One of the central explananda in the debate on social cognition is the interpretation of other people in terms of reasons for action. There is a growing dissatisfaction among participants in the debate concerning the descriptive adequacy of the traditional belief-desire model of action interpretation. Applying this model as an explanatory model at the subpersonal level threatens to leave the original explanandum largely unarticulated. Against this background we show how Brandom’s deontic scorekeeping model can be used as a valuable descriptive (...) tool for making folk psychology explicit. Following Brandom’s non-formalist and non-mentalistic account of reason discourse, we suggest that the process of making sense of others is best captured as proceeding from a ‘factive’ baseline. According to this picture the ascription of beliefs and desires is not the default interpretation strategy, but rather the result of prior scaffolding of the agent’s deontic score. We close by discussing Brandom’s model in the light of empirical findings on the ontogeny of reason attribution. (shrink)

In this paper, we take issue with the belief?desire model of second- and third-person action interpretation as it is presented by both theory theories and cognitivist versions of simulation theory. These accounts take action interpretation to consist in the (tacit) attribution of proper belief?desire pairs that mirror the structure of formally valid practical inferences. We argue that the belief?desire model rests on the unwarranted assumption that the interpreter can only reach the agent's practical context of action through inference. This assumption (...) betrays a deep-seated bias toward disengaged, observational interpretation strategies. On our alternative picture, the interpreter can start off on the assumption of a shared practical context and proceed to reason discourse in those cases in which this assumption runs aground. Following Brandom's non-formalist account of reason discourse, we suggest that interpreting other people's actions in terms of reasons is not a matter of following the principles of formally valid practical syllogisms, but of endorsing practical material inferences that are correct in virtue of a shared practical world. (shrink)

In this article we take issue with theory theory and simulation theory accounts of folk psychology committed to (i) the belief-desire (BD) model and (ii) the assumption of universality (AU). Recent studies cast doubt on the compatibility of these commitments because they reveal considerable cross-cultural differences in folk psychologies. We present both theory theory and simulation theory with the following dilemma: either (i) keep the BD-model as an account of the surface properties of specific explicit folk psychologies and give up (...) AU in light of the cross-cultural evidence; or (ii) defend AU with respect to core capacities underlying different culture-specific folk psychologies, and explain why the BD-model will be genuinely explanatory at this level. (shrink)

A major concern of public health authorities is to also encourage adults to be exposed to enriched environments during the pandemic lockdown, as was recently the case worldwide during the COVID-19 outbreak. Games for adults that require physical activity, known as exergames, offer opportunities here. In particular, the output of the gaming industry nowadays offers computer games with extended reality which combines real and virtual environments and refers to human-machine interactions generated by computers and wearable technologies. For example, playing the (...) game in front of a computer screen while standing or walking on a force plate or treadmill allows the user to react to certain infrastructural changes and obstacles within the virtual environment. Recent developments, optimization, and minimizations in wearable technology have produced wireless headsets and sensors that allow for unrestricted whole-body movement. This makes the virtual experience more immersive and provides the opportunity for greater engagement than traditional exercise. Currently, XR serves as an umbrella term for current immersive technologies as well as future realities that enhance the experience with features that produce new controllable environments. Overall, these technology-enhanced exergames challenge the adult user and modify the experience by increasing sensory stimulation and creating an environment where virtual and real elements interact. As a therapy, exergames can potentially create new environments and visualizations that may be more ecologically valid and thus simulate real activities of daily living that can be trained. Furthermore, by adding telemedicine features to the exergame, progress over time can be closely monitored and feedback provided, offering future opportunities for cognitive-motor assessment. To more optimally serve and challenge adults both physically and cognitively over time in future lockdowns, there is a need to provide long-term remote training and feedback. Particularly related to activities of daily living that create opportunities for effective and lasting rehabilitation for elderly and sufferers from chronic non-communicable diseases. The aim of the current review is to envision the remote training and monitoring of physical and cognitive aspects for adults with limited mobility, through the implementation of concurrent telehealth and exergame features using XR and wireless sensor technologies. (shrink)

Contents. Introduction. 1. Preliminaries. 2. Normal Form Games. 3. Extensive Games. 4. Applications of Game Theory. 5. The Methodology of Game Theory. Conclusion. Appendix. Bibliography. Index. Does game theory—the mathematical theory of strategic interaction—provide genuine explanations of human behaviour? Can game theory be used in economic consultancy or other normative contexts? Explaining Games: The Epistemic Programme in Game Theory—the first monograph on the philosophy of game theory—is an attempt to combine insights from epistemic logic and the philosophy of science to (...) investigate the applicability of game theory in such fields as economics, philosophy and strategic consultancy. I prove new mathematical theorems about the beliefs, desires and rationality principles of individual human beings, and explore in detail the logical form of game theory as it is used in explanatory and normative contexts. I argue that game theory reduces to rational choice theory if used as an explanatory device, and that game theory is nonsensical if used as a normative device. A provocative account of the history of game theory reveals that this is not bad news for all of game theory, though. Two central research programmes in game theory tried to find the ultimate characterisation of strategic interaction between rational agents. Yet, while the Nash Equilibrium Refinement Programme has done badly thanks to such research habits as overmathematisation, model-tinkering and introversion, the Epistemic Programme, I argue, has been rather successful in achieving this aim. "The 'epistemic' approach to game theory has emerged over the past twenty-five years. What is this approach? How does it differ from the conventional equilibrium-based approach to game theory? What have been its strengths and weaknesses to date? To find out, read this comprehensive and excellently written account". Adam Brandenburger, J. P. Valles Professor of Business Economics and Strategy, Stern School of Business, New York University "Reading Boudewijn de Bruin's book should be rewarding both for game theorists interested in the conceptual foundations of their discipline and for philosophers who want to learn more about formal analysis of strategic interaction. It provides an in-depth logical study of the currently dominant epistemic approaches to non-cooperative games, with an eye both to the attractions and to the serious challenges facing the Epistemic Programme". Wlodek Rabinowicz, Professor of Practical Philosophy, Department of Philosophy, Lund University . (shrink)

4E cognition (embodied, embedded, enactive, and extended) is a relatively young and thriving field of interdisciplinary research. It assumes that cognition is shaped and structured by dynamic interactions between the brain, body, and both the physical and social environments. -/- With essays from leading scholars and researchers, The Oxford Handbook of 4E Cognition investigates this recent paradigm. It addresses the central issues of embodied cognition by focusing on recent trends, such as Bayesian inference and predictive coding, and presenting new insights, (...) such as the development of false belief understanding. -/- The Oxford Handbook of 4E Cognition also introduces new theoretical paradigms for understanding emotion and conceptualizing the interactions between cognition, language, and culture. With an entire section dedicated to the application of 4E cognition in disciplines such as psychiatry and robotics, and critical notes aimed at stimulating discussion, this Oxford handbook is the definitive guide to 4E cognition. -/- Aimed at neuroscientists, psychologists, psychiatrists, and philosophers, The Oxford Handbook of 4E Cognition will be essential reading for anyone with an interest in this young and thriving field. (shrink)

This article applies philosophical work on epistemic injustice and cognate concepts to study gender and racial disparity in financial markets. Members of disadvantaged groups often receive inferior financial services. In most jurisdictions, it is illegal to provide discriminatorily disparate treatment to groups defined by gender and skin colour. Racial disparity in financial services is generally considered to be discriminatory. The standard view among most regulators is that gender disparity is not discriminatory, though. Through an analysis of various exemplary cases, I (...) propose testimonial injustice as a candidate explanation for some of the existing forms of racial disparity found in financial services. I show how prejudices about gender and finance decrease epistemic self-confidence, and how this leads to gender disparity. And I consider particularly intractable forms of self-fulfilling testimonial injustice. (shrink)

Only a small percentage of PhD students manage to complete their PhD thesis on time. How can a student plan his/her PhD program in such a way that it will be completed within a set period? Project Management for PhDs shows how to plan and manage a PhD program, no matter how complex and unique the project may be. The writing process receives special attention, as it has been proven to be one of the most important factors in delaying PhD (...) progress. Offering a practical step-by-step plan, the book uses an associated planning system so the student can create a custom-made project schedule. Project Management for PhDs will benefit students and supervisors from all fields and any type of PhD program - not only for those in the classic four-year program, but also for those working part-time, either on their own time or combining the PhD with other commitments. (shrink)

In this topical book, Boudewijn de Bruin examines the ethical 'blind spots' that lay at the heart of the global financial crisis. He argues that the most important moral problem in finance is not the 'greed is good' culture, but rather the epistemic shortcomings of bankers, clients, rating agencies and regulators. Drawing on insights from economics, psychology and philosophy, de Bruin develops a novel theory of epistemic virtue and applies it to racist and sexist lending practices, subprime mortgages, (...) CEO hubris, the Madoff scandal, professionalism in accountancy and regulatory outsourcing of epistemic responsibility. With its multidisciplinary reach, Ethics and the Global Financial Crisis will appeal to scholars working in philosophy, business ethics, economics, psychology and the sociology of finance. The many concrete examples and case studies mean that this book will also prove useful to policy-makers and regulators. (shrink)

de Bruin & Gallagher suggest that the view of embodied simulation put forward in our recent article lacks explanatory power. We argue that the notion of reuse of mental states represented with a bodily format provides a convincing simulational account of the mirroring mechanism and its role in mind -reading.

This paper argues that liberal freedom (non-interference) is epistemologically prior to republican freedom (non-domination). I start investigate three relations between liberal and republican freedom: (i) Logical Equivalence, or the question whether republican freedom entails liberal freedom (and vice versa); (ii) Degree Supervenience, or whether changes in the degree (amount, quantity) of republican freedom are mirrored by changes in the degree of liberal freedom (and vice versa); and (iii) Epistemological Priority, that is, whether knowledge about arrangements of republican freedom presupposes knowledge (...) about arrangements of liberal freedom. If Logical Equivalence holds, liberals are right to claim that republicans have not introduced a new concept of freedom. It is easy to see, though, that Logical Equivalence does not hold. If Degree Supervenience holds, liberals can maintain that while republican freedom is a new concept of freedom, fostering or promoting it is not very different from fostering or promoting liberal freedom. Degree Supervenience does not hold either, though, and as a result two straightforward counterarguments against republican freedom fail. Yet, I argue, first, that the relation of Epistemological Priority holds: knowing something about arrangements of republican freedom presupposes that you know something about arrangements of liberal freedom. Using Epistemological Priority, I show, second, that the benefits claimed for republican freedom over and above liberal freedom (it minimizes the need for strategic deference, it minimizes uncertainty, and it minimizes subordination) can be accounted for in purely liberal terms. (shrink)

This paper presents an argument for the value of privacy that is based on a purely negative concept of freedom only. I show that privacy invasions may decrease a person’s negative freedom as well as a person’s knowledge about the negative freedom she possesses. I argue that not only invasions that lead to actual interference, but also invasions that lead to potential interference (many cases of identity theft) constitute actual harm to the invadee’s liberty interests, and I critically examine the (...) courts’ reliance on a principle of ‘no harm, no foul’ in recent data breach cases. Using a number of insights from the psychology of human belief, I also show that the liberal claim for protection of privacy is strengthened by the observation that often the privacy invader cannot be held responsible for the influence on the invadee’s negative freedom. (shrink)

This individual differences study examined the relationships between three executive functions (updating, shifting, and inhibition), measured as latent variables, and performance on two cognitively demanding subtests of the Adult Decision Making Competence battery: Applying Decision Rules and Consistency in Risk Perception. Structural equation modelling showed that executive functions contribute differentially to performance in these two tasks, with Applying Decision Rules being mainly related to inhibition and Consistency in Risk Perception mainly associated to shifting. The results suggest that the successful application (...) of decision rules requires the capacity to selectively focus attention and inhibit irrelevant (or no more relevant) stimuli. They also suggest that consistency in risk perception depends on the ability to shift between judgement contexts. (shrink)

Abstract In this article, we investigate the merits of an enactive view of cognition for the contemporary debate about social cognition. If enactivism is to be a genuine alternative to classic cognitivism, it should be able to bridge the “cognitive gap”, i.e. provide us with a convincing account of those higher forms of cognition that have traditionally been the focus of its cognitivist opponents. We show that, when it comes to social cognition, current articulations of enactivism are—despite their celebrated successes (...) in explaining some cases of social interaction—not yet up to the task. This is because they (1) do not pay sufficient attention to the role of offline processing or “decoupling”, and (2) obscure the cognitive gap by overemphasizing the role of phenomenology. We argue that the main challenge for the enactive view will be to acknowledge the importance of both coupled (online) and decoupled (offline) processes for basic and advanced forms of (social) cognition. To meet this challenge, we articulate a dynamic embodied view of cognition. We illustrate the fruitfulness of this approach by recourse to recent findings on false belief understanding. Content Type Journal Article Pages 1-23 DOI 10.1007/s11097-011-9223-1 Authors Leon C. de Bruin, Department of Philosophy II, Ruhr-University Bochum, Universitätsstr. 150, 44801 Bochum, Germany Lena Kästner, Department of Philosophy II, Ruhr-University Bochum, Universitätsstr. 150, 44801 Bochum, Germany Journal Phenomenology and the Cognitive Sciences Online ISSN 1572-8676 Print ISSN 1568-7759. (shrink)

This paper presents two studies on the development and validation of a ten-item scale of epistemic vice and the relationship between epistemic vice and misinformation and fake news. Epistemic vices have been defined as character traits that interfere with acquiring, maintaining, and transmitting knowledge. Examples of epistemic vice are gullibility and indifference to knowledge. It has been hypothesized that epistemically vicious people are especially susceptible to misinformation and conspiracy theories. We conducted one exploratory and one confirmatory observational survey study on (...) Amazon Mechanical Turk among people living in the United States. We show that two psychological traits underlie the range of epistemic vices that we investigated: indifference to truth and rigidity. Indifference manifests itself in a lack of motivation to find the truth. Rigidity manifests itself in being insensitive to evidence. We develop a scale to measure epistemic vice with the subscales indifference and rigidity. The Epistemic Vice Scale is internally consistent; has good convergent, divergent, and discriminant validity; and is strongly associated with the endorsement of misinformation and conspiracy theories. Epistemic vice explains additional variance in the endorsement of misinformation and conspiracy theories over and above demographic and related psychological concepts and shows medium to large effect sizes across outcome measures. We demonstrate that epistemic vice differs from existing psychological constructs, and show that the scale can explain individual differences in dealing with misinformation and conspiracy theories. We conclude that epistemic vice might contribute to “postfactive” ways of thinking. (shrink)

It is generally acknowledged that confabulation undermines the authority of self-attribution of mental states. But why? The mainstream answer is that confabulation misrepresents the actual state of one’s mind at some relevant time prior to the confabulatory response. This construal, we argue, rests on an understanding of self-attribution as first-person mindreading. Recent developments in the literature on folk psychology, however, suggest that mental state attribution also plays an important role in regulating or shaping future behaviour in conformity with normative expectations. (...) We explore an analogue understanding of self-attribution of mental states in terms of first-person mindshaping. The main aim of this paper is to explore how this insight alters the implications of empirical confabulation studies on first-person authority. We also indicate how this sheds new light on the phenomenon of confabulation itself. (shrink)

Woodward’s interventionist theory of causation is beset by a problem of circularity: the analysis of causes is in terms of interventions, and the analysis of interventions is in terms of causes. This is not in itself an argument against the correctness of the analysis. But by requiring us to have causal knowledge prior to making any judgements about causation, Woodward’s theory does make it mysterious how we can ever start acquiring causal knowledge. We present a solution to this problem by (...) showing how the interventionist notion of causation can be rationally generated from a more primitive agency notion of causation. The agency notion is easily and non-circularly applicable, but fails when we attempt to capture causal relations between non-actions. We show that the interventionist notion of causation serves as an appropriate generalisation of the agency notion. Furthermore, the causal judgements based on the latter generally remain true when rephrased in terms of the former, which allows one to use the causal knowledge gained by applying the agency notion as a basis for applying Woodward’s interventionist theory. We then present an overview of relevant empirical evidence from developmental psychology which shows that our proposed rational reconstruction lines up neatly with the actual development of causal reasoning in children. This gives additional plausibility to our proposal. The article thus provides a solution to one of the main problems of interventionism while keeping Woodward’s analysis intact. (shrink)

Why are mistaken beliefs about Covid-19 so prevalent? Political identity, education and other demographic variables explain only a part of individual differences in the susceptibility to Covid-19 misinformation. This paper focuses on another explanation: epistemic vice. Epistemic vices are character traits that interfere with acquiring, maintaining, and transmitting knowledge. If the basic assumption of vice epistemology is right, then people with epistemic vices such as indifference to the truth or rigidity in their belief structures will tend to be more susceptible (...) to believing Covid-19 misinformation. We carried out an observational study (US sample, n = 998) in which we measured the level of epistemic vice of participants using a novel Epistemic Vice Scale. We also asked participants questions eliciting the extent to which they subscribe to myths and misinformation about Covid-19. We find overwhelming evidence to the effect that epistemic vice is associated with susceptibility to Covid-19 misinformation. In fact, the association turns out to be stronger than with political identity, educational attainment, scores on the Cognitive Reflection Test, personality, dogmatism, and need for closure. We conclude that this offers evidence in favor of the empirical presuppositions of vice epistemology. (shrink)

The aims of the study were to explore the awareness of and attitudes towards student academic dishonesty at a South African university, and to explore perceived personal and institutional barriers to taking action against such dishonesty. All full-time academic staff at the University of Johannesburg were anonymously surveyed during late 2009. The findings indicated a high level of awareness of student academic dishonesty, with few faculty members taking action against it. Four groups of barriers to preventing and acting on student (...) academic dishonesty were identified, with two of these barrier groups being significantly related to willingness to report student academic dishonesty. (shrink)

Game theory is the mathematical study of strategy and conflict. It has wide applications in economics, political science, sociology, and, to some extent, in philosophy. Where rational choice theory or decision theory is concerned with individual agents facing games against nature, game theory deals with games in which all players have preference orderings over the possible outcomes of the game. This paper gives an informal introduction to the theory and a survey of applications in diverse branches of philosophy. No criticism (...) is reviewed. Game theory is shown at work in discussions about epistemological dependence, liberalism and efficiency, Hume’s concept of convention, morality and rationality, and distributive justice and egalitarianism. A guide to the literature provides hints at applications in collective intentionality, epistemology, ethics, history of philosophy, logic, philosophy of language, and political philosophy. (shrink)

This paper applies emerging research on epistemic virtues to business ethics. Inspired by recent work on epistemic virtues in philosophy, I develop a view in which epistemic virtues contribute to the acquisition of knowledge that is instrumentally valuable in the realisation of particular ends, business ends in particular. I propose a conception of inquiry according to which epistemic actions involve investigation, belief adoption and justification, and relate this to the traditional ‘justified true belief’ analysis of knowledge. I defend the view (...) that epistemic virtues enable and/or motivate people to perform epistemic actions. An examination of the key epistemic virtues of love of knowledge, epistemic courage, temperance, justice, generosity and humility provides some initial evidence suggesting that the way epistemic virtues enable or motivate is by countering a number of biases that have been uncovered by behavioural economics, and also indicates ways in which the instrumental epistemic value view is superior to other approaches to epistemic virtue offered in the literature. (shrink)

We explore the developmental paradox of false belief understanding. This paradox follows from the claim that young infants already have an understanding of false belief, despite the fact that they consistently fail the elicited-response false belief task. First, we argue that recent proposals to solve this paradox are unsatisfactory because they (i) try to give a full explanation of false belief understanding in terms of a single system, (ii) fail to provide psychological concepts that are sufficiently fine-grained to capture the (...) cognitive requirements for the various manifestations of false belief understanding, and (iii) ignore questions about system interaction. Second, we present a dual-system solution to the developmental paradox of false belief understanding that combines a layered model of perspective taking with an inhibition-selection-representation mechanism that operates on different levels. We discuss recent experimental findings that shed light on the interaction between these two systems, and suggest a number of directions for future research. (shrink)

Financial incentives, learning, group consultation, and increased experimental control are among the experimental techniques economists have successfully used to deflect the behavioral challenge posed by research conducted by such scholars as Tversky and Kahneman. These techniques save the economic armchair to the extent that they align laypeople judgments with economic theory by increasing cognitive effort and reflection in experimental subjects. It is natural to hypothesize that a similar strategy might work to address the experimental or restrictionist challenge to armchair philosophy. (...) To test this hypothesis, a randomized controlled experiment was carried out, as well as two lab experiments. Three types of knowledge attribution tasks were used. No support for the hypothesis was found. The paper describes the close similarities between the economist’s response to the behavioral challenge, and the expertise defense against the experimental challenge, and presents the experiments, results, and an array of robustness checks. The upshot is that these results make the experimental challenge all the more forceful. (shrink)

Empirical evidence suggests that people often confabulate when they are asked about their choices or reasons for action. The implications of these studies are the topic of intense debate in philosophy and the cognitive sciences. An important question in this debate is whether the confabulation studies pose a serious threat to the possibility of self-knowledge. In this paper we are not primarily interested in the consequences of confabulation for self-knowledge. Instead, we focus on a different issue: what confabulation implies for (...) the special status of self-attributions, i.e. first-person authority. In the first part of the paper, we propose that FPA is based on a capacity for self-regulation. Accordingly, FPA depends on the extent to which we are able to bridge the gap between our sayings and doings by aligning our actions with our avowed self-ascriptions and vice versa. FPA is withheld when we fail at such re-alignment. In the second part of the paper, we contrast our view with the accounts of Scaife and Bortolotti :227–249, 2018). We claim that the apparent fact that we cannot reliably distinguish, from a first-person perspective, when we are confabulating and when we are not, does not necessarily undermine FPA. We argue that a systematic failure to align our actions with our self-ascriptions and vice-versa is a genuine threat to FPA. In the last part of the paper, we introduce the concept of self-know-how—the know-how embodied in the way one is disposed to relate to oneself in making sense of oneself with or in the face of others—and briefly explored the importance of diminished or absent self-know-how in clinical cases. (shrink)

According to the BD-model of mindreading, we primarily understand others in terms of beliefs and desires. In this article we review a number of objections against explicit versions of the BD-model, and discuss the prospects of using its implicit counterpart as an explanatory model of early emerging socio-cognitive abilities. Focusing on recent findings on so-called ‘implicit’ false belief understanding, we put forward a number of considerations against the adoption of an implicit BD-model. Finally, we explore a different way to make (...) sense of implicit false belief understanding in terms of keeping track of affordances. (shrink)

Cloud computing is rapidly gaining traction in business. It offers businesses online services on demand (such as Gmail, iCloud and Salesforce) and allows them to cut costs on hardware and IT support. This is the first paper in business ethics dealing with this new technology. It analyzes the informational duties of hosting companies that own and operate cloud computing datacenters (e.g., Amazon). It considers the cloud services providers leasing ‘space in the cloud’ from hosting companies (e.g, Dropbox, Salesforce). And it (...) examines the business and private ‘clouders’ using these services. The first part of the paper argues that hosting companies, services providers and clouders have mutual informational (epistemic) obligations to provide and seek information about relevant issues such as consumer privacy, reliability of services, data mining and data ownership. The concept of interlucency is developed as an epistemic virtue governing ethically effective communication. The second part considers potential forms of government restrictions on or proscriptions against the development and use of cloud computing technology. Referring to the concept of technology neutrality, it argues that interference with hosting companies and cloud services providers is hardly ever necessary or justified. It is argued, too, however, that businesses using cloud services (banks, law firms, hospitals etc. storing client data in the cloud, e.g.) will have to follow rather more stringent regulations. (shrink)

We challenge Gallagher’s distinction between the sense of ownership and the sense of agency as two separable modalities of experience of the minimal self and argue that a careful investigation of the examples provided to promote this distinction in fact reveals that SO and SA are intimately related and modulate each other. We propose a way to differentiate between the various notions of SO and SA that are currently used interchangeably in the debate, and suggest a more gradual reading of (...) the two that allows for various blends of SO and SA. Such an approach not only provides us with a richer phenomenology but also with a more parsimonious view of the minimal self. (shrink)

Proponents of mindshaping argue that third-person folk psychology is not primarily about "reading" mental states for the purpose of behavior prediction and explanation. Instead, they claim that third-person folk psychology is first and foremost a regulative practice -- one that "shapes" mental states in accordance with the norms of a shared folk psychological framework. This paper investigates to what extent the core assumptions behind the mindshaping hypothesis are compatible with an account of first-person folk psychology that is based on the (...) notion of "self-regulative agency.". (shrink)

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, however, that (...) the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)