Recent finance literature attributes the development of derivative instruments to technological advances, and improved mathematical models for predicting option prices. This paper explores the role of social ethics in the acceptance of financial derivatives. The relationship between utilitarian ethical principles and the demise of turn-of-the-century bucket shops is contrasted with modern tolerance of financial derivatives based upon libertarian ethical precepts. Our conclusion is that a change in social ethics also facilitated the growth in trading in modern financial derivatives.

In lieu of an abstract, here is a brief excerpt of the content:NOTES AND DISCUSSIONS 69 in pre-Socratic scholarship. But he does not do justice to the religious mood which pervades the whole poem (a mood which is set by the prologue which casts the whole work into the form of some kind of religious revelation). The prologue is considerably more than a mere literary device, and the poem is more than logic. Generally, Jaeger9 and Guthrie are surely correct in (...) their judgment that any adequate interpretation of Parmenides' work (as well as that of the other early Greek thinkers) must be willing to take into account its essentially theological character and religious inspirationl~ not always grasped through strict analysis and exegesis. g Theolooy of the Early C-reekPhilosophers, trans. Edward S. Robinson (Oxford, 1947), p. lff, 90ft. agCf. Guthrie's excellent statement: "...Parmenides was at one with Heraclitus in claiming a prophetic or apocalyptic authority for his teaching." And again, the Greeks believed in "an inspiration whereby-the poet is granted deeper insight into the truth than other men" (p. 6). ED. L. MILLER University of Colorado AN UNKNOWN SEVENTEENTH-CENTURY FRENCH TRANSLATION OF SEXTUS EMPIRICUS* I. Introduction Included in a collection of manuscripts and early printed books recently acquired by the Library of the University of California, Los Angeles, from the Paris bookdealer Paul Jammes ~ are three manuscripts attributed to a certain Nicolas de la Toison, Baron de Bussy. Two of the three volumes contain extensive Latin commentaries on the major writings of Aristotle.2 The third is a miscellaneous volume written in three different hands, which contains, among other things, a complete French translation of the extant writings of Sextus Empiricus (c. A.D. 160-210).3 I * I would like to express my thanks to Mr. Richard O'Brien, Western European Bibliographer of the UCLA Library, for his help in numerous ways, who made it possible for me to consult this material during my sojourn in Los Angeles, even before it had been officially catalogued by the Library. I would also like to thank Professors Donald Kalish and Robert Yost of the UCLA Department of Philosophy for their support in making it possible for the collection to be purchased. 1For a brief description of the collection as a whole see Charles B. Schmitt, "Acquisition of Early French Books and Manuscripts", UCLA Librarian, XIX (1966)~25. 2These two manuscripts are bound m red leather with gold tooling. Thear present shelf mark is Collection 968, Box 2. On the spines is written: (1) PHILOSOPHIA.TO.I, and (2) METAPHYSIC ET PHYSICA TO.2. They measure approximately 10 X 14 cm. and each contains about 600fois. At the beginning of Vol. I, in a later hand (19th century?), we read: "Nicolas de la Thoison, baron de Bussy, qui 6crivit ces m6moires, 6tait conseiller laic au Parlement de Bourgogne. Il fur pourru par la r6signation de Pierre Catherine le IV Ddcembre M.DC.XLV et regu le XXIX janvier M.DC.XLVI. I1portait: de queueles dune bands d'or charges en coeur d'une quints feuiUe d'azur--ainsi qu'on le volt dans le Parlement de Bourgogne [Dijon, 1649]de Pierre PaiUot, p. 326." There is also a drawing of the coat-of-arms which has been described. That the de la Toison coat-of-arms is a quintefeuille is verified by Theodore de Renesse, Dictionnaire des figures h$raldiques (Brussels, 1894-1903) III, 461. The passage cited above from the manuscript is directly quoted from Pierre Paillot, Le Parlement de Bouroongne [I], son origins, son $tablissemerit, et son progr~s (Dijon, 1649), p. 326. s A description of this manuscript will be found in the Appendix. 70 HISTORY OF PHILOSOPHY shall here only give a preliminary survey of this third manuscript, pointing out some of the more interesting features and mentioning some problems connected with it which should be investigated further in more detail. As is now well-known the writings of Sextus Empiricus, which form the major extant compendium of ancient skeptical philosophy, had quite a significant impact on sixteenth and seventeenth-eentury thought, after their reintroduction in the sixteenth century. ~ Sextus' works were available in printed Latin editions after 15695 and the Greek text was printed in... (shrink)

We show that the implicational fragment of intuitionism is the weakest logic with a non-trivial probabilistic semantics which satisfies the thesis that the probabilities of conditionals are conditional probabilities. We also show that several logics between intuitionism and classical logic also admit non-trivial probability functions which satisfy that thesis. On the other hand, we also prove that very weak assumptions concerning negation added to the core probability conditions with the restriction that probabilities of conditionals are conditional probabilities are sufficient to (...) trivialize the semantics. (shrink)

Counterfactual imaginings are known to have far reaching implications. In the present experiment, we ask if imagining events from one's past can affect memory for childhood events. We draw on the social psychology literature showing that imagining a future event increases the subjective likelihood that the event will occur. The concepts of cognitive availability and the source monitoring framework provide reasons to expect that imagination may inflate confidence that a childhood event occurred. However, people routinely produce myriad counterfactual imaginings (i.e., (...) daydreams and fantasies) but usually do not confuse them with past experiences. To determine the effects of imagining a childhood event, we pretested subjects on how confident they were that a number of childhood events had happened, asked them to imagine some of those events, and then gathered new confidence measures. For each of the target items, imagination inflated confidence that the event had occurred in childhood. We discuss implications for situations in which imagination is used as an aid in searching for presumably lost memories. (shrink)

Conclusions reached using common sense reasoning from a set of premises are often subsequently revised when additional premises are added. Because we do not always accept previous conclusions in light of subsequent information, common sense reasoning is said to be nonmonotonic. But in the standard formal systems usually studied by logicians, if a conclusion follows from a set of premises, that same conclusion still follows no matter how the premise set is augmented; that is, the consequence relations of standard logics (...) are monotonic. Much recent research in AI has been devoted to the attempt to develop nonmonotonic logics. After some motivational material, we give four formal proofs that there can be no nonmonotonic consequence relation that is characterized by universal constraints on rational belief structures. In other words, a nonmonotonic consequence relation that corresponds to universal principles of rational belief is impossible. We show that the nonmonotonicity of common sense reasoning is a function of the way we use logic, not a function of the logic we use. We give several examples of how nonmonotonic reasoning systems may be based on monotonic logics. (shrink)

In [2] Hempel and Oppenheim give a definition of “explanation” for a certain formal language. In [1] Eberle, Kaplan, and Montague prove five theorems demonstrating that the Hempel and Oppenheim definition is not restrictive enough. In [3] Kim proposes two further conditions to supplement the Hempel and Oppenheim definition in order to avoid the objections posed in [1]. In this paper it is shown that the definition of Hempel and Oppenheim supplemented by Kim's conditions is open to a trivialization very (...) analogous to that given in [1]. (shrink)

The business enterprise is a major instrument in the creation of a just society. However the tension between profit and ethicality requires sound decision making and business ethics instruction is central to creative alternatives to business leaders. Therefore, instruction is aided with a model for framing one’s thoughts about ethics and while several earlier business ethics models exist, they tend to be closed and at times parochial. This paper draws on insights from other academic disciplines to offer a broader yet (...) flexible framework for professors, students, scholars, and decision makers. At the center of the model is the four stage framework of Rest et al. as impacted by four sets of variables—individual, organizational, environmental, and issue. These are rooted in the work of Dunlop’s Industrial Relations Theory and Jones’ Moral Intensity. A literature review of important variables is presented and the paper concludes with several take aways for instruction and policy suggestions. (shrink)

The usual semantics for the modal systems T, S4, and S5 assumes that the set of possible worlds contains at least one member. Recently versions of these modal systems have been developed in which this assumption is dropped. The systems discussed here are obtained by slightly weakening the liberated versions of T and S4. The semantics does not assume the existence of possible worlds, and the accessibility relation between worlds is only required to be quasi-reflexive instead of reflexive. Completeness and (...) independence results are established. (shrink)

In this paper we examine the thesis that the probability of the conditional is the conditional probability. Previous work by a number of authors has shown that in standard numerical probability theories, the addition of the thesis leads to triviality. We introduce very weak, comparative conditional probability structures and discuss some extremely simple constraints. We show that even in such a minimal context, if one adds the thesis that the probability of a conditional is the conditional probability, then one trivializes (...) the theory. Another way of stating the result is that the conditional of conditional probability cannot be represented in the object language on pain of trivializing the theory. (shrink)

The intuitive notion behind the usual semantics of most systems of modal logic is that of ?possible worlds?. Loosely speaking, an expression is necessary if and only if it holds in all possible worlds; it is possible if and only if it holds in some possible world. Of course, contradictory expressions turn out to hold in no possible worlds, and logically true expressions turn out to hold in every possible world. A method is presented for transforming standard modal systems into (...) systems of modal logic for impossible worlds. To each possible world there corresponds an impossible world such that an expression holds in the impossible world if and only if it does not hold in the possible world. One can then talk about such worlds quite consistently, and there seems to be no logical reason for excluding them from consideration. (shrink)

Collingwood's attitude toward literary sources is related to the method of selective excavation. But as an excavator, Collingwood came in for some criticism from his fellow archaeologists. Collingwood's treatment of four historical problems is considered: why Caesar invaded Britain, why Augustus did not, how the Claudian conquest proceeded, and why Hadrian built his wall and vallum. Collingwood concluded that Caesar intended to conquer, Augustus did not, and that the vallum served a civil rather than military purpose. In trying to identify (...) past thought Collingwood approaches literary sources and archaeological remains with particular questions in mind. Questions and answers being correlative, this often amounts to having made up his mind in advance. When he comes to the evidence itself, he sees what he expects to see ; occasionally what he sees is not in fact there. Where Collingwood creates a history, Peter Salway sometimes seems to be summarizing a subject. With Collingwood, however, we more than participate in processes of thought, we actually see the connections. Collingwood makes the real rational, and no historian of Roman Britain has done that better. (shrink)

Almost every formal model of explanation thus far proposed has been demonstrated to be faulty. In this paper, a new model, proposed by Raimo Tuomela, is also demonstrated to be faulty. In particular, one condition of the model is shown to be too restrictive, and another condition of the model is shown to be too permissive.

Erasmus’s Adages were among his most influential works in his own time, particularly later editions, which included both Greek and Latin. In the adages included in volumes 35 and 36, Erasmus criticizes secular and ecclesiastical life, commenting on topics such as war, reform of the church and spiritual life, and the corrupting effects of the relentless pursuit of wealth and power. Erasmus aims his narrative and commentary in Paraphrase on the Gospel of Matthew (volume 45) at a general educated audience (...) (rather than professional theologians). Together, these volumes provide readable and accurate edition of Erasmus’s work and helpful special indexes. (shrink)

(2012). The Making of the Humanities, vol. 1: Early Modern Europe. Intellectual History Review: Vol. 22, No. 2, pp. 293-296. doi: 10.1080/17496977.2012.694178.

Modern cells present no signs of a putative prebiotic RNA world. However, RNA coding is not a sine qua non for the accumulation of catalytic polypeptides. Thus, cellular proteins spontaneously fold into active structures that are resistant to proteolysis. The law of mass action suggests that binding domains are stabilized by specific interactions with their substrates. Random polypeptide synthesis in a prebiotic world has the potential to initially produce only a very small fraction of polypeptides that can fold spontaneously into (...) catalytic domains. However, that fraction can be enriched by proteolytic activities that destroy the unfolded polypeptides and regenerate amino acids that can be recycled into polypeptides. In this open system scenario the stable domains that accumulate and the chemical environment in which they are accumulated are linked through self coding of polypeptide structure. Such open polypeptide systems may have been the precursors to the cellular ribonucleoprotein (RNP) world that evolved subsequently. (shrink)