Remedies – Contracts Act 1950

REMEDIES †¢ method by which an injured party enforces a right or corrects a loss. It will depend on the nature of breach and the result will be differ between parties. The remedies available for breach of contract are: 1) RESCISSION †¢ An equitable remedy available at the discretion of the judge. It is available where a contract is voidable as a result of a vitiating factor such as misrepresentation, undue influence or duress. It will not cover damages. Car &Universal Credit v Cadwell Norris had paid ? 10 cash deposit and left another car as security and gave a cheque for ? 65 to Cadwell for Jaguar car purchased. The next day, Caldwell went to cash the cheque and discovered it was fraudulent and the car left as deposit turned out to be stolen. The court held that Mr Caldwell had successfully rescinded the contract. He had taken all steps possible to demonstrate that he no longer wished to be bound by the contract. He should not be prejudiced by the fact that his endeavours failed to locate Norris. 2) RESTITUTION †¢ It is not contractual and does not rely on plaintiff damages (quasi-contract). One party knowingly has received a benefit to which party is not entitled.An arrangement imposed by judge to rectify an occurrence of unjust enrichment. Sinclair v Brougham The society became insolvent, and the question arose how to divide up assets. By the time of the action, the only live issue was between some of the â€Å"B† shareholders and the depositors in the bank, the position of the â€Å"A† shareholders and trade creditors having been settled by agreement. The court held that the bank’s actions had been ultra vires and void, and that there was no possibility for the depositors to recover under quasi-contract. 3) DAMAGES It is a legal remedy available for breach of contract. Damages are an award of money to compensate the innocent party. The primary purpose of damages is to place the injured party in the position they would hav e been in had the contract been performed. †¢ Types of Damages:  There are basically four broad categories of damages: ? Compensatory (to cover direct losses and costs). ? Consequential (to cover indirect and foreseeable losses). ? Punitive (to punish and deter wrongdoing). ? Nominal (to recognize wrongdoing when no monetary loss is shown) An award of damages is subject to the application of the rules on causation, remoteness and a duty to mitigate loss. †¢ Provision : Section 74 & 75 CA Heng Hang Khim v Sineo Enterprise Sdn Bhd The court held that where the defendant failed to deliver vacant possession of a condo unit before the 36-month period as stipulated in the S&P agreement. The plaintiff was entitled to a refund of the sum paid which was compensation for loss & damage caused by breach of contract. Selva Kumar a/l Murugiah v Thiagarajah a/l Retnasamy The court held that there is no distinction between liquidated damage and penalties.In view of section 75 which prov ides that in every case the court must determine what is the reasonable compensation. Any failure to prove the damages will result in refusal to award such damages. †¢ Remoteness A claimant may only recover losses which may reasonably be considered as arising naturally from the breach or those which may reasonably be supposed to be in the contemplation of the parties at the time the contract was made. Hadley v Baxendale Due to neglect of the Defendant, the crankshaft was returned 7 days late to the plaintiff.The plaintiff unable to use the mill during this time and claimed for loss of profit. The Defendant argued that he was unaware that the mill would have to be closed during the delay and therefore the loss of profit was too remote. The court held that Hadley would have been entitled to recover lost profits from the five extra days the mill was inoperable. However, the rule should be that the damages were those fairly and reasonably considered to have arisen naturally from th e breach itself, or such as may be reasonably supposed to have been in the contemplation of both parties at the time the contract was made. Mitigation of Loss The law imposes a duty upon the person claiming damages to take all reasonable steps to reduce or mitigate their loss. If the plaintiff is able to avoid loss, damages will not be recoverable for the potential loss that the plaintiff may have suffered. Payzu v Sauders The court held that the claimant was not entitled to damages. He was given the opportunity to purchase at the discounted price but rejected this. He was under a duty to take reasonable steps to mitigate his loss. The offer was a reasonable one and one which the claimant could easily have complied with. ) SPECIFIC PERFORMANCE It is a discretionary order granted by the courts directing a person to carry out their obligations under contract. It is not generally used in breach of contract actions unless damages prove to be inadequate. When the court cannot supervise t he implementation of contract, it will not generally grant specific performance. Ryan v Mutual Tontine Westminster Chamber Association The lessor agreed to provide porter who would be ‘constantly in attendance’ but the porter also works as a chef. In his absence while working as chef, other person will perform his duties.The issue was whether tenant could seek an order of specific performance against the porter that he carries out his obligations. The court was not prepared to order specific performance because it would have had to constantly supervise the porter’s attendance. Lamare v Dixon The plaintiff induced the defendant to agree to take a lease of cellars by orally promising they would be made dry. The promise had no effect as a misrepresentation as it related to the future. The court refused the plaintiff specific performance since he had made no attempt to perform his promise.Cohen v Roche The court refused the specific performance to a buyer of a set of Hepplewhite chairs saying that they were ‘ordinary articles of commerce and of no special value or interest'. The buyer was contracting with a view to resale and for personal use. 5) INJUNCTION †¢ It is a discretionary court order. Unlike specific performance, this is a court order restraining a party from breaking their contract or from committing a wrongful act and will not be awarded if damages are an adequate remedy. An injunction may be: ? Prohibitory – preventing the breach of contract. ? Mandatory – requiring a person to perform some contractual obligation. ? Interlocutory – where it freezes the status quo between the parties until the dispute can be heard by court. Neoh Siew Eng & Anor v Too Chee Kwang (mandatory example) The landlord had cut the water supply. An injunction was granted requiring the landlord to keep all communication pipes in proper repair so that water supply to the premises would not be disconnected.Broome (Selangor) Rubber Plantations v R H Whitley (prohibitory example) An injunction was granted restraining an employee from entering into employment as a manager or assistant of any plantation in the States of Selangor and Negeri Sembilan other than the estate of his employers until the expiry of his contract of service. This is equivalent to â€Å"the specific performance by the court of that negative bargain which the parties have made†. †¢ Mareva Injunction It prevents the defendant removing or disposing any assets in the jurisdiction until the court makes decision.Mareva Compania Naviera SA v International Bulk Carriers SA, The Mareva. The shipowner hired out their ship (Mareva) to the defendant with half-monthly in advance. The defendant were only able to meet the first two installments, Mareva sued for damages and unpaid hire. They also sought an injunction to stop hirer removing any monies received from the voyage. The issue whether an injunction was obtainable to prevent the removal before judgment. The court held that an injunction was granted to continue until the dispute came to trial to prevent the defendants from disposing any assets. ) ANTON PILLER ORDER May be made available in exceptional circumstances. It is a  court  order that provides the right to search premises and seize evidence without prior warning. This prevents destruction of relevant  evidence, particularly in cases of alleged trademark, copyright or patent infringements. Anton Piller v Manufacturing Processes Ltd The plaintiff was under the belief that one of its agents was supplying confidential information to one of their competitors. However, they are concerned that subpoena would give ample time for the agent to destroy evidence.The issue was whether the company could obtain an order enabling them to enter the agent’s premises to inspect the documents. The court granted the order as there was strong prima facie case of infringement which could cause damage to applicant and clear evidence that the defendants had incriminating the material in their possession which they could destroy. 7) QUANTUM MERUIT Quantum meruit means â€Å"as much as he deserved†. It is the determination of value of the services extended based on the amount of work and the rate of work existing there for similar work, when an agreement or contract is not existing between the parties.The contract may be discharge by breach but where the contract is for goods & services, there is a new implied contract imposed by law on the party taking benefit that they will pay reasonable amount of quantum. †¢ Can arise where: ? A defendant has prevented a plaintiff from carrying out their contractual duties. ? The parties cannot agree on payment ? The parties agree on payment for the part-performance but not the actual amount. Sumpter v Hedges The claimant agreed to build two houses and was agreed that ? 565 would be payable on completion.The claimant done a little more than half job and then ran out of money and was unable to complete. Then defendant completed the work himself. The issue was whether the claimant could recover payment for work done. The contract was entire and not divisible. So, the claimant could not recover under it. Furthermore, it is not defendants fault he could not complete the job and so there was no entitlement for quantum meruit. While the defendant obtained the benefit, it did not constitute acceptance of partial performance in this case.

Story of Akbar and Birbal

Revenue: The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the â€Å"top line† or â€Å"gross income† figure from which costs are subtracted to determine net income. Revenue is calculated by multiplying the price at which goods or services are sold by the number of units or amount sold. EBITDA is essentially net income with interest, taxes, depreciation, and amortization added back to it, and can be used to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions. *amortization basically means reducing the value of something to zero Debt –equity ratio: A measure of a company's financial leverage. Debt/equity ratio is equal to long-term debt divided by common shareholders' equity. Typically the data from the prior fiscal year is used in the calculation. Investing in a company with a higher debt/equity ratio may be riskier, especially in times of rising interest rates, due to the additional interest that has to be paid out for the debt. For example, if a company has long-term debt of $3,000 and shareholder's equity of $12,000, then the debt/equity ratio would be 3000 divided by 12000 = 0. 25. It is important to realize that if the ratio is greater than 1, the majority of assets are financed through debt. If it is smaller than 1, assets are primarily financed through equity. Return-on-assets: An indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. Calculated by dividing a company's annual earnings by its total assets, ROA is displayed as a percentage. Sometimes this is referred to as â€Å"return on investment†. The formula for return on assets is: Note: Some investors add interest expense back into net income when performing this calculation because they'd like to use operating returns before cost of borrowing.

Hofstede’s cultural dimensions of Australia and China Essay

Mismanaging cultural differences can render otherwise successful managers and organisations ineffective when working across cultures. As stated byOsland (1990, p. 4) â€Å"The single greatest barrier to business success is the one erected by culture†. Hofstede (1983) defines culture as â€Å"the mental programming of the mind which distinguishes the members of one human group from another† (Hofstede 1983 p. 25). Through the comparison of Chinese culture and Australian culture using Hofstedes five cross-cultural dimensions: power distance, uncertainty avoidance, masculinity, individualism, and long-term orientation an insightful view into the differences and similarities of the cultures can be obtained (Chong & Park 2003). Human Resource Management (HRM) activities such as: recruitment and selection, career planning and development, employee motivation, and compensation and benefits need to be performed in alignment with national culture as effectiveness of a human resource management practice hinges on the degree to which it fits the values and beliefs of people in the host country. By exploring the differences and similarities of Chinese and Australian culture from a HR perspective strategies aimed at achieving organisational goals can be better achieved. The inherent weaknesses of Hofstedes framework will also be discussed to emphasise the importance of other methods for determining culture. Greet Hofstede’s (1980) landmark study involved more than one hundred thousand IBM employees in forty countries. From those results, and later additions, Hofstede developed a model for classifying national cultures and analysing work behaviour according to five underlying dimensions: power distance, uncertainty avoidance, masculinity, individualism, and long-term orientation (Chong & Park 2003). Hofstedes analysis of each country can provide a better understanding into the national culture that is specific to each country. The significant findings of Hofstedes analysis of Australia include a low power distance score of 36 (ITIM International 2003). Societies with low power distance are characterized by the norm value that inequalities between people should be minimized, and, to the extent that hierarchies exist in such societies and their organizations, they exist only for administrative convenience. Subordinates and superiors regard each other as like people, who have equal r ights and representation (Hofstede 1983). In  comparison China has a relatively high power distance of 80 (ITIM International 2003). By contrast, high power distance societies are characterised by the acceptance of inequality and its institutionalisation in hierarchies which locate people in their â€Å"rightful places†. In high power distance societies, superiors are expected to lead and make decisions, and subordinates are generally afraid and unwilling to disagree with their superiors (Hofstede 1983). As a result of the significant difference in power distance between Australian and China Human Resource activities such as performance appraisals will require different approaches. In Australia and many western cultures performance appraisals are generally linked to the job description and individual career development plans. In Australian 360 degree feedback is often incorporated using feedback from management and peers. Constructive criticism is also another important component in the performance appraisals used i n Australia which is vital for identifying gaps in learning and development and is accepted by employees as the norm (Harrison 1995). By contrast performance appraisals in China are less frequent as both managers and workers in Chinese enterprises want to avoid blunt confrontations; it is understandable that they would try to minimise the frequency of such conflict-prone encounters in the workplace (Huo 1995). Peer evaluation, frequently used in Australian organisations, virtually does not exist in the China. This may be attributed to the traditional authoritarian leadership style prevalent in Chinese enterprises where only supervisors are deemed qualified to evaluate subordinates’ performance (Huo 1995). Performance appraisals generally involve two-way communications which is not embraced by Chinese culture as the large power distance found in China indicated that to challenge authority of superiors is not considered appropriate for subordinates (Huo 1995). Therefore when conducting a performance appraisal in China it is expected that the evaluated will be more subjective. A straight forward form of apprais al would be better received and employee participation should not be forced. Of significant interest is Australia’s high individualism ranking of 90 (ITIM International 2003) . High Individualism implies a society believes that people should largely remain independent from groups, and that people should have a self-concept of being an independent individual rather than a  dependent member of a group(Harrison 1995). In comparison China ranked extremely low with a score of 20 in the individualism ranking (ITIM International 2003). This is as a result of the society fosters strong relationships where everyone takes responsibility for fellow members of their group with an emphasis on a Collectivist society as a result of the Communist rule (Hofstede 1980). As a result of the different stance of each culture on individualism human resource activities such as compensations and benefits will need to be approached in a different way. In Australian rewards are geared towards pay for performance which motivates the individual to stand out from the crowd in particular at more senior management levels. Compensation is not just related to salary but can include bonuses, commissions, and other merit based reward programs for individual contributions. In contrast Chinese tend to focus on the goals of the collective rather than individual goals. Group approaches have been a dominating influence on Chinese social and working life, including team work, group decision making, group reward, group cohesiveness and group consultation (Satoe & Wang 1994). Chinese employees do not want to stand out from the crowd. Thus it has been suggested that Western business practices, such as personnel incentives, do not work (Myers, 1987). Therefore when conducting business within the Chinese culture compensation and benefits should be based on a collective theory where there are less individual incentives rather a focus on the performance of the group or work units. In a field experiment which combined team duties with group incentives, the team responsibility system proved to have a positive effect on members’ expectancy, achievement attribution, morale and satisfaction (Satoe & Wang 1994). The great distinction between Australia’s score of 31 for Long Term Orientation compared with Chinas score of 118 suggest great cultural differences (ITIM International 2003). Long Term Orientation is a measure of the degree the society embraces, or does not embrace long-term devotion to traditional, forward thinking values. As Australia has a low score this indicates that change can occur more rapidly as long-term traditions and commitments do not become impediments to change (Harrison 1995). In contrast to this a country with a high score such as China value long-term  commitments and respect tradition. This is thought to support a strong work ethic where long-term rewards are expected as a result of today’s hard work (Harrison 1995). These types of diverse cultural views towards long term orientation will impact of the way human resource activities such as recruitment and selection are carried out. In Australia it is common for employees to have several difference employers in there working career and even several changes in industry. Recruitment and selection practises in Australia are aimed at aligning the best fit between employees and the organisation in terms of goals and competencies. Recruitment and selection in Australian generally includes interviewing, psychometric tests, assessment centres and other measures of assessment. In contrast with this Chinese employment pattern has traditionally been life employment with three guarantees â€Å"guaranteed job assignment, guaranteed pay irrespective of performance and guaranteed tenure of senior positions† (Lewis 3003) . Selection criteria seem quite different from the West. For example, Easterby-Smith et al. (1995) found that selection criteria for managerial appointments in their case study organisations were â€Å"good moral practice; adequate competence; working hard and excellent performance records; political loyalty and harmonious relationships with others†. Longevity in a job in Australia is not necessarily seen as a good thing and can be construed as complacency whereas in China it aligns with the cultural drivers of loyalty and tradition. When conducting recruitment and selection in China it must be kept in mind that they traditionally do not place too much emphasis on the interview and almost never employ psychometric tests and assessment centres. Rather than acting out against the traditional job for life concept by replacing current staff with more qualified candidates managers should perhaps ensure sound training and development programs are in place to achieve a fit between employee and organisation. Hofstedes measures of Masculinity and uncertainty avoidance for both Australia and China were similar in score. Masculinity stands for a societal preference for competition, while femininity represents a tendency to place relationships with people above money to help others, to care for the weak and to preserve quality of life (Harrison 1995). Australia scored 61 compared with Chinas score of 66 (ITIM International 2003). Similarly the  measurement of uncertainty avoidance which indicates to what extent a culture programs its members to feel either uncomfortable or comfortable in unstructured situations are quite close in score with Australia at 51 compared with China at 30 (ITIM International 2003). The small difference in uncertainty avoidance suggests that within Chinese culture there is a more relaxed and tolerant attitude towards the unfamiliar as compared with Australia where there is less tolerance towards uncertainty and ambiguity. This may impact on human resource activities such as career planning and development. In Australia career planning and development is generally quite structured and directed as employees like to have a clear career path while in Chinese culture they more comfortable with a less structured approach to career planning and development and expect they career will progress in time. Despite its widespread familiarity and influence, Hofstede’s work has been extensively criticized. One reason is that he used the employees of a single large multinational company to represent the cultures of different nationalities. It is clear that such a sample, no matter how large, may not be representative of the respective countries’ national cultures (Mcsweeny 2002). The national culture of China as identified by Hofstese is quite general and it must be kept in mind that the averages of a country do not relate to individuals of that country (Mcsweeny 2002). There are always exceptions to the rule and Hofsteds analysis does not allow for this and therefore should only be taken as general guidelines. It must also be kept in mind that these studies were conducted over 25 years ago. Due to the inherent weaknesses of the frameworks discussed it is vital that other factors be taken into consideration when analysing national culture. It is important to remember that the culture of a country changes over time, either by internal or external influences. Although the measures identified that China has a collective society and it is though as a generalisation that that collectivists are more cooperative was not supported by experimental results. It was found that subjects from the more individualistic region, Beijing, were more cooperative in working toward mutually beneficial outcomes than were subjects from the more collectivist region, Wuhan (Koch & Koch 2007). This research alludes to the conclusion that the Chinese generally have a collective society within the community  they are familiar with but to some degree are less willing to have a collective frame of mind with a group they are less familiar with. This type of social behaviour would be important for management of Chinese culture in circumstance such as group work where participants may not be as eager to participate as once thought within unfamiliar groups. With the inherent weaknesses of Hofstedes framework it is important to consider a broader range of issue in order to obtain an accurate and current insight into national culture. As Coen Heijes states â€Å"no matter how interesting standardised dimensions may be, without a specific knowledge of history, language and education, cross-cultural understanding is doomed from the start† (Heijes 2007 p.94). Hofstedes five cross-cultural dimensions: power distance, uncertainty avoidance, masculinity, individualism, and long-term orientation provide an insight into the national culture of both Australia and China. National culture is important to consider when performing human resource activities as the effectiveness of a human resource management practice hinges on the degree to which it fits with the values and beliefs of people in the host country. Human Resource activities that need to be aligned with cultural factors include: recruitment and selection, career planning and development, compensation and benefits, and performance appraisals. In comparing the performance appraisal process, Australians are likely to be more responsive to a 360 degree type feedback with much interaction between managers and subordinates where Chinese employees are likely to be more responsive to a more subjective performance appraisal with little contribution in the form of feedback from peers or personal contributions due to the difference in the power distance of each culture. Compensation and benefits in Australia can be geared towards pay for performance of individuals and may include bonuses, commissions, and other merit based reward programs for individual contributions. Whereas in the Chinese culture compensation and benefits should be based on a collective theory where there are less individual incentives and rather a focus on the performance of the group due to difference in Hofstedes individualism measures. Recruitment and selection practices comparisons between the two countries are impacted by the difference in long term orientations. The recruitment and selection process  in Australia is important due to the frequently changing roles of employees and the importance of finding a fit between organisation and employee whereas in China recruitment and selection aligns with the cultural drivers of loyalty and tradition. When conducting recruitment and selection in China it must be kept in mind that they traditionally do not place too much emphasis on the interview and almost never employ psychometric tests and assessment centres. The slight difference in uncertainty avoidance dimension impact on human resource activity of career planning and development. In Australia career planning and development is generally quite structured and directed as employees like to have a clear career path while in Chinese culture they more comfortable with a less structured approach to career planning and development and expect they career will progress in time. While Hofstedes dimensions cross-cultural dimensions have been critiqued as being to some degree too generalised, small sample sizes, out dated, over simplifying complex tasks. Therefore the framework discussed should only be used as a rough guide to understanding national culture. As suggested by Coen Heijes (2007) other factors such as political and legal systems, religion, education, language, ethics, and motivation among many others must be considered to obtain a current insight into national culture. Reference list: Easterby-Smith, M., Malina, D. and Yuan, L. (1995), â€Å"How culture-sensitive is HRM? A comparative analysis of practice in Chinese and UK companies†, International Journal of Human Resource Management, Vol. 6 No. 1, pp. 31-59. Harisson, G. (1995), â€Å"Satisfaction, tension and interpersonal relations: a cross-cultural comparison of managers in Singapore and Australia†, Journal of Managerial Psychology, Volume 10, Number 8, pp. 13-19Heijes, C. (2007), ‘The Broad Dimensions of Doing Business Abroad’, The Business Review, Vol.8, No.1, pp 93-99Hofstede, G. (1980), Culture’s Consequences. International Differences in Work-Related Values, Sage Publications, Beverly Hills, CA., . Hofstede, G. (1983), â€Å"The cultural relativity of organizational practices and theories†, Journal of International Business Studies, Vol. 14 No. 2, pp. 75-89. Huo, P. (1995), â€Å"On transplanting human resource practices to China: A culture-driven approach†, International Journal of Manpower, Vol. 16 No. 9, pp. 3-15. ITIM International 2003, Geert Hofstede BV, the Netherlands, viewed 12th August 2008, < http://www.geert-hofstede.com/index.shtml>Koch, B. Koch, P. (2007) ‘Collectivism, individualism, and out group cooperation in a segmented China’, Asia Pacific Journal of Management, Vol. 24, No.2, pp 207-225Lewis, P. (2003), â€Å"New China – old ways? A case study of the prospects for implementing human resource management practices in a Chinese state-owned enterprise†, Employee Relations, Vol. 25, No. 1,pp. 42-60Mcsweeny, B. (2002), ‘Hofstede’s Model of National Cultural Differences and Their Consequences: A Triumph of Faith – A Failure of Analysis’, Human Relations, Vol. 55, No. 1, pp. 89-118Myers, H. (1987), â€Å"The China business puzzle†, Business Horizons, July-August, pp. 25-8. Osland, G.E. (1990), â€Å"Doing business in China: a framework for cross-cultural understanding†, Marketing Intelligence and Planning, Vol. 8,No. 4, pp. 3-15. Satow, T.Wang, Z. (1994), â€Å"Cultural and Organizational Factors in Human Resource Management in China andJapan: A Cross-cultural Socio-economic Perspective† Journal of Managerial Psychology, Vol. 9 No. 4, pp. 3-11

RELEVENT ECONOMETRIC OUTPUTS FROM EVIEWS Assignment

RELEVENT ECONOMETRIC OUTPUTS FROM EVIEWS - Assignment Example Thus, while the beta coefficients measure the first order impacts, i.e., the slope of the partial functions, the theta coefficients measure the second order impacts or the curvature. The expected signs on these coefficients will depend upon the nature of the relationship that the variable has with sales revenue. If the true relationship that is being estimated is truly nonlinear, then the beta coefficients themselves would be functions of the corresponding independent variables. The signs would depend upon the value of the independent variable itself. For instance, a rise in price of mobile phones would lead to a certain rise in revenue if other things, in particular the number of units sold remained unaltered. However, as price rises, the demand for the product would go down thereby implying a potential fall in the overall sales. The final impact would depend upon the price elasticity of demand of the product. For lower level of sales the demand would be highly inelastic implying th at rising price would still generate increased revenue. But if the demand became elastic, then there would be a definite decline in revenue. Since demand for average mobile phones tend to be relatively inelastic, we should expect to see a positive beta coefficient and a negative theta coefficient. In case of advertising, again the beta coefficient measures the impact of a rise in advertising on total sales while the theta coefficient measures the marginal impact. We should expect that increase in advertising should stimulate additional sales. However, the incremental benefits of more advertising typically are found to be declining. In simpler terms, as there is more and more advertising, the incremental impact on sales declines. Thus, we should expect a positive beta but a negative theta coefficient for all the advertising variables. Table 1: Results of OLS regression, problem 1 Dependent Variable: REVENUE Method: Least Squares Date: 09/29/11 Time: 13:10 Sample: 1 60 Included observ ations: 60 Coefficient Std. Error t-Statistic Prob.  Ã‚   C 359.1101 76.04848 4.722120 0.0000 PRICE 2.880176 1.411429 2.040609 0.0465 PRICE^2 -0.011268 0.006384 -1.765162 0.0835 TV 6.383748 3.514018 1.816652 0.0751 TV^2 -0.418966 0.359010 -1.167003 0.2486 NEWSPAPER 3.480550 2.251321 1.546003 0.1283 NEWSPAPER^2 -0.107221 0.160149 -0.669510 0.5062 RADIO 11.10707 1.184501 9.377007 0.0000 RADIO^2 -0.336564 0.053449 -6.296872 0.0000 R-squared 0.876161   Ã‚  Ã‚  Ã‚  Mean dependent var 646.5073 Adjusted R-squared 0.856736   Ã‚  Ã‚  Ã‚  S.D. dependent var 30.92782 S.E. of regression 11.70626   Ã‚  Ã‚  Ã‚  Akaike info criterion 7.895606 Sum squared resid 6988.868   Ã‚  Ã‚  Ã‚  Schwarz criterion 8.209758 Log likelihood -227.8682   Ã‚  Ã‚  Ã‚  Hannan-Quinn criter. 8.018488 F-statistic 45.10326   Ã‚  Ã‚  Ã‚  Durbin-Watson stat 2.333861 Prob(F-statistic) 0.000000 2. We test the joint significances of the variables first in levels (table 2) and then in squares (table 3). Table 2: Te sting Joint significance of the variables in their levels Wald Test: Equation: Untitled Test Statistic Value  Ã‚   df  Ã‚  Ã‚  Ã‚   Probability F-statistic 8.295663 (3, 51)  Ã‚   0.0001 Chi-square 24.88699 3  Ã‚   0.0000 Null Hypothesis Summary: Normalized Restriction (= 0) Value  Ã‚   Std. Err. C(2) - C(8) -8.226895 1.877380 C(4) - C(8) -4.723323 3.679021 C(6) - C(8) -7.626522 2.427360 Restrictions are linear in coefficients. The

Comparisons of Athenian and Spartan Governments Essay

Comparisons of Athenian and Spartan Governments - Essay Example There were two prominent cities in ancient Greece that possess distinct and contrasting governmental systems. Athens and Sparta were the two most powerful city states then and their influence, especially in the field of governance, was widespread in the region. Since the two states have different systems of government, both are worth studying and comparing for the purpose of deriving ideas and lessons on modern states should be run. Sparta’s government has often been construed as similar to the modern autocracy. This impression is brought about by the structure of the government itself. At the helm are the Ephors who were elected yearly by the people. The Ephors were composed of five individuals who did not belong to the royalty. They enjoyed unlimited power when it comes to executing the laws of the state. Due to the blanket authority that the Ephors practiced and also because of their small number, the Spartan government may at best be considered as an oligarchy. Oligarchy l iterally means the rule of a few. However, it must be noted that while the Ephors may have unlimited power and while they may be on top of the governmental hierarchy, they could not actually monopolize political power for several reasons. First of all, being an Ephor is not a birthright and it is also not a position that one can held on to for life. As pointed out, there is a clear length of time that an individual can rule as part of a collective, which is one year. An election would be held every year, which means that an individual may no longer retain his seat as Ephor. The thought of becoming an ordinary citizen after a year of being on society’s highest power structure might discourage an individual Ephor from committing abuses. Since the rule is collective in essence, there was already a degree of check and balance from within the ranks of the five Ephors. If the Spartans are not satisfied with the way the Ephors are managing the affairs of the state or with how they a re treating the citizens, they would just wait for the next elections and the individual Ephors could be subjected to removal or replacement. Under such setup, it is clear that autocracy may not be the most accurate term to describe Sparta’s government. An oligarchy, notwithstanding the fact that it is just for a year, may be the best description. While the Ephors controlled all the executive functions of the Spartan government, there was also the Council of Elders, which may be considered as the equivalent of the senate. The Council of Elders was composed of 28 members who are aged 60 and above. The age requirement definitely borne out of the belief that one’s life experience is reflective of his wisdom. Aside from the 28, the Council of Elders also includes the two kings who, upon the increased powers of the Ephors, have been relegated to figureheads and their only actual governmental function was to become part of the Council. The Council of Elders is responsible fo r making the laws as well as deciding on important issues that affect the state and society. However, whatever decision that the Council of Elders arrive at would not be deemed as a final governmental policy unless this has been approved by the General Assembly. The General Assembly was composed of all male citizens with ages 30 and above. This much larger body, however, â€Å"did not debate but only voted on the issues put before it by the Council of El

Movie osama Essay Example | Topics and Well Written Essays - 500 words

Movie osama - Essay Example My mother and I are left with little to no options. My mother, feeling like there is no other option, has had the idea to dress me as a boy in order for me to seek employment. She has opted to call me ‘Osama’ and we both are desperately concerned that the Taliban will discover my true identity if we are not very careful. I must embark on a journey to find employment as a boy in order for my mother and I to have enough money to survive. I am only 12 and it is hard for me to understand the stringency and rules being placed on the society in which I live, especially when they create such a difficult environment for women and girls. Every moment of every day must be planned out in advance if one is female, in order to make sure that there is a male to provide accompaniment. If a woman does happen to venture out on her won, the Taliban will surely punish her. These patriarchal rules make being female not only next to impossible, but almost ike one is living under a curse. It is as though women are such lesser beings that they must cover their faces and bodies to hide every part of themselves from view. I dream of living in a place where the patriarchy of the Taliban does not dictate every move of one’s life and where women are not only free to experience sunlight on their skin, but are also able to leave their homes without a man. I long for this burden of making ends meet to be lifted from my mother as well as from me. It is so difficult to survive under circumstances where one needs to work alone but tot hen not be permitted to do so is painfully difficult. I do not like the culture in which I live and am accustomed. I want to leave this place but feel trapped as though I will be stuck here all of my days. I do not feel that thi culture offers me any type of future as a female. I watch my mother and can see how years of thi type of oppression have weighed her down and made her who she is today. I dislike

How should other areas of DE Mar(marketing, finance, personnel) Essay

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New Approaches to Advertising Essay Example | Topics and Well Written Essays - 2250 words

New Approaches to Advertising - Essay Example To be sure, consumers and businesses are using other forms of communication to gain the information that was once formally provided by advertising. Furthermore, globalization in the marketplace has not only altered the way the world does business, but effectively altered the way in which business communicate with their more globally aware consumers. To understand these shifts in the paradigm for advertising, one must first understand how advertising works in the first place, and apply this understanding of the industry to the shift in the way that it is working today.Advertising is unlike the direct communication between two people which involves a give and take experience.It is a one way exchange that is impersonal in format. People can selectively notice or avoid, accept or reject, remember or forget the experience and therefore confuse and bewilder the best of advertising plans. Advertising has always been a seemingly inescapable part of western life. It is the ultimate tool that corporations use to communicate to consumers.Through television, radio, newspapers, billboards, and the internet, corporations have benefited from advertising through increased sales.The effects of advertising have appreciably increased the quality of life of consumers.Finally, the communication potential of advertising has made it essential to the function and well-being of today's market. Advertising is an effective function of the economy that is an asset to both corporations and consumers. Corporations have made every effort to submerge consumers in their advertising since the beginning of modern civilization. They money that corporations are willing to spend delivering ads has doubled since 1976, and continues to grow by over 50% every ten years (Olson & Reynolds, 2001). Corporations and businesses are willing to devote such an enormous investment of money simply due to the fact that if done properly, advertising will more than pay for itself. Although most market experts agree that advertising is an exercise in communication and not sales generation, it is without a doubt that the ultimate goal of producing the ad is to increases sales and profits, either directly or otherwise. Throughout the years, advertising has proven effective in attracting consumers and increasing sales directly. This is achieved is two main ways. First, advertising allows businesses a chance to communicate to the consumer in order to persuade and offer reasons as to why their product would be desirable. This raises consumer interest in the product and can eventually result in increased sales. Next, advertising can be used to raise consumer awareness about special events, promotions, or discounts available or to simply remind prospective customers that the business is open and ready to offer goods and services. Advertising effects businesses by helping to build consumer confidence in an advertiser's product. People have been known to buy brands that they know of and in which they have confidence. Advertising helps to achieve this by connecting corporations and their products to consumers. This process is called "branding". Ads can help the corporation make their product known, and to create an image or reputation for the product through the content of the ad. "At Volvic 10 per cent of the buyersof the buyers of this brand of mineral water are regular and loyal and represent 50 per cent of the sales. The reputation of the brand is a source of demand and lasting attractiveness, the image of superior quality and added value justifies a premium price," (Kapferer, 1997). Advertising of this sort

Impressionist Artists Essay Example | Topics and Well Written Essays - 750 words

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Serving Justice in the Case of Billy Budd Essay Example for Free

Serving Justice in the Case of Billy Budd Essay From the case of Billy Budd, one must ponder about several important questions in regards to the power of the law and the extent to which it should be recognized. â€Å"Although Billy Budd killed Claggart unintentionally, he was aware that striking a superior officer was a serious offense, however, Claggart had provoked him by accusing him of organizing a mutiny† (Hunte). Thus, Billy Budd is described as the following, â€Å"His simple nature remained unsophisticated by those moral obliquities which are not in every case incompatible with that manufacturable thing known as respectability† (Melville). Perhaps Melville is emphasizing the point that Billy is some sort of special moral being, completely incapable of conceiving evil and bearing malice. Perchance, the case of Billy Budd should not be manipulated to fit the law; rather the law should be made to fit the case. In society, laws are made to serve justice and to protect individuals. Each case has unique circumstances and no one case is the same. Therefore, in order for justice to be served, the laws should be interpreted differently in each case. Captain Vere has illustrated his realization that this case has special circumstances, stating that â€Å"This case is an exceptional one† (Melville). Everyone on the Bellipotent knows Billy for his kindness; Billy even has attempted to befriend Claggart. By sentencing Billy to death, the Drumhead Court would eliminate a kind-spirited and hard-working man from the ship. Billy’s good heart and benevolent nature show that he is not likely to kill another man in the future, and killing him wont protect any individuals. Since a law is made for serving justice and protecting people, and sentencing Billy to death does neither. Furthermore, there are many things that make this case unique, and that need to be taken into consideration when devising Billy’s punishment. When considering this case, one must recognize that Billy Budd is crippled. It is true that he is not noticeably mentally or physically handicapped, but he does have a disability. In a situation where any other person would be able to speak up for himself, Billy was unable to. He has a condition that prevents him from verbalizing his thoughts when he feels very strongly about a certain topic or situation, which causes him to stutter. When Claggart accused Billy of conspiring with his fellow sailors, Billy could not verbally defend himself. As a result, he defended himself in the only way that he could, by striking Claggart across the head, causing his death. Because of his inability to protect his honor with words, Billys use of physical force was somewhat justified. Because every case is unique, and laws are made to properly serve justice leaving those responsible with clear consciences, they should not be made so strict that they do not allow for manipulation and mitigation depending on the situation at hand. Billy Budd’s case is unique for many reasons, including his own disability, and Billy’s lack of malicious intent. Through the eyes of an individual, Bill Budd can perhaps be viewed as innocent. Can one not support Bills actions of self defense? In order for justice be made, the case should shape the law and not the law mold the case as it happened in Billy Budd. Works Cited Billy Budd Morality and Ethics Quotes Page 1. shmoop. N.p., n.d. Web. 8 Feb. 2013. http://www.shmoop.com/billy-budd/morality-ethics-quotes.html. Erudite , Mann. Literature Criticism.Literary Works. N.p., n.d. Web. 8 Feb. 2013. http://www.mannmuseum.com/essay-serving-justice-in-the-case-of-billy-budd/ Hunte, Richard. West Port Wolf Pack .World Literature. N.p., n.d. Web. 7 Feb. 2013. www.marion.k12.fl.us/schools/wph/teacher Melville, Herman. Billy Budd. Raleigh, N.C.: Alex Catalogue, 199. Print.

International Obesity Health Risks and Policies

International Obesity Health Risks and Policies Anja Bialas Jà ¶rn Janssen Alice Temitope Olude Table of content 1 Obesity as the major health risk for the population of the Republic of Nauru –Causes and Impact †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 2 Possibilities and constraints of health protection policies in Nauru †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 2.1 Assessment of the requirements of adequate health policies in Nauru †¦Ã¢â‚¬ ¦ 4 2.2 Discussion of Financing Options of Social Health Protection in the Case of Nauru †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 3 Conclusions and Recommendation †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8 1 Obesity as the major health risk for the population of the Republic of Nauru – Causes and Impact The world’s smallest independent Republic Nauru, which is located in the South Pacific Ocean, set a distressing record of being one of the countries with the highest obesity rates. About 71.1 % adult of the population are considered to be obese (CIA 2014). Due to the WHO (2014), obesity is defined as â€Å"abnormal or excessive fat accumulation that may impair health†. The most important direct results or epiphenomena are cardiovascular diseases (e.g. stroke), which are mentioned by the WHO as the leading cause of death in 2012. Other ailments are diabetes, musculoskeletal disorders (e.g. osteoarthritis) some sort of cancer as well as mental disorders (WHO 2014). Nowadays, obesity at Nauru may result from the lack of access to a healthy environment, especially lack of access to fresh and healthy food and lack of physical activity. Besides that, other reasons from previous periods have to be discussed shortly, which may also be responsible for the present situation. After independence in 1968, Nauru used to be one of the richest countries in the world with high rates of GDP per capita due to its rich phosphate deposits. Due to bad governance, for instance the mismanagement of funds, lack of structural, economic and environmental policies, Nauru went bankrupt finally. Today, the republic is a low-income country and can be characterized by the following attributes: Lack of established industries Deteriorating capital plants High unemployment rate of 90% due to estimations by the CIA of 2005 (CIA 2014) Destroyed landscape (90% of the land are deteriorated due to intensive phosphate mining) (CIA 2014) High dependency on imports of almost all goods (food and other consumer goods) High dependency from aid, especially from the donor Australia In spite of all these health problems, Nauru lacks a good health care system and it cannot afford to create one because of its weak economic and social state. Now, Nauru lacks the capacities to deal with the most important health risk obesity on the one hand, which affects the majority of the country. On the other hand it can be estimated, that Nauru will not be able to create an environment for the community to prevent further progress of overweight and obesity within the next years. For that reason it can be stated, that the country will not be able to deal with the problem in a proper way in the short and in the intermediate term. In the light of this, the paper would examine the present situations of Nauru healthcare and why the standard financing options won ´t work while also falsifying already tested hypotheses about the effectiveness of standard financing options. 2 Possibilities and constraints of health protection policies in Nauru 2.1 Assessment of the requirements of adequate health policies in Nauru What are the requirements for an adequate health policy, and how might the situation in Nauru look like, in detail? In the following, this chapter is going to answer the stated questions. Therefore, it uses six basic indicators of good health policies; the focus on lifestyle and needs of population, consideration of other sectors relevant for health, participation of the population, use of locally available resources, integration and coordination of preventive, promotional, curative and rehabilitative measures, and decentralization of services. With this, the subject of the following chapter is to create an understanding of Nauru ´s situation today, while simultaneously trying to present the major problems. Focus on lifestyle and needs of population Beginning with lifestyle, we address directly one of the major problems. Before the country became rich, due to phosphate exportation, the population provided themselves through farming, fishing and hunting (20min 2011). The natural food and the gently cooking preparation, through boiling, supported the inhabitants with healthy, organic and substantial food. But with the growing income the eating habits changed towards imported, fat and durable food from the West, especially, meat and chips found their way in the supermarkets and so into stomachs of the population. Together with a low amount of working people, Nauruan grew fatter and unhealthier. Another problem is that only processed or canned food finds its way on the island, until today, because the transportation of vegetables or fruits would take too long and would be too expensive. Even with an active government, the imported goods are still a problem (20min 2011). The lifestyle of the population changed over the last decades. Today ´s government focuses on the problem and is trying to support the population. Information on measures and programs are discussed in several media but are not published via official channels. Therefore it remains questionable, if the government ´s efforts are sufficient and suitable to address the problems. Use of locally available resources – considering their scarcity The considerations of the government lead to daily walks of the president, anti-obesity campaigns, with signs and banners, and a support campaign for natural and healthy foods, which seemed to have some success. Especially the small trend towards more healthy food, developed with the growing poverty. Imported food is often more expensive than rural food. Therefore, the people do not have much of a choice and it is hardly to count as a success. Participation of the population in search for solutions The participation of the population seems rather small. Even though the average lifespan of a male Nauruan dropped under the age of 50, the support of the population is limited (WHO Nauru 2012). A few people profit from the working benefits, only the youngest go to school or college. The problem, the 95% obese people, are whether neither young nor working. Most of them are out of school and not working. Therefore, they do not see the necessity for change (Nauru Government 2014). Due to this, they are hard to motivate and engage. Participation of the population is critical for the success of all measures to reduce the health risks. It can be stated, that participation is rather low. It should be a major concern of the government to focus on that issue. Consideration of other sectors relevant for health With the acceptance and notion of the problem obesity, the government tried to support the population through single activities; additional focus on sport activities in the education system, free aerobic classes, the creation of sport tournaments, the provision of more sport areas and the support of those areas with the needed equipment and a guaranteed time for employees to do fitness. Naturally, because only a few people work, only a few benefit from the walking regulation, which does not support a change efficiently. Additionally, they started an anti-diabetes campaign and inform children in schools about the difficulties coming from an unhealthy lifestyle early on. As a result of this, the president walks every day, visible for everyone, on the landing zone of the airport, to motivate the population (20min 2011). Integration and coordination of preventive, promotional, curative and rehabilitative measures The government of Nauru agreed that they could only support the older population through high medicine standards, sufficient medication in case of diabetes, free athletic classes, obesity warnings and specialized medicine treatments (20min 2011). The young generation gets additional education about unhealthy living styles, is supported with more opportunities and motivation to do sports and. The focus of the government therefore lays on trying to change the development of the future generations and alleviation of the present problems for the older generations. Extravagant measures, like the daily walk of the president are one of the things, which were implemented to raise awareness. Decentralization of services The decentralization is not relevant because of the very small size of the country. 2.2 Discussion of Financing Options of Social Health Protection in the Case of Nauru There are various ways that a social health insurance could be financed. This section of the paper will be explaining the various financing options, the various features of each of the options, how they work and then assess its feasibility in financing social health insurance policies in Nauru. The various financing options the paper would examine are as follows: User fees, Prepayment scheme, Government budget and Private insurance. Besides that Social insurance and Micro-insurance are further options of financing, which will not be focused in the following discussion. User Fees This involves an â€Å"out-of-pocket† financing of health services. In other words, the people would have to pay out of their pocket and it is usually on an immediate basis. It has been argued overtime whether this form of financing is effective or not, and also whether it promotes the use of social health insurance. While some argued that it provides a measure to check over utilization of health services, some argued that it doesn’t encourage the poor (who are the most vulnerable to health risks) to use health services as it is usually too expensive for them to manage. Also, it doesn’t really protect people from risks as there is no insurance element. With all the above mentioned, it is quite clear why this form of financing cannot be used in Nauru. In a country with 90% unemployment according to CIA fact book and with its citizens having no source of income, it will be impossible for them to pay for health services out of their pockets much less immediately. Prepayment Scheme Prepayment scheme as the name implies is the payment for a service in advance. This involves a payment of premium before the occurrence of the hazard. It has same features like the user fees except that it has an insurance element in that the users pay ahead of the occurrence of the hazard. This also cannot work for the citizens of Nauru as most of them are unemployed so there is no way of making payments in installments. Also, most of the employed are working in the informal sector, which makes it even more difficult for pooling of funds. Government Budget (Taxes) The government can also get to finance health care policies. This is usually done by allocating a percentage of government budget to the health care sector. Also, it could be done through payment of tax by citizens to government but usually with subsidies. This form of financing acts as a balance between the rich getting health coverage and the poor getting coverage as well. This is so because it is cheaper, provides universal access with low administration costs and most importantly, more coverage at little or no costs. The Nauru government has an annual budget of $AUD 35.6 million as reported by the UNICEF in 2002, as well as a total expenditure of $AUD 79 million, which brings its deficit to $AUD 49 million. With this huge deficit and 90% of her revenue coming from aid, the health sector remains under funded still even though a higher percentage of her budget goes to providing health services. Making it also almost impossible to singlehandedly provide good health services based on government funding. Private Insurance Private health insurance is a form of voluntary insurance taken out by users themselves for various reasons. It has been argued that private health insurance helps cater to needs of the rich which allows the government to focus on catering better to the needs of the poor with limited resources. Also, it helps to provide more choices to the consumers and acts as a catalyst to reforms and efficiency in public health insurance. Despite all of these advantages, it is still really expensive and even widens gap between the rich and poor. Moreover, it is a bit difficult to administrate. Presently, there is no form of private health insurance in Nauru. This is no surprise as private health insurers usually invest where the profits are higher and also insure people with lowest vulnerability to risks. In Nauru, most of its people suffer from obesity and diabetes; thus, if there were to be any coverage by insurance, these two diseases have to be a main focus but private insurers won’t want to insure them as the probability of the risk occurring is really high. 3 Conclusions and Recommendation The paper focused mainly on two pillars, which are assessment of the requirements of adequate health policies and financing options. Within the chapters 2.1 and 2.2., we could give evidence for a number of problems, of which inhabitants of Nauru suffers today. Those can be summarized by the following characteristics: 1. Country specific obstacles like the small size, small number of inhabitants, high number of unemployed people, as well as the high number of diseased people and mismanagement in the past. 2. Lack of self-responsibility 3. High dependency burdens 4. Budget constraints These problems affect the health conditions of the country to large extend and worsen the situation of people who suffer from obesity but also support a large number of obesity incidence. We must come to the conclusion that for the same reasons / problems, Nauru will not be able to deal with the problem in a proper way in the short and in the intermediate term. Also, it can be estimated, that Nauru will not be able to formulate adequate policies and strategies to address the needs of those people who already suffer from obesity as well as those who are in danger to come down with obesity. Furthermore it is critical to find sufficient and sustainable sources how to finance the budget and especially a budget for health policies. Even if the authorities are aware of the problem and have been implementing single strategies to fight against obesity, it lacks of a broad and sustainable implementation of concrete measures to address the problem. Due to the requirements of adequate health policies, it can be stated, that Nauru is not able to improve the situation remarkably. At the moment, the awareness concerning a responsibility and especially self-responsibility of the Nauruan authorities to address the needs of a healthy population is not obvious. The major argument here is, that there is no transparency because of lack of adequate information. In terms of financing options, Nauru has to look for other, maybe unconventional financing options e.g. selling the right for an arts project (film, book) because of the countries unique past or Nauru could initiate a crowd funding campaign, which offers adventure vacation for money. Besides that, Nauru should focus on financing options, which makes the country independent from single donor states like Australia, e.g. credit at the World Bank. Bibliography Central Intelligence Agency, 2014. The World Factbook. Washington D. C.: CIA -The World Factbook. Available from: https://www.cia.gov/library/publications/the-worldfactbook/rankorder/2228rank.html?countryname=Naurucountrycode=nrregionCode=ausrank=2#nr (Accessed 14th August 2014, 21st September 2014) 20min, 2011. Das dickste Volk der Welt. Available from: http://www.20min.ch/wissen/gesundheit/story/Das-dickste-Volk-der-Welt-25052451 (Accessed 20.09.2014) Nauru Government, 2014. Health, online platform. Available from http://www.naurugov.nr/health (Accessed 21.09.2014) World Health Organization, 2014. WHO Media centre – Obesity and overweight; Fact sheet N ° 311. Geneva: WHO Media centre. Available from: http://www.who.int/mediacentre/factsheets/fs311/en/ (Accessed 14 August 2014) World Health Organization, 2012. Nauru: health profile. Available from: http://www.who.int/gho/countries/nru.pdf?ua=1. (Accessed 22.09.2014) United Nations, 2012. Nauru: health profile. Available from: https://data.un.org/CountryProfile.aspx?crName=Nauru (Accessed 22.09.2014)