This study investigates the risk and return characteristics of impact investing in the public equity market. We use a unique hand-collected dataset of 50 US listed firms whose product (or service) addresses at least one of the global social and environmental challenges, as defined by the United Nations Social Development Goals (SDGs). We designate such firms Impact Firms, and we compare their financial performance to a matched sample of Non-Impact Firms in the time span 2002–2019. Our results show that Impact (...) and Non-Impact Firms have similar level of financial performance and both volatility and systemic risk over the entire sample period. At the same time, Impact Firms show a slightly lower negative skewness of the returns over the entire sample period, but not during crisis periods. However, compared to matched Non-Impact Firms, Impact Firms outperform during periods of market crisis, generating a valuable dampening of downside risk. (shrink)

We present epistemic multilateral logic, a general logical framework for reasoning involving epistemic modality. Standard bilateral systems use propositional formulae marked with signs for assertion and rejection. Epistemic multilateral logic extends standard bilateral systems with a sign for the speech act of weak assertion (Incurvati and Schlöder 2019) and an operator for epistemic modality. We prove that epistemic multilateral logic is sound and complete with respect to the modal logic S5 modulo an appropriate translation. The logical framework developed provides the (...) basis for a novel, proof-theoretic approach to the study of epistemic modality. To demonstrate the fruitfulness of the approach, we show how the framework allows us to reconcile classical logic with the contradictoriness of so-called Yalcin sentences and to distinguish between various inference patterns on the basis of the epistemic properties they preserve. (shrink)

ABSTRACTLinguistic evidence supports the claim that certain, weak rejections are less specific than assertions. On the basis of this evidence, it has been argued that rejected sentences cannot be premisses and conclusions in inferences. We give examples of inferences with weakly rejected sentences as premisses and conclusions. We then propose a logic of weak rejection which accounts for the relevant phenomena and is motivated by principles of coherence in dialogue. We give a semantics for which this logic is sound and (...) complete, show that it axiomatizes the modal logic KD45 and prove that it still derives classical logic on its asserted fragment. Finally, we defend previous logics of strong rejection as being about the linguistically preferred interpretations of weak rejections. (shrink)

We discuss a well-known puzzle about the lexicalization of logical operators in natural language, in particular connectives and quantifiers. Of the many logically possible operators, only few appear in the lexicon of natural languages: the connectives in English, for example, are conjunction _and_, disjunction _or_, and negated disjunction _nor_; the lexical quantifiers are _all, some_ and _no_. The logically possible nand (negated conjunction) and Nall (negated universal) are not expressed by lexical entries in English, nor in any natural language. Moreover, (...) the lexicalized operators are all upward or downward monotone, an observation known as the Monotonicity Universal. We propose a logical explanation of lexical gaps and of the Monotonicity Universal, based on the dynamic behaviour of connectives and quantifiers. We define update potentials for logical operators as procedures to modify the context, under the assumption that an update by \( \phi \) depends on the logical form of \( \phi \) and on the speech act performed: assertion or rejection. We conjecture that the adequacy of update potentials determines the limits of lexicalizability for logical operators in natural language. Finally, we show that on this framework the Monotonicity Universal follows from the logical properties of the updates that correspond to each operator. (shrink)

We present an inferentialist account of the epistemic modal operator might. Our starting point is the bilateralist programme. A bilateralist explains the operator not in terms of the speech act of rejection ; we explain the operator might in terms of weak assertion, a speech act whose existence we argue for on the basis of linguistic evidence. We show that our account of might provides a solution to certain well-known puzzles about the semantics of modal vocabulary whilst retaining classical logic. (...) This demonstrates that an inferentialist approach to meaning can be successfully extended beyond the core logical constants. (shrink)

The concept system around 'quantity' and 'quantity value' is fundamental for measurement science, but some very basic issues are still open on such concepts and their relation. This paper argues that quantity values are in fact individual quantities, and that a complementarity exists between measurands and quantity values. This proposal is grounded on the analysis of three basic 'equality' relations: (i) between quantities, (ii) between quantity values and (iii) between quantities and quantity values. A consistent characterization of such concepts is (...) obtained, which is then generalized to 'property' and 'property value'. This analysis also throws some light on the elusive concept of magnitude. (shrink)

Name der Zeitschrift: Philologus Jahrgang: 159 Heft: 2 Seiten: 365-369.

This open access book investigates the role played by identity of proofs in proof-theoretic semantics. It develops a conception of proof-theoretic semantics as primarily concerned with the relationship between proofs (understood as abstract entities) and derivations (the linguistic representations of proofs). It demonstrates that identity of proof is a key both to clarify some —still not wholly understood— notions at the core of proof-theoretic semantics, such as harmony; and to broaden the range of the phenomena which can be analyzed using (...) the tools of this semantic paradigm, so as to include for instance paradoxes. The volume covers topics such as the philosophical significance of different criteria of identity of proofs, and adequacy conditions for an intensional account of the notion of harmony. The author also examines the Prawitz-Tennant analysis of paradoxes by investigating on the one hand the prospects of turning it into a theory of meaning for paradoxical languages, and on the other hand two distinct kinds of phenomena, first observed by Crabbe and Ekman, showing that the Tennant-Prawitz criterion for paradoxicality overgenerates. This volume is of interest to scholars in formal and philosophical logic. (shrink)

We develop a novel solution to the negation version of the Frege-Geach problem by taking up recent insights from the bilateral programme in logic. Bilateralists derive the meaning of negation from a primitive *B-type* inconsistency involving the attitudes of assent and dissent. Some may demand an explanation of this inconsistency in simpler terms, but we argue that bilateralism’s assumptions are no less explanatory than those of *A-type* semantics that only require a single primitive attitude, but must stipulate inconsistency elsewhere. Based (...) on these insights, we develop a version of B-type expressivism called *inferential expressivism*. This is a novel semantic framework that characterises meanings by inferential roles that define which *attitudes* one can *infer* from the use of terms. We apply this framework to normative vocabulary, thereby solving the Frege-Geach problem generally and comprehensively. Our account moreover includes a semantics for epistemic modals, thereby also explaining normative terms under epistemic modals. (shrink)

Deflationists about truth hold that the function of the truth predicate is to enable us to make certain assertions we could not otherwise make. Pragmatists claim that the utility of negation lies in its role in registering incompatibility. The pragmatist insight about negation has been successfully incorporated into bilateral theories of content, which take the meaning of negation to be inferentially explained in terms of the speech act of rejection. We implement the deflationist insight in a bilateral theory by taking (...) the meaning of the truth predicate to be explained by its inferential relation to assertion. We combine this account of the meaning of the truth predicate with a new diagnosis of the Liar Paradox: its derivation requires the truth rules to preserve evidence, but these rules only preserve commitment. The result is a novel inferential deflationist theory of truth, which solves the Liar Paradox in a principled manner. We end by showing that our theory and simple extensions thereof have the resources to axiomatize the internal logic of several supervaluational hierarchies, including Cantini’s. This solves open problems of Halbach (2011) and Horsten (2011). (shrink)

Experiences like pains, pleasures, and emotions have affective phenomenal character: they feel pleasant or unpleasant. Imperativism proposes to explain affective phenomenal character by appeal to imperative content, a kind of intentional content that directs rather than describes. We argue that imperativism is on the right track, but has been developed in the wrong way. There are two varieties of imperativism on the market: first-order and higher-order. We show that neither is successful, and offer in their place a new theory: reflexive (...) imperativism. Our proposal is that an experience P feels pleasant in virtue of being constituted by a Command with reflexive imperative content, while an experience U feels unpleasant in virtue of being constituted by a Command with reflexive imperative content : More of P!Less of U! If you need a slogan: experiences have affective phenomenal character in virtue of commanding us Get more of me! Get less of me! (shrink)

Constitutivism argues that the source of the categorical force of the norms of rationality and morality lies in the constitutive features of agency. A systematic failure to be guided by these norms would amount to a loss or lack of agency. Since we cannot but be agents, we cannot but be unconditionally guided by these norms. The constitutivist strategy has been challenged by David Enoch. He argues that our participation in agency is optional and thus cannot be a source of (...) categorical demands. In this paper, I defend the viability of constitutivism by showing that agency is indeed a special ‘inescapable’ enterprise. Agency has the largest jurisdiction, and it is closed under rational assessment. This inescapability does not exempt constitutivism from raising the question whether agents have reason to be agents, but this question has to be taken up within agency. If this question is answered affirmatively, then—I argue—the criteria of practical correctness are self-ratifying in a non-circular way. This is sufficient to show the viability of the constitutivist strategy. Whether agents have conclusive reasons to be agents, however, is a matter to be addressed in the terms of particular versions of constitutivism. (shrink)

Many classically valid meta-inferences fail in a standard supervaluationist framework. This allegedly prevents supervaluationism from offering an account of good deductive reasoning. We provide a proof system for supervaluationist logic which includes supervaluationistically acceptable versions of the classical meta-inferences. The proof system emerges naturally by thinking of truth as licensing assertion, falsity as licensing negative assertion and lack of truth-value as licensing rejection and weak assertion. Moreover, the proof system respects well-known criteria for the admissibility of inference rules. Thus, supervaluationists (...) can provide an account of good deductive reasoning. Our proof system moreover brings to light how one can revise the standard supervaluationist framework to make room for higher-order vagueness. We prove that the resulting logic is sound and complete with respect to the consequence relation that preserves truth in a model of the non-normal modal logic _NT_. Finally, we extend our approach to a first-order setting and show that supervaluationism can treat vagueness in the same way at every order. The failure of conditional proof and other meta-inferences is a crucial ingredient in this treatment and hence should be embraced, not lamented. (shrink)

This book examines phenomenal conservatism, one of the most influential and promising internalist conceptions of non-inferential justification debated in current epistemology and philosophy of mind. It also explores the significance of the findings of this examination for the general debate on epistemic justification. According to phenomenal conservatism, non-inferential justification rests on seemings or appearances, conceived of as experiences provided with propositional content. Phenomenal conservatism states that if it appears to S that P, in the absence of defeaters, S thereby has (...) some justification for believing that P. This view provides the basis for foundationalism and many ordinary epistemic practices. This book sheds new light on phenomenal conservatism by assessing objections to it and examining epistemological merits and advantages attributed to it. In a nutshell, phenomenal conservatism is actually compatible with Bayesian reasoning, and it is unaffected by bootstrapping problems and challenges that appeal to the cognitive penetrability of perception. Nevertheless, appearance-based justification proves unstable or elusive and its antisceptical bite is more limited than expected. These difficulties could be surmounted if phenomenal conservatism were integrated with a theory of inferential justification. The book appeals to scholars and postgraduates in the field of epistemology and philosophy of mind who are interested in the rational roles of appearances. (shrink)

According to the iterative conception of set, sets can be arranged in a cumulative hierarchy divided into levels. But why should we think this to be the case? The standard answer in the philosophical literature is that sets are somehow constituted by their members. In the first part of the paper, I present a number of problems for this answer, paying special attention to the view that sets are metaphysically dependent upon their members. In the second part of the paper, (...) I outline a different approach, which circumvents these problems by dispensing with the priority or dependence relation altogether. Along the way, I show how this approach enables the mathematical structuralist to defuse an objection recently raised against her view. (shrink)

In set theory, a maximality principle is a principle that asserts some maximality property of the universe of sets or some part thereof. Set theorists have formulated a variety of maximality principles in order to settle statements left undecided by current standard set theory. In addition, philosophers of mathematics have explored maximality principles whilst attempting to prove categoricity theorems for set theory or providing criteria for selecting foundational theories. This article reviews recent work concerned with the formulation, investigation and justification (...) of maximality principles. (shrink)

Mindreading (or folk psychology, Theory of Mind, mentalizing) is the capacity to represent and reason about others’ mental states. The Simulation Theory (ST) is one of the main approaches to mindreading. ST draws on the common-sense idea that we represent and reason about others’ mental states by putting ourselves in their shoes. More precisely, we typically arrive at representing others’ mental states by simulating their mental states in our own mind. This entry offers a detailed analysis of ST, considers theoretical (...) arguments and empirical data in favour of and against it, discusses its philosophical implications, and illustrates some alternatives to it. (shrink)

In the present paper, the Fregean conception of proof-theoretic semantics that I developed elsewhere will be revised so as to better reflect the different roles played by open and closed derivations. I will argue that such a conception can deliver a semantic analysis of languages containing paradoxical expressions provided some of its basic tenets are liberalized. In particular, the notion of function underlying the Brouwer–Heyting–Kolmogorov explanation of implication should be understood as admitting functions to be partial. As argued in previous (...) work, the correctness of an inference rule should not be defined in terms of transmission of provability, but rather should be grounded on weaker principles, which I show that are motivated by consideration about the content of the inversion principle. In the conclusion, I briefly address the issue of compositionality, arguing that the violation of compositionality induced by paradoxes are no worse than others that are regarded, at least by Dummett, as wholly unproblematic. (shrink)

In this paper, I discuss whether there are genuinely *diachronic* constraints of practical rationality, that is, pressures on combinations of practical attitudes over time, which are not reducible to mere synchronic rational pressures. Michael Bratman has recently argued that there is at least one such diachronic rational constraint that governs the stability of intentions over time. *Pace* Bratman, I argue that there are no genuinely diachronic constraints on intentions that meet the stringent desiderata set by him. But I show that (...) there are at least two synchronic rational constraints with distinctive and important, although only indirect, diachronic dimensions. Neither of them, however, supports the practical conservatism in the face of normative underdetermination that, according to Bratman, is part and parcel of the diachronic rationality of intention stability. (shrink)

We introduce the rejection game, designed to formalize the interaction between interlocutors in a Stalnakerian conversation: a speaker who asserts something and a listener who may accept or reject. The rejection game is similar to other signalling games known to the literature in economics and biology. We point out similarities and differences, and propose an application in linguistics. We uncover basic conditions under which the Gricean maxim of quality emerges from incentives among the players, providing evidence for a functionalist understanding (...) of the Gricean program. (shrink)

In this paper, I argue against the popular philosophical thesis---aka the ‘own action condition’---that an agent can only intend one’s own actions. I argue that the own action condition does not hold for any executive attitude, intentions included. The proper object of intentions is propositional rather than agential (‘I intend that so-and-so be the case’ rather than ‘I intend to do such-and-such’). I show that, although there are some essential de se components in intending, they do not restrict the content (...) of intentions to one’s own actions. I then discuss the special way in which one’s own actions can figure in the content of one’s intentions, which shows that the distinction between intending and acting is less stark than it appears at first. This is a conclusion that many defenders of the own action condition might find appealing but which, I argue, is better supported by rejecting the own action condition. (shrink)

In this paper, I will discuss the various ways in which intentions can be said to be conditional, with particular attention to the internal conditions on the intentions’ content. I will first consider what it takes to carry out a conditional intention. I will then discuss how the distinctive norms of intention apply to conditional intentions and whether conditional intentions are a weaker sort of commitments than the unconditional ones. This discussion will lead to the idea of what I call (...) the ‘deep structure’ of intentions. Roughly, this is the idea that the conditional nature of our intentions is only partially made explicit in the expressions we use to communicate our intentions and in the explicit form of our thinking about and reasoning with them. Most conditions that qualify our intentions are part of a deep functional structure that can be evinced by observing the actual psychological functioning of intentions and by considering the rational requirements that they engage. I will argue that the deep structure of intentions is characteristically conditional. Genuinely unconditional intentions are only limiting instances of conditional intentions and their contribution to agency can only be understood in light of this fact. I will conclude by showing that the characteristic conditional structure of intentions is intimately related to distinctive features of human agency, especially to its unity over time. (shrink)

It is often argued that future-directed decisions are effective at shaping our future conduct because they give rise, at the time of action, to a decisive reason to act as originally decided. In this paper, I argue that standard accounts of decision-based reasons are unsatisfactory. For they focus either on tie-breaking scenarios or cases of self-directed distal manipulation. I argue that future-directed decisions are better understood as tools for the non-manipulative, intrapersonal division of deliberative labor over time. A future-directed decision (...) to ϕ gives rise to a defeasible exclusionary reason to ϕ. This reason is grounded on the default authority that is normally granted to one’s prior self as an “expert” deliberator. I argue that this kind of exclusionary reason is the only one that can account for the effectiveness of future-directed decisions at shaping our diachronic agency without violating our autonomy over time. (shrink)

In this paper I investigate whether there are genuine and irreducible pressures of diachronic rationality grounded on the structure of the subject rather than on substantive considerations, such as pragmatic ones. I argue that structural pressures of diachronic rationality have a limited scope. The most important pressure only tells against arbitrary interference with the mechanisms for the retention of attitudes over time. I then argue that in the practical case, a substantial account in terms of the agent's temporal identity appears (...) more promising than a purely structural one, but in the end it still leaves many questions about diachronic practical rationality underdetermined. (shrink)

How psychopaths and their capacity for moral action are viewed is not only philosophically interesting but is also important and relevant for policy. The philosophical discussion of psychopathy has focussed upon the psychological faculties that are prerequisites for moral responsibility and empirical findings regarding psychopathy that are relevant to philosophical accounts of moral understanding and motivation. However, there are legitimate worries about whether psychopathy is a robust scientific construct, and there are risks attached to reifying psychopathy or other psychiatric constructs. (...) We defend the concept of psychopathy by pointing out the relevance of empirical studies about it for our ordinary practices of ascribing moral responsibility and folk psychological accounts of moral understanding and motivation. (shrink)

This essay tries to rethink Benjamin’s notion of “aura” through the consideration of two authors such as G. Didi-Huberman and D. Costello. The aim is not to distinguish between auratic and postauratic (or non-auratic) works of art, but to rethink the problem of aesthetic perception in the age of mechanical reproduction. More specifically, Costello and Didi-Huberman point out the relation between “aura” and “subjectivity”: on the one hand, the intersubjective (and ethical) nature of an “authentic” (i.e., auratic) experience; on the (...) other hand, the presence of the aura nowadays in the “interplay of gazes” between the (subject-)work and the (subject-)spectator. Works of art are indeed characterized by a “two-fold” or aesthetic “transcendence” – they are at once both inside and outside my world – which enables them to resist the reification into reproducible commodity. (shrink)

It is assumed sometimes that the input of a measurement, and therefore the entity with which a measuring system interacts, is a quantity value, possibly the (true) measurand value, and from this hypothesis the model of ideal measurement as an identity process is formulated. In this paper we show that this position is based on an inappropriate superposition of quantities and quantity values, and therefore should be discarded.

This paper aims at revealing the originality of Max Weber’s conception of the logical category of “historicity”, suggesting that in his writings on the methodology of the social sciences we can find a stimulating and forerunner contribution to the analysis of some logical and formal problems concerning the relationship between human knowledge and the chaos of reality (what we might call, ante-litteram, “science of chaos”). In particular, considering that in Weber’s conception scientific knowledge finds no facts “to grasp” in the (...) natural world, but rather a chaos of unique and infinitely divisible events, the analysis will be focused on the following aspects: (a) Weber’s separation of causal imputation from the notion of necessary (natural) law; (b) the importance attached to “probability judgments” with different degrees of certainty; (c) the proclaimed irreducibility of individual events to scientific models, laws, and (ideal)-types; (d) the effects imputed to the differentiation of the point of view of a scientific observer. (shrink)

A selection of recent philosophical texts—in Italian translation—dealing with the mereology of material objects and the nature of their boundaries. Introduction by L. Morena. Papers by R. M. Chisholm, P. M. Simons, B. Smith, A. Stroll, A. C. Varzi.

Requiring only a background in elementary calculus and elementary mechanics, this book starts with the basics, introduces the most important developments in classical statistical mechanics over the last thirty years, and guides readers to ...

This chapter discusses the structure of our temporally extended agency. We do not have the power to act directly at a distance, so any of our temporally extended projects must be sustained over its temporal unfolding by momentary actions. We need both the capacity to organize these momentary steps in light of a synoptic overview of the extended activity as a whole and to sustain our motivation to continue to pursue the extended activity. Hence, the distinctive mode in which we (...) act over time is that of ’planning agency,’ which requires a form of temporal identification that goes beyond mere psychological continuity. I then discuss the differences in internal structure between merely continuous and integrated activities, and between telic and atelic ones. I provide a taxonomy of the different kinds of temporal goods and values and how these structures might bear on the risk of crisis of meaning in our temporal existence. I then touch briefly on the issue of how our mortality might make a difference to the structure of what we find valuable and how it relates to the temporal features of our agency. In the closing section, I discuss the effects of the moving temporal location of the agent (with her local executive powers) relative to her extended pursuits, including the asymmetries generated by the distinction between past and future stages of the activity and the moving horizon of what the agent can anticipate and (indirectly) control. (shrink)

According to constitutivism, the objective authority of practical reason is to be grounded in the constitutive features of agency. In this paper, I offer a brief survey of the basic structure of constitutive argument about objectivity and consider how constitutivism might dispel the worry that it can only ground a conditional kind of authority. I then consider David Enoch’s original shmagency challenge and the response in terms of the inescapability of agency. In particular, I revisit the appeal to inescapability in (...) light of Enoch’s restatement of the challenge in 'Shmagency Revisited'. I argue that the revised challenge still fails but that it helps clarify: first, the distinction between external and internal challenges to constitutivism, and, second, the existence of at least different kinds of inescapability of agency (metaphysical, psychological, and dialectical). I argue that only dialectical inescapability is helpful to show that constitutivism is a viable metanormative theory. I conclude by claiming that an internal challenge to constitutivism is still possible in principle but that the burden of proof has shifted once again to the critics of constitutivism. (shrink)

One type of argument to sceptical paradox proceeds by making a case that a certain kind of metaphysically “heavyweight or “cornerstone” proposition is beyond all possible evidence and hence may not be known or justifiably believed. Crispin Wright has argued that we can concede that our acceptance of these propositions is evidentially risky and still remain rationally entitled to those of our ordinary knowledge claims that are seemingly threatened by that concession. A problem for Wright’s proposal is the so-called Leaching (...) worry: if we are merely rationally entitled to accept the cornerstones without evidence, how can we achieve evidence-based knowledge of the multitude of quotidian propositions that we think we know, which require the cornerstones to be true? This paper presents a rigorous, novel explication of this worry within a Bayesian framework, and offers the Entitlement theorist two distinct responses. (shrink)

The non-well-founded set theories described by Aczel (1988) have received attention from category theorists and computer scientists, but have been largely ignored by philosophers. At the root of this neglect might lie the impression that these theories do not embody a conception of set, but are rather of mere technical interest. This paper attempts to dispel this impression. I present a conception of set which may be taken as lying behind a non-well-founded set theory. I argue that the axiom AFA (...) is justified on the conception, which provides, contra Rieger (Mind 109:241–253, 2000), a rationale for restricting attention to the system based on this axiom. By making use of formal and informal considerations, I then make a case that most of the other axioms of this system are also justified on the conception. I conclude by commenting on the significance of the conception for the debate about the justification of the Axiom of Foundation. (shrink)

Human mental workload is arguably the most invoked multidimensional construct in Human Factors and Ergonomics, getting momentum also in Neuroscience and Neuroergonomics. Uncertainties exist in its characterization, motivating the design and development of computational models, thus recently and actively receiving support from the discipline of Computer Science. However, its role in human performance prediction is assured. This work is aimed at providing a synthesis of the current state of the art in human mental workload assessment through considerations, definitions, measurement techniques (...) as well as applications, Findings suggest that, despite an increasing number of associated research works, a single, reliable and generally applicable framework for mental workload research does not yet appear fully established. One reason for this gap is the existence of a wide swath of operational definitions, built upon different theoretical assumptions which are rarely examined collectively. A second reason is that the three main classes of measures, which are self-report, task performance, and physiological indices, have been used in isolation or in pairs, but more rarely in conjunction all together. Multiple definitions complement each another and we propose a novel inclusive definition of mental workload to support the next generation of empirical-based research. Similarly, by comprehensively employing physiological, task-performance, and self-report measures, more robust assessments of mental workload can be achieved. (shrink)

There are two standard conceptions of the functioning of and rationale for the diachronic will, i.e., for an agent's capacity to settle on her future conduct in advance. According to the pragmatic-instrumentalist view, the diachronic will benefits us by increasing the long-term satisfaction of our rational preferences. According to the cognitive view, it benefits us by satisfying our standing desire for self-knowledge and self-understanding. Contrary to these views, I argue for a constitutive view of the diachronic will: the rationale for (...) it is that it makes possible to engage in activities with a radically novel temporal structure, activities that are not merely continuous over time, but temporally integrated and unified. These activities are essential to our form of life and to our existence as temporally unified agents. The instrumental and cognitive benefits, if any, are merely secondary to the ontological ones. (shrink)

A subject S's belief that Q is well-grounded if and only if it is based on a reason of S that gives S propositional justification for Q. Depending on the nature of S's reason, the process whereby S bases her belief that Q on it can vary. If S's reason is non-doxastic––like an experience that Q or a testimony that Q––S will need to form the belief that Q as a spontaneous and immediate response to that reason. If S's reason (...) is doxastic––like a belief that P––S will need to infer her belief that Q from it. The distinction between these two ways in which S's beliefs can be based on S's reasons is widely presupposed in current epistemology but––we argue in this paper––is not exhaustive. We give examples of quite ordinary situations in which a well-grounded belief of S appears to be based on S's reasons in neither of the ways described above. To accommodate these recalcitrant cases, we introduce the notion of enthymematic inference and defend the thesis that S can base a belief that Q on doxastic reasons P1, P2, …, Pn via inferring enthymematically Q from P1, P2, …, Pn. (shrink)