Comparing Binomial Tree, Monte Carlo Simulation And Finite

Comparing Binomial Tree, Monte Carlo Simulation And Finite In recent years, numerical methods for valuing options such as binomial tree models, Monte Carlo simulation and finite difference methods are use for a wide range of financial purposes. This paper illustrates and compares the three numerical methods. On one hand, it provided general description of the three methods separately involved their definitions, merits and drawbacks and determinants of each method. On the other hand, this paper makes a concrete comparison in valuing options between the three numerical methods. Overall, the three numerical methods have proven to be valuable and efficient methods to value options. Introduction In recent years, option valuation methods are very important in the theory of finance and increased wildly in the practice field. The various approaches on option prices valuation included binomial tree models, Monte Carlo simulation and finite difference methods. Binomial models are suggested by Cox, Ross and Rubinstein (1979). Boyle (1977) firstly discussed Monte Carlo simulation and then it has been used by both Johnson and Shanno(1985) and Hull and White(1987) to value options when it is a stochastic process. Finite difference methods are discussed by Schwartz (1977), Brennan and Schwartz (1979), and Courtadon (1982) (Hull and White, 1988). This essay aims to provide a comparison and contrast among the three numerical methods mentioned above. All these numerical methods focus on the objectives of both calculation accuracy and speed. The only way for any given method to achieve better accuracy and speed is to calculate with many times (Hull and White, 1988). For one thing, this es say provides general description about binomial trees, Monte Carlo simulation and finite difference methods and defines benefits and drawbacks of each method. For another thing, it makes contrast on the valuation option prices involved American and European options. Binomial tree models Hull and White (1988) provide a general description about binomial trees. They concluded that Binomial model is a particular case of a more general set of multivariate multinomial models. All multivariate multinomial models are characteristics as lattice approaches such as binomial and trinomial lattice models(Hull and White, 1988).And the binomial trees, a valuation option approach, which involved separating option into a large number of small time intervals of length Άt. The assumption of this method is that the asset price changed from its initial value to two new values, both upward and downward movement, Su and Sd separately. The probability of an upward movement was indicated as p, while the probability of a downward movement is 1-p and the parameter u, d, p are used to value option prices. (Hull, 2008) The binomial model focused on option replication. For the binomial trees, the only way to reproduce the payoff of an option is to trade a portfolio involved the stock and the risk-free asset. Within other lattice approaches, involved the trinomial tree model, do not admit option replication(FiglewskiGao, 1999).However, the fair value of option can be valued under the basic assumptions of option pricing which is the world is risk-neutral. (Hull, 2008) In this case, the fair value can be valued simply by computing the expected values within the risk neutral distribution and discounting at the risk-free interest rate (Hull, 2008).When the world is risk-neutral, any approximation procedure which is based on a probability distribution and rough risk neutral distribution and make convergence to its limit, can be used to value options prices properly. Therefore, it is necessary to use trinomial tree model even a more complex structure without lack of the ability to calculating unique option payoffs (FiglewskiGao, 1999). What is also worth mentioning about the application of binomial tree is that there exists known payouts involved dividends (Hull and White, 1988). Dividend policy was based on the principle that the stock maintains a constant yield on each ex-dividend date which was denoted by ÃŽÂ ´ (Cox et.al, 1979) Essentially, binomial and trinomial models are powerful, intuitive methods to value both American and European option. Moreover, it also provides asymptotically exact approximation based on Black-Scholes assumptions (FiglewskiGao, 1999). Consider the efficiency and accuracy of this method, the binomial method is more efficient and accurate when there are a small number of options values without dividends. However it lacks of efficient in a situation where effects of cash dividends should be analysed. Actually, the fixed dividend yield generated an improper hedge ratio despite that the assumption of fixed dividend yield is an efficient and accurate approximation. Furthermore, the binomial tree models are inefficient in valuing American options compared with European option. And it is less efficient and accurate than finite difference methods for multiple options valuation. This is because it has a conditional starting point (GeskeShastri, 1985). Monte Carlo simulation Monte Carlo simulation is a useful numerical method to implement for various kinds of purposes of finance such as securities valuation. For the valuation of option, Monte Carlo simulation use risk-neutral measure (Hull, 2008). For example, a call option is a security whose expected payoffs depend on not only one basic security. The value of a derivative security can be obtained by discounted the expected payoff in the risk-neutral world at the riskless rate (Boyle, et.al, 1997). Boyle et.al (1997) stated that this approach comprises several steps in the following. Firstly, Simulate sample paths of the underlying state variables (e.g., underlying asset prices and interest rates) over the relevant time horizon. Stimulate these according to the risk-neutral measure. Secondly, evaluate the discounted cash flows of a security on each sample path, as determined by the structure of the security in question. Thirdly, average the discounted cash flows over sample paths There is a tendency that high-dimensional integral is becoming more and more necessary to evaluate in the derivative security. Monte Carlo simulation is widely used in the option valuation due to the increases of high dimension (Ibanez Zapatero, 2004). Regarding the integral of the function f(x) over the d-dimensional unit hypercube, the simple Monte Carlo estimate of the integral is equivalent to the average value of the function f over n random points from the unit hypercube. When n tends to be infinite, this estimate converges to the true value of the integral. Furthermore, the distinct advantage of this method compared with other numerical approaches is that the error convergence rate is independent dimension. In addition, the function f should be square integrable and this is the only restriction which is relative and slight ((Boyle, et.al, 1997). Monte Carlo simulation is simple, flexible. It can be easily modified to adapt different processes which involved governing stock returns. Moreover, compared other methods, it has distinct merit in some specific circumstances. Essentially Monte Carlo simulation can be used when the process of generating future stock value movement determined the final stock value. This process mentioned above is created on a computer and aims to generate a series of stock price trajectories which is used to obtain the evaluation of option. In addition, the standard deviation also can be used simultaneously in order to make sure the accuracy of the results (Boyle, 1977). However, there are some disadvantages of this method. In recent years, some new techniques were developed so as to overcome the disadvantages. One key drawback is that it is wasteful to calculate many times and difficult to control situations when there are early exercise opportunities (Hull, 2008). Different variances reduction techniques involved control variate approach and antithetic variate method are used to solve these problems. Furthermore, deterministic sequences also known as low-discrepancy sequences or quasi-random sequences are used to accelerate the valuation of multi-dimensional integrals, (Boyle, et.al, 1997). Quasi-Monte Carlo methods are suggested as a new approach to supplement Monte Carlo simulation. It uses deterministic sequences rather than random sequences. These sequences are used to obtain convergence with known error bounds ¼Ã‹â€ Joy ¼Ã…’et.al. 1996 ¼Ã¢â‚¬ ° Until recently, Monte Carlo simulation has not been used in American options. The key problem is that payoff depends on some sources of uncertainty. The optimal exercise frontier of American options is uncertain (Barraquand Martineau, 1995). Finite difference methods Hull (2008) provides a general description of finite difference methods. He concluded that finite difference methods value a derivative by solving the differential equation that the derivative satisfies. Finite difference methods are classified into two ways those are implicit and explicit finite difference method. The former approach is related the value of option at time t+Άt to three alternative values at time t, while the latter one is related the value of option at time t to three alternative values at time t+Άt (Hull White, 1990). The explicit finite difference method is equivalent to a trinomial lattice approach. Compared with the two finite difference methods, the distinct advantage of explicit finite difference method is that it has fewer boundary conditions than the implicit way. For instance, to implement implicit method, considering the price of a derivative security S, it is vital to specify boundary conditions for the derivative security whether minimising or maximising price. By contrast, the explicit method, regarded as a trinomial lattice approach, does not need specific boundary conditions (Hull White, 1990). There are two alternative problems of partial differential equations. The first, known as boundary value problems where a wide range of boundary conditions must be specified, the second, known as initial value problems where only a fraction of valuation required to be specified. There is a fact that most option valuation problems are initial value problems. The explicit finite difference method is the most appropriate method to solve initial value problems because implicit finite method used extra boundary condition which was produced errors (Hull White, 1990). Furthermore, consider the efficiency and accuracy of valuing option, the explicit finite difference method, with logarithmical transformation, is more efficient than the implicit method. This is because it does not need the solution solved a series of simultaneous equations (GeskeShastri, 1985). In addition, for the finite difference method and jump process, the simple explicit difference approximation is harmonized with a three-point jump process, while the more complex implicit difference approximation corresponds a generalized jump process which is based on that the value of derivative security will jump to infinite future values, not just three points(BrennanSchwartz, 1978) Finite difference approach can be used in the same situation as binomial tree approach. They can control American and European option and cannot easily used when the payoff of an option depends on the past history of the state variable. Furthermore, finite difference methods can be used in the situation where there are some state variable ¼Ã‹â€ Hull 2008). However, the binomial tree method is more intuitive and easily implemented than the finite difference methods. Therefore, financial economists tend to use binomial tree methods when there are a small number of option values. In contrast, finite difference methods are frequently used and more efficient in a situation where there are a large number of option values (GeskeShastri, 1985). The comparison between the three methods Overall, compared with the three numerical methods of valuing option, Monte Carlo simulation should be seen as a supplement methods for the binomial tree models and finite difference methods. This is because the increase of a variety of complexity in financial instruments (Boyle, 1977). Furthermore, binomial and finite difference methods are implemented with low dimension of problems and standard dynamics, while Monte Carlo simulation is the proper methods to solve high dimension problems and stochastic parameters (Ibanez Zapatero, 2004) The binomial tree models and finite difference methods are classified as backward methods and can easily handle early exercise opportunities. On the contrary, Monte Carlo simulation is a looking forward method and may be opposed with backward induction (Ibanez Zapatero, 2004) For the two similar methods, finite difference approach is equivalent to a trinomial lattice method. They are both useful for American and European options and tend not to be used in a situation where the options payoff depends on the past history of state variables. However, there also are some differences between them. Binomial tree methods can be used to calculate a small number of values of options, while finite difference methods can be used and more efficient and accurate when there exit a large number of option values. In addition, binomial tree models are more intuitive and readily completed than the finite difference methods Monte Carlo simulation is a powerful and flexible method to value various options. In principle, Monte Carlo simulation is calculated a multi-dimension integral and this is becoming an attractiveness compared other numerical methods. It can be used to solve the problem of high dimension. The drawbacks should not be neglected. The computation with many times and cannot easily handle the situation where there are early exercise opportunities. Based the traditional Monte Carlo simulation, a new approach was developed, known as Quasi-Monte Carlo methods to improve the efficiency of Monte Carlo method. The basic theorem is to use deterministic number rather than random. However, it has not been used in valuing American options due to the optimal exercise frontier is uncertain. One way to value American option is to achieve combination of Monte Carlo simulation and dynamic programming (Ibanez Zapatero, 2004) Conclusion To sum up, with the complexity of numerical computation, numerical methods are wildly used to value derivative security. This paper provided general description and specific comparison between the three numerical methods mentioned above. Binomial tree models, known as lattice approach, are a powerful and intuitive tool to value both American and European option with and without dividend. When there are a small number of option values, binomial method is more efficient and accurate. On the contrary, it is inefficient in a situation where effects of cash dividend should be analysed. Finite difference method can be seen as the trinomial lattice approach. They are used with the problems of low dimension and have been regarded as efficient and accurate methods to value American and European options. Compared with binomial tree models, finite difference methods is more efficient and accurate when practicers computing a large number of values of options. Monte Carlo simulation can be seen as a supplement tool for the two methods mentioned above to value options. It can be used with high dimensional problems whereas other two methods are used with low dimensional problems. The flows of Monte Carlo simulation are that it consumes time for calculating and cannot readily handle the situation where there are early exercise opportunities. In this case, Quasi-Monte Carlo methods based on traditional Monte Carlo simulation utilise deterministic sequences known as quasi-random sequences. These sequences provide an opportunity to acquire convergence with known error bounds. Referenc: Barraquand ¼Ã…’J. Martineau, D. (1995)Numerical Valuation of High Dimensional Multivariate American Securities The Journal of Financial and Quantitative Analysis, Vol. 30, No. 3 pp. 383 -405 Boyle, P.P., Option: A Monte Carlo Approach, Journal of Financial Economics, Volume:4, pp: 323-338 Boyle, P. Broadie, M. and Glasserman,P.(1997) Monte Carlo methods for security pricing, Journal of Economic Dynamics and Control, Volume 21, Issues 8-9,29,pp:1267-1321 Brennan, M.J. Schwartz, E.S., (1978)Finite Difference Methods and Jump Processes Arising in the Pricing of Contingent Claims: A Synthesis, The Journal of Financial and Quantitative Analysis, Vol. 13, No. 3 pp. 461 -474 Cox, J.C., Ross, S.A. and Rubinstein. M.(1979) Option pricing: A simplified approach, Journal of Financial Economics, Volume 7, Issue 3, pp: 229-263 Figlewski,S.Gao,B.(1999)The adaptive mesh model: a new approach to efficient option pricing, Journal of Financial Economics, Volume 53, Issue 3, pp: 313-351 Geske,R. Shastri, K.(1985) Valuation by Approximation: A Comparison of Alternative Option Valuation Techniques, The Journal of Financial and Quantitative Analysis, Vol. 20, No. 1 pp. 45- 71 Hull, J.(2008) Option, Futures, and Other Derivatives,7th edition, Upper Saddle River: Pearson Prentice Hall Hull, J, White, A.(1988) The Use of the Control Variate Technique in Option Pricing, Journal of Financial and Quantitative Analysis. Vol. 23, Issue. 3; p. 237-251 Hull, J, White, A. (1990) Valuing Derivative Securities Using the Explicit Finite Difference Method,Journal of Financial and Quantitative Analysis. Vol. 25, No. 1; pp: 87-100 Ibanez, A. Zapatero, F. (2004) Monte Carlo Valuation of American Options through Computation of the Optimal Exercise Frontier, Journal of Financial and Quantitative analysis Vol.39, No. 2, pp: 253-275 Joy, C., Boyle, P.P. and Tan, K.S.(1996) Quasi-Monte Carlo Methods in Numerical Finance, Management Science.Vol.42, No.6,pp:926-938

A summary of the Chapter ‘We Cheer Jim Up Essay

In the chapter ‘We Cheer Jim Up,’ Huck Finn and Tom Sawyer are faced with the challenge of stealing Jim from Tom’s Aunt Sally Phelp’s plantation without being caught. The fact that they have to dig Jim out of a small, dark shack does make this task much harder for the two boys, especially since it is guarded with dogs and other African American slaves. Huck Finn and Tom Sawyer both scheme together to come up with a brilliant plan. They even lie to a slave about their relation to Jim, so to keep their actual friendship with Jim, and their plot to free him, secret. Â  In this chapter, Huck actually feels extremely guilty for committing a sin—stealing some-one’s slave. Normally, Huck enjoys the thrill of living on the edge and engaging in unlawful activities. However, he suddenly feels very apprehensive about this act he and Tom are about to commit and even questions Tom about this. Â  His experience of being held hostage by his drunken father has also enabled Huck to cope and deal with difficult situations in a more mature manner than when he lived with the widow. Nevertheless, Huck is faced with a personal conflict within himself. While he desperately wants to free Jim, he is bothered by the potential consequences that he and, especially Jim, will have to face if caught. A main theme being developed in this chapter is the idea of superstition. The slave that takes Huck and Tom to the shack to see Jim talks about nothing but witches and how he is constantly pestered by their voices. Every sound he hears, he believes it is the witches returning to trouble him. This chapter also introduces one powerful symbol. One might say that the tiny shack symbolizes the bondage African American people experienced on plantation farms back in those days. The darkness and dismal conditions of the shack where Jim was chained and confound also represents the cruel treatment run-away slaves, and African slaves in general, were treated.

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Twelve Angry Men Juror 8 Analysis - 1084 Words

Justice or Freedom In the drama Twelve Angry Men by Reginald Rose, juror 8 does a good job in persuading the other jurors to listen and reconsider the evidence. He uses his rhetorical appeals to captivate the other jurors attention. He gains an authority towards the other jurors which makes them trust him more. Juror 8 deconstructs the testimony and evidence with his rhetorical appeal to make the other jurors consider the innocence of the defendant. First, Juror 8 establishes his credibility to support his arguments. He becomes the authority to the other jurors. â€Å" I want to call for a vote. I want eleven men to vote by secret ballot. I’ll abstain. If there are still eleven votes for guilty, I won’t stand alone† ( page. 11 ). This is the†¦show more content†¦Now No.8 tells No.9 he can say what he wants to say about the old man for the reason he lied. No.9 say, â€Å" This is a quiet, frightened, insignificant man who has been nothing all his life, who has never had recognition - his name in the newspapers. Nobody knows him after seventy-five years. That’s a very sad thing. A man like this needs to be recognized. To be questioned, and listened to, and quoted just once. This is very important† ( page.16 ). Juror 8 tells juror 9 it is okay to say your own opinion. All the other jurors feel comfortable saying their own opinions because juror 8 voiced his own. â€Å"Look this boy†™s been kicked around all his life. You know, living in a slum, his mother dead since he was nine years old. That’s not a very good head start. He’s a tough, angry kid. You know why slum kids get that way? Because we knock’em on the head once a day everyday. I think maybe we owe him a few words. That’s all.† ( page. 5 ). No.8 is trying to make people feel bad for the boy. He’s trying to say that they shouldn’t convict him because he hasnt had the best life so he needs to have the opportunity to live the rest of his life doing something that makes him happy. Juror 8 is so powerful he can make all the other jurors say their own opinions. Because of his pathos and his strong ethos the other jurors will listen to his logical appeal about the case. Third, juror 8 uses his logical appeal in the case to show the other jurorsShow MoreRelated12 Angry Men Movie Analysis Essay1174 Words   |  5 PagesAssignment: Twelve Angry Men Movie The movie Twelve Angry Men is about the twelve jurors that could adjust their influence in a decision-making process for conviction an eighteen years-old boy, whether the boy guilty or not guilty in murdering of his father. It represents a perfect example for applicable of a work group development framework. It also has examples of influence techniques among a group’s members. 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Epic theatre Free Essays

The only form that can grasp the processes which drama needs to grasp if it Is to provide an all-encompassing view of the world† BB’s ‘all-encompassing view of the world’ was Marxism. Epic Theatre derives from Greek. Epos, story. We will write a custom essay sample on Epic theatre or any similar topic only for you Order Now A form of theatre which self consciously narrates. Estrangement effect = estrangement/alienation effect: distancing the viewer from the action; encouraging rational thought and analysis; reducing emotional catharsis. Aristotelian Theatre / non-Aristotelian Theatre. Term derives from Aristotle’s Poetics. A. formulated an aestheuc based on catharsis, ( = purging of emotion through empathy), hence BB’s description of his Epic Theatre as â€Å"non-Aristotelian Theatre†. Epic Theatre = Historicised theatre, theatre about the present, but not set In the present. (Distanclatlon) verfremdungseffekt (V-Effekt): Entfremdung both equal alienation. But? Estrangement aims to facilitate rationality, reason, reflection; militate against empathy and catharsis; learning either from or against characters; making politics into art: â€Å"The politicisation of aesthetics and the aesthetlclsatlon of politics. â€Å" BB was also a great manipulator of genre. Adaptations, parodies, allegories, parables (political not moral e. g. Arturo Ui). 1 . PARODY: Keeping an existing cultural form, but inserting a different content. The Threepenny Opera (1928): an opera peopled by beggars, gangsters ; prostitutes 2. TRAVESTY ( = disguise): retaining a familiar existing content, but delivering It In a new or different form. Two examples: The Sex Pistols’ punk version of God Save the Queen. The credits’ music at the end of Michael Moore’s Bowling for Columbine? : the Ramones upbeat version of Wonderful world originally recorded by Louis Armstrong. Why is that travesty, and what’s the effect in the context of the film and Its subject matter (crime, racism and the gun-culture in the LISA)? 3. PARABLE: â€Å"Narration by analogy. A didactic narrative conveying a moral truth or message in another guise. † M. H. Abrams, A Glossary of Literary Terms, London, 1988. Compared to Kafka’s parables (e. g. Before the Law? 4. ALLEGORY: â€Å"A narrative in which the agents and action, and sometimes the setting as well, are contrived so as to make coherent sense on the ‘literal’, or primary level of significance, and also to signify a second, corresponding order of agents, concepts and events†. M. H. Abrams, ibid. The Resistible Rise of Arturo Ui (1941) reflects in parabolic form events in Germany 1929- 1939. Allusion, rather than direct one-to-one reference. Apparently/superficially about gangsters in 1930s Chicago, but actually about fascism’s rise to power in Germany. Hitler as A1 Capone, Nazi politicians as 1930s Chicago gangsters, but talking in classical metre ands presented as if in a classical tragedy. Also a parable, with a political moral: ‘The womb is still fertile†. Donmar Warehouse London, 2008: Arturo I as Robert Mugabe. . As parables by definition simplify complex processes, BB’s model of Germany 929-1938 is inevitably incomplete. What is missing historically? Complex negotiations re. Weimar cabinets before 1933 The book burnings (1933) The Persecution and expulsion of intellectuals (post-33) The Nazi Olympic games (August 1936) The Hitler/Stalin pact (August 1939) The Spanish civil war July 1936 – March 1939) The Munich agreement (Sept 1938) What is retained? 1 . The NAZI tactic of pseudo-legality , so for instance the Nov 1923 Beer Hall Putsch is referred to as a failed bank robbery. BUT: There’s no mention of Hitler’s electoral support 2. BB suggests that the petty bourgeoisie were forced to support Hitler. . Various political manoeuvrings around Hindenburg are addressed in the play, but Brecht’s portrayal distorts history: In reality the Junkers supporting Hindenburg were not captains of industry, but pre-industrial agricultural landowners, economically archaic, a politically powerful landowning elite. BB solves this problem by giving the cauliflower trust a dual function: they are both industrialists and they also represent the Junkers’ agricultural interests. 4. The ‘Anschluss’ (annexation into the greater German Third Reich in 1938) is portrayed by 8B, but BB gives a different reason for it n the play, so that Ul invades Cicero to allow business to expand its interest and markets. BB ignores the political and nationalist motivation of Hitler’s Anschluss, i. e. bringing the Germans ‘Heim ins Reich’. The play portrays historical figures in characters represent types: social, political, economic, class positions. Dogsborough represents the old right-wing traditional conservatives in Germany, Dollfuss the same in Austria, Trustherren represent the capitalists, and Kleinh ¤ndler represent the middle class. But BB gives hardly any insights into Hitler the person. Although Ui is a ively theatrical character, he’s very one-dimensional, a thug with hardly any charisma. Brecht: using non-realist techniques to penetrate beneath the surface appearance of capitalism to reveal its essential reality, its power strategies and economic relations. Dramatic realism (naturalism): Dismissed by Brecht as too preoccupied with the accuracy of surface details. The realist myth of a ‘slice of life’ Mere reproduction of reality is inadequate. dramatic action is Art as a lamp, not a mirror Illumination, v. reflection Art should draw attention to the conditions and the process of its own production Non-realist’: expose the illusion striven for by naturalist and realist writers and directors, the myth that what they offer an audience (in a theatre, cinema or wherever) is an uncomplicated unmediated â€Å"slice of life†. For Brecht non-realist methods, transcending the limitations of the strictly empirical, the verifiable, were (paradoxically? ) those most appropriate to understanding the true nature of reality, not Just its superficial appearance. Brecht believed he was not anti realism as such, he preferred a different form of realism. In this experimental sense Brecht was both a realist and a modernist. Typical techniques of Brechtian epic theatre in performance 1 . Announcer summarising the events to come. 2. Actors stepping outside their roles, addressing the audience, reminding us we are watching a play 3. Characters singing (as in opera, but to didactic effect) 4. Actors swapping roles (to prevent emotional identification). 5. (In film) Montage Verfremdungseffekt : a practical example SPRING The play of the sexes (regeneration of the species) is renewed Every Spring. The lovers Meet. The gentle embrace Of the lover’s hand makes the Girl’s breast tremble. Her fleeting glance beguiles him. In Spring the countryside Appears to the lovers renewed. The air is already warm. The days grow long and The fields stay light later. In Spring the trees and grass Grow free of inhibition. Fertilisation in the forests and fields gathers pace. And the earth gives birth to the new, Free from care and precaution. From the sound film Kuhle Wampe co-scripted by Brecht, Germany, 1931/2 James Lyon, Brecht and Hollywood Conclusion: Some broader Brecht issues to reflect on: BB’s primary attraction to Marxism was his thirst for greater knowledge and greater understanding of social processes, what he called the â€Å"temptation† of rational hought (Galileo? BB was above all a scientific thinker, who sought rational solutions to social problems. He rejected metaphysics and all forms of irrationalism, and prioritised empirical thought. Precisely because of his apparently total ; exclusive dedication to rationalism BB was worthy of the term UTOPIAN thinker. BB was the ultimate rationalist, more dedicated to the analytical methods of Marxist enquiry than to Marxism ’s practical implementation. Did BB fetishise idolise science? Did he acknowledge its limitations? How appropriate is BB’s work to the post-modern age, when scepticism about the ncritical appliance of science, and thus about the desirability of human progress humankind, seem to dominate the political agenda? How does the above relate to Life of Galileo? Is BB now pass ©, given the end of the Cold war, the demise of â€Å"real existing socialism† in eastern Europe, and the ‘disappearance’ of his chosen German homeland (DDR) after German re-unification in 1990? Or is BB’s project (to inject politics into art and art into politics i. e. to make both activities fun) now even more necessary? Look out for the predilection amongst some TV advert designers for Brechtian self- irony! The essays excerpted in John Willet’s The Theatre of Bertolt Brecht are a good starting-point for investigating Brecht’s views on theatrical practice. From The Modern Theatre is the Epic Theatre (notes on Mahagonny): the ‘shifts of accent’ between dramatic theatre and epic theatre. Wears down his capacity arouses his capacity for for action action provides him with sensations forces him to take decisions experience picture of the world the spectator is involved in he is made to face something omething suggestion argument instinctive feelings are preserved are brought to the point of recognition the spectator is in the thick of it, spectator stands outside, studies shares the the human being is taken inquiry the human being is the object of the for granted eyes on the finish eyes on the course one scene makes another each scene for itself growth montage linear development in curves evolutionary determinism Jumps man as a fixed point man as a process thought determines being social being determines thought feeling reason Brecht on Theatre. How to cite Epic theatre, Papers

Egyptian Sculpture Analysis Essay Example For Students

Egyptian Sculpture Analysis Essay His Wife, Infer-shames The Statue Group of En-shaft-aka and His Wife, Infer-shames was found in a rock- cut tomb at Dashes and sculpted by an unknown Egyptian artist in 2350 BC. The artist uses all aspects of composition to convey Egyptian dominance. Using a Standard Egyptian Scale, the figures were carved in proportions seen to be ideal by the Egyptians. The sculpture was carved out of limestone. It was richly painted with brightly colored paint. Now, only traces of the paint are visible. This piece is currently n view at The Walters Art Museum. En-shaft-aka is depicted is his most idealized form?muscular, athletic, youthful, and large in size, all of which evoke a sense of male dominance. His left leg advances forward as he rests his weight on his right leg. This pose creates a sense of depth and movement within the form, however in order to maintain durability, his legs are still fully connected to each other and to their base. The combination of his reddish skin tone, black painted eyes, and tightly curled, detailed wig is very typical of Egyptian Art in the Old Kingdom. The close attention to detail indicates how important the figure was and illustrates the skill of the artist. Infer-shames accompanies En-shaft-aka as his wife and inferior. She is not carved with the same attention to detail as her husband was perhaps because she was of less importance. Unlike the wig of her husband, the strands of her hair are not defined. Instead, her hair is merely a block of limestone. Infer-shames proportions are very naturalistic and they reveal the Egyptians ideal proportion of human features. Her waist is very slender while her hands and feet are too large compared o the rest of her body. En-shaft-aka and wifes faces are very similar to each other as well as to other portraits of their time, which confirms they were based off standard Egyptian ideals and were not veracious portraits. The over idealized forms lack character and individuality, thus ridding the piece of emotion. The figures rigid poses and lack of physical connection between each other thereby heightens this notion. With legs facing straight ahead, En-shaft-aka and his wife do not touch as they impassively and confidently gaze into the future, evoking a sense of permanence.