The paper presents a new logic for reasoning about the formation of beliefs through perception or through inference in non-omniscient resource-bounded agents. The logic distinguishes the concept of explicit belief from the concept of background knowledge. This distinction is reflected in its formal semantics and axiomatics: we use a non-standard semantics putting together a neighborhood semantics for explicit beliefs and relational semantics for background knowledge, and we have specific axioms in the logic highlighting the relationship between the two concepts. Mental (...) operations of perceptive type and inferential type, having effects on epistemic states of agents, are primitives in the object language of the logic. At the semantic level, they are modelled as special kinds of model-update operations, in the style of dynamic epistemic logic. Results about axiomatization, decidability and complexity for the logic are given in the paper. (shrink)

Barnett and Block (Journal of Business Ethics, 2009 ) attack the heart of modern banking by claiming that the practice of borrowing short and lending long is illicit. While their claim of illegitimacy concerning fractional reserve banking can be defended, their justification lacks substance. Their claim is herein strengthened by a legal analysis of deposits and loans based on Huerta de Soto (Money, Bank Credit and Economic Cycles, 2006 ). A combined legal and economic analysis shows that while lending deposits (...) can be regarded as illicit, the maturity mismatching of loans is legitimate contrary to Barnett and Block’s claim. No over-issuance of property rights is involved with this practice once the distinction between present and future goods is taken into account. However, while the practice is not illicit per se , it is greatly assisted and developed through the presence of a fractional reserve banking system, and can sometimes breed detrimental effects. (shrink)

How ethical have recent banking practices been? We answer this question via an economic analysis. We assess the two dominant practices of the modern banking system – fractional reserves and maturity transformation – by gauging the respective rights of the relevant parties. By distinguishing the legal and economic differences between deposit and loan contracts, we determine that the practice of maturity transformation (in its various guises) is not only ethical but also serves a positive social function. The foundation of the (...) modern banking system – the holding of fractional reserves against deposits – is, however, problematic from economic, legal and ethical perspectives. Starting from a microanalysis of money's function, a reassessment of the current laws concerning the practice is encouraged, with the aim not only to rectify economic irregularities but also to realign depositors' rights with the obligations of the banking sector. (shrink)

How ethical have recent banking practices been? We answer this question via an economic analysis. We assess the two dominant practices of the modern banking system – fractional reserves and maturity transformation – by gauging the respective rights of the relevant parties. By distinguishing the legal and economic differences between deposit and loan contracts, we determine that the practice of maturity transformation (in its various guises) is not only ethical but also serves a positive social function. The foundation of the (...) modern banking system – the holding of fractional reserves against deposits – is, however, problematic from economic, legal and ethical perspectives. Starting from a microanalysis of money's function, a reassessment of the current laws concerning the practice is encouraged, with the aim not only to rectify economic irregularities but also to realign depositors' rights with the obligations of the banking sector. (shrink)

Barnett and Block (J Bus Ethics 18(2):179–194, 2011 ) argue that one cannot distinguish between deposits and loans due to the continuum problem of maturities and because future goods do not exist—both essential characteristics that distinguish deposit from loan contracts. In a similar way but leading to opposite conclusions (Cachanosky, forthcoming) maintains that both maturity mismatching and fractional reserve banking are ethically justified as these contracts are equivalent. We argue herein that the economic and legal differences between genuine deposit and (...) loan contracts are clear. This implies different legal obligations for these contracts, a necessary step in assessing the ethics of both fractional reserve banking and maturity mismatching. While the former is economically, legally, and perhaps most importantly ethically problematic, there are no such troubles with the latter. (shrink)

This paper proposes an equilibrium approach to belief manipulation and deception in which agents only have coarse knowledge of their opponent’s strategy. Equilibrium requires the coarse knowledge available to agents to be correct, and the inferences and optimizations to be made on the basis of the simplest theories compatible with the available knowledge. The approach can be viewed as formalizing into a game theoretic setting a well documented bias in social psychology, the Fundamental Attribution Error. It is applied to a (...) bargaining problem, thereby revealing a deceptive tactic that is hard to explain in the full rationality paradigm. (shrink)

We introduce frame-equivalence games tailored for reasoning about the size, modal depth, number of occurrences of symbols and number of different propositional variables of modal formulae defining a given frame property. Using these games, we prove lower bounds on the above measures for a number of well-known modal axioms; what is more, for some of the axioms, we show that they are optimal among the formulae defining the respective class of frames.

In this article we reply to George Selgin’s counterarguments to our article “Fractional Reserve Free Banking: Some Quibbles”. Selgin regards holding cash as saving while we focus on the real savings necessary to maintain investment projects. Real savings are unconsumed real income. Variations in real savings are not [...].

Depositors have perceived banks as acting unethically during the most recent recession. One area of consternation is the ambiguity of the legal obligations entailed by the deposit contract when it is backed with only fractional reserves. In this article, we apply an existing analysis of the legitimacy and ethicality of banking practices to a wider range of financial transactions, including insurance policies, securities lending, perpetual bonds, and callable loans. Securities lending in particular creates rights violations analogous to those in fractional-reserve (...) banking. Both callable loans and perpetual bonds have clear legal obligations which are not inherently problematic, though we herein clarify what these obligations are. Finally, we apply our ethical framework to demonstrate that insurance products are distinct from banking deposit contracts, and that perceived parallels between the two products underestimate these differences. (shrink)

The focus on translational research in clinical trials has the potential to generate clinically relevant genetic data that could have importance to patients. This raises challenging questions about communicating relevant genetic research results to individual patients. An exploratory pharmacogenetic analysis was conducted in the international ovarian cancer phase III trial, AGO-OVAR 16, which found that patients with clinically important germ-line BRCA1/2 mutations had improved progression-free survival prognosis. Mechanisms to communicate BRCA results were evaluated, because these findings may be beneficial to (...) patients and their families. Communicating individual BRCA results was not anticipated during clinical trial design. Consequently, options were not available for patients to indicate their preference for receiving their individual results when they signed pharmacogenetic informed consent. Differences in local requirements, clinical practice, and opinion regarding the ethical aspects of how to convey genetic results to patients are all potential barriers to returning individual BRCA results to patients. Communicating the aggregate BRCA result from this study provided clinical investigators with a mechanism to disseminate the overall study finding to patients while taking individual circumstances, local guidelines and clinical practice into account. This study illustrates the importance of increasing the clarity and scope of informed consent and the need for patient engagement to ensure clinical trial participants can indicate their preference regarding receipt of potentially important individual pharmacogenetic results. This study was registered in the NCT Clinical Trial Registry under NCT00866697 on March 19, 2009, following approval from participating ethics committees. (shrink)

This theoretical paper takes an agency-theoretic approach to questions of corporate social responsibility (CSR). A comparison of various extant frameworks focusses on how CSR agency emerges in complex multi-agent and multi-sector stakeholder networks. The discussion considers the respective capabilities and relevance of these frameworks – culminating in an integrative CSR practice model. A short literature review of the evolution of CSR since the 1950’s provides the backdrop for understanding multi-agent cross-sectoral stakeholder coalitions as a strategic determinant of today’s organizational behavior. (...) The paper turns to Werhane’s coupling of moral imagination and systems thinking and forging stakeholder coalitions in problem contexts that were traditionally deemed intractable by for-profit organizations. However, it identifies the problem that the systems approach treats macro-agents (organizations, stakeholders) as given (“black-boxed”) and shies away from more radically re-imagining the possibilities of reassembling agency from the bottom up. Actor Network Theory (ANT) provides such a method, which strictly commits to treating organizational behavior as a product of technological, human and environmental micro-processes. ANT, however, is lacking a genuine moral deliberative stance in designing complex CSR coalitions. In an attempt to capitalize on the respective strengths of these frameworks (Systems thinking and ANT) the paper tends to a recent iterative series of “situational transactive” models that are rooted in the US pragmatist tradition and seek to capture intelligent planning processes in complex problematic contexts. The contribution proposes a new CSR practice model, which assigns specific roles to the theoretical contributions of ANT, system thinking and pragmatism in complex deliberation processes. This model can be industry-tested in a future study. (shrink)

In the pages of this journal, a fruitful debate has evolved on the ethical legitimacy of fractional-reserve banking. In this article, we respond to the new arguments raised by Evans as we clarify our position on the unethical and illegitimate nature of fractional-reserve banking. Fractional-reserve banking is not a recent financial innovation but represents a long-standing legal aberration. The co-mingling of two mutually exclusive financial contracts, deposit and loan, confounds the contracting parties’ purposes, intents, rights, and obligations. As a result, (...) it creates unsolvable legal difficulties and ethical dilemmas. While these problems are most evident in the case of a bank run, they also arise when trying to answer the simple question of “who owns a deposit?”. (shrink)

Barnett and Block claim that Bagus and Howden support indirectly the concept of market failure. In this paper, we show that maturity mismatching in an unhampered market may imply entrepreneurial error but cannot be considered a market failure. We demonstrate why fractional-reserve banking leads to business cycles even if there is no central bank and why maturity mismatching does not per se lead to clusters of errors in a free market. Finally, in contrast to the examples provided by Barnett and (...) Block, we assure that maturity mismatching does not imply the creation of two incompatible contracts due to the fungible nature of money. (shrink)

What role do demand deposits serve in the financial system? The answer to this simple question has great implications in keeping the legal terms of the contract consistent with the demands of the financial system. Demand deposits are a perfect monetary substitute. Since money is only held to hedge against perceived uncertainty in both the timing and magnitude of future expenditures, demand deposits are demanded for the same reason. From this we derive three main conclusions. First, a financial contract similar (...) to a demand deposit cannot substitute for money. Second, full agreement to a financial contract does not create a perfect substitute for money unless it provides money’s two key characteristics: on demand and par value redemption. Finally, the demand for fractional-reserve demand deposits is fostered by an exogenous source and that demand for a good or service is not a sufficient condition to justify its legality or ethicality. (shrink)

The class forcing theorem, which asserts that every class forcing notion ${\mathbb {P}}$ admits a forcing relation $\Vdash _{\mathbb {P}}$, that is, a relation satisfying the forcing relation recursion—it follows that statements true in the corresponding forcing extensions are forced and forced statements are true—is equivalent over Gödel–Bernays set theory $\text {GBC}$ to the principle of elementary transfinite recursion $\text {ETR}_{\text {Ord}}$ for class recursions of length $\text {Ord}$. It is also equivalent to the existence of truth predicates for the (...) infinitary languages $\mathcal {L}_{\text {Ord},\omega }$, allowing any class parameter A; to the existence of truth predicates for the language $\mathcal {L}_{\text {Ord},\text {Ord}}$ ; to the existence of $\text {Ord}$ -iterated truth predicates for first-order set theory $\mathcal {L}_{\omega,\omega }$ ; to the assertion that every separative class partial order ${\mathbb {P}}$ has a set-complete class Boolean completion; to a class-join separation principle; and to the principle of determinacy for clopen class games of rank at most $\text {Ord}+1$. Unlike set forcing, if every class forcing notion ${\mathbb {P}}$ has a forcing relation merely for atomic formulas, then every such ${\mathbb {P}}$ has a uniform forcing relation applicable simultaneously to all formulas. Our results situate the class forcing theorem in the rich hierarchy of theories between $\text {GBC}$ and Kelley–Morse set theory $\text {KM}$. (shrink)

The financial crisis has led to new interest in the ethics of financial markets. In this article, we further the debate on the nature of banking contracts by showing that the fundamental subjective purposes of loan and deposit contracts are irreconcilable. Any resultant mixture of the two contracts is a legal aberration. We consider a mutual fund as an important and legitimate alternative to the common demand deposit to provide high liquidity and some yield without offering full availability of a (...) nominal sum. Besides being a close substitute for how many deposit accounts function today, the mutual fund has the additional benefit of satisfying all legal and ethical requirements. Loan and investment contracts allow for the “bank” to make use of their clients’ funds while the intents of money owners are clearly classified without running into legal or ethical problems. (shrink)

BackgroundRandomized controlled trials (RCTs) are often complex and expensive to perform. Less than one third achieve planned recruitment targets, follow-up can be labor-intensive, and many have limited real-world generalizability. Designs for RCTs conducted using cohorts and routinely collected health data, including registries, electronic health records, and administrative databases, have been proposed to address these challenges and are being rapidly adopted. These designs, however, are relatively recent innovations, and published RCT reports often do not describe important aspects of their methodology in (...) a standardized way. Our objective is to extend the Consolidated Standards of Reporting Trials (CONSORT) statement with a consensus-driven reporting guideline for RCTs using cohorts and routinely collected health data.MethodsThe development of this CONSORT extension will consist of five phases. Phase 1 (completed) consisted of the project launch, including fundraising, the establishment of a research team, and development of a conceptual framework. In phase 2, a systematic review will be performed to identify publications (1) that describe methods or reporting considerations for RCTs conducted using cohorts and routinely collected health data or (2) that are protocols or report results from such RCTs. An initial “long list” of possible modifications to CONSORT checklist items and possible new items for the reporting guideline will be generated based on the Strengthening the Reporting of Observational Studies in Epidemiology (STROBE) and The REporting of studies Conducted using Observational Routinely-collected health Data (RECORD) statements. Additional possible modifications and new items will be identified based on the results of the systematic review. Phase 3 will consist of a three-round Delphi exercise with methods and content experts to evaluate the “long list” and generate a “short list” of key items. In phase 4, these items will serve as the basis for an in-person consensus meeting to finalize a core set of items to be included in the reporting guideline and checklist. Phase 5 will involve drafting the checklist and elaboration-explanation documents, and dissemination and implementation of the guideline.DiscussionDevelopment of this CONSORT extension will contribute to more transparent reporting of RCTs conducted using cohorts and routinely collected health data. (shrink)

Dans ce livre, dont le sous-titre ne laisse aucun doute sur ses intentions polémiques, Raphaël Lellouche propose une réévaluation de l’œuvre de Levinas. La critique de ce dernier n’est pas un exercice nouveau (que l’on pense seulement aux critiques méthodologiques de Dominique Janicaud dans Le tournant théologique de la phénoménologie française, publié dans la même collection il y a plus de quinze ans) ; elle survient cette fois en réaction contre la mode levinassienne régnant dans certains m..

A collection bringing together a wide-varietyof world-renowned scholars on the import of Derrida's philosophy with respectto the current environmental crisis, our ecological relationships to 'nature'and the earth, our responsibilities with respect to climate change, pollution, and nuclear destruction, and the ethics and politics at stake in responding tothese crises.

“Today I made the ascent of the highest mountain in this region, which for good reasons is called Ventosum, guided only by the desire to see the extraordinary altitude of the place”. Petrarch's ascent of the Mont Ventoux in 1336, or rather his account of it, established the mountain as a distinctive place for experiencing and understanding nature and self. Since then, the mountain has been sought out in increasing numbers by those pursuing spiritual elevation, bodily exertion, and/or scientific investigation. (...) To this day, a pilgrimage church, several hotels, and an observatory are characteristically perched atop Mont Ventoux. And it is famous among cyclists as a legendarily difficultétapeof the Tour de France. (shrink)

Umberto Eco -- Stephen Jay Gould -- Jean-Claude Carrière -- Jean Delumeau.

Motivated by a desire to narrate and contextualize the deluge of "French theory," After the Deluege showcases recent work by today's brightest scholars of French intellectual history that historicizes key debates, figures, and turning points in the postwar era of French thought.

DNA and RNA are the only known natural genetic materials. Systematic modification of each of their chemical building blocks (nucleobase, sugar, and phosphate) has enabled the study of the key properties that make those nucleic acids genetic materials. All three moieties contribute to replication and, significantly, all three moieties can be replaced by synthetic analogs without loss of function. Synthetic nucleic acid polymers capable of storing and propagating information not only expand the central dogma, but also highlight that DNA and (...) RNA are not unique chemical solutions for genetic information storage. By considering replication as a question of information transfer, we propose that any polymer that can be replicated could serve as a genetic material.Editor's suggested further reading in BioEssays Xenobiology: A new form of life as the ultimate biosafety tool Abstract. (shrink)

We propose that interaction rules derived from polyamine exchange in connected cells may explain the spatio‐temporal organization of gap junctions observed during tissue regeneration and tumorigenesis. We also hypothesize that polyamine exchange can be considered as signal that allows cells to sense the proliferation status of their neighbors. Polyamines (putrescine, spermidine, and spermine) are indeed small aliphatic polycations that serve as fuels to sustain elevated proliferation rates of the order observed in cancer cells. Based on recent reports, we consider here (...) that polyamines can be exchanged through gap junction channels between mammalian cells. Such intercellular exchange of polyamines has critical consequences on the local control of growth. In line with this hypothesis, the complex protein network that keeps polyamine levels finely tuned in mammalian cells can translate polyamine efflux or influx into integrated signals controlling transcription, translation, and cell communications. (shrink)

Our aim in this paper is to clarify the distinctions and the relationships among several phenomena, each of which has certain characteristics of what is generally called “deference”. We distinguish linguistic deference, which concerns the use of language and the meaning of the words we use, from epistemic deference, which concerns our reasons and evidence for making the claims we make. In our in-depth study of linguistic deference, we distinguish two subcategories: default deference, and deliberate deference. We also discuss the (...) phenomenon of im-perfect mastery, often associated with deference, and which we show to be independent both of linguistic deference and of epistemic deference. If our analysis is correct, then some recent debates on deference can be shown to result from a failure to appreciate all the distinctions that we draw here. (shrink)

In Parts of Classes, David Lewis outlined a reduction of ZFC to a second order mereology. His conclusion takes on the following form in this reconstruction: ZFC is susceptible to parameterized interpretation in M plus, there is a stronglyinaccessible partition. The proof makes use of the fact that ordered pairs in M plus an infinite partition are susceptible to parameterized interpretation.".

Advancements in novel neurotechnologies, such as brain computer interfaces and neuromodulatory devices such as deep brain stimulators, will have profound implications for society and human rights. While these technologies are improving the diagnosis and treatment of mental and neurological diseases, they can also alter individual agency and estrange those using neurotechnologies from their sense of self, challenging basic notions of what it means to be human. As an international coalition of interdisciplinary scholars and practitioners, we examine these challenges and make (...) recommendations to mitigate negative consequences that could arise from the unregulated development or application of novel neurotechnologies. We explore potential ethical challenges in four key areas: identity and agency, privacy, bias, and enhancement. To address them, we propose democratic and inclusive summits to establish globally-coordinated ethical and societal guidelines for neurotechnology development and application, new measures, including “Neurorights,” for data privacy, security, and consent to empower neurotechnology users’ control over their data, new methods of identifying and preventing bias, and the adoption of public guidelines for safe and equitable distribution of neurotechnological devices. (shrink)