Prospect theory is increasingly used to explain deviations from the traditional paradigm of rational agents. Empirical support for prospect theory comes mainly from laboratory experiments using student samples. It is obviously important to know whether and to what extent this support generalizes to more naturally occurring circumstances. This article explores this question and measures prospect theory for a sample of private bankers and fund managers. We obtained clear support for prospect theory. Our financial professionals behaved according to prospect theory and (...) violated expected utility maximization. They were risk averse for gains and risk seeking for losses and their utility was concave for gains and convex for losses. They were also averse to losses, but less so than commonly observed in laboratory studies and assumed in behavioral finance. A substantial minority focused on gains and largely ignored losses, behavior reminiscent of what caused the current financial crisis. (shrink)

Originally published in Proceedings of the British Academy 60 (1974), 339-359.

Orthologic is defined by weakening the axioms and rules of inference of the classical propositional calculus. The resulting Lindenbaum-Tarski quotient algebra is an orthoimplication algebra which generalizes the author's implication algebra. The associated order structure is a semi-orthomodular lattice. The theory of orthomodular lattices is obtained by adjoining a falsity symbol to the underlying orthologic or a least element to the orthoimplication algebra.

Primarily focused on the theoretical aspects of International Organization, this book provides an in-depth examination of competing theories through thematic chapters. Intended to fill the gap between introductory textbooks and primary sources of theory, International Organization , is useful for upper-level international relations courses with a significant emphasis on theory.

The purpose of this text is to draw attention to eight forgotten heroes: William C. Bagley, Charles DeGarmo, David Felmley, William Torrey Harris, Isaac L. Kandel, Charles McMurry, William C. Ruediger, and Edward Austin Sheldon. They have been marginalized from our profession, and drawing upon their legacy is the best hope for restoring the profession of teaching today. This work also includes a chapter at the end of the book entitled "John Dewey's Forgotten Essays." The audience for this book includes: (...) 1) classroom teachers, 2) school administrators, 3) teacher educators, 4) deans and other university administrators, 5) college and university presidents, 6) legislators, 7) historians of education, 8) curriculum specialists, 9) specialists in teacher training, and 10) the general public. (shrink)

Aristotle is widely regarded as the greatest of all philosophers; indeed, he is traditionally referred to simply as `the philosopher'. Today, after more than two millennia, his arguments and ideas continue to stimulate philosophers and provoke them to controversy. In this book J.L. Ackrill conveys the force and excitement of Aristotle's philosophical investigations, thereby showing why contemporary philosophers still draw from him and return to him. He quotes extensively from Aristotle's works in his own notably clear English translation, and a (...) picture emerges of a lucid, lively, subtle and tough-minded thinker of astonishing range and penetration. Professor Ackrill identifies many striking connections between Aristotle's ideas and ideas in recent philosophy; he also raises philosophical questions of his own, and exemplifies the way in which Aristotle can still be argued with and learned from. (shrink)

J.L. Ackrill's work on Plato and Aristotle has had a considerable influence upon ancient philosophical studies in the late twentieth century. This volume collects the best of Ackrill's essays on the two greatest philosophers of antiquity. With philosophical acuity and philological expertise he examines a wide range of texts and topics--from ethics and logic to epistemology and metaphysics--that continue to be in the focus of debate.

It’s one thing to do the right thing. It’s another to be creditable for doing the right thing. Being creditable for doing the right thing requires that one does the right thing out of a morally laudable motive and that there is a non-accidental fit between those two elements. This paper argues that the two main views of morally creditable action – the Right Making Features View and the Rightness Itself View – fail to capture that non-accidentality constraint: the first (...) because it morally credits agents who make heavy-duty moral mistakes; the second because it fails to generalise and is too conservative – a point which this paper gives renewed defence. The paper then goes on to defend and develop an alternative according to which moral worth is mediated by the agent’s knowing how to respond to the reasons of the type which make acting in that way right. It’s argued that this view avoids the problems for the alternatives, and it’s shown that in order for the view to avoid collapsing into a problematic form of Reliabilism we’ll have to think of states of knowing how as essentially successful in character. (shrink)

We can contrast rationalising explanations of the form S φs because p with those of the form S φs because S believes that p. According the Common Kind View, the two sorts of explanation are the same. The Disjunctive View denies this. This paper sets out to elucidate the sense in which the Common Kind Theorist asserts, but the Disjunctivist denies, that the two explanations are the same. I suggest that, in the light of the distinction between kinds of explanation (...) and particular explanations, the relevant sameness thesis is ambiguous, thus giving us two distinct versions of the Common Kind View. I then argue that the only direct arguments for Disjunctivism available in the literature fail because they only succeed in undermining one version of the Common Kind View. I finish, however, by providing a fresh argument for the Disjunctive View which aims to undermine both versions of its competitor. (shrink)

Language, Duty, and Value Jonathan Dancy, J. M. E. Moravcsik James Opie Urmson, Edited by Jonathan Dancy, J. M. E. Moravcsik, and C. C. W. Taylor. reasons in general. This is freedom in the sense of acting on reasons, yet not those ...

According to Frege's principle the denotation of a sentence coincides with its truth-value. The principle is investigated within the context of abstract algebraic logic, and it is shown that taken together with the deduction theorem it characterizes intuitionistic logic in a certain strong sense.A 2nd-order matrix is an algebra together with an algebraic closed set system on its universe. A deductive system is a second-order matrix over the formula algebra of some fixed but arbitrary language. A second-order matrix A is (...) Fregean if, for any subset X of A, the set of all pairs a,b such that X{a} and X{b} have the same closure is a congruence relation on A. Hence a deductive system is Fregean if interderivability is compositional. The logics intermediate between the classical and intuitionistic propositional calculi are the paradigms for Fregean logics. Normal modal logics are non-Fregean while quasi-normal modal logics are generally Fregean.The main results of the paper: Fregean deductive systems that either have the deduction theorem, or are protoalgebraic and have conjunction, are completely characterized. They are essentially the intermediate logics, possibly with additional connectives. All the full matrix models of a protoalgebraic Fregean deductive system are Fregean, and, conversely, the deductive system determined by any class of Fregean second-order matrices is Fregean. The latter result is used to construct an example of a protoalgebraic Fregean deductive system that is not strongly algebraizable. (shrink)

It is now common to distinguish Metaphysical from Epistemological Disjunctivism. It is equally common to suggest that it is at least not obvious that the latter requires a commitment to the former: at the very least, a suitable bridge principle will need to be identified which takes one from the latter to the former. This paper identifies a plausible-looking bridge principle that takes one from the version of Epistemological Disjunctivism defended by John McDowell and Duncan Pritchard, which I label Reflective (...) Epistemological Disjunctivism, or (RED), to Metaphysical Disjunctivism. Moreover, it identifies a modification the proponent of (RED) could, and should, make to the Internalist component of their theory, and argues that the commitment to Metaphysical Disjunctivism remains, even if such a modification is made. The upshot is that the commitment to Metaphysical Disjunctivism on the part of (RED) is shown to be particularly robust. (shrink)

Here is a surprisingly neglected question in contemporary epistemology: what is it for an agent to believe that p in response to a normative reason for them to believe that p? On one style of answer, believing for the normative reason that q factors into believing that p in the light of the apparent reason that q, where one can be in that kind of state even if q is false, in conjunction with further independent conditions such as q’s being (...) a normative reason to believe that p. The primary objective of this paper is to demonstrate that that style of answer cannot be right, because we must conceive of believing for a normative reason as constitutively involving a kind of rationality-involving relation that can be instantiated at all only if there is a known fact on the scene, which the agent treats as a normative reason. A secondary objective, achieved along the way, is to demonstrate that in their Prime Time Errol Lord and Kurt Sylvan do not succeed in undermining the factoring picture in general, only a simple-minded version of it. (shrink)

The existential analysis -- The death of dasein -- The timeliness of dasein -- The derivation of time -- The time of being.

This work addresses scientism and relativism, two false philosophies that divorce science from culture in general and from tradition in particular. It helps break the isolation of science from the rest of culture by promoting popular science and reasonable history of science. It provides examples of the value of science to culture, discussions of items of the general culture, practical strategies and tools, and case studies. It is for practising professionals, political scientists and science policy students and administrators.

This study investigates specific behavioral perceptual differences of ethics between practitioners and students enrolled in sales classes. Respondents were asked to indicate their beliefs to issues related to ethics in sales. A highly significant difference was found between mean responses of students and sales personnel. Managers indicated a greater concern for ethical behavior and less attention to sales than did the students. Students indicated a strong desire for success regardless of ethical constraints violated.

The phenomenon of ambivalence is an important one for any philosophy of action. Despite this importance, there is a lack of a fully satisfactory analysis of the phenomenon. Although many contemporary philosophers recognize the phenomenon, and address topics related to it, only Harry Frankfurt has given the phenomenon full treatment in the context of action theory - providing an analysis of how it relates to the structure and freedom of the will. In this paper, I develop objections to Frankfurt's account, (...) all revolving around the charge that his account contains a serious ambiguity between willing and identifying. With such objections in place, I then develop an analysis that avoids the difficulties and ambiguities that Frankfurt's analysis is prey to. I briefly distinguish ambivalence from other types of internal conflict. This paper aims to offer conceptual clarification on the phenomenon of ambivalence, which will then allow for discussions about the normative merits and demerits of ambivalence, the effects of ambivalence on autonomous action, and methods of resolution of ambivalence. (shrink)

In a competitive and morally imperfect world, business people are often faced with serious ethical challenges. Harboring suspicions about the ethics of others, many feel justified in engaging in less-than-ideal conduct to protect their own interests. The most sophisticated moral arguments are unlikely to counteract this behavior. We believe that this morally defensive behavior is responsible, in large part, for much undesirable deception in negotiation. Drawing on recent work in the literature of negotiations, we present some practical guidance on how (...) negotiators might build trust, establish common interests, and secure credibility for their statements, thereby promoting honesty. We also point out the types of social and institutional arrangements, many of which have become commonplace, that work to promote credibility, trust, and honesty in business dealings. Our approach is offered not only as a specific response to the problem of deception in negotiation, but as one model of how research in business ethics might offer constructive advice to practitioners. (shrink)

A deductive system (in the sense of Tarski) is Fregean if the relation of interderivability, relative to any given theory T, i.e., the binary relation between formulas.

Appearing in English for the first time, Schelling’s 1842 lectures develop the idea that many philosophical concepts are born of religious-mythological notions.

This paper presents a case for allocating health care resources so as to maximise Quality Adjusted Life Years (QALYs). Throughout parallels are drawn with the grounds for adopting utilitarianism. QALYs are desirable because they are essential for human flourishing and goal-attainment. In conditions of scarcity the principle of QALY maximisation may involve unequal treatment of different groups of people; and it is argued that this is not objectionable. Doctors in their dealings with patients should not be continually consulting the principle (...) (though it can sometimes be useful); instead by following existing ethical codes more QALYs will be produced overall. In the formulation of policy, however, the principle should be applied in a thoroughgoing way and, if it is, it will not have some of the counterintuitive consequences it may have in interpersonal situations. (shrink)

A deductive system \documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document} $$\mathcal{S}$$ \end{document} (in the sense of Tarski) is Fregean if the relation of interderivability, relative to any given theory T, i.e., the binary relation between formulas\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document} $$\{ \left\langle {\alpha,\beta } \right\rangle :T,\alpha \vdash s \beta and T,\beta \vdash s \alpha \},$$ \end{document}is a congruence relation on the formula algebra. The multiterm deduction-detachment theorem is a natural generalization of the (...) deduction theorem of the classical and intuitionistic propositional calculi (IPC) in which a finite system of possibly compound formulas collectively plays the role of the implication connective of IPC. We investigate the deductive structure of Fregean deductive systems with the multiterm deduction-detachment theorem within the framework of abstract algebraic logic. It is shown that each deductive system of this kind has a deductive structure very close to that of the implicational fragment of IPC. Moreover, it is algebraizable and the algebraic structure of its equivalent quasivariety is very close to that of the variety of Hilbert algebras. The equivalent quasivariety is however not in general a variety. This gives an example of a relatively point-regular, congruence-orderable, and congruence-distributive quasivariety that fails to be a variety, and provides what apparently is the first evidence of a significant difference between the multiterm deduction-detachment theorem and the more familiar form of the theorem where there is a single implication connective. (shrink)