Biochar is a soil—improving substrate made from phytomass pyrolysis. In Southeast Asia, its application decreases due to the long-term growth of biochar cost and thus caused further prolongation of the payback period. In the Euro-American civilization the biochar application is already almost forgotten once it has been much earlier recognized that the crop yields can be increased much faster with higher doses of nutrients and other agrochemicals. The payback period can be expected in decades. Such a (...) long-time investment into soil fertility raises also many ethical questions. The final decision combines issues of social responsibility, risk and other financial indicators as well as personal preferences and more. The attitudes of Western and Central European decision makers in the agriculture business segment were analyzed on the basis of electronic questionnaire survey and a subsequent interview through their local unions. According to the data, most of them did not know about the possibilities of a more environmentally friendly approach to soil enhancement based on the addition of a fertilizer in the form of biochar. Among others, the collected data also shows that the decision makers from Western Europe have a much different ethical approach to the land and financial indicators than the Central Europeans. (shrink)

In the article the essence of the public- private partnership is defined; on the basis of the experience of European countries priority areas for the implementation of PPP projects are identified. They are transport and utilities infrastructure. Generalized approach to evaluating the effectiveness of investment projects help to highlight two areas: economic and social efficiency. The indexes of social efficiency of PPP projects and efficiency indicators for projects of public and private partners and services consumer are defined. The main stages (...) of the analysis of public- private partnerships are defined. Key factors in choosing the best investment proposal are the minimization of utility rates, terms and government involvement in the financing of projects. Economic evaluation of PPP projects is based on an analysis of four major factors: profitability index, net present value, internal rate of return, discounted payback period. Assessing the economic efficiency of PPP projects take into account the index of riskiness of the project is proposed. This index is calculated by determining the list of major risks for the private partner, dividing them into groups by priority, assessing the probability of occurrence of each event using the method of expert estimates, the calculation point scoring system for the project. The resulting score is a general indicator of the riskiness of the project. This index allows to estimate the minimum possible economic benefit to which an investor can expect a high probability of a specified list of risks. (shrink)

Time discounting is the phenomenon that a desired result in the future is perceived as less valuable than the same result now. Economic theories can take this psychological fact into account in several ways. In the economic literature the most widely used type of additive time discounting is exponential discounting. In exponential discounting, the fall of valuation depends by a constant factor on the length of the delay period. It is well known, however, that exponential time discounting often does (...) not describe well how people actually behave. Most people are averse to short delays in gratification now, while their future selves may not mind a bit of extra waiting. This behaviour can be described well by non-exponential discounting functions such as hyperbolic discounting. In hyperbolic discounting, valuations fall rapidly for small delay periods, but the fall gets slower for longer delay periods. Hyperbolic discounting captures phenomena such as procrastination, addiction and in general inconsistency over time. This chapter investigates whether forms of non-exponential discounting, in particular close to the so called Quasi-Hyperbolic model, could also be characterized in terms of dynamically consistent choices when individuals discount the welfare of future selves as well as their payoffs. (shrink)

This paper formulates and axiomatizes utility models for denumerable time streams that make no commitment in regard to discounting future outcomes. The models address decision under certainty and decision under risk. Independence assumptions in both contexts lead to additive or multiplicative utilities over time periods that allow unambiguous comparisons of the relative importance of different periods. The models accommodate all patterns of future valuation. This discount-neutral feature is attained by restricting preference comparisons to outcome streams or probability distributions on outcome (...) streams that differ in at most a finite number of periods. (shrink)

We present a new axiomatization of the classical discounted expected utility model, which is primarily used as a decision model for consumption streams under risk. This new axiomatization characterizes discounted expected utility as a model that satisfies natural extensions of standard axioms as in the one-period case and two additional axioms. The first axiom is a weak form of time separability. It only requires that the choice between certain constant consumption streams and lotteries should be made by (...) just taking into account the time periods where the consumption is different. The second axiom, the time–probability equivalence, requires that risk and time preferences basically work in the same way. Moreover, we prove that preferences satisfying the natural extensions of the standard axioms as well as the first axiom can be represented in a simple form relying on three functions linked to the risk or time preferences in simple situations. Finally, we illustrate that several examples that are not fully time separable satisfy all our axioms except for the time–probability equivalence. (shrink)

Intergenerational impartiality requires putting the welfare of future generations at par with that of our own. However, rational choice requires weighting all welfare values by the respective probabilities of realization. As the risk of non-survival of mankind is strictly positive for all time periods and as the probability of non-survival is cumulative, the probability weights operate like discount factors, though justified on a morally justifiable and completely different ground. Impartial intertemporal welfare maximization is acceptable, though the welfare of people in (...) the very far future has lower effects as the probabilities of their existence are also lower. However, the effective discount rate on future welfare values justified on this ground is likely to be less than 0.1 per annum. Such discounting does not compromise environmental protection and sustainability unduly. The finiteness of our universe implies that the sum of our expected welfare to infinity remains finite, solving the paradox of having to compare different infinite values in optimal growth/conservation theories. (shrink)

Intergenerational impartiality requires putting the welfare of future generations at par with that of our own. However, rational choice requires weighting all welfare values by the respective probabilities of realization. As the risk of non-survival of mankind is strictly positive for all time periods and as the probability of non-survival is cumulative, the probability weights operate like discount factors, though justified on a morally justifiable and completely different ground. Impartial intertemporal welfare maximization is acceptable, though the welfare of people in (...) the very far future has lower effects as the probabilities of their existence are also lower. However, the effective discount rate on future welfare values (distinct from monetary values) justified on this ground is likely to be less than 0.1 per annum. Such discounting does not compromise environmental protection and sustainability unduly. The finiteness of our universe implies that the sum of our expected welfare to infinity remains finite, solving the paradox of having to compare different infinite values in optimal growth/conservation theories. (shrink)

For decisions whose consequences accrue over time, there are several possible techniques to compute total utility. One is to discount utilities of future consequences at some appropriate rate. The second is to discount per-period certainty equivalents. And the third is to compute net present values (NPVs) of various possible streams and to then apply the utility function to these net present values. We find that the best approach is to first compute NPVs of various possible income streams and then (...) take the utility of such NPVs. We show the drawbacks of other alternative models of evaluating income streams. The article discusses the advantages of the power and logarithmic forms in the modeling of time preference. These are the only forms for which utility of income and utility of consumption are strategically equivalent. Further, these forms permit the flexibility in the choice of a time period (e.g., monthly or quarterly) without modifying the utility function, thus simplifying analysis. (shrink)

We conduct an experiment to investigate the degree to which deviations from exponential discounting can be accounted for by the hypothesis of hyperbolic discounting. Subjects are asked to choose between an earlier or later payoff in a series of 40 choice questions. Each question consists of a pair of monetary amounts determined by compounding a given base amount at a constant rate per period. Two bases (8 and 20 dollars), three compounding rates (low, medium and high) and three delays (...) (2, 4, and 6 weeks) are each used. There are also 2 initial periods (Today and 2 weeks) and there are two separate questionnaires, one with lower “realistic” compounding rates and the other with higher compounding rates, typical of those used in previous studies. We analyze the detailed patterns of choice in 6 groups of 6 related questions each (in which the base and rate is fixed but the initial period and delay varies), documenting the frequency of patterns consistent with exponential discounting and with hyperbolic discounting. We find that exponential discounting is the clear modal choice pattern in virtually all cases. Hyperbolic discounting is never the modal pattern (except in the sense that constant discounting is a special case of hyperbolic discounting). We also estimate a linear probability model that takes account of individual heterogeneity. The estimates show substantial increases in the probability of choosing the later option when the compounding rate increases, as one would expect. There are small, sometimes significant, increases in this probability when the delay is increased or the initial period is in the future. Such behavior is consistent with hyperbolic discounting, but can account for only a small proportion of choices. Overall, deviations from exponential discounting appear to be due to error, or to other effects not accounted for by hyperbolic discounting. Principal among these is an increase in later choices when the base is larger. (shrink)

Discounted utility theory and its generalizations use discount functions for weighting utilities of outcomes received in different time periods. We propose a new simple test of convexity–concavity of discount function. This test can be used with any utility function and any preferences over risky lotteries. The data from a controlled laboratory experiment show that about one third of experimental subjects reveal a concave discount function and another one third of subjects reveal a convex discount function.

This study proposes a model of non-unitary time discounting and examines its welfare implications. A key feature of our model lies in the disparity of time discounting between multiple distinct goods, which induces an individual’s preference reversals even though she normally discounts her future utilities for each good. After characterizing the time-consistent decision-making by such an individual, we compare welfare achieved in the market economy and welfare in the planner’s allocation from the perspective of all selves across time. Under certain (...) situations, the selves in early periods strictly prefer the social planner’s allocation, whereas the selves in future periods strictly prefer the market equilibrium. Therefore, the welfare implications of our model are quite different from those in the canonical discounting model and in models of other time-inconsistent preferences. (shrink)

The discovery of the noble gases and their incorporation into the periodic system are examined in this paper. A chronology of experimental reports on argon and helium and the properties relevant to their nature and position in the periodic system is presented. Proposals on the nature of argon and helium that appeared in the aftermath of their discovery are examined in light of the various empirical and theoretical considerations that supported and contradicted them. ``The piece that would not fit'' refers (...) not only to argon, the element that at first seemed not to fit into the periodic system, but also to the piece or pieces of evidence that various researchers and observers were prepared to discard or discount in coming to terms with the newly discovered gases. (shrink)

Behavioral science has long been puzzled by the experience of temptation, the resulting impulsiveness, and the variably successful control of this impulsiveness. In conventional theories, a governing faculty like the ego evaluates future choices consistently over time, discounting their value for delay exponentially, that is, by a constant rate; impulses arise when this ego is confronted by a conditioned appetite. Breakdown of Will presents evidence that contradicts this model. Both people and nonhuman animals spontaneously discount the value of expected events (...) in a curve where value is divided approximately by expected delay, a hyperbolic form that is more bowed than the rational, exponential curve. With hyperbolic discounting, options that pay off quickly will be temporarily preferred to richer but slower-paying alternatives, a phenomenon that, over periods from minutes to days, can account for impulsive behaviors, and over periods of fractional seconds can account for involuntary behaviors. Contradictory reward-getting processes can in effect bargain with each other, and stable preferences can be established by the perception of recurrent choices as test cases in recurrent intertemporal prisoner's dilemmas. The resulting motivational pattern resembles traditional descriptions of the will, as well as of compulsive phenomena that can now be seen as side-effects of will: over-concern with precedent, intractable but circumscribed failures of self-control, a motivated unconscious, and an inability to exploit emotional rewards. Hyperbolic curves also suggest a means of reducing classical conditioning to motivated choice, the last necessary step for modeling many involuntary processes like emotion and appetite as reward-seeking behaviors; such modeling, in turn, provides a rationale for empathic reward and the “construction” of reality. Key Words: altruism ; appetite; behavioral economics; classical conditioning; compulsions; dynamic inconsistency; emotions; empathy; freedom of will; hyperbolic discounting; impulsiveness; intertemporal bargaining; self-control; social construction; volition; weakness of will. (shrink)

The second half of the 20th century may fairly be considered a golden age for the study of ancient philosophy. This period witnessed the creation of four English-language journals for specialists and two professional societies. Throughout this period there were numerous regional and national conferences, reading groups, NEH-sponsored summer seminars and institutes on various aspects of ancient thought, successful graduate programs in ancient philosophy at a sizable number of American universities, and a steady supply of jobs for specialists (...) in the field. Seminal studies by Gregory Vlastos and G.E.L. Owen stimulated broad interest in ancient Greek philosophy by showing how the methods and issues explored by ancient thinkers were relevant to contemporary philosophical debates. On a less happy note, in recent years some influential analytic philosophers have discounted the value of work in the history of philosophy, and public funding for philosophy, along with other humanities fields, has declined sharply. -/- . (shrink)

Future population growth is uncertain and matters for climate policy: higher growth entails more emissions and means more people will be vulnerable to climate-related impacts. We show that how future population is valued importantly determines mitigation decisions. Using the Dynamic Integrated Climate-Economy model, we explore two approaches to valuing population: a discounted version of total utilitarianism (TU), which considers total wellbeing and is standard in social cost of carbon dioxide (SCC) models, and of average utilitarianism (AU), which ignores population (...) size and sums only each time period’s discounted average wellbeing. Under both approaches, as population increases the SCC increases, but optimal peak temperature decreases. The effect is larger under TU, because it responds to the fact that a larger population means climate change hurts more people: for example, in 2025, assuming the United Nations (UN)-high rather than UN-low population scenario entails an increase in the SCC of 85% under TU vs. 5% under AU. The difference in the SCC between the two population scenarios under TU is comparable to commonly debated decisions regarding time discounting. Additionally, we estimate the avoided mitigation costs implied by plausible reductions in population growth, finding that large near-term savings ($billions annually) occur under TU; savings under AU emerge in the more distant future. These savings are larger than spending shortfalls for human development policies that may lower fertility. Finally, we show that whether lowering population growth entails overall improvements in wellbeing—rather than merely cost savings—again depends on the ethical approach to valuing population. (shrink)

In his Outlines of Pyrrhonism 2.110–113, Sextus Empiricus presents four different accounts of the conditional, presumably all from the Hellenistic period, in increasing logical strength. While the interpretation and provenance of the first three accounts is relatively secure, the fourth account has perplexed and frustrated interpreters for decades or longer. Most interpreters have ultimately taken a dismissive attitude towards the fourth account and discounted it as being of both little historical and logical interest. We argue that this attitude (...) is unwarranted and demonstrate that the conditional expressed in the fourth account can profitably be understood as a precursor of analytic entailment, familiar from containment logics such as those developed by Parry and Angell. Exploiting recent work by Fine, we present a formal truthmaker semantics for this conditional and show how it sheds light on a number of longstanding issues in the interpretation of this passage. (shrink)

Since the Industrial Revolution, human societies have experienced high and sustained rates of economic growth. Recent explanations of this sudden and massive change in economic history have held that modern growth results from an acceleration of innovation. But it is unclear why the rate of innovation drastically accelerated in England in the eighteenth century. An important factor might be the alteration of individual preferences with regard to innovation resulting from the unprecedented living standards of the English during that period, (...) for two reasons. First, recent developments in economic history challenge the standard Malthusian view according to which living standards were stagnant until the Industrial Revolution. Pre-industrial England enjoyed a level of affluence that was unprecedented in history. Second, behavioral sciences have demonstrated that the human brain is designed to respond adaptively to variations in resources in the local environment. In particular, Life History Theory, a branch of evolutionary biology, suggests that a more favorable environment should trigger the expression of future-oriented preferences. In this paper, I argue that some of these psychological traits – a lower level of time discounting, a higher level of optimism, decreased materialistic orientation, and a higher level of trust in others – are likely to increase the rate of innovation. I review the evidence regarding the impact of affluence on preferences in contemporary as well as past populations, and conclude that the impact of affluence on neurocognitive systems may partly explain the modern acceleration of technological innovations and the associated economic growth. (shrink)

Anniversaries and funding crises prompt periodic calls to reevaluate the mission and public perceptions of the U.S. Land-Grant University system. One such call was issued by the Kellogg Commission on the Future of State Colleges and Land Grant Universities in their 1999 report, “Returning to Our Roots: the Engaged Institution.” Written by leaders of state universities and land-grant colleges, this report urges these institutions to engage more authentically and equitably in two-way relationships with their local constituents. Twenty years later, Land-Grant (...) Universities continue to struggle with building widespread public support for their missions and equitable involvement in research, teaching, and extension functions across diverse constituencies. While largely discounted by the Kellogg Commission, a fresh look at the role originally envisioned for the extension arm of the trifold land-grant mandate suggests that we may be conceiving of this system too narrowly. The establishment of statewide extension systems was once seen as a way to ensure that Land-Grant Universities would be accessible and responsive to all of a state’s residents. Extension systems continue to offer a front-door to a major public university in almost every county of the United States, but they tend to be viewed primarily as a way to translate science or distribute information from the university to the public. This discussion uses a historical and modern lens to reimagine the role that Extension could potentially play in catalyzing reciprocal, co-learning relationships between Land-Grant Universities and their diverse local constituencies. (shrink)

Two players bargain to select a utility allocation in some set X⊂R+2\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$X\subset {\mathbb {R}}_+^2$$\end{document}. Bargaining takes place in infinite discrete time, where each period t is divided into two sub-periods. In the first sub-period, the players play a simultaneous-move game to determine that period’s proposer, and bargaining takes place in the second sub-period. Rejection triggers a one-period delay and move to t+1\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} (...) \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$t+1$$\end{document}. For every x∈X∩R++2\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$x\in X\cap {\mathbb {R}}^2_{++}$$\end{document}, there exists a cutoff δ<1\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$\delta <1$$\end{document}, such that if at least one player has a discount factor above δ\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$\delta $$\end{document}, then for every y∈X\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$y\in X$$\end{document} that satisfies y≥x\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$y\ge x$$\end{document} there exists a subgame perfect equilibrium with immediate agreement on y. The equilibrium is supported by “dictatorial threats.” These threats can be dispensed with if X is the unit simplex and the target-vector is Pareto efficient. The results can be modified in a way that allows for arbitrarily long delays in equilibrium. (shrink)

ABSTRACT In 1929 and 1934–1935, the physical anthropologist Harry L. Shapiro voyaged in the South Seas on the Mahina-I-Te-Pua and the Zaca, measuring mixed-race islanders, including the descendants of the Bounty mutineers on Pitcairn Island. His research in Polynesian hybridity reflects the growing cultural and scientific investment of the United States in the Pacific during this period. Shapiro's oceanic adventures and intimate encounters prompted him to discount typological speculation and emphasize instead the liberal Boasian program in physical anthropology, giving (...) him the confidence to refigure his evaluations of racial difference. The seaborne investigatory enterprise came to influence U.S. racial thought, adding impetus to the condemnation of racism in science. On his return from the South Seas, Shapiro tried to get his fellow physical anthropologists to issue a manifesto opposing the harnessing of their science to racial discrimination and prejudice. (shrink)

ABSTRACT In 1929 and 1934–1935, the physical anthropologist Harry L. Shapiro voyaged in the South Seas on the Mahina-I-Te-Pua and the Zaca, measuring mixed-race islanders, including the descendants of the Bounty mutineers on Pitcairn Island. His research in Polynesian hybridity reflects the growing cultural and scientific investment of the United States in the Pacific during this period. Shapiro's oceanic adventures and intimate encounters prompted him to discount typological speculation and emphasize instead the liberal Boasian program in physical anthropology, giving (...) him the confidence to refigure his evaluations of racial difference. The seaborne investigatory enterprise came to influence U.S. racial thought, adding impetus to the condemnation of racism in science. On his return from the South Seas, Shapiro tried to get his fellow physical anthropologists to issue a manifesto opposing the harnessing of their science to racial discrimination and prejudice. (shrink)

We study a joint pricing and inventory control problem for perishables with positive lead time in a finite horizon periodic-review system. Unlike most studies considering a continuous density function of demand, in our paper the customer demand depends on the price of current period and arrives according to a homogeneous Poisson process. We consider both backlogging and lost-sales cases, and our goal is to find a simultaneously ordering and pricing policy to maximize the expected discounted profit over the (...) planning horizon. When there is no fixed ordering cost involved, we design a deep reinforcement learning algorithm to obtain a near-optimal ordering policy and show that there are some monotonicity properties in the learned policy. We also show that our deep reinforcement learning algorithm achieves a better performance than tabular-based Q-learning algorithms. When a fixed ordering cost is involved, we show that our deep reinforcement learning algorithm is effective and efficient, under which the problem of “curse of dimension” is circumvented. (shrink)

Combining the latest scholarship with fresh perspectives on this complex and rapidly changing area of research, this work considers the rich traditions of medieval Arab, Jewish and Latin philosophy. Experts in the field provide comprehensive analyses of the key areas of medieval philosophy and its most influential figures, including: Avicenna, Averroes, Maimonides, Eriugena, Anselm, Abelard, Grosseteste, Aquinas, Henry of Ghent, Duns Scotus, Peter Aureoli, William of Ockham, Wyclif, Suarez, and the enormous and enduring influence of Boethius on the medieval Latin (...) West. Special attention is devoted to the seminal, but lesser-known figures in each period, and to the cultural context of medieval philosophy in Islam and the Christian West. Medieval Philosophy can be purchased individually or as part of the 10 volume Routledge History of Philosophy series. There is a 10% discount off each volume with all standing orders. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Diacritics 30.4 (2000) 3-13 [Access article in PDF] Benjamin's Arcades Project and the Postcolonial City Rajeev S. Patke [Tables]Walter Benjamin. The Arcades Project. Trans. Howard Eiland and Kevin McLaughlin. Cambridge, MA: Harvard UP, 1999. [AP] Post-this, post-that, post-the-other, yet in the endNot past a thing. —Seamus Heaney, "On His Work in the English Tongue" Preamble Among the several Benjamins to be conjured from The Arcades Project is the one (...) who invites a speculative discourse on the idea of the postcolonial city. We can imagine him first conceding, and then qualifying, three propositions about himself: he mitigates the force of the first—that he was Eurocentric—with the counterproposition that the cities he wrote about were formative of a discourse that can be transposed to other cities whose patterns of urban development were shaped by forces analogous to those he studied in the period of their inception. He then concedes that his work on the city remains problematic in several ways related to an uncertain temperament and method, but urges the recognition that his method came to resemble his object of study; the fortuitous correspondence reinforces the self-reflexive relation between modern cities and the discourse they generate. His third concession—that his use of Marxian ideas mixes them with elements of bourgeois thought—is marginalized by the recognition that he always took his Marx with such a difference that to confine him within such a debate would be to take him in the wrong spirit. He then proceeds to reiterate in the specific instance of the postcolonial a more familiar general claim made by many contemporary readers of the metropolitan experience, that the set of approaches he uncovered continue to remain valid wherever the project of modernity is at work. They help us address "[t]he split image of modernity, modernity's promises for social and individual emancipation, as well as modernity's failures" [Paetzold 216a]. Modern Benjamin would begin by reminding us that his "modern" and "modernity" refer primarily to the industrial transformation of society by technology, as part of the Enlightenment project of progress through the application of reason to nature and society. He would [End Page 3] qualify his sense of the project of "modernity" through the image of "[t]he world dominated by its phantasmagorias" [AP 26]. He would then shrug off the cloak of the Eurocentric by turning, for illustration, to the many Asian manifestations of the postcolonial. Here, he would make the twofold claim that the postcolonial experience brings out the disillusionment latent in the myth of progress, just as the postmodern brings out the phantasmal that is incipient in the myth of an evenly distributed access to capital and goods in the era of globalization. He would argue that the cities of contemporary Asia are the sites for a partial and uneven overlap between the postmodern and the postcolonial. This overlap, he would say, invites us to treat the idea of the city in a generic mode, without discounting the fact that the diversity separating the metropolitan centers in Asia makes little sense of an Asian city except as banal literalism. He would note that colonialism did not affect all of Asia, nor did it follow quite the same course from colony to colony, though the term retains some usefulness in accounting for the general factors that link different cities in Asia to what happened after colonialism. He would treat the postcolonial and the postmodern as three-tiered phenomena: each is a historical phase of world history, a predicament affecting collectivities, and an attitude or state of mind. The aptness of the notion of the postcolonial city, he points out, increases in direct proportion to the degree to which a city has acquired a distinctive identity through colonial administration or commerce, and decreases in direct proportion to the degree of discontinuity between the colonial and postcolonial phases of its history. He would add the corollary that any contemporary city in the developing world approximates to the postcolonial condition when its role in the network of power relations negotiates... (shrink)

This paper divides firms in the Standard and Poor’s 500 (S&P 500) into two groups based on inclusion in or exclusion from the Domini Social Index (DSI). Inclusion in the DSI is interpreted as a positive indicator of ethical status. Using data for the 1992–2003 period, I provide evidence that chief executive officer (CEO) compensation, other executive compensation, and director compensation tend to be lower in DSI firms than in other firms in the S&P 500. This applies to the (...) unconditional group averages (and medians) and is particularly striking given that DSI firms as a group had better financial performance than the other firms. This finding is also true in a regression framework that controls for other influences on compensation, including firm size and financial performance. In a regression context, the estimated discount for CEOs of DSI firms is approximately 12% for both current compensation (salary and bonuses) and total compensation (including the value of options). These results are consistent with the expectation that some senior executives require a “compensating differential” to accept positions in firms with less attractive ethical status. It is also consistent with the expectation that some firms with positive ethical status might use more restraint in setting executive compensation. (shrink)

Originally published in 1995, The Antievolution Pamphlets of Harry Rimmer is the sixth volume in the series, Creationism in Twentieth Century America. The volume brings together original sources from the prominent evangelist and pastor Harry Rimmer. The consortium of pamphlets in this volume detail Rimmer's antievolutionist sentiments, a notion which characterized his early writings. The pamphlets detail Rimmer's rhetoric on evolution and science from the early part of the 20th century as he travelled across America to disseminate his writings. The (...) works in this volume address Rimmer's polemic on the danger posed by modern science and the consequential disassociation with religion. While Rimmer did not discount science itself, he argued for, what he termed, 'true science', claiming that modern science was based only in scientific opinion and not fact. As a self-proclaimed scientist, these writings take a unique view of the relationship between religion and science from this period through Rimmer's dual nature as both scientist and pastor. This volume will be of great interest to historians of natural history, science and religion. (shrink)

Previous research showed that accumulations of capital following stationary interest rates are underestimated by human judges. Hyperbolic discounting was suggested as a descriptive and explanatory model for this phenomenon. First, we investigated judged accumulated capital after a period of annual growth and decline. The degree of underestimation increased with accumulated growth and the results supported hyperbolic discounting as a descriptive model on the group level. However, the hyperbolic model did not apply to the data for one third of the (...) participants. Second, we investigated how investment decisions were related to capital accumulation before the investments and to judgments of the possible outcomes of the future investments. To our surprise, the participants’ judgments of expected future accumulated capital did not add predictive power to predictions based on whether there was growth or decline before the investment decision. Unfortunately this strategy leads to suboptimal investment decisions. (shrink)

Hormonal changes across the menstrual cycle have been shown to influence reward-related motivation and impulsive behaviors. Here, to compare neural mechanisms of cognitive impulse control during the mid-luteal phase (LP) versus during the late follicular phase (FP), we employed functional magnetic resonance imaging (fMRI) with an event-related monetary delay discounting (EMDD) behavioral task (study 1) and then employed resting state (RS)-fMRI (study 2). The imaging data were analyzed and related to behavior-associated neural activation. In study 1, women in the late (...) FP showed a preference for sooner rewards while exhibiting enhanced activity in the dorsal striatum (DS), whereas women in the mid-LP showed a preference for delayed, higher-value rewards with enhanced activity in the dorsolateral prefrontal cortex (dlPFC). Discount rate (transformed k) in the EMDD task correlated with functional connectivity (FC) of the DS-dlPFC circuitry, consistent with the possibility that DS-dlPFC circuitry may regulate impulsivity. In study 2, the right dlPFC was significantly more active in mid-LP than in late FP, and this effect was sensitive to estradiol (E2) and relative E2 levels during mid-LP. The magnitude of DS-dlPFC FC correlated negatively with psychometric impulsivity scores during the late FP. These results replicated findings from study 1 and further indicated that relative E2 levels may play an important role in increasing cognitive control during the mid-LP, which provides new insight into the treatment of conditions characterized by hyper-impulsivity, such as obsessive-compulsive disorder, Parkinson disease, and attention deficit hyperactivity disorder. In conclusion, our results suggest that cyclical gonadal hormones affect cognitive control on impulsive behavior periodically, possibility via DS-dlPFC circuitry. (shrink)

Evolutionary investigations of human crania typically take a limited view of cranial diversity as they discount the possibility that human cranial variation could simply be due to the effects of random genetic drift, gene flow and mutation in favor of natural selection and developmental changes. Natural selection alone cannot explain similarities between patterns of cranial and molecular diversity observed in humans. It appears that the amount of phenotypic variance in the human cranium decreases at the population level as a function (...) of distance from Sub‐Saharan Africa much in the same way as observed for human molecular data.1 BioEssays 29:1185–1188, 2007. © 2007 Wiley Periodicals, Inc. (shrink)

Ecologic-economic systems tend to exhibit greater complexity than systems that are purely ecological or economic. The interactions between the two types often generates nonlinear relations that lead to various kinds of complex dynamics that complicate management and decisionmaking regarding them. Of these, forests have characteristics that lead them to have special problems not usually encountered in the management of such systems. A central one is the long time periods involved managing forests compared to most other such systems. This means that (...) the issues regarding determination of discount rates for valuing future outcomes are more important for forestry management than for many other systems. Also, forests generate a wider range of externalities than do most other ecologic-economic systems, with implications for various hierarchical levels of management. This paper considers the array of these problems as they appear for a variety of forestry management issues. (shrink)

This is a field-based disguised case which describes a dilemma faced by the protagonists; do they continue to do business with a land developer who has assisted them in the past when now the developer chooses to, against their recommendations, also do business with their ex-business partner? The problem for the characters in question is whether or not to work on a project that will yield them a net profit of $4 million dollars given the fact it would require them (...) to work in the same development as their former business associate. The central characters are afraid that their ex-partner will be a destabilizing factor in the development of the project and that their work sites will be in jeopardy of being vandalized. Several factors complicate this situation including: the developer’s desire for a quick land purchase, the developer’s changing the discount rate from 20% to 10% perhaps based upon difficulties that surrounded the first land deal, the protagonists’ plans to build their own homes in this new development, and the negative relationship between the protagonists and the ex-business partner. The case has a difficulty level appropriate for a sophomore or junior level course. The case is designed to be taught in one class period and is expected to require between three to five hours of outside preparation by students. (shrink)

This book demonstrates that the important educational developments of the Elizabethan and early Stuart periods, which are often portrayed as new and revolutionary in nature, were in fact the culmination of an evolutionary process more than two centuries old. It also shows that popular literacy was considerably more widespread by the time of Spenser and Shakespeare than most recent studies suggest. The book treats the long period 1348–1648 as a unit by discounting the importance of the year 1485, which (...) marked the end of one dynasty and the beginning of another but had no discernible effect on educational and cultural conditions. Additionally, it argues that the massive changes of the final years of Henry VIII, which momentarily disrupted the universities and the grammar schools of the realm, were beneficial in the long run, since local energies were thereby unleashed and greater public support for educational institutions of all kinds soon materialized. A period of steady growth continued until the 1640s and 1650s, when the bitter experiences of the Civil War and rancorous arguments about the role of the universities and the grammar schools in precipitating the outbreak of hostilities caused the mainstream of public opinion to question the efficacy of advanced education, which increasingly came to be seen as a threat to established values and traditions. Thereafter an era of decline began that lasted until the mid-nineteenth century. Finally, the book treats the important contributions made by both clerics and women during the long period 1348–1648. Although laymen were the greatest beneficiaries of the steady widening of educational opportunity during those three centuries, clerics and women provided most of the funds, without which many fewer colleges, schools, and scholarships for poor boys would have been established. They did so because of their belief that improved education was necessary for the further spread of the Christian message. (shrink)

People make different choices depending on which decision is the default option. In intertemporal choices, the default option is typically imposed externally. For example, people expect more for delaying the gain than are willing to pay for accelerating the future gain over the same period. We claim that apart from the external default, people’s choices are also influenced by the internal default such as the time perspective resulting in the reference point in the present. By manipulating the congruency between (...) the internal and external defaults, we show that incongruence between defaults decreases the strength of discounting of gains, but not of losses. (shrink)

This paper offers an experimental test of a version of Rubinstein’s bargaining model in which the players’ discount factors are unequal. We find that learning, rationality, and fairness are all significant in determining the outcome. In particular, we find that a model of myopic optimization over time predicts the sign of deviations in the opening proposal from the final undiscounted agreement in the previous period rather well. To explain the amplitude of the deviations, we then successfully fit a perturbed (...) version of the model of myopic adjustment to the data that allows for a bias toward refusing inequitable offers. (shrink)

The problem of intertemporal choice arises when outcomes are received in different moments of time. This paper presents an axiomatic model of intertemporal choice when consumption in the previous moment of time contributes to utility evaluation of consumption in the current moment. This model generalizes classic discounted utility theory (also known as constant or exponential discounting) in two ways. First, in every moment of time, a decision maker derives utility not only from current consumption but also from “residual” consumption (...) in the previous moment of time. Second, these utilities are discounted with weights that are essentially a quasi-hyperbolic discounting function. The paper presents an application of the proposed model to the problem of optimal consumption and savings given a fixed income (wealth). When a decision maker derives satisfaction from both instantaneous consumption as well as a share of consumption in the previous moment of time, optimal consumption path is cyclic—periods of relatively high consumption are interchanged with periods of relatively low consumption. These cycles decay over time. Asymptotically, the consumption path exhibits conventional properties (constant, increasing or decreasing over time when a gross interest rate multiplied by discount factor is correspondingly equal to, greater than, or less than one). (shrink)

Eighty one years on, the Russian Revolution remains an event of unique significance for socialists, Marxists and historical materialists. It is the only occasion to date of which it can plausibly be claimed that the working class itself overthrew the capitalist state, established its own power and maintained it on a national scale for a significant period of time. Discount the Russian Revolution and we are left only with heroic but local and short-lived attempts and near-misses such as the (...) Paris Commune, the Hungarian Revolution of 1919, the Munich Soviet and Barcelona 1936, or the long list of seizures of power, usually by armed forces of one sort or another, in the name of the working class or Marxism. (shrink)

This paper argues that in order to understand West Indian economic underdevelopment, the saliency of the informal institutions that emerged during its colonial period and the effect these institutions have had on the emergence of a local entrepreneurial class can not be discounted. British colonial occupation, I contend, gave rise to two persistent informal institutions that have affected development: a belief in the ability and responsibility of government to direct the economy and pessimism regarding the possibility of entrepreneurial (...) success. Relying on Schumpeter’s discussion of the importance of entrepreneurs to economic development and North’s work on informal institutions, I examine how the poverty of entrepreneurs in the region and the cultures of corruption, privilege and intervention that evolved as a result of the region’s colonial experiences have hampered past efforts at development.Cet article soutient qu’afin de comprendre le sous-développement économique des Caraïbes, il est important de ne pas négliger la prédominance des institutions informelles qui ont émergé durant la période coloniale et l’influence que ces institutions ont eue sur l’émergence d’une classe entrepreneuriale locale. L’occupation coloniale britannique, selon l’auteur, a donné naissance à deux institutions informelles persistantes qui ont affecté le développement : une conviction dans la capacité et la responsabilité du gouvernement à diriger l’économie et un pessimisme vis-à-vis de la possibilité de succès entrepreneuriaux. En se fondant sur la théorie Schumpeterienne sur le rôle de l’entrepreneur dans le développement économique et sur les travaux de North concernant les institutions informelles, l’auteur examine comment la rareté des entrepreneurs dans la région et la corruption, les privilèges et les interventions qui ont évolué en résultat des expériences coloniales de la région, ont entravé les efforts de développement dans le passé. (shrink)

I critically examine Stewart’s suggestion that we should weigh the various predictions Mendeleev made differently. I argue that in his effort to justify discounting the weight of some of Mendeleev’s failures, Stewart invokes a principle that will, in turn, reduce the weight of some of the successful predictions Mendeleev made. So Stewart’s strategy will not necessarily lead to a net gain in Mendeleev’s favor.

This collection of essays argues that any valid theory of the modern should—indeed must—reckon with the medieval. Offering a much-needed correction to theorists such as Hans Blumenberg, who in his _Legitimacy of the Modern Age_ describes the “modern age” as a complete departure from the Middle Ages, these essays forcefully show that thinkers from Adorno to Žižek have repeatedly drawn from medieval sources to theorize modernity. To forget the medieval, or to discount its continued effect on contemporary thought, is to (...) neglect the responsibilities of periodization. In _The Legitimacy of the Middle Ages_, modernists and medievalists, as well as scholars specializing in eighteenth-, nineteenth-, and twentieth-century comparative literature, offer a new history of theory and philosophy through essays on secularization and periodization, Marx’s theory of commodity fetishism, Heidegger’s scholasticism, and Adorno’s nominalist aesthetics. One essay illustrates the workings of medieval mysticism in the writing of Freud’s most famous patient, Daniel Paul Schreber, author of _Memoirs of My Nervous Illness_. Another looks at Michael Hardt and Antonio Negri’s _Empire_, a theoretical synthesis whose conscientious medievalism was the subject of much polemic in the post-9/11 era, a time in which premodernity itself was perceived as a threat to western values. The collection concludes with an afterword by Fredric Jameson, a theorist of postmodernism who has engaged with the medieval throughout his career. _Contributors_: Charles D. Blanton, Andrew Cole, Kathleen Davis, Michael Hardt, Bruce Holsinger, Fredric Jameson, Ethan Knapp, Erin Labbie, Jed Rasula, D. Vance Smith, Michael Uebel. (shrink)

The main thesis of this book is that Wittgenstein’s early philosophy is an exemplification of Newtonian physics, whereas the later philosophy exemplifies contemporary, relativistic physics. The reader may recall Wittgenstein’s insistence, during both major periods of his thought, upon the separation of philosophy from science. However, Bolton’s unstated premise is that Wittgenstein’s thought was unconsciously determined by two different conceptions of physics. Whatever one may think of this, it leaves a question unanswered. Since both periods of Wittgenstein’s thought follow the (...) development of relativistic physics, why was he initially influenced by Newtonian physics or its expression in modern philosophy? Was this a contingent error of the youthful Wittgenstein, or an expression of historical inevitability? We find no discussion of this difficult problem in Bolton’s book. Instead, he claims, and to some extent shows, that Wittgenstein, in the Tractatus, crystallizes the axioms of modern philosophy, which is essentially Newtonian. At the historical level, this thesis is either wrong or uninformative. It is wrong because not all of modern philosophy can be explained on the basis of the peculiarities of modern or Newtonian physics. It is uninformative because to the extent that all modern philosophers took Newtonian physics for granted, the latter cannot account for the sharp differences between, say, John Locke and Hegel. Nevertheless, Bolton provides interesting and plausible reasons for regarding the Tractatus as an expression of that aspect of modern philosophy which may profitably be called "Newtonian." He fails to convince at least one reader that the repudiation of the Tractatus is a repudiation of modern philosophy for anyone other than Wittgenstein and his followers. On the other hand, once we discount, or even disregard, Bolton’s historical thesis, the more traditional virtues of his book come sharply into focus. Having recently reviewed the 686 page commentary by Baker and Hacker on the first third of the Investigations, as well as Wright’s 481 page essay on Wittgenstein’s philosophy of mathematics, the author of this note is in a good position to appreciate the economy and lucidity of Bolton’s summary analysis of the main points in the Tractatus. As an example of my disagreement with Bolton’s interpretation, I begin with a brief citation from p. 86. (shrink)

Rood’s intention is two-fold: to expose the strategic intention and design of the Soviet Union, and to show how "the dangerous inclination democratic peoples have of discounting the likelihood of war" has rendered the West blind to the danger posed by Soviet strategy. The first part of the book chronicles the at first clandestine and then, under Hitler, public rearmament of Germany in violation of the Treaty of Versailles. In support of Churchill’s claim that the Second World War was an (...) unnecessary war, Rood shows, through contemporaneous documentation, the surprising extent to which German political and military activities between the wars were known to the British government. The great failure of British leadership in that period was therefore not one of intelligence; the facts were available. Rather, it was one of interpretation, a failure to see German activity for what it was—preparation for war. (shrink)

The first question to ask of this diplomatic edition is why bother? Why attempt to provide an exact print reproduction of a handwritten antecedent of the Introduction to Berkeley’s A Treatise Concerning the Principles of Human Knowledge? And why divide the book into Editor’s Introduction, Editor’s Commentary, Text, and Critical Apparatus? The answer makes one appreciate Belfrage’s labors. T. E. Jessop, the editor of the standard edition of MI, as I shall call the material from a notebook in the library (...) of Trinity College, Dublin, made several major editing errors. Belfrage’s painstaking approach avoids them by separating editing from interpreting. Some examples. First, Jessop entitled MI “First Draft of the Introduction to the Principles,” whereas Belfrage provides physical evidence that it began as a draft prepared for a printer and therefore was probably not the first draft of the Introduction. Second, Jessop numbered the sections of MI on the basis of his interpretation of how they related to the sections of the printed text of the first edition. By making at least one glaring mistake, he demonstrated why one should employ a neutral numbering system as Belfrage does. Third, he printed only the earliest statum of a stratefied document. This approach makes it easier for the reader, but suggests linearity where none exists, makes the printed text problematic for scholars interested in dating stages of Berkeley’s thought, and prevents one from seeing how the author worked his way to the text that was finally published. To make matters worse, Jessop incorporated into the sections dates from the margin that probably were added after the original version of the draft was written, thereby suggesting an incorrect composition period for the text he presents. In his Editor’s Introduction, Belfrage presents a carefully organized argument concerning the compositional history of MI; even better, he presents the text so that the reader, too, can assess the evidence. One final error, not an editing error, but what perhaps led to them, is worth noting. Jessop wrongly encouraged reader’s to discount MI’s importance; he remarked in his Editor’s Introduction that “Compared with the printed Introduction, the draft neither adds nor omits anything of substance.” The vague expression “anything of substance” makes refuting his claim difficult, but at the very least it is extremely misleading. One need not accept Belfrage’s overall interpretation of how MI relates to the printed text to realize he has provided powerful arguments against Jessop’s view. Belfrage’s interpretation, too complex to be adequately summarized here and, indeed, too complex to be fully presented in the Editor’s Commentary, is, roughly, that Berkeley’s views on language, knowledge, and representation changed dramatically from when he first wrote MI to when he quit correcting it. In defending this historical thesis Belfrage develops a number of distinctions regarding Berkeleian doctrines which are philosophically important whether or not his defence fully succeeds. Consequently, anyone who wishes to understand the doctrines developed in the printed Introduction will have to take into account Belfrage’s interpretation of how it relates to MI. What this means is that we are doubly in his debt. Not only has he provided us with a carefully edited version of MI, one which every research library should include, he has also deepened our understanding of Berkeley’s philosophy. (shrink)

The re-issue of Professor Cobban’s book on Edmund Burke is a cannonade in the war of skirmishes which still goes on between the disciples of the late Sir Lewis Namier and his critics. One of the casualties in the fighting was Edmund Burke, who had the misfortune to have lived, as a man of ideas, during a period in which Namier claimed that political ideas were at a discount. Burke’s political philosophy was written oft as the rationalising of a (...) party hack who thought that earth had not created anything more fair than the Marquess of Rockingham. However, he has found numerous defenders, among them Professor Cobban, well known as a critic of Namier. His book dates from 1929, a year before the publication of The Structure of Politics at the Accession of George III, and its second edition appears a year or so later than the second edition of Namier’s masterpiece. It is a useful, competent introduction to the main ideas of Burke and those of Wordsworth, Coleridge and the Lake School of Poets. It suffers however by comparison with Namier, with Halevy’s book upon Burke’s ‘rival’, Jeremy Bentham, and more pertinently with Professor Cobban’s mature writing, such as In Search of Humanity or his contributions to the Cambridge Modern History. It also looks dated, when the onward march of Burkiana, notably the Burke correspondence, is taken into consideration. The book has great merit, however. It takes Burke seriously as a political thinker, and this is all to the good but, like Burke himself, it is vague where precision is called for. A good book on Burke is badly needed. It is a pity that Professor Cobban was unable to fill the gap by rewriting this work. (shrink)

Discounting future costs and benefits is often defended on the ground that our descendants will be richer. Simply to treat the future as better off, however, is to commit an ecological fallacy. Even if our descendants are better off when we average across climate change scenarios, this cannot justify discounting costs and benefits in possible states of the world in which they are not. Giving due weight to catastrophe scenarios requires energetic action against climate change.

ABSTRACTCurrent evolutionary models of revenge focus on its complex deterrent functions. Nevertheless, there are some retaliatory behaviors in nonhuman animals that do not appear to have a deterren...

Introduction -- Running away from revenge -- Just deserts -- The emotions of revenge -- The science of mad -- Why we punish? -- Other cultures and revenge -- When self-help is permissible -- Release revenge.

Does the moral quality of someone’s past treatment of us, or of other people, change how we are morally permitted or required to treat them? Many philosophers think so. They argue, for instance, that someone’s supererogatory or impermissible behaviour can permit or require certain positive or negative attitudinal responses, such as gratitude or resentment. They also argue that someone’s impermissible behaviour can justify harming the person, either defensively or punitively, and that someone who is imperilled as a result of impermissible (...) behaviour might have a weaker claim to be aided than those who are innocently imperilled. This thesis has two aims. The first is to extend the scope of the idea that we can be morally required to have certain positive or negative attitudinal responses to someone’s supererogatory or impermissible behaviour; the second is to explore novel ways in which our required responses to such behaviour, or our failures to have these responses, can change what others owe to us when aiding. Papers 1-3 advance the first aim; papers 4-6 advance the second aim. In pursuing the two aims, the thesis brings together two philosophical domains that are not normally considered in conjunction: the philosophy of attitudes and deontological ethics. (shrink)