Executives of many publicly held firms agree to compensation packages that create immense exposure to their employer’s stock. Corporate boards, aspiring to motivate executives to make value-maximizing decisions, often tie an executive’s earnings to stock price performance through stock or option awards. However, this engenders a significant ethical dilemma for many executives who are uncomfortable with sizable, firm-specific risk and desire to reduce it through hedging activities. Recent research has shown that executive hedging has become more prevalent. In essence, managers (...) are unwinding the acute economic incentive to act in the best interest of the owners. This appears to violate the spirit of the compensation contract and from a normative standpoint, is not how executives should act. In this article, we describe how some executives are acting in regard to this issue (descriptive ethics), how they should act (normative ethics) and how they can be helped to get from what they are doing, to what they should be doing (prescriptive ethics). (shrink)

Securities lending has been a lucrative business for mutual funds and exchange-traded funds over the past decade. Unfortunately for investors, the sponsors of these funds have not been very transparent with the details of their securities lending programs, and consequently most investors in these funds are unaware of their exposure to the risks inherent in securities lending. Interestingly, most funds do not return the full profits from securities lending activities to their investors. In this paper, we examine and discuss the (...) ethical considerations related to the securities lending activities of mutual funds and ETFs and offer a series of best practices that we believe will provide better transparency of these activities to fund investors. (shrink)

A 2015 experiment by Hanson and Delft colleagues provided further confirmation that the quantum world violates the Bell inequalities, being the first Bell test to close two known experimental loopholes simultaneously. The experiment was also taken to provide new evidence of ‘spooky action at a distance’. Here we argue for caution about the latter claim. The Delft experiment relies on entanglement swapping, and our main claim is that this geometry introduces an additional loophole in the argument from violation of the (...) Bell inequalities to action at a distance: the apparent action at a distance may be an artifact of ‘collider bias’. In the absence of retrocausality, the sensitivity of such experiments to this ‘Collider Loophole’ depends on the temporal relation between the entanglement swapping measurement C and the two measurements A and B between which we seek to infer a causal connection. CL looms large if the C is in the future of A and B, but not if C is in the past. The Delft experiment itself is the intermediate case, in which the separation is spacelike. We argue that this leaves it vulnerable to CL, unable to establish conclusively that it avoids it. (shrink)

For a large proportion of our daily lives, spontaneously occurring thoughts tend to disengage our minds from goal-directed thinking. Previous studies showed that EEG features such as the P3 and alpha oscillations can predict mind-wandering to some extent, but only with accuracies of around 60%. A potential candidate for improving prediction accuracy is the Steady-State Visual Evoked Potential, which is used frequently in single-trial contexts such as brain-computer interfaces as a marker of the direction of attention. In this study, we (...) modified the sustained attention to response task that is usually employed to measure spontaneous thought to incorporate the SSVEP elicited by a 12.5-Hz flicker. We then examined whether the SSVEP could track and allow for the prediction of the stickiness and task-relatedness dimensions of spontaneous thought. Our results show that the SSVEP evoked by flickering words was able to distinguish between more and less sticky thinking but not between whether a participant was on- or off-task. This suggests that the SSVEP is able to track spontaneous thinking when it is strongly disengaged from the task but not off-task thought in general. Future research should determine the exact dimensions of spontaneous thought to which the SSVEP is most sensitive. (shrink)

This volume explores from multiple perspectives the subtle and interesting relationship between the theory of rational choice and Darwinian evolution. In rational choice theory, agents are assumed to make choices that maximize their utility; in evolution, natural selection 'chooses' between phenotypes according to the criterion of fitness maximization. So there is a parallel between utility in rational choice theory and fitness in Darwinian theory. This conceptual link between fitness and utility is mirrored by the interesting parallels between formal models of (...) evolution and rational choice. The essays in this volume, by leading philosophers, economists, biologists and psychologists, explore the connection between evolution and rational choice in a number of different contexts, including choice under uncertainty, strategic decision making and pro-social behaviour. They will be of interest to students and researchers in philosophy of science, evolutionary biology, economics and psychology. (shrink)

What is one who takes normativity seriously to do if normativity can neither be discovered lurking out there in the world independently of us nor can it be sufficiently grasped from a merely explanatory perspective? One option is to accept that the normative challenge cannot be met and to retreat to some form of moral skepticism. Another possibility has recently been proposed by Christine Korsgaard in The Sources of Normativity where she aims to develop an account of normativity which is (...) grounded in autonomy. Furthermore, she argues that on her account reasons are "essentially public" and that this captures how it is that we can obligate one another. In this paper I argue that there is a serious tension between her account of normativity and the publicity of reasons-namely, that if reasons are essentially public, then it is not possible for individuals to legislate laws for themselves. However, I then argue that if we revise her conception of normativity such that it is understood to involve collective rather than individual legislation that it may then be possible to account for interpersonal reasons. (shrink)

"Koltun-Fromm’s reading of Hess is of crucial import for those who study the construction of self in the modern world as well as for those who are concerned with Hess and his contributions to modern thought.... a reading of Hess that is subtle, judicious, insightful, and well supported." —David Ellenson Moses Hess, a fascinating 19th-century German Jewish intellectual figure, was at times religious and secular, traditional and modern, practical and theoretical, socialist and nationalist. Ken Koltun-Fromm’s radical reinterpretation of his writings (...) shows Hess as a Jew struggling with the meaning of conflicting commitments and impulses. Modern readers will realize that in Hess’s life, as in their own, these commitments remain fragmented and torn. As contemporary Jews negotiate multiple, often contradictory allegiances in the modern world, Koltun-Fromm argues that Hess’s struggle to unite conflicting traditions and frameworks of meaning offers intellectual and practical resources to re-examine the dilemmas of modern Jewish identity. Adopting Charles Taylor’s philosophical theory of the self to uncover Hess’s various commitments, Koltun-Fromm demonstrates that Hess offers a rich, textured, though deeply conflicted and torn account of the modern Jew. This groundbreaking study in conceptions of identity in modern Jewish texts is a vital contribution to the diverse fields of Jewish intellectual history, philosophy, Zionism, and religious studies. Jewish Literature and Culture—Alvin H. Rosenfeld, editor Published with the generous support of the Koret Foundation. (shrink)

The difficulty of making reliable interpretation from a dense cloud of unreliable correlations means that the grounds for making a testable or brain-based, theory of intelligence remain very shaky. We briefly discuss the conceptual and methodological problems that arise and suggest one possible alternative interpretation of the data.

Sozaboy's language is what I call "rotten English," a mixture of Nigerian pidgin English, broken English and occasional flashes of good, even idiomatic English.1 This language is disordered and disorderly. Born of a mediocre education and severely limited opportunities, it borrows words, patterns and images freely from the mother-tongue and finds expressions in a very limited English vocabulary. To its speakers, it has the advantage of having no rules and no syntax. It thrives on lawlessness, and is part of the (...) dislocated and discordant society in which Sozaboy must live, move and have not his being. (K. S.-W.). (shrink)

Evaluation, as the expression of a writer’s attitudes, opinions and values, has become a key term in discourse studies in recent years and has proved to be a particularly fruitful way of analysing academic texts. But while studies have shown the importance of evaluation in research genres, its role in seemingly more promotional academic genres has been largely neglected. This article examines the journal description, a brief but ubiquitous feature of all journals, whether online or in print. Situated at the (...) academic—commercial interface, the JD provides information for prospective readers and authors while endorsing a particular view of the field and positioning the journal in the academic community. Drawing on a corpus of 200 JDs in four contrasting disciplines, we show how evaluation is a key feature of this genre, influencing both lexical choices and rhetorical structure. The analysis contributes both to our understanding of a neglected academic genre and the evaluative resources of language. (shrink)

Ken Elkins retired as chief photographer of the Anniston Star in 2000, and this selection of his work demonstrates his brilliant eye for finding and capturing images of rural southern lives and landscapes in all their difficulty, candor, and humor. These are unadorned images of a timeless landscape and proud resourceful people, who know well their neighbors, honor their past, and face the tests of daily life with wit and a stoic sense of endurance.

v. 1. The spectrum of consciousness ; No boundary ; Selected essays -- v. 2. The Atman Project ; Up from Eden -- v. 3. A sociable god ; Eye to eye -- v. 4. Integral psychology ; Transformations of consciousness ; Selected essays -- v. 5. Grace and grit : spirituality and healing in the life and death of Treya Killam Wilber. 2nd ed. -- v. 6. Sex, ecology, spirituality : the spirit of evolution. 2nd, rev. ed. -- v. (...) 7. A brief history of everything ; The eye of spirit -- v. 8. The marriage of sense and soul ; One taste. (shrink)

It is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage--the inventor of Bayesian decision theory--argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to "look before you leap." If taken seriously, this view makes Bayesian decision theory inappropriate for the large worlds of scientific discovery and macroeconomic enterprise. When is it correct to use Bayesian (...) decision theory--and when does it need to be modified? Using a minimum of mathematics, Rational Decisions clearly explains the foundations of Bayesian decision theory and shows why Savage restricted the theory's application to small worlds. The book is a wide-ranging exploration of standard theories of choice and belief under risk and uncertainty. Ken Binmore discusses the various philosophical attitudes related to the nature of probability and offers resolutions to paradoxes believed to hinder further progress. In arguing that the Bayesian approach to knowledge is inadequate in a large world, Binmore proposes an extension to Bayesian decision theory--allowing the idea of a mixed strategy in game theory to be expanded to a larger set of what Binmore refers to as "muddled" strategies. Written by one of the world's leading game theorists, Rational Decisions is the touchstone for anyone needing a concise, accessible, and expert view on Bayesian decision making. (shrink)

Ken Binmore's previous game theory textbook, Fun and Games, carved out a significant niche in the advanced undergraduate market; it was intellectually serious and more up-to-date than its competitors, but also accessibly written. Its central thesis was that game theory allows us to understand many kinds of interactions between people, a point that Binmore amply demonstrated through a rich range of examples and applications. This replacement for the now out-of-date 1991 textbook retains the entertaining examples, but changes the organization to (...) match how game theory courses are actually taught, making Playing for Real a more versatile text that almost all possible course designs will find easier to use, with less jumping about than before. In addition, the problem sections, already used as a reference by many teachers, have become even more clever and varied, without becoming too technical. Playing for Real will sell into advanced undergraduate courses in game theory, primarily those in economics, but also courses in the social sciences, and serve as a reference for economists. (shrink)

Natural Justice is a bold attempt to lay the foundations for a genuine science of morals using the theory of games. Since human morality is no less a product of evolution than any other human characteristic, the book takes the view that we need to explore its origins in the food-sharing social contracts of our prehuman ancestors. It is argued that the deep structure of our current fairness norms continues to reflect the logic of these primeval social contracts, but the (...) particular fairness norm a society operates is largely a product of cultural evolution. In pursuing this point, the book proposes a naturalistic reinterpretation of John Rawls' original position that reconciles his egalitarian theory of justice with John Harsanyi's utilitarian theory by identifying the environment appropriate to each. (shrink)

Ever since the publication of his first book, The Spectrum of Consciousness, written when he was twenty-three, Ken Wilber has been identified as the most comprehensive philosophical thinker of our times. This introductory sampler, designed to acquaint newcomers with his work, contains brief passages from his most popular books, ranging over a variety of topics, including levels of consciousness, mystical experience, meditation practice, death, the perennial philosophy, and Wilber's integral approach to reality, integrating matter, body, mind, soul, and spirit. Here (...) is Wilber's writing at its most reader-friendly, discussing essential ideas of the world's great psychological, philosophical, and spiritual traditions in language that is lucid, engaging, and inspirational. (shrink)

[Ken Gemes] In some texts Nietzsche vehemently denies the possibility of free will; in others he seems to positively countenance its existence. This paper distinguishes two different notions of free will. Agency free will is intrinsically tied to the question of agency, what constitutes an action as opposed to a mere doing. Deserts free will is intrinsically tied to the question of desert, of who does and does not merit punishment and reward. It is shown that we can render Nietzsche's (...) prima facie conflicting assertions regarding free will compatible by interpreting him as rejecting deserts free will while accepting the possibility of agency free will. It is argued that Nietzsche's advances an original form of compatibilism which takes agency free will to be a rare achievement rather than a natural endowment. /// [Christopher Janaway] This paper aims to distinguish a conception of 'free will' that Nietzsche opposes (that of the pure agent unaffected by contingencies of character and circumstance) and one that he supports. In Human, All Too Human Nietzsche propounds the 'total unfreedom' of the will. But by the time of Beyond Good and Evil and the Genealogy he is more concerned (a) to trace the affective psychological states underlying beliefs in both free will and 'unfree will', (b) to suggest that the will might become free in certain individuals, a matter of having a consistent strong character, self-knowledge, and ability to create values. The paper explores the kind of autonomy required in agents who would 'revalue' existing values. (shrink)

In his book, philosopher and law professor Ken Levy explains why he agrees with most people, but not with most other philosophers, about free will and responsibility. Most people believe that we have both - that is, that our choices, decisions, and actions are neither determined nor undetermined but rather fully self-determined. By contrast, most philosophers understand just how difficult it is to defend this "metaphysical libertarian" position. So they tend to opt for two other theories: "responsibility skepticism" and "compatibilism". (...) In opposition to both of these theories, Levy explains how free will and responsibility are indeed metaphysically possible. But he also cautions against the dogma that metaphysical libertarianism is actually true, a widespread belief that continues to cause serious social, political, and legal harms. Levy's book presents a crisp, tight, historically informed discussion, with fresh clarity, insight, and originality. It will become one of the definitive resources for students, academics, and general readers in this critical intersection among metaphysics, ethics, and criminal law. Key features: Presents a unique, qualified defense of "metaphysical libertarianism," the idea that our choices, decisions, and actions can be fully self-determined. Written clearly, accessibly, and with minimal jargon - rare for a book on the very difficult issues of free will and responsibility. Seamlessly connects philosophical, legal, psychological, and political issues. Will be provocative and insightful for professional philosophers, students, and non-philosophers. (shrink)

McRae, Brown and Elman argue against the view that events are structured as frequently‐occurring sequences of world stimuli. They underline the importance of temporal structure defining event types and advance a more complex temporal structure, which allows for some variance in the component elements.

If some external enforcement agency compels us to honor deals reached in the original position, then Harsanyi has shown that the outcome will be utilitarian. Under the same hypotheses, Rawls claims that the outcome will be egalitarian. This chapter confirms that Harsanyi is correct. It goes on to use the concept of an empathy equilibrium to predict the standard of interpersonal comparison needed to operate a utilitarian norm that will evolve in the medium run.

Taking its cue from this special issue on the interweaving of different types of time through science and museum collections, this epilogue gives an overview of what sorts of new insights seem possible when different temporal qualities embedded in all collections are allowed to come together? What can we learn from juxtaposing the timings of museums, laboratories, and clinics? Can they lead to better understands of the processes of decay, and the potential for reanimation, inherent in all museum objects?

Binmore argues that game theory provides a systematic tool for investigating ethical matters.

[Ken Gemes] In some texts Nietzsche vehemently denies the possibility of free will; in others he seems to positively countenance its existence. This paper distinguishes two different notions of free will. Agency free will is intrinsically tied to the question of agency, what constitutes an action as opposed to a mere doing. Deserts free will is intrinsically tied to the question of desert, of who does and does not merit punishment and reward. It is shown that we can render Nietzsche's (...) prima facie conflicting assertions regarding free will compatible by interpreting him as rejecting deserts free will while accepting the possibility of agency free will. It is argued that Nietzsche's advances an original form of compatibilism which takes agency free will to be a rare achievement rather than a natural endowment. /// [Christopher Janaway] This paper aims to distinguish a conception of 'free will' that Nietzsche opposes (that of the pure agent unaffected by contingencies of character and circumstance) and one that he supports. In Human, All Too Human Nietzsche propounds the 'total unfreedom' of the will. But by the time of Beyond Good and Evil and the Genealogy he is more concerned (a) to trace the affective psychological states underlying beliefs in both free will and 'unfree will', (b) to suggest that the will might become free in certain individuals, a matter of having a consistent strong character, self-knowledge, and ability to create values. The paper explores the kind of autonomy required in agents who would 'revalue' existing values. (shrink)

The growing availability and consumption of Fairtrade products is recognised as one of the most widespread ethically inspired market developments, and as an example of activist-driven change within the wider marketing system. The Fairtrade Towns movement, now operating in over 1700 towns and cities globally, represents a comparatively recent extension of Fairtrade marketing driven by local activists seeking to promote positive change in production and consumption systems. This paper briefly explores the conventional framing of the role that ethically related activism (...) plays in the operation of markets and in influencing market participants. It then presents key insights gathered from a grounded theory exploration of Fairtrade Towns as activist-driven marketing systems, revealing the atypical nature of the activism involved. The findings demonstrate how local activists leverage their social networks to exert pressure and generate support to promote ethical consumption. The study suggests that Fairtrade Towns offer a new role for activists as Fairtrade itself becomes more mainstream, and considers the role they are fulfilling as ‘informal’ local marketers. The marketing dynamics revealed represent a complex and distinctive form of relational activism that seeks to build Fairtrade markets and highlight their positive benefits, with potential lessons for other local ethical market-building efforts in future. (shrink)

Drawing on social exchange theory, we argue that family-supportive supervisor behavior (FSSB) inhibits employees’ unethical pro-family behavior (UPFB) via the mediation of felt obligation. We further propose that employees’ positive reciprocity beliefs strengthen the hypothesized relationships. Using a sample consisting of 345 full-time employees from an Internet service company located in China, we found that felt obligation partially mediated the negative relationship between FSSB and UPFB and that the FSSB-felt obligation relationship and the mediation relationship were stronger for employees with (...) higher positive reciprocity beliefs. Theoretical and practical implications, limitations, and future directions are discussed. (shrink)

If the human race comes to an end relatively shortly, then we have been born at a fairly typical time in the history of humanity; if trillions of people eventually exist, then we have been born in the first surprisingly tiny fraction of all people. According to the 'doomsday argument' of Carter, Leslie, Gott and Nielsen, this means that the chance of a disaster which would obliterate humanity is much larger than usually thought. But treating possible observers in the same (...) way as those who actually exist avoids this conclusion: our existence is more likely in a race which is long-lived, and this cancels out the doomsday argument, so that the chance of a disaster is only what one would ordinarily estimate. (shrink)