The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, (...) less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets. (shrink)

The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, (...) less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets. (shrink)

Nicola Gennaioli and Andrei Shleifer’s A Crisis of Beliefs is a rich, elaborate and ambitious book. It relies on more than twenty years of the authors’ work on fields as different as financial econ...

This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated (...) that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances. Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life. The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, François Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser. (shrink)

Generic statements (e.g., “Birds lay eggs”) express generalizations about categories. In this paper, we hypothesized that there is a paradoxical asymmetry at the core of generic meaning, such that these sentences have extremely strong implications but require little evidence to be judged true. Four experiments confirmed the hypothesized asymmetry: Participants interpreted novel generics such as “Lorches have purple feathers” as referring to nearly all lorches, but they judged the same novel generics to be true given a wide range of prevalence (...) levels (e.g., even when only 10% or 30% of lorches had purple feathers). A second hypothesis, also confirmed by the results, was that novel generic sentences about dangerous or distinctive properties would be more acceptable than generic sentences that were similar but did not have these connotations. In addition to clarifying important aspects of generics’ meaning, these findings are applicable to a range of real-world processes such as stereotyping and political discourse. (shrink)

This paper is a brief survey of the history of Altai shamanism in the 20th Century, and of the main influences, both from "inside" (from within the Altai community) and from the outside onto shamanic beliefs and practices of the Altai, especially onto the shamanic revival. Based on my experiences living in 1988 and 1989 in Gorny Altai, the paper reports on aspects of present‐day shamanism, and the emergence of neo‐shamanism in the post‐Soviet period. The decline of shamanism due to (...) the impact of the Old Believers, the Orthodox Church and the emergence of Burkhanism in 1904, as well as the repression during the Soviet period, is described and is noted as influential in contributing to the current revival of shamanism in its "neo‐shamanistic" form. Several factors that facilitate the regeneration of shamanism are identified and discussed. (shrink)

According to traditional Judeo-Christian-Islamic theism, God is an omniscient, omnipotent, and morally perfect agent. This volume shows that philosophy of religion needs to take seriously alternative concepts of the divine, and demonstrates the considerable philosophical interest that they hold.

We obtain an equivalent implicit characterization of Lp Banach spaces that is amenable to a logical treatment. Using that, we obtain an axiomatization for such spaces into a higher order logical system, the kind of which is used in proof mining, a research program that aims to obtain the hidden computational content of mathematical proofs using tools from mathematical logic. As an aside, we obtain a concrete way of formalizing Lp spaces in positive-bounded logic. The axiomatization is followed by a (...) corresponding metatheorem in the style of proof mining. We illustrate its use with the derivation for this class of spaces of the standard modulus of uniform convexity. (shrink)

ABSTRACTThe aim of this paper is to show that general jurisprudence is in no need of reinvention. The sentiment shared by many contemporary legal philosophers that theories about the nature of law...

The fact that the names of two philosophers who lived and worked in such different periods, under conditions of quite dissimilar cultures and civilizations, share the title of this article is in itself enough to require clarification. Nikolai Berdiaev, who belonged to a current of Russian philosophy that called itself mystical, hardly needs to be presented to the reader. Muhyiuddin ibn-'Arabi , the greatest mystic of the Arab Middle Ages, is known as the founder of a philosophical conception that was (...) later referred to as the "unity of being" and enjoyed broad popularity among Islamic thinkers, philosophers, and poets of the late Middle Ages. Moreover, motifs of this conception are not difficult to find in the works of contemporary literati enthralled by the ideas of Islamic mysticism, i.e., of Sufism. Hence these two outstanding figures can be compared on the common ground that they belonged to the current of philosophical thought of mankind that is called mysticism or mystical philosophy. Despite all the differences that doubtlessly exist among Russian, Arabic, and, let us say, European mysticism, there are also certain fundamental common features of this way of looking at the world that enable us to bring all these currents together under a single generic concept. (shrink)

We propose that human reasoning relies on an inherence heuristic, an implicit cognitive process that leads people to explain observed patterns (e.g., girls wear pink) in terms of the inherent features of their constituents (e.g., pink is an inherently feminine color). We then demonstrate how this proposed heuristic can provide a unified account for a broad set of findings spanning areas of research that might at first appear unrelated (e.g., system justification, nominal realism, is–ought errors in moral reasoning). By revealing (...) the deep commonalities among the diverse phenomena that fall under its scope, our account is able to generate new insights into these phenomena, as well as new empirical predictions. A second main goal of this paper, aside from introducing the inherence heuristic, is to articulate the proposal that the heuristic serves as a foundation for the development of psychological essentialism. More specifically, we propose that essentialism—which is the common belief that natural and social categories are underlain by hidden, causally powerful “essences”—emerges over the first few years of life as an elaboration of the earlier, and more open-ended, intuitions supplied by the inherence heuristic. In the final part of the paper, we distinguish our proposal from competing accounts (e.g., Strevens' K-laws) and clarify the relationship between the inherence heuristic and related cognitive tendencies (e.g., the correspondence bias). In sum, this paper illuminates a basic cognitive process that emerges early in life and is likely to have profound effects on many aspects of human psychology. (shrink)

When Aristotle limits the manifestation of true courage to the military context only, his primary target is an overly inclusive conception of courage presented by Plato in the Laches. At the same time, Aristotle explicitly tries to demarcate his ideal of genuine courage from the paradigmatic examples of courageous actions derived from the Homeric epics. It remains questionable, though, whether Aristotle is truly earnest in his efforts to distance himself from Homer. It will be argued that Aristotle's attempt to associate (...) with Homer the two forms of specious courage—courage of the citizen troops and spirit-caused courage—fails to provide sufficient criteria for the demarcation in question. All the essential elements of the Aristotelian account of courage, such as a voluntary choice, a noble goal, and a thumos-driven reaction guided by reason are exemplified by a number of Homeric characters as well. It is thus likely that the philosopher's account of courage largely incorporates the poetic tradition at a new level, rather than supersedes it. (shrink)

Research on the nature of dispositionality or causal power has flourished in recent years in metaphysics. This trend has slowly begun to influence debates in the philosophy of agency, especially in the literature on free will. Both sophisticated versions of agent-­‐causalism and the new varieties of dispositionalist compatibilism exploit recently developed accounts of dispositionality in their defense. In this paper, I examine recent work on agent-­‐causal power, focusing primarily on the account of agent-­‐causalism developed and defended by Timothy O’Connor’s in (...) his work on free will. Assuming the existence of irreducible causal powers, I offer an. (shrink)

In our paper, ‘Escaping hell: divine motivation and the problem of hell’, we defended a theory of hell that we called ‘escapism’. We argued that, given God's just and loving character, it would be most rational for Him to maintain an open-door policy to those who are in hell, allowing them an unlimited number of chances to be reconciled with God and enjoy communion with Him. In this paper we reply to two recent objections to our original paper. The first (...) is an argument from religious luck offered by Russell Jones. The second is an argument from Kyle Swan that alleges that our commitments about the nature of reasons for action still leaves escapism vulnerable to an objection we labelled the ‘Job objection’ in our original paper. In this paper we argue that escapism has the resources built into it needed to withstand the objections from Jones and Swan. (shrink)

Mainstream political liberals hold that state coercion is legitimate only if it is justified on the grounds of reasons that all may reasonably be expected to accept. Critics argue that this public justification principle is self-defeating, because it depends on moral justifications that not all may reasonably be expected to accept. To rebut the self-defeat objection, I elaborate on the following disjunction: one either agrees or disagrees that it is wrong to impose one’s morality on others by the coercive power (...) of the state. Those who disagree reject PJP, they understand politics as war. Those who agree accept PJP, they understand politics as competition. Political competitors abide by PJP to avoid politics as war, by enforcing PJP on political combatants they engage in a war that is unavoidable. In both cases their exercise of political power has a justification that is reasonably acceptable to all. (shrink)

The article analyzes the possibilities and limitations of artificial intelligence. The article considers the subjectivity of artificial intelligence, determines its necessity for solving intellectual problems depending on the possibility of representing the real world as a deterministic system. Methodological limitations of artificial intelligence, which is based on the use of big data technologies, are stated. These limitations cause the impossibility of forming a holistic representation of the objects of cognition and the world as a whole. As a tool for deterministic (...) description of the universe it is proposed to use empirical-metaphysical general theory of systems, which is an extension of existing general theories of systems due to ontological justification of the phenomenon of isomorphism and definition of a limited set of laws, rules, patterns and primitives of forms and relations of objects in the universe. The distinction of natural (human) and artificial intelligence is considered, including the realization of multisystem integration of intelligence in physical, biological, social and spiritual systems. A philosophically grounded approach to ensuring the evolutionary properties of artificial intelligence is formulated, based on the inclusion of non-equilibrium mechanisms through which stability is realized. (shrink)

The purpose of this essay is to explore some of the main pragmatic aspects of communication within the legal context. It will be argued that in some crucial respects, the pragmatics of legal language is unique, involving considerations that are not typically present in ordinary conversational contexts. In particular, certain normative considerations that are typically settled in a regular conversational context are unresolved and potentially contentious in the legal case. On the other hand, the essay also argues that a careful (...) distinction between various pragmatic aspects of language use enables us to offer some generalizations about types of pragmatic enrichment that could be taken to form, or not to form, part of what is actually determined by legal expressions. (shrink)

The book builds on recent work in pragmatics and speech-act theory to explain how, and to what extent, legal content is determined by linguistic considerations. At the same time, the analysis shows that some of the unique features of communication in the legal domain - in particular, its strategic nature - can be employed to put pressure on certain assumptions in philosophy of language. This enables a more nuanced picture of how semantic and pragmatic determinants of communication work in complex (...) and large-scale systems such as law. (shrink)

In this note we demonstrate that the results of observations in the EPR–Bohm–Bell experiment can be described within the classical probabilistic framework. However, the “quantum probabilities” have to be interpreted as conditional probabilities, where conditioning is with respect to fixed experimental settings. Our approach is based on the complete account of randomness involved in the experiment. The crucial point is that randomness of selections of experimental settings has to be taken into account within one consistent framework covering all events related (...) to the experiment. This approach can be applied to any complex experiment in which statistical data are collected for various experimental settings. (shrink)

The normal way to establish that a person has authority over another requires a rule-governed institutional setting. To have authority is to have power, in the juridical sense of the term, and power can only be conferred by norms constituting it. Power-conferring norms are essentially institutional, and the obligation to comply with a legitimate authority's decree is, first and foremost, institutional in nature. The main argument presented in this essay is that an explanation of practical authorities is a two-stage affair: (...) the special, practical import of an authority can only be explained against the background of an institutional setting which constitutes the authority's power and the corresponding obligation to comply. However, this obligation is not an all things considered obligation, it is conditioned on reasons to participate in the relevant institution or practice. (shrink)

The popular view according to which category theory provides a support for mathematical structuralism is erroneous. Category-theoretic foundations of mathematics require a different philosophy of mathematics. While structural mathematics studies ‘invariant form’ (Awodey) categorical mathematics studies covariant and contravariant transformations which, generally, have no invariants. In this paper I develop a non-structuralist interpretation of categorical mathematics.

The ways in which we exercise intentional agency are varied. I take the domain of intentional agency to include all that we intentionally do versus what merely happens to us. So the scope of our intentional agency is not limited to intentional action. One can also exercise some intentional agency in omitting to act and, importantly, in producing the intentional outcome of an intentional action. So, for instance, when an agent is dieting, there is an exercise of agency both with (...) respect to the agent’s actions and omissions that constitute her dieting behavior and in achieving the intended outcome of losing weight. In our mental lives we exercise intentional agency both in performing mental actions and when we intentionally produce certain outcomes at which our mental actions are aimed. The nature and scope of our intentional agency in our mental lives with respect to controlling the acquisition of mental states such as belief, desire, and intention is a topic that is of interest in its own right. In this essay, I will focus solely on our control over coming to believe. Understanding what sort of control we have our beliefs has far-reaching implications. For instance, theorizing about self-deception and wishful thinking is aided by theorizing about what if any intentional agency we can exercise with respect to acquiring beliefs. Another often mentioned concern that motivates thinking about doxastic agency comes from religion (when conversion requires a change of belief). We also hold persons morally and epistemically responsible for beliefs they have or fail to have. Finally, some deontological theories of epistemic justification require that agents be able to exercise a robust form of doxastic control. Fruitful work on any of these problems requires that we have an account of our intentional agency in acquiring beliefs. There are at least three loci of doxastic control. The first is over acquiring beliefs. The second is over maintaining beliefs. The third is over how we use our beliefs. I am chiefly concerned with the first locus of doxastic control in this essay, but I will say something about the second locus along the way. Also, I will only consider one way we might exercise control over acquiring beliefs. Specifically, I will present an argument against direct doxastic voluntarism (DDV). By “DDV” I mean to refer to the thesis that it is conceptually possible for agents to consciously exercise the same sort of direct voluntary control over coming to acquire a doxastic attitude—such as belief, suspension of belief, and disbelief—that they exercise over uncontroversial basic actions. If DDV is correct, then coming to believe can be a basic action-type. DDV, or something very close to it, was Bernard Williams’ target in his 1973 paper, “Deciding to Believe.” Williams’s argument is widely regarded as having been a failure. But I think that Williams was on to something in his paper. Hence, in this paper, while I do not attempt to resurrect Williams’s argument, I develop and defend a revised argument for a thesis that is quite close to Williams’s. I will proceed as follows. First, I will discuss Bernard Williams’ (1973) failed attempt at showing that DDV is conceptually impossible. This will be followed by a discussion of some constraints on our belief-forming activities. I will then clarify my target a bit more than Williams does in his original paper. Finally, I will present my own argument against the conceptual possibility of DDV. (shrink)

An influential tradition in moral philosophy attempts to explain an immoral action by reference to the defect in reasoning on the part of an immoral agent. On this view, the requirements of morality are not only sanctioned by the more general requirements of rationality, but the violations of the moral requirements would be indicative of a rational failure. In this article I argue that ascription of irrationality to amoral individuals (e.g., psychopaths) is either empirically false, or else, conceptually problematic. An (...) interpretation of irrationality in its instrumental sense fails to do justice to the results of the research concerning the intelligence of some amoralists, whereas the suggestion that the alleged cognitive deficiency lies at the level of final ends and ultimate values faces serious theoretical difficulties. All attempts to construe the notion of an external reason for action without reference to the agent's actual goals and values bespeak an objectivist's bias, rest on controversial assumptions, and tend to alienate the agent from the proposed set of reasons. The argument is partly based on the analysis of reasoning of Ted Bundy, a notorious serial murderer, who presents a rather sophisticated justification for his criminal behavior. (shrink)

The case is discussed for the doctrine of hell as posing a unique problem of evil for adherents to the Abrahamic religions who endorse traditional theism. The problem is particularly acute for those who accept retributivist formulations of the doctrine of hell according to which hell is everlasting punishment for failing to satisfy some requirement. Alternatives to retributivism are discussed, including the unique difficulties that each one faces.

The use of metaphors and analogies was widespread in English political literature during the sixteenth and early seventeenth centuries, and for contemporary readers they were more than merely rhetorical artifices – they were used to illustrate and, in some cases, even to provide evidence. In this regard, none was more apt than the most prominent of these analogies: that between the human body and the state. The political thought of the time established an unshakeable connection between the two, building an (...) argument for how their structures and ways of functioning mirrored each other. This paper examines one of the most extensive and thorough examples of corporal analogies in early modern English political literature – that of Edward Forset’s A Comparative Discourse of the Bodies Natural and Politique (1606) – and shows how such corporal analogies were used to construct an absolutist political model wherein the king was depicted as the soul, the head and the heart of the body politic. The paper integrates Forset’s A Comparative Discourse within the context of the ideological struggles from the end of the sixteenth century and the beginning of the seventeenth, while its place within the larger picture of the medieval and early modern metaphor of the body politic is also examined, in order to assess the lineage and originality of Forset’s ideas and point out how the same kind of analogies could be used to provide significantly different political interpretations. (shrink)

The author attributes the social evils of present-day Russia to a distorted "pseudoliberal" understanding of freedom as a condition unlimited by internal or external constraints.

It has become increasingly popular to argue that legal positivism is actually a normative theory, and that it cannot be purely descriptive and morally neutral as H.L.A. Hart has suggested. This article purports to disprove this line of thought. It argues that legal positivism is best understood as a descriptive, morally neutral, theory about the nature of law. The article distinguishes between five possible views about the relations between normative claims and legal positivism, arguing that some of them are not (...) at odds with Hart’s thesis about the nature of jurisprudence, while the others are wrong, both as expositions of legal positivism or as critiques of it. Legal positivism does not necessarily purport to justify any aspect of its subject matter, nor is it committed to any particular moral or political evaluations. (shrink)

Social conventions are those arbitrary rules and norms governing the countless behaviors all of us engage in every day without necessarily thinking about them, from shaking hands when greeting someone to driving on the right side of the road. In this book, Andrei Marmor offers a pathbreaking and comprehensive philosophical analysis of conventions and the roles they play in social life and practical reason, and in doing so challenges the dominant view of social conventions first laid out by David (...) Lewis. Marmor begins by giving a general account of the nature of conventions, explaining the differences between coordinative and constitutive conventions and between deep and surface conventions. He then applies this analysis to explain how conventions work in language, morality, and law. Marmor clearly demonstrates that many important semantic and pragmatic aspects of language assumed by many theorists to be conventional are in fact not, and that the role of conventions in the moral domain is surprisingly complex, playing mostly an auxiliary and supportive role. Importantly, he casts new light on the conventional foundations of law, arguing that the distinction between deep and surface conventions can be used to answer the prevalent objections to legal conventionalism. Social Conventions is a much-needed reappraisal of the nature of the rules that regulate virtually every aspect of human conduct. (shrink)

Cultural schemas are a central cognitive mechanism through which culture affects action. In this article, we develop a theoretical model of cultural schemas that is better able to support empirical work, including inferential, sensitizing, and operational uses. We propose a multilevel framework centered on a high-level definition of cultural schemas that is sufficiently broad to capture its major sociological applications but still sufficiently narrow to identify a set of cognitive phenomena with key functional properties in common: cultural schemas are socially (...) shared representations deployable in automatic cognition. We use this conception to elaborate the main theoretical properties of cultural schemas, and to provide clear criteria that distinguish them from other cultural or cognitive elements. We then propose a series of concrete tests empirical scholarship can use to determine if these properties apply. We also demonstrate how this approach can identify potentially faulty theoretical inferences present in existing work. Moving to a lower level of analysis, we elaborate how cultural schemas can be algorithmically conceptualized in terms of their building blocks. This leads us to recommend improvements to methods for measuring cultural schemas. We conclude by outlining questions for a broader research program. (shrink)

This paper identifies and critiques a theory of mental causation defended by some proponents of nonredutive physicalism that I call “intralevelism.” Intralevelist theories differ in their details. On all versions, the causal outcome of the manifestation of physical properties is physical and the causal outcome of the manifestation of mental properties is mental. Thus, mental causation on this view is intralevel mental to mental causation. This characterization of mental causation as intralevel is taken to insulate nonreductive physicalism from some objections (...) to nonreductive physicalism, including versions of the exclusion argument. This paper examines some features of three recent versions of intralevelism defended by John Gibbons, Markus Schlosser, and Amie Thomasson. This paper shows that the distinctive problems faced by these three representative versions of intralevelism suggest that the intralevelist strategy does not provide a viable solution to the exclusion problem. (shrink)

When the traditional distinction between a mathematical concept and a mathematical intuition is tested against examples taken from the real history of mathematics one can observe the following interesting phenomena. First, there are multiple examples where concepts and intuitions do not well fit together; some of these examples can be described as “poorly conceptualised intuitions” while some others can be described as “poorly intuited concepts”. Second, the historical development of mathematics involves two kinds of corresponding processes: poorly conceptualised intuitions are (...) further conceptualised while poorly intuited concepts are further intuited. In this paper I study this latter process in mathematics during the twentieth century and, more specifically, show the role of set theory and category theory in this process. I use this material for defending the following claims: (1) mathematical intuitions are subject to historical development just like mathematical concepts; (2) mathematical intuitions continue to play their traditional role in today's mathematics and will plausibly do so in the foreseeable future. This second claim implies that the popular view, according to which modern mathematical concepts, unlike their more traditional predecessors, cannot be directly intuited, is not justified. (shrink)

This book, a history of a religious category of ancient philosophy, is the first synthesis on the notion of daimōn in the Platonic tradition. It focuses on the relationship between demonology and, respectively, cosmology, the philosophical hermeneutics of religion and theories of the soul. Histoire d’une catégorie religieuse de la philosophie ancienne, ce livre représente la première synthèse sur la notion de daimōn dans la tradition platonicienne. Il étudie les relations de la démonologie avec la cosmologie, l’herméneutique philosophique de la (...) religion et les théories de l’âme. (shrink)

This paper is focused on the ways of expressing trust and distrust in financial institutions represented in the language and speech culture of the population of the Lipetsk region. Based on 55 semi-structured interviews of three generations (centennials, millennials, elder generations) living in rural and urban settlements, issues of understanding and interpretation of financial institutions, features of trust, positive and negative experiences of interaction with various financial institutions were analyzed. The use of the constructivism made it possible to interpret trust (...) as an internal component of the practices of an agent involved in the current financial situation. The study showed that in regions with an average standard of living, an average level of financial culture and the dominance of a conservative model of financial behaviour, the difference between generations is less noticeable against the backdrop of a significant difference between residents of rural and urban settlements. The analysis of interviews with three generations of residents of the region showed that the conservative model of financial behaviour continues to be reproduced in the speech culture of the informants, where banks and insurance organizations remain the most trustworthy. The images of financial institutions, represented in the language of the interviews, revealed a high level of resentment associated with the experience of past events (the collapse of the USSR, privatization). The content analysis revealed the image of the state as a “collector of payments”, and to a lesser extent, a “helper” supporting a person in his relationship with financial institutions. (shrink)

I examine Galen Strawson's recent work on mental action in his paper, 'Mental Ballistics or The Involuntariness of Spontaneity'. I argue that his account of mental action is too restrictive. I offer a means of testing tokens of mental activity types to determine if they are actional. The upshot is that a good deal more mental activity than Strawson admits is actional.

We presented a contextual statistical model of the probabilistic description of physical reality. Here contexts (complexes of physical conditions) are considered as basic elements of reality. There is discussed the relation with QM. We propose a realistic analogue of Bohr’s principle of complementarity. In the opposite to the Bohr’s principle, our principle has no direct relation with mutual exclusivity for observables. To distinguish our principle from the Bohr’s principle and to give better characterization, we change the terminology and speak about (...) supplementarity, instead of complementarity. Supplementarity is based on the interference of probabilities. It has quantitative expression trough a coefficient which can be easily calculated from experimental statistical data. We need not appeal to the Hilbert space formalism and noncommutativity of operators representing observables. Moreover, in our model there exists pairs of supplementary observables which cannot be represented in the complex Hilbert space. There are discussed applications of the principle of supplementarity outside quantum physics. (shrink)