Good epistemic practices are essential to the well-functioning of organizations. Epistemic practices are adopted norms, policies, procedures, and general methodologies that further our epistemic aims or realize our epistemic values. This chapter argues for the importance of organizational good epistemic practices through an analysis of the failures of risk management implicated in JPMorgan’s notorious ‘London Whale’ trading losses, which roiled the financial markets in 2012. A number of these failures of risk management exemplified ways in which (...) we, as fallible reasoners, may be prone to error individually and collectively. Good epistemic practices inter alia anticipate and endeavor to correct for erroneous patterns of reasoning. They help guard against future epistemic failings, and they support good reasoning within and on the part of organizations. In so doing, they constitute some of the key structural elements of organizational epistemic virtues. (shrink)

Epistemic practices are an important but underappreciated component of business ethics; good conduct requires making epistemically sound as well as morally principled judgments. Well-founded judgments are promoted by epistemic virtues, and for organizations, epistemic virtues are arguably achieved through organizational good epistemic practices. But how are such practices to be developed? This paper addresses this normative and practical challenge. The first half of the paper explains what organizational good epistemic practices are and outlines a means for their construction. The second (...) half of the paper demonstrates how specific good epistemic practices could be developed by considering a case of corporate epistemic failings: JPMorgan’s notorious 2012 ‘London Whale’ trading losses. Following this, the paper briefly surveys the institutional epistemic failings of the 2008 global financial crisis and the remedial actions that they suggest. Although the discussion is focused on the banking industry, the main ideas, and some of the epistemic practices, generalize to organizations in other industries. (shrink)

Recent history reveals a series of rogue traders, jeopardizing their employers’ assets and reputation. There have been instances of unauthorized acting in concert between traders, their supervisors and/or firms’ decision makers and executives, resulting in collusive rogue trading. We explore organizational misbehaviour theory and explain three major collusive rogue trading events at National Australia Bank, JPMorgan with its London Whale and the interest reference rate manipulation/LIBOR scandal through a descriptive model of organizational/structural, individual and group forces. (...) Our model draws conclusions on how banks can set up behavioural risk management and internal control frameworks to mitigate potential collusive rogue trading. (shrink)

When health budgets are insufficient to provide care for all, allocating resources to treat a person with a rare and expensive disorder entails that we cannot treat at least one person with a more common, less expensive disorder. Since any allocation scheme will entail such trade‐offs, how should prudent policy‐makers, concerned about justice and fairness, allocate their community's health resources? In their article in this issue of the Hastings Center Report, Emily Largent and Steven Pearson frame this problem as a (...) conflict between the “rule of rescue” and utilitarian allocation schemes that try to maximize the benefits produced by a given budget. In his article, Norman Daniels discusses the related problem of the “identified victim bias.” I doubt that the problem of crafting an equitable health policy regarding orphan diseases maps onto either of these factors in a way that sheds light on the key moral issues. (shrink)

Advertising by health care institutions has increased steadily in recent years. While direct-to-consumer prescription drug advertising is subject to unique oversight by the Federal Drug Administration, advertisements for health care services are regulated by the Federal Trade Commission and treated no differently from advertisements for consumer goods. In this article, we argue that decisions about pursuing health care services are distinguished by informational asymmetries, high stakes, and patient vulnerabilities, grounding fiduciary responsibilities on the part of health care providers and health (...) care institutions. Using examples, we illustrate how common advertising techniques may mislead patients and compromise fiduciary relationships, thereby posing ethical risks to patients, providers, health care institutions, and society. We conclude by proposing that these risks justify new standards for advertising when considered as part of the moral obligation of health care institutions and suggest that mechanisms currently in place to regulate advertising for prescription pharmaceuticals should be applied to advertising for health care services more broadly. (shrink)

This article explores the activities of the Society of Apothecaries and its members following the foundation of a laboratory for manufacturing chemical medicines in 1672. In response to political pressures, the guild created an institutional framework for production which in time served its members both functionally and financially and established a physical site within which the endorsement of practical knowledge could take place. Demand from state and institutional customers for drugs produced under corporate oversight affirmed and supported the society's (...) class='Hi'>trading role, with chemical and pharmaceutical knowledge utilized to fulfil collective and individual goals. The society benefited from the mercantile interests, political connections and practical expertise of its members, with contributions to its trading activities part of a much wider participation in London's medical, scientific and commercial milieu. Yet, as apothecaries became increasingly engaged in the practice of medicine rather than the preparation and sale of drugs, the society struggled to reconcile the changing priorities of those it represented, and tensions emerged between its corporate and commercial activities. (shrink)

In the December 2015 Issue of the Police Journal Sam Poyser and Rebecca Milne addressed the subject of miscarriages of justice. Cold case investigations can address some of these wrongs. The salient points for attention are those just before his sudden death: Milligan was appointed Private Secretary to Jonathan Aitken, the then Minister of Arms in the Conservative government in 1994. The known facts are as follows: 1. Stephen David Wyatt Milligan was found deceased on Tuesday 8th February 1994 at (...) his Chiswick, West London house where he lived alone. His body was found by his secretary Vera Taggart who was told by Julie Kirkbride where a spare key to his London house was kept and who decided to go to his house that day because he was not answering his telephone. Police said he had made one last telephone call on Saturday evening at 9.00pm. 2. Stephen David Wyatt Milligan had been the elected Member of Parliament (‘MP’) for Eastleigh in Hampshire since 1992. 3. The important topics this MP was addressing in 1994 at the time of his death included: (i) rail privatization plans and the impact through job losses on communities, especially his own constituency of Eastleigh; (ii) arms dealings with Saudi Arabia, especially with his previous intelligence gathered as an economics journalist for esteemed publications; (iii) the UK military industry; (iv) homosexuality among senior government Ministers, as revealed by British footballer Fasanu; (v) personal relationship and planned marriage to his fiancée (Julie Kirkbride) who at the time was a political journalist. 4. Stephen Milligan was also appointed as Parliamentary Private Secretary to Jonathan Aitken, Arms Minister and this position must have required that he came ‘up to speed’ on international arms trade and indeed its relation to bribery and corruption across jurisdictions. Milligan’s experience and knowledge as a former high-level political and economics journalist must have been of huge benefit to government minister Jonathan Aitken who was later imprisoned for perjury. 5. Regarding Stephen Milligan’s death in 1994, the Guardian newspaper in their immediate obituary said that ‘The death of one of the government's most outspoken and loyal supporters will pose a stiff electoral test for the Tories to surmount. He was on the left of the Tory party - he had even had a brief flirtation with the SDP when it was formed - and was a noted Euro-enthusiast… the death of one of the government's most outspoken and loyal supporters will pose a stiff electoral test for the Tories to surmount. Regarding Stephen Milligan’s sudden and unexpected death in 1994, MP David Willetts (Conservative, Havant) said in March 2015, in his address in the House of Commons. ‘…The inevitable ups and downs and triumphs and disasters of politics are among the great features of this place. There are colleagues in all parts of the House who are tolerant and understanding. There are friendships that keep the downs as well as the ups of politics in perspective. Having entered the House in 1992, I think particularly of two good friends, Judith Chaplin and Stephen Milligan, who both died within two years of being elected; that loss stayed with me for a long time...’ 6. On 28 February 2000, in the House of Commons, at Column 106, Mr Mike Hancock (Portsmouth) said, on the deaths of Michael Colvin and of Stephen Milligan MP: ‘I knew Michael Colvin for nearly 30 years, from when he was first elected to Hampshire county council. During my time as leader of that council, he and the late former Member of Parliament for Eastleigh, Stephen Milligan, were usually the only Members of Parliament who readily supported the council when necessary. Michael Colvin supported many ventures in the county of Hampshire. He will be missed here, in his constituency, and in Europe, and I stress that Hampshire has lost a staunch supporter. I am sure that the county will at some stage want to record its regret at his death and its deepest appreciation of the part that he played in its life....’ -/- Mike Hancock had, like Stephen Milligan, served on the Select Committee on Defence. It is interesting that he mentioned Stephen Milligan’s support as MP for Eastleigh when Milligan had only been so appointed a couple of years before his sudden death, as compared to 30 years of support from Mike Colvin. 7. Mr Andrew Robathan (for Blaby) said in the House of Commons Hansard Debates on 27 January1997, (Column 62) (on the registering of sex offenders): ‘I remember the death of my honourable friend Stephen Milligan, who represented Eastleigh. The press reports of the time stated that each Metropolitan police station had a police officer in the pay of newspapers. I do not know whether that is true, but I am aware that the police are not renowned for being entirely secure with their information…’ This statement is mischievous and it has been demonstrated time and time again, as being untrue, especially during the recent press inquiry leading to the four-volume Leveson Report, published in November 2012, into phone hacking and the ethics and culture of the UK media, pursuant to section 26 of the Inquiries Act 2005, and ordered by the House of Commons to be printed on 29 November 2012, ISBN: 9780102981063, by the Stationery Office Limited on behalf of the Controller of Her Majesty’s Stationery Office. In Volume 4 of the 2012 Leveson Report, chapter 4 concluded on the Press Complaints Commission (‘PCC’) and its effectiveness and revealed that the PCC does not initiate its own investigations other than those ‘needed to head off criticism of the press or self-regulation- or to accept complaints from third parties across the board and on a transparent basis… and the report states that ‘the resources of the police are limited’ in terms of being able to fully inspect the Press and media reports. (shrink)

'Trade in Health is a timely reflection on the interface of economics with the ethics and public policy facets of the international movement of patients. Health issues such as these are at the forefront of modern political economy."National" health is increasingly less so. Reisman's previous scholarship in this area is brought to bear in an insightful and eminently readable and engaging fashion. In an area where uncovering the facts is more difficult than "decyphering the Dead Sea Scrolls", such a reflective (...) work on the critical aspects of political economy helps to fill a void in considering whether such trade is likely to be in the interests of patients, nations and the global community. In addition to the rosy picture of healthy and wealthy tourists having a sojourn for medical care during a vacation, Reisman is not afraid to tackle the thorny issues concerning trade in organs, eggs and even death, in this sobering and comprehensive volume. It is a rare skill to bring the luminaries of Smith, Marshall, Mill and Confucius to bear on such a contemporary tale! International travel by patients is at the nexus of a revolution in global health. It is driving and affecting aspects of foreign investment, health worker migration and e-health provision. Reisman skilfully links these foundations of health care, and as such provides critical text for consideration by those seeking to build and strengthen future health systems. Trade in Health is an excellent overview. It provides critical insights for those new to the area as well as new information and challenges for those of us involved for a number of years.' - Richard Smith, Professor of Health Ssytem Economics and Dean of Faculty of Public Health and Policy, London School of Hygiene & Tropical Medicine, UK. Once exports and imports meant agriculture and industry. In the global economy and the electronic age, trade is also expanding into the service sector. This timely book closely examines trade in health. It documents the growth of a cross-national service that in the past was mainly consumed at home. Following from his highly successful book Health Tourism, Professor David Reisman offers a comprehensive and searching multidisciplinary account of the way in which medical services, patients, capital and professionals are making up a global healthcare economy that crosses borders. He reflects on their pursuit of lower prices, better quality and a differentiated product, and suggests that public policy is essential if the ethical capital of interdependent societies is not to be eroded by the international market in health and care. Written in a concise and lucid form, this original book will be of great interest to all people interested in the internationalization of health care. Combining theory and empirical evidence from economics, tourism and medical care, scholars involved in health policy and social administration will find much of significance in this authoritative study. (shrink)

This paper deals with problems that vagueness raises for choices involving evaluative tradeoffs. I focus on a species of such choices, which I call ‘qualitative barrier cases.’ These are cases in which a qualitatively significant tradeoff in one evaluative dimension for a given improvement in another dimension could not make an option better all things considered, but a merely quantitative tradeoff for the given improvement might. Trouble arises, however, when one of the options constitutes a borderline case of an evaluative (...) kind. I argue that in such cases we can neither affirm nor deny that trading off losses in one evaluative dimension for gains in another yields a better outcome. Theoretically, this result provides a way to defuse an argument that has been presented by both Larry Temkin and Stuart Rachels that purports to show that the ‘better than’ relation is intransitive. Practically, it allows us to undermine the claim that rational agents are better off withholding their contribution to a public good in certain instances of the free-rider problem, and thus to take an important step towards solving these problems. (shrink)

This paper deals with problems that vagueness raises for choices involving evaluative tradeoffs. I focus on a species of such choices, which I call ‘qualitative barrier cases.’ These are cases in which a qualitatively significant tradeoff in one evaluative dimension for a given improvement in another dimension could not make an option better all things considered, but a merely quantitative tradeoff for the given improvement might. Trouble arises, however, when one of the options constitutes a borderline case of an evaluative (...) kind. I argue that in such cases we can neither affirm nor deny that trading off losses in one evaluative dimension for gains in another yields a better outcome. Theoretically, this result provides a way to defuse an argument that has been presented by both Larry Temkin and Stuart Rachels that purports to show that the ‘better than’ relation is intransitive. Practically, it allows us to undermine the claim that rational agents are better off withholding their contribution to a public good in certain instances of the free-rider problem, and thus to take an important step towards solving these problems. (shrink)

This research provides an overview of pearl trade in the Persian Gulf during the 19th Century, depending on the historical sequence methodology at the region of collapse of Arabian traditional maritime trade systems, in light of capitalist economic transformations and their international variables. Here we address the unique nature of pearl hunting, until it had become a profession available to all people of the Persian Gulf in particular, thereby showing their skills in this profession and developing it as a substitute (...) for their maritime trade, which sustained substantial losses due to dominance of the European trade fleets. Further, we review the pearl trade centers and their famous markets; e.g. Bahrain, Qatar, Dalma Island, and Lengeh, due to their strategic locations as fisheries abounding with precious pearls. (shrink)

The most obvious adverse impact of the arms trade on health is loss of life and maiming from the use of weapons in conflicts. Wealthy countries suffer damage to their health and human services when considerable resources are diverted to military expenditure. However, the relative impact of military expenditures and conflict on third world countries is much greater, and often devastating, by depriving a significant portion of the population of essential food, medicine, shelter, education, and economic opportunities. Further, the physical (...) and psychological damage inflicted specifically on children is debilitating – through loss of (or separation from) families, loss of education, destruction of homes, exposure to murder and other violence, sexual abuse, abduction, torture, slavery, and forcible conscription as soldiers. This article outlines the socio-economic impact of the global arms trade in general and the damage done to human health and the environment, specifically. (shrink)

Recently, unrestrained consequentialism has been defended against the charge that it leads to unacceptable trade-offs by showing a tradeoff accepted by many of us is not justified by any of the usual nonconsequenlist arguments. The particular trade-off involves raising the speed limit on the Interstate Highway System. As a society, we seemingly accept a trade-off of lives for convenience. This defense of consequentialism may be a tu quoque, but it does challenge nonconsequentialists to adequately justify a multitude of social decisions. (...) Work by the deontologist Frances Kamm, conjoined with a perspective deployed by several economists on the relation between social costs and lives lost, is relevant. It provides a starting point by justifying decisions which involve trading lives only for other lives. But the perspective also recognizes that using resources in excess of some figure to save a life causes us to forego other live-saving activities, thus causing a net loss of life. Setting a speed limit as low as 35 miles per hour might indeed save some lives, but the loss of productivity due to the increased time spent in travel would cost an even greater number of lives. Therefore, many trade-offs do not simply involve trading lives for some lesser value, but are justified as allowing some to die in order to save a greater number. (shrink)

This article endeavors to establish the moral force behind the worker’s claim to a compensatory wage in return for the labor burdens she endures. The apparent incompatibility between compensation and voluntary losses suggests that the only reason for providing a compensatory wage is the need to entice a valued service. In response, the article considers and rejects attempts to ground the compensatory wage on duress, mutual trade, and desert. Instead, it argues that the worker is not responsible for her (...) loss of well-being because she would not have incurred it in the absence of the employer’s promise to compensate. Key Words: compensatory wage • contributory wage • detrimental reliance • desert • labor burdens • promises • responsibility. (shrink)

The outline of modern macroeconomics took shape in Britain in the early nineteenth century thanks, in part, to David Ricardo, one of the most influential economists of the time. Britain was challenged by monetary inflation, industrial unemployment and the loss of jobs abroad. Ricardo pointed the way forward. As a financier and Member of Parliament, he was well versed in politics and commercial affairs. His expertise is shown by the practicality of his proposals, including the resumption of the gold standard, (...) which was essential given the destabilizing policy of the Bank of England. Ricardo's expertise appears also in his debate with T. R. Malthus about whether an industrial economy can suffer a prolonged depression. Say's Law of Markets and the Quantity Theory of Money figure prominently in his works, but not in an extreme form. He was instead a subtle theorist, recognizing the non-neutrality of money, trade depressions and unemployment. (shrink)

Trade cards were a means of advertising products or services and thereby attracting customers to the owner's shop. They often included a variety of details about the proprietor and his business, and illustrated his wares. Cards for the scientific instrument industry depicted all classes of instrument and the products from which they were made. A careful study of the cards can reveal much supplementary information about the way the industry worked, so their use, and limitations, as a source of historical (...) evidence is discussed in detail. Over sixty English trade cards from London and the provinces, covering the period 1670 to 1900, are illustrated . By careful analysis, it is shown that aesthetic style and type-face design, combined with written and pictorial content, may be used to deduce dates and business practices. Many small pieces of information gradually build a complex picture of an important and fascinating industry. (shrink)

The Market Failures Approach (MFA) is one of the leading theories in contemporary business ethics. It generates a list of ethical obligations for the managers of private firms that states that they should not create or exploit market failures because doing so reduces the efficiency of the economy. Recently the MFA has been criticised by Abraham Singer on the basis that it unjustifiably does not assign private managers obligations based on egalitarian values. Singer proposes an extension to the MFA, the (...) Justice Failures Approach (JFA), in which managers have duties to alleviate political, social, and distributive inequalities in addition to having obligations to not exploit market failures. In this paper I describe the MFA and JFA and situate them relative to each other. I then highlight a threefold distinction between different types of obligations that can be given to private managers in order to argue that a hybrid theory of business ethics, which I call the MFA +, can be generated by arguing that managers have obligations based on efficiency and duties based on equality to the extent that these latter obligations do not lead to efficiency losses. This argument suggests a novel theoretical option in business ethics, elucidates the issues that are at stake between the MFA and the JFA, and clarifies the costs and benefits of each theory. (shrink)

This article examines how ‘trauma’ has been conceptualised in the unresolved state of mind classification in the Adult Attachment Interview, introduced by Main and Hesse in 1990. The unresolved state of mind construct has been influential for three decades of research in developmental psychology. However, not much is known about how this measure of unresolved trauma was developed, and how it relates to other conceptualisations of trauma. We draw on previously unavailable manuscripts from Main and Hesse's personal archive, including various (...) editions of unpublished coding manuals, and on Main–Bowlby correspondence from the John Bowlby Archive at the Wellcome Trust in London. This article traces the emergence of the unresolved state of mind classification, and examines the assumptions about trauma embedded in the construct. These assumptions are situated both in the immediate context of the work of Main and Hesse and in terms of wider discourses about trauma in the period. Our analysis considers how a particular form of trauma discourse entered into attachment research, and in doing so partly lost contact with wider disciplinary study of trauma. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Philosophy and Literature 26.1 (2002) 43-56 [Access article in PDF] Jack London's Medusa of Truth Per Serritslev Petersen FROM THE VERY START of his literary career, Jack London believed that a good fiction writer must also be a good thinker—that fictional authenticity and integrity must somehow be imbedded in philosophical authenticity and integrity. In his early essay "On the Writer's Philosophy of Life," and in his early (...) letters to Cloudsley Johns, his intellectually "slovenly" friend (who also happened to share his literary ambitions and interests), London insists, again and again, on the proper philosophical foundation of the successful writer. This is how poor Cloudsley, who had previously been told to "get in and systematically ground [himself] in history, economics, biology and the kindred branches" 1 gets browbeaten by his self-appointed mentor and master, a veritable Jack of all trades, in a letter dated March 15, 1900: "To be well fitted for the tragedy of existence (intellectual existence), one must have a working philosophy, a synthesis of things. Have you a synthesis of things? Do you write, and talk, and build upon a foundation which you know is securely laid? Or do you not rather build with a hazy idea of 'to hell with the foundation.'" London then proceeds to catechize his friend on scientific principles such as the indestructibility of Matter, the persistence of Force, and the overall "dynamic principle, true of the metamorphosis of the universe"—principles that Cloudsley is urged to study "carefully and painstakingly" before he can ever claim to have "a firm foundation for [his] philosophy of life" (Letters, pp. 170-71).In London's admittedly heavy-handed ad hominem argument, one recognizes the philosophical sledgehammer of Ernest Everhard, the revolutionary hero of The Iron Heel and one of the fictional exponents of "that cold forbidding philosophy, materialistic monism," 2 which also [End Page 43] served as the scientific foundation of London's own philosophy of life. There are, however, not one, but two components to London's philosophy, which, as I shall argue in this essay, together constitute an essentially dialectical construction, a dynamic juxtaposition of and negotiation with, on the one hand, the "cold forbidding" Medusa of Truth and, on the other hand, the life-enhancing Aphrodite of Romance, the second of which is one of several versions of the vital Maia-Lie (Maia being the Buddhist term for the power that creates or re-creates the world as cosmic illusion).Two points need to be stressed from the outset. First, London's work is implicitly aligned with literary naturalism—the "Zolaistic Movement" of modern American fiction that the genteel writer and editor Thomas Bailey Aldrich famously condemned for its "miasmatic breath" 3 —even though London himself would always qualify his own naturalism by insisting that, artistically, he was "an emotional materialist" (Letters, p. 329), and that his realism was, in the words of Martin Eden, one of his fictional alter egos, "an impassioned realism, shot through with human aspiration and faith." 4 Second, London's work is explicitly aligned with philosophical naturalism (as distinct from supernaturalism)—that is, naturalism as the philosophical or epistemological view that, to quote The Oxford Companion to Philosophy (1995), "everything is natural, i.e. that everything there is belongs to the world of nature, and so can be studied by the methods appropriate for studying that world." In philosophical practice, naturalism and materialism have tended to coalesce, materialism being basically understood as the view that everything is made of matter, which can be studied by the methods of natural science. Like London's philosophical alter ego Ernest Everhard (and also like fictional protagonists such as Wolf Larsen and Martin Eden), London declared himself "a materialistic monist," although, as he admitted to Cloudsley Johns, "there is dam little satisfaction in it." Rhetorically impersonating, as it were, Wolf Larsen, London, in the same letter, asks himself and his correspondent, "what squirming anywhere, damned or otherwise, means anything? That's the question I am always prone to put: What's this chemical ferment called life about? Small wonder that small men... (shrink)

Is it ethical to do business with regimes which are politically repressive or which do not respect Western minimum labour and environmental standards? The author is completing his MBA degree at London Business School, and is a Canadian with a background in marketing.

Recent stories of corporate insiders avoiding losses and, in some cases, generating enormous personal profits as their companies crumbled have led investors to question the integrity of American business and the fairness of the United States stock markets. The SEC tries to ensure the fairness of the stock markets by making and enforcing laws against unfair practices such as insider trading. In the United States, when insiders trade stock based on non-public information, they have broken the law and (...) betrayed the trust that has been placed in them.This study used student subjects to test the relationship between the likelihood of trading based on insider information and subjective probabilities of deterrents and motivations for insider trading. Expected gain, guilt, cynicism, and fairness of laws were the determinants that had a significant relationship with the intent to trade based on insider information. This study also found support for prospect theory with regard to insider trading. The results indicate that subjects are more likely to trade based on insider information to avoid a loss than to achieve an abnormal gain. The study also finds evidence of social desirability response bias. (shrink)

Is it ethical to do business with regimes which are politically repressive or which do not respect Western minimum labour and environmental standards? The author is completing his MBA degree at London Business School, and is a Canadian with a background in marketing.

The investigation aims at analysing the two general notions of mankind and people in two lexicographic reference works on trade and commerce published in London in the 1750s: Rolt’s A New Dictionary of Trade and Commerce (1756) and Postlethwayt’s The Universal Dictionary of Trade and Commerce (1757). An overview of the same notions in universal dictionaries of arts and sciences (cfr. References, Primary Sources), issued before and after ND and UD, will also be of help to define a more (...) general background. Starting from the key words mankind and people, their frequency and relevance in the two dictionaries, the investigation is widened to include related terms (e.g. multiword expressions and language patterns in which mankind and people occur) and semantic categories (e.g. specific contexts of use: social condition, social values, demography, identity and citizenship, etc.). The many entries, cross-references, and the various lexical clusters reveal a complex lexicographic and lexicological network. This network, beyond providing information and contents on specific topics, ultimately emphasises the hierarchical organising principle at the basis of Late Modern British society: in particular, people unfolds into a myriad of ‘entities’. Dictionaries of trade and commerce are plentiful sources of knowledge, from general concepts and notions to more specific contents, but also powerful ideological tools. (shrink)

Standard models of portfolio investment rely on various statistical measures of dispersion. Such measures favor returns smoothed over all states of the world and penalize abnormally low as well as abnormally high returns. A model of portfolio investment based on the tradeoff between expected return and expected loss considers only abnormally low returns as undesirable. Such a model has a comparative advantage over other existing models in that a first-order stochastically dominant portfolio always has a higher expected return and a (...) lower expected loss. Expected return—expected loss model of portfolio investment can rationalize the equity premium puzzle. Two random variables are not comoving if there is at least one state of the world in which one random variable yields a positive return and the other—a negative return. Such random variables provide hedging benefits from diversification in portfolio investment according to the expected return—expected loss model. A special case of this model, when an investor linearly trade-offs expected returns and expected losses, is also a special case of the prospect theory when a decision-maker has a piece-wise linear value function without any probability weighting. (shrink)

We attempt to understand the personal incentives that motivate corporate insiders to engage in unethical behavior such as delayed trade disclosure. Delayed disclosure affects corporate transparency and other shareholders in the firm potentially suffer investment losses because they are unaware of insiders’ activities. Using archival data from the 300 largest Australian firms between 2007 and 2011, the results show that risk factors such as insider age and tenure and wealth effects in the form of insider shareholdings affect the likelihood (...) of delayed reporting. Governance positions such as committee membership mitigate this behavior. Our study highlights the importance of considering individual insider’s wealth and risk factors. The self-monitoring role of governance positions is also indicative of the effectiveness of internal corporate governance in the prevention of illegal insider behavior. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:104 HISTORY OF PHILOSOPHY thus cast into the depths of skepticism. Because of his acquaintance with the skeptical literature Chilling-worth rejected the first alternative. Arguments concerning the fallibility of the senses and reason and the complexity of reality itself were too strong to be ignored. However, he was also unwilling to accept the second alternative. He developed instead a middle position. In his Religion of Protestants (London, 16S8) (...) he develops a position based on an appeal to common-sense and a doctrine of levels os evidence and certainty. Theological problems are to be solved in the same manner as problems of ordinary men in ordinary situations. Any claim to revelation, for example, is to be evaluated as any other problem, by examining the adequacy of the testimony and the reliability of witnesses. Hence the sense of mystery, of the revealedness of revelation is lost. Depending on whether one has good or poor evidence for a proposition one can be more or le~ certain of it. In most cases, one's certainty of religious propositions is of the same sort as that of the carpenter or pilot in their respective trades-not absolute certainty but certainty enough to assure good practical results. Hence religious belief is adequate if it serves to turn one from vice to virtue. Since religious truth is no longer unique, either with respect to evidence or certainty, it is available to all who are honest in their pursuit of it. Thus the epistemological justification for the democratization of religion of which Lichtenstein makes so much is provided a generation before More published his major works. My criticism of the book, then, is not that Lichtenstein attributes the de-emphasis of reason, loss of mystery, etc., of eighteenth-century thought solely to, More (though since he writes primarily on only one man one sometimes gets that impression) but that his account of the milieu from which More springs and of which he is only a part is inadequate. But for all that the book is well worth reading. HENRY G. VAN LEEUWs Hanover College Pascal. By Jean Steinmann. New edition revised and enlarged. ([Brus~ls]: Desclge De Brouwer [1962]. Pp. 378, illus. Bfr. 240.) Sorte de testament spirituel du critique tragiquement et prgmaturgment disparu, la seconde 6~dition du Pascal de Steinmann constitue sans doute la synth~se la plus agrgable et commode qui existe actuellement de la vie, de roeuvre et de la rgputation de Pascal. Entre les nombreux auteurs qui ont successivement attirg la plume rive et fgconde de Steinmann, Pascal est, en effet un de ceux avec qui il avait le plus de familiaritg. Ecrivain, th~logien, mais surtout exegete, Steinmann a d'ailleurs su mieux que presque tous ses pr~d~cesseurs, caractgriser la sensibilitg biblique de Pascal et en souligner l'importance. Inversement, il marque le caract~re peu philosophique de l'Apologi'e et voit (~t notre sens avec raison) la principale originalitg de son auteur dans le fair qu'il a cherch~ ~ mener au christianisme par la psychologie et par l'histoire, non par la metaphysique. Le chapitre le plus neuf de Steinmann est enfin celui que traite de l'histoire posthume de Pascal, sorte de bibliographie comrfientge qui sera certainment fort utile ~t celui qui abordera l'immense litt~rature publige ~ son sujet. Une rgaction en pattie l~gitime contre le clichg romantique de l'"inquigtude pascalienne " entra~ne Steinmann ~t trop insister apr~s B~guin, sur un,dogmatisme" (p. 308) d'ailleurs rattach6 ~ l'h6r6dit~ paternelle dont nous doutons qu'elle aft 6t6 dominante dans ]e cas de Pascal. On regrette aussi l'ignorance de l'article d'Et. Gilson sur "ab~tir" BOOK REVIEWS t05 (p. 254), des insuflisances au sujet du p~ht~ originel (p. 253), l'aflirmation erron~e du caract~re spontan~ de la confession au P. Beurrier (p. 207 n.) et surtout le lapsus Pinthard pour Pinthereau (pp. 363, $78). A c6t~ du petit Pascal de Jean Mesnard, cla~ique dans les universitY, le present ouvrage n'en contribuera pas moins ~ r~pondre dans un tr~s large cercle une connaissance de l'auteur des Pens~es enrichie par la sympathie. JZAN... (shrink)

SummaryIn the formative period of London's scientific instrument industry membership of a guild was a necessary step towards owning a business in the City. Through the guilds' formal system of apprenticeship, boys received first-class training in a skilled trade, and learned essential marketing and managerial techniques. By analysing the guilds' records of apprenticeship and subsequent guild life it is possible to determine chains of masters and apprentices by which the knowledge passed from generation to generation. At the same time, (...) dates can be established for the training and subsequent working life of many known makers. The chains of knowledge reveal new and often important masters who were previously unknown because, by chance, their instruments or advertisements have not survived to the present day. Two guilds have been used to illustrate the chains: Broderers' Company and Joiners' Company. (shrink)

Summary 1. Ecologists and conservation biologists consider many issues when designing a field study, such as the expected value of the data, the interests of the study species, the welfare of individual organisms and the cost of the project. These different issues or values often conflict; however, neither animal ethics nor environmental ethics provides practical guidance on how to assess trade-offs between them. -/- 2. We developed a decision framework for considering trade-offs between values in ecological research, drawing on the (...) field of ecological ethics. We used a case study of the population genetics of three frog species, in which a researcher must choose between four methods of sampling DNA from the study animals. We measured species welfare as the reduction in population growth rate following sampling, and assessed individual welfare using two different definitions: (i) the level of suffering experienced by an animal, and (ii) the level of suffering combined with loss of future life. -/- 3. Tipping the tails of tadpoles ranked as the best sampling method for species welfare, while collecting whole tadpoles and buccal swabbing of adult frogs ranked best for the first and second definitions of individual welfare, respectively. Toe clipping of adult frogs ranked as the worst sampling method for species welfare and the first definition of individual welfare, and equal worst for the second definition of individual welfare. -/- 4. When considering species and individual welfare simultaneously, toe clipping was clearly inferior to the other sampling methods, but no single sampling method was clearly superior to the other three. Buccal swabbing, collecting tadpoles and tail tipping were all preferred options, depending on the definition of individual welfare and the level of precision with which we assessed species welfare. -/- 5.Synthesis and applications. The decision framework we present can be used by ecologists to assess ethical and other trade-offs when planning field studies. A formal decision analysis makes transparent how a researcher might negotiate competing ethical, financial and practical objectives. Defining the components of the decision in this way can help avoid errors associated with human judgement and linguistic uncertainty. (shrink)

The paper presents the findings of ethnographic research and a survey of a Local Exchange Trading Scheme in North-East London and asks the question of whether the scheme delivers on the aims and objectives of its members. The research found that whilst its members express a strong politically motivated desire for an alternative to the prevailing economic system, the LETS scheme falls short of delivering on those ambitions. The findings raise the question of whether there is anything intrinsic (...) to this form of local community currency that leads it to be more inclusive, egalitarian and fair. (shrink)