In the twentieth century, two Nobel-Prize winning economists wrote two seemingly unrelated characterizations of the processes constraining human behavior. One, Ronald Coase, wrote a short article entitled The Nature of the Firm,1 in which he reduced all managerial decision-making to a fundamental choice between making the factors of production, or buying them. This article and the idea of the "make or buy" decision for which it has come to be known, have proven to be among the most seminal in the (...) history of financial economics and organizational behavior. The second economist, Friedrich Hayek, wrote what he thought to be a comprehensive treatment of the approach that ought to be taken to the generation of rules constraining human interaction. This voluminous work, Law, Legislation and Liberty, characterized the creation of legal rules as the product of either spontaneous or planned orders. Hayek argued that spontaneous orders like "law" were more efficient mechanisms for governing human behavior than planned orders like "legislation." 2 This thesis received a lukewarm reception generally, and virtually no reception at all in legal circles. This Article demonstrates that Coase and Hayek were actually making the same observation, albeit in different contexts. Hayek's conception of the two sources of order is, in fact, a more abstract application of Coase's "make or buy" decision. Had Hayek understood his characterization of legal processes to be a variant of Coase's "Theory of the Firm," his ideas may have received more traction. Lawyers, judges, and lawmakers may also have understood some of the implications of Hayek's thesis for constraining legal actors, as well as its applications in current debates on the scope of administrative agency authority, tort reform, or the use of legislative history in litigation. (shrink)

Of laws in general -- Of laws directly derived from the nature of government -- Of the principles of the three kinds of government -- That the laws of education ought to be relative to the principles of government -- That the laws given by the legislator ought to be relative to the nature of government -- Consquences of the principles of different governments, with respect to the simplicity of civil and criminal laws, the form of judgements, and inflicting of (...) punishments -- Consquences of the different principles of the three governments, with respect to sumptuary laws, luxury, and the condition of women -- Of the corruption of the principles of the three governments -- Of the laws in the relation they bear to defensive force -- Of laws, in the relation they bear to offensive force. (shrink)

A mass problem is a set of Turing oracles. If P and Q are mass problems, we say that P is weakly reducible to Q if for all Y ∈ Q there exists X ∈ P such that X is Turing reducible to Y. A weak degree is an equivalence class of mass problems under mutual weak reducibility. Let [Formula: see text] be the lattice of weak degrees of mass problems associated with nonempty [Formula: see text] subsets of the Cantor (...) space. The lattice [Formula: see text] has been studied in previous publications. The purpose of this paper is to show that [Formula: see text] partakes of hyperarithmeticity. We exhibit a family of specific, natural degrees in [Formula: see text] which are indexed by the ordinal numbers less than [Formula: see text] and which correspond to the hyperarithmetical hierarchy. Namely, for each [Formula: see text], let hα be the weak degree of 0, the αth Turing jump of 0. If p is the weak degree of any mass problem P, let p* be the weak degree of the mass problem P* = {Y | ∃X ⊆ BLR )} where BLR is the set of functions which are boundedly limit recursive in X. Let 1 be the top degree in [Formula: see text]. We prove that all of the weak degrees [Formula: see text], [Formula: see text], are distinct and belong to [Formula: see text]. In addition, we prove that certain index sets associated with [Formula: see text] are [Formula: see text] complete. (shrink)

Previous research on linguistic relativity and economic decisions hypothesized that speakers of languages with obligatory tense marking of future time reference (FTR) should value future rewards less than speakers of languages which permit present tense FTR. This was hypothesized on the basis of obligatory linguistic marking (e.g., will) causing speakers to construe future events as more temporally distal and thereby to exhibit increased “temporal discounting”: the subjective devaluation of outcomes as the delay until they will occur increases. However, several aspects (...) of this hypothesis are incomplete. First, it overlooks the role of “modal” FTR structures which encode notions about the likelihood of future outcomes (e.g., might). This may influence “probability discounting”: the subjective devaluation of outcomes as the probability of their occurrence decreases. Second, the extent to which linguistic structures are subjectively related to temporal or probability discounting differences is currently unknown. To address these, we elicited FTR language and subjective ratings of temporal distance and probability from speakers of English, which exhibits strongly grammaticized FTR, and Dutch, which does not. Several findings went against the predictions of the previous hypothesis: Framing an FTR statement in the present (“Ellie arrives later on”) versus the future tense (“…will arrive…”) did not affect ratings of temporal distance; English speakers rated future statements as relatively more temporally proximal than Dutch speakers; and English and Dutch speakers rated future tenses as encoding high certainty, which suggests that obligatory future tense marking might result in less discounting. Additionally, compared with Dutch speakers, English speakers used more low-certainty terms in general (e.g., may) and as a function of various experimental factors. We conclude that the prior cross-linguistic observations of the link between FTR and psychological discounting may be caused by the connection between low-certainty modal structures and probability discounting, rather than future tense and temporality. (shrink)

To understand the endogenous components of the event-related brain potential (ERP), we must use data about the components' antecedent conditions to form hypotheses about the information-processing function of the underlying brain activity. These hypotheses, in turn, generate testable predictions about the consequences of the component. We review the application of this approach to the analysis of the P300 component. The amplitude of the P300 is controlled multiplicatively by the subjective probability and the task relevance of the eliciting events, whereas its (...) latency depends on the duration of stimulus evaluation. These and other factors suggest that the P300 is a manifestation of activity occurring whenever one's model of the environment must be revised. Tests of three predictions based on this “context updating” model are reviewed. Verleger's critique is based on a misconstrual of the model as well as a partial and misleading reading of the relevant literature. (shrink)

The essence of Baars’ paper is to propose nine functions for consciousness. By way of introducing these functions we are presented with a metaphor of a theatre, in which players act, operators set contexts behind the scenes, an unconscious audience provides specialised capabilities, and, of course, a bright spotlight of attention illuminates whatever is available to consciousness. The value of this metaphor is not entirely clear, with the separate ‘roles’ of the audience and of the operators behind the scenes being (...) particularly difficult to identify. Additionally, there may be a problem with idea that there is some kind of competition between actors who are seeking the spotlight of attention, for this suggests that the components of thought have volitions of their own. These would, indeed, be dangerous thoughts. Rather than attempting an analysis of the metaphor and its potential usefulness, this commentary will consider the nine functions of consciousness that have been proposed. (shrink)

We investigate operators which take a set X to a set relatively computably enumerable in and above X by studying which such sets X can be so mapped into the Turing degree of K. We introduce notions of nontriviality for such operators, and use these to study which additional properties can be required of sets which can be completed to the jump by given operators of this kind.