A frequent justification in the literature for using stated preference methods (SP) is that they are the only methods that can capture the so-called total economic value (TEV) of environmental changes to society. Based on follow-up interviews with SP survey respondents, this paper addresses the implications of that argument by shedding light on the construction of TEV, through respondents’ perspective. It illuminates the deficiencies of willingness to pay (WTP) as a measure of value presented as three aggregated themes considering respondents’ (...) unintentionality, their retraction once they understood that their WTP could be decisive in cost-benefit analysis and the inherent incompleteness of WTP. We discuss why the TEV discourse persists, how it conceals rather than reveals broader notions of value and in what ways our results support the development of alternative approaches that truly endorse plurality in environmental valuation and decision-making. (shrink)

There is, at present, little precise understanding of the relative contributions of the various income streams used by impoverished rural households in southern Africa. The impact of household profiles on overall income also is not well understood. There is, therefore, little consideration of these factors in national economic accounting. This paper is an attempt to reduce this gap in knowledge by reflecting on the relative contribution of agro-pastoralism, secondary woodland resources, and formal and informal cash income streams to households in (...) the semi-arid rural village of Thorndale, Limpopo Province, South Africa. In the absence of jobs and confronted with high migrant labor, households with open access to natural resources derived more benefits from land-based livelihoods than cash income streams (i.e., 57.5 % vs. 42.5 %). Total livelihood income was valued at US$2887 per household per annum. A significant correlation between monetary values derived from crops and formal wages was established, and it was found that households with high cash incomes tended to invest more in crop production. Over 80 of households were male-headed. Of these heads of household, more than 60 were long-term migrants to urban areas, leaving household decision-making to the women. The low literacy rates of women have deprived them of paid jobs outside the area and, therefore, have increased their dependence on crops (62%) and secondary woodlands resources (60%). This was further reflected in the proportion of households in which females were the main contributors of cash income (9.7%), or joint contributors with men (24.4%). Various positive correlations were established between the number of women per household and the three land-based livelihoods. This implied that women’s total control over such activities was mostly a result of the absence of men and not a typical phenomenon. In spite of this control, it was not positively reflected in the lives of majority of the women. Households differed in their participation in livelihood activities. Household size influenced the level of production and was positively correlated with the value of secondary woodland resources and crops. The study shows the interdependence of land-based livelihood sources and the impact of household features on production and consumption. Policies that focus on livelihood options need to recognize and accommodate associated household dynamics. (shrink)

As conceptual and theoretical discussions on environmental valuation approaches have advanced there is growing interest in the impact that valuation has on decision making. The perceived legitimacy of the outputs of valuation studies is seen as one factor influencing their impact on policy decisions. One element of this is ensuring that participants of valuation processes see the results as legitimate and would be willing to accept decisions based on these findings. Here, we test the perceived legitimacy (...) to participants of two approaches to deliberative monetary valuation, deliberated preferences and Deliberative Democratic Monetary Valuation, in the context of marine planning in the Clyde estuary in Scotland. We compare and contrast deliberated preference and deliberative democratic monetary valuation and track their emergence as responses to critiques of conventional stated preference approaches. We then present the results of our case study where we found that deliberative democratic monetary valuation produced valuations that were perceived as more legitimate that deliberated preference as the basis for decision making by those involved in the valuation process. (shrink)

Scholars have critiqued mainstream economic approaches to environmental valuation for decades. These critiques have intensified with the increased prominence of environmental valuation in decision-making. This paper has three goals. First, we summarise prominent critiques of monetary valuation, drawing mostly on the work of Clive Spash, who worked extensively on cost–benefit analysis early in his career and then became one of monetary valuation's most thorough and ardent critics. Second, we, as a group of scholars who study relational (...) values, describe how relational values research engages with and addresses many of the critiques of monetary valuation. Third, we offer suggestions for relational values research that continues and deepens its ability to respond to critiques of monetary valuation and contributes to transformative change towards sustainability. (shrink)

In an article published in this journal in 1996, I surveyed number stylization in monetary amounts recorded in Roman-era literature up to the Severan period. I argued that certain leading digits such as 1, 3 and 4 were heavily over-represented in the evidence. For the limited samples I used at the time these findings are not in need of revision. However, as I show here, a more inclusive approach to the material produces a substantially different picture. The most significant shortcoming (...) of my study was my failure to take account of the probable distribution of leading digits in a random sample, which may serve as a benchmark for assessing the nature and extent of number preference. While I noted that lower leading digits were inherently more likely to occur than higher ones, I schematically related observed frequencies to an even distribution of leading digits. This benchmarking strategy is invalidated by a widely observed phenomenon known as Benford's Law, according to which leading digits frequently conform to a predictable pattern that greatly favours lower over higher numbers. This is true in particular if observations are spread across several orders of magnitude. Ancient monetary valuations satisfy this condition since recorded amounts range from single digits to hundreds of millions. Yet, to the best of my knowledge, Benford's Law has never been applied to the study of these data. (shrink)

Maintaining plural values is important when there is no conclusive principle by which the relative priority of normative positions can be determined. Value-articulating institutions predicated upon such principles have a low pluralistic potential. In response to the failures of stated-preference approaches to economic valuation, new perspectives have been developed to capture plural values. Three broad approaches are identified. The first, functional diversification, seeks to encompass the multiple qualities of the object of valuation, whereas positional modification enforces a particular (...) mode of thinking on the subject. Both entail a prior judgement of values and benefit from a reduction in the range of values. Eventually, therefore, both approaches collapse pluralism to a problem that can be tackled. The third approach, structural reconstruction, has greater pluralistic potential, recognising that the more diverse and uncertain the object of valuation, the more compelling it is. (shrink)

Economic environmental valuation remains a much debated and contested issue. Concerns have been voiced that it is unable to capture the manifold immaterial values of ecosystems due to conceptual and methodological issues. Thus, additional value categories (social values) as well as novel valuation approaches like deliberative (monetary) valuation are areas of growing interest, yet the theoretical foundations are rather weak. Against this background, this article aims to develop a consistent conceptual framework for making sense of social values (...) in economic environmental valuation. Based on a holistic view of society and individuals, the role of institutions, the social environment, culture and transcendental values is emphasised. To synthesise diverging concepts of value into an economic concept and to account for the multidimensionality of social values, the framework consists of three spheres: social, natural and contextual. The novel framework demonstrates that social values may be integrated into a preference-based utility framework when denoting a holistic understanding of social preferences and human embeddedness in nature and society. (shrink)

Researchers working in the field of ecosystem services (ES) have long acknowledged the importance of recognising multiple values in ecosystems and biodiversity. Yet the operationalisation of value pluralism in ES assessments remains largely elusive. The aim of this research is to present a taxonomy of values and valuation methods to widen the evaluative space for ES. First, we present our preanalytic positions in regards to the values and valuation of ES. Second, we review different value definitions that we (...) deem relevant for the discussion of ES valuation. Third, we propose a taxonomy of ES values based on different conceptions of human-nature relationships. Finally, we present a taxonomy of different methods that can be used to recognise plural values in ES. This taxonomy for a plural valuation can help ES scientists and practitioners with their aim of representing people's multiple and context-specific ways of valuing nature. The taxonomy can also serve to pay broader attention to ES values that are overlooked or misrepresented in assessments that restrict their focus to monetary valuations. (shrink)

Monetary valuation of ecosystem services is a widely used approach to quantify the benefits supplied by the natural environment to society. An alternative approach is the monetary valuation of ecosystem functions, which is defined as the capacity of the ecosystem to supply services. Using two European case-study areas, this paper explores the relative advantages of the two valuation approaches. This is done using a conceptual analysis, a qualitative application, and an overall comparison of both approaches. It is (...) concluded that both approaches can be defended on theoretical grounds, and – if properly applied – will provide the same value estimates. However, valuation of ecosystem services is preferred from a practical point of view. Because there is no one-to-one match between functions and services, researchers should be consistent in their valuation approach. To avoid overlooking or overlapping of values, valuation should either be solely based on functions, or solely based on services. (shrink)

Contingent valuation of the environment has proven popular amongst environmental economists in recent years and has increased the role of monetary valuation in public policy. However, the underlying economic model of human psychology fails to explain why certain types of stated behaviour are observed. Thus, good scope exists for interdisciplinary research in the area of economics and psychology with regard to environmental valuation. A critical review is presented here of some recent research by social psychologists in the (...) US attempting to explain stated behaviour in contingent valuation. Attitudinal scales have been used to analyse the role of ecocentric, biocentric and altruistic motives for giving. However, the research is shown to draw some potentially misleading conclusions and be unrepresentative of contingent valuation. Two recent economic studies using contingent valuation are then reported and shown to have identified non-economic motives for WTP. The complexity of value formation and expression is found to go far beyond that generally accepted by economic models. Greater consideration of the role played by attitudes and ethical considerations then becomes relevant to the interpretation of results being used in standard cost-benefit analysis and environmental policy. (shrink)

The idea of inclusive collective decision-making is important in establishing democratic legitimacy, but it fails when citizens are excluded. Stated-preference methods of valuation, which are commonly used in economics, have been criticised because the principle of willingness to pay may exclude low-income earners who do not have the capacity to pay. Deliberative valuation has been advocated as a way to overcome this problem, but deliberation may also be exclusive. In this review, two deliberative valuation frameworks are compared. (...) The first is grounded on the idea of rational discourse that emphasises argument at the expense of other communicative strategies. It seeks to secure inclusion through procedural rules and prerequisites, but fails to address the underlying democratic limitation of argumentation. The second does not rely on the distinction between rational and rhetorical speech, and therefore admits alternative forms of communication. This approach recognises differences in the communicative capacities and practices of those who take part in deliberation, and so is better equipped to improve, though not to guarantee, inclusion. (shrink)

For paediatric medicine to advance, research must be conducted specifically with children. Concern about poor recruitment has led to debate about payments to child research participants. Although concerns about undue influence by such ‘compensation’ have been expressed, it is useful to determine whether children can relate the time and inconvenience associated with participation to the value of payment offered. This study explores children's ability to determine fair remuneration for research participation, and reviews payments to children participating in research. Forty children (...) were interviewed before outpatient visits at two London Hospitals: Great Ormond Street Children's Hospital and the Whittington Hospital District General Hospital. Children were asked to value their involvement in two hypothetical research scenarios – the first an ‘additional blood sample’, the second also involving daily oral oil capsules taken for a fortnight before further venesection. Background knowledge about familiarity with money, and experience with hospitalisation was assessed. The mean valuation of involvement in the second scenario (£13.18) was higher than in the first (£2.84) (p<0.001). This higher valuation persisted when children were categorised into groups ‘aged 12+’ and ‘below 12’. Those undergoing a blood test on the day placed a higher valuation on participation in the second scenario (£10.43, £21.67, p=0.044). These children aged 8–16 demonstrated the capacity to discern a fair valuation for participation in medical research. The monetary sums are influenced by the time and inconvenience involved in the research, and by the extent of recent experience with hospital procedures. The authors review current ethical thinking regarding payments to child research participants and suggest that a fair wage model might be an ethically acceptable way to increase participation of children in research. (shrink)

The use of cost-benefit analysis (CBA) in environmental decision-making and the contingent valuation (CV) technique as input into traditional CBA to elicit environmental values in monetary terms has stimulated an extensive debate. Critics have questioned the appropriateness of both the method and the technique. Some alternative suggestions for the elicitation of environmental values are based on a social process of deliberation. However, just like traditional economic theory, these alternative approaches may be questioned on their implicit value judgements regarding the (...) legitimacy of the social-political organisation of the process of value elicitation. Instead of making assumptions a priori, research efforts should be focused on the processes by which actual public attitudes and preferences towards the environment can best be elicited and fed into environmental or other public policy decision-making. In the study presented in this paper, support was found for both the individual WTP based approach and a participatory social deliberation approach to inform the environmental decision-making process, suggesting that a combination of both approaches is most appropriate. (shrink)

In this paper, we want to analyze conceptually whether and when merely using economic discourse – talking money – can crowd out people's positive attitudes towards environmental goods and their reasons to protect them. We concentrate on the specific case of market-based or monetary valuation as an instance of ‘commodification in discourse’ and argue that it can have the same moral problems as real commodification. We aim to bring together insights from philosophy, ethics, economics and psychology to argue that (...) there are good reasons to think about how and when to apply MV in environmental cases. On the basis of this interdisciplinary analysis and in order to promote further empirical research, we develop four empirically falsifiable hypotheses. Commodification in discourse can bring about real commodification. MV can have framing and crowding effects on those who come into contact with it. Intrinsic motivation is more robust than extrinsic motivation and leads less to freeriding. MV's framing and crowding effects can decrease environmental protection. (shrink)

In this paper I consider various shifts in my research and understanding stimulated by seeking how to combat social ecological crises connected to modern economies. The discussion and critical reflections are structured around five papers that were submitted to Environmental Values in an open call to address my work. A common aspect is the move away from neoclassical environmental economics, and its reductionist monetary valuation, to a more realist theory and multiple methods. This relates to my work on environmental (...) ethics, plural values, stated preference validity and deliberative monetary valuation. Expanding beyond the narrow confines of mainstream orthodoxy has involved exploring a range of other disciplines (e.g. applied philosophy, social psychology, human geography, political science, social anthropology, history of thought and philosophy of science) and learning from this literature to rethink economics and develop social ecological economics. A broad range of subjects are covered here, including: personal responsibility, social practice, psychology of the individual, participatory processes, value (intrinsic, instrumental and relational), Nature–society relationships and interdependencies, critical realism and the conduct of unifying interdisciplinary science. I end with a series of comments concerning the failings of orthodox economics and the conduct of scientific research for social ecological transformation. (shrink)

This paper argues that there may be instances where assessing wildlife for monetary valuation might be quite reasonable and useful for public policy, even when there are strong arguments against valuation of wildlife and nature. A case of deer population management is considered where continued growth of the deer population will lead to more property damage and habitat loss. However, deer population control raises ethical questions on the rights of animals to exist and on the rights of humans (...) to arbitrarily interfere. The contingent valuation methodology is used to value preferences for deer management for the purpose of guiding public policy. The valuation estimates show that ethical concerns about killing deer affect the level of willingness to pay in a quite a logical manner. However, for individuals with rights-based preferences, CVM is not appropriate. The survey results also show that individuals with rights-based preferences are a small minority in this particular example. (shrink)

Contingent Valuation has been promoted as a catch-all approach to environmental valuation. While there have been numerous attempts in recent years to place monetary values on environmental amenities, studies have often reported a high frequency of protest, zero or inordinately large dollar-value responses. This paper reports on the results of a survey designed to obtain information on how people actually interpret questions of paying to avoid changes in their views of Rangitoto Island. Evidence suggests that the meaning respondents (...) attach to the actual dollar values they offer or bid are inconsistent with the conventional logic that underlies Contingent Valuation. Instead, respondents might be seen to be expressing views about how things ought to be in society, and that it is simply not right to develop Rangitoto Island. (shrink)

This article addresses the difficulties that the phases of economic evaluations give rise to in theory and practice. It provides a brief outline of the meaning of economism — as a term and a concept — and then explores the issues that are related to the measurement and monetary valuation of the items to be included in economic evaluations, otherwise known as the valuation problem. The article also deals with the commensurability problem and the intrinsic value problem. Finally, (...) some of alternatives and recommendations that can help avoid the pitfalls of economism are discussed. (shrink)

Whether out of an understandable reluctance to neglect any of the scarce available sources or simply for want of more trustworthy evidence, classical scholars nolentes volentes tend to rely to a large extent on references to amounts of money in the ancient literary sources whenever they aim at quantifying, however roughly and shielded by appropriate disclaimers, some fundamental features of Roman economy and society. In view of this, the almost complete lack of systematic enquiries into the very nature of these (...) particular data is almost as inexplicable as it seems inexcusable. While several studies have been devoted to the use of rounded numbers in Greek and Roman literature in general, none of these has specifically addressed the stylization of monetary valuations. The only notable exception is provided by the work of Richard Duncan-Jones who in a pioneering survey of prices in the Latin novel above all showed beyond reasonable doubt that in this genre, prices expressed in multiples of thirty should best be understood as purely conventional valuations. In his latest book, he has subjected the ancient numerical evidence for two areas of major concern—the public treasury and state expenditure during the Principate—to an analogous examination that has highlighted the stylized character of many relevant references and has thus largely confirmed his previous findings. Even so, owing to the limitation of these studies to a small number of authors and subject matters, a vast pool of similar data from ancient literature has hitherto been left virtually untapped. What is more, Duncan-Jones did not attempt to complement his re-evaluation of multiples of thirty with a systematic exposition of complementary patterns of stylization. In this paper, I hope to demonstrate the need for a more extensive and much more radical reassessment of much of the available evidence. (shrink)

While there have always been schools of religious and ethical thought favourable to poverty, or a simple life, the general opinion of mankind has always regarded the increasing wealth of an individual or a community as conducive to human happiness. Qualifications have commonly been attached to this judgment in recognition of a certain danger and deceitfulness of riches, especially when rapidly acquired and lavishly expended, but the presumption still stands that wealth in general conduces to well-being. The nature, degree or (...) conditions of this correspondence have, however, received singularly little attention from those thinkers who have given closest study to economic processes. Many of the founders of economic science in this and other countries were manifestly concerned for the general welfare of their fellowmen, and were active workers in many fields of social reform. But, in formulating the concepts and laws of their science, they deemed it unnecessary to give any close or continuous thought to the relations between economic wealth and human welfare. This was due, partly, no doubt to the natural desire to make the subject-matter and the treatment of a new science as definitely concrete and measurable as possible. It was this desire that made monetary valuation paramount in all economic estimates. (shrink)

Whether out of an understandable reluctance to neglect any of the scarce available sources or simply for want of more trustworthy evidence, classical scholars nolentes volentes tend to rely to a large extent on references to amounts of money in the ancient literary sources whenever they aim at quantifying, however roughly and shielded by appropriate disclaimers, some fundamental features of Roman economy and society. In view of this, the almost complete lack of systematic enquiries into the very nature of these (...) particular data is almost as inexplicable as it seems inexcusable. While several studies have been devoted to the use of rounded numbers in Greek and Roman literature in general, none of these has specifically addressed the stylization of monetary valuations. The only notable exception is provided by the work of Richard Duncan-Jones who in a pioneering survey of prices in the Latin novel above all showed beyond reasonable doubt that in this genre, prices expressed in multiples of thirty should best be understood as purely conventional valuations. In his latest book, he has subjected the ancient numerical evidence for two areas of major concern—the public treasury and state expenditure during the Principate—to an analogous examination that has highlighted the stylized character of many relevant references and has thus largely confirmed his previous findings. Even so, owing to the limitation of these studies to a small number of authors and subject matters, a vast pool of similar data from ancient literature has hitherto been left virtually untapped. What is more, Duncan-Jones did not attempt to complement his re-evaluation of multiples of thirty with a systematic exposition of complementary patterns of stylization. In this paper, I hope to demonstrate the need for a more extensive and much more radical reassessment of much of the available evidence. (shrink)

Women are commonly stereotyped as more risk averse than men in financial decision making. In this paper we examine whether this stereotype reflects gender differences in actual risk-taking behavior by means of a laboratory experiment with monetary incentives. Gender differences in risk taking may be due to differences in valuations of outcomes or in probability weights. The results of our experiment indicate that value functions do not differ significantly between men and women. Men and women differ in their probability weighting (...) schemes, however. In general, women tend to be less sensitive to probability changes. They also tend to underestimate large probabilities of gains more strongly than do men. This effect is particularly pronounced when the decisions are framed in investment terms. As a result, women appear to be more risk averse than men in specific circumstances. (shrink)

Women are commonly stereotyped as more risk averse than men in financial decision making. In this paper we examine whether this stereotype reflects gender differences in actual risk-taking behavior by means of a laboratory experiment with monetary incentives. Gender differences in risk taking may be due to differences in valuations of outcomes or in probability weights. The results of our experiment indicate that value functions do not differ significantly between men and women. Men and women differ in their probability weighting (...) schemes, however. In general, women tend to be less sensitive to probability changes. They also tend to underestimate large probabilities of gains more strongly than do men. This effect is particularly pronounced when the decisions are framed in investment terms. As a result, women appear to be more risk averse than men in specific circumstances. (shrink)

This article examines criticisms of cost-benefit analysis and the contingent valuation method from methodological and moral philosophical perspectives. Both perspectives argue that what should be elicited for public decisions are attitudes or values, not preferences, and that respondents should be treated as citizens and not consumers. The moral philosophical criticism argues in favour of deliberative approaches over cost-benefit analysis. The methodological perspective is here criticized for overemphasizing the importance of protest responses and anomalies and biases in contingent valuation, (...) and for failing to provide the necessary information needed to make public decisions over the allocation of scarce goods. The moral philosophical perspective is criticized for: failing to provide criteria for distinguishing between values and preferences, assuming impartiality requires expression of values and not preferences; failing to recognize the diversity of forms of expression of values, including expression of values through monetary evaluation; and assuming that cost-benefit analysis is necessarily an implementation of a utilitarian political philosophy. The article concludes by showing that deliberative decision-making mechanisms can be overly demanding on citizens, and argues for greater openness in the potential moral justifications of cost-benefit analysis. Key Words: cost-benefit analysis • values • preference aggregation • democracy • willingness to pay. (shrink)

The meaning of sustainability is the subject of intense debate among environmental and resource economists. Perhaps no other issue separates more clearly the traditional economic view from the views of most natural scientists. The debate currently focuses on the substitutability between the economy and the environment or between “natural capital” and “manufactured capital”—a debate captured in terms of weak versus strong sustainability. In this article, we examine the various interpretations of these concepts. We conclude that natural science and economic perspectives (...) on sustainability are inconsistent. The market-based Hartwick-Solow “weak sustainability” approach is far removed from both the ecosystem-based “Holling sustainability” and the “strong sustainability” approach of Daly and others. Each of these sustainability criteria implies a specific valuation approach, and thus an ethical position, to support monetary indicators of sustainability such as a green or sustainable Gross Domestic Product. The conflict between “weak sustainability” and “strong sustainability” is more evident in the context of centralized than decentralized decision making. In particular, firms selling “services” instead of material goods and regarding the latter as “capital” leads to decisions more or less consistent with either type of sustainability. Finally, we discuss the implications of global sustainability for such open systems as regions and countries. Open systems have not been dealt with systematically for any of the sustainability criteria. (shrink)

The meaning of sustainability is the subject of intense debate among environmental and resource economists. Perhaps no other issue separates more clearly the traditional economic view from the views of most natural scientists. The debate currently focuses on the substitutability between the economy and the environment or between “natural capital” and “manufactured capital”—a debate captured in terms of weak versus strong sustainability. In this article, we examine the various interpretations of these concepts. We conclude that natural science and economic perspectives (...) on sustainability are inconsistent. The market-based Hartwick-Solow “weak sustainability” approach is far removed from both the ecosystem-based “Holling sustainability” and the “strong sustainability” approach of Daly and others. Each of these sustainability criteria implies a specific valuation approach, and thus an ethical position, to support monetary indicators of sustainability such as a green or sustainable Gross Domestic Product (GDP). The conflict between “weak sustainability” and “strong sustainability” is more evident in the context of centralized than decentralized decision making. In particular, firms selling “services” instead of material goods and regarding the latter as “capital” leads to decisions more or less consistent with either type of sustainability. Finally, we discuss the implications of global sustainability for such open systems as regions and countries. Open systems have not been dealt with systematically for any of the sustainability criteria. (shrink)

continent. 1.1 (2011): 22-25. The Author gratefully acknowledges the financial support of CAPES (Coordenação de Aperfeiçoamento do Ensino Superior), Brazil. From the multifarious subdivisions of semiotics, be they naturalistic or culturalistic, the realm of semiotics of value is a ?eld that is getting more and more attention these days. Our entire political and economic systems are based upon structures of symbolic representation that many times seem not only to embody monetary value but also to determine it. The connection between monetary (...) and linguistic exchanges is self-evident: the former requires the latter and develops in direct relation to it. Creative experimentation and design of digital systems of value exchange are blossoming on the web. Dr. Gilson Schwartz, an economist turned media theorist and professor at the University of São Paulo, adopted the concept of Iconomics, originally created by Michael Kaplan, an author concerned with the linguistics of economic value. Empowering local communities and unlocking new levels of value creation and representation via digital technologies are the main goals of Dr. Schwartz’s projects, aiming at the re-designing of our relationship to the economic value of imagination and the social control of property. Schwartz is Assistant Professor at the School of Communication and Arts of the University of São Paulo, a former Chief Economist at BankBoston, Brazil and Advisor to the President of the National Social and Economic Development Bank (BNDES). FURTHER READING: Kaplan, Michael. “Iconomics: The Rhetoric of Speculation.” Public Culture . 15.3 (2003): 477-493. Renata Lemos-Morais: You have recently produced and directed a short documentary about Creative Currencies in Latin America. Could you tell us a bit about its process and its findings? Gilson Schwartz: The “Creative Currencies” project is a work-in-progress platform which unfolds as an action research agenda connected both to the production of audiovisual content and the development of social currency software. The initiative dates back to 2003 when I led an experimental project supported by the Presidency of Brazil. At that time, we issued paper currency in a small, touristic village in the Northeast Region which stimulated local cultural projects. But it was only in 2009 that the Central Bank of Brazil acknowledged “social currencies” as a legitimate economic agenda, calling for more debate at the I Financial Inclusion Forum. This year, the monetary authorities organized a second forum that also opened the room to discussions on mobile payment systems and new perspectives on poverty alleviation via State subsidies. The Ministry of Culture funded the “Creative Currencies” project in 2009-2010 and our next stage in this discovery process is to be supported by the National Social and Economic Development Bank (BNDES). In short, there is genuine interest among public officials in different areas and public funding for social currencies is on the rise in Brazil. However, after all these years we are still at a very early stage of research and practice. Some of the most successful initiatives (such as Banco Palmas) actually evolved out of local monetary creation to become correspondent banking operations for commercial banks and other financial groups. After eight years of price stability and social inclusion, Brazil stands out as a major opportunity for social experimentation, even the Grameen Bank is now entering the Brazilian market and many NGOs are geared towards different forms of entrepreneurialism in the base of the pyramid, riding solidarity economic models, microfinance and microcredit for local development. It is yet to be seen, however, whether these developments are just one more stage of “bankarization”, that is to say, an extension of regular banking services or actually a new form of social and symbolic self-determination at the local level. So far, the Central Bank of Brazil is open to new forms of credit and local finance as long as they are strictly territorial and very close to barter among the poor. In other words, whether the process of monetary creation could be made to fit an open source paradigm is yet to be seen. Community banking and social currencies might as well end up as just another channel for access to and use of banking services. The “Creative Currencies” project aims at promoting the discussion of more fundamental issues, such as the limits of central banking, the prospects for local financial development and the possibility of creating and managing financial icons as cultural assets. The purpose of this project is to produce short documentaries that will bear testimony to this evolving regulatory framework while inducing more discussion about the fundamental iconomic issues concealed in the process of money and wealth creation. RLM: What new potential is there in applying digital technologies to currency creation? GS: Globalization is a result of the virtualization of money, that is, the overcoming of illusions such as the “gold standard”. Money is an icon created by institutions, not on supposedly natural or material foundations but out of political and financial interests. The “dollar standard” is an outstanding evidence of this phenomenon and Kaplan´s paper, the first to use the expression “iconomics”, insists on the rhetoric and semiotic effects associated to a supposedly scientific model of money creation and management. This is a fundamental change that was perceived and discussed much before the digitalization of the world by unorthodox economists such as John Maynard Keynes since the early 20th century. The digitalization of global financial flows accelerated this immateriality and the creation of the Euro was yet another evidence of the political foundations of currencies. The banking establishment, however, is keen on the idea that scientific formulae hold the key to sound money creation. Keynesianism has been repeatedly associated to “inflationism” while the supposedly sound monetary policies of the Orthodoxy serve well the political and financial interests of a technocratic elite. Corporate media also serve this fictitious depiction of the monetary process despite the cyclical bust of monetary rules and financial regulations. The internet, however, has created numerous opportunities for the disintermediation in industries such as film, music and commodities. There is no reason to doubt that the financial industry can also be transformed by Peer-to-Peer (P2P) infrastructures. Money is media as well. Credit is but confidence. Once people realize that the distributed computing power of networks can also be the platform to weave new monetary and credit operations, there is room for grassroots emancipation out of the established owners of monetary institutions. So far, however, there has been a privatization of monetary management and there is not a clear path or model for the emergent (P2P) property democratization that is inherent to the internet. Digital assets, however, clearly have an inherent potential to escape central control and proprietary regulatory frameworks. RLM: How are social networks transforming the ways in which we exchange value? Do you believe that online influence and reputation might be translated into a new kind of currency? GS: The foundation for social currencies as envisaged by solidarity economics is the territory. Authorities are willing to concede local monetary creation as long as it is restricted to poor neighborhoods, as a proxy to barter. In this relevant but limited context, reputation, personal knowledge and informal ties form the matrix of local or “proximity” finance which are expected to keep credit and leverage to a sustainable level. Anything beyond that should and would lead to an integration of local finance into the established banking system. However, inasmuch as the internet promotes virtual territories and reputation is now subject to all sorts of digital manipulation and stardom becomes an everyday cultural process among teenagers and elders alike, the territorial “foundation” is substituted for more complex patterns of solidarity, cooperation and exchange that reach beyond the physical territory and even the “human.” Digital assets embody knowledge, technology, cultural and educational values that are exchanged at a global scale beyond the control of democratic States (Chinese-like intervention is the exception, not the rule). Hacktivism is unstoppable and so is monetary hacktivism. Especially in the Third World, mobile communications fast became conveyors of money transfers and other appropriation strategies. Banking and telecom sectors already battle for the control of these emerging markets and, as a matter of fact, have so far contributed to the containment of these processes. Governments serve these moguls and have usually adopted a wait-and-see attitude. If open source hardware and grassroots social movements combine to challenge these proprietary battles, then social networks may evolve into new forms of social capital and thus form the ground on which to design and implement social currencies. The global financial crisis, as well as the dollar demise, are an event of such a proportion that social networks may open the path for emancipator subjects to seize the opportunity. RLM: What are some of the social experiments that you think are revolutionizing the way in which value is exchanged? GS: There is a broad evolution of economic systems towards the valuation of intangible assets such as knowledge, reputation and sustainability. There are many examples of local as well as global events that call the traditional systems of exchange into question, from carbon credits to educational bonuses, digital barter frameworks and locally based solidarity and fair trade networks. These emerging examples, no matter how different in nature or scale, represent a challenge to the traditional value creation schemes and theories which are based on use and exchange value, supply and demand. This is not to say that utility and labour or scarcity are to be totally dismissed, but there is now an emerging perception that value is also a function of behavioral codes, symbolic patterns and the energy of institutional frameworks. The plasticity of digital platforms is relevant insofar as intellectual property becomes the central source of value creation. But when you discuss the property rights of public goods such as the environment or basic social rights (of minorities or localities), then a new paradigm seems to emerge. RLM: Are gaming and online storytelling digital practices that might have an impact on the way new currencies are created and developed? GS: “Play money” has been one of the early and most intriguing phenomena associated to the diffusion of virtual worlds. These virtual currencies have also been prone to “boom and bust” dynamics, speculation and pure theft (Second Life scams were common and led to “intervention” by the owners of the game). Storytelling is a major source of value, that is, the value of attention and the markets for audience. There are plenty of private monies created and managed by corporate entertainment groups, telecom operators (via mobile virtual network operators) and marketing frameworks. The casino economy, as already depicted by Keynes and other unorthodox economists, is always storytelling about future states of the world, confidence building and leverage of animal spirits. The novelty of current events is not the fictitious nature of any form of capital, but the potential for digital democratization of controls over the imaginary nature of value creation. But this is just a potential, a possibility, a figment that more often than not is appropriated by centralized and opaque private powers. The game industry is a testbed for new connections between storytelling and money creation. RLM: Monetary value was originally connected to the scarcity of precious metals, such as gold. Our entire monetary system seems therefore to function according to a logic of scarcity. Do you believe it is possible to reverse this logic into a logic of abundance? GS: The gold standard was a fiction itself, the “scarcity” is always produced by institutions that regulate confidence and access to credit. The key issue is not to fabricate abundance, but to question the institutions which produce scarcity out of any standard, gold or whatever. Central banks are at the service of private banks in the creation and management of scarcity. RLM: The promise that nanotechnology holds for our future is one of radical abundance (or so say transhumanists). The possibility of creating any kind of material substance through nanoengineering seems each day more feasible. What would this possibility entail in terms of systems of value exchange? GS: Nanotechnology, environmental concerns and grassroots appropriation of distributed knowledge are the frontiers of a new horizon of energy creation and management. Social groups in charge of managing scarcity for the sake of wealth and power concentration must be held accountable for the destruction of our future. Once this key political conundrum is accounted for, new systems of value exchange and even a non-mercantile society will come into existence. Revolutionary theorists such as Marx envisaged transformation via the extreme clash of contradictions between capital and labour. This approach has never led to a change in the systemic logic of scarcity for the sake of social control. We are once again facing the threshold of large scale societal change, but the outcome of the current crisis should come from our imagination, not from yet another paradox of abundance and scarcity. As long as we remain attached to the materiality of value, the illusion of freedom will but reinforce the massive manipulation of necessity. RLM: What do you think is the role of crowdfunding in this context? GS: Crowdsourcing as well as crowdfunding are examples of the peer to peer opportunities that come along with distributed computer power. However, the power structure behind wealth and scarcity creation may or may not be changed by crowd management. But it should not be taken at face value, so to speak. The stock market of course is an early form of crowdfunding without calling into question the proprietary framework of the companies offering their investment projects to the market. Any market is a form of crowdsourcing, that is to say, of distributed forms of supply and demand matchmaking. The wealth of networks, however, depends on the contractual ecosystem, the institutional framework, the channeling of social imagination, not on the purely quantitative distribution of bids and offers. I see economics as supply, demand and code. Once you have access to the code, once openness becomes part of the game, then there is a chance of crowd behavior becoming collective intelligence and sustainable imagination. RLM: Is the development of digital currencies headed towards a pluralistic ecology in which many micro currency systems co-exist, or is it penetrating the mainstream monetary system? If it is affecting the mainstream financial system, what would be its effect in the long-term? GS: The same issue is at stake both at local and global levels. The global system is, as a matter of fact, an unstable ecosystem of “micro currencies” whereas the dollar has so far exerted an overwhelming influence. Local currencies and private monies coexist with national currencies only to the extent that the Central Bank admits, for instance, that grassroots monetary emissions remain territorial and strictly connected to poverty. However, the question of how new developments in digital technologies and nanotechnologies might alter not only our current monetary systems but also our understanding of value in itself, is still an open question. (shrink)

A probability forecast scored ex post using a probability scoring rule (e.g. Brier) is analogous to a risky financial security. With only superficial adaptation, the same economic logic by which securities are valued ex ante – in particular, portfolio theory and the capital asset pricing model (CAPM) – applies to the valuation of probability forecasts. Each available forecast of a given event is valued relative to each other and to the “market” (all available forecasts). A forecast is seen to (...) be more valuable the higher its expected score and the lower the covariance of its score with the market aggregate score. Forecasts that score highly in trials when others do poorly are appreciated more than those with equal success in “easy” trials where most forecasts score well. The CAPM defines economically rational (equilibrium) forecast prices at which forecasters can trade shares in each other’s ex post score – or associated monetary payoff – thereby balancing forecast risk against return and ultimately forming optimally hedged portfolios. Hedging this way offers risk averse forecasters an “honest” alternative to the ruse of reporting conservative probability assessments. (shrink)

In order to implement cost-benefit analysis of protective actions to reduce radiological exposures, one needs to attribute a monetary value to the avoided exposure. Recently, the International Commission on Radiological Protection has stressed the need to take into consideration not only the collective exposure to ionising radiation but also its dispersion in the population. In this paper, by using some well known and some recent results in the economics of uncertainty, we discuss how to integrate these recommendations in the (...) class='Hi'>valuation of the benefit of protection. (shrink)

Die Wissenschaftslehre von 1812 - die letzte, die Fichte vollstandig vorgetragen hat - wird der Forschung erstmals in zuverlassiger Form vorgelegt. In ihr deduziert Fichte vom hochsten bestimmten 'Blick' aus, dem des sittlichen Wollens als einem der hoheren 'Schemata' der Erscheinung des Absoluten, die weiteren Momente des Wissens. Die Rechtslehre von 1812 wird ausschliesslich nach der Handschrift wiedergegeben. Drei nicht exakt zu datierende Texte zeigen Fichtes Reaktion auf die Zeitereignisse (u.a. Napoleons Kontributionsforderungen an den preussischen Staat). Ausserdem stellt der Philosoph (...) grundsatzliche Uberlegungen auch auf volkswirtschaftlichem Gebiet an (Bewertung landwirtschaftlicher Guter, Geldwerttheorie). The Wissenschaftslehre of 1812. This is the last complete version of Fichte's lectures on the Wissenschaftslehre, and it is here published for the first time in a reliable edition. This version begins with the most determinate "point of view," that of ethical willing, understood as one of the higher "schemata" of the absolute's appearance, from which Fichte deduces the additional moments of knowing. The texts of the 1812 Doctrine of Right [Rechtslehre] and the 1812 Doctrine of Ethics [Sittenlehre] published here are based entirely on the lecture manuscripts and incorporate nothing from previously published texts based upon other sources. -- Three additional texts, none of which can be precisely dated, illustrate Fichte's reaction to events of the day, such as Napoleon's demand for reparations from Prussia. Here the philosopher engages in fundamental reflections concerning the economic realm (the valuation of agricultural wealth, monetary theory). The introductory lecture of the Summer Semester of 1812 documents Fichte's efforts, at the start of the semester, to attract and to introduce as many interested students as possible to the study of philosophy. (shrink)

A teleological approach to deciding how we should act underlies the attempted extension of neo-classical economics to environmental issues, with its emphasis on comparative valuation in monetary terms. Such an extension fails because, in the environmental sphere, there are powerful reasons for denying commensurability of the relevant values. But this denial then tends to undercut any weighing of environmental goods. In response to this difficulty, the paper seeks to develop an account of the weighing of goods which would enable (...) us to recognise value as a human creation, while also grounding it in an ecological unity with the wider life of nature. (shrink)

The presented study includes an analysis of the category of ‘good’ on the basis of philosophy and economics. Particular attention was paid here to the factors determining the monetary value (price) of an economic good. While achieving the assumed objective of the research, answers to the following questions were sought: What is the difference, therefore, in the interpretation of good as an axiomatic category and good which the economy deals with? What is the basis for the valuation of goods (...) which are the subject of economic analysis? While seeking answers to these questions, an attempt was made to justify the thesis according to which contemporary understanding of the way of valuating goods by the market is limited to accepting the price understood as a variable representing a kind of relationship set in a given time period. (shrink)

The article uses conceptual metaphor theory to analyse how the concept of “copy” in copyright law is expanding in a digital society to cover more phenomena than originally intended. For this purpose, the legally accepted model for valuing media files in the case against The Pirate Bay (TPB) is used in the analysis. When four men behind TPB were convicted in the District Court of Stockholm, Sweden, on 17 April 2009, to many, it marked a victory over online piracy for (...) the American and Swedish media corporations. The convicted men were jointly liable for the damages of roughly EUR 3.5 million. But how do you calculate damages of file sharing? For example, what is the value of a copy? The article uses a model for valuating files in monetary numbers, suggested by the American plaintiffs and sanctioned by the District Court in the case against the BitTorrent site TPB, in order to calculate the total value of an entire, and in this anonymous other, BitTorrent site. These calculated hypothetical figures are huge—EUR 53 billion—and grow click by click which, on its face, questions some of the key assumptions in the copy-by-copy valuation that are sprung from analogue conceptions of reality, and transferred into a digital context. This signals a (legal) conceptual expansion of the meaning of “copy” in copyright that does not seem to fit with how the phenomenon is conceptualised by the younger generation of media consumers. (shrink)

Environmental values are integral to the work of environmental regulators. However values are not simple concepts that can be 'applied' by the regulators. How they are taken on board will depend, inter alia, on the nature of the organisation, its staff and the issues it deals with. Because the environment is complex, the use of values, and in particular of monetary values, will also be complex. While certain ways of expressing values may not be without problems, they can still provide (...) useful guidelines for action. An organisation uses both internal and external processes to develop and articulate values. The challenge is, over time, to integrate these processes and make them more meaningful. (shrink)

Existence Value has become an increasingly important concept as the use of cost benefit analysis has spread from traditional applications to attempts to place monetary value on, for instance, a rare wetland habitat. Environmental economists have generally accepted the tensions arising in the existence value concept from the range of recent applications, but it is argued here that their various attempts to resolve the difficulties have largely failed. Critics from outside economics, on the other hand, typically claim that the very (...) notion of existence value as understood in economics is flawed, and urge its abandonment altogether. This paper suggests instead a fundamental redefinition of existence value, which, it is argued, (i) explains a number of diverse problems posed by the usual meaning of the term in economics; (ii) does not strain the intentions of respondents to ' willingness-to-pay' surveys; (iii) is consistent with a more realistic model of rational choice in environmental decision-making; and (iv) is sensitive to criticisms from environmental ethics.2. (shrink)

A recurring question about cost - benefit analysis concerns its scope. CBA is a decision-making method frequently employed in environmental policy-making, in which things which have no market price are treated as if they were commodities. They are given a monetary value, a form of price. But it is widely held that some things cannot be meaningfully priced, thus substantially limiting the scope of CBA. The aim of this paper is to test some aspects of this broad claim, focusing on (...) problems of incomparability and incommensurability. In particular, the role of rough equality as a putative form of comparison is investigated. I argue that while an assessment of the full significance of rough equality for practical decision-making awaits resolution of a number of important technical questions, it does not provide a strong enough form of comparison to support CBA. (shrink)

In Study 1, we test a theoretical model involving temptation, monetary intelligence (MI), a mediator, and unethical intentions and investigate the direct and indirect paths simultaneously based on multiple-wave panel data collected in open classrooms from 492 American and 256 Chinese students. For the whole sample, temptation is related to low unethical intentions indirectly. Multi-group analyses reveal that temptation predicts unethical intentions both indirectly and directly for male American students only; but not for female American students. For Chinese students, both (...) paths are non-significant. Love of money contributes significantly to MI for all students. In Study 2, using money as a temptation and giving them opportunities to cheat on a matrix task, most Chinese students (78.4 %) do not cheat in open classrooms; supporting survey and structural equation modeling (SEM) results in Study 1. However, students in private cubicles cheat significantly more (53.4 %) than those in open classrooms (21.6 %). Finally, students’ love of money attitude predicts cheating. Factor rich predicts the cheating amount, whereas factor motivator predicts the cheating percentage. Our results shed new light on the impact of temptation and love of money as dispositional traits, money as a temptation, and environmental context (public vs. private) on unethical intentions and cheating behaviors. (shrink)

Valuation is portrayed here as a dynamic and interactive process, not a static notion linked to willingness to pay. Valuation through economic measures can be built upon by creating trusting and legitimising procedures of stakeholder negotiation and mediation. This is a familiar practice in the US, but it is only beginning to be recognised as an environmental management tool in the UK. The introduction of strategic environmental and landuse appraisal plans for shorelines, estuaries, river catchments and rural landscapes, (...) combined with the mobilisation of protest around landuse proposals that are not seemingly justified on the basis of 'need' suggest that a more legitimate participatory form of democracy is required to reveal valuation through consensual negotiation. (shrink)

In this paper, we present valuation semantics for the Propositional Intuitionistic Calculus (also called Heyting Calculus) and three important subcalculi: the Implicative, the Positive and the Minimal Calculus (also known as Kolmogoroff or Johansson Calculus). Algorithms based in our definitions yields decision methods for these calculi. DOI:10.5007/1808-1711.2010v14n1p125.

We address the most fundamental yet routinely ignored issue in economics today: that of distributive impact of the monetary system on the real economy. By re-examining the logical implications of token re-presentation of value and Irving Fisher’s theory of exchange, we argue that producers of value incur incidental expropriation of wealth associated with the deflationary effect that new value supply has on the purchasing power of money. In order to remedy the alleged inequity we propose a value-added negative tax (VANT) (...) based on net individual contribution to the economic output, which is structured as a negative tax function geared to profits derived from eligible productive activities in consideration of their estimated deflationary impact. We show that an adequately optimised VANT can be non-inflationary and have zero net cost to the public. Furthermore, economic output stands to improve due to direct incentivisation of value creation, making the proposed scheme not only politically feasible but economically desirable. The proposal advances the principle of ‘fair money’, where all forms of economic value are attributed to their rightful owners prior to any positive taxation. (shrink)

Monetary intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the dark side of monetary Intelligence and behavioral economics—dishonesty. Dishonesty, a risky prospect, involves cost–benefit analysis of self-interest. We frame good or bad barrels in the environmental context as a proxy of high or low probability of getting caught for dishonesty, respectively. We theorize: The magnitude and intensity of (...) the relationship between love of money and dishonest prospect may reveal how individuals frame dishonesty in the context of two levels of subjective norm—perceived corporate ethical values at the micro-level and Corruption Perceptions Index at the macro-level, collected from multiple sources. Based on 6382 managers in 31 geopolitical entities across six continents, our cross-level three-way interaction effect illustrates: As expected, managers in good barrels, mixed barrels, and bad barrels display low, medium, and high magnitude of dishonesty, respectively. With high CEV, the intensity is the same across cultures. With low CEV, the intensity of dishonesty is the highest in high CPI entities —the Enron Effect, but the lowest in low CPI entities. CPI has a strong impact on the magnitude of dishonesty, whereas CEV has a strong impact on the intensity of dishonesty. We demonstrate dishonesty in light of monetary values and two frames of social norm, revealing critical implications to the field of behavioral economics and business ethics. (shrink)

This paper introduces valuation structures associated with preferential models. Based on KLM valuation structures, we present a canonical approach to obtain injective preferential models for any preferential relation satisfying the property INJ, and give uniform proofs of representation theorems for injective preferential relations appeared in the literature. In particular, we show that, in any propositional language (finite or infinite), a preferential inference relation satisfies INJ if and only if it can be represented by a standard preferential model. This (...) conclusion generalizes the result obtained by Freund. In addition, we prove that, when the language is finite, our framework is sufficient to establish a representation theorem for any injective relation. (shrink)

This expository paper presents an application, to the modal logic S4, of the valuation semantics technique proposed by Loparić for the basic normal modal logic K. In previous works we presented a valuation semantics for the minimal temporal logic Kt and several other systems modal and temporal logic. How to deal with S4, however, was left as an open problem—although we arrived at a working definition of \(A_1,\ldots,A_n\) -valuations, we were not able to prove an important lemma for (...) correctness. In this paper we solve this, presenting valuations for S4. (shrink)

This short article represents the first attempt to define a new core cultural value that will enable engaging the business sector in humankind’s mission to heal nature. First, I start with defining the problem of the current business culture and the extant thinking on how to solve environmental problems, which I called “the eco-deficit culture.” Then, I present a solution to this problem by formulating the “semiconducting principle” of monetary and environmental values exchange, which I believe can generate “an eco-surplus (...) business culture.” This work adds one new element, the eleventh cultural value, to the ten core values of progressive cultures postulated by Harrison (2000). (shrink)

Monetary Intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the bright side of Monetary Intelligence and behavioral economics, frames money attitude in the context of pay and life satisfaction, and controls money at the macro-level and micro-level. We theorize: Managers with low love of money motive but high stewardship behavior will have high subjective well-being: pay satisfaction and (...) quality of life. Data collected from 6586 managers in 32 cultures across six continents support our theory. Interestingly, GDP per capita is related to life satisfaction, but not to pay satisfaction. Individual income is related to both life and pay satisfaction. Neither GDP nor income is related to Happiness. Our theoretical model across three GDP groups offers new discoveries: In high GDP entities, “high income” not only reduces aspirations—“Rich, Motivator, and Power,” but also promotes stewardship behavior—“Budget, Give/Donate, and Contribute” and appreciation of “Achievement.” After controlling income, we demonstrate the bright side of Monetary Intelligence: Low love of money motive but high stewardship behavior define Monetary Intelligence. “Good apples enjoy good quality of life in good barrels.” This notion adds another explanation to managers’ low magnitude of dishonesty in entities with high Corruption Perceptions Index. In low GDP entities, high income is related to poor Budgeting skills and escalated Happiness. These managers experience equal satisfaction with pay and life. We add a new vocabulary to the conversation of monetary intelligence, income, GDP, happiness, subjective well-being, good and bad apples and barrels, corruption, and behavioral ethics. (shrink)

Research suggests that attitudes guide individuals’ thinking and actions. In this study, we explore the monetary intelligence construct and investigate the relationships between a formative model of money attitudes involving affective, behavioral, and cognitive components and several sets of outcome variables—unethical intentions, intrinsic and extrinsic job satisfaction, and coping strategies. Based on 515 managers in the Republic of Macedonia, we test our model for the whole sample and also cross sector and gender. Managers’ negative stewardship behavior and positive cognitive meaning (...) of money define MI which, in turn, is related to unethical intentions. Positive cognition in the public sector and poor stewardship behavior in the private sector contribute to unethical intentions, respectively. Good stewards have higher intrinsic and lower extrinsic job satisfaction, those in the private sector, in particular. Affective motive and stewardship behavior are related to their stronger “approach” coping strategies and weaker “avoidance” coping strategies. Affective motive and stewardship behavior contribute to coping responses for managers in the public and private sectors, respectively. Further, the relationship between stewardship behavior and coping mechanisms exists for females, but not for males. We demonstrate that MI, a type of social intelligence, allows individuals to monitor their own emotions, behaviors, and cognitions and guides their thinking and actions. (shrink)

Modern Monetary Theory and Distributive Justice shows how the macroeconomic framework called modern money theory (MMT) is relevant to the field of political philosophy called distributive justice. Many of the macroeconomic assumptions of distributive justice are unstated and unexamined. The framework of MMT illuminates these assumptions and provides an alternative vision of distributive justice analysis and prescriptions. In particular, MMT holds that modern money is a nominal state issued token (fiat), there is a distinction between nominal assets and real assets, (...) that state money as a nominal token can cause changes in real terms, and that the macroeconomy has historically not operated at capacity. The upshot of these assumptions held by MMT is that state spending can bring about changes in persons’ well-being without traditional redistributive measures via taxation. This is in contradistinction to standard assumptions in the distributive justice literature, which holds that the macroeconomy is at capacity and, thus, redistribution is the necessary mechanism for enacting improvements in well-being. This is a fundamental shift in how distributive justice can be conceived. (shrink)

A central question for psychologists, economists, and philosophers is how human lives should be valued. Whereas egalitarian considerations give rise to models emphasizing that every life should be valued equally, empirical research has demonstrated that valuations of lives depend on a variety of factors that often do not conform to specific normative expectations. Such factors include emotional reactions to the victims and cognitive considerations leading to biased perceptions of lives at risk (e.g., attention, mental imagery, pseudo-inefficacy, and scope neglect). They (...) can lead to a valuation function with decreasing marginal value and sometimes even decreasing absolute value as the number of victims increases. As a result, people spend more money to save an individual while at the same time being insensitive and apathetic to large losses of life, despite endorsing egalitarian norms. In this conceptual paper, we propose a descriptive model highlighting the role of different motivations and the conditions under which cognitions and emotions result in deviations from egalitarian normative valuations of human lives. (shrink)