This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further (...) demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances. Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life. The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, François Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser. (shrink)

In a recent book, J. R. Lucas presents an argument to show that if God has infallible knowledge of the future, our will is not free. Thus, Lucas concludes, like the medieval Jewish philosopher Gersonides, that God in creating beings with genuinely free will, abdicates some of his omniscience as well as some of his omnipotence. God could, but will not, determine our choices, since such an exercise of his power would rob us of free will. Similarly, Lucas holds, God (...) could but does not foreknow our future choices since this also would rob us of free will. This argument, from so formidable a foe of determinism as Lucas, merits our most serious attention. However, I believe that there is a way to evade its conclusion, a way which Lucas considers but rejects. (shrink)

The question addressed here is whether evidence concerning defendants' past criminal records should be introduced at their trials because such evidence reveals their character and thus reveals whether they are the kinds of persons likely to have committed the crimes with which they are currently charged. I strongly caution against the introduction of such evidence for a number of reasons. First, the link between defendants' past criminal records and claims about their standing dispositions to think and act is tenuous, at (...) best. Second, noncharacter, or trace, evidence should have primacy in determining the guilt or innocence of defendants. Third, character evidence will vary in its freshness and specificity. Other things being equal, only relatively fresh and specific character evidence has probative value. Moreover, such evidence will have greater probative value in criminal cases where the issue before the court is whether a crime has been committed than in cases where the issue is whether it was the defendant who committed the crime. Finally, we might be more sanguine about the introduction of fresh and specific character evidence under conditions likely to work against its misuse or misinterpretation. However, the relevant conditions may not often be satisfied in the real world of criminal trials and defendants. (shrink)

Theories of Truth provides a clear, critical introduction to one of the most difficult areas of philosophy. It surveys all of the major philosophical theories of truth, presenting the crux of the issues involved at a level accessible to nonexperts yet in a manner sufficiently detailed and original to be of value to professional scholars. Kirkham's systematic treatment and meticulous explanations of terminology ensure that readers will come away from this book with a comprehensive general understanding of one of philosophy's (...) thorniest set of topics. -/- Included are discussions of the correspondence, coherence, pragmatic, semantic, performative, redundancy, appraisal, and truth-as-justification theories. There are also chapters or sections of chapters on the liar paradox, three-valued logic, Field's critique of Tarski, Davidson's program, Dummett's theory of linguistic competence, satisfaction, recursion, the extension/intension distinction, and an explanation of how theories of justification, properly understood, differ from theories of truth. -/- A persistent theme is that philosophers have too often failed to recognize that not all theories of truth are intended to answer the same question. When the various questions are made distinct, it is apparent that many of the "debates" in this field are really cases of philosophers talking past one another. There is much less disagreement within the field than has commonly been thought. (shrink)

One of the most difficult problems for a student of religion is the problem of how to relate different religious views of life. It is not difficult to say, ‘My religious orientation has the only truth,’ but the art of giving evidence and argument to support a view on how they should be compared is almost nonexistent. Because of this, the recent work that John Hick has done in this area deserves thoughtful consideration. Since I am working on a book (...) which is concerned with this issue, I am not only going to discuss Hick's views but also defend an alternative way of relating religious views of life. I hope this article will stimulate reactions which will be of help in my work on the book. (shrink)

The critics of Schleiermacher's hermeneutic are legion and its defenders few – due, to a great extent, to the popularity of Gadamer's Truth and Method and its attack on Schleiermacher. I believe that the critics of Schleiermacher have not understood him very well and the failure of his hermeneutics to gain very much respect lies, at least partially, to a lack of understanding of what he had to say. Besides, if we look at contemporary scholars who focus on the study (...) of language and how it functions we will find that they often have views very much like those found in Schleiermacher's discussion of hermeneutics. (shrink)

In a recent paper Anthony Flew gives an argument which can be outlined as follows: 1. Any attempt to give a ‘free will defence’ must be based either on a compatibilist notion of free will or a libertarian, incompatibilist, notion of free will. 2. A free will defence based on a compatibilist notion of free will must fail, for on a compatibilist view of free will, God could make creatures who were free but never chose evil. 3. A free will (...) defence based on a libertarian notion of free will might have other difficulties, but on a libertarian view of free will God could not both leave men free and bring it about that they never chose evil. 4. But a free will defence based on an incompatibilist, libertarian notion of free will can be rejected, since: It is not clear that the ordinary use of such key terms as ‘action’ and ‘choice’ carry any implications of libertarian free will. If such terms did carry the implication of libertarian free will it becomes hard to see how anyone could be in a position to know that a choice had been made or an action performed. The possession of libertarian free will by created beings seems to be incompatible with the essential theistic doctrine that all created beings are always utterly dependent on God as their sustaining cause. 5. Therefore the free will defence fails. (shrink)

In _Freedom and the End of Reason_, Richard L. Velkley offers an influential interpretation of the central issue of Kant’s philosophy and an evaluation of its position within modern philosophy’s larger history. He persuasively argues that the whole of Kantianism—not merely the Second Critique—focuses on a “critique of practical reason” and is a response to a problem that Kant saw as intrinsic to reason itself: the teleological problem of its goodness. Reconstructing the influence of Rousseau on Kant’s thought, Velkley (...) demonstrates that the relationship between speculative philosophy and practical philosophy in Kant is far more intimate than generally has been perceived. By stressing a Rousseau-inspired notion of reason as a provider of practical ends, he is able to offer an unusually complete account of Kant’s idea of moral culture. (shrink)

This book draws upon philosophical arguments, criminological evidence, and legal literature on prisoners' rights and sentencing to explore the restrictions and deprivations that can be legitimately imposed on serious offenders in the name of punishment.

"Intuition" has perhaps been the least understood and the most abused term in philosophy. It is often the term used when one has no plausible explanation for the source of a given belief or opinion. According to some sceptics, it is understood only in terms of what it is not, and it is not any of the better understood means for acquiring knowledge. In mathematics the term has also unfortunately been used in this way. Thus, intuition is sometimes portrayed as (...) if it were the Third Eye, something only mathematical "mystics", like Ramanujan, possess. In mathematics the notion has also been used in a host of other senses: by "intuitive" one might mean informal, or non-rigourous, or visual, or holistic, or incomplete, or perhaps even convincing in spite of lack of proof. My aim in this book is to sweep all of this aside, to argue that there is a perfectly coherent, philosophically respectable notion of mathematical intuition according to which intuition is a condition necessary for mathemati cal knowledge. I shall argue that mathematical intuition is not any special or mysterious kind of faculty, and that it is possible to make progress in the philosophical analysis of this notion. This kind of undertaking has a precedent in the philosophy of Kant. While I shall be mostly developing ideas about intuition due to Edmund Husser! there will be a kind of Kantian argument underlying the entire book. (shrink)

Arguing against most scholars of business ethics who have articulated a set of moral principles and applied them to problems faced by business people, Richard Lippke steers away from offering moral directives. In Radical Business Ethics, he develops a more comprehensive perspective on business issues that is tied to larger questions of social justice. Analyzing a select group of timely issues such as advertising, employee privacy, and insider trading in the context of debates about the nature of the just (...) society, Lippke argues that the most plausible theory of justice is one whose implications are highly critical of many features of advanced capitalist societies. Radical Business Ethics will be an eye-opening book for students and scholars of ethics, and anyone interested in the role business plays in a just society. (shrink)

Negative retributivism is the view that though the primary justifying aim of legal punishment is the reduction of crime, the state's efforts to do so are subject to side-constraints that forbid punishment of the innocent and disproportionate punishment of the guilty. I contend that insufficient attention has been paid to what the side-constraints commit us to in constructing a theory of legal punishment, even one primarily oriented toward reducing crime. Specifically, I argue that the side-constraints limit the kinds of actions (...) that are appropriately criminalised, the kinds of beings who are appropriately liable to legal punishment, and the absolute and comparative severity of sanctions. I also argue that a third retributive constraint is needed, one which I term a ‘non-degradation constraint’. According to this third constraint, in our efforts to reduce crime, we must avoid treating offenders as non-moral beings and ensure that punishment does not atrophy or erode the complex capacity for moral responsibility. When this third constraint is combined with the persuasive instrumental case for promoting the moral responsiveness of offenders, the result is an approach to crime reduction that is quite different from ones which emphasise general deterrence and incapacitation. In the closing section, I broach the question whether negative retributivism has been appropriately characterised in the literature on legal punishment. (shrink)

The purpose of this paper is to examine the distinction between "negative" and "positive" duties. Special attention will be given to certain criticism raised against this distinction by Michael Tooley.

Background: Editorial peer review is universally used but little studied. We examined the relationship between external reviewers' recommendations and the editorial outcome of manuscripts undergoing external peer-review at the Journal of General Internal Medicine. Methodology/Principal Findings: We examined reviewer recommendations and editors' decisions at JGIM between 2004 and 2008. For manuscripts undergoing peer review, we calculated chance-corrected agreement among reviewers on recommendations to reject versus accept or revise. Using mixed effects logistic regression models, we estimated intra-class correlation coefficients at the (...) reviewer and manuscript level. Finally, we examined the probability of rejection in relation to reviewer agreement and disagreement. The 2264 manuscripts sent for external review during the study period received 5881 reviews provided by 2916 reviewers; 28% of reviews recommended rejection. Chance corrected agreement on rejection among reviewers was 0.11. In mixed effects models adjusting for study year and manuscript type, the reviewer-level ICC was 0.23 and the manuscript-level ICC was 0.17. The editors' overall rejection rate was 48%: 88% when all reviewers for a manuscript agreed on rejection and 20% when all reviewers agreed that the manuscript should not be rejected. Conclusions/Significance: Reviewers at JGIM agreed on recommendations to reject vs. accept/revise at levels barely beyond chance, yet editors placed considerable weight on reviewers' recommendations. Efforts are needed to improve the reliability of the peer-review process while helping editors understand the limitations of reviewers' recommendations. © 2010 Kravitz et al. (shrink)

In a number of essays published over the last decade or so, W. V. Quine has made some interesting suggestions concerning the ontology of theories. If I understand him correctly, one of his principal objects has been to formulate a criterion by means of which one can correctly decide what are the ontological commitments of any given theory. My aim in this paper is to reveal what I think are inadequacies in Quine's criterion and to indicate the direction in which (...) a proper formulation lies. (shrink)

After discussing the interests that ground theright to democratic political participation,arguments for the disenfranchisement of thosewho commit serious criminal offenses areexamined. The arguments are divided into twogroups. The first group consists of argumentsthat are relatively independent of thejustifying aims of punishment. It is concededthat two of these arguments establish thatsome, though by no means all, serious offendersshould lose the vote for a period of time thatdoes not necessarily overlap with the durationof the other sanctions visited upon them. Thesearguments also imply (...) that the state isjustified in attempting to exclude theoffenders in question from all forms ofpolitical participation, a position thatarguably runs afoul of moral limits onpunishment. The second group of arguments makesexplicit reference to the justifying aims ofpunishment. None supports the blanketdisenfranchisement of felons, though some mayjustify it in relation to some seriousoffenders for certain periods of time. All ofthe arguments supporting the disenfranchisementof serious offenders are most persuasive on theassumption that they live in reasonably justsocieties that are genuinely democratic. Ifthat assumption is false or questionable, thenit is argued that the force of such argumentsmay be weakened considerably. (shrink)

Several theoretical perspectives have generated research on grandparental investment, notably socialization and evolutionary psychological perspectives. Using data collected from more than 200 older adults (mean age 67 years), we test three hypotheses derived from socialization and evolutionary perspectives about grandparents’ relationships with and investment in grandchildren. Results indicate that (1) emotional closeness with both children and children-in-law is positively related to reports of emotional closeness with grandchildren; (2) maternal grandmothers invest more in grandchildren than do other grandparents; and (3) grandparents (...) invest more in daughters’ children than in sons’ children. Discussion addresses limitations of self-report methodology in this context and situates the current findings within the body of research indicating the existence of psychological mechanisms designed to guide differential nepotism. (shrink)

Richard Tieszen presents an analysis, development, and defense of a number of central ideas in Kurt Gödel's writings on the philosophy and foundations of mathematics and logic. Tieszen structures the argument around Gödel's three philosophical heroes - Plato, Leibniz, and Husserl - and his engagement with Kant, and supplements close readings of Gödel's texts on foundations with materials from Gödel's Nachlass and from Hao Wang's discussions with Gödel. He provides discussions of Gödel's views, and develops a new type of (...) platonic rationalism that requires rational intuition, called 'constituted platonism'. (shrink)

The dominant approach to the analysis of issues in business ethics consists in the articulation and use of a set of mid-level moral principles. This approach is geared to business practitioners who are not interested in the difficult problems of moral and political theory. I argue that this "practitioner model" is philosophically suspect. I show how the theoretical frameworks prominent business ethicists employ are insufficiently developed. I also show how many of their analyses presuppose substantive views about issues of social (...) justice which they rarely defend or acknowledge. Since no neutral position on these issues is available, I argue that the only alternative is to address the problems such issue's raise for the analysis of institutions and the conduct of persons acting under those institutions. I offer suggestions about how we can develop a more philosophically defensible approach to business ethics. (shrink)

Gödel's relation to the work of Plato, Leibniz, Kant, and Husserl is examined, and a new type of platonic rationalism that requires rational intuition, called ...

This comprehensive Gandhi reader provides an essential new reference for scholars and students of his life and thought. It is the only text available that presents Gandhi's own writings, including excerpts from three of his books—An Autobiography: The Story of My Experiments with Truth, Satyagraha in South Africa, Hind Swaraj —a major pamphlet, Constructive Programme: Its Meaning and Place, and many journal articles and letters, along with a biographical sketch of his life in historical context and recent essays by highly (...) regarded scholars. (shrink)

The physical and relational structure of the biologic continuum (both internal and external to the organism) creates the information signature that is the basis for the origination of meaning in the living system. A meaning metric can be grounded in the significance of that information to the stability of the system during the process of adaptive reconciliation of divergences from the steady state condition. From this perspective, an information-theoretic formulation of the process for translating incident information into adaptive action is (...) proposed that can be practically used in defining and quantifying the meaning of that information for the living system. (shrink)

This analysis of Frege's views on language and metaphysics in On Sense and Reference, arguably one of the most important philosophical essays of the past hundred years, provides a thorough introduction to the function/argument analysis and applies Frege's technique to the central notions of predication, identity, existence and truth. Of particular interest is the analysis of the Paradox of Identity and a discussion of three solutions: the little-known Begriffsschrift solution, the sense/reference solution, and Russell's 'On Denoting' solution. Russell's views wend (...) their way through the work, serving as a foil to Frege. Appendices give the proofs of the first 68 propositions of Begriffsschrift in modern notation. This book will be of interest to students and professionals in philosophy and linguistics. (shrink)

The article consists of a brief biographical account of Immanuel Kant’s life and career, followed by a discussion of his basic philosophy, and a brief discussion of his pivotal point in the history of Rhetoric and Communicology. A major figure in the European Enlightenment period of Philosophy, his Collected Writings were first published in 1900 constituting 29 volumes. He wrote three major works that are foundational to the development of Western philosophy and the human sciences. Often just referred to as (...) the “Three Critiques” informally, the First, the Second, and the Third. These are respectively: The Critique of Pure Reason focused on issues in logic, The Critique of Practical Reason relating ethical guidelines, and The Critique of Judgment exploring issues of aesthetics. He is most famous for his philosophy of transcendental idealism. This version of idealism argues that in logic statements are analytic or synthetic. He further argues that statements are a priori or a posteriori. Models of rhetoric, phenomenological methodology, and the contemporary Perspectives Model of interpersonal communicology are included as the Kantian legacy in the US. Notes provide a guide to edition and philological issues in the Kantian corpus, especially for the hermeneutics of Vorstellung versus Darstellung. (shrink)

The analysis explores the main arguments of Noam Chomsky’s short book,Media Controlthat also reprints the monograph “The Journalist from Mars: How the ‘War on Terror’ Should Be Reported.” The problematic is Aristotelian rhetoric and Enlightenment rationality (justice) in civic discourse (Lógos) as compared to the thematic of dialogic reasonableness (Eulógos). Chomsky’s assumption of, and critique of, “old rhetoric” [Aristotle’srhētorikḗ] is followed by a discussion of Chiam Perelman’s “new rhetoric” [presocraticpoiētikḗ/epideiktikos / gērys] and his “incarnate adherence” (givingvoiceto) concept of the Universal (...) Audience as a function of Epideictic argumentation. This is also a critique of Stephen Toulman’s neo-Aristotelian model of rhetorical “warrant” and its connection to Charles S. Peirce’s normative semiotic of the “argument cycle.” Heidegger’s and Lakoff’s concept of discourse framing is associated with Michel Foucault’s rhetoric concept of an ethic of social discourse for the common good (parrhesia) in the age of Umberto Eco’s hyperreality media that displays Baudrillard’s simulacra, such as Donald Trump. (shrink)