Interest in corporate social responsibility (CSR) is gaining momentum in academic and managerial circles. However, prior work in the area has paid little attention to how CSR initiatives should be implemented inside the organization. Against this backdrop, this study examines the impact of CSR initiatives on an important stakeholder group—employees. We build and test a comprehensive multilevel framework that focuses on whether employees derive job satisfaction from CSR programs. The proposed model predicts that a manager’s charismatic leadership influences employees’ interpretations (...) about the motives underlying their companies’ engagement in CSR initiatives (intrinsic and extrinsic CSR-induced attributions) which, in turn, influence employee job satisfaction. Hierarchical linear modeling of data from 47 organizational units comprising 438 employees from three world-leading manufacturing organizations shows that when employees think that their manager possesses charismatic leadership qualities, they tend to attribute the organization’s motives for engaging in CSR activities to intrinsic values, which, in turn, are positively associated with job satisfaction. Also, the extent to which managers are perceived as charismatic leaders relates positively to job satisfaction. Interestingly, CSR-induced extrinsic attributions are neither explained by charismatic leadership nor do they predict job satisfaction. Implications for both theory and practice are discussed. (shrink)

The architectural study of four multi-purpose rooms in the Quartier du Théâtre at Delos This article comprises the architectural study of four rooms of commercial purpose in the Quartier du Théâtre at Delos. These rooms are characteristic examples of a large category of commercial establishments, and their good state of conservation permits examining part of their fittings. It is in particular a question of the mezzanine and of the shop-front, which often includes a large bay and a second door accessing (...) a staircase leading to the upper storey. These elements are found in other rooms of this type at Delos, constituting one of the criteria for their identification, and enable a better understanding of their function. (shrink)

Possible-world semantics are provided for Parikh’s relevance-sensitive model for belief revision. Having Grove’s system-of-spheres construction as a base, we consider additional constraints on measuring distance between possible worlds, and we prove that, in the presence of the AGM postulates, these constraints characterize precisely Parikh’s axiom (P). These additional constraints essentially generalize a criterion of similarity that predates axiom (P) and was originally introduced in the context of Reasoning about Action. A by-product of our study is the identification of two possible (...) readings of Parikh’s axiom (P), which we call the strong and the weak versions of the axiom. An interesting feature of the strong version is that, unlike classical AGM belief revision, it makes associations between the revision policies of different theories. (shrink)

Publication date: 16 April 2018 Source: Author: Svitlana Serdiuk, Dmytro Volkov This article highlights the results of the research on psychological features of eschatological expectations of young people with different levels of creative thinking. Our study shows that 26 % of respondents believe that the End of the World will not arrive. Twenty-four per cent of respondents are skeptical about the likelihood of the Apocalypse, but they admit its possibility. Thirty-seven per cent of respondents believe that the End of Time (...) will not come soon and the remaining 13% expect the Apocalypse very soon. Some respondents indicate that growth in the rate of prophecies connected with the End of the World in recent years suggests that humanity itself seeks it, while 9 % of respondents state the religious point of view in their works. Also 9 % of respondents believe that there will be no destruction of civilization or destruction of the planet but there will be a mental transition to another level of being. The existence of correlation between creative thinking and eschatological expectations was also empirically established in our study, especially in the group of respondents with a high level of verbal creativity. There is no correlation between the index of non-verbal creativity, personal religiosity and eschatological expectations in the sample. These results confirm that our study is relevant and offers great prospects for further scientific research. (shrink)

У статті досліджуються проблеми фінансування енергоефективного будівництва. Автором проаналізовано останні тенденції банківського кредитування в Україні. Розглядається питання відмінностей між звичайним та енергоефективним будівництвом з точки зору інвестиційної привабливості. Висвітлено підходи до визначення енергоефективності. Наводяться економічні переваги та недоліки спорудження та експлуатації енергоефективних будинків, сучасні макроекономічні фактори та тенденції, що впливають на аналізоване явище.

The present paper proposes a new reading of one of the most obscure passages of De Architectura; in I, 1,3 Vitruvius claims that in architecture there is always a signifier and a signified, but his approach differs from Quintilian’s as presented in the latter’s Institutio Oratoria. Vitruvius’ is closer to Chrysippus approach, but he fails to mention the third constituent, the tynchanon. This omission is probably due to the fact that Vitruvius speaks of designs rather, than of existing buildings. What (...) can successfully signify a proposed building is, according to my reading, the design and erection of a building that is easily recognized by the public as realizing the intentions of the community to erect the proposed building. Such successful signification constitutes the ultimate criterion for good architecture. (shrink)

Henri Bergsono gyvybės kilmės hipotezė vengia pateikti šios problemos sprendimą, visgi filosofas pateikia keletą pasiūlymų. Nuodugnus jo tekstų skaitymas netiesiogiai atskleidžia prielaidą, kad gyvybė žemėje atsirado vykstant natūraliems procesams. Šiame straipsnyje nagrinėjama élan (polėkio) sąvoka bei akcentuojama šios filosofinės sąvokos evoliucija Bergsono mintyje. Élan argumentuotai atskiriamas nuo jo nuolatinio palydovo vital (gyvybiškasis), kadangi siekiama pabrėžti jo nedvasinį aspektą, kuris taikomas tam, ką Bergsonas apibūdino kaip „fiziologinę gyvybę“. Noriu pabrėžti, kad élan turi savo istoriją ir kad neabejotinai buvo akimirka, kuomet élan (...) prasidėjo. Galiausiai argumentacija perkeliama nuo élan istorijos ir kilmės prie gyvybės istorijos ir kilmės. (shrink)

Many political and legal philosophers compare the EU to a federal union and believe its basic laws should be subject to the standards of constitutional law, and thus find it lacking or incomplete. This book proposes a rival theory: that the substance of EU law is not constitutional, but international, and provides a close examination of the treaties and the precedents of the European courts to explore this concept further. -/- Just like international law, EU law applies primarily to the (...) relations between member states, who have democratically chosen to adapt their constitutional arrangements in order to share legislative and executive powers with their partners. The legal architecture of the European Union is thus best understood under a theory of dualism and not pluralism. -/- According to this 'internationalist' view, EU law is part of the law of nations and its distinction from domestic law is a matter of substance, not form. This arrangement is supported by a cosmopolitan theory of international justice, which we may call progressive internationalism. The EU is a union of democratic peoples, freely organizing their interdependence on the basis of principles of equality and reciprocity. Its central principles are not the principles of a constitution, but cosmopolitan principles of accountability, liberty, and fairness. -/- Presenting an 'internationalist' reading, this book proposes that the EU is a creation of the law of nations, and argues for a dualist account of its legal architecture, with EU law and domestic law allocated different institutional roles. (shrink)

How can there be rights in law? We learn from moral philosophy that rights protect persons in a special way because they have peremptory force. But how can this aspect of practical reason be captured by the law? For many leading legal philosophers the legal order is constructed on the foundations of factual sources and with materials provided by technical argument. For this 'legal positivist' school of jurisprudence, the law endorses rights by some official act suitably communicated. But how can (...) any such legal enactment recreate the proper force of rights? Rights take their meaning and importance from moral reflection, which only expresses itself in practical reasoning. This puzzle about rights invites a reconsideration of the nature and methods of legal doctrine and of jurisprudence itself. Legal Rights argues that the theory of law and legal concepts is a project of moral and political philosophy, the best account of which is to be found in the social contract tradition. It outlines an argument according to which legal rights can be justified before equal citizens under the constraints of public reason. The place of rights in law is explained by the unique position of law as an essential component of the civil condition and a necessary condition for freedom.

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Despite the undeniable epistemic progress of developmental biology from the second half of the twentieth century to the present day, there still is widespread disagreement on defining the biological term of ‘development’. This scientific field epistemologically is neither unsuccessful nor immature, thus the persistent lack of agreement on its most central concept raises some important questions: is there any need for an explicit definition of biological development, and if so, what content should the definition have? My central thesis is twofold. (...) First, that current definitions of biological development are conceptually or empirically inadequate. Second, that an explicit definition of biological development is very much needed (a) for the practical purposes of science textbooks, but more importantly is needed (b) epistemically for exposing or overcoming problematic assumptions and for partially guiding scientific research by coding the appropriate assumptions. To support this thesis, initially I will show the deficiencies of the dominant definitions of biological development; and subsequently I will provide two arguments: an Argument from Practical Purposes and an Argument from Epistemic Purposes. Finally, for accommodating practical and epistemic purposes and as a response to the inadequacy of the available definitions of development, I will propose and defend an operational definition of biological development which is aimed to be broader than the received ones, while being more precise and fruitful to conduct empirical research. (shrink)

B a c k g r o u n d. The ordinary language philosophy should be considered as a set of different but interconnected research projects within the Anglo-American analytical philosophy of the first half and middle of the 20th century. A common factor for these studies is the application of the method of linguistic analysis of natural language expressions to solve many classical problems for philosophy. This method replaced the prevailing idealistic concepts, and was picked up and developed in (...) Great Britain by the works and scientific explorations of J. Moore and B. Russell. It is a generally accepted opinion that the sphere of interests of representatives of the ordinary language philosophy is divided between two poles, represented by the works of L. Wittgenstein and D. Austin. M e t h o d s. In the article, the author used the method of historical-philosophical reconstruction to clarify the role, place and genesis of the ordinary language philosophy as a dominant methodology within the Anglo-American analytical philosophy of the middle of the 20th century, general scientific methods of cognition: analysis, synthesis, generalization to clarify key ideas and concepts, which is the basis of the methodology of the ordinary language philosophy, as well as methods of systematization and comparison. R e s u l t s. The article clarifies the genesis of the main ideas and concepts of the philosophy of everyday language, as well as gives an example of the modern strategy of criticism of this methodological direction. The key postulates of the ordinary language philosophy age are clarified, namely: (i) the thesis that philosophical problems arise due to the incorrect use of language and must be solved by clarifying the meanings of words, (ii) philosophical analysis should not be based on the discovery of hidden logical forms of expression, and on the clarification of the necessary and sufficient conditions for the use of the expression, including the analysis of the situation of use, (iii) meaning as use, (iv) the philosophical analysis of the meaning should be carried out informally, taking into account the analysis of each specific case of the use of the expression, (v) criticism systematic theories of meaning. C o n c l u s i o n s. At the current stage of the development of analytical philosophy, there is a noticeable increase in attention to the achievements of the ordinary language philosophy. Among modern researchers and critics of this direction, the names of A. Baz, D. Nagel, S. Somes, and T. Williamson can be singled out. The presence of the interest of modern researchers indicates premature statements about the completion of the ordinary language philosophy. This concept should be rehabilitated, and its methodological apparatus should enrich the arsenal of scientific methods of modern analytical philosophers. (shrink)

Below, suggested thoughts were expressed by me when I just learned about an irreparable event - the departure from the earthly existence of pastor Peter Konstantinovich Martyanov. Since then, it's hard to imagine now, two years. Time spell is inexorable. But there is a higher flow of time. It is human honor and memory. The good deeds of man live uncountably for a long time as an embodiment of the memory of her. And a man lives as much as he (...) will remember about his good deeds. So - everyone chooses in his earthly existence his own way. The Path of eternal Remembrance of your own good deeds, or the unlucky darkness of your own evil deeds. Peter Konstantinovich always served God, and hence - people. Therefore, he will be remembered with respect and remembered by a good word and after leaving the earthly life. Therefore, on the deadline of September 7, the religious scholars of Ukraine, with whom he worked fruitfully to establish tolerance in interfaith relations in the Odessa region, was to be honored, to honor the light of the memory of the man who did so much for the establishment of Ukrainian unbiased religious studies, who was not afraid to be righteous and sincere then When it was not easy, who was not afraid, as Vasyl Stus once articulated, to be "self-fulfilling". (shrink)

This paper explores Pope Francis’ and the Holy See’s reaction to the war in Ukraine, and attempts to explain the logic behind it. After introducing the Holy See’s statements since the start of Russia’s aggression, the author reads them through the background of Catholic social teaching. In particular, he claims that the ambiguities of the Holy See’s position are due to the unresolved tension between the traditional just war approach and a tendency towards nonviolence. The latter has acquired prominence over (...) the last decades, in particular with Francis’ Fratelli Tutti. The author concludes that the war in Ukraine represents a pivotal moment in the Catholic Church’s thinking on war and peace. (shrink)

For decades, discrete choice modelling was practically dominated by only two models: multinomial probit and logit. This paper presents a novel alternative—harmonic choice model. It is qualitatively similar to multinomial probit and logit: if one choice alternative greatly exceeds all (falls below at least one of) other alternatives in terms of utility then it is chosen with probability close to one (zero). Compared to probit and logit, the new model has relatively flat tails and it is steeper in the neighborhood (...) of zero (when all alternatives yield the same utility and the decision maker chooses among them at random). (shrink)

This book offers a new account of Aristotle's practical philosophy. Pavlos Kontos argues that Aristotle does not restrict practical reason to its action-guiding and motivational role; rather, practical reason remains practical in the full sense of the term even when its exercise does not immediately concern the guidance of our present actions. To elucidate why this wider scope of practical reason is important, Kontos brings into the foreground five protagonists that have long been overlooked: spectators or judges who make non-motivational (...) judgments about practical matters that do not interact with their present deliberations and actions; legislators who exercise practical reason to establish constitutions and laws; hopes as an active engagement with moral luck and its impact on our individual lives; prayers as legislators' way to deal with the moral luck hovering around the birth of constitutions and the prospect of a utopia; and people who are outsiders or marginal cases of the responsibility community because they are totally deprived of practical reason. Building on a wide range of interpretations of Aristotle's practical philosophy, Kontos offers new insights about Aristotle's philosophical contribution to the current debates about radical evil, moral luck, hope, utopia, internalism and externalism, and the philosophy of law. Aristotle on the Scope of Practical Reason will appeal to researchers and advanced students interested in Aristotle's ethics, ancient philosophy, and the history of practical philosophy. (shrink)

Z︠H︡yz︠h︡ekiansʹki uroky -- Teoretychne -- Rizne -- Dialoh.

Empirical research often requires a method how to convert a deterministic economic theory into an econometric model. A popular method is to add a random error term on the utility scale. This method, however, ignores stochastic dominance. A modification of this method is proposed to account for stochastic dominance. The modified model compares favorably to other existing models in terms of goodness of fit to experimental data. The modified model can rationalize the preference reversal phenomenon. An intuitive axiomatic characterization of (...) the modified model is provided. Important microeconomic concept of risk aversion is well defined in the modified model. (shrink)

In binary choice between discrete outcome lotteries, an individual may prefer lottery L1 to lottery L2 when the probability that L1 delivers a better outcome than L2 is higher than the probability that L2 delivers a better outcome than L1. Such a preference can be rationalized by three standard axioms (solvability, convexity and symmetry) and one less standard axiom (a fanning-in). A preference for the most probable winner can be represented by a skew-symmetric bilinear utility function. Such a utility function (...) has the structure of a regret theory when lottery outcomes are perceived as ordinal and the assumption of regret aversion is replaced with a preference for a win. The empirical evidence supporting the proposed system of axioms is discussed. (shrink)

How is it possible that the idea of sovereignty still features in legal and political philosophy? Most contemporary political philosophers have little use for the idea of ‘unlimited’ or ‘absolute’ power, which is how sovereignty is normally defined. A closer look at sovereignty identifies two possible accounts: sovereignty as the fact of power or sovereignty as a title to govern. The first option, which was pursued by John Austin’s command theory of law, leads to an unfamiliar view of law and (...) the state, which was justly criticised by H. L. A. Hart. The second option, leads to a paradox, because under this view sovereignty is both limited and unlimited. Hence, this argument shows that law and sovereignty are actually incompatible. Where there is law there is no sovereignty, and where there is sovereignty there is no law. (shrink)

On December 5, 1963, at the end of the second session of the Second Vatican Council, a "Decree on means of public notice" was signed together with the Constitution on the Holy Liturgy. This was the first of the nine decrees issued by the Council, which expressed the views of the entire Ecumenical Church, which represented at the Council more than 2500 bishops, experts and theologians who participated in the General Assembly. Almost half of the Fathers of the Council were (...) pastors of European dioceses. There were also 379 African bishops, 300 bishops from Asia and almost a thousand from the United States at the Council. All of them - the heirs of the College of the Apostles - saw humanity entering into a new phase of dialogue through the media, and wanted to answer the question of whether the Church could use them for their development and proclamation of the Gospel. (shrink)

Elicitation methods in decision-making under risk allow us to infer the utilities of outcomes as well as the probability weights from the observed preferences of an individual. An optimally efficient elicitation method is proposed, which takes the inevitable distortion of preferences by random errors into account and minimizes the effect of such errors on the inferred utility and probability weighting functions. Under mild assumptions, the optimally efficient method for eliciting utilities and probability weights is the following three-stage procedure. First, a (...) probability is elicited whose subjective weight is one half. Second, the utility function is elicited through the midpoint chaining certainty equivalent method using the probability elicited at the first stage. Finally, the probability weighting function is elicited through the probability equivalent method. (shrink)

Do we have a legal and moral right to health care against others? There are international conventions and institutions that say emphatically yes, and they summarize this in the expression of “the right to health,” which is an established part of the international human rights canon. The International Covenant on Social and Economic Rights outlines this as “the right of everyone to the enjoyment of the highest attainable standard of physical and mental health,” but declarations such as this remain tragically (...) unfulfilled. According to recent figures, roughly two billion people lack access to essential drugs or to primary health care. Millions are afflicted by infections and illnesses that are easily avoidable or treatable. In the developing world many children die or grow stunted and damaged for lack of available treatments. Tropical diseases receive little or no attention by the major pharmaceutical companies’ research departments. Is this a massive violation of the right to health? And if so, why does it attract so little attention? Is it because our supposed commitment to human rights and the rule of law is hypocritical and hollow? Or is it because the right to health is a special case of a right, so that these tragedies are no violation at all? Jennifer Prah Ruger summarized this puzzle when she wrote: “one would be hard pressed to find a more controversial or nebulous human right than the right to health.” In this essay I discuss three different theories of a right to health care. I conclude by offering my own reconstruction of one such theory. (shrink)

Professor Walen’s book rejects the familiar argument of “double effect,” namely the doctrine that an action that knowingly causes the death of another person cannot be justified merely by its good consequences but only by its good intentions. Professor Walen offers a rival argument. He proposes that we rethink the killing of non-combatants in war on the basis of a theory of “the mechanics of claims” so that the intentional killing of civilians may be occasionally permissible. Such targeting of civilians (...) may be justified, according to the book’s argument, by the aim of eliminating the threat that these civilians may pose—innocently or not—to other persons. In these circumstances, it will not only be permissible, but it would also be a matter of right to kill civilians, which would be derived from a balancing of “claims.” The argument is impressively made but is ultimately unconvincing. All the decisive questions appear to be matters of a balance of “goodness.” The “mechanics of claims” organizes a structure of welfare values that ultimately work as a proxy for act-utilitarianism. As a result, the argument is open to well-known objections regarding justice and the separateness of persons. (shrink)

Standard axioms of additively separable utility for choice over time and classic axioms of expected utility theory for choice under risk yield a generalized expected additively separable utility representation of risk-time preferences over probability distributions over sure streams of intertemporal outcomes. A dual approach is to use the analogues of the same axioms in a reversed order to obtain a generalized additively separable expected utility representation of time–risk preferences over intertemporal streams of probability distributions over sure outcomes. The paper proposes (...) an additional axiom, which is called risk-time reversal, for obtaining a special case of the two representations—expected discounted utility. The axiom of risk-time reversal postulates that if a risky lottery over streams of sure intertemporal outcomes and an intertemporal stream of risky lotteries yield the same probability distribution of possible outcomes in every point in time then a decision-maker is indifferent between the two. This axiom is similar to assumption 2 “reversal of order in compound lotteries” in Anscombe and Aumann :199–205, 1963, p. 201). (shrink)

The doctrine of parliamentary sovereignty of the United Kingdom parliament is often presented as a unique legal arrangement, one without parallel in comparative constitutional law. By giving unconditional power to the Westminster parliament, it appears to rule out any comparison between the Westminster Parliament and the United States Congress or the German Bundestag, whose powers are limited by their respective constitutions. Parliament in the UK appears to determine the law unconditionally and without limit. Nevertheless, a fuller understanding of parliamentary sovereignty (...) as a legal and constitutional doctrine shows that this first impression is false. The nature of the British unwritten constitutional order is entirely similar to the written one prevailing in the United States or Germany. This is because the doctrine of parliamentary sovereignty, contrary to Dicey’s classic view, does not consist in a single dominant idea but in a number of related and mutually supporting principles that constitute higher law. The way in which these principles interact is parallel to the interaction of the main clauses of the United States Constitution or the German Basic Law. This analysis shows that the constitution, written or unwritten, never requires a ‘pouvoir constituent’. The constitution emerges from the law as the result of moral and political principles that breathe life into our public institutions. (shrink)

How can legal orders coexist? Contemporary lawyers and philosophers frequently accept that a legal system operates under its own terms and is shaped by its own participants. Any problems posed by the plurality of legal orders in the world are to be dealt with by each legal order separately. So persons that are caught in transnational disputes because they are subject to two or more jurisdictions, have recourse to private international law, which is always part of domestic law, i.e. the (...) law where the case happens to arise. But this analysis does not capture international law. This is, or appears to be, a distinct legal order that is certainly not the law of a distinct nation or a people but aspires to cover the whole of the world and – perhaps surprisingly – does seem to meet many of the ordinary criteria of a legal order. This review essay discusses two recent attempts at accommodating international law, Regulating Jurisdictional Relations Between National and International Courts, by Yuval Shany and A Theory of Interpretation of the European Convention of Human Rights, by George Letsas. In their own ways both books outline a ‘substantive’ theory of international law, which is to be welcomed. (shrink)

Aristotle's notion of evil is highly elaborate and attractive, yet has been largely overlooked by philosophers. While most recent studies of evil focus on modern understandings of the concept, this volume shows that Aristotle's theory is an invaluable resource for our contemporary understanding of it. Twelve leading scholars reconstruct the account of evil latent in Aristotle's metaphysics, biology, psychology, ethics, and politics, and detect Aristotelian patterns of thought that operate at certain landmark moments in the history of philosophy from ancient (...) thought to modern day debates. The book pays particular attention to Aristotle's understanding of 'radical evil', an important and much disputed topic. Original and systematic, this study is the first to provide a full exploration of evil in Aristotle's work, shedding light on its content, potential, and influence. The volume will appeal to scholars of ancient Greek philosophy as well as to moral philosophers and to historians of philosophy. (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 paper presents a new decision theory for modelling choice under risk. The new theory is a two-parameter generalization of expected utility theory. The proposed theory assumes that a decision maker: behaves as if maximizing expected utility; but may experience disappointment when the utility of a lottery’s outcome falls short of the expected utility of the lottery; and may have a preference for gambling. The proposed theory can rationalize the fourfold pattern of risk attitudes; the common ratio effect and the (...) reverse thereof ; the Allais paradox in classical common consequence problems and the reverse Allais paradox—in common consequence problems with an even split of a probability mass; violations of the betweenness axiom; switching behavior in the Samuelson’s example; violations of ordinal, upper and lower cumulative independence ; and preference reversals between valuations and choice. In application to insurance, the theory can rationalize full insurance with an actuarially unfair premium and aversion to probabilistic insurance. In application to optimal portfolio investment, the theory can rationalize the equity premium puzzle. (shrink)

Prospect theory emerged as one of the leading descriptive decision theories that can rationalize a large body of behavioral regularities. The methods for eliciting prospect theory parameters, such as its value function and probability weighting, are invaluable tools in decision analysis. This paper presents a new simple method for eliciting prospect theory’s value function without any auxiliary/simplifying parametric assumptions. The method is applicable both to choice under ambiguity (Knightian uncertainty) and risk (when events are characterized by objective probabilities). Our new (...) elicitation method is implemented in a simple paper-and-pencil experiment (via an iterative multiple price list format). This is one of the first experiments that elicits non-parametric prospect theory’s value function with salient rewards. The collected data generally confirm findings in the existing literature: the value function is S-shaped (concave in the gain domain and convex in the loss domain) though there is a weaker loss aversion on the aggregate level and a substantial heterogeneity in loss aversion on the individual level (41% loss averse, 6% loss neutral and 53% gain seeking). (shrink)

Risk preferences of Australian academics are elicited by analyzing the aggregate distribution of their retirement funds across available investment options. Not more than 10 % of retirement funds are invested as if their owners maximize expected utility under the assumption of constant relative risk aversion with an empirically plausible level of risk aversion. An implausibly high level of risk aversion is required to rationalize any investment into bonds when stocks are available. Not more than 36.54 % of all investments can (...) be rationalized by a model of loss averse preferences. Moreover, the levels of loss aversion typically reported in the experimental studies imply overinvestment in bonds, which is not observed in the data. Up to 67.18 % of all investments can be rationalized by rank-dependent utility or Yaari’s dual model with empirically plausible parameters. A median Australian academic behaves as if maximizing rank-dependent utility with parameter γ∈[0.76,0.79]\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$\gamma \in [0.76, 0.79]$$\end{document} in a Tversky and Kahneman probability weighting function. (shrink)