Text Hammer

When many people begin marketing on the internet, they are unaware of all the possible ways of getting their website recognized. While many of the suggestions below may seem apparent after a little thought, many who are new to internet marketing tend to think primarily in terms of getting high rankings in search engines and overlook the possibilities of working offline to get people to their online site.

However, the internet is a huge sea, and it might be easier to begin creating your internet empire by becoming a fairly good-sized fish in your small, local pond first.

The following list is by no means all-inclusive, and someone else composing the same list might have several different items. As a matter of fact, I came up with 13 items and cut the list down to 11. Why 11? Well, everybody else offers 10 items. I just made MY LIST stand out just a teeny bit by being a little bit different.

1. Become recognized as an expert. Hopefully, you are attempting to market a product or service with which you already have some familiarity. It shouldn’t take much research or study to become an “expert”. Remember, an “expert”, to most people at least, is someone who knows more than they do. Once people get to know you as an expert, they seek out your guidance or knowledge. It is easy to refer them to your website for additional information, or have them email you so that you can answer their questions more completely than giving an off-the-cuff answer in a social setting. Once you have convinced them of your willingness to help and your knowledge of the subject, they will be more willing to follow your recommendations as to products and services.

2. Use return address labels on all your correspondence. While outside mail is diminishing in this computer age, most of us do still send out correspondence. There are many simple computer programs which will allow you to create simple return address labels which contain your web site and a simple sales message. This technique has boosted my sales in one program in particular.

3. Volunteer in your community. Whether network marketing or internet marketing, it is contacts, contacts, contacts which will drive sales. The more people who get to know you as a valuable member of your community, as an expert in your field, and as someone who can be trusted to deliver honest information, the more people who will be willing to either use your services or recommend you to others. Additionally, community recognition may include a free plug for your business. Possibly the biggest benefit of all is simply that you feel good helping the community out and working with your other citizens.

4. Offer free information, reports, or newsletters. As an expert, it should be a simple matter to offer something of value for free. Most often, this will be in the form of an information item. Items of information are generally almost free, and can generate an interest in your service or product in particular. Since the person has already requested a free report, you are dealing with someone who is interested in your service or product, and, if your report or newsletter actually contains usable information, someone who will have begun to trust you.

5. Concentrate on a niche. Once again, it’s easier to start out as a big fish in a small pond than a small fish in the ocean. Simply put, it might be easier to sell lug nuts than to compete with Ford and General Motors and try to sell the whole car. It’s also easier to be an expert on a niche, particularly at first, than to try to be an expert on the whole industry.

6. Hold a contest. People love contests, and can be easily encouraged to visit your site to enter your contes and provide you their email or snail mail addresses. Many marketers will tell you that having and responding to a large list of interested parties willing to receive your mail is one of the best ways to create sales.

7. Follow-up not only inquiries but sales as well. Most marketers with or without experience realize that you must respond to inquiries. However, many do not realize that corresponding with your customers is an excellent way to create additional sales. If you have a brick-and-mortar store or are a network marketer, getting your customer to visit and use your website often allows you, as the saying goes, make money while you sleep. It can also free up your time for making contacts with NEW customers or prospects. A satisfied customer is also more likely to order from you again. You can link this up with item #8 to create more customers and MORE LOYAL customers.

8. Offer service outside of sales. I used to be a federal purchasing agent in Austin, Texas. If I ever return to that area and need to buy anything in the office supply or equipment field, I am first going to check to see if Steve D is still around. Even when there was no potential profit for him, Steve helped me and other purchasing agents track down items, even if the item was eventually bought from a competitor. This resulted in a lot of personal respect for Steve and his company, but also broght him a lot of business from us just because we were grateful and knew we could count on him whether the item was sold by him or not. Include useful information on your website, even if it doesn’t necessarily bring you direct profit.

9. Get a gimmick. Let’s face it. You’re at a bird show, and one guy in a suit is handing out business cards, and another is dressed like a pirate and has a parrot perched on his shoulder. So who’s going to get the most recognition during and after the show? “Oh yeah! You shoulda been there! There was this cool dude from the XYZ seed factory dressed like a pirate with a parrot…” you get the picture! Can you design an eye-catching logo or have one designed? Could you tie that in some way to your website? A gimmick can bring in extra traffic whether you have an internet business or a brick-and-mortar business. Just ask the Peabody Hotel in Little Rock, Arkansas.

10. Give away items with your website on them. This might seem like a no-brainer, but it is one of the simplest techniques around. I order cards from VistaPrint.com, and on the back is a calendar. How simple is that? People didn’t always want to take my old business cards, but the ones with the calendar are always accepted. My website’s on the front, and I have seen online sales from the distribution of these cards. The item can be a calendar, pen, refridgerator magnet…you name it!

11. Use advertising on your automobile. Be careful here. Everybody nowadays has an advertising panel on the side of their car. I speak from experience…it can be an effective advertising tool. I have been stopped in parking lots and even flagged down on the highway by people wanting information. I have seen people in the next car writing down my website. Make your advertising stand out, and don’t try to make the entire sale through the sign. Tease with a few words, or even a catchy website URL that arouses curiosity. By the way, as I mentioned, everybody these days seems to have those magnetic signs on their cars. I have found a great company that does it just a bit differently. You can get more information on how their product can “drive traffic” to your web site at http://drive-traffic.xtramoney4me.net/.

There you are. Eleven tips, just like I promised. It’s possible that you even came up with a few more while reading this. Good for you. The more inventive and creative ideas you have (and implement) on marketing your business, the more likely you are to be successful in internet marketing.

The author is retired from the Army after 21 years of service, has worked as an accountant, optical lab manager, restaurant manager, and instructor. He has been a member of Mensa for several years, and has written and published poetry, essays, and articles on various subjects for the last 40 years. He has been an active internet marketer since 2000, and now makes his living online. To learn more about improving your marketing performance, please visit http://marketingsecrets.xtramoney4me.net. To read more articles by the author, please visit his blog at http://donovanbaldwin.blogspot.com/.

Plastic closet organizers are nothing but closet organizers that are made up of plastic and not of wood, which is the most commonly used raw material. They are resistant to moisture and heat and therefore they are highly durable in nature. They are also strong enough to withstand heavy weight and are reasonably priced when compared with closet organizers made of other materials. They are several different models available in the market for different price ranges and most of them are sturdy enough, light weight and available in bold colors.

The plastic closet organizers can also be cleaned very easily using a moist cloth and disinfected using sanitizing agents from time to time. They are available with an efficient and useful stacking system which allows you ample space for storage and you can accommodate hangers as well as arrange the shelves in whichever way you desire. There is ample place to accommodate hanging items like ties and t-shirts as well as sleeping items like game boards, shoes, drawing charts, etc. A leading brand name of closets made of plastic is Rubbermaid, which offer reasonably priced and affordable closet organizers of varying styles. Those models which are available with wheels have become immensely popular because they allow easy shifting from one place to another.

More than 3111 people have climbed to the summit since it was first conquered in 1953 by New Zealander Edmund Hillary, who died in January, and Nepal’s Tenzing Norgay.

Andrew Brash returned this week from Nepal after successfully climbing to the summit of Chomolungma. Sherchan just 21 days away from his 77th birthday beat the age record set last year by 71-year-old Japanese teacher Katsusuke Yanagisawa.

“The Chinese weren’t allowing anybody on Everest. They ended up commandeering it for themselves, even though Mt Everest is shared by two countries. With the Chinese preparing for the impending summer Olympic Games, Min Bahadur Sherchan noted that the government’s actions hardly reflected the Olympic spirit. As he planned for the climb, Sherchan told reporters he wanted to inspire fellow senior citizens. He also said many Nepalese have established records on Mount Everest, so it was only fitting that the record for the oldest climber to reach the summit should also belong to a Nepali. They basically coerced the Nepali government to not allow any climbers past camp two on the Nepali side. Bahadur Sherchan last attempt resulted in the rescue of Lincoln Hall, an Australian climber who was left by his team in the “death zone.”

Now that Andrew Brash has successfully scaled the tallest mountain in the world, he is once again ready to focus on his family. Hall was frostbitten and severely disoriented due to altitude sickness. Min Bahadur Sherchan returned a hero to Calgarians. This season alpinist Anthony Loeff is reporting the scales for the Mount Everest after he reached the summit of Mont Blanc in France earlier this year.

His first found him within 234 metres of the peak when his team stopped to help a fellow mountaineer who was left for dead. One year later, Bahadur Sherchan, a University of Calgary alumni, returned to Chomolungma or Mount Everest to finish what he had started.

The Chinese were flying their airplanes over Everest and had Chinese officials in Kathmandu. However, he was all too aware of the potential dangers Chomolungma or Mount Everest could bring. Certain parts of the climb are more dangerous than others and it is important for climbers to remain focused The 74-year-old man from Nepal is now the oldest person to have reached the top of Mount Everest. Therefore, the decision to actualize a long-time personal goal left Min Bahadur Sherchan with some internal uncertainties, he cited the political actions of China and Nepal as providing the greatest adversity he faced on his journey. Min Bahadur Sherchan and four climbing guides reached the 29,035-foot (8,850-meters) summit of the world’s highest mountain early Sunday, said Ramesh Chretri, an official with Nepal’s ministry of tourism.

“the Mount Everest this year became a political pawn,” he said with some frustration.

They flexed their muscles this year all the in name of the Olympic spirit, but it was hardly spirited at all.”

Nepalese man, 75, oldest climber to conquer the top of Mt Everest

Perhaps not yet, but the handwriting might be on the wall…

How is a digital camera different from a film camera? What are pixels and why are they important? What’s the difference between optical and digital zoom? What advantages do digital cameras have compared to film cameras? Let’s address these and other questions as we discuss digital camera technology.

First a short history and overview of digital imaging…

The technology began with television in the early 1950’s when researchers discovered how to convert video images to electrical signals for storage on magnetic tape. In the 1970’s electronic still photo cameras were developed. These employed the first generations of solid-state image sensors. By the late 1980’s megapixel sensors were introduced - the technology that paved the way to today’s modern digital cameras.

Fundamentally, film and digital cameras do the same thing. Both utilize camera lenses to focus photographic images on a light sensitive medium where they are stored for later retrieval. But the way each camera does this is radically different.

Instead of capturing the image on film that must be developed and printed, digital cameras measure light and color characteristics using photodiodes built into a sensor - either a Charged Coupled Device (CCD) or Complementary Metal-Oxide Semiconductor (CMOS). An Analog-to-Digital Converter (ADC) then converts the signal to binary, or digital, code. This code is sent to a Digital Signal Processor (DSP) which adjusts photographic elements such as contrast and color, and compresses the file for storage in the camera’s memory, compact flash card, or other memory device.

Digital cameras have huge advantages when it comes to viewing and printing photos. It’s nearly instantaneous! We can immediately look at the picture on the camera’s LED screen, and if we don’t like it, delete it and shoot again. Or we download and view it on our computer’s monitor. And the pictures can be cropped or enhanced in minutes on the computer with photo software and printed with a photo printer. Plus many digital cameras have optional printer docks that don’t require a computer at all.

What’s a Pixel?

The human eye perceives a nearly infinite blending of light and color which high-quality film can approximate in a photograph. A digital image however, is a binary code file that records these variations as elements called pixels - short for picture elements.

Pixels are tiny squares of light and color, that when assembled create a mosaic. And like a mosaic, if the squares are small enough we see a smooth, photographic image. However, if the pixels are too big the transitions appear jagged or out of focus.

More pixels equal higher resolution and photos with clearer sharper detail, much like when you look at a mosaic with very small elements. For example, a 3 Megapixel digital camera can produce pretty good snapshots and even enlargements to about 8″ X 10″. But the more you enlarge, crop or otherwise manipulate the image, the larger the pixels become, degrading the photo’s quality.

Size Really Does Matter

The number of pixels the sensor produces is important, but so is the quality. The CCD sensors of many small digital cameras are about the size of a small fingernail, while some larger models will feature sensors up to about 1″ across. There are conflicting opinions about sensor type and size, and the technology is advancing. But in general it can be argued that the photodiodes in a tiny CCD probably won’t be as powerful or effective as an equal number in a larger sensor.

So unless your most important considerations are the smallest and/or cheapest camera, you’re likely to be happier with the picture quality from a slightly larger model, assuming both have the same number of pixels.

All Zooms Are Not Equal

The specs say the camera has 3X optical and 4X digital for a 12X total zoom. Sounds good, right? The answer is yes and no. Optical zoom works like a telescope, while digital zoom crops the picture. Using these zoom specs with our 3 megapixel camera example, here’s what happens.

Optical zoom brings the image 3X closer and uses all 3 million pixels. But digital zoom crops up to 75% of what the lens sees and the sensor is exposed to, so the photo now has about 750,000 pixels. Depending on lighting and other conditions, using full digital zoom may not even get you a good 4″ X 6″ print.

The Future of Digital Photography

The last few years have seen tremendous advancement in digital imaging technology. Some high-end digital cameras can now generate more than 12 million pixels and produce photos that rival medium-format film cameras. As with all electronic technology, it’s reasonable to expect even better cameras will come to the market over the next several years.

Photography “purists” will probably resist abandoning their film cameras as long as possible. But when comparing convenience, flexibility and quality, it seems inevitable that the majority of photographers will opt for digital over film photography - and probably sooner rather than later.

For more information on comparing features and finding the best digital camera to fit your photography style and budget, see Digital Camera Comparisons.

Digital cameras information from A to Z: camera types & features, how they work, accessories, photo printers, comparisons and more - plus digital photo processing tips and info at A-Z Digital Cameras.com, Your Complete A-Z Resource for Digital Cameras, Accessories and Information.

This article may be re-printed in its entirety, with no changes and this resource box included.
© 2005 A-Z Digital Cameras All rights reserved

Non-profit debt consolidation is meant for people who are not able to meet their debts and expenses with their salary. Consolidation simply refers to merging, strengthening, and securing something. Debt consolidation is a service now given by organizations or ‘consolidators’ in counseling and educating the clients of their financial issues, namely in their budgeting plans.

It is known that a debt management service can lower credit card interest rates and their monthly payments by almost half. There is a range of organizations and committees involved in providing this service. Their main objective is to help their consumers gain control of their finances plan their budget well. Budgets are plans that each and every working person needs to achieve financial freedom.

Some people are not good at setting and following a budget, and that is where these non-profit debt consolidation organizations come in to personally assist them to follow a stable budget. Also, consumers who are burdened by their debts will be in a better position when their debts are handled by a registered debt counseling office. The office will consolidate, or merge, the consumer’s credit debts and strengthen and secure their financial status.

There have been some complaints in recent times of the status of these ‘non-profit’ organizations themselves. It is said that these organizations collect revenue through ‘donations’ and do not really intend to help consumers. Some companies have now started up against those organizations. These new companies advise consumers that they can often get a better deal by negotiating down the payments and debts on their own, without using any outside services.

Non Profit Debt Consolidation provides detailed information on Non Profit Debt Consolidation, Non Profit Debt Consolidation Advice, Non Profit Debt Consolidation Companies, Non Profit Debt Consolidation Loans and more. Non Profit Debt Consolidation is affiliated with Bad Credit Debt Consolidation Loans.

Cite as Michael A. S. Guth, “Feedback Effects and Speculative Bubbles in Informational Price Theory,” Chapter 7 in Michael A. S. Guth, SPECULATIVE BEHAVIOR AND THE OPERATION OF COMPETITIVE MARKETS UNDER UNCERTAINTY, Avebury Ashgate Publishing, Aldorshot, England (1994), ISBN 1856289850.

Feedback Effects and Speculative Bubbles
in Informational Price Theory

Informational price theory (IPT) has become the main paradigm to explain how prices reveal information. In the older efficient markets literature, prevailing market prices were thought to impound all available information. Thus a price change could indicate that an asset was previously under or overpriced but not that it is currently mispriced.[1] In contrast, IPT implies that prices not only clear markets but signal future movements. Prices convey information about expectations for future earnings, so that a rise today may be confirmed by subsequent rises tomorrow - as more and more people learn the private information.

If prices fully reflect information, then no one has any incentive to buy information. Everyone can simply infer information from prices for free. But if no one purchases information, then market prices will reflect no information. Hence everyone will have an incentive to buy information. The obvious solution to this conundrum is that prices only partially reflect information. Grossman and Stiglitz (1976) developed a model that formalizes this logic.

In equilibrium, some fraction of the market pays to become informed and the remaining fraction chooses to infer information from noisy prices.[2] Prices reflect some, but not all, of the private information which the informed traders have purchased. The competitive advantage of knowing the private information compensates the informed for their acquisition cost. At the margin, prices aggregate just enough information such that the last individual to buy information is indifferent between paying for information or attempting to infer it from prices.

The sequence of events in the Grossman and Stiglitz model looks something like this. Informed traders receive good news about some asset, buy the asset in mass, and thereby raise its price. Uninformed traders witness the increase in price, infer that the informed must have received favorable news, and subsequently buy as well. A similar logic applies when the informed receive unfavorable news and sell some asset. The uninformed follow suit. In both instances, purchases or sales by the informed cause a feedback effect by the uninformed.

One example where the uninformed might benefit from mimicking the actions of the informed, without introducing a feedback effect, would be in selecting a restaurant in an unfamiliar city. Visitors (the uninformed) might patronize a restaurant that seemed crowded. They would reason that local residents (the informed) know the prices and quality of food at that restaurant and have chosen to eat there. In this restaurant selection example, the informed derive no benefit from the actions by the uninformed. But in financial markets, capital gains will usually depend on the purchasing activities of other market participants.

The literature on information and prices has identified three basic speculative problems with the IPT approach.[3] First, in judging the quality of goods or services by price, consumers face uncertainty over whether high prices actually indicate superior quality or merely an attempt by the seller to attract consumers. If a consultant charges a high hourly fee, is it because he is superior to other professionals with a lower fee, or merely a speculative attempt to persuade clients into thinking he must be good if he charges that high fee? Only in strictly competitive supply markets would price-taking behavior by sellers limit the opportunities of low quality vendors to fool new consumers with high prices.

Second, attempts at market timing may limit the extent to which the informed act on their information. If someone receives a favorable signal on a stock, should he rush out and buy it? How can he know whether the current price already impounds his private signal? If other traders are planning to sell the stock and realize short term capital gains, he might gain from waiting until the price has fallen with their sales. Hence, no feature of IPT guarantees the informed will immediately act upon their signal.

Third, feedback effects have been thought to unravel the foundations of IPT, as investors then have incentives

to acquire (and in some cases disseminate) information on the purchasing proclivities of the market as well as on the `real’ factors of earnings, dividends and so forth. What we end up with is a model of a market in which even when favorable information on earnings is available to insiders or informed traders, there is uncertainty as to whether this will be acted upon; in which `tulip bulb mania’ factors can be important so that rises in prices might reflect only a belief that the market will value the stock higher next period, independent of earnings; and in which the chances of actually ferreting out any information on earnings prospects from observed prices is miniscule (sic). (Burness, Cummings, and Quirk (1980), p.75)

At first glance, this line of criticism would seem to eradicate any application of IPT to financial markets. However, in moving from words to formal models, we find that generating speculative profits off the feedback effect is actually more difficult then it sounds. Uninformed traders are watching prices. In order to realize their speculative profits, informed traders must buy and resell, yet their subsequent sales must not dissuade the uninformed from buying as a feedback.

This criticism of IPT also involves questions about strategic interactions usually applied in noncompetitive environments. Grossman and Stiglitz developed their IPT model with perfect competition: traders take prices as given. If purchases by informed traders cause prices to rise, then prices are indeed a strategic variable under the control of the informed agents - even in the original theory. In financial markets, informed traders could then profit from manipulating the market price in order to fool the uninformed into buying or selling as feedback effects. The question then arises as to what modeling tool best captures the essence of IPT and the possibility for this strategic interaction.

One might envision casting the informed agents as Stackelberg leaders with the uninformed agents acting as followers in a game theory model. However, a Stackelberg equilibrium approach would entail some lack of intelligence or rationality on the part of one or more players.[4] The usual IPT dichotomy of intelligence holds that the uninformed traders `are smart enough’[5] to know the correlation between market price levels and news. Yet the informed traders are not smart enough to realize their purchases (sales) induce a feedback effect.[6] In a Stackelberg equilibrium approach, the leader (the informed) would be smart enough to realize his purchases trigger a feedback effect, but the follower (the uninformed fraction) does not consider the leader’s strategy in deciding whether to buy. We need a model in which all players act intelligently.

The first solution developed in this chapter is a Bayesian Nash Equilibrium in a game of incomplete information. Informed traders play opposite uninformed traders, each taking the other’s strategy as given. The informed group, having incurred the cost of acquiring private information, moves first. The informed group may try to fool the uninformed into believing that asset returns are better than they actually are. Sometimes the deception succeeds. A bubble results, and after the crash is over and the dust has cleared, the informed group turns out to have gained at the expense of the uninformed. Sometimes the deception fails, and the informed traders wind up losing more money than if they had followed a conventional, fundamental-based strategy.

The equilibria of this game, contained in Sections 7.3 through 7.6, indicate the probability that the informed traders acting as a group will collude (i.e., buy when they have received a low signal) as well as the probability that the uninformed, acting as a group, will buy as a feedback effect. To assure that some informed traders do not deviate from the group strategy, and thereby tip off the uninformed, we employ a self-enforcing[7] Nash equilibrium approach. By restricting individual behavior this way, we are limited to a two-player model, which cannot adequately describe the operation of densely populated, competitive markets.

To generalize the model beyond the two-group, two-player model of informational price theory, we examine subjective correlated equilibria in the final sections of this chapter. In this framework, the informed traders receive correlated - though not identical - signals, and all players act as individuals, rather than as members of an orchestrated group. The equilibrium characterizes the quantity of the risky asset that each individual selects, rather than the probability of purchasing.

Game theoretic analysis rarely applies to competitive markets. `Anonymous games’ are one class of `competitive’ models where the outcome depends on the actions of each agent only through the proportion of agents that acts in a certain way. Like anonymous games, the pure strategy equilibria in this chapter might be interpreted as the frequency of each population that chooses to engage in this strategic play. Under this interpretation, we must consider each informed trader as having, e.g., firm-specific information. Thus one informed trader’s private information and strategic use of that information will not affect another informed trader’s strategy, because their strategies are focused upon different stocks. However, since no one individual’s purchases should affect prices in a competitive market, this interpretation seems unrealistic at best. Thus we have reason to question the competitive market foundation of IPT regardless of the equilibrium concept chosen.

The significance of the results in this chapter are (1) the derivation of speculative bubbles from fully rational, payoff-maximizing behavior on the part of all market participants;[8] (2) the highlighting of an important feature of IPT: the two-player model; (3) a demonstration of the stringent conditions required for the informed traders to derive speculative profits off the feedback effect, thereby attenuating this criticism of IPT; and (4) utilization of some mathematical results by Nikaid and Isodo that can be used in proofs of the existence of (subjective correlated) equilibria.

Section 7.2 compares our work to related articles in the speculative bubble and asymmetric information literatures. The players and extensive form game are presented in Section 7.3, the payoffs in Section 7.4, and the pure and mixed strategy equilibria in Section 7.5. A negative bubble is illustrated in Section 7.6. Section 7.7 offers an intelligent critique of the Bayesian Nash Equilibrium speculative bubble models. Section 7.8 generalizes the two-player, high-low demand model of the first six sections to allow for multiple strategies and multiple signals like Kyle (1989), and each player acting as an individual. Section 7.9 presents the conclusions and a discussion of the noncompetitive assumptions of the model. Table 7.1 in Section 7.3 conveniently lists the notation used in the Bayesian Nash Equilibria sections of this chapter.

7.2. The Speculative Bubble and Asymmetric Information

Literatures

The traditional view of speculative bubbles maintains that they result from irrational behavior by some or all of the market participants [Kindleberger (1989)]. Our model is distinguished from many previous derivations of speculative bubbles in that all the market participants are fully intelligent and rational. Blanchard and Watson (1982) and Leach (1991) illustrate bubble formation in which traders will refrain from participating unless they can rationally determine that the last (nth) trader will execute his trade, the n-1st trader will execute his trade, and so on. In these two articles, players may be induced to buy into the speculative bubble by the fact that the bubble may continue to grow indefinitely. Every `bubble’ in our work, by contrast, bursts with probability 1 as the state of the world is revealed.

DeLong et al. (1990) have demonstrated convincingly that perfectly rational speculators can jump on the feedback effect bandwagon and not buck the trend. Speculators in the DeLong et al. model do not worry that some (nth) trader may get stuck holding the overvalued asset. From an expected profit-maximizing viewpoint, they would be foolish to be overly concerned with some distant collapse point, as long as they expect to realize their capital gains while the bubble still exists. Wang (1993) looks at the same basic model as DeLong et al.; however, `noise trading’ is replaced by `supply shocks.’ He finds the existence of investors with imperfect information increases the risk premia on stocks, and investors with different information will adopt different investment strategies.

Friedman and Aoki (1986, 1989) provide parametric examples of bubble formation when investors are oriented towards long-term gains and expectations; traders in their model ignore short-term capital gains and the potential ability to manipulate prices. Friedman and Aoki (1989) have illustrated a negative bubble arising from momentum in price trajectories over time. The Friedman and Aoki bubbles can result from overshooting, which tends to be self-correcting as the game is played over time and the players become more familiar with price escalations.

O’Flaherty (1987) looks at bubbles as nonconstant correlated equilibria in coordination games with asymmetrically informed agents. He finds a bias towards myopic investment and against public revelation of private signals. Similarly, Fishman and Hagerty (1992) show full disclosure of privately held information would lead insider traders to have zero profits. In the absence of a mandatory disclosure rule, security prices will generally not be efficient in transmitting information between informed and uninformed investors.

Fishman and Hagerty’s work extends Kyle’s (1985) noisy rational expectations model to study the impact of insider trading on price efficiency. In Kyle’s model, informed traders strategically choose their transactions knowing their strategies will affect prices. The resulting Nash equilibrium quantity orders show that informed traders optimally choose to withhold some of their information. Kyle never satisfactorily explained why `noise traders’ come into the market and routinely lose their wealth. Nevertheless, numerous authors have adopted Kyle’s Walrasian auctioneer and noise trader framework to examine market issues such as intraday patterns in volume and price variability (Admati and Pleiderer 1988), diversification by the uninformed (Bhushan 1991), transaction costs to the uninformed (Subrahmanyam 1991b), and market liquidity and price efficiency (Subrahmanyam 1991a).

Smith, Suchanek, and Williams (1988) and King, Smith, Williams, and Van Boening (1993) have found evidence for bubble creation in experimental markets from `homegrown capital gains expectations,’ which collapse when dividend and fundamental value information becomes common knowledge. Bubble creation in these experimental markets arise more from myopia than from an attempted manipulation of the uninformed based on feedback effects.

Allen and Gorton (1993) consider bubble creation resulting from incentive contracts paid to portfolio managers. The managers in their model receive no income if their portfolios have non-positive returns. However, they get to keep a portion of any positive return they achieve. This principal-agent contract leads portfolio managers to prefer taking risks and buying assets above their fundamental value on the chance that they will continue to rise.

Portfolio managers and institutional investors are often said to behave like herds. Banerjee (1992) has studied decision rules that depend on the investment strategies of previous decision makers. He shows that the resulting equilibrium is inefficient. People tend to be guided too much by other people’s investments, even to the extent of ignoring their own private information. In Banerjee’s Bayesian Nash Equilibrium, the order of play is important. The first few players’ decisions have a much greater impact on subsequent investment patterns than those of players entering later in the game.

Our paper is most similar to work simultaneously derived by Gorton and Pennacchi (1989), who also develop a game theoretic model of strategic play between informed and uninformed traders. In the Gorton and Pennacchi model, the informed always try to manipulate and the uninformed always buy, whereas in our model this behavior would tend to drive the uninformed traders out of the market.[9] Gorton and Pennacchi focus on the rise of new securities that split the cash flows of underlying assets and on government intervention to protect the uninformed. Our paper focuses more on the differences between this strategic game and the predictions of informational price theory, as well an analysis of the competitive market assumptions.

The rest of the article can be found at http://michaelguth.com/economist/chap7.htm

Dr. Michael A. S. Guth, Ph.D., J.D. is a Professor of Financial Economics and Law for several universities with on-line degree programs and an attorney at law in Tennessee. He wrote his doctoral dissertation on topics in speculation theory, and this derivation of a fully rational speculative bubble was his most salient chapter. He can be contacted through http://michaelguth.com/economist.htm

In addition, Dr. Guth is a financial quant and former investment banker, having worked for Credit Suisse First Boston and Deutsche Bank in London and Frankfurt. He specializes in developing investment strategies and hedging techniques using derivatives. For five years, he consulted to the electric power and gas industry in the USA, even managing the Middle Office (financial risk control) function for two trading floors.

Dr. Guth has taught over 30 courses on-line at the undergraduate and graduate level on topics ranging from Managerial Economics to Strategic Management to Business Law. He is currently teaching Health Care Econ.

Speed dating is a relatively new concept to dating. The idea is that you go along to a venue that has 5-30 people of each sex, and you have a limited amount of time to talk to each person of the opposite sex. You have to make a snap decision as to whether you would want to see that person again, and you fill your intentions in on a form that you carry with you. Either at the end of the night or after the event is over, anybody you want to see again and who wants to see you again (a “mutual match”) will be given the contact details of the other person, and it is then up to the two of you to arrange something else. Here are my suggestions:

When you go to a speed dating event, try and dress smartly, but don’t go overboard. Shirt and tie or a nice smart dress or two-piece should do.

Chances are, you will be very nervous! Many speed dating organisations help you with this by taking your money off you before you attend, so that if you don’t attend the session, you have wasted your money! Seriously, although you will be nervous to begin with, you will settle down after the first few “dates.” I was probably the worst bag of nerves imaginable before my first time!

Realise that you don’t have to “succeed.” There are different definitions to success. The more experience you get, the better success rate in terms of getting partners you will have in the future as you find out what works and what doesn’t. If you fail to generate any interest, it doesn’t matter; just think about how the night went, and try to visualise how you may have come across. You have become more experienced, which in itself is a success.

Try to ask interesting questions. Do you really need to know what they do for a living at this stage? Chances are, if you ask that question, either they are not excited about their work at all, and that will dampen your own enthusiasm, or they will start to rattle off on how good their job is, leaving your eyes glazing over! For example, a girl who I speed dated once asked “Elephants or monkeys?” It was a very unusual question, and that girl has stuck in my mind, whereas the others have tailed off.

Make sure you are aware of your body language and the other person’s, and try to flirt! A few minutes is not normally long enough before you can comfortably touch somebody other than with a handshake or kiss on the cheek, but as time is so short, you may want to try that.

One of the most important points I’ve found is that as you only have a short amount of time with each person, if you get on really well with somebody in those first few minutes, try to talk to them again during breaks, and after the speed dating is over. Maybe your date ticked the “No” box on the form? Remember, you don’t have to have ticked yes on the form to exchange telephone numbers; you can both choose to do it on the night!

If you are fairly new at the game and certain people appear to be more successful than you, observe them! Watch and listen to how they interact with the other people. These people are likely just more confident than you are, and this is where speed dating increases your confidence, because you can see what they are doing that works.

If you’re not particularly good at small talk, a little alcohol may help to loosen your tongue, but don’t go overboard! Some dutch courage is a good thing, but you won’t come across as very attractive if you start slurring your speech!

Also, if somebody tells you they’ve been before and had 15 matches out of 20, you don’t have to believe them! It’s very easy for people to lie or exaggerate. Don’t let people telling you this story put you down!

Finally, you need to be aware that the lying thing may even go as far as somebody attending the night when they already have a boyfriend or girlfriend, or even husband or wife. Some people go along to have fun; some people may even have more sinister motives. Be wary, and be aware, especially if you’re a girl.

I’ll just briefly talk about my own experience with speed dating. I had been out of the dating game for some time after a previous relationship. I have been to three nights of speed dating, and in each case there were twenty girls that I got the opportunity to chat to. I got no matches in the first session, one in the second, and one in the third; even though I did go out on dates with them, these people were not right for me. I had lots of fun, though, and most importantly I developed my confidence! Remember, confidence comes from doing.

Dave Thomas is a web publisher with a wide range of interests, including psychology and dating. He publishes articles like this at http://Flirt-Coach.net which you can view for free, and you can add your own comments, giving further advice and turning it into your web site. It’s a great place to learn!

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Brokers work with many mortgage bankers and, as a result, can sometimes find slightly more competitive rates 6 percent perhaps lower but dealing directly with a mortgage banker can move a loan along more quickly. So how do you find a lender or broker you can trust? Start with credibility. It’s not easy to know if the prices quoted by lenders are reliable. Many of these fees are fixed but some can be negotiated.

And of course, each loan and each borrower are different. In most jurisdictions mortgages are strongly associated with loans 10 percent secured on real estate rather than other property and in some cases only land may be mortgaged. Both banks and brokers have their strengths and weaknesses. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See which lenders are charging fees 4 percent and for how much. Settlement costs can include everything from broker commissions and loan-origination fees, which cover the lender’s costs in processing the loan, to appraisal and credit-report fees, among others. Although most mortgage experts say that rates 11 percent are pretty much the same wherever you go, give or take this tiny 6 percentage. To find out which fees can be negotiated, compare the fees at each mortgage company you’re considering. Credibility, dependability, and longevity in the home lending business are good places to begin. Different lenders charge different fees. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed.

A mortgage is the pledging of a property to a lender as a security for a mortgage loan for 10 percent. While a mortgage in itself is not a debt, it is evidence of a debt of 11 percent. But others will claim low rates to bring in customers or tell you that the rates 5 percent offered by competitors will change.

See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property. In other words, the mortgage is a security for the loan that the lender makes to the borrower.