This study focuses on CEO hubris and its detrimental effect on corporate financial performance along with an examination of critical corporate governance contingencies that may moderate the negative effect. From 654 observations of 164 Korean firms over the years 2001–2008, we found that CEO power exacerbated the negative effect of CEO hubris on corporate financial performance, whereas board vigilance mitigated it. This study provides empirical evidence that entrenchment problems arising from CEO hubris would be exacerbated as CEOs become more powerful, (...) but weakened as board of directors become more vigilant. Theoretical contributions and practical implications will be discussed. (shrink)

Suppose we assume that the parties in the original position took Kahneman and Tversky's prospect theory as constituting their general knowledge of human psychology that survives through the veil of ignorance. How would this change the choice situation of the original position? In this paper, I present what I call ‘prospect utilitarianism’. Prospect utilitarianism combines the utilitarian social welfare function with individual utility functions characterized by Kahneman and Tversky's prospect theory. I will argue that, once prospect utilitarianism is on the (...) table, Rawls's original arguments in support of justice as fairness as well as his arguments against utilitarianism are, at best, inconclusive. This shows that how implausible a choice for utilitarianism in the original position is heavily depends on what one assumes to be general knowledge of human psychology that the original contracting parties know. (shrink)

This paper is concerned with the competing and complimentary relationships between intersubjectivity and discursive logic. It contends that the ultimate failure of Husserlian phenomenology is a testament to the dilemma of subjectivist philosophy. Indeed, political philosophy requires a paradigm-shift from subjectivity to intersubjectivity. With this in mind, this paper examines the classical encounter between morality and ethical life in connection with discursive ethics. While it argues that Habermas still retains a strong residue of subjectivist philosophy, it attempts to clarify the (...) discursive analysis of Foucault and probes into its applicability to practical philosophy. (shrink)

This paper highlights the potential harms in the current state of business ethics education and presents an alternative new model of business ethics education. Such potential harms in business ethics education is due largely to restricted cognitive level of reasoning, a limited level of ethical conduct which remains only responsive and adaptive, and the estrangement between strategic thinking and ethical thinking. As a remedy for business ethics education, denatured by these potential harms, a new dynamic model of business ethics education (...) is proposed. The new model is composed of a basic foundation for business ethics education and three practical components of business ethics education. The basic foundation comprises of ethical reasoning, moral sentiments, and ethical praxis. Three practical components of business ethics education are, respectively, to intensify moral imagination, to develop ethical wisdom and courage, and to enhance meta- strategic competences. The ultimate purpose of these practical components is to help moral subjects to conduct ethical leadership, to actualize integrity between individuals and organization, and to fulfill the social responsibility of business firms. This new model is expected to attract attention to the effective business ethics education both in college and in industry, and to be used as a benchmark for new curriculum designs and development of teaching methods. Finally, some teaching methodologies and pedagogical experiments are introduced and discussed according to this new model of business ethics education. (shrink)

윤리와 사상의 흐름을 살펴보는 『보인다! 윤리와 사상』. 수능을 준비하는 학생들을 위해 윤리와 사상 중 ‘윤리의 흐름과 특징’에 대해 집중적으로 살펴보고 있다. 교과내용을 제대로 이해하지 못하고 외우는데 급급한 학생들이 교과 내용을 이해할 수 있도록 요약된 내용을 넘어 충실한 설명을 담아냈다.

Hobbes’s own justification for the existence of governments relies on the assumption that, without a government, our lives in the state of nature would result in a state of war of every man against every man. Many contemporary scholars have tried to explain why universal war is unavoidable in Hobbes’s state of nature by utilizing modern game theory. However, most game-theoretic models that have been presented so far do not accurately capture what Hobbes deems to be the primary cause of (...) conflict in the state of nature – which is uncertainty, rather than people’s egoistic psychology. Any game- theoretic model that does not incorporate uncertainty into the picture is, therefore, I claim, the wrong model. In this paper, I use Bayesian game-theory to show how universal conflict can break-out in the state of nature - even when the majority of the population would strictly prefer to cooperate and seek peace with other people - due to uncertainty about the other person’s type. Along the way, I show that the valuation of one’s own life is one of the central mechanisms that drives Hobbes’s pessimistic conclusion. (shrink)

One of John Rawls’s major aims, when he wrote A Theory of Justice, was to present a superior alternative to utilitarianism. Rawls’s worry was that utilitarianism may fail to protect the fundamental rights and liberties of persons in its attempt to maximize total social welfare. Rawls’s main argument against utilitarianism was that, for such reasons, the representative parties in the original position will not choose utilitarianism, but will rather choose his justice as fairness, which he believed would securely protect the (...) worth of everybody’s basic rights and liberties. In this paper, I will argue that, under close formal examination, Rawls’s argument against utilitarianism is self-defeating. That is, I will argue that Rawls’s own reasons, assumptions, and the many theoretical devices he employs demonstrably imply that the representative parties in the original position will choose utilitarianism instead of justice as fairness. (shrink)

A well-ordered society faces a crisis whenever a sufficient number of noncompliers enter into the political system. This has the potential to destabilize liberal democratic political order. This article provides a formal analysis of two competing solutions to the problem of political stability offered in the public reason liberalism literature—namely, using public reason or using convergence discourse to restore liberal democratic political order in the well-ordered society. The formal analyses offered in this article show that using public reason fails completely, (...) and using convergent discourse, although doing better, has its own critical limitations that have not been previously recognized properly. (shrink)

Inspired by impossibility theorems of social choice theory, many democratic theorists have argued that aggregative forms of democracy cannot lend full democratic justification for the collective decisions reached. Hence, democratic theorists have turned their attention to deliberative democracy, according to which “outcomes are democratically legitimate if and only if they could be the object of a free and reasoned agreement among equals” (Cohen 1997a, 73). However, relatively little work has been done to offer a formal theory of democratic deliberation. This (...) article helps fill that gap by offering a formal theory of three different modes of democratic deliberation: myopic discussion, constructive discussion, and debate. We show that myopic discussion suffers from indeterminacy of long run outcomes, while constructive discussion and debate are conclusive. Finally, unlike the other two modes of deliberation, debate is path independent and converges to a unique compromise position, irrespective of the initial status quo. (shrink)

Ever since the publication of Harry Frankfurt’s “Equality as a Moral Ideal” :21–43, 1987), the doctrine of sufficiency has attracted great attention among both ethical theorists and political philosophers. The doctrine of sufficiency consists of two main theses: the positive thesis states that it is morally important for people to have enough; and the negative thesis states that once everybody has enough, relative inequality has absolutely no moral importance. Many political philosophers have presented different versions of sufficientarianism that retain the (...) general spirit of what Frankfurt had proposed in his seminal work. However, all of these different versions of sufficientarianism suffer from two critical problems: they fail to give right answers to lifeboat situations, and they fail to provide continuous ethical judgments. In this paper, I show a version of utilitarianism that solves these problems while retaining the major attractions of sufficientarianism. I call it “prospect utilitarianism.” In addition, I show that prospect utilitarianism can avoid standard objections to utilitarianism and has aspects that can appeal to both prioritarians and egalitarians as well. (shrink)

This book explores the interrelated concepts of representation and grammar in the philosophy of Ludwig Wittgenstein.

John Rawls’s most mature notion of political order is “stability for the right reasons.” Stability for the right reasons is the kind of political order that Rawls hoped a well-ordered society could ideally achieve. In this paper, I demonstrate through the tools of modern game theory, the instability of “stability for the right reasons.” Specifically, I will show that a well-ordered society can completely destabilize by the introduction of an arbitrarily small number of non- compliers whenever individuals fail to achieve (...) full common knowledge ever so slightly. (shrink)

Public reason liberalism takes as its starting point the deep and irreconcilable diversity we find characterizing liberal societies. This deep and irreconcilable diversity creates problems for social order. One method for adjudicating these conflicts is through the use of rights. This paper is about the ability of such rights to adjudicate disputes when perspectival disagreements—or disagreements over how to categorize objects in the world—obtain. We present both formal possibility and impossibility results for rights structures under varying degrees of perspectival diversity. (...) We show that though perspectival diversity appears to be a troubling problem for the prospect of stable social order, if rights are defined properly then disagreements can likely be resolved in a consistent manner, achieving social cooperation rather than conflict. (shrink)

Some traditional assumptions regarding rational autonomy are examined and criticised. The exclusion of subjective considerations from autonomous choice is shown to be unjustified, as are attempts to identlfji autonomy with morally desirable conduct. Unexpected implications of these conclusions for education and certain other social institutions are also indicated.

The original position together with the veil of ignorance have served as one of the main methodological devices to justify principles of distributive justice. Most approaches to this topic have primarily focused on the single person decision-theoretic aspect of the original position. This paper, in contrast, will directly model the basic structure and the economic agents therein to project the economic consequences and social outcomes generated either by utilitarianism or Rawls’s two principles of justice. It will be shown that when (...) the differences in people’s productive abilities are sufficiently great, utilitarianism dominates Rawls’s two principles of justice by providing a higher level of overall well-being to every member of society. Whenever this is the case, the parties can rely on the Principle of Dominance (which is a direct implication of instrumental rationality) to choose utilitarianism over Rawls’s two principles of justice. Furthermore, when this is so, utilitarianism is free from one of its most fundamental criticisms that it ‘does not take seriously the distinction between persons’ (Rawls 1971 [1999]: 24). (shrink)