Обґрунтовано стратегію високочастотної біржової торгівлі (high-frequency trading) акціями. Для цього досліджено особливості та обмеження біржової високочастотної торгівлі, визначено верхню межу прибутку агресивного «шкідливого» високочастотного трейдера, обґрунтовано оптимальну частоту стратегії біржової високочастотної торгівлі акціями, розглянуто емпіричне підтвердження прогнозованості біржових курсів акцій на надкоротких горизонтах інвестування.

Авторами розглянуто вплив провідних світових кредитних рейтингових агентств на фінансову безпеку емітентів цінних паперів. Обґрунтовано перформативний характер діяльності кредитних рейтингових агентств з позицій моделі «Les economies de la grandeur» нового соціологічного французького інституціоналізму, що дає змогу розв’язати протиріччя щодо сильної опозиції стосовно їх функціонування з одночасним збереженням діючої системи нормативного використання кредитних рейтингів.

The need for innovative development of healthcare institutions is determined by the necessity to increase the efficiency of organizational processes based on the formation of new models of cooperation, which will make it possible to get access to new technologies and knowledge. The goal of the study is to determine the parameters of the impact of innovative open cooperation strategy and the strategy of innovative closed cooperation of healthcare institutions on the effectiveness of their organizational structure in the context of (...) dissemination and the use of knowledge. Simulation modeling was applied to generate the most effective organizational management structure in the context of innovative cooperation and knowledge exchange within the organizational processes “Inside-out” and “Inside-in”. It is substantiated that the strategies of innovative cooperation “Open Innovation/Closed Innovation” have a significant impact on the organizational structure of management of healthcare institutions in terms of the “degree of centralization” (Dci), “degree of mediation” (Dii), and “degree of centralization of powers” (Dpi). The values of the selected criteria range from 25,52% to 61,50% in the case of Dii, and from 34,53% to 52,63% in the case of Dci, which indicates a higher efficiency of organizational knowledge exchange processes in healthcare institutions, which adhere to the Open Innovation strategy of innovative cooperation. Therefore, there are significant differences in the effectiveness of the management’s organizational structure depending on the degree of openness of innovative cooperation of healthcare institutions. The strategy of innovative openness allows increasing the number and quality of connections in the context of knowledge exchange between the subjects (actors, agents) of the organizational structure (in a broad sense, considering internal and external levels of externality) of healthcare institutions, regardless of the distance between them and the level of similarity. (shrink)

The study aims at determining the role and significance of such moral emotions as nobility, gratitude, admiration for the socially significant behavior of a person in society. That involves identifying a close relationship between those emotions and personality’s social behavior and that they can be one of the main incentives for socially significant behavior – theoretical basis. The importance of ethical emotions with positive valence when making decisions with their implementation in society determines the research’s theoretical and methodological basis. Those (...) are studied in the cognitive dimension of human social activity, considering their subjective experience and objectification. The authors determined that ethical emotions with positive valence, pleasant emotions stimulate a person to experience them again and behave socially desirable as such behavior allows reliving those emotions and self-actualizing. Emotions with a positive valence are most desirable for a person and are the essential behavior incentives in society. A person can act actively to achieve them, to experience them repeatedly, which is the basis of motivation for socially desirable and meaningful behavior. From exclusively subjective experiences, those emotions move into objectification, i.e., those motivated to act in conditions of a definite or indefinite social continuum. In due time, these socially crucial actions acquire normative content, sometimes even a form, since they serve as a model for others. Moral emotions with positive valence, empathy, rule-making, high culture, and responsibility to oneself and others form a good way of a person’s self-realization through positive social behavior. Furthermore, moral emotions with positive valence are the most important incentive for such behavior. (shrink)

The stronger the level of economic integration between countries, the greater the need to study the formation patterns of the stock market reaction to the financial information signals. This concerns the Ukrainian stock market, which is now in its infancy, and which reaction to financial information signals is sometimes ambiguous. The research aims to identify the formation patterns of return and volatility indicators of the Ukrainian stock market reaction to the US financial information signals. To assess the direct nature of (...) US financial information signals effect on the PFTS stock index, the GARCH econometric modeling toolkit was applied. The research information base is the PFTS stock index and the Federal Reserve System financial information signals at the discount rate for 2000–2019. The fetch is divided into intervals corresponded to the ascent and decline phases of the financial cycle. It was found that an unforeseen increase in the discount rate at the financial cycle decline phase by 25 basis points decreases the PFTS stock index return, on average by 2.9%. Besides, the hypothesis about the general change stabilizing effect in the discount rate on the Ukrainian stock market volatility at the financial cycle growth phase was confirmed. Nevertheless, for investors, the most essential is the regulator’s monetary signals in the discount rate at the financial cycle decline phases rather than at the ascent phases because there is a more significant increase in the volatility level. (shrink)

The concept of sustainable development considers environmental, social and economic issues in general. And the goals of resource conservation and socio-economic development do not contradict each other, but contribute to mutual reinforcement. The purpose of this study is to build and test an economic and mathematical model for the formation of strategies for the behavior of an economic entity with an increase in the impact of negative environmental factors. The proposed strategies and their models are based on the income-expenditure balance (...) equation, which takes into account both quantitative and qualitative characteristics. The constructed models are considered in the state space. The research methodology is based on building models in the form of linear combinations of functions of a homogeneous external impact and various spatial combinations of economic sources (sinks). The study makes it possible to assess the dependence of the amount of resources used for life support on the chosen adaptive strategy. Within the framework of the proposed model, it was found that the criterion for the effectiveness of the applied strategy can be an indicator of satisfaction with the state, the preservation of which, simultaneously with the preservation of the size of resources used, corresponds to the direction of optimization. This approach is consistent with the concept of sustainable development. (shrink)

Розкрито сутність поняття «рейтинг». Доведено значущість рейтингової оцінки для суб’єктів фінансового ринку, зокрема для страхових компаній, потенційних страхувальників, інвесторів та кредиторів.

While Hermann Levin Goldschmidt didn’t read Yiddish anarchists, there seems to have been a convergent evolution in their thinking. Goldschmidt’s looking up to Jewish lore as a source of liberating creativity is commonly encountered in Yiddish anarchist texts. His view of action as a constant response to internal and external challenges in the struggle for an open future is developed by Isaac Nachman Steinberg on the basis of nineteenth-century vitalism. Goldschmidt’s theory of anarchist individualism as willed self-limiting solidarity has a (...) compelling parallel in Hillel Solotaroff’s view of history. His use of impressionism and photography to eternalize the immediacy of human actuality is akin to Rudolf Rocker’s championing of decadent literature. In both cases, the goal of anarchism is not a dictatorship of the former downtrodden, but a continuous and contradictory evolution of freedom in ever-changing contexts. (shrink)

Why do systems prepared in a non-equilibrium state approach, and eventually reach, equilibrium? An important contemporary version of the Boltzmannian approach to statistical mechanics answers this question by an appeal to the notion of typicality. The problem with this approach is that it comes in different versions, which are, however, not recognised as such, much less clearly distinguished, and we often find different arguments pursued side by side. The aim of this paper is to disentangle different versions of typicality-based explanations (...) of thermodynamic behaviour and evaluate their respective success. My conclusion will be that the boldest version fails for technical reasons, while more prudent versions leave unanswered essential questions. (shrink)

This is an extensive review of recent work on the foundations of statistical mechanics.

This essay is a fictocritical meditation upon the contemporary transformation of temporal experience as we find ourselves embarked upon an accelerating process of climate change and species extinction, including possibly that of the human species. The essay offers an extended reading of a recent villanelle published in John Kinsella’s Book of Villanelles that in turn responds to a controversial project by the Adani mining consortium to begin extracting coal over a large swathe of Wangan and Jagalingou country in the Central (...) Queensland Galilee Basin. The essay is an extract from a collaborative work in progress by John Kinsella and myself, Per Se: On the Imperatives of Place II, that will appear in early 2021 with Narr, building upon ˈtεmprərɪnəs: On the Imperatives of Place. (shrink)

This is a selection of readings about professionalism and ethics in engineering. It addresses topics such as the concept of professionalism, education, and maintenance of competence, registration, professional autonomy, social effects and responsibilities, and enforcement of codes of ethics.

Even though Belgrade student protests emerged and ended abruptly after only seven days in June of 1968, they came as a cumulative point of a decade-long accumulated social dissatisfaction and antagonisms, as well as of philosophical investigations of the unorthodox Marxists of the Praxis school. It surprised the Yugoslav authorities as the first massive rebellion after WWII to explicitly criticize rising social inequality, bureaucratization and unemployment and demand free speech and abolishment of privileges. This article focuses on the intellectual destiny (...) and legacy of the eight professors from the Faculty of Philosophy close to the Praxis school, who were identified as the protests’ instigators and subsequently expelled from the University of Belgrade due to their “ethico-political unsuitability”. Under both international and domestic pressure, they were later reemployed in a separate research unit named the Centre for Philosophy and Social Theory, where they kept their critical edge and argued for political pluralism. From the late 1980s onwards, they and their colleagues became politically active and at times occupied the highest positions in Serbia – Dragoljub Mićunović as one of the founders of the modern Democratic Party and the Speaker of the Parliament, former Serbian President and Prime Minister Vojislav Koštunica and former Prime Minister late Zoran Đinđić. Still, while some members became strong anti-nationalists and anti-war activists, other embraced Serbian nationalism, therefore pivoting the intellectual split into the so called First and Second Serbia that marked Serbian society during the 1990s and remained influential to this day. (shrink)

Pogled na kulturnopovijesna smjeranja -- Zajednica i nazovizajednica -- Značenje povijesne predaje.

"Vom Erkennen des literarischen Kunstwerks" ist zuerst (poln. 1937) als erkenntnistheoretisches - und geringfügig populäreres - Pendant zur ontologischen Theorie "Das literarische Kunstwerk" (1931) angelegt. In der deutschen Fassung (Erstpublikation 1968) wird es zum gedankenreichen literaturphilosophischen Alterswerk. Wie schon "Der Streit um die Existenz der Welt" (Erstpublikation 1947/48), so ist auch "Vom Erkennen" als Antwort auf Krieg, Völkermord und Totalitarismen zu lesen, im Sinne des Beharrens auf den Fundamenten der humanen Existenz. Dem "Ende der Ontologie" setzt Roman Ingarden (1893-1970) (...) den Nachweis der Notwendigkeit ontologischer Reflexion bei der Ergründung erkenntnistheoretischer Sachverhalte entgegen (vgl. die 'ästhetische Konkretisation'), der am Wert verzweifelten Nachkriegsliteratur die Erörterung der Werte, Wertqualitäten und ihrer möglichen Synthesen im konkretisierten literarischen Kunstwerk. Gegenüber "Das literarische Kunstwerk" arbeitet er neu die quasi-zeitliche Dimension des literarischen Kunstwerks aus, 'entdeckt' die künstlerischen Funktionen der Unbestimmtheit, bezieht die Lyrik und das Gattungswesen der Literatur ein und analysiert die verschiedenen Erkenntnisziele und -zugänge zum literarischen Kunstwerk. Dem Liebhaber vermittelt das Buch eine Begründung des legitimen Entzückens am ästhetischen Gegenstand, dem Literaturwissenschaftler eine Grundlegung seiner analytischen und funktionellen Erkenntnisoperationen. Ein ausführliches analytisches Inhaltsverzeichnis, ein davon abgeleitetes System von Kolumnentiteln sowie ein Personenverzeichnis erleichtern in dieser neuen Ausgabe die Arbeit mit diesem Buch. (shrink)

In two recent papers Barry Loewer (2001, 2004) has suggested to interpret probabilities in statistical mechanics as Humean chances in David Lewis’ (1994) sense. I first give a precise formulation of this proposal, then raise two fundamental objections, and finally conclude that these can be overcome only at the price of interpreting these probabilities epistemically.

As scientists spend a substantial part of their time building, testing, comparing and revising theories or models, it is no surprise that the nature of theories and models is a subject of central importance within the philosophy of science. This book provides a critical survey of, and introduction to, the debates surrounding theories and models within analytical philosophy of science. It combines coverage of standard topics such as the syntactic and semantic views of theories as well as ones less often (...) discussed in connection with models and theories but which nevertheless are shown to have a clear bearing on the topic, such as Munich structuralism, thought experiments, the applicability of mathematics in the empirical sciences and measurement theory. The book provides a clearly structured and systematic introduction to a field, which, due to its richness and complexity, can be difficult to master. (shrink)

Machine ethics and robot rights are quickly becoming hot topics in artificial intelligence and robotics communities. We will argue that attempts to attribute moral agency and assign rights to all intelligent machines are misguided, whether applied to infrahuman or superhuman AIs, as are proposals to limit the negative effects of AIs by constraining their behavior. As an alternative, we propose a new science of safety engineering for intelligent artificial agents based on maximizing for what humans value. In particular, we challenge (...) the scientific community to develop intelligent systems that have human-friendly values that they provably retain, even under recursive self-improvement. (shrink)

The present study is couched within Rachman's three-pathway theory of fear acquisition. Besides the direct contact with the objects of fear, this model also includes two indirect pathways to fear acquisition: negative information transmission and modeling. The study aims to explore the contribution of these three factors to the level of children's fear of COVID-19. The sample consisted of 376 children, aged 7–19, and one of their parents. The survey was conducted online during the COVID-19 national state of emergency in (...) the Republic of Serbia. The children assessed their fear of COVID-19, general fearfulness, negative information transmission, and modeling by their parents, as well as the level of exposure to negative information outside their home. The parents assessed their own fear of COVID-19 and trait anxiety. Parents' anxiety, children's age, and children's general fearfulness were used as covariates. The results of our path analysis provide support for Rachman's notion of indirect pathways. The more the parents were afraid of COVID-19, the more they expressed this, which in turn led to an increase in the children's fear of COVID-19. Furthermore, children's exposure to negative information related to COVID-19, provided by their teachers and peers or stemming from the media, directly contributed to the level of children's fear. The results of the study emphasize the importance of caregivers' behavior during global health crises and provide some clues as to what caregivers may do to protect their children's mental health in such circumstances. (shrink)

This volume is a serious attempt to open up the subject of European philosophy of science to real thought, and provide the structural basis for the interdisciplinary development of its specialist fields, but also to provoke reflection on the idea of ‘European philosophy of science’. This efforts should foster a contemporaneous reflection on what might be meant by philosophy of science in Europe and European philosophy of science, and how in fact awareness of it could assist philosophers interpret and motivate (...) their research through a stronger collective identity. The overarching aim is to set the background for a collaborative project organising, systematising, and ultimately forging an identity for, European philosophy of science by creating research structures and developing research networks across Europe to promote its development. (shrink)

Models are of central importance in many scientific contexts. The centrality of models such as inflationary models in cosmology, general-circulation models of the global climate, the double-helix model of DNA, evolutionary models in biology, agent-based models in the social sciences, and general-equilibrium models of markets in their respective domains is a case in point (the Other Internet Resources section at the end of this entry contains links to online resources that discuss these models). Scientists spend significant amounts of time building, (...) testing, comparing, and revising models, and much journal space is dedicated to interpreting and discussing the implications of models. In short, models are one of the principal instruments of modern science. (shrink)

The volume contains twenty essays devoted to the philosophy of mathematics and the history of logic. They have been divided into four parts: general philosophical problems of mathematics, Hilbert's program vs. the incompleteness phenomenon, philosophy of mathematics in Poland, mathematical logic in Poland. Among considered problems are: epistemology of mathematics, the meaning of the axiomatic method, existence of mathematical objects, distinction between proof and truth, undefinability of truth, Goedel's theorems and computer science, philosophy of mathematics in Polish mathematical and logical (...) schools, beginnings of mathematical logic in Poland, contribution of Polish logicians to recursion theory. (shrink)

In this paper we use proof-theoretic methods, specifically sequent calculi, admissibility of cut within them and the resultant subformula property, to examine a range of philosophically-motivated deontic logics. We show that for all of those logics it is a (meta)theorem that the Special Hume Thesis holds, namely that no purely normative conclusion follows non-trivially from purely descriptive premises (nor vice versa). In addition to its interest on its own, this also illustrates one way in which proof theory sheds light on (...) philosophically substantial questions. (shrink)

The latest book by Russian philosopher Sergey Mareev consists of two parts: recollections of his teacher Evald Ilyenkov, and reflections on some of the key themes of Ilyenkov’s philosophical heritage. The author traces several polemical lines related to the problem of the ideal, dialectics of the abstract and the concrete, the principle of historicism, as well as Ilyenkov’s interpretation of Spinoza and Hegel.

The latest book by Russian philosopher Sergey Mareev consists of two parts: recollections of his teacher Evald Ilyenkov, and reflections on some of the key themes of Ilyenkov’s philosophical heritage. The author traces several polemical lines related to the problem of the ideal, dialectics of the abstract and the concrete, the principle of historicism, as well as Ilyenkov’s interpretation of Spinoza and Hegel.

A sequence x=xn:nω of elements of a complete Boolean algebra converges to a priori if lim infx=lim supx=b. The sequential topology τs on is the maximal topology on such that x→b implies x→τsb, where →τs denotes the convergence in the space — the a posteriori convergence. These two forms of convergence, as well as the properties of the sequential topology related to forcing, are investigated. So, the a posteriori convergence is described in terms of killing of tall ideals on ω, (...) and it is shown that the a posteriori convergence is equivalent to the a priori convergence iff forcing by does not produce new reals. A property of c.B.a.’s, satisfying -cc -cc and providing an explicit definition of the a posteriori convergence, is isolated. Finally, it is shown that, for an arbitrary c.B.a. , the space is sequentially compact iff the algebra has the property and does not produce independent reals by forcing, and that implies P is the unique sequentially compact c.B.a. in the class of Suslin forcing notions. (shrink)

A sequent calculus methodology for systems of agency based on branching-time frames with agents and choices is proposed, starting with a complete and cut-free system for multi-agent deliberative STIT; the methodology allows a transparent justification of the rules, good structural properties, analyticity, direct completeness and decidability proofs.

The Quantified Argument Calculus (Quarc) is a formal logic system, first developed by Hanoch Ben-Yami in (Ben-Yami 2014), and since then extended and applied by several authors. The aim of this paper is to further these contributions by, first, providing a philosophical motivation for the truth-valuational, substitutional approach of (Ben-Yami 2014) and defending it against a common objection, a topic also of interest beyond its specific application to Quarc. Second, we fill the formal lacunae left in the original presentation, which (...) did not incorporate identity systematically into Quarc, and although it proved the soundness of the system did not prove its completeness. (shrink)

According to J=K, only beliefs that qualify as knowledge are epistemically justified. Traditionalists about justification have objected to this view that it predicts that radically deceived subjects do not have justified beliefs, which they take to be counter-intuitive. In response, proponents of J=K have argued that traditionalists mistake being justified with being excused in the relevant cases. To make this response work, Timothy Williamson has offered a dispositional account of excuse which has recently been challenged by Jessica Brown. She has (...) presented cases in which Williamson’s account excuses subjects believing things in an epistemically reckless fashion. To steer clear of Brown’s counterexamples, I argue for a modification of Williamson’s account that employs a more fine-grained notion of the dispositions involved. (shrink)

The authors designated speech culture as the object of this article. The subject of the study is the creative potential of the Honored Artist of the RSFSR Maria Vinogradova in the context of voicing Soviet cartoons. The authors set a goal to identify the range of the potential of speech capabilities in voicing cartoon characters. The methodological basis of the article is content analysis, comparative, statistical, historical and cultural analysis of Soviet animated works, as well as their characters voiced by (...) Maria Vinogradova. The authors, when considering the problem, achieve the following results: from 1954 to 1995, Maria Sergeevna took part in the dubbing of 213 Soviet cartoons. The most fruitful years for the actress in terms of voice acting were 1976 – 15 works; 1975, 1984 - 12 works; 1973 – 11 works; 1974 – 10 works. For 40 years, the actress has voiced 109 animals, 87 boys, 22 girls, 14 indeterminate characters and 9 inanimate objects. In the process of developing the problem, the authors identify categories of voiced characters (boy characters, girl characters, animal characters, object characters, indeterminate characters) and analyze the actress' creativity for the characters she voices belonging to these categorical elements. The novelty of the research lies in the unconventionality of the indicated approach, as well as in the complex analysis of the palette of Maria Vinogradova's speech capabilities. As a result of the study, the authors come to the following conclusions: 1) The high creative rise of the actress was formed in the 1970s - 91 Soviet cartoons were voiced in this decade, which is 42% of the total number of voiced cartoons. 2) The acting role of Maria Sergeevna's travesty confirms the first place in the number of voiced male characters - children and animals. 3) In 15 cartoons, Maria voiced several characters, and in 2 – all the characters, which indicates a wide speech range of the actress. (shrink)

The paper proposes an outline of a reconciliatory approach to the perennial controversy between epistemological realism and anti-realism (constructionism). My main conceptual source in explaining this view is the philosophy of pragmatism, more specifically, the epistemological theories of George H. Mead, John Dewey, and also William James’ radical empiricism. First, the paper analyzes the pragmatic treatment of the goal-directedness of action, especially with regard to Mead’s notion of attitudes, and relates it to certain contemporary epistemological theories provided by the cognitive (...) sciences (Maturana, Rizzolatti, Clark). Against this background, the paper presents a philosophical as well as empirical justification of why we should interpret the environment and its objects in terms of possibilities for action. In Mead’s view, the objects and events of our world emerge within stable patterns of organism-environment interactions, which he called “perspectives”. According to pragmatism as well as the aforementioned cognitive scientists, perception and other cognitive processes include not only neural processes in our heads but also the world itself. Elaborating on Mead’s concept of perspectives, the paper argues in favor of the epistemological position called “constructive realism.”. (shrink)