Role of Operations Management Paper Essay Example | Topics and Well Written Essays - 1000 words

Role of Operations Management Paper - Essay Example Here I will provide a detailed overview of the operations management and handling. Here I have chosen the Tata Motors for the overall research and analysis of the corporate operations management. The subject of the operations management spotlights on cautious running the procedures to construct as well as allocate services and products. Typically, small industries do not speak regarding area of operations management and its implementation; on the other hand they carry out the actions that management schools normally linked through the expression the operations management (McNamara, 2009). Organizations are by and large involved in operational management for the reason that it gives deep insight into how well and competently the activities and operations of an organization to renovate input into useful products for the operation of business are working (Fisher College of Business, 2008). This research will provide the detailed analysis of the TATA MOTORS and its associated operation management. Here I will elaborate the different areas those are executed under this paradigm in a business. This analysis will offer a deep insight into the overall working and operations in opera tions management. Most important and on the whole tasks of an organization frequently consist of manufacturing goods or production and their distribution. These tasks are as well linked by means of service and product management. However, product management is typically in view to one or additional directly linked goods that is, a manufactured goods line (McNamara, 2009). Operations management is in observation to the entire processes inside the business. Linked tasks and actions encompass organizing acquiring, record control, excellence control, logistics, storage as well as assessments. A huge deal of ideas is on competence as well as efficiency of procedures. Consequently, operations management frequently comprises considerable capacity assessment as well as investigation of interior

Care of a Patient in Acute Pain from a Total Knee Replacement Jahaira Melendez Essay Example for Free

Care of a Patient in Acute Pain from a Total Knee Replacement Jahaira Melendez Essay Nursing care after a total knee replacement is very essential in promoting a speedy and safe recovery for a patient. In an attempt to replicate the knee’s natural ability to roll and glide as it bends by cutting away damaged bone and cartilage and replacing it with an artificial joint, acute pain following the procedure can be unbearable. In assisting the patient in controlling the pain would only guarantee the best recovery possible. With pain control, the patient will be able to perform follow up care and exercises to the best of their ability and over 90% of patients who undergo a total knee replacement have good results with recovery and ability to resume performing normal daily activities and minimizing the risks of complications to the surgical site. Keywords: Pain management, encouragement, total knee replacement, arthritis, prosthetic Care of a Patient in Acute Pain from a Total Knee Replacement A common medical condition seen in many aspects of the medical field is arthritis. Arthritis is the inflammation of a joint and the most common type of arthritis is osteoarthritis, also known as wear and tear. Pain from any medical condition or procedure can be very stressful to a patient and inhibit any recovery. Arthritis can be diagnosed by performing an x-ray to determine the extent of joint damage. Someone with arthritis of the knee usually has difficulty walking, climbing stairs and getting in and out of chairs. An orthopedic physician can recommend interventions. The most common joint replacement surgical intervention to help control and alleviate chronic pain for a patient is a Total Knee Replacement, also known as arthroplasty. A total knee replacement is performed to relieve moderate or severe pain and restore function in severely diseased knee joints. This procedure is not performed until pain is no longer controlled with non-operative treatment such as weight loss, activity modification, anti-inflammatory medications, joint supplements and cortisone injections. It is also not performed frequently on younger patients due to the implant wearing out quickly. An orthopedic physician would determine the type of prosthetic needed in order to achieve the most success. There are also modified implants to provide the best possible functioning with long lasting results such as partial knee, rotating knee, gender specific knee and custom knee. To perform the procedure, an orthopedic surgeon would administer general anesthesia, which means one is unconscious during operation, or spinal or epidural anesthesia in which a person is awake but cannot feel any pain from the waist down. During the procedure, the knee is in a bent position to fully expose the joint surfaces. An incision of 6 to 10 inches (15-25cm) is made on the front of the knee. The kneecap is moved aside and damaged surfaces are cut away. The femur is cut to match the corresponding surface of the metal femoral component that is placed on the end of the femur and the tibia is prepared with a flat cut on top to fit the metal and plastic tibial component that is inserted into the bone so the femoral component will slide as the knee is bent. If needed, the patella is cut flat and fitted with a plastic patella component and plastic spacers are inserted between the metal components for smooth gliding. Prior to completion, the knee is tested during surgery to ensure correct sizing and then closed with stitches or staples. The procedure would take 1 to 2 hours and recovery would be another 1 to 2 hours and then require a hospital stay of a couple of days. During the hospital stay, encouragement to move the foot and ankle to increase blood flow and prevent swelling or clots and blood thinners, support hoses or compression boots are very important. A nurse should also encourage the patient to cough regularly and take deep breaths to promote the movement of mucus that settles in the lungs during the procedure while being under anesthesia. Caring for a patient in acute pain after a procedure and managing pain levels is a very important part of recovery. Without pain control a patient will not be able to achieve recovery levels as quickly as possible without causing other injuries. Acute pain is related to tissue injury secondary to the surgical intervention. Upon discharge, teaching on follow up care is very important. A patient needs to know what to do and what to watch for as part of their recovery. Vital discharge instructions that a patient must be taught are: * When allowed to shower, usually 3 to 4 days after surgery, carefully wash incision with soap and water, rinse well and gently pat dry. Do no rub or apply creams. * Sit when showering to avoid falls. Avoid soaking to prevent infections. Try using non-slip mats, grab bars and elevated toilet seat or shower chair to prevent falls. Take pain medications as directed, do not double up doses if any doses are missed and do not drive when taking narcotics, usually about 6 weeks before it is ok to drive. * If taking a blood thinner, always verify with physician if it is ok to take Ibuprofen or any anti-inflammatory medications * Always sit in chairs with arms to make it easier to stand or sit but only 30 to 45 minutes at a time. * Sleep with pillow under ankle and keep knee straight but change leg position at night and nap if tired but don’t stay in bed all day. Wear support stockings for about 4 to 6 weeks and do not pivot, twist or kneel. * Walk up and down stairs with support, one step at a time using good knee to step up and bad knee to step down. As a fall prevention, always remove loose wires, throw rugs and have good lighting and keep items within reach. * Before and after any activity, ice the area for 30 minutes. Most importantly, teaching about potential risks such as nerve damage, stroke, and heart attack, blood clots in leg vein or lungs or infection should really be emphasized when discussing discharge instructions. Signs of infection would include increased redness, tenderness, swelling and pain of surgical site, stiffness, and fever with temperatures above 100 degrees Fahrenheit, shaking chills and drainage from site. If any of these symptoms occur, a call to the physician should be made immediately. Recovery will take several weeks during which time crutches or a walker will be needed and arrangements for transportation and everyday tasks will have to be made. Physical activity should be resumed slowly with normal household activities, a graduated walking program and knee strengthening exercises until staples or stitches are removed 2 to 3 weeks after surgery. Low impact exercising such as swimming or riding a stationary bicycle is tolerable but high impact activities such as running are not recommended due to an increased risk of joint failure because the knee joint components can loosen. During recovery from the surgical intervention, a nurses care to help control acute pain for the patient is one of the most important factors in helping a patient fully recover without further complications. Walking and knee movement begins soon after surgery so less pain would benefit the patient to move sooner and get strength back quickly. Pain control can be done with the use of analgesic and non-analgesic relief measures and reporting uncontrolled symptoms immediately. A nurse can assist with pain management interventions such as: * Performing comprehensive assessment of pain to include location, characteristics, onset, duration, frequency, quality, intensity or severity and precipitating factors. Always consider cultural differences and in non-verbal patient use the analog pain scale to evaluate pain control measures required * Reducing or eliminating increasing pain factors like fear or lack of knowledge * Teaching non pharmacological techniques like relaxation, massage, guided imagery and distraction * Checking vitals every 4 hours and neurovascular checks every hour during the first 12 to 24 hours then every 2 to 4 hours and always report any abnormal findings * Providing prescribed analgesics before activity to increase participation and assessing levels of comfort frequently * Initiating physical therapy, exercises and range of motion while teaching and reinforcing the use of techniques to prevent weight bearing on affected extremity and recommending home health or a rehabilitation facility * Monitoring incision bleeding, emptying and recording drainage every 4 hours and changing dressing every 24 to 48 hours * Encouraging increased fluid intake and high fiber diet, stool softener and a well-balanced diet with increased protein * Encouraging use of compression stockings to decrease swelling. Nursing care of a patient is very crucial in order to help the patient avoid potential complications with the prosthetic. An infected knee would require surgery to remove artificial parts and antibiotics to kill the bacteria then after clearing the infection another surgery would be required to install a new prosthetic. A nurse’s role in recovery is very important in many aspects of the patient’s care and the nurse can encourage and support the patient in building the confidence that they are able to perform the necessary steps to gain the ability to restore normal functions. Most importantly, helping the patient keep pain levels under control by whatever measures are comfortable to the patient should be first in mind. Pain can be the main factor that would prevent a patient from doing any follow care or treatment they are required to do in order to keep the prosthetic functioning adequately. The patient should be able to rely on the nurse to keep them in a comfortable state with the assistance of keeping in communication with the physician and without this patient-nurse relationship the patient would not be able to recover properly and achieve goals set as part of their recovery treatment plan.

The Civil Rights Movement: We Can All Live in Peace :: Black struggle for civil rights in America

What is the key to understanding? Is it knowing what our predecessors were thinking? Or is simply just trying to put ourselves in their place. Whatever the case may be, understanding our history is vital in the progression of civilization. In an era when color was everything, understanding our history is what makes life in America today-so beautiful.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  During the time of the Civil Rights Movement, the blacks wanted to be free, but the whites wanted to suppress them. The whites were willing to go to any lengths to campaign their ideas of white supremacy. From research it can be learned, that from that movement, to some - it was more than a movement, it was a war for freedom. â€Å" I lived in a time when the white man was our ruler, but he could not suppress me any longer. I refused to get up for that white man, he and I were not seen as equals from societies eyes, but god gave us both red blood in our veins.† (Rosa Parks: Autobiography pg. 23) Rosa Parks was just one of the many powerful spirits that lit the way for many to freedom. Dr. Martin Luther King Jr. was probably the most influential during this time period. He touched people of all kinds. Blacks, whites, and people of all races were inspired by the way King could move his audiences. Even John F. Kennedy was seen walking down the street with King listening to a personal sermon. Although Kennedy was only president for a little over one-thousand days before he was assassinated, perhaps the most important of his achievements was his support for civil rights and his effort to move the United States away from racial segregation and toward freedom and equal rights for all Americans. Kennedy and King had the same â€Å"dream†.   Ã‚  Ã‚  Ã‚  Ã‚   In an era when color was everything, understanding our history is what makes life in America today-so beautiful. The communication between races was done through many different attempts by both parties. Protests, secret coding, public seminars, speeches, and using the goodness of one’s heart, were just some of the many ways races attempted to communicate. The nation has grown and learned from the men and women that fought for equal rights, and it shows. Interracial couples are getting married each and every day. Blacks and Whites may sit together on the bus in the front or the back.

A Blend of Tradition and the Contemporary

Music has always been a part of the rich Lebanese culture and has played a very important role in many religious traditions. The beautiful rhythm of Arabic tunes mixed with peculiar characteristics of gypsy music in the country proved to be a great blend which resulted to a rich production of intensity that captivates listeners.The characteristic soothing rhythm and wild beats made Lebanese music known around the world. Traditional Lebanese music incorporates instruments such as the oud, the derbake and the ney. These instruments are still being incorporated to pop music that the new generation is enjoying today.The traditional music of Lebanon is usually sung in either Lebanese or Egyptian language. Aside from this, musicians, artists, singers etc, differ on the way they incorporate music to their individual sound.   The artists differ in so many ways. Some artists were known to differ in their music because of their Lebanese dialects. Most are distinct because of their style, the ir sound and instruments.Very few Lebanese musicians try to remain loyal to the traditional music which is called Jabali (of the mountains). One of which is Mohammed El Helani more popularly known as Assi Helani, who is a major music force in the Middle East since the 1990’s. He is a strong musician and follower of the traditional music like mawall and dabke.Dabke, which is usually presented during important and joyous occasions such as weddings, family parties and competitions. This is a very energetic music which usually leaves the audience ‘stomping their feet’-which is the literal meaning of Dabke.Pop music on the other hand is not a new fancy among the Lebanese audience. The growing influence of the western culture made it’s way not only on Lebanese every day living but also on it’s music. Although western pop music is very distinct from Lebanese pop music because it fuses pop melodies and it’s pop-Arabic roots at the same time. The pop music of Lebanon also focuses on the melodramatic melodies and sad states of mind.  Nancy Nabil Ajram is also a popular singer among the Lebanese people. A multi-platinum folk artist, Ajram is considered to be one of the most important superstars ranking 3rd among the best selling female singers of Lebanon. Her style is incorporating the traditional Lebanese music with and infusion of Western culture. Her formula proved to be very potent since most of her followers are the young and old alike of the generation.

Types of Abuse

Abuse: There are many different types of abuse and it can be defined as mistreating another human with the intention to be cruel or violent or cause harm. It can be described as the misuse or mishandle of something. It occurs often and usually done to acquire a nasty but satisfying effect. Dating abuse:This occurs during an unhealthy relationship between two people, usually teenagers, when one person wants control or power in the relationship. It occurs repeatedly and usually aggressive and commanding behavior allows the recipient to gain dominance. Profile of the abuser:o Usually has a past of abuse in the familyo May have been abused when they were youngero They may not cope wello Have a high intake of drugs or alcoholo Usually have characteristics of being:? Jealous? Manipulative ? Controlling? Narcissistic? Disconnected? Hypersensitive Profile of the victim: o Usually blames themselveso Goes into depressiono Low self-esteemo Suicidal thoughtso Socially isolatedo May have anxiety Dating abuse examples:Emotional or psychological abuse Making someone feel like they not important my calling them names or treating them like a child by ordering them around, yelling at someone. Insulting, swearing, ignoring, threating or isolating victim. Physical abuse Hurting someone in a way that leaves bruises, using a firearm against victim, doesn't allow victim to eat or sleep. Chocking, pushing, pinching, biting, pulling your hair, locking you out of the house.Sexual abuse Doesn't allow the victim birth control, forces the victim to have sex with them, forces the victim to engage in pornography and prostitution. Unwanted touching, forces you to engage in sexual behavior that hurts you, refusing you to use safe sex practices. Controlling behavior Is overprotective over the victim to a point where they don't trust the victim, isolates victim from family and friends. Overprotective, jealous, creates accusations, criticize or stalks victim.Use of social media encourages dating abuse1. It's addictive:Research shows that people who constantly use social media and their phones to a point where it becomes addictive or excessive, abandon their personal life, show signs of mood modification, and are mentally preoccupied. This shows that people who use social media increasingly can neglect their partners which may cause their partners to leave them which can cause them to become angry and abuse. It can cause them to have mood swings and therefore take it out on their partners when they get enraged.2. It triggers sadness:Social media isolates the abuser and an increase use of it can make the abuser feel lonely even though their partner is with them. This can make them abuse their partner as they could feel like thei r partner isn't supporting them. Sometimes as people get sadder they tend to take it out on others to feel satisfied or content and this could mean taking it out on their partners.3. It can lead to jealousy:Studies have shown that excessive social media users have triggers of jealousy. Abusers can feel jealous when their friends dating lives are more extraordinary than theirs and could become furious that their partners aren't as exciting and therefore take it out on their partner. Abusers are often overprotective and if their partner is engaging with someone else on social media and they see it could infuriate the abusers which leads to violence. Use of cellphones increase dating violenceTeenagers are usually able to get excess to the internet or if not they all have phones. This makes them an easy target to dating violence as their abuser can threaten them anywhere at any time. This means that the abuser can control and degrade the victim just by a click of a few buttons over their mobile phones. Abusers can harass their victims through online texts which may dehumanize the victim and cause them to feel abused. Abusers may also sexually harass their partners online by asking for nude pictures or forcing them to engage in unwanted, awkward sexting. Abusers often message their partners constantly not because they care but because they need to feel like they in control and make the victim intimidated. Abusers can often hack their partners social media sites to know what they up to, they often post private messages or pictures, they can post cruel things about their partner online, they can track their partners location and they can stalk. By doing this they intimidate their partner and will often abuse if their partner is, according to them, doing something wrong. Warning signs of dating abuseo Your partner threatens youo Isolates you from your friends and familyo Dehumanizes youo Your partner makes you feel guilty to get their wayo Your partner is aggressive towards youo Your partner forces you to do uncomfortable thingso You are blamed for everything that goes wrongo You are called names by your partner and belittled by themo Your partner calls and messages you excessivelyo Your partner touches you in public without your permissiono Your partner exceeds your physical boundarieso Your partner controls your reproductive choiceso Your partner has explosive tempero You are forced into having sex with your partner How to escape an abusive relationship?: 1. Talk to someone about your situation 2. Set aside money and slowly move your belongings out 3. Pack an emergency bag 4. Plan your escape route and where you will live 5. Leave when your partner is not at home 6. Don't take the blame 7. Write everything you experience down 8. Warn and tell your friends and family 9. Block the abuser on any social sites 10. Seek physiological help 11. Move on and regain your value and dignityOrganizations that can help Legal Aid South Africa offers legal assistance. To locate your nearest Justice Centre, call 0861 053 425 or visit www.legal-aid.co.za.Rape Crisis offers free confidential counselling to people who have been raped or sexually assaulted. Call 011 642 4345.SAPS 10111University campus law clinics also offer legal assistance. Powa provides counselling, both telephonically and in person, temporary shelter for and legal help to women who have experienced violence.Call 011 642 434Tears foundation Founded in 2012, this non-profit organization provides a database of medical, legal and psychological services available in South Africa to help those who have been raped or survived sexual abuse.Call 010 590 5920Part 2: 55 Tyrone avenue Parkview Johannesburg 21935th February 2018 Dear: Johanna I've heard about your experience with your violent boyfriend and I am extremely apologetic that you had to go through such an ordeal. I cannot even bear to imagine the pain you had to go through. The suffering you have experienced is traumatizing and has happened solely because your boyfriend wanted control in the relationship. Your boyfriend was extremely jealous, controlling and hypersensitive which is usually the characteristics of an abuser. I as your best friend had noticed earlier how distant and melancholic you were, but I had no idea that it would link to your boyfriend. Your boyfriend was always so loving, caring and protective over you but then again that was probably the first stage of dating abuse. Your boyfriend used physical abuse on you when he hit you and physiological abuse on you when he made you feel guilty about leaving him and threatened to kill you. Johanna, you are currently in the third stage of violence wherein your partner is threating you and exceeding your limits and boundaries. You cannot take any more of this, its traumatizing and upsetting. You need to take measures into place such as blocking him on any social media profiles so that he may have no contact with you. You should also inform your family as to the situation so that they are aware and if anything is to happen they know where you are. You should also keep a journal and write all these experiences down so that in case for future references you want to charge him you have proof. You should seek physiological help, so that you have a better understanding of your situation and so you can move on with dignity and value. Most importantly though you should not take the blame for his actions. Johanna, you are not his punching bag and you should know that no one deserves to treat you in a way that he has treated you. You should know that you are worthful and beautiful and if anyone cannot see that and appreciate it then they shouldn't be around you. Always remember that you are not a victim you alive and that makes you a survivor and don't be ashamed of this story others will be inspired.

European journal of law economics The WritePass Journal

European journal of law economics 1 Introduction European journal of law economics 1 Introduction2 The optimal choice of the firm without financial responsibility3 Financial responsibility4 Concluding remarksReferencesRelated 1 Introduction Liability rules are important tool of environmental risks management in Canada, United States and Europe. The major legislations are CERCLA (Comprehensive Environmental Response, Compensation and Liability Act) adopted by the American Congress in 1980 and the Directive of the European Parliament and the Council on Environmental Liability with regard to the Prevention and remedying of environmental Damages which came into force in April 2004. A  *E.J.L. E. 78  liability rule induces correct incentive for risk prevention only if information is symmetric and the potential injurer has sufficient wealth to cover his liability. Indeed, it is well known from the previous literature that when the injurers wealth is not sufficient to  pay  liability judgments ex post (the injurer is said to be judgment-proof) this leads to underprovision of care ex ante (Summers 1983; Shavell 1986). In the case of environmental risks, on the one hand, perfect control of firms actions in prevention is not possible, and on the other hand, the wealth of the  polluter  may be small relative to the clean-up costs and victims compensation. There are many  policies  to alleviate the judgment-proof problem. The first one is to extend liability to the parties who have a contractual relationship with the risky firm, the case under CERCLA which imposes extended liability to lenders. The economic analysis of the extended liability has given raise to mitigated results. Pitchford (1995) considers a one-period moral hazard model with two states of nature (accident or not). Since the loan fee fixed by the lender included his expected liability costs, the more the lender is liable, the more he charges the firm in the no-accident state. Then, the state of the nature â€Å"no-accident† becomes unfavourable for the firm and the full liability of the lender2  leads to a suboptimal level of effort whereas partial lenders liability allows achieving the optimal level of prevention. In a two-period model, Boyer and Laffont (1997) show that partial liability of lender is optimal. Consequently, these authors conclude that the society has to make a tradeoff between prevention and compensation. In an alternative setting in which environmental damages are stochastic and prevention cost is a monetary investment that needs external funding, Dionne and Spaeter (2003) show that lender extended liability has a positive effect on the firms prevention level if and only if an increase in the face value of the debt implies an increase in prevention investment. Moreover, Balkenborg (2001) and Lewis and Sappington (2001) show that the benefits of extending liability to lenders depend on the observability of the firms prevention level by the lender, the bargaining power of each party and the nature of environmental damages. Finally, Hutchison and Vant Veld (2005) consider a model with both observable damage-reducing activities and non-observable probability-reducing measures and show that introducing extended liability to lender induces judgement-proof firms with high gross profits to take socially optimal levels of ca re, those with intermediate gross profits to take suboptimal level of care and drives those with low gross profits out of business. Financial responsibility is another remedy for the judgment-proof problem. Under a regime of financial responsibility, the firm is required to demonstrate that the cost of the harm she can cause is covered. The most common instrument of financial responsibility is the insurance contract. But as it is well known, the compulsory liability insurance induces the efficient level of prevention only when the insurer is able to observe the prevention level performed by the firm (Shavell 1986; Jost 1996; Polborn 1998). Following the analysis of Jost (1996), Feess and*E.J.L. E. 79  Hege (2000, 2003) consider a model with monitoring-based incentives and show that the mandatory liability coverage for total harm leads to an allocation that is closed to the first-best. In this paper, we investigate how the socially optimal allocation can be implemented through ex ante financial responsibility and ex post strict liability rule. We do not restrict our analysis to insurance contract but on contrary analyze financial guarantee contract. Indeed, in the Directive of the European Parliament and the Council on environmental liability there is a focus on a future legislation that imposes financial responsibility on the polluting firms. Then we analyze the consequences of financial responsibility on the incitation to prevention in a context of asymmetric information and show that the first-best allocation may be attainable. This follows from the fact that the level of damages provides a signal of the firms prevention level (Lewis and Sappington 1999) and can be used to design an optimal contract. But contrary to Lewis and Sappington (1999), in our setting, prevention measures do not only involve a disutility for the firm but also reduce the funds available f or compensation and clean-up (Beard 1990; Lipowsky-Posey 1993; Dionne and Spaeter 2003; Dari-Mattiaci and De Geest 2005). We consider a firm which activity yields a non-random gross profit and generates random environmental damages. The firm can improve the distribution of damages by an investment in prevention at the beginning of the period and safety measures during the production process. At the end of the period, only the damages and the resources of the firm net of the prevention cost are observable. Moreover, it is assumed that the firms wealth is lower than the highest amount of damages its activity can generate. We establish a necessary and sufficient condition for the implementation of the socially optimal allocation in spite of moral hazard when the firm is mandated to cover the highest amount of damages its activity can generate. We also demonstrate that the set of contracts that implement the socially optimal level of prevention includes a particular contract of the form â€Å"reward or maximal penalty† which is closed to a finite risk product referred to as spread loss treaty. The re st of the paper is organized as follows. The following section presents the firms optimal choice in the absence of the financial responsibility regime. Section 3 investigates the impact of financial responsibility on the firms prevention level. Finally, Section 4 concludes. 2 The optimal choice of the firm without financial responsibility Consider a risk-neutral firm which activity generates a fixed profit P and creates a possibility of environmental damages ## ]0,  L[. The firm can improve the distribution of damages by an investment in prevention at the beginning of the period and safety measures during the production process; these two measures are represented by a single prevention variable denoted  e.  However, the reduction of risk generates a cost c(e) when the firm chooses a level of prevention  e.  Moreover we assume that before engaging in its activity, the firm has initial wealth (equity)  Rwhich can be partially used to cover the cost induced by prevention measures. Let  f(##/e) and  F(##/e) be respectively the density and the distribution function of the damages; the following is assumed: *E.J.L. E. 80  Ã‚  Assumption 1  ##e,  f(##/e) 0, decreases with ##.3  This means that the observation of a lower level of damage is relatively more likely if a higher level of prevention has been adopted. This assumption implies the first order stochastic dominance: ## ]0,  L[,Fe  (##/e) 0. Moreover,  Fe  (0/e) =  Fe  (L/e) = 0. Assumption 2  ## ]0,  L[,  Fee  (##/e) 0. This distribution function is strictly concave in  e.  4 Assumption 3  ce  (e) 0 and  cee(e) 0. The prevention cost is strictly convex in  e. Assumption 4  If the amount of damages is very high, the firms assets may be insufficient for compensation; then the firm will be pushed into bankruptcy. Assume that the discount rate is null so that the firms net value without investment in prevention noted ## equals  R  +  P.Formally, this liability assumption can be written as  L   ##. What about the optimal level of prevention from the firms point of view? The intuition suggests that a firm facing limited liability will underinvest in prevention. But, as stated by the following lemma this is not always true. Lemma 1  A judgment-proof firm does not always choose a suboptimal prevention level. Proof: See the â€Å"Appendix†. The social welfare criterion is assumed to be the minimization of the total cost which is the sum of the expected damages and the prevention cost. We assume that the regulator observes the prevention level. At the social optimum, the expected marginal benefit of prevention equals the expected marginal cost. The objective of the firm is to maximize its net revenue which equals to the sum of its profit and equity minus the expected liability payments (compensation and clean-up costs). The firm can only  pay  up to her assets. Hence the private expected marginal benefit is lower than the social one because of the partial internalization of environmental damages by the firm. Moreover, the private expected marginal cost of prevention is lower than the social one because the funds invested in prevention are not available for compensation and clean-up. At the private optimal level of prevention, the private expected marginal benefit of prevention equals the private expected marginal cost. Consequently, the optimal private level of prevention may be lower or higher than the socially optimal one, depending on which effect dominates. However, the judgment-proofness of the firm may result in a partial remediation of damages. One can think about compulsory liability insurance which covers the h ighest amount of damages as a solution to this problem. But it is well known from economics literature that when care is non-observable, a full insurance leads to underprovision of care by the insured. In the following section we demonstrate that under a guarantee structure, incentives work well even if it is  *E.J.L. E. 81  impossible to observe the care by the  polluter. The reason is that under the guarantee the  polluter  receives a return on investment in prevention. Moreover, this scheme provides the full coverage of damages: prevention and compensation are both satisfied. 3 Financial responsibility This section is devoted to the economic analysis of a hybrid regime of ex ante regulation through financial responsibility requirement and ex post strict liability. More precisely, in our setting the financial responsibility takes the form of a guarantee provided by another party that has deep pockets. Then the hybrid regime can be viewed as a regime of vicarious liability in which the guarantor and the firm are joint liable. As we know, in this setting, the victims generally choose to collect from the guarantor because the later has deep-pockets. Then, in what follows, we will assume that the firm and its guarantor are jointly liable and that it is the guarantor who has to compensate for the damages generated by the firm.5,6 The analysis is based on the principal-agent paradigm. In this framework, the firm is the limited liability risk neutral agent and the guarantor is the risk neutral principal. The prevention level performed by the firm and consequently the cost of such a measure are not observable by the principal. Moreover, the amount of damages and the  net  resources of the firm at the end of the period are observable. The timing of the model is as follows. First, the guarantor and the firm sign a contract which stipulates the state-contingent-payments (transfers) that the firm has to make to his guarantor. Secondly, the firm performs a level of prevention and bears the associated cost which is unobservable by the guarantor. Then, the profit is realized and the damages occur and finally the transfer is made to the guarantor. Moreover, it is assumed that the guarantor has all the bargaining power and his objective is to design a scheme of transfers that maximizes his profit. However, the guaran tor has to take into account some constraints. The first one is the participation constraint of the firm which reflects the fact that the financial guarantee  must  yield expected revenue at least equals to what the firm would have obtained without contracting (condition 1). The second one is the firms limited liability constraint (condition 2). The third constraint reflects the fact that the transfer is bounded below in such a way that the firm could be rewarded (condition 3).7  The last condition is the incentive compatibility constraint which reflects the optimal behaviour of the firm in choosing the prevention level (condition 4).8 *E.J.L. E. 82  Formally, if we denote  t(##) the transfer made by the firm when the amount of damages equals ##, the guarantors problem (P1) can be written as: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE subject to TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE The existence of schemes of transfers that solve the problem above is not guaranteed. Then it is essential to characterize the conditions under which the problem (P1) admits a solution for a given utility  u  (expected firm revenue) and a given prevention level  e.  We can establish the following result: Proposition 2  The problem  (P1)  admits a solution, i.e. the levels of utility u and prevention e can be implemented if and only if: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Proof:  See the â€Å"Appendix†. The intuition underlying the proposition 2 is the following. For a given level of prevention  e  it is not possible to find a scheme of transfers that gives a level of utility  u  if the marginal cost of such a measure is greater than the marginal benefit. Let us remark that the marginal benefit of prevention is reflected by the reduction of the expected transfers that the firm has to  pay  to her guarantor. We have demonstrated (see the â€Å"Appendix†) that there is a scheme  %23t(##) that gives the maximum marginal benefit of prevention, which equals [##   c(e)   B]Fe  (##). If this upper limit of the marginal benefit of prevention is lower than the marginal cost of prevention for a given  e,  then any scheme of transfers cannot implement the prevention level  e. From the analysis above we can derive the following result: Proposition 3  The social optimum  (u, e*)  can be implemented with the financial responsibility if and only if: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE *E.J.L. E. 83  Ã‚  Proof:  See the â€Å"Appendix† The left-hand-side term of the condition (5) represents the rate of change of the marginal benefit of prevention at the point  e* with a transfers scheme  %23t(##), whereas the right-hand-side represents the rate of change of the marginal cost of prevention at the same point. Consequently if there is a level of damage ## such that the rate of change of the marginal benefit is at least equal to the rate of change of the marginal cost of prevention then the social optimum can be implemented. The last step of the analysis is devoted to the characterization of a scheme of transfers that implements the first-best level of prevention. We can establish the following proposition: Proposition 4  The set of transfers that implement the socially optimal level of prevention contains a scheme of the following form: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Proof:  See the â€Å"Appendix† The scheme of transfers  23t(##) is such that if at the end of the period, the actual damage is lower than the target level ##, then the firm is rewarded by receiving the bonus payment B, so her net revenue at the end of the period equals ## Conversely if the actual damage is greater than the target level ##, then the payment made by the firm to the guarantor equals ##   c(e*) and the firm net revenue at the end is null. This form of contract can be approached to a spread loss treaty. It is an alternative risk transfer (ART) solution, more precisely a finite risk product. By this contract, the financial responsibility of the firm is transferred to her guarantor (that can be a bank or an insurer).9,10  At the beginning of the contract, the firm  pays  either annual or single premium into a so-called experience account. Furthermore, the two parties contractually agree on an investment return. The funds are used to compensation and the rest is returned to the client. But if the claims payments exceed the funds available, the client has to  pay  the remainder. In this paper, we consider a one-period model. Consequently, the model can be viewed as if we have aggregated the periods of the spread loss treaty. Moreover, if the realized damages are low, the funds into the experience account are sufficient for compensation whereas in the bad states of nature (high realized damages), the funds  *E.J.L. E. 84  are not sufficient. Hence, because of its limited liability, the firm cannot  pay  back the claims payments of the guarantor. Then, the guarantor takes this fact into account by penalizing the firm in the intermediate states of nature [those such that the amount of damages is between the target level ## and ##   c(e*)]. Consequently, the reward is used as an incentive device. 4 Concluding remarks A potentially judgment-proof firm may not internalize the social cost of its activity and then may have insufficient incentives to choose the socially optimal level of prevention. Whereas most of papers studied the incentive effect of extending liability to the lenders of the injurer-firm, this paper on contrary considers another remedy to the problems generated by the judgment-proofness. I demonstrate that a full financial responsibility (operation licence subject to the demonstration of a financial guarantee which covers the highest remediation cost) is compatible with the socially optimal level of prevention and establish a necessary and sufficient condition under which this is realized. Furthermore, I have shown that when the socially optimal outcome is attainable, a contract of the form â€Å"reward or maximum penalty† is included in the set of first-best solutions. Such a contract rewards the firm when the actual damages are lower than a target level because the guarantor infers that the firm took an adequate prevention level. Conversely, if the amount of the damages exceeds the target level, then the firm is maximally punished. This particular contract can be approach to an alternative risk transfer product referred to as spread loss treaty. Consequently, the alternative risk transfer solutions seem suited not only for the hedging of environmental risks, but also for incentive purpose. Finally, recall that the Directive of the European Parliament and the Council on Environmental Liability has a special focus on a future legislation which imposes financial responsibility on the polluting firms. It is necessary that before the promulgation of such legislation, European authorities help insurance and banking sectors to develop the market for environmental guarantees. Acknowledgments  I am very grateful to an anonymous referee and to the editor for helpful remarks on a previous version of the paper. I would like to thank Jean-Marc Bourgeon, Georges Dionne, Marie-Cà ©cile Fagart, Mahamadou Fall, Claude Fluet, Bruno Jullien, Anne Lavigne, Rà ©mi Moreau, Pierre Picard, Sandrine Spaeter, Jean-Marc Tallon and Daniel Zajdenweber. The paper also benefited from the comments of session participants of the 2005 SCSE congress in Charlevoix, 2005 AFSE congress in Paris and seminar participants at HEC Montrà ©al, Università © dOrlà ©ans, Università © de Sherbrooke and Università © du Quà ©bec Montrà ©al. Financial support by CREF-HEC and the hospitality of the Canada Research Chair in risk management are acknowledged. Appendix Proof of lemma 1 The social optimum  e* is the solution of the following problem: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE *E.J.L. E. 85  The associated first-order condition is given by: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE The firms problem can be written as: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE The left-hand-side term of Eq. 6 (7) represents the social (private) expected marginal cost of prevention and the right-hand-side represents the social (private) expected marginal benefit. From the comparison of (6) and (7)  eP  can be lower or higher than  e*. Proof of proposition 2 Part 1: u  ## [u,##   c(e)   B] Every level of utility  u  is given by the following expression: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Taking into account this expression, the objective function of the guarantor becomes: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Moreover, (2) and (3) imply: ##   c(e) ≠¥ ##  t(##)f(##/e)d## ≠¥Ã‚  B; thus 0≠¤u  Ã¢â€° ¤ ##   c(e)   B Consequently, the existence of a transfers scheme verifying (1), (2) and (3) implies that the utility of the firm is bounded:  u  ## [u,##   c(e)   B]. Note that the principals objective function depends only on the expected transfer (by  u). Therefore, all solutions that verify the agents incentive constraint and that have the  *E.J.L. E. 86  same expectation are equivalent from the principals point of view. However, the existence of such solutions is not guaranteed. Indeed, if the problem does not admit a solution, then it is not possible to implement a given level of prevention  e  for a given level of utility  u. Part 2: [##   c(e)   B]Fe  (##/e) ≠¥Ã‚  ce(e) Let us assume that  u  ## [u,##   c(e)   B], then the next step consists to establish conditions under which the incentive constraint (4) is satisfied. Let ## = {t(##)/B  Ã¢â€° ¤Ã‚  t(##) ≠¤ ##   c(e)##}, be the set of admissible transfers. Let us define:G[t(-)] = ##  t(##)fe(##/e)d##;  m  = min ##  t(##)fe(##/e)d## and  M  = max ##t(##)fe(##/e)d##. We can establish that  m  is strictly negative and  M  strictly positive.11  Thus the function  G  [t(.)] is bounded in the set of admissible transfers. Then the validity of the incentive constraint depends on the value taken by  m  as follows. Lemma 2  the incentive constraint is satisfied for a given e and u if and only if: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Lemma 3  the scheme of transfers  %23t(##)  which minimizes the function G  [t(-)] = ##  t(##)fe(##/e)d##  has the following form  12: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE The second part of proposition 2 follows from lemmas 2 and 3. Proof of proposition 3 From proposition 2, we can derive that when the guarantors problem (P1) admits at least one solution, it is equivalent to the following problem (P1bis): TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Conditions (9) and (10) imply proposition 3. *E.J.L. E. 87  Ã‚  Proof of proposition 4 From the proposition 3 we know that the socially optimal prevention level can be achieved if  Fe(##/e*)/F(##/e*) ≠¥Ã‚  ce(e*)/u. Moreover, we can demonstrate that the function  Fe(##/e*)/F(##/e*) is not increasing in ##.13  Consequently, if  Fe(##/e*)/F(##/e*) ≠¥Ã‚  ce(e*)/u, there is a level of damages ## ## such that  Fe(##/e*)/F(##/e*) =  ce(e*)/u. References Balkenborg, D. (2001). How liable should a lender be? The case of judgment-proof firms and environmental risk: Comment.  American Economic Review, 91,  731-738. Beard, R. (1990). Bankruptcy and care choice.  RAND Journal of Economics, 21,  626-634. Boyer, M., Laffont, J.-J. (1997). Environmental risks and bank liability.  European Economic Review, 41,  1427-1459. Dari-Mattiacci, G., De Geest, G. (2005). Judgment Proofness under four different precaution technologies.  Journal of Institutional and Theoretical Economics, 161(1), 38-56. Dionne, G., Spaeter, S. (2003). Environmental risk and extended liability: The case of green technologies.  Journal of Public Economics, 87(5-6), 1025-1060. Feess, E., Hege, U. (2000). Environmental harm and financial responsibility.  Geneva Papers on Risk and Insurance, Issues and Practice, 25(2), 220-234. Feess, E., Hege, U. (2003). Safety monitoring, capital structure and financial responsibility.  International Review of Law and Economics, 23,323-339. Hutchison, E., Vant Veld, K. (2005). Extended liability for environmental accidents: What you see is what you get.  Journal of Environmental Economics and Management, 49,  157-173. Jost, P. (1996). Limited liability and the requirement to purchase insurance.  International Review of Law and Economics, 16,  259-276. Lewis, T., Sappington, D. (1999). Using decoupling and deep pockets to mitigate judgment-proof problems.  International Review of Law and Economics, 19,  275-293. Lewis, T., Sappington, D. (2001). How liable should a lender be? The case of judgment-proof firms and environmental risk: Comment.American Economic Review, 91,  724-730. Lipowsky-Posey, L. (1993). Limited liability and incentives when firms can inflict damages greater than worth.  International Review of Law and Economics, 13,  325-330. Pitchford, R. (1995). How liable should a lender be? The case of judgment-proof firms and environmental risk.  American Economic Review, 85,1171-1186. Polborn, M. (1998). Mandatory insurance and the judgment proof problem.  International Review of Law and Economics, 18,  141-146. Ringleb, A. H., Wiggins, S. N. (1990). Liability and large-scale long-term hazards.  Journal of Political Economy, 98,  574-595. Rogerson, W. (1985). The first-order approach to principal-agent problems.  Econometrica, 53,  1357-1367. Shavell, S. (1986). The judgment proof problem.  International Review of Law and Economics, 6,  45-58. Summers, J. S. (1983). The case of disappearing defendant: An economic analysis.  University of Pennsylvania Law Review, 132,  145-185. IRDES, 10 rue Vauvenargues, 75018 Paris, France e-mail: [emailprotected]; [emailprotected] E.J.L. E. 2010, 30(2), 77-87

The Components of an Intriguing Biography

The Components of an Intriguing Biography A biography is a story of a persons life, written by another author. The writer of a biography is called a biographer while the person written about is known as the subject or biographee. Biographies usually take the form of a narrative, proceeding chronologically through the stages of a persons life. American author  Cynthia Ozick notes in her essay Justice (Again) to Edith Wharton that a good biography is like a novel, wherein it believes in the idea of a life as a triumphal or tragic story with a shape, a story that begins at birth, moves on to a middle part, and ends with the death of the protagonist. A biographical essay is a comparatively short work of nonfiction  about certain aspects of a persons life. By necessity, this  sort of essay  is much  more selective than a full-length biography, usually focusing only on key experiences and events in the subjects  life. Between History and Fiction Perhaps because of this novel-like form, biographies fit squarely between written history and fiction, wherein the author often uses personal flairs and must invent details filling in the gaps of the story of a persons life that cant be gleaned from first-hand or available documentation like home movies, photographs, and written accounts. Some critics of the form argue it does a disservice to both history and fiction, going so far as to call them unwanted offspring, which has brought a great embarrassment to them both, as Michael Holroyd puts it in his book Works on Paper: The Craft of Biography and Autobiography. Nabokov even called biographers psycho-plagiarists, meaning that they steal the psychology of a person and transcribe it to the written form. Biographies are distinct from creative non-fiction such as memoir in that biographies are specifically about one persons full life story from birth to death while creative non-fiction is allowed to focus on a variety of subjects, or in the case of memoirs certain aspects of an individuals life. Writing a Biography For writers who want to pen another persons life story, there are a few ways to spot potential weaknesses, starting with making sure proper and ample research has been conducted   pulling resources such as newspaper clippings, other academic publications, and recovered documents and found footage.    First and foremost, it is the duty of biographers to avoid misrepresenting the subject as well as acknowledging the research sources they used. Writers should, therefore, avoid presenting a personal bias for or against the subject as being objective is key to conveying the persons life story in full detail. Perhaps because of this, John F. Parker observes in his essay Writing: Process to Product that some people find writing a biographical essay easier than writing an  autobiographical  essay. Often it takes less effort to write about others than to reveal ourselves. In other words, in order to tell the full story, even the bad decisions and scandals have to make the page in order to truly be authentic.