Scenario Essay Example | Topics and Well Written Essays - 1000 words

Scenario - Essay Example Before people commit crimes they have weighed the benefits and consequences of the act and since the teenage boy cannot find other better ways of satisfying his wants, so chooses burglary. Some of the components of the theory are free will which means that the offender (the teenage boy in our case) commits a crime willingly (Akers & Sellers 20). Expected utility principle implies that human beings tend to act, in a way, increases their benefits and satisfies their wants. This theory suitably explains the act of the teenage boy. He chooses burglary at his own will, and the purpose of the acts was to satisfy his want of getting a nice car and clothes so that he may get a girl. He had the option of finishing high schooling and getting a job but instead he, at his own will, choose to commit the crimes instead. The rational choice theory suggests that a crime is committed after the offender has carefully weighed the cost and benefits of the act (Akers & Sellers 30). As an explanation to criminal acts, this theory is valid because, for one, the offender commits a crime to achieve a certain personal goal like satisfying a human want and, therefore, before breaking the law he has to weigh and see if the goal is worth the consequences in case he is caught. Secondly, the theory states that offenders are self-interested, and they freely choose their behavior. This is true because being rational; a person cannot be forced to do something he thinks is not right. According to this theory, potential offenders can be persuaded to desist from committing a crime by increasing the fear of punishment. Since the crime is based on rational decisions made after analyzing the pros and cons of the act, increase the level of consequence can deter many offenders from committing crimes because the consequences will overweigh the benefits. In addition, this theory suggests that’s

Behavioural Finance topic 8 Essay Example | Topics and Well Written Essays - 1000 words

Behavioural Finance topic 8 - Essay Example rd disagree with Koopmans as they consider reporting facts-without data assumptions through some probability model is an important scientific activity. Growth facts which came out of empirical works of Kuznets and some others are important in the development of economic theory. Solow (1970, p.2) agrees that these facts led to the development of his neoclassical growth model which has become the most crucial organizing structure in macroeconomics whether we consider the issues of growth or public finance or fluctuation. Solows (1970, pp.2-3) major growth factors are: Kydland and Edward study aimed at presenting the business cycle facts with reference to the established neoclassical growth theory which they have used as an organizing framework. They stress that the statistics reported in their study are not measure; rather they are statistics from interesting patterns in the light of neoclassical growth theory. Business cycles study grew during 1920s and 1940s.With the development of Koopmans structural systems of equations, it didnt remain a very active area of study. However, it is alive once again in the form of recurrent fluctuations. Lucas (1977) study proved to be instrumental in bringing business cycles study into mainstream. He defined business cycles as the "deviations of aggregate real output from trend". In order to complete his definition, Kydland and Edward provided an explicit procedure for calculating time series presented in smooth curves which researchers draw through plots of the data. Mitchell defined business cycles as sequence of expansion and contractions with a particular emphasis on the turning points and phases of the business cycles. Kydland and Edward consider the development in economic theory that Mitchells work and Lucas idea of business cycles. The term cycle is a broad term; the most widely accepted example of cycle is the sunspot cycle that varies in length from under 10 to 20 years. Most evident feature of the cycle is the