This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated (...) that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances. Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life. The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, François Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser. (shrink)

The fundamental tenet of contemporary sociobiology, namely the assumption of a single process of evolution involving the selection of genes, is critically examined. An alternative multiple-level, multiple-process model of evolution is presented which posits that the primary process that operates via selection upon the genes cannot account for certain kinds of biological phenomena, especially complex, learned, social behaviours. The primary process has evolved subsidiary evolutionary levels and processes that act to bridge the gap between genes and these complex behaviours. The (...) subsidiary levels are development, individual animal learning, and socioculture itself. It is argued that individual learning is pivotal to the derivation and biological analysis of culture. The differences between cultural and noncultural societies are stressed. It is concluded that such a multiple-level model of evolution can form the basis for reconciling opposing sides in the sociobiology debate. (shrink)

Priority setting is inevitable to control expenditure on expensive medicines, but citizen support is often hampered by the workings of the ‘identified victim effect’, that is, the greater willingness to spend resources helping identified victims than helping statistical victims. In this paper we explore a possible cognitive debiasing strategy that is being employed in discussions on healthcare priority setting, which we call ‘empathy counterbalancing’ (EC). EC is the strategy of directing attention to, and eliciting empathy for, those who might be (...) harmed as a result of one-sided empathy for the very ill who needs expensive treatment. We argue that governments have good reasons to attempt EC because the identified victim effect distorts priority setting in ways that undermine procedural fairness. We briefly outline three areas of application for EC and suggest some possible mechanisms that might explain how EC might work, if at all. We then discuss four potential ethical concerns with EC. First, EC might have the counterproductive effect of reducing overall citizen support for public funding of expensive medical treatments, thereby undermining solidarity. Second, EC may give rise to a ‘competition in suffering’, which may have unintended side effects for patients who feature in attempts at EC. Third, there may be doubts about whether EC is effective. Fourth, it may be objected that EC comes down to emotional manipulation, which governments should avoid. We conclude that insofar these concerns are valid they may be adequately addressed, and that EC seems a promising strategy that merits further investigation. (shrink)

In this book Professor Baldry describes this development from Homer to Cicero when, although the traditional divisions and prejudices still remained string, the ...

There are many passages in ancient literature which depict an imaginary existence different from the hardships of real life-an existence blessed with Nature's bounty, untroubled by strife or want. Naturally this happy state is always placed somewhere or sometime outside normal human experience, whether ‘off the map’ in some remote quarter of the world, or in Elysium after death, or in the dim future or the distant past. Such an imaginary time of bliss in the past or the future has (...) become known as the ‘golden age’. This is the name which modern scholars generally give to the ancient belief. The phrase is often echoed by modern poets. The same language has been transferred from the unknown to the known, and it has become a commonplace to describe an outstanding period of history or literature as a ‘golden age’. (shrink)

The extent of the dependence of early Greek cosmogony on mythical conceptions has long been a prolific source of controversy. Views on the subject have varied from Professor Cornford's claim that ‘there is a real continuity between the earliest rational speculation and the religious representation that lay behind it’ to Professor Burnet's extreme statement, ‘it is quite wrong to look for the origins of Ionian science in mythological ideas of any kind.’ The solution of the problem that I wish to (...) suggest is one which should satisfy those who insist on ‘the scientific character of the early Greek cosmology,’ while retaining a direct connection with pre-scientific beliefs—namely, that some, at least, of the earliest philosophers founded their doctrines of the beginning of the universe on a deliberate rationalization of earlier and contemporary mythical ideas. The appearance of notions like the ‘world-egg’ in a number of passages, too well known for quotation, shows that primitive cosmogony assumed an analogy between the generation of the world and the generation of animate creatures. I believe it can be proved that, so far from the ‘renunciation of sexual imagery’ which even Professor Cornford has recently attributed to Anaximander, he and other philosophers retained the habit of regarding cosmogony and anthropogony as parallel phenomena, only substituting for the mythical ‘world-egg’ a more scientific view of the embryo and its development. They looked at the world through the same spectacles as their predecessors, but after wiping from them the rose tint of mythological fancy. (shrink)

Branner, H.C. Humanismens krise.--Hansen, Martin A. Eneren og massen.

This article is a survey of familiar ground—those passages of the Poetics of Aristotle which throw light on the treatment of legend by the tragic poets. Although sweeping generalizations are often made on the use of the traditional stories in drama, our evidence on the subject is slight and inconclusive. We have little knowledge of the form in which most of the legends were known to the Attic playwrights, for the few we find in the Iliad and Odyssey appear there (...) in very different versions from those they take on in the plays, and the fragmentary remains of epic and lyric poetry between Homer and the fifth century B.C. present us with a wide field for speculation, but few certain facts; while vase paintings and other works of art supplement only here and there the scanty information gained from literature.The comments of ancient writers on this aspect of tragedy are surprisingly few, and carry us little farther. The Poetics stands out as the one source from which we can draw any substantial account of the matter. Even Aristotle, of course, is not directly concerned with the history of drama, and deals with it only incidentally in isolated passages; and in considering these it must constantly be borne in mind that he is discussing tragedy as he knew it in the late fourth century, for the benefit of fourth-century readers. But even so, his statements are the main foundation on which our view of the dramatists' use of legend must be built. (shrink)

We distinguish three different readings of the intuitionistic notions of validity, soundness, and completeness with respect to the quantification occurring in the notion of validity, and we establish certain relations between the different readings. For each of the meta-logicalnotions considered we suggest that the "most natural" reading (which is not the same for all cases) is precisely the one which is required by the recent intuitionistic completeness theorems for IPC.

There are few moments in human history where the forces of religion, culture and politics converge to produce some of the most significant philosophical ideas in the world. India in the early 20thcentury was one of these moments, where we saw the rise of activist-thinkers like Nehru, Jinnah and Gandhi; individuals who not only liberated human lives but their minds as well. One of most influential members of the group was the poet-philosopher Muhammad Iqbal. Commonly known as the "spiritual father (...) of Pakistan", the philosophical and political ideas of Iqbal not only shaped the face of Indian Muslim nationalism but also shaped the direction of modernist reformist Islam around the world. Bringing together a diverse number of prominent and emerging scholars, from backgrounds in political science, philosophy and religious studies, this book offers novel examinations of the philosophical ideas that laid at the heart of Iqbal's own As such, by producing new developments in research on Iqbal's thought from a diversity of prominent and emerging voices within American and European Islamic studies, this text will offer new and novel examinations of the ideas that lies at the heart of Iqbal's own thought: religion, science, metaphysics, nationalism and religious identity. In our text, the reader will (re)discover many new connections between the "Sage of the Ummah" to the greatest thinkers and ideas of European and Islamic philosophies. (shrink)

The manuscript traditions of Hesiod’s Theogony and Works and Days are well understood, but for the third poem of the Byzantine triad, the pseudo-Hesiodic Scutum, our knowledge remains imperfect. As a contribution to this subject, two neglected manuscripts of the poem are collated. Their relationship to one another is discussed, and their importance to an editor for the constitution of the text is assessed. In addition, new observations are made about the stemma codicum.