Two\u27s Company but Three\u27s a Crowd: A Study on the Crowd in the Book of Acts

The book of Acts is an entity of its own. While it is a part of the canonical Bible as one of the sixty-six books, it is unique in that it presents the continuation of God’s plan from Jesus Christ to the growth of the early Christian church. More than that, in the book of Acts God further develops his plan of restoration to include not only the Jews but also the Gentiles. With Acts being a unique work of literature, each component of the work uniquely moves the story along. One component is that of the crowd, specifically the Greek word ochlos. This study will trace and examine the development of the ochlos from Luke’s authorship of his gospel through the book of Acts

A pollen identification expert system ; an application of expert system techniques to biological identification : a thesis presented in partial fulfilment of the requirements for the degree of Master of Science in Computer Science Massey University

The application of expert systems techniques to biological identification has been investigated and a system developed which assists a user to identify and count air-borne pollen grains. The present system uses a modified taxonomic data matrix as the structure for the knowledge base. This allows domain experts to easily assess and modify the knowledge using a familiar data structure. The data structure can be easily converted to rules or a simple frame-based structure if required for other applications. A method of ranking the importance of characters for identifying each taxon has been developed which assists the system to quickly narrow an identification by rejecting or accepting candidate taxa. This method is very similar to that used by domain experts

Pareto Efficiency vs. the Ad Hoc Standard Monetary Objective An Analysis of Inflation Targeting

The standard ad hoc monetary objective function creates a bias in favor of inflation targeting. Instead, this paper uses the Pareto criterion to assess inflation targeting (IT), price-level targeting (PLT), and nominal-income targeting (NIT). The effect that unanticipated inflation or deflation benefits one party to a nominal contract while hurting the other party is an effect that cannot be captured in a model with a representative consumer or identical consumers. To capture this effect, this paper analyses models with diverse consumers in a pure-exchange economy without storage. When nominal aggregate demand (NAD) is stochastic but real aggregate supply (RAS) is not, PLT Pareto dominates IT. This is because IT perpetuates price errors and hence nominal aggregate demand errors, while PLT tries to return to the original targeted price path. By perpetuating these errors, IT perpetuates the welfare losses, whereas PLT corrects so to help reduce these welfare losses in the future. When RAS is also stochastic, nominal contracts under NIT can lead to Pareto efficiency when consumers have average relative risk aversion, non-stochastic endowment-to-RAS ratios, and no utility shocks. Under the same assumptions IT and PLT lead to Pareto inefficiencies because they force the payers of nominal contracts to guarantee the real value of those payments to the receivers. In essence this transfers RAS risk from the receivers of the nominal obligations to payers of the nominal obligations. However, this transfer of risk would only be appropriate if all payers of nominal obligations had below average relative risk aversion and all receivers had above average relative risk aversion, a situation that rarely will hold.Pareto efficiency, inflation targeting, price-level targeting, nominal-income targeting, monetary objective function

Completing Markets in a One-Good, Pure Exchange Economy Without State-Contingent Securities

Pareto-efficient consumption in a pure-exchange, one good economy varies over states of nature with respect to only two factors: real aggregate supply and individual utility shocks. One’s optimal contract receipts vary with respect to only these two factors and the ratio of one’s endowment to real aggregate supply. How one’s Pareto-efficient consumption varies with real aggregate supply depends solely on how one’s relative risk aversion compares to the average. Complete markets can be approximately achieved by four contracts dealing with these factors. This has implications concerning central banking, efficient insurance contract design, and a possible new financial innovation.complete markets, inflation indexing, nominal-income targeting, inflation targeting, price-level targeting, monetary policy

The Indexing Paradox -- Be Thankful for Irrational Investors

This paper introduces the indexing paradox, which states that it if all investors are rational with rational expectations and have a common risk-averse investment performance measure, then no investor can expect to do better than the market. If the cost of indexing is less than the cost of active investing, then all investors would index, which would result with no mechanism to price the possible investments. This paradox relies merely on understanding averages. It does not rely on markets being “informationally efficient,” as demonstrated in a model where different investors have differing degrees of informational advantages and disadvantages.index funds, indexing paradox

Price Indeterminacy Reinvented: Pegging Interest Rates While Targeting Prices, Inflation, or Nominal Income

Contrary to Sargent and Wallace (1975), a central bank’s use of an interest-rate instrument does determine prices when the central bank pursues either a short-term or long-term price target. However, in order for a central bank’s pursuit of a long-term price target to be credible, the public still needs something like a Taylor or McCallum-Woodford rule. The use of an interest-rate instrument also determines prices when the central bank targets nominal income in either the short-term or long-term. However, if the central bank targets interest rates in the short term with a long-term inflation target, then prices are indeterminate.price indeterminancy, pegging interest rates, inflation targeting, nominal-income targeting, nominal-aggregate-demand targeting, price-level targeting