Dantes Inferno Essay - 1447 Words

At the start of the poem we find Dante in the dark forest(Inf. 1.2). Not much description is given maybe to show Dante’s disorientation. Whether the disorientation is spiritual, physical, moral or political; that is unclear at the start of the poem. The poem us written this way so reader can identify with Dante. It is also written in such a way that sometimes it is difficult to understand some parts, you sometimes have to read it backwards to get a better understanding. The way Dante characterizes the dark woods has a lot of ideas taken from various traditions. This ranges from the medieval Platonic image of chaos, this is shown as a type of primordial wood. There is the enterance to the classic underworld (Hades), which is in the†¦show more content†¦Virgil also wrote ten pastoral poems; Eclogues, the fourth of which talks about the birth of a wonderful child and that was thought to be a prophet of the birth of Jesus. Circle 7-9 In Canto 11 of the Inferno Virgil explains to Dante that violent sins, sins of violence, takes three forms other people, ones self, and God (28-33). The people who commit crimes against other are punishes in the first ring of the seventh circle, a river of blood (Inferno 12) Those people who commit suicide, those who commit crimes unto themselves are punished in a horrid forest (Inferno 13). The ring for the people who commit crimes against God, the third ring is a barren places all of sand ignited by flakes of fire. To break this circle down more, there are those who offend God directly(blasphemers), those who violate nature(sodomites) and those who are users(Inferno 14-17). The way Dante shows sodomy, it is understood that it is sexual relation between males, but that doesn’t make it homosexual. At that time in the Middle Ages it was seen as extremely wrong both legally and theologically. The crime could end with loss of property and/or even capital punishment. Usury was similarly condemned, as it goes with and equated with heresy in 1311, at the Council of Vienne. Fallen man must live â€Å"by the sweat of his brow† and Jesus said ’lend, expecting nothing in return†( GenShow MoreRelatedThe Story in Dantes Inferno910 Words   |  4 PagesIn the story Dante’s Inferno we as readers get to experience hell in a whole light. Throughout the narrative we find out that hell is not only what we know of it from the Christian bible. According to Dante Hell is a complex situation that is nothing like anything we have read earlier. There are many people who have read at least some portion of the Holy Bible. Whether it be because of personal reasons or educational ones, the holy bible most read (and sold) books in existence. Through readingRead More Dantes Inferno Essay856 Words   |  4 PagesDantes Inferno It was sometime in the middle of the 17th century that British cleric Thomas Fuller wrote, He that falls into sin is a man; that grieves at it, is a saint; that boasteth of it, is a devil. If Fuller was right, where does one place Dante, the pilgrim who bravely wandered where no man had wandered before? Certainly, the sojourner precisely written by the poet of the same name was a man. Certainly, also, he repented his sinful ways (how could one not after braving not only theRead MoreThe Odyssey and Dantes Inferno1300 Words   |  5 Pagesheart of a poet, whether it be romance, adventure or simply a story from experiences. And perhaps there are no better poets that are better able to drag their willing audience along a journey than Homer and Dante. The epic tales of The Odyssey and Inferno, respectively, were seemingly written along a parallel train of thought when describing their characters journey, easily engaging the creative functions of the reader with adventurous tales of hop e and adventure. Their characters, Odysseus and DanteRead More Dantes Inferno Essay496 Words   |  2 PagesDantes Inferno In Canto I, Dante has strayed from the True Way into the Dark Wood of Error. He opens his eyes and sees the mount Mount of Joy which is lit up by the sun. He sets out to try to climb the mountain, but his way is blocked by the Three Beasts of Worldliness: The Leopard of Malice and Fraud, The Lion of Violence and Ambition, and The She-Wolf of Incontinence. He then starts to lose all hope when Virgil, Dante’s symbol of Human Reason appears. Dante is very frightened and nervous byRead MoreCritique Of Dantes Inferno1602 Words   |  7 Pages The Inferno is the first part of Dante’s epic poem The Divine Comedy. The Inferno tells the journey of Dante going through Hell, guided by the ancient Roman poet Virgil. In the poem Hell is illustrated as nine circles of torture that is located in the middle of the Earth, the Inferno describes the recognition and the ultimate rejection of sin. Every canto is written in parts of what sinner is being punished, what their punishment is an d why they are there. Susan Blow writes a critique of Dante’sRead MoreThe Influence of Dantes Inferno Essay1380 Words   |  6 Pages Dante Alighieri’s Divine Comedy is an epic poem that begins with the Inferno. The Inferno is an extremely influential part of European literature. The structure of story is for many people a piece of the vision of Hell. Religiously, this poem has had great prevalence. Dante paints a picture of the Hell that is both unsettling and justifiable. A whole world is created through his poem. The levels and intensity of sin is pondered. Crime is put to a level of small to large scale. ThoseRead MoreAnalysis of Dantes Inferno Essay748 Words   |  3 PagesIn Dante’s Inferno, Dante is taken on a journey through hell. On this journey, Dane sees the many different forms of sins, and each with its own unique contrapasso, or counter-suffering. Each of these punishments reflects the sin of a person, usually offering some ironic way of suffering as a sort of revenge for breaking God’s law. As Dante wrote this work and developed the contrapassos, he allows himself to play God, deciding who is in hell and why they are there. He uses this opportunity to strikeRead MoreThe Contributions Of Death In Dantes Inferno1168 Words   |  5 PagesIn the Inferno, Dante journeys along the path that will eventually lead him to God by first passing through Hell. As he goes through his journey in Hell with Virgil, Dante encounters several sinners who are being punished based upon the sins each individual committed. Dante’s attitude towards the sinners’ punishment changes from sympathy to hostility as he goes through his path towards God. At first, Dante is to feeling sympathy for the souls that reside in the Second Circle of Hell, whose punishmentRead MoreDantes Inferno and the Renaissance Essay2380 Words   |  10 PagesIt is one of the most known and referenced books of its time and is still a commonly read work of literature, but is Dante Alighieri’s The Inferno more that just one man’s interpretation of what hell is like? We know it now as a remarkable piece of literature, but some contend that it was a turning point in writing and how many viewed the world. Claims have also been made that it is an example of how man paved the road out of the Dark Ages and into the Renaissance, the period that shaped a lot ofRead MoreDantes Inferno and The Afterlife Essay1819 Words   |  8 Pagesperson can interpreted it in a slightly different way and allegories are most often personalized by a reader. Dante’s Inferno allegory is present throughout the entire poem. From the dark wood to the depths of Dan te’s hell he presents the different crimes committed in life as they could be punished in death. One of the first punishments we observe comes from the fifth circle of Dante’s hell, the wrathful and the sullen, as the author expresses his thoughts of the fitting consequence with each sin

Review of Cocktail Party Economics Essay - 688 Words

Review of Cocktail Party Economics for The Economist As an economics training book, Cocktail Party Economics highlights the concepts of economics, bringing them to light in a simple way without taking away from the importance of each theory and thought. This is a book written to engage its readers and interest them in the idea of the economic thought process. Addressed to â€Å"students everywhere, especially those who like economics †¦ or want to,† this book is exactly that. Cocktail Party Economics is a skillful portrayal of the process of economic thought, which entertains young readers due to the author’s sometimes silly and sarcastic moments. Economics may sometimes appear to be a difficult subject filled with elaborate terms and†¦show more content†¦There are many Gossip Columns within the book; each one displaying the lives of an economist and their contributions to today’s economic society. These are especially important to this work of literature because they highlight the key concepts developed by deceased economists and how these concepts are used in today’s day and age. The reader is consumed by the column and what it has to offer: a chance to understand the idea of economics on a greater scale. Visualization is an essential factor of Cocktail Party Economics, as it is aimed at a student audience. Visuals in which a student sees within the text help the individual to expand their learning and retain more information. The use of charts offers the reader a chance to refer to them in the case of confusion or misunderstanding. These visual aids help each reader on their journey of understanding the theories of economics. Either in the form of a chart or picture, Cocktail Party Economics challenges readers to apply their knowledge to understand the text better through the visual aids. Overall, Cocktail Party Economics is a great tool to use when trying to grasp the idea of economics and the impacts of t he theories on modern society. The book contains a great deal of aids in the form of quotes, Gossip Columns, charts, and pictures, helping the reader to better their understanding. The authors make the text easy to read, using a somewhat story-telling setting. The title,Show MoreRelatedEng2021004 Words   |  5 Pagesa tasteful single woman. Before the age of forty, she has been living a quiet life in London celibacy nearby village. She was not married, not because she was ugly or eccentric, or bad economic conditions at home. In fact, she had a good karma, often was invited to participate in a variety of tea or cocktail party. She is both orthodox and aloof, a man of great self-discipline. For such people, marriage is certainly put quality before quantity. For the unmarried children of middle-class familiesRead MoreJapanese Food1349 Words   |  6 Pagesyour Japanese restaurant. Common products sold through these businesses include sushi, sashimi, and beverage services. Addit ionally, you may want to make mention as to whether or not you obtain liquor license as it pertains to providing specialty  cocktails  for your customers. Next, youre going to want to discuss your Japanese restaurant  SBA loan. Here, you should discuss how much money youre seeking, anticipated interest rate, the anticipated monthly repayment rate, and the term below. You alsoRead MoreTesla motors Essay3925 Words   |  16 PagesToronto †¢ Potential buyers should call 416-555-8899 for more information or to arrange a test drive Central Tactics Use Jay Leno as a product evangelist Win over key influencers and spin off media coverage with an exclusive track event and cocktail party 2 Executive Summary OBJECTIVE The focus of this communications plan is Tesla’s Toronto debut. While creating awareness or changing attitudes are important for Tesla’s success in the high-end electric performance car market, theRead MoreHow Social Networking Negatively Spheres Of Life Either It Is Personal, Social, Educational Or Professional Essay1938 Words   |  8 Pagesanti-socialactivities increasing on these networks along with suggestions/tips which can help the user toavoid the populace from the risks involved in social networking. Design/Methodology/Approach: The paper presents a comprehensive literature review andcommentary. An effort has been made to collect, organize synthesis and analysis various preand post print literature. Finally, literature has surmised along with authors own experience onsocial networking. Findings: The study found that socialRead MoreEliot as Dramatist1935 Words   |  8 PagesEliots first volume of verse, PRUFROCK AND OTHER OBSERVATIONS (1917). Eliot taught for a year at Highgate Junior School in London, and then worked as a clerk at Lloyds Bank, where he wrote acticles for the monthly in-house magazine Lloyds Bank Economic Review on foreign currency movements. A physical condition prevented his entering in 1918 the US Navy. Eliots second book, ARA VOS PREC (published in the U.S. as POEMS), which appeared in 1919, was hand-printed by Virginia and Leonard Woolf at the HogathRead MorePresentation Of Conference And Banqueting Management Essay3519 Words   |  15 Pagesthe expectations of the customers. It is closely related to the image of the organization. There are several specific scope, scale and strategic issues, operational issues closely related to the conference and banqueting service. Proper planning, economic consideration and proper strategies must be developed in ca se of developing a successful conference or banqueting program in the industry. Table of Contents Executive summary 2 Introduction 4 Task 1 Understanding the nature of theRead MoreEssay on Life With Spina Bifida2829 Words   |  12 Pagespeers without SB (Holmbeck 2002). It is also common for children to be hyperverbal, chatty, and articulate in conversation while the content of their speech is superficial or inappropriate for the context. This type of behavior pattern, called â€Å"cocktail-party syndrome,† is multifactoral in origin but may be cultivated in part by well-intentioned parents of children who lack the balancing negative reinforcement of peers when the speech becomes inappropriate (Tew 1979). Communication disorders may furtherRead MoreImproving Profitability By Applying Sustainable Strategies9898 Words   |  40 Pagesare trying to implement different strategies to transform their business in a more sustainable one in hopes of lessening that impact. Hotel owners, employees and guests started to be more aware for the environment by expressing their concern. Both parties are playing a huge role in making the hospitality industry more sustainable. 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Management and Organizational Structure †MyAssignmenthelp.com

Question: Discuss about the Organization culture and organizational Structure. Answer: Organization culture and organizational structure are closely related to each other and is one of the most important factors for the improving the performance of the organization. The culture of an organization has an impact on the structure of the organization and vice versa. This is a report, which will explain the organization culture and structure of the organization named Flight centre. This report will analyze the complex nature of the modern day organization by making use of the marketing theories. Flight Centre limited is one of the travel agencies in Australia who is the market leader in this segment and has been able to achieve this due to their unique behaviouralmanagement style. The flight centre is an organization, which caters to both the overseas and the Australian market. The organization has been for their known for the airfares that they provide at the lowest price and consist of more than 200 shops in all over the world. The organization has been providing both business and leisure travel packages to the consumers at an affordable price. The organization has expanded their business to 11 countries such as United States, New Zealand, United Kingdom, Hong Kong, South Africa, China, Dubai, Singapore and India (Flight Centre Travel Group 2017). This organization is one of the most successful retail brands in the travel industry. The organization has been bale o employee 8000 support staffs and consultants through the networks of the organization. The organization has been able to extend their services to 40 countries all around the world through strategic licensing and supported by the local operators (Flight Centre Travel Group 2017). The organizational structure of Flight centre limited is lean, team based and simple. The organization consists of small groups, which consist of seven members, which is the foundation of the organization. This small group is known as a family and are the retail stores. The next level in the organization will consist of three or four families and they have been named as village. These retail stores which are in the same geographical proximity are clustered together to form a village. The next level consists of twenty stores and is named as country (Dekoulou et al. 2017). There are sixteen countries in Australia which shows the level of hierarchy in the system and how the operate. The organization is focused on teamwork and they believe in collective effort. The respective leaders of the country monitor these countries and staffs support them so that they could efficiently fulfil the goals and objectives of the organization. These people are specialist, which has helped to expand the organization and e xecute all the activities in a feasible manner. The organization has been able to make use of the information system in an effective way, which will help in sharing of information and brainstorming (Burke 2017). This will help in making effective decision-making and help to achieve the objectives and goals of the organization. This helps to make an impact in an organization at all level which will include strategic activities, operational activities and tactical. The information system will help to provide better guidance to the employees in the market and is the integral part of the organizational structure (Waldman and Jensen 2016). The organization culture is also an important factor for the growth and performance of the organization. The organization is known for the training they provide to their employees. The employees are provided with a lot of attention, which helps the organization to get them involved in all the activities of the organization. The organization uses the transformative leadership, which focuses on teamwork as the main solution for solving all the problems in the industry. The teamwork of the employees helps in decision-making and the collective effort helps to make changes to the organization (Alvesson 2016). Workforce in any organization is the main driving force for improving the performance. The organizational culture will have a huge influence on the workforce and Flight centre has made use of the employee engagement to motivate their workforce. The employees are encouraged to work in a team and participate in the activities of the organization (Mills 2017). The organization focuses o n the empowerment of the employees, which has helped the employees to grow at an individual level. This is one of the major factors, which has provided the organization with a competitive advantage in the market. The system that has been created by the organization is linked in such a way that ineffectiveness of a single employee will have an overall impact on the Flight Centre. Moreover, the incentive the employees are dependent on the overall salary of every individual, which shows Flight Centres focus on collective effort (Hartnell et al. 2016). This is can be understood form the fact that the rates of the employees in the organization are higher than the standard in this industry. The organization has also incorporated innovation in their business model which has helped the employees to do thing in a different way and they have the fulfil freedom of making decisions on the basis of the organization. This shows that the organization has provided the employees with full freedom, w hich they use in an effective way to achieve the goals and objectives of the organization. The organization has established an efficient performance management system, which will help the higher officials in the organization to identify and acknowledge the performance of the employees. This has also helped to make continuous improvements in the employee performance and rectify heir mistakes (Beach 2014). However, even though the organization is the market leader in this field the biggest weakness of the organization is their traditional system, which is time consuming and is more expensive than the modern methods used by the other rival organization. Thus, it is recommended that Flight Centre should incorporate the modern technological processes if they want to maintain their competitive advantage in the market. The organization will have to analyze the business model of the organization so that they can evaluate their cost structure and the revenue streams. This will help them to reduce their cost and increase their profit margin. References Flight Centre Travel Group (2017). Homepage - Flight Centre Travel Group. [online] Flight Centre Travel Group. Available at: https://www.fctgl.com/ [Accessed 6 Oct. 2017]. Dekoulou, P., Dekoulou, P., Trivellas, P. and Trivellas, P., 2017. Organizational structure, innovation performance and customer relationship value in the Greek advertising and media industry. Journal of Business Industrial Marketing, 32(3), pp.385-397. Burke, W.W., 2017. Organization change: Theory and practice. Sage Publications. Waldman, D. and Jensen, E., 2016. Industrial organization: theory and practice. Routledge. Alvesson, M. ed., 2016. Organizational culture. Sage. Hartnell, C.A., Kinicki, A.J., Lambert, L.S., Fugate, M. and Doyle Corner, P., 2016. Do similarities or differences between CEO leadership and organizational culture have a more positive effect on firm performance? A test of competing predictions. Journal of Applied Psychology, 101(6), p.846. Beach, L.R., 2014. Decision making in the workplace: A unified perspective. Psychology Press. Mills, A.J., 2017. Studying the Gendering of Organizational Culture over Time: Concerns, Issues, and Strategies?. In Insights and Research on the Study of Gender and Intersectionality in International Airline Cultures (pp. 71-91). Emerald Publishing Limited.

Neuroeconomics Definition

Introduction Neuroeconomics is the study of the economic cognition based on biological micro-foundations. Biological micro-foundations are neurochemical systems and pathways, for instance, brain mechanism, neurotransmitters and genes among others. On the other hand, economic cognition is cognitive activities that are linked to economic observation, beliefs and decision making process (Rustichini, 2005, p. 201).Advertising We will write a custom case study sample on Neuroeconomics Definition specifically for you for only $16.05 $11/page Learn More The field of Neuroeconomics is less than a decade old and have approximately two hundred active neuroscientists and economists. Neuroeconomics is different from behavioural economics in that the latter is one-sided (mostly economists) while the former brings together behavioural economists, classical economists and other experts in economics and psychology (Camerer, Loewenstein Prelec, 2004, p. 555). The most f requently asked question is why economists should study the brain. Maybe it is because they need to enhance utility measurement. Nonetheless, the study of the brain can help in directing and catalyzing the development of new economic models and accelerating the rate of developing these models. Neuroscience provides new experiential method that offers novel empirical tests. Neuroscience measurements assist people in understanding and managing themselves better (Camerer, Loewenstein Prelec, 2004, p. 555). Therefore, Neuroeconomics provides fundamental changes in economic methods. They go beyond the conventional economic practises to employ psychological insight as a motivation for developing economic models or take into consideration empirical evidences that confront behavioural assumptions of models in economics (Camerer, Loewenstein Prelec, 2005, p.10; Rabin, 1998, p.12). Weaknesses of standard economics solved by Neuroeconomics Perception of the brain according to Neuroeconomists suggests a number of weaknesses on the concept of preference according to the standard economists. Physiological processes which are controlled by the brain can voluntarily or involuntarily influence individual’s choices and preferences (Camerer, Loewenstein Prelec, 2004, p. 563). The standard economics’ deduction of preference from a choice perspective does not provide sufficient explanation or discloses everything. Consider an imaginary case of two students, Tom and Jeri, who have both rejected an offer to buy Sausage at a reasonable price. The rejection of sausage reveals a common disutility for the same product.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More But Jeri refused to buy the sausage because he is allergic to it. Consuming sausage cause him rushes, difficulty in breathing and to an extreme case can even be fatal. On the other hand, Tom refused to buy saus age because he had eaten a lot of it last summer and as a result has developed nausea for eating too much sausage. Since then, his gustatory system links sausage with illness and that is why he refused to buy them even at a reasonable price (Camerer, Loewenstein Prelec, 2004, p. 564). Even though Tom and Jeri exhibit identical disutility, their physiological account tells us more. Jeri has inelastic demand for sausages and that means even if the offer was extremely good he won’t buy them. Conversely, Tom would attempt a couple of sausages for the right price. In addition, their tastes will sooner or later change differently. For instance, Jeri’s situation may remain permanent, while Tom’s case might change if his craving strikes again or stops nauseating (Camerer, Loewenstein Prelec, 2004, p. 564). Another example of how the standard economics’ concept of preference can become even wider by neglecting the biological concepts is cases of accident. For in stance, no builder can opt to fall asleep while working. Naturally, imaginative economists can posit a trade-off between â€Å"sleep utility† and â€Å"risk of falling down from a building†, and suppose that the sleeping builder must have had higher u(sleeping) than u (falling down from a building). However, this description is a mere tautology. It is more important to think of the â€Å"choice† as a consequence of interaction of numerous systems. From the biological perspective it is possible that the physiological system would have shut down the body when the builder got tired, and a controlled cognitive system which defends against sleep when closing your eyes was critical, and maybe lost the battle (Camerer, Loewenstein Prelec, 2004, p. 564).Advertising We will write a custom case study sample on Neuroeconomics Definition specifically for you for only $16.05 $11/page Learn More For standard economists, it is usual to model this incidence by assuming that it fully depends on the biological conditions. This raise a question whether the part of the brain that controls sight(cerebral cortex) was fully aware of the nature of the processes and assigned cognitive efforts (possibly cingulated activity) to manage them. For instance, medical experts have argued that individuals often overlook mean-reversion in biological conditions and this explains why conventionally unrealistic facts such as suicide resulting from momentary despair, and consumers buying more food when they are hungry (Gul Pesendorfer, 2005, p. 66). Another weakness in standard economics is the principle of modelling in utility of income. According to standard economics, utility of income depends only on the values of goods and service and is independent of the income source. But according to Camerer, Loewenstein Prelec (2005, p. 12) the selling price for earned goods is superior when the assigned good was paid for than for those unpaid for. Zin k et al. (2004, p. 511) also established that when individuals earn money, rather than receiving it in form of reward, there is a high activity in the striatum (region in the brain). Therefore, according to them earned money is factually more satisfying in the brain than unearned money. The fact that utility in the brain depends on the income source is possibly more significant for welfare and tax policies (Zink et al. 2004, p. 512). How different lobes in the brain interlinked to the above responses Homeostasis mechanisms have been greatly linked with electrical stimulations in hypothalamus and limbic structures which deep regions in the brain. According to a controlled experiment carried out in a rat using implanted electrodes established electrical stimulations in the lateral hypothalamus. The animal crossed electrical grid several times before reaching the level, i.e., the brain regions that produced automatic stimulations otherwise known as the pleasure/reward centres (Camerer, Loewenstein Prelec, 2004, p. 559). From this experiment it is apparent that brain cells are subjected to direct electrical stimulation. In reaction to a stimulus, a feeling is a normally multidimensional, i.e., qualitative, quantitative, and effective sensation. Effective sensation is the one that is linked to pleasure and displeasure and mainly relies on the quality of the stimulus.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A small range of the stimulus (chemical, thermal and mechanical stimulus) is capable of arousing pleasure. The property of a stimulus to arouse pleasure or displeasure is often referred to as Alliesthesia. Both chemical and mechanical stimuli can produce Alliesthesia (Cabanac, 1979, p. 5). The preference acquired or averted from the alimentary stimuli also presents a case of Alliesthesia. The ability of different stimulus to become rewarding or punishing is also linked to Alliesthesia. Alliesthesia helps individuals to detect danger around them. The Alliesthesic stimulus is controlled by the central nervous system with reference to homeostasis (Cabanac, 1979, p. 5). When Alliesthesic stimulus is received in the parietal lobe (areas that controls motor actions from the central nervous system) it directs it to the temporal lobes which abodes the hypothalamus. Temporal lobes are responsible for memory, recognition and emotions in the human body. The hypothalamus will react to the chemi cal stimuli accordingly and these are communicated to the rest of the body through the homeostasis process (Cabanac, 1979, p. 6). Key assertions of Neuroeconomics Neuroeconomics is identified as a research that unreservedly or clearly makes two fundamental assertions. The first assertion is that psychological and physiological facts that are relevant to the theories of economics. Particularly, they can be used to support or reject economic methodology or models. The second assertion is that the things that makes people happy (true utility) are different from what they actually opt for. For that reason, welfare economists are urged to use true utility instead of choice utility (utility governing choice) (Camerer, Loewenstein Prelec, 2004, p. 565). Besides the above two assertions, Neuroeconomics fronts a further challenge to the standard economics. It argues that economics should take advantage of the latest advancement in neuroscience, particularly in the improvement in measurement . It asserts that the recent improvements may make it possible to unify economics and brain science (Caplin Leahy, 2001, p. 57). According to the standard economists, the term utility maximization and choice are one and the same. The utility function is normally an ordinal index that explains how people rank numerous results and how they behave given specific constraints. The relevant data normally describes consumption choices given the individual constraints. The data are used to calibrate the model and the resulting calibrations are used to forecast the future choices and equilibrium variables, for instance, consumer’s tastes and preferences. For this reason, the theories of standard economics identify choice constraints from history behaviour and relate these constraints to prospective behaviour and equilibrium variables (Gul Pesendorfer, 2004, p. 1403). The standard economists emphasizes on disclosed preferences since economic data appear in this form. Economic data no rmally discloses what the consumers want or have opted for in a specific situation. These data enables economists to differentiate between what the consumers opted for and what they actually choose. The standard economics provides no technique of using non-choice data to measure preference constraints. The consumer’s coefficient of risk aversion, for instance, can not be established through psychological test but can only be disclosed through consumer behaviour choice (Gul Pesendorfer, 2004, p. 1403). If economists come up with new theory based on non-choice parameters then the novel theory can results in new predictions in behaviour and this can be examined with disclosed preference evidence or if it does not the alterations becomes inane. The examinable implication of theory in standard economics is its content. Once these contents are established, the non-choice evidence that prompted a new theory becomes irrelevant (Gul Pesendorfer, 2005, p. 68). Similar to its welfare criterion, standard economics utilizes consumers’ choice behaviour. When an alternative or a substitute is deemed to be superior to the good in question, if an only if, given the opportunity, the consumer will opt for the substitute over that particular good. Therefore, welfare criterion is synonymous with choice behaviour (Thaler, 1980, p. 39). In standard economics, consumers’ choices may possibly improve when constraints are loosened up. For instance, consumers may make relatively superior choices when they are given adequate information, additional resources or additional time to make decision (Gul Pesendorfer, 2004, p. 1403). Nonetheless, standard economics lack therapeutic ambitions, i.e., do no attempt to assess or enhance consumer’s objectives. Economics has failed to distinguish between decisions that make best use of happiness, decisions that reflect a sense of duty or decisions that are as a result of reaction to some impulses. In addition, economics takes no position on the question of which of the available objectives consumer should follow (Gul Pesendorfer, 2005, p. 73). Neuroeconomics has helped individuals to decide in economic and strategic situations since it focuses on psychological and physiological processes that are fundamental in decision-making processes. It attempts to relate the decision-making procedures to psychological processes in brain or account of emotional experience (Gul Pesendorfer, 2005, p. 78). Global financial Crisis and Neuroeconomics In the year 2007-2008 the world was hit by the worst financial crisis whose ripples effect are still being felt up to now. The global economic and financial crisis generated challenges at all levels of the economy decisions. Governments in Europe and emerging markets faced an urgent need to act concurrently in different fronts. Systematically and politically sensitive economic sectors had to be bailed out. The general downfall in economic activities had to be counter acted and vulnerable population groups had to be protected from declining incomes. These costly actions were taken in a context of falling government revenues and shrinking domestic and foreign financing, with medium to long term consequences for budgets and debt (Greenspan, 2008, p. 5). The global financial crisis started when consumers defaulted to payback their mortgage debts/ loans. Effects of the crisis include regional banks failure and collapse of several financial institutions. In general, many European financial institutions saw enormously decline in capital associated bad debts and plunging values of collateralized debt repayments. The massive losses have led to escalation of interest rates in risk management for the banks and have decreased their capability and willingness to take risk. This is evident in stringent lending conditions, withdrawn lines of credit bonds and increased loan spreads (Carlin, Lobo Vishwanathan, 2009, P. 2236). A million dollar question is would Neuroeconomics have helped to reverse the situation? In most economic studies risk is equated with variation of results. But for most individuals, risk is multidimensional, particularly the emotional aspect of it. Studies have shown that potential results which are more calamitous and difficult to control are more risky (Camerer, Loewenstein Prelec, 2004, p. 569). Financial experts have emphasized that risk is the probability of loss, particularly massive loss and is usually estimated by the variance of the loss portion of the outcome distribution (semi-variance). Risk aversion is driven by instantaneous fear responses which are modulated by a small area in the brain known as amygdala. The Amygdala provides a rapid and grimy response to potential fear. The fear response can be regulated or overruled by the cortical input. The fear responses normally do not disappear totally but is simply being suppressed by the cortex (Camerer, Loewenstein Prelec, 2004, p. 570). Risky choices norm ally tend to be ambiguous and therefore involve a lot of gambling. Interplay of cognitive and effective processes are normally involved in choices among risky gambles. Therefore, a lot of attention should be paid to a new stream of relevant data when making decisions on highly risky ventures. The increasing familiarity with brain functioning is likely to improve economic theories/models and other economic domains. This will help policy makers to make rational decisions when it comes to more sensitive and risky ventures (Camerer, Loewenstein Prelec, 2004, p. 571). Neuroscience measurements have a comparative advantage over the measurements used in standard economics. This is because Neuroeconomics â€Å"leaves no stone unturned† and therefore its measurements generates more dependable indices of significant economic variables, for instance, consumer confidence and welfare (Editorial, 2004, p. 71). Neuroeconomics is also able to relate hypotheses regarding particular brain mec hanism with unobservable intermediate variables and with observable variables. In addition, Neuroeconomics attaches scrupulousness to the functioning parameters of the theories/models in the standard economic models (Camerer, Loewenstein Prelec, 2004, p. 572). Therefore, application of Neuroeconomics would have helped to detect the looming global financial crisis. However, the thought that Neuroeconomics would have helped to avert the crisis is a subject of major debate. How Neuroeconomics can help to improve Sales One of the main functions of marketing executive is understanding, explaining and predicting behaviours of different clusters of consumers and how it is relevant in the market. This involves a lot than simply influencing consumers to buy goods and services. The concept of neuromarketing is provides more insight in the field of marketing and involves neuroeconomic knowledge to enhance marketing (Rustichini, 2005, p. 202). Pricing is a fundamental tool used by many compani es to position their products in the market. Despite of numerous literatures related to product pricing, many companies tend to use these knowledge when setting up prices, resulting in sub-optimal situation for both consumers and companies (Editorial, 2004, p. 74). Understanding psychological aspects of pricing is very significant for companies striving to make optimal decisions and as a matter of fact has utility in a wider sense. The current techniques used in pricing research are behavioural in nature and relies on what actually takes place when individuals process pricing information. If truth be told, pricing perfectly lends itself to neuroimaging research. Neuroimaging helps marketing executives to understand how prices are processed and provides them with all the information required to make rational decisions (Editorial, 2004, p. 75). Exchange being a principle concept in marketing, negotiations is of massive significance. For instance, consumers encounters situation where t hey have to negotiate prices or benefits with the company, especially for capital goods. Unpleasant consumer experience means loss of customers and therefore companies must come up with strategies which ensures all the parties (consumers and the company) are satisfied. Game theory has proved to be a very useful tool in economics and marketing studies when assessing interactions in situations where contradictory payoffs exists and are known to the participants. Game theoretical models have become very significant in the development of neuroeconomic research. Neuroeconomic game theory research provides marketing executives with substantial insight into cortical activity in decision-making. Neuroeconomic game theory research tends to focus on competitive and cooperative characteristics rather than the negotiation process that may result in certain behaviours (Editorial, 2004, p. 74; Rustichini, 2005, p. 204). Another prominent factor in marketing is trust. Many companies have spent mas sive resources to build consumer trust in their brands and products. The subject of trust not only involves company and consumers but also companies themselves. Inter-organizational dealings, for instance, joint ventures, tactical treaties, and business-business transactions among others rely on mutual trust. On the other hand, consumer trust is very important when especially when it influences purchasing behaviour (Gul Pesendorfer, 2005, p. 70). Neuroeconomic researches on the concept of trust beyond rationality have been carried out over the recent past. These studies have established that the caudate nucleus in the brain, which is normally hyperactive when learning about stimuli-response relations, is very significant in tentative games that require some form of trust. Trust between companies can be ascertained by the reaction of the agents involved in the negotiation process. Neuroeconomic exploration and understanding of the trust concept will help the marketing executives to have greater ability to discover the antecedent factors to trust, and this will help the company to build trust with their customers and other business partners for mutual benefit (Editorial, 2004, p. 76). The study of the impact of various marketing activities on the society is also very significant. This subject has not been restricted to marketing and economics alone; it has also been explored in other fields such as communications, sociology, politics and psychology. Most of these studies have been concerned with the impact of advertising messages on society. However, marketing ethics is more than advertisement. It also covers unhealthy marketing activities and their negative results, for instance, harmful effect of constant bombardment of marketing and product purchasing addition. This subject has also been tackled in neuroeconomic game theory research since it involves payoffs. Application of neuroimaging will also helps marketing executives to understand the impact of certain marketing techniques, as well as more insight into main problems related to business relationships and answers to economic questions that have proven to be elusive (Editorial, 2004, p. 77). References Cabanac, M 1979, Sensory Pleasure, Quarterly Review of Biology, vol.54 no. 1, pp. 1-29. Camerer, CF, Loewenstein, G, Prelec, D 2004, ‘Neuroeconomics: Why Economics Needs Brains’, Scandinavian Journal of Economics, vol. 106, pp. 555-579. Camerer, C, Loewenstein, G, Prelec, D 2005, ‘Neuroeconomics: How neuroscience can inform economics’, Journal of Economics, vol.43 no.1, pp. 9–64. Caplin A, Leahy, J 2001, ‘Psychological Expected Utility Theory and Anticipatory Feelings’, Quarterly Journal of Economics, vol. 6, pp.55-80. Carlin, B I, Lobo, MS, Vishwanathan, S 2009, ‘Episodic Liquidity Crises: Cooperative and Predatory Trading’, Journal of Finance, vol.62, PP. 2235-2274. Gallese, V, Keysers, C, Rizzolatti, G 2004, ‘A un ifying view of the basis of social cognition’, Trends in Cognitive Science, vol. 8, pp.396–403. Greenspan, A 2008, The Age of Turbulence. With a new Chapter on the Current Credit Crisis, Penguin Books, London. Gul, CF, Pesendorfer W 2004, ‘Temptation and Self-Control’, Econometrica, vol.69 no.6, pp. 1403-1436. Gul, F, Pesendorfer, W 2005, ‘The Revealed Preference Theory of Changing Tastes’, Review of Economic Studies, p. 66-95. Editorial, 2004, ‘The Lancet neurology: neuromarketing, beyond branding’, Lancet, vol.3, pp.71-75. Thaler, R 1980, ‘Towards a positive theory of consumer choice’, Journal of Economic  Behaviour and Organization, vol.1, pp.39—60. Rabin M 1998, ‘Psychology and Economics’, Journal of Economic Literature, 36, pp. 11-46. Rustichini, A 2005, ‘Neuroeconomics: present and future’, Games Economic Behaviour, vol.52, pp. 201–212. Zink, C F, Pagnoni, G, Martin-Sk urski, M E, Chappelow, J C, Berns, G S 2004, Human Striatal Response to Monetary Reward Depends on Saliency, Neuron vol. 42, pp. 509–517. This case study on Neuroeconomics Definition was written and submitted by user Matilda B. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.