Definition and Examples of Verbal Play in English

Definition and Examples of Verbal Play in English The term verbal play alludes to the fun loving and frequently silly control of the components of language. Otherwise called logology,â word play,â speech play, and verbal craftsmanship. Verbal play is a fundamental attribute of language use and anâ important segment during the time spent language acquisition.â Models and Observations Whats the distinction between the Prince of Wales and a tennis ball?One is beneficiary to the seat and the other is tossed into the air.The estimation of marriage isn't that grown-ups produce kids however that kids produce adults.(Peter De Vries, The Tunnel of Love, 1954)I comprehend your new play is brimming with single entendre.(George S. Kaufman to individual dramatist Howard Dietz)Child: Mommy, would i be able to go out and play?Mother: With those gaps in your pants?Child: No, with the young lady next door.Your mom is soâ skinny she can hula-loop a Cheerio.Dear Sir or Madam or Sodom or Whom It May Confirm:I comprehend you are employing software engineers and thus present my intensification for annoyment by your firm. As you see, I see, delicious lucy goosy poosy, I have long practicality in language and was cured in the best schools and my measure is to ride clothing. On my garments is my consomme. If it's not too much trouble feel free.I remain your humble serpent.(James Joyce Business School, A Prairie Home Companion, March 4, 2000)Sense and NonsenseVerbal play, however autonomous of sense, shouldn't be drivel; it is not interested in, yet not contrary to, which means. Verbal playâ isâ actually an intrigue to prevail upon the goal of suspending its inhibitive power.(Leonard Falk Manheim, Literature and Psychology, 1988) Discourse Play and Verbal ArtThe limits between discourse play and verbal workmanship are difficult to delimit and are social just as etymological. Simultaneously, there are sure verbal structures where the connection between the two is especially striking and where it is very evident that types of discourse play comprise the structure squares of verbal workmanship. These incorporate most especially the extending and control of syntactic procedures and examples, reiteration and parallelism, and metaphorical discourse. Ordinarily verbal workmanship is portrayed by mixes of these types of discourse play.(Joel Sherzer, Speech Play and Verbal Art. College of Texas Press, 2002)Verbal Playâ in African American Communities-Verbal play in the African American people group is both execution and diversion, situated like sandlot football or card playing at picnics. However, it can, once in a while, be as genuine a sort of play as serious football or offer whist tournaments.(T. Gather and C. Ca lloway-Thomas, African American Orality: Expanding Rhetoric. Understanding African American Rhetoric, ed. by R. L. Jackson and E. B. Richardson. Routledge, 2003)- In downtown networks where dark English is spoken . . . certain styles ofâ verbal playâ are generally rehearsed and exceptionally esteemed. Such play includes both play with language and provocative play with social shows. Singular social remaining partially relies upon the order of these profoundly organized kinds of repartee and the capacity to keep cool while giving and accepting over the top abuse or difficulties to confidence. Small kids in such networks step by step get familiar with this style of verbal play, utilizing jokes from the start, however regularly coincidentally giving or complaining before they see how to utilize the strategies imaginatively and with the best possible enthusiastic distance.(Catherine Garvey, Play. Harvard University Press, 1990)

My Philosophy of Education Essay -- Philosophy of Education Statement

My Philosophy of Education All kids can learn. This has been a way of thinking of mine since the time I won a challenge in fourth grade. Every single fourth grader were approached to present an idiom a that would have been put on our school banner. Shockingly, I won and that was what caused me to acknowledge exactly how evident that announcement is. Nonetheless, that way of thinking can be separated into five segments. The first being the reason for training. Second, the idea of information. Third, the idea of the understudy. Next, the technique utilized in instructing. Last, obviously not least, the educational program that is instructed in schools. I feel the reason for instruction is to make a superior individual just as a superior society. In today’s society, individuals need training like never before. In the event that an individual has instruction , they will have better employer stability which implies they won't be as prone to lose their business to innovation. Innovation shows signs of improvement constantly. Occupations that necessary manual work fifteen years prior are presently being finished by PCs or machines. Vehicle production line mechanical production systems is a genuine model on the grounds that the machines would now be able to assemble the parts. Another genuine model is in libraries, when individuals used to look at books they would need to round out a card and record a wide range of book data. Presently nonetheless, the curators essentially check the book. I don't have the foggiest idea, nor would I like to know how it would feel to have a nonliving â€Å"thing† accept your position. This co uld make an individual have some genuine mental ruins which carries me to Rousseau. I concur with him when he said individuals ought to have the option to settle on their choice and reserve the privilege to decide to be acceptable, genuinely fit, and cheerful. These three things are so significant with regards to bettering an individual. The nat... ... After graduation, I would like to find a new line of work that will offer me the chance to make these thoughts reality. I realize that following a couple of long periods of training I will make a ton of changes just as modifications. Seeing the assortments of showing styles through my associates will give me various thoughts on educating. I in the end might want to have the option to join gatherings of with different instructors and experts that will permit me to study educating. All things considered, there you have it. My way of thinking of training. I am mindful that there are numerous methods of instructing and I will be extremely liberal about different instructors ways of thinking and not reprimand them. The assortment of individuals is the thing that causes the world to go ‘round and that is the reason all educators have an alternate method of instructing. In any case, I feel that the significance of these five segments should be worried all through all homerooms. My Philosophy of Education Essay - Philosophy of Education Statement My Philosophy of Education All kids can learn. This has been a way of thinking of mine since the time I won a challenge in fourth grade. Every single fourth grader were approached to present a platitude a that would have been put on our school banner. Incredibly, I won and that was what caused me to acknowledge exactly how obvious that announcement is. Be that as it may, that way of thinking can be separated into five parts. The first being the motivation behind training. Second, the idea of information. Third, the idea of the understudy. Next, the technique utilized in educating. Last, obviously not least, the educational program that is instructed in schools. I feel the reason for training is to make a superior individual just as a superior society. In today’s society, individuals need training like never before. On the off chance that an individual has training , they will have better employer stability which implies they won't be as prone to lose their business to innovation. Innovation shows signs of improvement constantly. Employments that necessary manual work fifteen years prior are presently being finished by PCs or machines. Vehicle production line sequential construction systems is a genuine model on the grounds that the machines would now be able to assemble the parts. Another genuine model is in libraries, when individuals used to look at books they would need to round out a card and record a wide range of book data. Presently in any case, the custodians essentially check the book. I don't have the foggiest idea, nor would I like to know how it would feel to have a nonliving â€Å"thing† accept your position. This could make an individual have some genuine mental destructions which carries me to Rousseau. I concur with him when he said individuals ought to have the option to settle on their choice and reserve the privilege to decide to be acceptable, genuinely fit, and cheerful. These three things are so significant with regards to bettering an individual. The nat... ... After graduation, I would like to find a new line of work that will offer me the chance to make these thoughts reality. I realize that following a couple of long periods of instructing I will make a ton of changes just as modifications. Seeing the assortments of showing styles through my colleagues will give me various thoughts on instructing. I inevitably might want to have the option to join gatherings of with different educators and experts that will permit me to get familiar with instructing. All things considered, there you have it. My way of thinking of training. I am mindful that there are numerous methods of instructing and I will be receptive about different educators ways of thinking and not scrutinize them. The assortment of individuals is the thing that causes the world to go ‘round and that is the reason all educators have an alternate method of instructing. Notwithstanding, I feel that the significance of these five parts should be worried all through all study halls.

Skin Cancer and Expert Knowledge free essay sample

The risk of being hit by an approaching vehicle is constantly present, however reasonable by reviewing security exhortation like the well known wellbeing guidance â€Å"Stop, Look and Listen†. Nonetheless, a few dangers are not constantly evident and we are needy upon various sorts of information created by specialists to help uncover them, however now and then this master information can be challenged and deciphered by laypeople in the public eye. The point of this report is to investigate the case that the job of master information is questioned among specialists and the lay open and will do as such by attracting on valuable proof to help bolster the case. 2. What is implied by ‘risk’? The word chance alludes to a state where there is a chance of known peril or mischief, which whenever maintained a strategic distance from may prompt advantages (Carter and Jordan, p. 59). To detailed, here is a model that represents the meaning of hazard: †¢ Someone who rides a bike might know about the hazard related with moving through traffic close by vehicles moving at quick speeds and deals with the chance using hand signs and reflectors and lights. We will compose a custom exposition test on Skin Cancer and Expert Knowledge or then again any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page They may likewise wear a cap to decrease the danger of head injury. Nonetheless, they likewise deal with the hazard by gauging it against the advantage of sound exercise related with cycling. . Hazard Society Sociologist, Ulrich Beck (1989), is a persuasive scholar in the discussion of hazard in the sociologies and his hypothesis of hazard society focuses on that as we have made the progress from mechanical society to contemporary society, we are additionally in a time of change toward a ‘risk society’ where we are reliant upon master information to recognize and layout chances that are some of the time past the immediate forces of human observation (Carter and Jordan, p. 79). Beck utilizes the occasions of the Chernobyl fiasco to outline his hypothesis. Here are a couple of key focuses about his hypothesis: †¢ Beck contends that the as the haze of atomic radiation that spread through Europe, individuals who lived in the ‘fallout’ zones were vigorously subject to the information on specialists to recognize the hazard. †¢ Within a hazard society, individual experience not longer enough so as to pass judgment on threat or damage. †¢ However, while Beck’s hypothesis features the publics need of master information to characterize dangers and the conceivable risk it models for them, one of his key concerns is that the job of master information proceeds to cause stress and nervousness for every one of us. This hypothesis of hazard is extremely helpful in investigating the case that master information in overseeing and understanding danger is contested, on the grounds that we can apply it to various different instances of ordinary material hazard. 4. Proof of hazard in contemporary society There are an enormous number of instances of material hazard in contemporary society that we can apply Beck’s hypothesis to. Here are only two of them. 4. 1 Allotment Example This model or hazard includes the dirt of a designation which was supposed to be harmed, how with the utilization of logical tests the dirt was in actuality safe, and vulnerabilities were made when an alternate collection of master information uncovered that the first tests exhibited a lot of variety as was challenged. †¢ After a multi year pause, Tim Jordan and his family were given an assignment near their home in which they developed vegetables and joyfully ate them. In any case, they got a letter from the nearby specialists expressing that the dirt on the portion was harmed with lead and arsenic, and was along these lines risky. Following quite a while of discussions, the nearby committee sent off examples of the dirt to various research centers to get it broke down. The consequences of which tests regarded the degrees of poisons in the dirt to be low enough not to demonstrate a danger to human wellbeing, thus typical planting was continued in the assignments. †¢ Jordan and his family chose to surrender the allocation since master information in the field of science was dependent on suppositions about the dirt and they were dubious of the dangers presented by the harmed soil. Yet, the legitimacy of the logical tests was addressed by the UK Government’s natural organization (EA) who asserted that the aftereffects of the tests were faulty in light of the fact that the tests appear to discover varying degrees of poisons, thus the EA presented similar examples to nine research centers in the UK and Wales, to one in the USA, and one in the Netherlands. The outcomes they created showed enough variety between the research centers to recommend that such tests might be belittling the toxic substances. By applying the principal purposes of Beck’s hazard hypothesis to this model, we can see that master information did in actuality acquire the danger of toxin the dirt to the consideration of the general population, yet additionally it likewise shows that while logical aptitude distinguished the potential threat to human wellbeing, it was additionally challenged by an alternate assemblage of logical information. 4. 2 Sun tanning model In this model, we look at how the lay open decipher clinical counsel utilizing individual encounters and social practices so as to understand the hazard associated with sun tanning. This contextual analysis was led as a major aspect of a bigger report supported by the Medical Research Council, with respondents matured somewhere in the range of 20 and 35 years of age and note that they were from Glasgow, a city where presentation to the sun is frequently an irregularity. †¢ The respondents could all effectively review clinical guidance about presentation to the sun, yet estimated it against the idea of a sound tan. †¢ Many of the respondents clarified that by getting a tan they looked and felt more advantageous in themselves. The sun can be start to see that the impacts the sun’s beams have on the body are both a wellspring of material hazard, from malignant growths, and an emblematic hazard, for example, being pale and undesirable looking (Carter and Jordan, p. 76). This model shows how master information as clinical counsel instructs us to keep our skin secured to keep introduction from the sun that could cause skin disease, and how this is dec iphered by society utilizing the social act of booking occasions and how they balance the material danger of skin malignant growth with the emblematic danger of getting a tan so as to look and eel more advantageous. 5. Taking everything into account, chance is surrounding us in our material lives, yet using master information that is intervened to us in a wide range of ways and encourages us to shape our comprehension of hazard, we are better ready to haggle how to maintain a strategic distance from it. In taking a gander at Beck’s hypothesis, chance society, we can likewise observe that master information is relied on to bring dangers that are not evident into society cognizance, and yet master information can likewise be an incredible reason for stress and tension. Finally, the way that general society rework apply information through close to home and social practices, such as adjusting harmed soil with medical advantages of developing their own natural vegetable, or adjusting the material danger of getting skin disease from delayed introduction to the sun with the emblematic danger of getting a solid tan so they look and feel more beneficial recommends that in spite of the fact that we know and can review disentangled messages passed on by specialists, now and again we don’t consistently tail it precisely. Along these lines, we can see that the job of master information in comprehension in overseeing hazard is a long way from straight forward and is questioned. 6. References Carter, S, and Jordan, T. (2009) ‘Living with hazard and unsafe living’ in Bromley, S. , Clarke, J. , Hinchliffe, S. , and Taylor. (eds) Exploring Social Lives, Milton Keynes, The Open University. ‘A hazardous world? ’ (2009) Exploring Social Lives [Audio CD 1], Milton Keynes, The Open University. Self Reflection How are you dealing with your time and adapting to the examination plan? For the most part I am dealing with my time by arranging my examinations around my work duties and it has all the earmarks of being working genuinely well. I am additionally adapting to the investigation plan very well despite the fact that I do feel that I could invest more energy in making noticed that help to refresh my memory in the event that I get somewhat mistook for subjects inside the module materials.

Liberalism in Early American Literature :: essays research papers

Radicalism is the establishment of America. This belief system is found in the country’s early juvenile writing and in the very record that made America free. Both the chose works of Phyllis Wheatley and Thomas Jefferson are effectively working for the belief system of progressivism, which is a political philosophy that is against any framework that undermines the opportunity of the individual and his common rights and keeps the person from turning into all the individual can be, explicitly the significance of human independence and the opportunity of mankind from compliance to another gathering. The common privileges of man, in the expressions of John Locke, are â€Å"life, freedom and property.† These entries praise each other in light of the fact that they are both in the help of the belief system of progressivism and bolster the opportunity of all individuals from mankind. The master plan that is in question is that the philosophy of progressivism was the rule estab lishing belief system in America and it was nearness was felt in the social setting by means of writing. The significance of human singularity and the opportunity of humankind from compliance to another gathering was a critical point in the philosophy of progressivism. In this manner, when radicalism is found in writing, it conveys the equivalent deciding elements. In a segment of the Declaration of Independence by Thomas Jefferson, Jefferson composes â€Å"He has induced treasonable uprisings in our individual subjects, with the allurements of relinquishment and seizure of our property.† This language underpins progressivism since Jefferson clarifies that the â€Å"treasonable insurrections† were not brought about by the individuals themselves yet by King George III, for example a domineering government and in this manner it puts the â€Å"fellow-subjects† in a docile position. Another help of progressivism by this statement is the referencing of the â€Å"confiscation of our property† which is, by method of John Locke, an encroachment of normal rights and i n this way an encroachment of human singularity. Since Jefferson is denouncing these encroachments, he is then supporting the restricting perspective, which is radicalism. Jefferson additionally composes â€Å"He has pursued brutal war against human instinct itself, disregarding it’s most hallowed privileges of life and freedom in the people of a far off people†¦Ã¢â‚¬  This announcement is effectively working for the belief system of radicalism by expressing the life’s most sacrosanct rights are life and freedom, which returns to the announcement by John Locke. By utilizing the term holy, Jefferson has made a feeling of strictness in his contention.

Historical Foundations in the Field of Psychology - Free Essay Example

Abstract This final assignment is a reflective paper in which the historical, philosophical, and empirical foundations of the field of learning in psychology and its applications will be discussed. Additionally, there will be a discussion of the ways that history has helped to shape important contemporary learning theories and issues. Lastly, the paper will provide an explanation of how specific topics and information such as instrumental conditioning techniques and the usefulness of different learning styles may impact my personal and professional life and how the different aspects of the field of learning have added value to my body of knowledge as a student and future professional in the field of psychology. Historical Foundations Of the Field of Learning Shaping Important Contemporary Issues It is a natural course of action for the field of learning to fall under the umbrella of the field of psychology. A branch of philosophy and science, the field of learning, just as the field of psychology, was created through the movements of empiricism and rationalism, along with the development of evolution theory (Terry, 2009). These movements fostered interest in scientific investigation thus giving way to epistemology, which means, theory of knowledge. Questions concerning nature and nurture sparked interest in how we came to have knowledge, which is the main tenet of the field of learning (Terry, 2009). In the field of psychology, the learning theories provide a way to explain how we learn and attain knowledge; how we think. While philosophers agreed with the basic definition of knowledge and learning, which is defined as the acquisition of knowledge, their opinions varied in how acquisition occurs (Terry, 2009). Descartes suggested that although we learn, other sources of knowledge exist. He introduced the ideas of nativism and rationalism. He proposed that we have innate knowledge of our ideas of God, infinity, and perfecton (Terry, 2009). Also, that other knowledge is derived by a reasoning, logical, and intuiting mind (Terry, 2009). Additioally, this knowledge is present and independent of particular experiences with the world (Terry, 2009). Therefore, he believed in the process of learning, but he didn’t believe that all knowledge had to be learned. However, John Locke introduced the idea that knowledge is actually learned through our experiences, and through use of our senses, which is the idea of empiricism (Terry, 2009). This phenomenon is later known as cause and effect. The ideas of Descartes and Locke influenced researchers toward an empirical view of learning through seeking out how knowledge is acquired through what is experienced in the environment. This gave way to the scientific methods of association learning, conditioning, and verbal learning (Terry, 2009). Each of the historical thoughts on learning is continuous and useful in some way today. There are modern theories that have built upon the ideas of conditioning and behavior modifications, etc. One such example is research conducted to treat anxiety disorders. Mineka, and Zinbarg (2006), provide a modern approach to treating phobias, as well as other anxiety disorders. Their research starts with the traditional premise that what can be learned can be unlearned, and possibly prevented (Mineka Zinbarg, 2006). However, they support modern criticism that traditional learning approaches do not adequately account for the diverse factors involved in the origins of people’s anxieties. To support this claim they provide an example of two clients with phobias of dogs. The phobias were developed due to experiencing attacks by dogs. The first client actually was out walking her pet dog when she was attacked and later developed an infection due to the bite. However, the second client only experienced her clothes being torn before the owner was able to grab the dog before any serious injury occurred, although both clients developed phobias (Mineka Zinbarg). They argue that traditional learning approaches do not adeqatly explain why the client that was not bitten developed the phobia as well. Additionally, they provide another concern that traditional views do not explain why many individuals that have had traumatic experiences do not develop phobias. Furthermore, they go on to say that contemporary learning approaches are better grounded in the theories and methods of experimental psychology, and they provide more comprehensive formulations of the etiology of anxiety disorders. Also, that they provide a more explicit analysis of factors promoting or inhibiting the deeopment of different anziety disorders (Mineka Zinbarg). With that being said, there have indeed been great advancements in the field of learning and psychology, along with growing technological advances. Learning involves observable changes in behavior; objective evidence, and traditional researchers such as Pavlov, Watson and Skinner have paved the way for providing a scientific foundation for psychology and learning. â€Å"Psychology is a science because it is objective and quantifiable. Learning and memory themselves are not observed directly; they are processes that occur in the nervous system (Terry, pg. 5, 2009). Therefore, contemporary research has taken advantage of the use of PET scans and magnetic resonance imaging (MRI) to look at brain functions to explain behaviors ( Raichle, 1994). These modern avenues of research have allowed researchers to become a step closer to relating psychological theory to brain functions and research. For example, today’s research may include brain scans and case studies of brain damaged sol diers. Even more so, recent research on post traumatic stress disorder examines the use of exposure therapy on preventing the reoccurenc of PTSD (Massad et. l, 2006). This research is most interesting because the researchers examine the understanding of reducing fear responses because associations with the stimuli are not unlearned. Their research concludes that unless exposure treatment regimens are maximized the risk of renewal of PTSD is high (Massad et. al, 2006). Such advances are very important to the quality of life that our existence depends upon. Knowledge is necessary for our daily lives even more so now than ever. This very research can be instrumental in a military soldiers life as we are currently in war time. The topics in the field of learning that have had the most impact on me personally include learned taste aversions and the development of specific phobias For example, the first time a child sees a nurse and a needle at the pediatricians office, it probably will not cause the child to cry. However, through the pairing of the needle with the unpleasant sensation of having a vaccination the sight of the nurser may come to elicit symptoms of fear and anxiety, even if the child is not receiving a vaccination. I personally found this interesting just because I am a mom and it is interesting to use such information while rearing children. The second type of learning that I found interesting in the behaviorist tradition is instrumental or operant, conditioning. This type of learning requires that an organism operate on the environment to achieve a goal (Terry, 2009). So then, behaviors are learned as a function of the consequences of those behaviors. Of course, this type of reinforcement is useful in the classroom as well as rearing children. Additionally, social learning theory focuses on observational learning, and modeling. Social learning researchers are concerned with how expectations, memory, and awareness influence the learning process (Berk, 2008). Children learn many behaviors through modeling. Most interesting to me was Albert Bandura’s experiment with children. It is still shocking and relevant today. Adults can find this research useful when considering the consequences of behavior. References Berk, L. (2008). Infants, children and adolescents. (6th Edition). Boston: Allyn Bacon. Raichle, M. (1994). Images of the mind: Studies with modern imaging techniques. Annual Review of Psychology, 45333-356. doi:10. 1146/annurev. ps. 45. 020194. 002001. Terry, W. S. (2009). Learning memory: Basic principles, processes, and procedures. (4th ed. ) Boston: Pearson Higher Education.

Financial Times Masters in Finance Program Rankings

Financial Times just came out with their rankings of Masters in Finance programs around the world. Below are some highlights, followed by the top 10 rankings. Masters in Finance 2016 Highlights: †¢ This year there were 55 programs included in the FT rankings for Finance programs for pre-experience professionals, up from 50 programs last year. Minnesota Carlson was one of the new programs added to the list with their new MiF degree program. This year, the program received 150 applications for the 27 seats available, before the school had even advertised the new program. †¢ There are 5 ranked programs for post-experience professionals. †¢ After five years of being #1, London Business School has dropped to the #2 slot of the Post-Experience rankings, allowing Cambridge Judge to take the top spot. London Business School, does however still boast the highest earners, making just under $137,000 average salary three years post-graduation. †¢ For Pre-Experience programs, HEC Paris takes the #1 spot for the sixth year in a row. †¢ University of Hong Kong made the biggest leap this year, jumping 16 spots to 29th place. Lancaster University Management School was also a big jumper, climbing 10 spots to 30th place. †¢ MIT Sloan hit a record in application volume for its Masters in Finance course at 2,083 applications, an increase of 22% over last year. MIT Sloan also boasts the highest average salary for pre-experience Finance programs at $117,000 three years post-graduation. †¢ Applications to finance-related masters programs at Warwick Business School are up 12% this year. †¢ MiF programs are extremely popular among international students. Lancaster University Business School, located in the UK, has no local British students in its MiF course this year. US programs have classified MiF programs as STEM courses, a status that enables non-U.S. students to tack on an additional 24 months to their visas. †¢ Due to an increase in demand, Masters in Finance programs frequently offer modules on entrepreneurship, crowdfunding, and other fintech- or startup-focused content. Top 10 Masters in Finance Programs (Pre-Experience): Top 5 Masters in Finance Programs (Post-Experience): See these articles for more information: †¢Ã‚  Masters in Finance 2016 Ranking: Judge and HEC Top FT Tables †¢Ã‚  Masters in Finance 2016 Ranking: Schools Gain from Industry Woes †¢Ã‚  FT Masters in Finance Rankings Methodology Related Resources: †¢ Princeton University Master in Finance: Is It Right for You? †¢Ã‚  MIT Master in Finance – Is It the Right Fit for You (and Vice Versa)? †¢Ã‚  The Facts About Financial Services, podcast

Social Media s Influence On Education - 1119 Words

Social Media Through Time: Over 75% of all internet users use social media today. Eleven years ago, only 7% of American adults used social media sites. Social media is a type of online communication used to create, share, or exchange information available to anyone.Today, social media affects our lives in many ways; sometimes without us knowing. Social media sites affect education, society, relationships, advertising, job professions, etc. However, it’s not always for the best. Evolution of Social Media: Social media has come a long way from connecting real world friends. Everyday day social media continues to add more users. Social media didn’t get started until the early 2000’s. Some call it the go,fern era of social media. At that time over 100 million people had access to the Internet. The first social media site was Friendster, a social gaming site released in 2002. After that, many other sites were created such as LinkdIn, MySpace, and still popular today, Facebook. It wasn’t until 2006 when social media took off. Facebook had gained 12 million active users. Facebook is a social networking website that allows people to create profiles, upload photos and video, send messages and keep in touch with family and friends. As of early 2015, Facebook had accumulated 1.44 billion users. More recent social media sites include, Twitter, Tumblr, Pinterest, Instagram, Snapchat, and Vine. Twitter, the second most used social media site, allows users to post short 140-cha racterShow MoreRelatedWhy Is Medium Is The Massage Essay1528 Words   |  7 PagesWhy is Medium Message? Marshall McLuhan, a technological determinist, says in his book ‘Medium is the massage’ that the most widespread modern media influence how humans think, act and perceive the world around them. 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All this is based upon what we see in the media is the information reliable or not? I say this because of hearing about news personality lying about their experience only to booster the networks rating. When the criminal justice system has

How Does The Temperature Affect The Average Temperature...

Evan Miller Section 1 The colors indicate that the average temperature rose in all continents from 1884 to 2012. In the past 50 years the temperature rose the most in North America. The average temperature change from 1880 to 2010 was 0.7 degrees Celsius. The curve between 1950 and 1980 is relatively flat and centered around 0 degrees difference from the baseline because The error bars are smaller near the year 2000 than in the 1890’s because in the 1890’s they didn’t have the same technology as we do today. The black line is so much more variable than the red line because the black line shows annual average temperature and the red line shows the five year average temperature. I predict that the temperature will increase at a steadier rate in the next 100 years. I drew the curve this way because from 1990 to 2010 the curve starts to increase steadily. On a scale of 1 to 5, I would be a 4, The clear stop in 2010 influenced my rating The winter layers are darker than the summer layers because the summer snow would be much cleaner than winter snow The graph shows that the temperature for the past 10,000 years, compared with the previous 400,000 years, has been getting warmer. The current climate trends from 1880 to 2010 would mean there is no cooling period of time, there would only be an increase in temperature. Scientists can be certain that the earth is warming because the recent data in the vostok ice core graph shows no evidence of a cooling period approaching, theShow MoreRelatedHonors Geoscience Summer Project Task 3730 Words   |  3 Pagesclimates 1. What do the colors indicate about the change in average temperature over time from 1884 to 2012? The colors indicated that the average temperature rose in all continents from 1884 to 2012. 2. In the past 50 years, where has the temperature changed the most? 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Why I Am A Doctor - 1237 Words

It makes sense that if you see something that threatens you or anybody else, you would want to intervene somehow. One day, I was doing exactly that, yet my imagination got the better of me, because of how doubtful I was of the person’s intentions. First of all, I was at the supermarket buying some groceries in the afternoon on a sunny summer day. As I walked to my car outside, I saw somebody dressed in dark jeans, a black hoodie, and very used looking tennis shoes. I have always been interested in mysteries, even though I’d just gotten a degree to be a doctor a few months ago. I passed this person on the way to my car I saw the elements in his bag; it was a few long ropes and a roll of duct tape. Well, that really made this guy look†¦show more content†¦After he got to the other side of the road, he noticed a poster on the back side of the building. He took the poster off and just stared at it. It looked like there was a crime scene on it. What could it be, I t hought? He crumpled it up and put it in his jean pocket, then he kept going to wherever his destination was. I used the same approach the next block, but this time the individual turned right, walked across the other side of the block, and crossed the street right in front of me. The man glanced at me contingently, probably because I was eyeballing him to see what he would do next. My way of following him was abolished because of his turn. I decided to continue going that direction, and then turn right so that I was parallel with him again, even if I was on the other side of the road with houses and there was a street in between us. For me there was a dead end at the end of this block, though for him there was a gravel alley. Well, the alley was skeptical looking, so I went another block to turn left. This was better because my line of vision was less obstructed than when I reached the dead end. Near the end of the street a truck was coming, and while I stopped, the stranger almost didn’t see it in time. Luckily, the truck stopped before just before anything could happen. It seemed he was a little preoccupied. After he continued on like nothing

Macbeth by William Shakespeare - 3086 Words

Macbeth by William Shakespeare Analyse and compare two scenes in William Shakespeare’s Macbeth that show the audience the change in the balance of power, in their relationship, between Macbeth and Lady Macbeth. During the play the relationship between Macbeth and his wife changes constantly. The person in power of the couple’s actions and the way they are frequently switches between the two of them. There are many scenes in which this is made obvious to the audience through the way they interact with each other in movement and the way they speak Shakespeare’s language. However, much of the play can be interpreted in many different ways and so it is left to the actors to show to the audience†¦show more content†¦Showing that even though he is about to commit murder he still has his faith and believes it supports him. He feels the murder is part of his fate so that, despite his knowing that it is a sin, he will still enter heaven but be damned whilst there. â€Å"Bloody instructions, which being taught, return To plague th’inventor† He thinks that if he were to do this deed the spirit of Duncan would forever come back to haunt him in an angered state, or even that he and Lady Macbeth could be killed by others as a result of it. By halfway through his speech he is still unsure about what he should do regarding this matter, he really wants to become king yet his conscience is fighting his every thought about it. The reasons that he gives during this speech not to kill Duncan are firstly that due to Duncan being his cousin, he feels that it is morally incorrect to kill a relative, also Duncan is his king, whom he is supposed to protect for the good of the country; and also Duncan is visiting his castle because he trusts him and that, as his host, he should protect him, not cause harm. â€Å"He’s here in double trust†. He uses a Simile to describe how the virtues of Duncan â€Å"will plead like angels, trumpet-tongued† against his killing. The speech is ended by Macbeth talking about how there isShow MoreRelatedMacbeth by William Shakespeare770 Words   |  3 PagesThe play Macbeth is written by William Shakespeare. It is believed to be written between 1603 and 1607 and set in eleventh century Scotland. It is also believed to be first performed in 1606. It is considered to be one of the darkest and most powerful tragedies. 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Macbeth’s moral compass is not resilient enough to withstand his wife’s manipulations and he is provoked to act on his malicious thoughts of murder. The author explores the terrible effects that ambition and guilt can haveRead MoreMacbeth, By William Shakespeare Essay1487 Words   |  6 Pagesreaction†. Macbeth by William Shakespeare is a tale which illuminates the consequences of violating the â€Å"Natural order†, the hierarchy of beings in the universe. When Macbeth, a warrior wel l-known for his courage and bravery, murders King Duncan acting on his unchecked ambition to claim the throne, the order was disrupted, the result†¦chaos. Shakespeare uses symbolism to illustrate the atmosphere of the play as the natural order is flung into a state of turmoil. These techniques used by Shakespeare is usedRead MoreMacbeth, By William Shakespeare1483 Words   |  6 Pagesdifferent references in the play of how a king deals with power and if they use it for better or for their own personal gain. 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What is unique about blood in Macbeth is that the â€Å"imaginary blood† or the guilt that the murderer feels plays more of a role of understand and amplifying the theme of the play, that blood is guiltRead MoreMacbeth, By William Shakespeare1431 Words   |  6 Pages Macbeth, though originally a valiant and prudent soldier, deteriorates into an unwise king whose rash decisions conclusively end in the atrophy of his title, power, and position. Several facto rs contribute to the downfall of Macbeth, which produce a contagion effect and ultimately end with his demise. He receives help from his â€Å"inner ambitions and external urgings† which result in his downfall (Bernad 49). The â€Å"external urgings† consist of the weird sisters who disclose his prophecies, which enlightenRead MoreMacbeth, By William Shakespeare2060 Words   |  9 Pagesthe green one red Macbeth Quote (Act II, Sc. II). Out, out, brief candle! 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An Artists review Essay Example For Students

An Artists review Essay Nusrat Ahmad: Pioneer of PakistanAs I walked up to the future interior designer of the Ahmad family, I wondered the extent to which Nusrat Ahmad had taken her designing career. I saw Nusrat sitting on the lush green sofa in the corner of her family room, thinking that one day she would be strategically placing sofas in other peoples houses. Belonging to a Pakistani family, I wanted to question the extent of approval she received from her family and relatives and inquire about other South Asians artists in todays community. Just like any other Pakistani family, Nusrats parents always wanted their daughter to be a doctor. As she struggled through high school with her science classes in order to please her parents, she started drawing as a hobby. Sitting bored in her Biology class, she developed a habit of drawing pictures of different organs of the human body in her notebook. She had no interest in the field and she bluntly told me that I enjoyed drawing more than physics or biology. ( Nusrat) Her parents were unaware of her art, which started to show up at her schools art exhibitions. Even until the end of her high school career, she did not tell her parents that she was serious about her art and wanted to pursue it, and only when she started college did she tell them that she had an avid interest in that field. They disregarded the idea, thinking of it as a childish interest and still forced her into pursuing a medical career. After the end of her first year in college, she started taking an afternoon art class with a famous abstract artist in Pakistan, Mansoor Elahi, who was well known for his murals in The Parliament, the Presidents house. Even though her parents did not want her studying art, they allowed her to take that class due to her incessant nagging. Nusrat studied abstract art with him for about a year and a half, encouraged by Mr. Elahi (Nusrat) and most of her paintings were a reflection of his ideas. These paintings were exhibited at local art exhi bitions on and off. Eventually, he told her that her paintings could be sold for about three thousand dollars a piece.At the end of her particular 2 year college career, her peers granted her the title of Nusrat daVinci, a tradition where the juniors award a title of how an individual has been through his/her college career upon their graduation. It is indeed such an honor to be given the name of the famous Leonardo daVinci! The two artists belong to completely different backgrounds, yet the association provided to them was great. When I asked Nusrat if having a different cultural background and upbringing in a different country had an impact on her art now that shes living in the United States, she calmly replied that she had a bigger advantage over other people. (Nusrat) Not understanding what the bigger advantage was, I inquired about it and she answered by calling herself the unique one having a relation to two different cultures and presenting the cultural values in art.(Nusrat) Nusrats current art contains many cultural representations like Taj Mahal, old streets in rural areas of Pakistan, and a representation of everyday life in Pakistan. Since 70% of the population in Pakistan lives under poverty, Nusrats art mostly depicts the lives of these poor people and paintings of their villages. Along with interior designing, Nusrat enjoys architectural drawings as well. She switched from abstract paintings to architectural drawings because it seemed more creative to her and the strict code of drawing was more competitive and precise as compared to merely splashing paint on paper.(Nusrat) The initial years of her artistic career focused on abstract art, but as she grew older, bigger and more complicated art started to excite her. Starting from a young age of not being trusted by her parents about her work to almost reaching the end of an art degree has led this vibrant young artist to develop confidence. Even though her concentration is interior designing, she is following up on architecture as well. She is currently studying at the Chicago Institute of Art and in another two years she will have an interior architecture degree. She wants to travel extensively and work on her art in on an international level, focusing primarily on Muslim countries. Even though many Muslim families allow limited opportunities for women, Nusrat has had full support of her family and is proud to call herself a successful Muslim artist. Her pursuit of art parallels Amy Tans, who also belonged to a different c ulture. Tan strived to make people hear her voice and understand that having a different cultural background did not mean that her possibilities in life were limited. Similarly, Nusrat has taken her work up to a level where she can confidently tell people that being a Muslim has not limited her possibilities in life at all. Tans question as to why there are not that many Asian Americans represented in American literature is one that Nusrat could ask the same of South Asians. When I asked Nusrat about the reason behind the scarcity of Pakistanis enrolled in art school, she agreed with Amy Tans comment about being rebellious in nature and enjoying the challenge of disproving assumptions(Tan, 264) Being brought up in Pakistan has given Nusrat an insight as to why there are so many restrictions on Pakistani children in their pursuit of art. The fact that being rebellious in nature has led both these artists to rise up and do what they desired is very stereotypical of artists, yet it has proven to be beneficial for both Tan and Nusrat. Nusrats defiant nature has enabled her to explore horizons that are not normally delved into by Pakistani women. She is one of the first female artists from Pakistan who has dared to rise up and portray her artistic skills to the world. As I got up to leave the room where we sat for the interview, I could not help but wonder if this future interior designer and architect would be willing to design my future home.

Collaborative planning free essay sample

From a review of the incomplete contracts literature and a case study of the CPFR arrangement between PG and Wal-Mart, this paper posits CPFR as a relational contract for managing economic incentive problems, which can arise in a vertical supply relationship due to transaction costs, agency costs, and relative bargaining positions. Theoretical propositions are developed regarding when this IT-supported intermediate form of vertical contracting is preferred to other governance modes and how CPFR can be an effective relational contract to support economic exchange and to create intellectual capital between trading partners. With efficient vertical coordination and enhanced specialisation incentives for mutual commitment, CPFR allows contracting parties to avoid the difficulties of formal contracting while realising the benefits that would be anticipated from vertical financial ownership. Keywords: CPFR; information sharing; mutual commitment, relational contract; vertical integration. Reference to this paper should be made as follows: Kim, S. M. and Mahoney, J. T. (xxxx) ‘Collaborative planning, forecasting and eplenishment (CPFR) as a relational contract: an incomplete contracting perspective’, Int. J. Learning and Intellectual Capital, Vol. X, No. Y, pp. 000–000. Copyright  © 200x Inderscience Enterprises Ltd. 2 S. M. Kim and J. T. Mahoney Biographical notes: Sung Min Kim received his PhD in Business Administration from the University of Illinois at Urbana-Champaign. He is an Assistant Professor of Strategy at the School of Business Administration, Loyola University Chicago. His research interests span the disciplines of strategic management, global management, and strategic entrepreneurship from the perspective of organisational economics. He has published articles in Strategic Management Journal, Journal of International Management, Journal of Retailing, Industrial Relations, Business Horizons, and Thunderbird International Business Review. He has also presented his research projects at several conferences organised by the Academy of Management and the Academy of International Business. Currently he advises Asian multinational enterprises and research institutes. Joseph T. Mahoney received his PhD in Business Economics from Wharton, University of Pennsylvania. He is Investors in Business Education Professor of Strategy, College of Business, University of Illinois at Urbana-Champaign. He has published over 50 articles in outlets such as Journal of Business Venturing, Journal of Management, Journal of Management Studies, Organization Science, Strategic Entrepreneurship Journal, Strategic Management Journal, and Strategic Organization. His publications have been cited from scholars in over 55 countries. His 2005 Sage book, Economic Foundations of Strategy has been adopted by over 30 doctoral programs. He is an Associate Editor of International Journal of Strategic Change Management, and Strategic Management Journal. 1 Introduction Collaborative planning, forecasting and replenishment (CPFR) is a new supply chain practice wherein trading partners use information technology (IT) and a standard set of business procedures to learn by combining their intelligence in the planning and fulfilment of customer demand (VICS, 2004). By linking sales and marketing information to supply chain planning and execution processes, CPFR can result in a simultaneous reduction in inventory levels and an increase in sales for both retailers and suppliers (Aviv, 2005; Schwarz, 2004). In the Operations Management literature, CPFR is considered superior to the earlier electronic data interchange (EDI)-based supply chain practices since it is based on much broader cooperative arrangements where retailers and suppliers jointly develop forecast by sharing point-of-sale (POS), inventory, promotions, strategy and production information (Terwiesch et al. , 2005). Potential economic benefits of CPFR are well-recognised and have been publicised in practice by successful retail businesses such as Wal-Mart. Despite anecdotal success stories, however, considerable controversy still surrounds CPFR and most collaboration initiatives in practice have not gone beyond the pilot stage (Kurtulus and Toktay, 2004). For example, according to the CPFR baseline study by KJR Consulting, 67% of Grocery Manufacturers of America (GMA) (2002) member companies are engaged in some forms of CPFR practice, with only 19% moving beyond pilot studies to implement CPFR with their trading partners (GMA, 2002). When implemented properly, collaborative supply chain relationships enable trading partners to create intellectual capital and economic value that no single firm could have created alone in the vertical chain (O’Keeffe, 2001). For many companies, however, the CPFR as a relational contract: an incomplete contracting perspective 3 attempts could be a costly failure because, along with increased economic benefits, collaborative arrangements also present a set of economic incentive problems due to increased dependencies (Blois, 2002). Specifically, asymmetric information sharing and imbalanced relation-specific investments could change ex post bargaining positions and thus affect ex ante risk assessment by contracting parties (Cachon and Netessine, 2004). In order to both create intellectual capital and to appropriate the economic value from a collaborative arrangement, trading partners must analyse the governance structure of vertical relationship and account for the economic incentive problems arising from information sharing and relation-specific investments. Theoretical development regarding CPFR has been underway mostly in the discipline of operations management. While many research papers investigate the economic value of sharing information in a supply chain, the extant literature on CPFR assumes either that the information available to the trading partner is exogenously given or that the information is always shared truthfully (Aviv, 2001). Under either of these assumptions, CPFR always results in both parties being better off, which falls short of explaining the lack of widespread adoption of CPFR in practice. A purely operational or technical approach on CPFR does not address the challenges of contracting economic intangibles and the difficulties of aligning economic incentives between contracting parties. In the absence of the analysis of economic incentive problems inherent in vertical contracting, the prediction of preferred organisational form will be indeterminate (Mahoney, 1992). The current paper analyses CPFR from an incomplete contracting perspective. In this paper, CPFR is defined as a (type of) relational contract in which electronic information sharing and common organisational procedures for joint activities play a critical role in coordinating interdependent tasks between trading partners in the vertical chain. By drawing on the incomplete contracting literature, this paper examines the benefits and costs of CPFR practice as a distinct governance mode of a relational contract in vertical relations. Systematic and repeated interactions between trading partners under the CPFR arrangement could improve the mutual learning of business objectives and strategy and further induce reciprocal relation-specific investments in intellectual capital over time as an adaptive response to collaborative exchange environment. In addition, by analysing a case of the CPFR arrangement between Wal-Mart and Procter and Gamble (PG), it also identifies new challenges created by this new business practice and provides heoretical insights into better understanding of the incomplete contracting theories and managerial implications for this IT-supported supply chain practice. Although CPFR initiative is grounded in an operational efficiency concern for the supplier-buyer relationship, CPFR extends beyond traditional operational issues to emphasise vertical coordination and governance of the transactions in the vertical supply chain. Effective collaboration will only be possible if there is an effective governance structure that addresses potential economic incentive problems between the contracting parties. To the extent that information and actions are observable and that relation-specific investments are reciprocal under CPFR arrangement, CPFR provides an effective deterrence to ex post opportunism and further induces cooperation across firm-level boundaries. Greater efficiency gains from specific knowledge between CPFR partners are the reinforcing factors that make this intermediate form of relational contracting superior to standard vertical contracting or vertical financial ownership. Economic analysis of incentive problems in vertical relationship has primarily been based on organisational economics of incomplete contracting including transaction costs 4 S. M. Kim and J. T. Mahoney theory, agency theory, and property rights theory (Mahoney, 2005). These perspectives cover a wide range of possible contractual problems that arise from asymmetric information, bounded rationality and relation-specific investment. Information sharing between contracting parties plays a crucial role in these theories, with the general prediction that more or better information sharing will usually improve inter-firm governance and economic performance for both parties. Although there is considerable research on economic incentive issues in vertical relations, there is limited research on economic incentive problems that are related to the sharing of intangible assets in contractual settings in which there is an absence of enforceable property rights or viable vertical integration options. This paper provides an incomplete contracting analysis of when and how increased and systematic information sharing and joint activities mitigate a set of economic incentive problems in vertical relationships. Specifically, theoretical propositions developed in the paper examine ‘when this IT-supported intermediate form of vertical contracting is the preferred governance mode in hosting vertical relationship, and how CPFR can be an effective relational contract to support economic exchange and create intellectual capital between trading partners’. The application of incomplete contracting theories into new and increasingly important forms of IT-supported vertical contractual arrangements advances our understanding of firm-level boundary decisions and supply chain management. The remainder of the paper proceeds as follows. Section 2 reviews prior research studies concerning the incomplete contracts literature while focusing on the role of information sharing in relational contracting. Section 3 examines a case of CPFR arrangement between PG and Wal-Mart. Section 4 provides theoretical propositions on the CPFR arrangement as a relational contract. Finally, Section 5 presents discussion and conclusions. 2 Theories and literature Prior studies in the field of supply chain management practices suggest that, in order to develop a successful collaborative business relationship, the contracting parties must invest in obtaining relevant data, generating forecasts and then exchange their forecasts to form a single shared forecast for joint decision-making (Aviv, 2002; Cachon and Fisher, 2000; Cetinkaya and Lee, 2000; Lee and Whang, 2000). While information sharing and improvement efforts by one party could benefit both contracting parties, reliance on the other party is also to be increased over time as a result of repeated interactions with the chosen trading partners. Both contractual parties can either cooperate or decide to act non-cooperatively, foregoing the economic benefits of intellectual capital (Teece, 2000). These are the options that are open in the classical case of a prisoner’s dilemma game and potential failure in (vertical) coordination. Transaction costs theory maintains that markets rely on formal contracts that are largely enforceable y a court, but because formal contracts are typically incomplete, relational contracts may be needed in order to overcome some of the difficulties with formal contracts (Williamson, 1975, 1985). Especially when vertical financial ownership is not a viable option, both supplier and buyer could circumvent difficulties in formal contracting by adopting a relationa l contract approach to realise long-term mutual benefits from the exchange. 4 A relational contract allows trading partners to utilise detailed knowledge of their specific activities and to adapt to new information as it CPFR as a relational contract: an incomplete contracting perspective 5 becomes available (Macneil, 1980). For the same reasons, however, relational contracts cannot be enforced by the courts and so must be self-enforcing. For example, game-theoretic modelling studies on relational contracts in modern property rights tradition suggest that each party’s reputation must be sufficiently valuable that neither party wishes to renege on their agreements (Baker et al. , 2002; Gibbons, 2001; Halonen, 2002). In contrast, research studies from the transaction costs and classical equity perspective consider relational contracts as fixing the nature of contractual adjustment processes towards a balance between shares of ex ante sunk-cost investment and shares of ex post joint surplus (Crocker and Masten, 1991; Hackett, 1994; Williamson, 1985). 6 2. 1 Incomplete contracts perspective on vertical relationship Formal contracts are incomplete in the sense that there are inevitably some circums tances that are left out of the contract and that there will remain some residual rights of control that are not specified in the contract. Accordingly, all residual rights to the asset not expressly assigned in the contract accrue to the party who owns the asset. The allocation of the residual rights of control will thus have an important effect on the bargaining position of the parties to the contract since a party that owns the essential asset will be in a position to capture the economic benefit from the transactions which was not explicitly allocated in the contract by threatening to withhold the asset otherwise. According to the incomplete contracting perspective by Grossman and Hart (1986) and Hart and Moore (1990) – or the GHM models – the dilemma of providing economic incentives to the parties when the contract is incomplete can be mitigated if those parties are assured a substantial share of economic value they create by providing them with the ex post bargaining power inherent in asset ownership in terms of the residual rights of control. This incomplete contracts approach seeks to improve economic incentives through ownership of essential assets. In general, the GHM models suggest that an agent who is indispensable to an asset should own that asset, and that complementary assets should be owned by the same agent when complete contracts are infeasible. However, the GHM models limit the type of assets to tangible assets, such as machines and factories, because they are alienable and thus can change ownership. Brynjolfsson (1994) extends the GHM models and considers a setting where production requires the use of physical and information assets, focusing on optimal allocation and ownership of these assets. According to Brynjolfsson (1994), when the two complementary assets of production – i. e. , inalienable information and alienable physical assets – are separately owned by contracting parties, giving the informed party ownership of the physical asset will improve the informed party’s bargaining power to capture a higher value on the surplus in bargaining and economic incentives to invest ex ante. However, i t will reduce the investment incentives of the other party as it takes bargaining power away from the previous owner of the physical asset. Whether this loss is outweighed by the improved economic incentives to the informed party will be a function of how necessary the information is to the production and how important it is to maximise the incentives of the informed party relative to those of the other party. The more important it is to provide economic incentives to the informed party, the more likely it is that it will be optimal to give the informed party ownership of the physical asset. 8 This incomplete contracts approach enables us to examine how different level of the alienability and contractibility of the information asset affects the economic incentives of S. M. Kim and J. T. Mahoney contracting parties, thereby influencing inter-firm governance and economic performance of vertical relationships. 9 More specifically, when we compare the economic value created under the best possible ownership structure when information is alienable to the economic value created under the best possible ownership structure when information must be owned by a particular party, we can define the difference as the net economic value of alienability. In some circumstances, this net economic value can be quite large, which suggests that transforming information in a contractible form can create high economic value even without increasing the stock of knowledge itself. Economic incentives for IT investments in ways to make information alienable will be strongest if the economic value of alienability is high. In particular, the digital revolution has led to the creation of numerous alienable information assets. In addition, positive externalities of IT adoption suggest that more information will fall into this category. As a result, the reduction in information costs enabled by IT is leading to substantial new approaches to the organisational challenge of co-locating information and decision rights across firm boundaries. 10 Jensen and Meckling (1992) provide a useful framework for studying the issues of information assets, organisational structures and economic incentives in vertical relationships. Informational variables are fundamental to the structure of organisations because the quality of decisions is determined by the quality of information available to the decision-maker and therefore the co-location of pertinent information and decision rights enables the decision-maker to make optimal decisions. Co-location, however, has potential agency problems, since the economic interests of the informed party are seldom served in ways that correspond perfectly with the economic interest of the other party in its entirety. Hence, a trade-off arises between the use of better information and the control of behaviour that fails to create the aligned economic interests of the contracting parties. The inter-firm governance in vertical relationship can be understood as an attempt to locate decision rights so as to minimise the sum of the economic costs arising from poor information and agency problems. According to Jensen and Meckling (1992), there are two fundamental ways to bring information and ecision rights together: the information technology solution, which transfers the information required for the decision to the decision-maker, using the organisation’s IT systems, or the organisational redesign solution which redesigns the organisational structure so that the decision-making authority is where the pertinent information is located. The implementation of this co-location depends on the nature of the pertinent information. 11 By definition, general knowledge, which is useful for decision-making , calls for the IT solution because it can be transferred at low cost. In contrast, when specific knowledge plays a key role in a decision the best solution calls for restructuring decision rights to provide decision authority to the one who possesses or has access to the pertinent information since the transfer of specific knowledge is too costly. If the structure of organisations is an efficient response to information costs, a change in information costs may induce a change in the organisational structure. In particular, new IT-supported business practices can change organisational structure and firm-level boundaries by facilitating certain information flows and by turning knowledge that used to be specific into general knowledge. While useful, Jensen and Meckling’s (1992) deterministic view on information costs and organisational structure has limitations in addressing potential incentive problems between organisations under information sharing agreements. For example, Demsetz (1992) maintains that the distribution of knowledge within a firm is endogenous to CPFR as a relational contract: an incomplete contracting perspective 7 management decisions as the firm decides what knowledge or information to acquire. This decision, once made, sets the knowledge content of the firm and changes the distribution of this knowledge within and between firms. The more basic determinants of organisational structure, then, are the governance and economic incentives that influence its decision as to what stocks of knowledge to acquire from and share with trading partners and to create intellectual capital in vertical relationships. Therefore, in order to examine the effects of information sharing on the economic incentives under CPFR arrangements, it is necessary to examine not only the ownership patterns of the complementary assets, but also the governance structure of information sharing relationships. 2. 2 Information sharing and relational contracts When information is shared between vertically adjacent firms, an important governance issue is the nature or level of information sharing. For example, some retailers share information related to the inventory or sales of the products while other retailers sell such information to suppliers. Initially, a retailer would share the information that creates the most economic value for the retailer and that reduces the retailer’s relative bargaining power the least. As the retailer shares more information, the relative effect that information sharing has on its bargaining position will tend to increase in the given vertical relationship. At some point, the economic costs of sharing additional information will outweigh the economic benefits and this is the point at which the retailer will stop sharing information. This approach explains why retailers share varying levels of information with different suppliers in competitive bargaining relationships. Seidmann and Sundararajan (1998) define four different levels of inter-firm information sharing based on the impact it has on the parties that contract to share the information to support the exchange in vertical relationship: ordering information, operational information, strategic information, and strategic competitive information. The base case of information sharing is the arrangement where the parties exchange just ordering information through electronic data interchanges (EDI), which are the most common forms of supply chain arrangements. At this basic level, both parties gain from reduced inventory levels and cycle times but the value gained is not necessarily symmetric since each party improves efficiency independently. Sharing operational information occurs when one party owns valuable information, while the other party possesses the skill to use this information more efficiently. An example of the situation is vendor management inventory (VMI) where the vendor manages inventory and replenishment for the retailer. The vendor has specialised knowledge of the production schedule of the products in question. This firm-specific and product-specific knowledge reduces the supply-side uncertainty, which will lower average inventory for the retailer. Another economic benefit that can be achieved in this cooperative arrangement is an increase in the retailer’s sales. However, the retailer’s costs of ordering and fulfilment are now born by the vendor, which increases supply-side costs. Sharing strategic information occurs when one party possesses information that is can derive little independent economic value from, but another organisation can use this information to generate strategic benefits for itself. 12 For example, a retailer possesses point-of-sale (POS) data on all the products it sells. In isolation, this information is not strategic for the retailer. However, a vendor can improve their demand forecasts and S. M. Kim and J. T. Mahoney production planning by analysing detailed transaction level POS information gathered from many retailers. In principle, both the vendor and the retailer could gain from improved vertical coordination. The retailer gets improved operational efficiency and reduced transaction costs while the vendor is able to generate accurate demand forecasts and production planning. However, it is not clear how much the retailer actually captures such benefits from information sharing. One benefit that may not be immediately tangible comes from relation-specific knowledge with the current trading partners. At the highest level of information sharing, it is possible for a retailer to allow some trading partners to access broader market information that provides additional competitive benefits to the vendor. Under exclusive category management or category captainship arrangement,13 for example, the chosen vendor can derive economic value from this strategic competitive information that other competitive vendors could not access. This form of information sharing does not give the vendor competitive advantage over the retailer, but provides substantial advantage over other vendors in the same category. Privileged access gives that vendor not only strategic benefits (from improved demand forecasts and production planning) but also competitive benefits (from sales and demand information about the whole product category), in addition to operational benefits (from superior inventory and replenishment management). It can also reduce the retailer’s operating costs substantially – not only are all order management costs eliminated, but also the retailer deals with only one vendor per category and hence has a substantial reduction in its transaction and merchandising costs. From the incomplete contracting perspective, high level of information sharing between contracting parties may induce superior governance of relational contracting in vertical relationship, which substitutes for standard vertical contracting or vertical financial ownership. Research studies have suggested that vertical coordination and control are often achieved not by financial ownership but by dense flows of information, technology, capital and human resources across firm-level boundaries and these flows are backed in part by promise and reputation rather than entirely by court-enforced contracts (Williamson, 1985). More recently, Baker et al. (2002) develop an economic model of relational contracts and analyse the collaboration incentives of contracting parties for their interdependent tasks. In this economic model of repeated games, the collaborative relationship between contracting parties takes centre stage, and the ownership of the assets or integration decisions are regarded as instruments to provide economic incentives for relation-specific investments in the service of that relationship. For example, in a supply relationship between an upstream vendor and a downstream retailer, the downstream party would like the upstream party to take actions that improve operational efficiency in the downstream distribution process (i. e. economic incentives to make relation-specific investments for quasi-rents). But, when each party’s actions are unobservable (moral hazard) and outcomes are observable but not verifiable (non-contractibility), the vendor may give attention to the alternative buyers so as to improve its bargaining position with the current partner while the retailer would like to capture all quasi-rents generated in the relationship. Such opportunistic acti ons by the vendor and the retailer would dissipate economic value that they could create from relation-specific investments and cooperation. However, in a given environment, a desirable relational contract might be feasible either under integration (i. e. , relational employment contract) or under non-integration (i. e. , relational outsourcing contract) (Baker et al. , 2002). 15 For example, under either ownership structure, the downstream party can promise to pay the upstream CPFR as a relational contract: an incomplete contracting perspective 9 party a bonus contingent on superior outcomes that are observable but non-contractible. According to Baker et al. (2002), the outcome of this repeated games model depends on the size of the economic incentive to renege on a relational contract – i. e. , the extent to which the short-run economic payoff from defection exceeds the long-run economic payoff from cooperation. The key question is whether integration or non-integration can make a given promise self-enforcing. If the downstream party reneges on the bonus under integration, he still owns the good. But, if the downstream party reneges on the bonus under non-integration, he cannot use the good without buying it for at least its value in its alternative use. In this sense, non-integration gives the upstream party more recourse if the downstream party should renege on the promised bonus. But non-integration creates an economic incentive for the upstream party to increase the value of the good in its alternative use, in order to improve her bargaining position with the downstream party [Baker et al. , (2002), pp. 1–42]. Thus, the guiding principle is to induce efficient collaborative actions and to discourage inefficient opportunistic actions by implementing the best possible relational contract which uses informal or flexible instruments, including information sharing and mutual learning, in tandem with formal instruments of asset ownership to ameliorate potential hold-up problems. 16 However, the drawback of any relational contract is that is cannot be fully enforced by th e courts and so must be self-enforcing. In particular, having a relational contract between firms that utilises the contracting parties’ specific expertise typically makes it prohibitively expensive for the courts to adjudicate contractual disputes. Therefore, to be effective, each party’s concern for its reputation and gains from the long-term relationship must outweigh that party’s economic incentive to renege on the relational contract (Baker et al. , 2002). When it is infeasible or too costly to vertically integrate interdependent tasks, contracting parties might try to uild effective economic deterrence to contractual hold-up (Williamson, 1983). The key to effective economic deterrence is to give each contractual party sufficient means to respond to any opportunistic behaviour by the other contractual party. However, there will be insufficient economic deterrence if the economic gain that one party can get from opportunistic behaviour more than offsets the economic penalty the other can possibly impose. Such an economic situation can be remedied if the favourably positioned party provides the vulnerable party with an economic bond to support exchange. 7 Reciprocity transforms a unilateral relation into a bilateral relationship, where both contracting parties understand that the exchange will be continued only if economic reciprocity is observed (Chi, 1994). One way to avoid contractual hold-up and thus to support economic exchange is for the buyer and supplier to devise a mutual reliance relationship. Mutual commitment can serve to equalise the risk exposure of the contractual parties, and thereby reduce the economic incenti ve of any contractual party to behave opportunistically in the exchange process ex post (Kim and Mahoney, 2006). In sum, one way to avoid inefficient actions in vertical relationship is to devise a mutual reliance relationship, in which the potentially opportunistic contractual parties reciprocally invest in relation-specific assets and processes, such as inter-organisational IT system, just-in-time practice or co-location of production facilities, which create intellectual capital and greater economic value only in the current exchange relationship. If the non-salvageable economic value of mutual commitment is substantial for both the buyer and the supplier, an efficient exchange outcome is to be expected. Reciprocal exposure to commit credibly to the contractual agreement is accomplished through 10 S. M. Kim and J. T. Mahoney sunk-cost investments in relation-specific assets and processes in which high switching costs are strategically incurred if any attempt is made to change contracting parties or to renegotiate contracts opportunistically. 3 An illustrative case: PG and Wal-Mart This section describes the development and evolution of IT-based vertical relationship between Procter and Gamble (PG) and Wal-Mart. There are at least two purposes for adopting this exploratory approach. First, it illustrates how relational contracts, which have been examined mostly in the formal contracting literature, emerge and evolve over time in practice as a collaborative supply chain arrangement in the vertical chain. Second, careful observation of the case provides further insights to examine what the analytical models of relational contracts predict under a set of assumptions. New findings and insights from this case study enable development of theoretical propositions and future research agenda that have not fully addressed in the extant research literature. . 1 Initial conditions and early efforts Wal-Mart has pioneered many aspects of retailing including information management by heavily investing in IT system. By 1987, Wal-Mart completed its communications network installation that sends data from all stores to headquarters, providing real-time inventory data. As a result, Wal-Mart merchandise was tailored to individual markets and stores through its ‘traiting†™ practice which is a process that indexed product movements in the store to over a thousand store and market traits. This efficient distribution and merchandising system enabled Wal-Mart to offer lower prices to customers than traditional grocery retailers. Wal-Mart gave its store managers more latitude in setting prices than did centrally priced chains. Store managers priced products to meet local market conditions in order to maximise sales volume and inventory turnover (Foley and Mahmood, 1996). In its vendor relationship, Wal-Mart eliminated manufacturers’ representatives from negotiations at the beginning of 1992 and centralised its buying at the head office, with no single supplier accounting for more than 2. % of its purchases. PG is one of the largest manufacturers supplying grocery retailers and wholesalers and a leader in designing branded consumer goods. PG had developed a reputation for aggressive and successful world-class development and marketing of high-quality consumer goods. The strong consumer pull provided the company with an advantage in dealing with retailers and wholes alers (Clark and McKenny, 1995). Relationships between PG and the buyers through 1980 had primarily been based on negotiations over short-term initiatives and promotions. The reliance on a multitude of promotional programmes increased buyer inventories and required manufacturers to also maintain large inventories in order to be able to meet the high demand artificially created by forward buying during these promotional periods. Information sharing between PG and the buyers was limited often as a result of conventional business practices. Brand managers with meet-sales-quota-or-else directives to retail buyers were rewarded mainly based on low-cost purchase volumes (InformationWeek, 2001). Because there was no collaborative sharing of sales data, the supplier could not see the discrepancy between what the retailer bought and what it actually sold to consumers until weeks later, if at all, from third party research firms that aggregate and sell POS data. CPFR as a relational contract: an incomplete contracting perspective 11 In the mid 1980s, PG launched several projects to improve supply logistics and reduce channel inventory by implementing a process that eventually was called continuous replenishment process (CRP). In 1985, PG tested this new approach to channel logistics for replenishment ordering with a moderate-size grocery chain. This test involved using EDI to transmit data daily from the retailer to PG on warehouse product shipments to each store. PG then determined the quantity of products to be shipped to the retailer’s warehouse by using shipment information rather than retailer-generated orders. The results of this initial experiment were impressive in inventory reductions, service improvements, and labour savings for the retailer (Grean and Shaw, 2002). A key element of the new practice was the development of common databases for product pricing and product specifications. The common databases in CRP implementation were designed to provide data directly to the buyer’s own system electronically. This electronic link resulted in dramatic reductions in invoice deductions for the retailers using the new pricing database to verify or confirm purchase order information. In April 1988, PG began shipping products based on retail sales data and placing orders automatically for the retailer. More importantly, in order to strengthen their CRP operations, PG overhauled its time-honoured system of compensating brand managers. The company eliminated sales quotas and created business-development teams with trading partners, starting with its most important one, Wal-Mart. By 1993, Wal-Mart had become PG’s largest customer, doing about $3 billion in business annually, or about 10% of PG’s total revenue and PG was one of the first manufacturers to link up with Wal-Mart by EDI. In response, Wal-Mart suggested that PG simply ships products on a just-in-time basis by sharing its retail sales data in real-time. By understanding potential benefits from their complementary information and supply chain practices, the relationship between PG and Wal-Mart began to change from adversarial to cooperative one. To emphasise their strong commitment to the new collaborative practice, the PG and Wal-Mart team developed a common mission statement: â€Å"The mission of the Wal-Mart/PG business team is to achieve the long-term business objectives of both companies by building a total system partnership that leads our respective companies and industries to better serve our mutual customer – the consumer. [Grean and Shaw, (2002), p. 160] With top executives from both companies committed to rapid adoption as an organisational enabler of process improvement efforts, implementation of CRP with Wal-Mart took less than two months in total (Lok et al. , 2005). 3. 2 Evolution to CPFR arrangements In an attempt to fully capture the advantages associated with informed decision-making in the vertical chain, C RP relationship between PG and Wal-Mart had evolved into vendor management inventory (VMI). VMI is a vertical arrangement where PG takes on the responsibility of managing the inventory at Wal-Mart’s warehouse for the products it supplies, thereby achieving co-location of pertinent information and decision rights in the supply chain. Initially, VMI was guided by a long-term contract that specifies the financial terms, inventory constraints and performance targets such as service measures. This vertical 12 S. M. Kim and J. T. Mahoney arrangement can be mutually beneficial for the retailers and the supplier. The retailer is relieved of the burden to specify, place, and monitor purchase orders, while maintaining guaranteed service levels. The supplier benefits from substantially reduced demand uncertainties and safety stocks, reduced logistics costs and lead-times and improved service levels (Aviv, 2002). Mutual reliance and understanding of their businesses developed in the process of implementing a series of supply chain initiatives further induced their commitments to their long-term collaborative relationship. As PG and Wal-Mart began to increase the level of information sharing and joint activities from inventory to sales forecasting and strategic planning, their VMI partnership had evolved into collaborative, planning, forecasting, and replenishment (CPFR) relationship. CPFR was started by Wal-Mart in 1993 as its internal experiment, and CPFR was coined through piloting the practice with Warner Lambert. The subsequent goal was to develop industry standards for vertical collaboration using the internet, much like what was done with EDI for CRP practice in the 1980s. The successful CPFR pilot led to the creation of the voluntary inter-industry commerce standards (VICS) sponsored by CPFR Working Group in 1996 and is in active existence today. Using private and public exchanges, CPFR became accessible to both large and smaller companies as the best practice in the supply chains. Because CPFR uses a set of formal procedures and technological models that are open yet allow secure communications between trading partners, it is considered the most structured collaborative business framework. Setting up a CPFR relationship with a trading partner is a structured nine-step process that has been hashed out over several years by the VICS group. Successful implementation of CPFR boils down to trading partners setting expectations up front about information sharing and joint activities and then implementing a sequence of common procedures adaptively. Combined with electronic sharing of information over the Internet link, CPFR partners are able to engage in total supply chain visibility and forecasting (Schwarz, 2004). In its CPFR partnership with PG, Wal-Mart’s marketing information is integrated with PG’s manufacturing systems to make better consumer-based decisions across their firm-level boundaries. For example, Wal-Mart’s POS data show the transaction-level information about consumer’s choices, thus providing the actual demand information on what is selling and the selling price. PG’s products are then developed, manufactured and delivered to meet those customer needs in a timely manner. CPFR pilot with PG provided a structured contractual platform for joint forecasting and planning activities between Wal-Mart and its vendors that ultimately drive the replenishment process through the entire supply chain. By 2003, Wal-Mart has established over 600 trading partners through CPFR to reduce its operating expenses to the lowest in the industry. Successful collaboration with CPFR partners allowed Wal-Mart to price its products 10% below most of the competitors (Andraski and Haedicke, 2003). The case study of the CPFR arrangement between Wal-Mart and PG reveals that successful implementation of CPFR depends not only on extensive information sharing but also on mutual learning about as well as commitment to the dedicated partners from the repeated interactions. It grows out of first gaining an awareness of its contractual partners’ business needs by asking: â€Å"What is competitive advantage of your partners? What is the competitive advantage to you if you combine them with yours? What kind of business relationship does that create? . Thus, successful implementation of CPFR requires higher levels of communication including the exchange of strategies and objectives between partners at the beginning of a planning period. CPFR as a relational contract: an incomplete contracting perspective 13 To sum up, the previous case provides the following insights on the CPFR arrangement. First, the CPFR arrangement improves overall visibility in the vertical chain from electro nic information sharing and thereby enhances operational efficiency in vertical contractual relations. This arrangement allows trading partners to reduce inventory costs and to increase retail sales by synchronising demand forecasting and production planning. These factors provide trading partners economic incentives to jointly develop this IT-supported governance mode of vertical contracting. Second, the impact of information sharing is not merely operational. Information sharing also alters the relative bargaining power of the contracting parties in the vertical relationship. Additionally, developing cooperative relationship requires substantial time and efforts for both parties to better understand their interdependent activities and business objectives. Therefore, without anticipation of substantial long-term economic benefits for both parties, there are potential economic incentive problems between the contracting parties, which will make it difficult to develop CPFR relationships in the vertical chain. Third, in a successful CPFR relationship, the retailer has stronger economic incentives to further specialise in collecting and sharing as much information as possible that is of economic value to the vendors and the retailer. Similarly, the vendor, who has privileged access to the retailer’s information and decision-making authority, has economic incentives to specialise in making effective replenishment and production decisions which will make its activities more valuable in the given relationship. Such reciprocal specialisation incentives are the reinforcing factors to realise greater economic benefits from the CPFR partnership. Finally, CPFR provides trading partners a set of structured organisational procedures and technological standards where contracting parties systematically increase mutual reliance on each other’s business from increased information sharing and delegation of decision-making on interdependent value-chain activities. The structure of bilateral reliance for joint forecasting and planning under the CPFR arrangement could induce cooperative actions by CPFR partners over time toward a mutual commitment to their long-term relationship. The case study of the evolution of vertical relationship between PG and Wal-Mart provides supporting evidence for the predictions of the incomplete contracts literature but also reveals some limitations of the formal contracting approach in explaining the role of informal mechanisms in their adaptive efforts toward mutual commitment. Consistent with the incomplete contracts literature that has been reviewed in the previous section the case study illustrates how increased communication and joint activities from the repeated exchange could lead to superior vertical coordination without resorting to costly vertical integration while overcoming the difficulties of formal contracting in vertical relations. More specifically, successful implementation of CPFR requires high levels of information sharing between contracting parties, as suggested by Seidmann and Sundararajan (1998) and the delegation of decision rights and the use of IT solutions for the co-location of pertinent information and decision rights as suggested by Jensen and Meckling (1992). Effective CPFR partnership in vertical relations is also supported by combining the complementary assets of information and production and jointly realising economic benefits from the repeated exchange with the current trading partners as implied by Baker et al. 2002) and Williamson (1983). The CPFR arrangement between PG and Wal-Mart provides them with a cooperative platform to further improve 14 S. M. Kim and J. T. Mahoney operational efficiency and vertical coordination across firm-level boundaries. The sources of economic value creation and incentive problems under the CPFR arrangement are detailed, focusing on the role of IT-based info rmation sharing and mutual adaptation efforts between buyer and supplier in the retail industry. However, the case study also reveals that successful CPFR arrangement between PG and Wal-Mart is rather an exception and it has not been effectively extended to other vendor-retailer relationships in practice. While previous research studies in the formal contracts literature highlight the nature of the incentive problems by providing analytical models of vertical contracting under a set of assumptions, they are limited in addressing the conditions and difficulties of implementing a relational contract in practice. More specifically, formal contracting studies often ignore the importance of simultaneously managing bargaining power and information asymmetries, transaction contingencies and informal coordination mechanisms in the development of collaborative vertical relationship which requires mutual learning of interdependent activities in the vertical chain. In our efforts to contribute to theory building, next section will focus on these new insights from the case study and develop theoretical propositions regarding the conditions for successful implementation of CPFR as a relational contract in comparison to other governance modes in vertical relations. 4 CPFR as a relational contract From the review of the incomplete contracts literature and the case study of CPFR arrangement between PG and Wal-Mart, this paper posits CPFR as a relational contract which becomes an alternative governance mode to standard vertical contracting or vertical financial ownership. In the strategic management literature, Mahoney (1992) identifies advantages (e. g. , coordination and control, audit and resource allocation, motivation and communication) and disadvantages (e. g. , bureaucratic, strategic and production costs) of vertical financial ownership and suggests that every motive for vertical financial ownership may be achieved alternatively by an appropriate vertical contract when agency and transactions costs are assumed to be absent. Similarly, the current paper suggests that, if agency and transactions costs can be substantially reduced under the CPFR arrangement in the vertical chain, this governance mode of relational contracting allows the trading partners to achieve efficient vertical coordination and jointly create greater economic value than those from standard vertical contracting or from vertical financial ownership. One of the new findings from the previous case study of PG and Wal-Mart is that, as new technology and supply chain practices become available and as their business environments change over time, the governance between PG and Wal-Mart has eventually evolved in order to better manage their vertical relationship and maximise mutual benefits from the repeated exchanges. According to Baker et al. (2002): â€Å"Relational contracts within and between firms help circumvent difficulties in formal contracting† (p. 40). In a given environment, the efficient organizational form maximizes the total surplus. For some parameter values, relational employment will be the efficient organizational form; for others, relational outsourcing will dominate† (p. 58). Similarly, in the comparative institutional analysis of governance structures, Williamson (1985, p. 408) concludes that: â€Å"Flawed modes of economic organisation for which no superior feasible mode can be described are, until something better comes along, winners nonetheless†. As CPFR as a relational contract: an incomplete contracting perspective 5 discussed in the literature, relational contracts offer important advantages over standard formal contracting and vertical financial ownership, but relational contracts are vulnerable to reneging. Therefore, implementing the best feasible relational contract, such as CPFR in the current paper, requires further evaluating necessary and sufficient conditions with respect to transaction contingencies, relative bargaining power and information asymmetries between trading partners, and specialisation and cooperation incentives in the service of their collaborative relationship.