The History Of Descartes Dream Argument

The History Of Descartes Dream Argument In this paper, I will be discussing Descartes dream argument for which I will try to find reliable signs between being asleep and awake. When looking at Descartes argument I find it to be a valid argument due to its premises and structure. I will explain his argument, prove that it is factually sound and valid, and then discuss arguments against his argument and then refute them. Descartes attempts to find out what true knowledge was by finding everything something that was indubitable. His thought was to take the indubitable belief and build his knowledge and beliefs based on the indubitable belief. His dream argument was one of the ways he attempted to strengthen his theory. His dream argument states the idea that one cannot trust your senses when awake, because your mind is capable producing false images while dreaming. If the mind can produce false images while we are asleep dreaming, couldnt your mind also create false images while you are awake? If you cant fully trust what you have seen while asleep, how can you rely on what you see when awake? Descartes dream argument states that you can often have perceptions very much like the ones while dreaming. There are no definite signs to determine dreaming experience from a waking experience. Therefore, It is possible that I am dreaming right now and all knowledge I find while dreaming is false. In other term s, Descartes first premise states that when asleep or awake, the same type of perception and senses are found feel the same way no matter which state you are in. His second premise states that there are no reliable ways to determine if you are dreaming or not that would be able to work every time. With these two premises, Descartes finds that while you are asleep, you could be feeling similar things to what you might feel while awake. You cant tell if you are dreaming or awake at any given time, which means you could be dreaming and everything which you would sense or feel would be based on false and untrue findings. This statement leads you to question whether at any given time are you awake or dreaming, or are you in a constant state of dreaming and anything knowledge you gained during your constant dreaming state, is true or not? This argument backs what Descartes is trying to prove, what real knowledge is, and that knowledge we find to be true could still be false, because of th e state in which we received the knowledge. We cannot simply accept this argument without attempting to find ways to disprove it. If we pretend that the feelings we have while we are asleep are like the feelings we have when we are awake, and if we cant tell if we are dreaming or not, the only conclusion you can make from this is that it is entirely possible to be dreaming at this moment and all of our feelings are based on factitious things. We wouldnt be able to tell the difference between a dreaming state and an awake state, because they both feel the same to us. When are dreaming you can possibly feel everything you would while being awake. This concludes that there is no way to know if you are curled up in your bed dreaming, or out in the real world awake. I believe that the first premise is true because everyone including myself has had a moment in a dream in which they felt like was reality. As long as you have had at least one small tiny moment in which you thought a dream was a reality, the premise holds. It doesnt require all of our dreams to be this way, it requires just one small moment to put the d oubt in your mind, if it happened once couldnt it be happening right now. A counter argument we will look at tries to go against what Descartes was trying to prove through his dream argument, which is can you cast doubt on knowledge that we would otherwise deem truthful. The ideas in your dreams are based off of things or experiences you have had or felt in real life, which would mean you could trust what you felt in your dreams, because it is based off of the real world. In the real world you can come across a picture of a unicorn which we know doesnt exist. A unicorn is merely a horse with a horn on its head, both things which exist in the real world, and even though the picture is factitious it comes from experiences in the real world. Which would mean anything we dream up would come from things we have already seen in real live. A way to disprove this argument would be modern video games. For example the video game Skyrim which has you running around in a factitious world hunting down dragons. Dragons are a completely fictional creature which leads us to show that someone at some point dreamt up the creature of a scaled, flying, fire breathing beast. Whom ever dreamt up the fictional character of a dragon would have done so without any previous experience of what characteristics a dragon would possess. Which in turn leads us to believe people can make things up without ever having a dragon like creature imprinted in his mind before dreaming it up. Descartes argument was found to be both sound and valid. We can conclude that at any given time we cannot determine if we are dreaming or not. I believe Descartes was right with his findings. I do not believe that there are any valid signs to determine whether you are awake or asleep. Granted you may be able to argue that the pain you felt while you where awake such as getting punched in the face could only happen while you were awake that there was no way that you could be dreaming. But you can always go back to that one dream or moment when you were in an sleeping state and you felt a pain that felt so real you could have sworn you werent dreaming. All it takes for Descartes argument to work is for you to be able to think of that one moment in which a part of your dream felt so real that you could have sworn it really happened. This goes to show if it happens once even for a split second, it could be happening right now and you would never know it.

Valuation: Apv vs Wacc

The three approaches value the entire firm but they differ around the way they treat tax shields. We will first review the rational and the underlying assumptions behind each approach. We will then use a numerical example to illustrate the mechanics behind the three approaches and show under which assumptions they yield the same results. Enterprise Valuation According to Modigliani and Miller, the value of a company’s economic assets must equal the value of the claims against those assets.Enterprise valuation models value the sum of the cash flows to all claim holders, including equity holders and debt holders and discount them to the appropriate cost of capital. The cash flow available to all claim holders is called the free cash flow (FCF) from operations and is defined below: FCF = EBIAT + Depreciation – Capital Expenditure – Increases in Working Capital EBIAT is the income the company earns after tax without regard to how the company is financed. Non-cash exp enses such as Depreciation are then added.Because we are valuing a going concern we also take into account the cash flow management will retain for new capital expenditures and possible increase in working capital. The remaining is in effect the cash available to owners and creditors. By definition free cash flow is independent from leverage (and is often referred as un-levered free cash flow). Therefore the value derived from the interest tax shield (interest on debt is tax deductible) has still to be incorporated in the enterprise valuation.This is where the three approaches WACC, APV and CCF differ: †¢ The WACC approach values the tax shield by adjusting the cost of capital †¢ The APV approach values the tax shield separately from the un-levered free cash flow †¢ The CCF approach values the tax shield by incorporating it in the cash flow The Weighted Average Cost of Capital Approach To determine the value of the enterprise, the free cash flows from operations have to be discounted to present value. According to Modigliani and Miller’s proposition number one without taxes or financial market mperfections the cost of capital does not depend on financing so the weighted average of the expected returns to debt and equity investors equals the opportunity cost of capital regardless of leverage: Rd x D/V + Re x E/V = Ra = Constant independent of D/V Ra = Opportunity cost of capital = Un-levered cost of equity = Return on assets = pre-tax WACC Rd = Cost of debt, Re = Cost of equity, D/V and E/V = Target levels of debt and equity using market values Fabrice Bienfait IFM Final Paper Page 2 of 8None of the components of the cost of capital are directly observable and therefore need to be approximated using various models and assumptions. The cost of equity is derived from the capital asset pricing model (CAPM) while the cost of debt can be estimated from the firm credit rating and default risk or from yields on publicly traded debt. However inter est on debt is tax deductible so if we were to discount free cash flows from operations using Ra we would not take into account the value of the tax shield.Therefore the after-tax weighted average cost of capital (WACC) is used instead. WACC includes an adjustment to the cost of debt by the marginal tax rate (Tm): WACC = Rd x (1-Tm) x D/V + Re x E/V (= Ra – Rd x Tm x D/V) WACC is less than the opportunity cost of capital Ra because the cost of debt is calculated after tax as Rd (1-Tm). Thus the tax advantages of debt financing are reflected in a lower discount rate. The WACC equals the opportunity cost of capital when there is no debt and declines with financial leverage because of increasing interest tax shields.The WACC increases again when the debt level becomes significant relative to the value of the firm reflecting the main costs associated with borrowing, the costs of bankruptcy. Figure 1: WACC as a Function of the Debt Ratio Rates of Return Re R WACC Rd Debt to Equity Discounting all future cash flows using a constant WACC assumes that the company manages its capital structure to a fixed debt to value ratio (D/V).Therefore the company’s WACC is the right discount rate only if the company’s debt ratio (D/V) is expected to remain reasonably close to constant. However if the company is expected to significantly change its capital structure (i. e. Fabrice Bienfait IFM Final Paper Page 3 of 8 constant level of debt, LBO, recapitalization), the WACC would have to be continuously adjusted which makes the approach more difficult to apply.The Adjusted Present Value Approach The APV approach values the cash flows associated with capital structure independently by separating the value of operations into two components: the value of the firm without debt and the benefits and the costs of borrowing: Value of the firm = Value of the un-levered firm + Present value of interest tax shields – Costs of financial distress The value of the un-l evered firm is obtained by discounting free cash flows at the return on assets (Ra).If the company manages its debt-to-value to a target level (D/V=constant) then the interest tax shield is as risky as the firm and should be discounted at Ra. In this case the APV approach yields the same results as the WACC approach but is computationally less efficient. However if the debt is assumed to be a fixed amount (D=constant) the interest tax shield is less risky than the firm but as risky as the debt itself and should be discounted at the cost of debt.In this case the APV approach is not only the only correct approach, it is also computationally very efficient if the tax saving are considered as perpetuity since: Present value of interest tax shields = (Tm x Rd x D) / Rd = Tm x D The main risk in using the APV approach is to ignore the costs of financial distress, especially at very high debt ratios, which leads to an overvaluation of the firm.The Capital Cash Flow Approach Capital cash fl ows are simply derived from free cash flows by adding interest tax shields: CCF = FCF + Interest tax shield = FCF + Tm x Rd x D With this approach capital cash flows are then discounted at the return on assets. This implicitly assumes that interest tax shields are as risky as the firm and are discounted at the return on assets. This is true when debt is a fixed proportion of value. Under this assumption the capital cash flow approach will generate the same results as the WACC approach.Furthermore if the debt is forecasted in levels instead of a debt-to-value ratio the CCF approach is easier to use because the tax shield are simple to calculate and to include in the CCF. If the forecasted debt levels imply a change in the debt-to-value ratio, the CCF retains his simplicity since the discount rate, the return on assets, is independent of the capital structure and can be used for every forecast period. Therefore the approach is easier to apply in transactions involving change in capita l structure such as a LBO or a restructuring.However in this case discounting the interest tax shields at Ra is a simplifying assumption since the risk of those cash flows is not anymore the same as the risk associate with the firm. Fabrice Bienfait IFM Final Paper Page 4 of 8 Numerical Example Table 1 shows the financial assumptions underlying our numerical example. The firm is valued over a period of 5 years during which EBIT is growing at 5% per annum and depreciation, capital expenditure and increase in working capital are constant. However the firm’s capital structure changes significantly through the repayment of a major portion of its debt.Table 1: Assumptions (in â‚ ¬) Risk Free Rate Market Risk Premium Tax Rate Asset Beta Debt Beta EBIT Depreciation Capex Increase in NWC Debt Year 1 5% 7% 40% 1. 2 0. 4 100,000 50,000 60,000 10,000 100,000 Year 2 5% 7% 40% 1. 2 0. 35 105,000 50,000 60,000 10,000 50,000 Year 3 5% 7% 40% 1. 2 0. 3 110,250 50,000 60,000 10,000 25,000 Year 4 5% 7% 40% 1. 2 0. 25 115,763 50,000 60,000 10,000 12,500 Year 5 5% 7% 40% 1. 2 0. 2 121,551 50,000 60,000 10,000 6,250 We will start valuing the firm using the WACC approach (see table 2).This is the less appropriated and most complex methodology given the forecasted changes in capital structure. Indeed the WACC needs to be recalculated every year and an iterative calculation has to be used since the value of the firm for each year is required to derive the percentage of debt and equity. The firm value in year N is the value of the remaining cash flows. For instance the value of the firm at the beginning of Year 3 is the value of the remaining cash flow in Year 3, 4 and 5 discounted using the WACC in year 3, 4 and 5.Table 2: WACC Valuation (in â‚ ¬) EBIT – Taxes on EBIT = EBIAT + Depreciation – Capex – Increase in NWC = FCF Percent Debt Cost of Debt After Tax Cost of Debt Percent Equity Return on Assets Cost of Equity WACC Discount Factor PV Firm Value Year 1 100,000 (40,000) 60,000 50,000 (60,000) (10,000) 40,000 61. 3% 7. 8% 4. 7% 38. 7% 13. 4% 22. 3% 11. 5% 0. 90 35,878 163,178 Year 2 105,000 (42,000) 63,000 50,000 (60,000) (10,000) 43,000 35. 2% 7. 5% 4. 5% 64. 8% 13. 4% 16. 6% 12. 4% 0. 80 34,329 141,923Year 3 110,250 (44,100) 66,150 50,000 (60,000) (10,000) 46,150 21. 5% 7. 1% 4. 3% 78. 5% 13. 4% 15. 1% 12. 8% 0. 71 32,666 116,451 Year 4 115,763 (46,305) 69,458 50,000 (60,000) (10,000) 49,458 14. 7% 6. 8% 4. 1% 85. 3% 13. 4% 14. 5% 13. 0% 0. 63 30,979 85,196 Year 5 121,551 (48,620) 72,930 50,000 (60,000) (10,000) 52,930 13. 3% 6. 4% 3. 8% 86. 7% 13. 4% 14. 5% 13. 1% 0. 55 29,325 46,817 Fabrice Bienfait IFM Final Paper Page 5 of 8 The cost of debt is calculated using CAPM: The cost of equity is calculated using the M&M proposition I:Rd = Rf + ? d x MRP Re = (Ra – D/V Rd) / (E/V) Using the WACC approach we find a value for the firm of â‚ ¬163,178. Next we use the APV approach to value the firm calculating separately the value of the un-levered firm and the value of the interest tax shield (Tm x Rd x D). The approach is straightforward in this case since we are given a forecast of the level of debt. We find that the APV approach yields the same firm value (â‚ ¬163,178) as the WACC approach when discounting interest tax shield at Ra.We also illustrate that using Rd would yield a higher valuation of the firm (this is not the correct discount rate in this case given that the debt is not constant). Table 3: APV Valuation (in â‚ ¬) FCF Return on Assets Discount Factor PV Value of Unlevered Firm Interest Tax Shield Return on Assets Ra Discount Factor PV Value of Interest Tax Shield @ Ra Interest Tax Shield Cost of Debt Rd Discount Factor PV Value of Interest Tax Shield @ Rd Value of Firm with ITS @ Ra Value of Firm with ITS @ Rd Year 1 40,000 13. 4% 0. 88 35,273 158,491 3,120 13. % 0. 88 2,751 4,686 3,120 7. 8% 0. 93 2,894 5,121 163,178 163,613 Year 2 43,000 13. 4% 0. 78 33,438 Year 3 46,150 13 . 4% 0. 69 31,647 Year 4 49,458 13. 4% 0. 60 29,907 Year 5 52,930 13. 4% 0. 53 28,225 1,490 13. 4% 0. 78 1,159 710 13. 4% 0. 69 487 338 13. 4% 0. 60 204 160 13. 4% 0. 53 85 1,490 7. 5% 0. 86 1,286 710 7. 1% 0. 81 572 338 6. 8% 0. 76 255 160 6. 4% 0. 71 114 Finally we use the CCF approach. The calculation clearly shows how the interest tax shields are incorporated in the cash flows and then discounted at Ra.The CCF approach is equivalent to the WACC approach. Furthermore the approach also produces the same value as the APV method with interest tax shields discounted at Ra. Fabrice Bienfait IFM Final Paper Page 6 of 8 Table 4: CCF Valuation (in â‚ ¬) EBIT – Taxes on EBIT = EBIAT + Depreciation – Capex – Increase in NWC + Interest tax Shield = CCF Return on Assets Discount Factor PV Firm Value Year 1 100,000 (40,000) 60,000 50,000 (60,000) (10,000) 3,120 43,120 13. 4% 0. 88 38,025 163,178 Year 2 105,000 (42,000) 63,000 50,000 (60,000) (10,000) 1,490 44,490 13. 4 % 0. 8 34,597 Year 3 110,250 (44,100) 66,150 50,000 (60,000) (10,000) 710 46,860 13. 4% 0. 69 32,134 Year 4 115,763 (46,305) 69,458 50,000 (60,000) (10,000) 338 49,795 13. 4% 0. 60 30,112 Year 5 121,551 (48,620) 72,930 50,000 (60,000) (10,000) 160 53,090 13. 4% 0. 53 28,311 Conclusions The three enterprise valuation techniques considered in this paper are different in the way they treat interest tax shields. However we have seen that the WACC approach and the CCF approach are identical and that under certain assumptions the APV approach also yields the same valuation.The WACC approach is easy to use and efficient when the assumption that capital structure will not change in the future can be made (D/V= constant). If debt level is forecasted to remain constant in absolute term (D=constant), the APV approach should be used discounting the interest tax shield at the cost of debt. Finally the CCF approach is the appropriate and most efficient approach when forecasted debt levels imply a change in capital structure. In this case it is also equivalent to the APV approach discounting the interest tax shield at the return on assets. Fabrice Bienfait IFM Final Paper

Essay about The American Revolution An Economic Movement

The American Revolution modeled the path taken by a social and economic movement in many more aspects than that of a political and intellectual movement. Even though political reasons existed for the cause the Revolution, the revolution should be considered an economic movement based on the idea of â€Å"no taxation without representation.† The colonists believed that the British rule in the colonies was extremely unfair, but these intellectual causes are greatly outnumbered by economic causes such as taxes and trade. The economic and social causes for the American Revolution were based off of the imposement of British taxes in the colonies. The colonists found the British taxes to be extremely unfair and uncalled for. The British claimed†¦show more content†¦The question of home rule, and who should rule at home was another dispute argued by the colonists in the revolutionary era. This question asks whether the British are appropriate to rule the colonies and be in direct control of the colonies. The British retained power and the colonists realized change was greatly needed to put an end to social disputes. The economic causes of the war are often thought of as second hand reasons for the war. Many people believe the war was truly caused by political arguments and intellectual disputes. People believe the war was called for in order to â€Å"preserve liberty, and end British tyranny.† The revolution is often considered a reflection of the colonist’s ideals. Many historians and political experts find the American Revolution to be a purely constitutional dispute, not a disguise for social conflicts. The dispute of governing the colonies is what was agued over for great periods of time. Many documents show the political sides of the revolution such as the declaration of independence, the olive branch petition, and common sense. 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Evaluation Of A Chemical Substance - 1561 Words

Spectrophotometry is an analytical method that measures how much a chemical substance is able to absorb light by measuring the light’s intensity as it passes through a specified sample.3 Given certain wavelengths, the amount of a certain substance in a solution can be determined. The device used to measure these properties is called a spectrophotometer. This device consists of a spectrometer that produces light of any color (wavelength), and a photometer which measures the intensity of the light.2 In this experiment serial dilutions will be performed and from this, calibration curves will be produced. New solutions will be created from these dilutions and each new concentration will be found by using the concentration and volume formula†¦show more content†¦Four solutions with different concentrations were created with the B4 solution containing 10mL. The C1V1=C2V2 formula was utilized again to calculate the new concentrations and the corresponding values were recorded. Eight standard solutions were tested using a cuvette and a spectrophotometer. Two spectra were ultimately saved, one for the Red 40 and one for the Blue 1. 3mL of a standard solution was added to a cuvette and was prepared for data collection. Enough solution was added to obtain viable results. The cuvette was placed in the SpectroVis accordingly. The absorbance of the sample was recorded from 380-900nm, and the wavelength of maximum absorbency was determined along with the absorbance at the ÃŽ »max. T hese steps were repeated to determine the ÃŽ »max and absorbance for each of the eight standard solutions. The results were recorded and the spectrum was saved. Part C was performed using prepared drink samples of Kool-AidTM. The absorbance of each sample was determined at the two average ÃŽ »max wavelengths that were previously found in Part B. The recorded absorbencies were made sure to fall in the respective absorbance values of the standard solutions. 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