Co[33] during which the insurers were allowed to â€Å"exercise a right of subrogation and sue in the insured's name under the contracts of indemnity†. The perception of compensation has a dual function: the satisfaction of obtaining justice against a defendant and the plaintiff being compensated to the value of their loss. Nonetheless, debate[34] currently surrounds the issue of deducting collateral damages that might already have been paid to the plaintiff, the intention being that the plaintiff should be left in the position they were in before the liability occurred according to the precepts of common law as ruled in British Transport Commission v Gourley[35]. It was recognised in Parry v Cleaver[36] that common law offers no recognition of prior benefits being deducted or not with it being left to the courts’ discretion to rule in accordance with â€Å"justice, reasonableness and public policy†[37] and, despite the law of tort remaining at variance with any of the more updated methods of compensation, its procedures continue to be an important way of recompensing for loss with the result that collateral compensati on often results in a breach of the doctrine of unjust enrichment, as revealed in British Transport Commission v Gourley: â€Å"it is a universal rule that the plaintiff cannot recover more than he has lost†¦Before Gourley’s case it was well established that there was no universal rule with regard to sums which came to the plaintiff as a result of the accident but which would not have come to him but for the accident†[38]. This ruling was later upheld in Hussain v New Taplow Paper Mills Ltd[39] due, in part, to Lord Bridge’s view that the tortfeasor should not benefit because the plaintiff had paid insurance premiums or received other payments as the result of charity, i.e. an award of damages having a deterrent effect through the defendant having to pay compensation, highlighted in the case of Redpath v Belfast and County Down Railway[40], although this was later superseded by British Transport Commissioners v Gourley[41]. When Browning v War Office[42] was heard in the Court of Appeal it was noted that: â€Å"whether the policy of the common law in these types of actions is to provide restitution for the plaintiff or to visit retribution on the defendant?†[43]. CONCLUSION Insurance law does not necessarily correlate with the principles of common law, with indemnity considered to be non-deductible due to a variety of reasons, part of which appears to be a reflection on the courts’ attitude to social policy. It was ruled in the case of Caledonia North Sea Ltd v London Bridge Engineering Co[44], i.e. Caledonia North Sea Limited (Respondents) v British Telecommunications Plc (Appellants) (Scotland) and Others[45]: â€Å"insurance company recoveries, under their right of subrogation, most often flow from tort actions is quite natural, but without significance. Subrogation is an equitable principle and applies to contract rights as fully as it does to tort actions†¦ The insurer is subrogated to appellant's contract right of indemnity. This sustains the cause of action against appellant for the identical reason that subrogation sustains a tort action where the plaintiff has been paid for his loss† The case of Parry v Cleaver[46], decided in the House of Lords, illustrates the incongruous situation of continuing to recognise the doctrine of subrogation in insurance, recognised by both insurers and the courts as being wasteful and no longer serving any useful purpose, with both the opportunity and the possibility of various unfortunate results emerging from this practice continuing, the concept of insurance having diminished the influence tort alone now has in terms of restitution[47]. Insurance companies now reimburse up to 94% of all damages and 88% of all claims in tort through insurance premiums that have been pre-paid[48]. The law of restitution or quasicontract is recognised at common law rather than contractual remedies or remedies at tort. However, evidence provided by case law suggests that the circumstances in which these remedies are applied is reliant on a specific set of principles[49] and there appears to be considerable doubt as to the criteria for subrogation allowed to be applied, with it being suggested that applying it arbitrarily was unacceptable – it should be a â€Å"matter of principle†[50]. The definitive case that has been acknowledged as introducing the law of restitution into case law was Moses v Macferlan[51]. â€Å"The law of restitution is the law relating to all claims†¦which are founded upon the principle of unjust enrichment†[52]. It has been claimed that ‘federal class actions have tripled over the past 10 years’ represented by a burgeoning escalation of over 1000%[53] and is contributing to an incipient damage to the US economy with ‘litigation costs increased at four times the growth of the overall economy’[54]. Krauss observes that the law of tort is ‘not insurance against unfortunate losses†¦[it]†¦does not exist to protect against risks’. As he clarifies, the competitive nature of the insurance industry enables premiums paid by policy holders to cover the cost of most claims[55]. In the US this may be achieved through social insurance, welfare payments and tax law or by way of private insurance, none of which had evolved to such developments as modern society enjoys when the cases of Castellain v Preston[56] and Darrell v Tibbetts[57] were being heard in the Court of Appeal during the 19th Century. Subrogation was ruled in Darrell v Tibbetts[58] as payment had been made for a loss which, in retrospect, was revealed not to have been a loss and, as such, the plaintiff was entitled to seek redress from the courts in order to be reimbursed for his loss. In Castellain v Preston, however, this was not the case and ultimately resulted in both sellers and purchasers, in effecting conveyance of property, to be required to insure that property against loss, an apparent example of a wasteful exercise. The ruling made by Chitty J was on the premise that â€Å"The contract of sale was not a contract†¦for the preservation of the buildings insured†[59]. However, it was also recorded that Chitty, J correlated ‘subrogation’ with â€Å"the insurers are entitled to enforce all the remedies whether in contract or in tort†, thereby paving the way to future confusion between when subrogation was an appropriate action and blurring the distinction between the law of contract, that of tort and that of quasicontract administered through common law. The case went to Appeal where Brett, LJ[60] interpreted simple subrogation as a doctrine of subrogation interchangeable with the doctrine of indemnity. The Law Reform Commission state that Brett, LJ ‘distorted the definition of subrogation so as to cover the case’[61] with the effect that it has subsequently been misapplied in many other cases[62], with its true application, equity, continuing to be incorrectly interpreted over the years as subrogation. The Commission states: â€Å"†¦its long-term effect has been to introduce a confusion into the heart of the law in this area which has rendered its workings obscure and which must be stripped away before the remedies made available†¦to enforce the principle of indemnity can properly be understood†[63]. This reinforces their view of sufficient welfare provision and private insurance cover to preclude the need to subrogate a claim against a tortfeasor. In accordance with this view, the doctrine of subrogation can no longer serve any useful purpose and, in view of the amount of waste in terms of litigation costs and courts’ time that results from this doctrine far outweighs its continued value or rationale. Total Word Count (excluding bibliography and footnotes): 3,000 words BIBLIOGRAPHY BOOKS: Beatson, J (2002): Anson’s Law of Contract, Oxford: Oxford University Press, Page 20. Bird and Hird (2001): Modern Insurance Law, London: Sweet and Maxwell, Page 256 Black's Law Dictionary, 6th Edition (1990). Burrows, (1993): The Law of Restitution, London: Butterworths, Page 1 Goff and Jones (1998): The Law of Restitution, [5th ed]. London: Sweet and Maxwell, Page 3 Krauss, Michael I (1992): Tort Law and Private Ordering, USA: St Louis University Press Mitchell, Charles (1994): The Law of Subrogation. Oxford: Oxford University Press, Page 4 Oxford English Dictionary, The Compact Edition ( Oxford, 1987), ii. 3126 Virgo, Graham (1999): Principles of the Law of Restitution. Oxford: Oxford University Press ARTICLES: Barker, (1995): Unjust Enrichment: containing the beast. In OJLS, 15, 457,473 Barker, (1998): Rescuing Remedialism in Unjust Enrichment Law: why remedies are right. In CLJ, 57, 301. Birds, John: Contractual subrogation in insurance. [1979] JBL 124, Pages 132 133 Connor, Martin F (2000, October): Taming the Mass Tort Monster, In the National Legal Centre for the Public Interest, Page 4 Hasson, Reuben: Subrogation in insurance law a critical evaluation. [1985] 5 Oxford J Legal Stud 416, Page 425 428 HMSO: Report of the Royal Commission on Civil Liability and Compensation for Personal Injury [UK Pearson Commission (1978, Vol. 2, para. 509) [Cmnd 7054] Law Reform Commission CONSULTATION PAPER ON COLLATERAL BENEFITS (LRC CP 15 1999) Dublin: IPC House ONLINE RESOURCES (Site visited 25/05/05. Hyperlinks functioning) Krauss, Michael I (2004): Medical Malpractice: is it time for Tort Reform in Maryland, USA?: The Maryland Public Policy Institute http://www.mdpolicy.org/research/health/MDMedMal.pdf Parsons, Chris (2002): Moral Hazard and Behavioural Aspects of Liability Insurance. http://64.233.183.104/search?q=cache:VR1wzB7SfwEJ:www.nottingham.ac.uk/business/cris/ukec/2002paper5.doc+Pearson+Commission%2Binsurance%2Bclaims%2B88%25%2Btort+hl=en TABLE OF CASES: British Transport Commission v Gourley [1956] AC 185, [1955] 3 All ER 796, [1956] 2 WLR 41, 2 Lloyd's Rep 475, 34 ATC 305, [1955] TR 303, 49 RIT 11 Browning v War Office and Another [1960 B. No. 3080] [COURT OF APPEAL] [1963] 1 QB 750 Caledonia North Sea Ltd v London Bridge Engineering Co [2000] Lloyd's Rep IR 249 Campbell Auto Finance Co v. Warren [ 1933] 4 DLR 509 at 515 Canadian Johns Manville Co Ltd [1969] 39 WWR 680 at 681 Castellain v Preston Others [1881-1885] All ER Rep 493 Castellain v Preston and Others [1882] 8 QB D 613 (April 4) Castellain v Preston and Others [1883]11 QB D 380 (March, 12) Commercial Union Ass Co v Lister (1874)LR 9 Ch 483 Darrell v Tibbetts (Court of Appeal) 5 QB D 560 Hussain v New Taplow Paper Mills Ltd [1988] 1 AC 514, [1988] 1 All ER 541, [1988] 2 WLR 266, [1988] ICR 259, [1988] IRLR 167 Leppard v Excess Insurance Co Ltd [1979] 2 All ER 668, [1979] 1 WLR 512, [1979] 2 Lloyd's Rep 91, 2 ILR 107, 250 EG 751, [1979] EGD 246 Lipkin Gorman (A Firm) v Karpnale Ltd [1991] 2 AC 548, 578 Livingstone v Rawyards Coal Co (1880) 5 App Cas 25, 39 Morrison and Morrison v. Canadian Surety Co, n. 4 above, at 86 per Coyne, JA Moses v Macferlan [1776] 2 Burr. 1005, 1012; 97 ER 976, 981 Napier v Hunter [1993] 2 WLR 42: Lord Napier and Ettrick and Another v Hunter and Others and Lord Napier and Ettrick v RF Kershaw Ltd and Others [Consolidated Appeals] HL [1993] AC 713 Orakpo v Manson Investments Ltd and Others [ 1978] AC 95, [1977] 3 All ER 1, [1977] 3 WLR 229, 36 P CR 1 Page v Scottish Insurance Corporation Ltd; Forster v Page (Court of Appeal) [1929] 33 Ll.L Rep. 134 Parry v Cleaver (House of Lords) [1970] AC 1, [1969] 1 All ER 555, [1969] 2 WLR 821, [1969] 1 Lloyd's Rep 183, 6 KIR 265, (48 MLR 20) Phoenix Assurance Co v Spooner [1905] 2 KB 753 Rayner v Preston (1881) 18 Ch D 1 Regal Films [1946 OCA] Reynolds and Anderson v Phoenix Assurance Co Ltd and Others (Queen’s Bench Division) [1978] 2 Lloyd's Rep 440 2 ILR 75, 3 ILR 51, 247 EG 995, [1978] EGD 172 Re TH Knitwear (Wholesale) Ltd [ 1988] Ch 275 at 286 Richard Aubrey Film Productions Ltd v Graham [1960] QB 2 Lloyd's Rep 101 Scottish Union National Insurance Co v Davis [1970] 1 Lloyd’s Rep 1 Sprung v Royal Insurance (UK) Ltd [1999] Lloyd's Rep IR 111, (Transcript: Smith Bernal) West of England Fire Insurance Co v Isaacs (Court of Appeal) [1895 1899] All ER Rep 683 Whiten v. Pilot Insurance Co., [2002] 1 S.C.R. 595, 2002 SCC 18 Yorkshire Insurance Co Ltd v Nisbet Shipping Co Ltd (Queen’s Bench) [1962] 2 QB 330, [1961] 2 All ER 487, [1961] 2 WLR 1043, [1961] 1 Lloyd’s Rep 479 1 Footnotes [1] Livingstone v Rawyards Coal Co (1880) 5 App Cas 25, 39 [2] Concept introduced in by Court of Appeal in the cases of Darrell v Tibbetts [1880] (Court of Appeal) 5 QB D 560 and Castellain v. Preston, ( 1883) 11 QBD 380 [3] The Compact Edition of the Oxford English Dictionary ( Oxford, 1987), ii. 3126 [4] Black's Law Dictionary, 6th Edition (1990). [5] Orakpo v. Manson Investments Ltd [ 1978] AC 95 at 112, per Lord Edmund-Davies [6] Orakpo v Manson Investments Ltd [ 1978] AC 95 per Lord Diplock [7] Beatson, J (2002): Anson’s Law of Contract, Oxford: Oxford University Press, Page 20. [8] Bird and Hird (2001): Modern Insurance Law, London: Sweet and Maxwell, Page 256 believe that â€Å"It may be that there is no general continuing duty of utmost faith†¦Ã¢â‚¬  [9] West of England Fire Insurance Co v Isaacs [1897] 1 QB 226 [10] Phoenix Assurance Co v Spooner [1905] 2 KB 753 [11] Page v Scottish Insurance Corporation [1929] 98 LJKB 308 [12] Rayner v Preston (1881) 18 Ch D 1 [13] Mitchell, Charles (1994): The Law of Subrogation. Contributors. Oxford: Oxford University Press, Page 4 [14] [ 1978] AC 95 per Lord Diplock [15] Darrell v Tibbetts [1880] (Court of Appeal) 5 QB D 560 [16] [1962] 2 QB 330 [17] [1970] 1 Lloyd’s Rep 1 [18] Leppard v Excess Insurance Co Ltd [1979] 2 All ER 668, [1979] 1 WLR 512, [1979] 2 Lloyd's Rep 91, 2 ILR 107, 250 EG 751, [1979] EGD 246 [19] ibid [20] [1999] Lloyd's Rep IR 111 [21] Sprung v Royal Insurance (UK) Ltd [1999] Lloyd's Rep IR 111, per Hedley, J [22] [1960] QB 2 Lloyd's Rep 101 [23] [1978] QB 2 Lloyd's Rep 440 [24] Orakpo v Manson Investments Ltd [ 1978] AC 95 per Lord Diplock [25] [ 1988] Ch 275 at 286, per Slade LJ [26] Campbell Auto Finance Co v. Warren [ 1933] 4 DLR 509 at 515, per Masten JA [27] [1969] 39 WWR 680 at 681, per Friesen DCJ [28] Barker, (1995): Unjust Enrichment: containing the beast. In OJLS, 15, 457,473 [29] Burrows, (1993): The Law of Restitutio

Tristan Gonzales

Gonzales#l Integrity is â€Å"the quality of being honest and having strong moral principles; moral uprightness† (Google Definitions). The first person that comes to mind when I hear the word integrity is Nick Carraway from the movie and the novel â€Å"the Great Gatsby'. Nick Carraway is Gatsbys Lovers brother and Gatsbys best friend, he is also the narrator. Nick shows honesty, moral principles, and moral uprightness throughout the ntire book.Nick Carraway as a narrator is honest and reliable because he explains all the Judgments from characters in general and is unbiased in doing so, he presents original plots or conversations does not scrutinize them and leaves them to the readers to decide, and these good qualities of Nick can be described by comparing others corruption in the book, such as Tom Buchanan, Gatsbys lover's wife. Nick accepted the good parenting in his younger age, which helps him to be a decent person afterwards.It can be proved in the book where Nick's fat her told him: â€Å"Whenever you feel like criticizing someone, Just remember that all the people in this world haven't had all of the advantages you've had. â€Å"( Fitzgerald,l) this advice, which he has been turning over in his head ever since tells us that he is honest for the fact thathe does not Judge people without getting to know them first. Gonzales #2 Nick has high morality and decency while others do not. For example, â€Å"l was one of few guests who had actually been invited.People were not invited-they went there. † (F. Scott Fitzgerald, 43) Majority went there without an invitation. It shows those people have low morality and are dishonest. In the book Gatsby asks nick to go and tell daisy to meet him for lunch after he tells the story of him and daisy and what occurred with their relationship. He agrees to this gesture because he feels that tom Buchanan is an unfaithful husband and he has witnessed first hand of his affairs. He knows what he is doing is for the best and is looking out for daisy in more ways than ne.These reasons for Nicks integrity that I have stated are only the ones that truly stuck out to me on the contrary though if I re read the book I'm confident that I could conjure up 100 more reasons why he has integrity. In every chapter of the book he is in a circumstance where he must make the right choice, and he never fails to make that choice. In the third chapter atter meeting a lot ot the main characters Nick states â€Å"l am one of the few honest people that I have ever known†( Fitzgerald,54). And I agree with this quote completely.

Hunger Games Book Review

Everyone has heard the saying that winning is not everything. In Suzanne Collin’s bestseller, The Hunger Games, it redefines that saying. In the novel, North America has been through some apocalyptic disasters and is known as Panam with twelve districts that are ruled by the Capitol. Each year the Hunger Games are held as a reminder of the bleak past and that the Capitol is still in control of the citizens of Panam. One girl and one boy between the ages twelve and eighteen from each district are drafted to fight to death in the Hunger Games.The last one standing is the winner and will bring home the fame and fortune for their district. Each kid must attend â€Å"The Reaping†, which is the ceremony where the names are drawn for the person to be in the Hunger Games. Primrose Everdeen is only twelve years old and this is her first year attending â€Å"The Reaping†. Her sister, Katniss Everdeen, assures her that she’s not going to be picked because her name is only in the drawing once. Surprisingly, the odds were not in Primrose’s favor.Katniss cannot stand to see her little sister go and fend for herself in the Hunger Games, so she does the unthinkable and volunteers to take Primrose’s place as tribute, a person who competes in the Hunger Games. Peeta Mellark is the male tribute chosen to represent District 12 in the Hunger Games. Peeta has had an everlasting crush on Katniss since the day they met. Will Katniss have mutual feelings with Peeta during this crucial time of life or death or will the love be a distraction while it boils in the heart? Also, will the beloved characters perish or will they prevail in the Hunger Games?The Hunger Games is a compelling young adult novel that will surely appeal to many readers that admire action and adventure with a hint of romance. In my opinion, The Hunger Games is an exceptional novel that is dramatic and really fun to read. The author, Suzanne Collins, does a really good job with developing the plot. The plot is very unique and unpredictable. I really liked the little plot twists she throws in the story; it keeps the story interesting. I also like how the story has just the right amount of action and romance. The action keeps the whole book from being consumed from all of the romance.The main characters were all developed really well, but I think the minor characters could have been developed a little better. Other than that, the whole book was excellent. I believe this book will appeal to people who like stories about action and adventure with slight romance to freshen things up. This book will also most likely appeal to both genders of teenagers and adults. In summary, The Hunger Games by Suzanne Collins is a remarkable novel that will make you yearn to find out what’s going to happen next in the trilogy. The book has a great plot that will definitely leave a lasting impression on the reader.