Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional efficiency and reduced (...) information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1. (shrink)

We develop a framework for assessing security market quality, relating five elements of market design to three metrics of market integrity and two metrics of market efficiency. We empirically implement this integrity–efficiency MQ framework by testing a hypothesis that trade-based ramping manipulation at the close raises execution costs on 24 security markets worldwide. Estimating a simultaneous equations model of ramping incidence, spreads, and the probability of deploying real-time surveillance, we show that quoted bid-ask spreads are positively related to the incidence (...) of MTC across seven liquidity deciles. The magnitude is economically significant; improving market integrity by cutting MTC in half reduces spreads 6–11 %. Allowing direct market access in conjunction with RTS, conducting auctions at the close, and developing regulations that require surveillance, all reduce MTC and thereby lower spreads, assuring better market integrity and enhancing market efficiency. Introducing circuit breakers or prohibiting shorts poses integrity–efficiency tradeoffs. (shrink)

Estudio sobre el alcance de la concepción del pensamiento hispanoamericano en José Gaos, en su obra de los años 40. A History of Latin American Philosophy (s. XVI- XIX): / José Gaos (1900-1969).

This paper studies in detail about the early years of José Gaos (1900- 1969) and his education in philosophy and literature. Therefore, we know that their studies (academic or not) were not purely “philosophical” in 1915. Literature and philosophy played in Gaos an equally important role. The first real encounter with philosophy happens before he comes to Valencia in 1915; but in this year Gaos also receives a strong education, in aesthetic and literary, through press and philosophical journals, and especially (...) within the group formed with Max Aub, José Medina Echeverría and his brother Carlos Gaos. (shrink)

Estudio sobre diferentes aspectos, desde la E. Moderna a la Contemporánea, en el pensamiento de J. Gaos en sus textos de los años 40.

Le temps est un grand maître en médecine. Il fait évoluer la maladie, le malade et sa relation avec le médecin. Il revient à ce dernier d'en prendre la mesure pour la maîtriser et l'exploiter plutôt que de s'en laisser dominer. C'est ce que l'auteur fait approcher par petites touches au fil d'une cinquantaine de réflexions puisées dans son expérience et ses lectures, alimentés de données parfois dérangeantes. Elles doivent aider à gérer une denrée précieuse, d'une manière simple, mais qui (...) ne va pas toujours de soi et peut contredire un bon sens élémentaire. Il en va de la qualité d'une pratique médicale et des satisfactions que patients comme soignants peuvent en retirer, en choisissant plutôt qu'en subissant. (shrink)

Continued concern for animal welfare may be alleviated when welfare would be monitored on farms. Monitoring can be characterized as an information system where various stakeholders periodically exchange relevant information. Stakeholders include producers, consumers, retailers, the government, scientists, and others. Valuating animal welfare in the animal-product market chain is regarded as a key challenge to further improve the welfare of farm animals and information on the welfare of animals must, therefore, be assessed objectively, for instance, through monitoring. Interviews with Dutch (...) stakeholder representatives were conducted to identify their perceptions about the monitoring of animal welfare. Stakeholder perceptions were characterized in relation to the specific perspectives of each stakeholder. While producers tend to perceive welfare from a production point of view, consumers will use visual images derived from traditional farming and from the animals’ natural environments. Scientists’ perceptions of animal welfare are affected by the need to measure welfare with quantifiable parameters. Retailers and governments (policy makers) have views of welfare that are derived from their relationships with producers, consumers, non-governmental organizations (NGOs), and scientists. All interviewed stakeholder representatives stated that animal welfare is important. They varied in the extent to which they weighted economic considerations relative to concern for the animals’ welfare. Many stakeholders emphasized the importance of communication in making a monitoring system work. Overall, the perspectives for the development of a sustainable monitoring system that substantially improves farm animal welfare were assessed as being poor in the short term. However, a reliable system could be initiated under certain conditions, such as integrated chains and with influential and motivated stakeholders. A scheme is described with attention points for the development of sustainable monitoring systems for farm animal welfare in the long term. (shrink)

Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional efficiency and reduced (...) information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1. (shrink)

We introduce the notion of a dice model as a framework for describing a class of probabilistic relations. We investigate the transitivity of the probabilistic relation generated by a dice model and prove that it is a special type of cycle-transitivity that is situated between moderate stochastic transitivity or product-transitivity on the one side, and Lukasiewicz-transitivity on the other side. Finally, it is shown that any probabilistic relation with rational elements on a three-dimensional space of alternatives which possesses this particular (...) type of cycle-transitivity, can be represented by a dice model. The same does not hold in higher dimensions. (shrink)

We introduce two extreme methods to pairwisely compare ordered lists of the same length, viz. the comonotonic and the countermonotonic comparison method, and show that these methods are, respectively, related to the copula T M (the minimum operator) and the Ł ukasiewicz copula T L used to join marginal cumulative distribution functions into bivariate cumulative distribution functions. Given a collection of ordered lists of the same length, we generate by means of T M and T L two probabilistic relations Q (...) M and Q L and identify their type of transitivity. Finally, it is shown that any probabilistic relation with rational elements on a 3-dimensional space of alternatives which possesses one of these types of transitivity, can be generated by three ordered lists and at least one of the two extreme comparison methods. (shrink)

The Ohio State University Press is to be congratulated, and Lennon and Olscamp are to be thanked for this book. Nicholas Malebranche has always been a major philosopher on the Continent but he has been less well-known in recent times within the English-speaking world. The Search was twice translated into English at the close of the seventeenth century and Malebranche was widely read and commented upon in English in both the seventeenth and eighteenth centuries. John Locke wrote about Malebranche. David (...) Hume not only cites him, Hume's analysis of causation is thought to owe much to Malebranche's doctrine. Some of Berkeley's earliest critics took him to be a Malebranchist. A. A. Luce argued some years ago that Malebranche is one of the most important philosophical influences upon Berkeley. Accordingly it is a delight to have the full text available and I hope it will be possible to produce a paper-back version. This translation is based on the edition of the Oeuvres complètes de Malebranche under the general editorship of André Robinet. This includes definitive editions of the Recherche and the Éclaircissements edited by Geneviève Rodis-Lewis. (shrink)

One’s first reaction on seeing this book might be to wonder why it is labelled "Aristotle" at all. The de Mundo has long been regarded as spurious, the work of a later Peripatetic, or even of the vaguely Stoicizing eclecticism which was already, in the later Hellenistic period, beginning to see Aristotle and Plato as the proponents of the same philosophy. There has, however, been no general agreement about where precisely in that framework it should be placed, and Reale, who (...) has recently tried, not without success, to rehabilitate Melissus as a serious thinker, now tries to rehabilitate the de Mundo as a genuine work of Aristotle: he thinks the lack of agreement among the critics is itself an argument in its favor. Restoring the original attribution seems to be the main purpose of what is in fact the first full scale edition with commentary of the de Mundo. It contains a text, largely that established by Lorimer, with translation en face, a long introduction, copious notes and a full word index; the text and translation occupy less than a fifth of the whole. As far as a non-Italian can judge the translation is accurate—and free of effusive expansion. The notes are a real mine of information. So it should be said at the start that whether or not one accepts Reale’s thesis about genuineness does not affect the value of the edition as such. The question of authenticity is discussed with great thoroughness in the introduction, with considerable backing, some of it perhaps inevitably repetitious, in the form of detailed discussion in the notes. At the start Reale lists the charges levelled against the work at various times. These are that in general it contains non-Aristotelian elements, that the style is completely different from Aristotle’s, as is the method, being one of assertion rather than demonstration. Further, much of the material in the scientific section is post-Aristotelian, and the "Orphic hymn" of chapter 7 shows Stoic influence. Reale argues that the first three charges will stick only if the basis of discussion is the Aristotle of the treatises and claims that the objectionable material in the de Mundo can be paralleled from the exoteric works. Thus all the pre-Jaeger discussion is misconceived. (shrink)

The expression that professionals should be led by their moral or ethical compass is increasingly used by academics, policy makers, professionals, and educational institutes. Dutch universities of applied sciences (UAS), for example, explicitly aim to educate their students to become professionals equipped with a moral compass. This moral or ethical compass is a metaphor of which people intuitively grasp its meaning, but our literature review also shows that various interpretations are possible. We found three clusters of proposed ethical compasses expressing (...) its a) content, b) form, or c) use, which we present in this article. Thereafter, we evaluate which compass can meaningfully assist (young) professionals and, therefore, should be part of the aims and content of education provided by UAS. Based on this evaluation, we describe the possibilities and boundaries of UAS’ contribution to the development of their students’ ethical compass. (shrink)

The analysis of the measurement of gravitational fields leads to the Rosenfeld inequalities. They say that, as an implication of the equivalence of the inertial and passive gravitational masses of the test body, the metric cannot be attributed to an operator that is defined in the frame of a local canonical quantum field theory. This is true for any theory containing a metric, independently of the geometric framework under consideration and the way one introduces the metric in it. Thus, to (...) establish a local quantum field theory of gravity one has to transit to non-Riemann geometry that contains (beside or instead of the metric) other geometric quantities. From this view, we discuss a Riemann–Cartan and an affine model of gravity and show them to be promising candidates of a theory of canonical quantum gravity. (shrink)

The analysis of the measurement of gravitational fields leads to the Rosenfeld inequalities. They say that, as an implication of the equivalence of the inertial and passive gravitational masses of the test body, the metric cannot be attributed to an operator that is defined in the frame of a local canonical quantum field theory. This is true for any theory containing a metric, independently of the geometric framework under consideration and the way one introduces the metric in it. Thus, to (...) establish a local quantum field theory of gravity one has to transit to non-Riemann geometry that contains (beside or instead of the metric) other geometric quantities. From this view, we discuss a Riemann–Cartan and an affine model of gravity and show them to be promising candidates of a theory of canonical quantum gravity. (shrink)

This paper is an attempt to solve the following problem: given a logic, how to turn it into a paraconsistent one? In other words, given a logic in which ex falso quodlibet holds, how to convert it into a logic not satisfying this principle? We use a framework provided by category theory in order to define a category of consequence structures. Then, we propose a functor to transform a logic not able to deal with contradictions into a paraconsistent one. Moreover, (...) we study the case of paraconsistentization of propositional classical logic. (shrink)

Some strategies to turn any logic into a paraconsistent system are examined. In the environment of universal logic, we show how to paraconsistentize logics at the abstract level using a transformation in the class of all abstract logics called paraconsistentization by consistent sets. Moreover, by means of the notions of paradeduction and paraconsequence we go on applying the process of changing a logic converting it into a paraconsistent system. We also examine how this transformation can be performed using multideductive abstract (...) logics. To conclude, the conceptual notion paraconsistent orbit of a logic is proposed. (shrink)

This paper shows how to transform explosive many-valued systems into paraconsistent logics. We investigate mainly the case of three-valued systems exhibiting how non-explosive three-valued logics can be obtained from them.