Recent years have witnessed an increasing growth in mutual funds that invest according to social criteria. As a consequence, the financial performance of these portfolios has attracted the interest of academics and practitioners. This paper investigates the performance of a sample of socially responsible mutual funds from seven European countries investing globally and/or in the European market. Using unconditional and conditional models, we assess the performance of these funds in comparison to conventional and socially responsible benchmark portfolios. The results show (...) that European socially responsible funds present in general neutral performance in relation to both conventional and socially responsible benchmarks. However, performance estimates seem to be slightly higher when funds are evaluated in relation to socially responsible indices. Our results also show that socially responsible funds are more exposed to conventional than to socially responsible indices. Furthermore, conventional benchmarks are better able to explain fund returns than socially responsible benchmarks. These findings are robust to both unconditional and conditional models of performance. We also observe that conditional models lead to a slight improvement of performance estimates and to the explanatory power of the models, both when conventional and socially responsible benchmarks are considered. This is consistent with most previous empirical findings on conditional performance evaluation. Our results show that investors who wish to hold European funds can add social screens to their investment choices without compromising financial performance. (shrink)

This survey has been designed as a multinationalcollaboration to collect data from several countries focusing ondeveloping countries. The main purpose was to elaborate thefunctions of ethics committees regarding externally-sponsoredresearch . In March 2004 a total of 89 open-endedquestionnaires were sent to ethics review committees inmedical schools, medical research institutes and hospitalsaffiliated to the public and private medical universities inJapan.Twenty two ECs replied , and among them five ECshad reviewed eleven ESR proposals in 2002-3. Five of thoseESR proposals have been approved (...) and four proposals havebeen approved after some revisions. Two proposals weredeferred but not resumed. In their review, respondents weremore concerned about “individual consent” than “communityconsent”. Post-trial access to effective interventions was not areal concern. As for “Standard of care”, seven ECs replied thatthey review the ESR proposal based on the internationalstandards and four based on the local standards. WhetherESR proposal is matched with the national health prioritieswas not a great concern. Respondents expressed theirconcern about socio-cultural issues.Ethics in research especially dealing with externallysponsoredresearch is a relatively new subject and underdevelopment in Japan. Although Japan is not a developingcountry, in order to protect individual human subjects and localcommunity, capacity building in ethics review especially inresearch collaboration with other developed and developingcountries is crucial and it has to be included in ethics inresearch programs through out the country. (shrink)

The pattern, process, and mechanism of residential heterogeneity vary significantly with different geographical scales. However, most traditional methods ignore the checkboard and modifiable areal unit problem, which may cover up the complexity and hierarchy of social space. Taking Hangzhou city as an example, a multiscalar method was proposed based on the information entropy theory to estimate residential heterogeneity and its scale sensitivity. Based on the sixth population census of Hangzhou and the housing price database of 6,536 residential districts from (...) 2008 to 2018, we explore the scale effect and dynamic characteristics of residential heterogeneity. The results of spatial simulation and geostatistical analysis based on Python Spatial Analysis Library module show that the multiscalar algorithm better presents the real segregation pattern than traditional method, which is one of the new models and technologies in urban geography complex system. Exploring residential heterogeneity through multiscalar lens provides an important basis for the gradual and refined urban renewal. (shrink)

According to literature,insecure land tenure biases against soilconservation on farmland. However, there islittle evidence to test whether farmers need toown their land to conserve it, or if long-termleases are adequate. One way to infer whetheror not different land tenure arrangementspromote long-term management is throughanalyzing the types of crops planted on fieldswith different land tenure arrangements.Perennials, forage legumes, grasslands, andgrain are all important parts of sustainablecrop rotation in southwest British Columbia butprovide little cash return in the year they areplanted. Annual crops (...) provide a high cashreturn but create soil conservation problems ifthey are planted too often. A comparison offields with different land tenures showed thatfarmers who own their land plant moreperennials, grain, and forage legumes thanfarmers who rent fields. Few differences wereobserved on fields with different leaselengths. This study leads to three overallconclusions. First, although results confirmthe literature, and insecure land tenure is areal obstacle to long-term soil conservation,it is not possible to assume that long-termleases will substitute for land ownership.Second, it is possible to use relativelyeasy-to-gather data on crop history to assessthe impact of tenure on farming. Third,intervening variables, in this case a programthat pays farmers to plant grasslands,over-rides the effect of insecure land tenureand creates incentives for owner-operators andtenant farmers alike to use crop managementthat protects soil fertility in the longterm. (shrink)

This is a non-technical version of "The Decision Problem for Effective Procedures." The “somewhat vague, intuitive” notion from computability theory of an effective procedure (method) or algorithm can be fairly precisely defined, even if it does not have a purely mathematical definition—and even if (as many have asserted) for that reason, the Church–Turing thesis (that the effectively calculable functions on natural numbers are exactly the general recursive functions), cannot be proved. However, it is logically provable from the notion of an (...) effective procedure--without reliance on any (partially) mathematical thesis or conjecture concerning effective procedures, such as the Church–Turing thesis--that the class of effective procedures is undecidable, i.e., that no effective procedure is possible for ascertaining whether a given procedure is effective. The proof does not appeal to a precise definition of ‘effective procedure’. Instead, it relies solely and entirely on a basic grasp of the intuitive notion of such a procedure. Though this undecidability result itself is not surprising, it is also not without significance. It has the consequence, for example, that the solution to a decision problem, if it is to be complete, must be accompanied by a separate argument that the proposed ascertainment procedure is, in fact, a decision procedure, i.e., effective—for example, that it invariably terminates with the correct verdict. (shrink)

Effects of globalization have amplified the magnitude and frequency of corporate abuses, particularly in developing economies where weak or absent rules undermine social norms and principles. Improving multinational enterprises’ (MNEs) ethical conduct is a factor of both the ability of firms to change behaviors in the direction of the moral good, and their willingness to do so. Constraints and enablers of a firm’s ability to act ethically emanate from the external environment, including the industry environment of which the firm (...) is a resident, and the host country environment in which it operates. A firm’s willingness to engage in ethical conduct is determined by the effective bundling of internal resources and the commitment of those resources to social ends. The interaction of external and internal conditions carves out categories of expected firm behaviors and suggests interventions that would push these behaviors in a more positive ethical direction. With reference to integrative social contracts theory (ISCT), these categories of firms are examined, and a conceptual model for analysis is developed to explain the drivers of corporate choices in the adoption and implementation of codes of conduct, and the relative power of relevant communities to the process. (shrink)

Due to the variety of research ethics and integrity training formats it may be challenging to use a common instrument to monitor and evaluate the development of competencies and learning progress as well as determine the effectiveness of the training. The present study scrutinises the use of learning diaries as one possible measure to evaluate the development of ethics competencies. The aim of the study was to increase understanding about how learning diaries capture development of research ethics and integrity competencies (...) of participants and explore the use of diaries as a measure of training effectiveness. In the evaluative case study, a micro-credential programme was used as the context of the study and data was analysed using deductive content analysis. As a result, we outline criteria for analysis to be used in ethics training programmes for learning diaries. Results indicated that learning diaries submitted in the forum format (compared to individual submissions) provide peer support, so learners display more content knowledge on high levels of reflection and understanding. Submitting learning diaries over a longer period and making submissions repeatedly can improve writing and reflection competencies. The quality of learning diary entries may also depend on learner characteristics, such as commitment and motivation. Keeping a learning diary can help retain obtained competencies over a longer period. The article ends with a set of recommendations for implementing learning diaries as one measure of evaluation. (shrink)

Effects of globalization have amplified the magnitude and frequency of corporate abuses, particularly in developing economies where weak or absent rules undermine social norms and principles. Improving multinational enterprises’ (MNEs) ethical conduct is a factor of both the ability of firms to change behaviors in the direction of the moral good, and their willingness to do so. Constraints and enablers of a firm’s ability to act ethically emanate from the external environment, including the industry environment of which the firm (...) is a resident, and the host country environment in which it operates. A firm’s willingness to engage in ethical conduct is determined by the effective bundling of internal resources and the commitment of those resources to social ends. The interaction of external and internal conditions carves out categories of expected firm behaviors and suggests interventions that would push these behaviors in a more positive ethical direction. With reference to integrative social contracts theory (ISCT), these categories of firms are examined, and a conceptual model for analysis is developed to explain the drivers of corporate choices in the adoption and implementation of codes of conduct, and the relative power of relevant communities to the process. (shrink)

This book discusses the notion that quantum gravity may represent the "breakdown" of spacetime at extremely high energy scales. If spacetime does not exist at the fundamental level, then it has to be considered "emergent", in other words an effective structure, valid at low energy scales. The author develops a conception of emergence appropriate to effective theories in physics, and shows how it applies (or could apply) in various approaches to quantum gravity, including condensed matter approaches, discrete approaches, and loop (...) quantum gravity. (shrink)

Effective altruism encourages people to donate their money to the most effective, efficient charities. Some effective altruists believe that taking a longtermist priority—benefitting far-off future, enormous generations—is one of the best ways to use our resources. This paper explains how the longtermist argument as laid out by William MacAskill in his book What We Owe the Future, is unconvincing. MacAskill argues that we should ensure that the future is very well-populated on the assumption that it will be on balance good (...) over bad. This reasoning, however, fails to account for additional moral considerations that most people would endorse. The present critique of pronatalist longtermism advances a critical benefit theory compatible with putting our energy into preventing and alleviating serious harms to actual future generations without intensive pronatalism. (shrink)

The effective altruism movement (EA) is one of the most influential philosophically savvy movements to emerge in recent years. Effective Altruism has historically been dedicated to finding out what charitable giving is the most overall-effective, that is, the most effective at promoting or maximizing the impartial good. But some members of EA want the movement to be more inclusive, allowing its members to give in the way that most effectively promotes their values, even when doing so isn’t overall-effective. When we (...) examine what it means to give according to one’s values, I argue, we will see that this is both inconsistent with what EA is like now and inconsistent with its central philosophical commitment to an objective standard that can be used to critically analyze one’s giving. While EA is not merely synonymous with act utilitarianism, it cannot be much more inclusive than it is right now. (shrink)

The “somewhat vague, intuitive” notion from computability theory of an effective procedure (method) or algorithm can be fairly precisely defined even if it is not sufficiently formal and precise to belong to mathematics proper (in a narrow sense)—and even if (as many have asserted) for that reason the Church–Turing thesis is unprovable. It is proved logically that the class of effective procedures is not decidable, i.e., that no effective procedure is possible for ascertaining whether a given procedure is effective. This (...) undecidability result is proved directly from the notion itself of an effective procedure, without reliance on any (partly) mathematical lemma, conjecture, or thesis invoking recursiveness or Turing-computability. In fact, there is no reliance on anything very mathematical. The proof does not even appeal to a precise definition of ‘effective procedure’. Instead, it relies solely and entirely on a basic grasp of the intuitive notion of an effective procedure. Though the result that effectiveness is undecidable is not surprising, it is also not without significance. It has the consequence, for example, that the solution to a decision problem, if it is to be complete, must be accompanied by a separate argument that the proposed ascertainment procedure invariably terminates with the correct verdict. (shrink)

T. A. Cavanaugh defends double-effect reasoning, also known as the principle of double effect. DER plays a role in anti-consequentialist ethics, in hard cases in which one cannot realize a good without also causing a foreseen, but not intended, bad effect. This study is the first book-length account of the history and issues surrounding this controversial approach to hard cases. It will be indispensable in theoretical ethics, applied ethics, and moral theology. It will also interest legal and public policy scholars.

_Anthropic Bias_ explores how to reason when you suspect that your evidence is biased by "observation selection effects"--that is, evidence that has been filtered by the precondition that there be some suitably positioned observer to "have" the evidence. This conundrum--sometimes alluded to as "the anthropic principle," "self-locating belief," or "indexical information"--turns out to be a surprisingly perplexing and intellectually stimulating challenge, one abounding with important implications for many areas in science and philosophy. There are the philosophical thought experiments and (...) paradoxes: the Doomsday Argument; Sleeping Beauty; the Presumptuous Philosopher; Adam & Eve; the Absent-Minded Driver; the Shooting Room. And there are the applications in contemporary science: cosmology ; evolutionary theory ; the problem of time's arrow ; quantum physics ; game-theory problems with imperfect recall ; even traffic analysis. _Anthropic Bias_ argues that the same principles are at work across all these domains. And it offers a synthesis: a mathematically explicit theory of observation selection effects that attempts to meet scientific needs while steering clear of philosophical paradox. (shrink)

T. A. Cavanaugh defends double-effect reasoning (DER), also known as the principle of double effect. DER plays a role in anti-consequentialist ethics (such as deontology), in hard cases in which one cannot realize a good without also causing a foreseen, but not intended, bad effect (for example, killing non-combatants when bombing a military target). This study is the first book-length account of the history and issues surrounding this controversial approach to hard cases. It will be indispensable in theoretical ethics, applied (...) ethics (especially medical and military), and moral theology. It will also interest legal and public policy scholars. (shrink)

Deep Brain Stimulation (DBS) is a relatively new, experimental treatment for patients suffering from treatment-refractory Obsessive Compulsive Disorder (OCD). The effects of treatment are typically assessed with psychopathological scales that measure the amount of symptoms. However, clinical experience indicates that the effects of DBS are not limited to symptoms only: patients for instance report changes in perception, feeling stronger and more confident, and doing things unreflectively. Our aim is to get a better overview of the whole variety of (...) changes that OCD patients experience during DBS treatment. For that purpose we conducted in-depth, semi-structured interviews with 18 OCD patients. In this paper, we present the results from this qualitative study.We list the changes grouped in four domains: with regard to (a) person, (b) (social) world, (c)characteristics of person-world interactions, and (d) existential stance. We subsequently provide an interpretation of these results. In particular, we suggest that many of these changes can be seen as different expressions of the same process; namely that the experience of anxiety and tension gives way to an increased basic trust and increased reliance on one’s abilities. We then discuss the clinical implications of our findings, especially with regard to properly informing patients of what they can expect from treatment, the usefulness of including CBT in treatment, and the limitations of current measures of treatment success. We end by making several concrete suggestions for further research. (shrink)

Effective altruism sounds so innocuous—who could possibly be opposed to doing good more effectively? Yet it has inspired significant backlash in recent years. This paper addresses some common misconceptions and argues that the core “beneficentric” ideas of effective altruism are both excellent and widely neglected. Reasonable people may disagree on details of implementation, but all should share the basic goals or values underlying effective altruism.

One of the main objections against effective altruism is the so-called institutional critique, according to which the EA movement neglects interventions that affect large-scale institutions. Alexander Dietz has recently put forward an interesting version of this critique, based on a theoretical problem affecting act-utilitarianism, which he deems as potentially conclusive against effective altruism. In this article I argue that his critique is not as promising as it seems. I then go on to propose another version of the institutional critique. In (...) contrast to Dietz's version, it targets not the core principles of effective altruism but rather some important methodological assumptions made in EA research, namely diminishing marginal returns and low-hanging fruits. One key conclusion is that it may be time for critics of effective altruism to shift their attention from the theoretical core principles of effective altruism towards the methodological tools actually employed in practice by the EA movement. (shrink)

The aim of our experiment was to analyse the effect of the emotional valence (positive, negative, or neutral) on true and false recognition, matching the arousal, frequency, concreteness, and associative strength of the study and recognition words. Fifty younger adults and 46 healthy older adults performed three study tasks (with words of different valence: positive, negative, neutral) and their corresponding recognition tests. Two weeks later, they performed the three recognition tests again. The results show that words with a negative valence (...) produced less true recognition and less false recognition than words with a positive or neutral valence, in both younger and older adults, on the immediate recognition test. This pattern of results was also found in the younger adults on the delayed recognition test, whereas in the older participants, these differences disappeared. Thus, when arousal is controlled, both younger and older adults tend to recognise negative information worse than positive or neutral information, but they also commit fewer errors. Results would suggest that the greater arousal commonly associated with negative stimuli, rather than their own valence, could explain some of the contradictory results found in the literature. (shrink)

Effective altruism (EA) is a movement devoted to the idea of doing good in the most effective way possible. EA has been the target of a number of critiques. In this article, I focus on one prominent critique: that EA fails to acknowledge the importance of institutional change. One version of this critique claims that EA relies on an overly individualistic approach to ethics. Defenders of EA have objected that this charge either fails to identify a problem with EA's core (...) idea that each of us should do the most good we can, or makes unreasonable claims about what we should do. However, I argue that we can understand the critique in a way that is well motivated, and that can avoid these objections. (shrink)

Alternative Learning System (ALS) has been adopted in Philippine basic education, yet there is no academic institution in the region prepares ALS teachers in teaching life skills. ALS teachers graduated from different programs of teacher education for formal education. In response, an extension project was conceptualized and implemented to enhance the teaching capacity and effectiveness of ALS teachers. Case study was conducted to evaluate the effectiveness of the project. It explored the transfer of life skills among ALS teachers. Data were (...) collected from multiple sources. Interview and written responses, and feedbacks were analyzed using thematic narrative analysis. Other data were analyzed using document and descriptive analyses. The project had achieved its objectives and rated best by participants. These indicate that the project was implemented effectively and successfully. ALS teachers have acquired life skills and transferred them to others. Thus, the project has made a difference in the lives of these teachers. (shrink)

This article reports a study carried out in order to measure how semantic factors affect reductions in the difficulty of the Chinese Ring Puzzle (CRP) that involves removing five objects according to a recursive rule. We hypothesised that semantics would guide inferences about action decision making. The study involved a comparison of problem solving for two semantic isomorphic variants of the CRP ( fish and fleas ) with problem solving for the puzzle's classic variant (the Balls and Boxes problem; Kotovsky (...) learning involves generalising the relations within a coherent, interconnected whole that makes up the puzzle's rules. It seems that semantics make it easier for the puzzle's elements to be grouped together within coherent, meaningful wholes, which reduces relational complexity and facilitates problem solving. (shrink)

Recent downward trends in corporate giving have renewed interest in the factors that shape corporate philanthropy. This paper examines the relationships between charitable contributions, firm size and industry. Improvements over previous studies include an IRS data base that covers a much broader range of firm sizes and industries as compared to previous studies and estimation using an instrumental variable technique that explicitly addresses potential simultaneity between charitable contributions and profitability. Important findings provide evidence of a cubic relationship between charitable giving (...) and firm size and evidence of strong industry effects. The plus-minus-plus regression coefficient sign pattern for the cubic firm size model suggests that small and large firms give more relative to total receipts with lower giving ratios among medium size firms. One interpretation for this finding is that small firms are close to the communities they serve while high visibility creates a need for large firm philanthropy. Strong industry effects provide evidence of inter-industry differences in giving culture and/or different public relations requirements across industries. (shrink)

Effective altruists either believe they ought to be, or strive to be, doing the most good they can. Since they’re human, however, effective altruists are invariably fallible. In numerous situations, even the most committed EAs would fail to live up to the ideal they set for themselves. This fact raises a central question about how to understand effective altruism. How should one’s future prospective failures at doing the most good possible affect the current choices one makes as an effective altruist? (...) This question is important to answer not only because every effective altruist will face this question due to typical human akrasia, but also because how the question is answered will determine just how demanding effective altruism can be. I argue that no matter how effective altruists answer this question, they will have to take on some commitments seemingly antithetical to their movement. More precisely, I argue that effective altruism is subject to a dilemma. Effective altruists’, at times, implicit actualist assumptions (i) commit them to conclusions seemingly antithetical to what typical effective altruists actually believe, as well as the spirit of the movement and (ii) undermine effective altruists’ arguments against moral offsetting and giving to charities close to the heart. Yet, effective altruists’, at times, implicit possibilist assumptions (iii) also commit them to conclusions seemingly antithetical to what typical effective altruists actually believe, as well as the spirit of the movement and (iv) undermine typical responses to demandingness worries for the normative conception of effective altruism. I argue that the best way out of the dilemma is to accept hybridism, though even hybridism won’t preserve every commitment of effective altruism. (shrink)

Effective altruism has a strategy problem. Overreliance on a strategy of donating to the most effective charities keeps us on the firefighter's treadmill, continually pursuing the next-highest quantifiable marginal gain. But on its own, this is politically shortsighted. Without any long-term framework within which these individual rescues fit together to bring about the greatest overall impact, we are almost certainly leaving a lot of value on the table. Thus, effective altruists' preferred means undercut their professed aims. Alongside the charity framework, (...) the more effective altruist ought to consider a mutual aid framework, which better acknowledges and honors the unavoidably political commitments of effective altruism to reimagine and remake the world. (shrink)

Measuring the effectiveness of medical interventions faces three epistemological challenges: the choice of good measuring instruments, the use of appropriate analytic measures, and the use of a reliable method of extrapolating measures from an experimental context to a more general context. In practice each of these challenges contributes to overestimating the effectiveness of medical interventions. These challenges suggest the need for corrective normative principles. The instruments employed in clinical research should measure patient-relevant and disease-specific parameters, and should not be sensitive (...) to parameters that are only indirectly relevant. Effectiveness always should be measured and reported in absolute terms (using measures such as 'absolute risk reduction'), and only sometimes should effectiveness also be measured and reported in relative terms (using measures such as 'relative risk reduction')-employment of relative measures promotes an informal fallacy akin to the base-rate fallacy, which can be exploited to exaggerate claims of effectiveness. Finally, extrapolating from research settings to clinical settings should more rigorously take into account possible ways in which the intervention in question can fail to be effective in a target population. (shrink)

In this entry, we discuss both the definition of effective altruism and objections to effective altruism, so defined.

The investigation of computational properties of discontinuous functions is an important concern in computable analysis. One method to deal with this subject is to consider effective variants of Borel measurable functions. We introduce such a notion of Borel computability for single-valued as well as for multi-valued functions by a direct effectivization of the classical definition. On Baire space the finite levels of the resulting hierarchy of functions can be characterized using a notion of reducibility for functions and corresponding complete functions. (...) We use this classification and an effective version of a Selection Theorem of Bhattacharya-Srivastava in order to prove a generalization of the Representation Theorem of Kreitz-Weihrauch for Borel measurable functions on computable metric spaces: such functions are Borel measurable on a certain finite level, if and only if they admit a realizer on Baire space of the same quality. This Representation Theorem enables us to introduce a realizer reducibility for functions on metric spaces and we can extend the completeness result to this reducibility. Besides being very useful by itself, this reducibility leads to a new and effective proof of the Banach-Hausdorff-Lebesgue Theorem which connects Borel measurable functions with the Baire functions. Hence, for certain metric spaces the class of Borel computable functions on a certain level is exactly the class of functions which can be expressed as a limit of a pointwise convergent and computable sequence of functions of the next lower level. (shrink)

Despite the conceptual problems in identifying the placebo effect, an increasing number of multidisciplinary inquiries rest on the assumption that there is a distinct class of effects, placebo effects. In this chapter, I argue against this assumption. I present cases and characterizations of the placebo effect as offered in the literature, and argue that the latter are subject to insurmountable problems. Moreover, I argue that identification of placebo effects as such is not useful for the three main (...) purposes offered in the literature. I then offer suggestions for why it may remain intuitive that some effects are placebo effects and close by noting the potential benefits of ultimately explaining away these intuitions. (shrink)

This study examines a mediated model of ethical leadership on ethical climate, turnover intention, and affective commitment. It is suggested that managers are role models in their organizations. Specifically, through ethical leadership behavior, managers can influence perceptions of ethical climate, which in turn will positively influence organizational members’ turnover intention, and affective commitment. The results indicate that ethical leadership has both direct and indirect effect on affective commitment and turnover intention. The indirect effect of ethical leadership involves shaping perceptions of (...) ethical climate, which in turn, engenders greater affective organizational commitment and less turnover intention. (shrink)

Double Effect Donation claims it is permissible for a person meeting brain death criteria to donate vital organs, even though such a person may be alive. The reason this act is permissible is that it does not aim at one’s own death but rather at saving the lives of others, and because saving the lives of others constitutes a proportionately serious reason for engaging in a behavior in which one foresees one’s death as the outcome. Double Effect Donation, we argue, (...) opens a novel position in debates surrounding brain death and organ donation, and does so without compromising the sacredness and fundamental equality of human life. (shrink)

The concepts of placebos and placebo effects refer to extremely diverse phenomena. I recommend dissolving the concepts of placebos and placebo effects into loosely related groups of specific mechanisms, including (potentially among others) expectation-fulfillment, classical conditioning, and attentional-somatic feedback loops. If this approach is on the right track, it has three main implications for the ethics of informed consent. First, because of the expectation-fulfillment mechanism, the process of informing cannot be considered independently from the potential effects of (...) treatment. Obtaining informed consent influences the effects of treatment. This provides support for the authorized concealment and authorized deception paradigms, and perhaps even for outright deceptive placebo use. Second, doctors may easily fail to consider the potential benefits of conditioning, leading them to misjudge the trade-off between beneficence and autonomy. Third, how attentional-somatic feedback loops play out depends not only on the content of the informing process but also on its framing. This suggests a role for libertarian paternalism in clinical practice. (shrink)

Framing effects occur when different descriptions of the same decision problem give rise to divergent decisions. They can be seen as a violation of the decisiontheoretic version of the principle of extensionality (PE). The PE in logic means that two logically equivalent sentences can be substituted salva veritate. We explore what this notion of extensionality becomes in decision contexts. Violations of extensionality may have rational grounds. Based on some ideas proposed by the psychologist Craig McKenzie and colleagues, we contend (...) that framing effects are justified when the selection of one particular frame conveys choice relevant information. We first discuss this idea from a philosophical point of view, and proceed next to formalize it first in the context of the Bolker–Jeffrey decision theory. Finally, we extend the previous analysis to non-expected utility theories using the Biseparable Preference model introduced by Ghirardato and Marinacci (2001) and therefore show that the analysis is independent of the assumptions of Bayesian decision theory. (shrink)