In this paper, we consider the composition of an optimal portfolio made of two dependent risky assets. The investor is first assumed to be a risk-averse expected utility maximizer, and we recover the existing conditions under which all these investors hold at least some percentage of their portfolio in one of the assets. Then, we assume that the decision maker is not only risk-averse, but also prudent and we obtain new minimum demand conditions as well as intuitively appealing interpretations for (...) them. Finally, we consider the general case of investor’s preferences exhibiting risk apportionment of any order and we derive the corresponding minimum demand conditions. As a byproduct, we obtain conditions such that an investor holds either a positive quantity of one of the assets or a proportion greater than 50 %. (shrink)

This paper weakens the expectation dependence concept due to Wright and its higher-order extensions proposed by Li to conform with the preferences generating the almost stochastic dominance rules introduced in Leshno and Levy. A new dependence concept, called excess dependence is introduced and studied in addition to expectation dependence. This new concept coincides with expectation dependence at first-degree but provides distinct higher-order extensions. Three applications, to portfolio diversification, to the determination of the sign of the equity premium in the consumption-based (...) CAPM, and to optimal investment in the presence of a background risk, illustrate the usefulness of the approach proposed in the present paper. (shrink)

The existing literature on savings, insurance, and portfolio choices under risk has revealed that quite often comparative statics results depend, among other things, upon the values of the coefficients of relative risk aversion and relative prudence. More specifically the benchmark values for these coefficients are, respectively, one and two. Recently, several papers investigated constraints on the higher degree extensions of the coefficients of relative risk aversion and of relative prudence. The present work provides a unified approach to this question based (...) on the concept of elementary correlation increasing transformations, allowing for a better understanding of changes in risk in the multiplicative case. (shrink)

The present note first discusses the concept of s-convex pain functions in decision theory. Then, the economic behavior of an agent with such a pain function is represented through the comparison of some recursive lotteries.

Fishburn and Vickson showed that, when applied to random alternatives with an equal mean, 3rd-degree and decreasing absolute risk aversion stochastic dominances represent equivalent rules. The present paper generalizes this result to higher degrees. Specifically, higher-degree stochastic dominance rules and common preference by all decision makers with decreasing higher-order absolute risk aversion are shown to coincide under appropriate constraints on the respective moments of the random variables to be compared.

Michel Foucault has become famous for a series of books that have permanently altered our understanding of many institutions of Western society. He analyzed mental institutions in the remarkable Madness and Civilization; hospitals in The Birth of the Clinic; prisons in Discipline and Punish; and schools and families in The History of Sexuality. But the general reader as well as the specialist is apt to miss the consistent purposes that lay behind these difficult individual studies, thus losing sight of (...) the broad social vision and political aims that unified them. Now, in this superb set of essays and interviews, Foucault has provided a much-needed guide to Foucault. These pieces, ranging over the entire spectrum of his concerns, enabled Foucault, in his most intimate and accessible voice, to interpret the conclusions of his research in each area and to demonstrate the contribution of each to the magnificent -- and terrifying -- portrait of society that he was patiently compiling. For, as Foucault shows, what he was always describing was the nature of power in society; not the conventional treatment of power that concentrates on powerful individuals and repressive institutions, but the much more pervasive and insidious mechanisms by which power "reaches into the very grain of individuals, touches their bodies and inserts itself into their actions and attitudes, their discourses, learning processes and everyday lives" Foucault's investigations of prisons, schools, barracks, hospitals, factories, cities, lodgings, families, and other organized forms of social life are each a segment of one of the most astonishing intellectual enterprises of all time -- and, as this book proves, one which possesses profound implications for understanding the social control of our bodies and our minds. (shrink)

Ce livre de Michel Freitag interpelle "tous ceux qui s'interrogent sur la place qu'ils tiennent ou le rôle qu'ils jouent dans l'aventure de l'Université contemporaine." (Georges Leroux, Spirale) Une des constantes des écrits contenus dans ce livre "réside dans la comparaison systématique que Michel Freitag établit entre les caractéristiques de la modernité et celles de la postmodernité et les conséquences de celle-ci sur le traitement des enjeux et des problèmes actuels." (Louis Guay, Anthropologie et société) "Dans une société (...) réduite au bavardage, à l'insignifiance, à la poursuite de petits bonheurs mesquins, le tout sous contrôle bureaucratique de plus en plus envahissant, une telle réflexion est devenue essentielle. Voici un livre de bonne foi qui n'attend que ses lecteurs, qu'on souhaite nombreux." (Robert Major, Voix et images). (shrink)

"An important contribution to contemporary jurisprudential debate and to legal thought more generally, Just Interpretations is far ahead of currently available work."--Peter Goodrich, author of Oedipus Lex "I was struck repeatedly by the clarity of expression throughout the book. Rosenfeld's description and criticism of the recent work of leading thinkers distinguishes his work within the legal theory genre. Furthermore, his own theory is quite original and provocative."--Aviam Soifer, author of Law and the Company We Keep.

This chapter presents the perceptual reality monitoring theory of consciousness (PRM). PRM is a higher-order theory of consciousness. It holds that consciousness involves monitoring the reliability of one’s own sensory signals. I explain how a perceptual reality monitoring mechanism computes the higher order representations that are crucial for consciousness. While PRM accounts for the difference between conscious and unconscious states, it does not explain, on its own, why experiences feel the way they do—the phenomenal character of experience. PRM is compatible (...) with multiple theories of phenomenal character. Here, I show how to combine it with ‘Mental Quality Space’ theory. I finish by presenting empirical evidence for PRM, as well as some of its predictions. (shrink)

A part of the “return to religion” now evident in European philosophy, this book represents the culmination of the career of a leading phenomenological thinker whose earlier works trace a trajectory from Marx through a genealogy of psychoanalysis that interprets Descartes’s “I think, I am” as “I feel myself thinking, I am.” In this book, Henry does not ask whether Christianity is “true” or “false.” Rather, what is in question here is what Christianity considers as truth, what kind of truth (...) it offers to people, what it endeavors to communicate to them, not as a theoretical and indifferent truth, but as the essential truth that by some mysterious affinity is suitable for them, to the point that it alone is capable of ensuring them salvation. In the process, Henry inevitably argues against the concept of truth that dominates modern thought and determines, in its multiple implications, the world in which we live. Henry argues that Christ undoes “the truth of the world,” that He is an access to the infinity of self-love, to a radical subjectivity that admits no outside, to the immanence of affective life found beyond the despair fatally attached to all objectifying thought. The Kingdom of God accomplishes itself in the here and now through the love of Christ in what Henry calls “the auto-affection of Life.” In this condition, he argues, all problems of lack, ambivalence, and false projection are resolved. (shrink)

1.1. The two postulates of special relativity and the tension between them. When Einstein first presented what came to be known as special relativity, he based the theory on two postulates or principles, called the “relativity postulate” or “relativity principle” and the “light postulate.” Both postulates are supported by a wealth of experimental evidence. The combination of the two, however, appears to lead to contradictions. To avoid such contradictions, Einstein argued, we need to change some of our fundamental ideas about (...) space and time. Einstein formulated the relativity postulate as follows: “The same laws of electrodynamics and optics will be valid for all frames of reference for which the equations of mechanics hold good” (Einstein 1905r, 891). Such frames of reference are called inertial frames and an observer at rest in one of them is called an inertial observer. A few examples will suffice to understand both the concept of an inertial frame and the meaning of the relativity postulate. First consider a plane which starts out sitting on the tarmac, proceeds to fly through clear skies, and eventually hits turbulence. All the while a passenger is nursing a cup of coffee. Sipping coffee without spilling is easy during the smooth portion of the flight. This is because the laws governing the behavior of the coffee in the frame of reference of the plane flying at constant velocity are the same as in the frame of reference of the airport.1 In fact, these same laws hold in any frame moving uniformly (i.e., with constant velocity) with respect to the frame of the airport. Drinking coffee without spilling when the plane ride gets bumpy is much harder. The laws for the coffee in noninertial frames, such as the frame of a plane encountering turbulence, are more complicated than in inertial frames. As a second example consider a cruise ship that sets out from its port of origin, sails smoothly on a calm sea, and eventually is caught in a storm. All the while two passengers engage in a drawn-out tennis match on the ship’s upper deck.. (shrink)

The two major options on which the current debate on the interpretation of quantum mechanics relies, namely realism and empiricism, are far from being exhaustive. There is at least one more position available, which is metaphysically as agnostic as empiricism, but which shares with realism a committment to considering the structure of theories as highly significant. The latter position has been named transcendentalism after Kant. In this paper, a generalized version of Kant's method is used. This yields a reasoning that (...) one is entitled to call a transcendental deduction of some major formal features of quantum mechanics. (shrink)

The works of the French essayist reflect his views of morality, society, and customs in the late sixteenth century.

Annoncé à grand fracas, le décryptage do génome humain devait nous révéler le secret ultime de la vie et ouvrir la voie à de nouvelles thérapies miracles. Espoirs déçus : à l'ère de la post-génomique, les secrets du vivant sont maintenant recherchés dans les théories de la complexité, dans la convergence des efforts des biologistes, des physiciens et des mathématiciens. Comment comprendre la signification de cette succession rapide d'objectifs apparemment différents, de cette alternance d'espoirs et de désillusions? Dans ce livre (...) novateur, Michel Morange propose une clé pour rendre compte de ces difficultés, et de beaucoup d'autres analogues touchant toutes les branches de la biologie. Les annonces sensationnelles reflètent l'espoir toujours déçu qu'une explication unique pourrait suffire. Or les faits biologiques - comme ceux relevant de bien d'autres disciplines scientifiques -ne peuvent être expliqués par un principe d'intelligibilité unique. Exemples à l'appui et de façon très pédagogique, Michel Morange montre pourquoi des explications différentes doivent être articulées pour décrire le fonctionnement des macromolécules aussi bien que l'évolution humaine ou le développement des cancers. Admettre une idée aussi simple n'est pas évident, car tout scientifique a été formé à privilégier un principe d'intelligibilité particulier. L'articulation entre explications différentes est pourtant indispensable pour le progrès des connaissances ; elle est aussi une exigence éthique ; elle est requise pour que la science conserve sa place dans nos sociétés. (shrink)

L'interprétation de la Critique de la raison pure, dans son édition de 1781, est ici ordonnée à l'étude des textes publiés par Kant auparavant, ainsi que des nombreux textes non publiés que nous possédons (Nachlass). Ces textes kantiens ne peuvent être interprétés que dans la perspective d'une histoire de la philosophie wolffienne et "post-wolffienne", qui doit elle-même être mise en relation avec la naissance de la science physique aux XVIIème et XVIIIème siècles. La formation et le développement du problème de (...) la causalité (physique et métaphysique) au XVIIIème siècle permettent de suivre la ligne directrice de cette histoire : formation du problème de la causalité, naissance de l'idée de philosophie transcendantale comme solution de ce problème, construction de la critique de la raison pure. (shrink)

This book’s basic argument is that the Freudian unconscious, far from constituting a radical break with the philosophy of consciousness, is merely the latest exemplar in a heritage of philosophical misunderstanding of the Cartesian cogito that interprets “I think, therefore I am” as “I represent myself, therefore I am” (in the classic interpretation of Heidegger, one of the targets of the book).

The first comprehensive reference resource on comparative constitutional law, the Oxford Handbook provides a road map to the field. Leading experts examine the history and development of the discipline, its core concepts, institutions, rights, and emerging trends.

t. 1. De la phénoménologie -- t. 2. De la subjectivité -- t. 3. de l'art et du politique -- t. 4. Sur léthique et la religion.

In 1907, Einstein set out to fully relativize all motion, no matter whether uniform or accelerated. After five failed attempts between 1907 and 1918, he finally threw in the towel around 1920, setting himself a new goal. For the rest of his life he searched for a classical field theory unifying gravity and electromagnetism. As he struggled to relativize motion, Einstein had to readjust both his approach and his objectives at almost every step along the way; he got himself hopelessly (...) confused at times; he fooled himself with fallacious arguments and sloppy calculations; and he committed what he later allegedly called the biggest blunder of his career: he introduced the cosmological constant. There is a very uplifting moral to this somber tale. Although Einstein never reached his original destination, the harvest of his thirteen-year odyssey is quite impressive. First of all, what is left of absolute motion in general relativity is far more palatable than absolute motion in special relativity or Newtonian theory. And general relativity does seem to eliminate absolute space. More importantly, from a modern physics point of view, Einstein produced a spectacular new theory of gravity based on what he called the equivalence principle. This principle says that inertial and gravitational effects are due to one and the same structure, the inertio-gravitational field, which in Einstein’s theory is represented by a metric tensor field. In addition to laying the foundations of this theory, Einstein, among other things, launched relativistic cosmology, suggested the possibility of gravitational waves, gave the first sensible definition of a space-time singularity, and caught on to the intimate connection between general covariance and energy-momentum conservation, an example of the general connection between symmetries and conservation laws of Noether’s theorems. These results more than make up for the—at least by the standards of modern philosophy of science—rather opportunistic way in which they were obtained.. (shrink)

In recent decades the expression "molecular biology" has progressively disappeared from journals, and no longer designates new chairs or departments. This begs the question: does it mean that molecular biology is dead, and has been displaced by new emerging disciplines such as systems biology and synthetic biology? Maybe its reductionist approach to living phenomena has been substituted by one that is more holistic. The situation, undoubtedly, is far less simple. To appreciate better what has happened it is necessary to acknowledge (...) the following: the intial project of molecular biologists was not a reductionist one, but an attempt to naturalize the phenomena of life by using the epistemological principles of physics as a model; and, it is necessary to distinguish the early stages of molecular biology, and the later aggregating process which gave it its present characteristics. Only one of these characteristics, the importance of the informational vision, has been seriously challenged in recent years. But it is obvious that the ambition of most early molecular biologists to discover simple rules and principles explaining all of biological facts has vanished. The pendulum has now moved toward the study of the diversity generated by a long evolutionary history. (shrink)

Une trentaine de communications célèbrent le 250e anniversaire de l'édition de ¤¤L'esprit des lois¤¤ chez l'imprimeur genevois Barrilot et fils. Le texte est replacé dans son contexte éditorial, historique, genevois et européen. La culture politique et juridique qui le nourrit est analysée, ainsi que la philosophie de l'histoire de son auteur afin de mieux comprendre la modernité des Lumières.

The focus of this article is a question that has been neglected in debates about digitalization: Could machines replace human scientists? To provide an intelligible answer to it, we need to answer a further question: What is it that makes (or constitutes) a scientist? I offer an answer to this question by proposing a new demarcation criterion for science which I call “the discoverability criterion”. I proceed as follows: (1) I explain why the target question of this article is important, (...) and (2) show that it leads to a variant of the demarcation problem of science. (3) By arguing that it is probably an essential feature of science that we can make scientific discoveries, I suggest a novel way of dealing with this problem by proposing a new demarcation criterion. Before introducing it, (4) I analyze an exemplary case of a real scientific discovery, and (5) argue that scientific discovery processes have a general underlying structure. (6) I introduce my discoverability criterion for science and present my master argument that helps us understand which criteria have to be fulfilled in order to decide whether machines can replace human scientists or not. (7) I conclude by answering the article’s target question and bringing forward a take-home message. (shrink)

An ode to Schopenhauer by one of France's most famous living authors.

L’opposition de la transcendance à l’immanence exige qu’on localise l’immanence dans le temps. La transcendance devient alors passage du temps à l’intemporel. Mais l’intemporel peut être soit l’éternel, soit l’instant. Il y a donc deux transcendances, l’une vers l’éternel, qui est ascendante et active : la transcendance pratique ; l’autre vers l’instant, qui est descendante et esthétique : la transcendance sensible.