The article deals with the public debt security in accordance with the realities of fiscal policy in Ukraine. There were identified the main disadvantages of the Ukrainian public debt risk assessment system. There was investigated world experience the debt security estimation indicators. Recently the debt security estimation in the conditions of financial and economic stagnation shows the rapid growth of debt burden, its indicators exceeded the maximum allowable parameters, primarily, due to externalities under the influence of budgetary and currency risksexacerbation. (...) There were offered the main direction of improving the debtmanagement in Ukraine, in particular, to extend and legislate debt security indicators; to develop a unified methodology for assessing debt risk by systematizing a list of debt risk indicators for weighting coefficients, a ball scale, such as a "temperature matrix"; to use indicators of elasticity in calculating the level of debt security, debt risks; to develop а unified methodology for evaluating and implementing a medium- and long-term risk strategy for managing sovereign debt with the targeting of financial and debt sustainability determinants and the possible to use the model of "financial suppression". (shrink)

This book offers a new account of Aristotle's practical philosophy. Pavlos Kontos argues that Aristotle does not restrict practical reason to its action-guiding and motivational role; rather, practical reason remains practical in the full sense of the term even when its exercise does not immediately concern the guidance of our present actions. To elucidate why this wider scope of practical reason is important, Kontos brings into the foreground five protagonists that have long been overlooked: spectators or judges who make non-motivational (...) judgments about practical matters that do not interact with their present deliberations and actions; legislators who exercise practical reason to establish constitutions and laws; hopes as an active engagement with moral luck and its impact on our individual lives; prayers as legislators' way to deal with the moral luck hovering around the birth of constitutions and the prospect of a utopia; and people who are outsiders or marginal cases of the responsibility community because they are totally deprived of practical reason. Building on a wide range of interpretations of Aristotle's practical philosophy, Kontos offers new insights about Aristotle's philosophical contribution to the current debates about radical evil, moral luck, hope, utopia, internalism and externalism, and the philosophy of law. Aristotle on the Scope of Practical Reason will appeal to researchers and advanced students interested in Aristotle's ethics, ancient philosophy, and the history of practical philosophy. (shrink)

Aristotle's notion of evil is highly elaborate and attractive, yet has been largely overlooked by philosophers. While most recent studies of evil focus on modern understandings of the concept, this volume shows that Aristotle's theory is an invaluable resource for our contemporary understanding of it. Twelve leading scholars reconstruct the account of evil latent in Aristotle's metaphysics, biology, psychology, ethics, and politics, and detect Aristotelian patterns of thought that operate at certain landmark moments in the history of philosophy from ancient (...) thought to modern day debates. The book pays particular attention to Aristotle's understanding of 'radical evil', an important and much disputed topic. Original and systematic, this study is the first to provide a full exploration of evil in Aristotle's work, shedding light on its content, potential, and influence. The volume will appeal to scholars of ancient Greek philosophy as well as to moral philosophers and to historians of philosophy. (shrink)

Interest in corporate social responsibility (CSR) is gaining momentum in academic and managerial circles. However, prior work in the area has paid little attention to how CSR initiatives should be implemented inside the organization. Against this backdrop, this study examines the impact of CSR initiatives on an important stakeholder group—employees. We build and test a comprehensive multilevel framework that focuses on whether employees derive job satisfaction from CSR programs. The proposed model predicts that a manager’s charismatic leadership influences employees’ interpretations (...) about the motives underlying their companies’ engagement in CSR initiatives (intrinsic and extrinsic CSR-induced attributions) which, in turn, influence employee job satisfaction. Hierarchical linear modeling of data from 47 organizational units comprising 438 employees from three world-leading manufacturing organizations shows that when employees think that their manager possesses charismatic leadership qualities, they tend to attribute the organization’s motives for engaging in CSR activities to intrinsic values, which, in turn, are positively associated with job satisfaction. Also, the extent to which managers are perceived as charismatic leaders relates positively to job satisfaction. Interestingly, CSR-induced extrinsic attributions are neither explained by charismatic leadership nor do they predict job satisfaction. Implications for both theory and practice are discussed. (shrink)

The problem of intertemporal choice arises when outcomes are received in different moments of time. This paper presents an axiomatic model of intertemporal choice when consumption in the previous moment of time contributes to utility evaluation of consumption in the current moment. This model generalizes classic discounted utility theory (also known as constant or exponential discounting) in two ways. First, in every moment of time, a decision maker derives utility not only from current consumption but also from “residual” consumption in (...) the previous moment of time. Second, these utilities are discounted with weights that are essentially a quasi-hyperbolic discounting function. The paper presents an application of the proposed model to the problem of optimal consumption and savings given a fixed income (wealth). When a decision maker derives satisfaction from both instantaneous consumption as well as a share of consumption in the previous moment of time, optimal consumption path is cyclic—periods of relatively high consumption are interchanged with periods of relatively low consumption. These cycles decay over time. Asymptotically, the consumption path exhibits conventional properties (constant, increasing or decreasing over time when a gross interest rate multiplied by discount factor is correspondingly equal to, greater than, or less than one). (shrink)

In a recent article, Zhang and Foo generalized the AGM postulates for contraction to include infinite epistemic input. The new type of belief change is called set contraction. Zhang and Foo also introduced a constructive model for set contraction, called nicely ordered partition, as a generalization of epistemic entrenchment. It was shown however that the functions induced from nicely ordered partitions do not quite match the postulates for set contraction. The mismatch was fixed with the introduction of an extra condition (...) called the limit postulate. The limit postulate establishes a connection between contraction by infinite epistemic input and contraction by finite epistemic input (reducing the former to the latter) and it is appealing both on mathematical and on conceptual grounds. It is debatable however whether the limit postulate can be adopted as a general feature of rationality in set contraction. Instead we propose that the limit postulate is viewed as a condition characterizing an important special case of set contraction functions. With this reading in mind, in this article we introduce an alternative generalization of epistemic entrenchment, based on the notion of comparative possibility. We prove that the functions induced from comparative possibility preorders precisely match those satisfying the postulates for set contraction (without the limit postulate). The relationship between comparative possibility and epistemic entrenchment is also investigated. Finally, we formulate necessary and sufficient conditions under which the functions induced from comparative possibility preorders coincide with the special class of contraction functions characterized by the limit postulate. (shrink)

Below, suggested thoughts were expressed by me when I just learned about an irreparable event - the departure from the earthly existence of pastor Peter Konstantinovich Martyanov. Since then, it's hard to imagine now, two years. Time spell is inexorable. But there is a higher flow of time. It is human honor and memory. The good deeds of man live uncountably for a long time as an embodiment of the memory of her. And a man lives as much as he (...) will remember about his good deeds. So - everyone chooses in his earthly existence his own way. The Path of eternal Remembrance of your own good deeds, or the unlucky darkness of your own evil deeds. Peter Konstantinovich always served God, and hence - people. Therefore, he will be remembered with respect and remembered by a good word and after leaving the earthly life. Therefore, on the deadline of September 7, the religious scholars of Ukraine, with whom he worked fruitfully to establish tolerance in interfaith relations in the Odessa region, was to be honored, to honor the light of the memory of the man who did so much for the establishment of Ukrainian unbiased religious studies, who was not afraid to be righteous and sincere then When it was not easy, who was not afraid, as Vasyl Stus once articulated, to be "self-fulfilling". (shrink)

How is it possible that the idea of sovereignty still features in legal and political philosophy? Most contemporary political philosophers have little use for the idea of ‘unlimited’ or ‘absolute’ power, which is how sovereignty is normally defined. A closer look at sovereignty identifies two possible accounts: sovereignty as the fact of power or sovereignty as a title to govern. The first option, which was pursued by John Austin’s command theory of law, leads to an unfamiliar view of law and (...) the state, which was justly criticised by H. L. A. Hart. The second option, leads to a paradox, because under this view sovereignty is both limited and unlimited. Hence, this argument shows that law and sovereignty are actually incompatible. Where there is law there is no sovereignty, and where there is sovereignty there is no law. (shrink)

The architectural study of four multi-purpose rooms in the Quartier du Théâtre at Delos This article comprises the architectural study of four rooms of commercial purpose in the Quartier du Théâtre at Delos. These rooms are characteristic examples of a large category of commercial establishments, and their good state of conservation permits examining part of their fittings. It is in particular a question of the mezzanine and of the shop-front, which often includes a large bay and a second door accessing (...) a staircase leading to the upper storey. These elements are found in other rooms of this type at Delos, constituting one of the criteria for their identification, and enable a better understanding of their function. (shrink)

Alchourrón, Gärdenfors and Makinson have developed and investigated a set of rationality postulates which appear to capture much of what is required of any rational system of theory revision. This set of postulates describes a class of revision functions, however it does not provide a constructive way of defining such a function. There are two principal constructions of revision functions, namely an epistemic entrenchment and a system of spheres. We refer to their approach as the AGM paradigm. We provide a (...) new constructive modeling for a revision function based on a nice preorder on models, and furthermore we give explicit conditions under which a nice preorder on models, an epistemic entrenchment, and a system of spheres yield the same revision function. Moreover, we provide an identity which captures the relationship between revision functions and update operators (as defined by Katsuno and Mendelzon). (shrink)

Many political and legal philosophers compare the EU to a federal union and believe its basic laws should be subject to the standards of constitutional law, and thus find it lacking or incomplete. This book proposes a rival theory: that the substance of EU law is not constitutional, but international, and provides a close examination of the treaties and the precedents of the European courts to explore this concept further. -/- Just like international law, EU law applies primarily to the (...) relations between member states, who have democratically chosen to adapt their constitutional arrangements in order to share legislative and executive powers with their partners. The legal architecture of the European Union is thus best understood under a theory of dualism and not pluralism. -/- According to this 'internationalist' view, EU law is part of the law of nations and its distinction from domestic law is a matter of substance, not form. This arrangement is supported by a cosmopolitan theory of international justice, which we may call progressive internationalism. The EU is a union of democratic peoples, freely organizing their interdependence on the basis of principles of equality and reciprocity. Its central principles are not the principles of a constitution, but cosmopolitan principles of accountability, liberty, and fairness. -/- Presenting an 'internationalist' reading, this book proposes that the EU is a creation of the law of nations, and argues for a dualist account of its legal architecture, with EU law and domestic law allocated different institutional roles. (shrink)

In binary choice between discrete outcome lotteries, an individual may prefer lottery L1 to lottery L2 when the probability that L1 delivers a better outcome than L2 is higher than the probability that L2 delivers a better outcome than L1. Such a preference can be rationalized by three standard axioms (solvability, convexity and symmetry) and one less standard axiom (a fanning-in). A preference for the most probable winner can be represented by a skew-symmetric bilinear utility function. Such a utility function (...) has the structure of a regret theory when lottery outcomes are perceived as ordinal and the assumption of regret aversion is replaced with a preference for a win. The empirical evidence supporting the proposed system of axioms is discussed. (shrink)

One of the theoretical developments associated with the law of the European Union has been the flourishing of legal and constitutional theories that extol the virtues of pluralism. Pluralism in constitutional theory is offered in particular as a novel argument for the denial of unity within a framework of constitutional government. This paper argues that pluralism fails to respect the value of integrity. It also shows that at least one pluralist theory seeks to overcome the incoherence of pluralism by implicitly (...) endorsing monism. The integrity and coherence of European law is best preserved by considering that both the national legal order and the international or European legal orders adopt sophisticated views of their own limits. (shrink)

In the television show Deal or No Deal, a contestant is endowed with a sealed box containing a monetary prize between one cent and half a million euros. In the course of the show, the contestant is offered to exchange her box for another sealed box with the same distribution of possible monetary prizes inside. This offers a unique natural experiment for studying endowment effects under high monetary incentives. We find evidence of only a weak endowment effect when contestants exchange (...) their box for another box with the same distribution of possible prizes. (shrink)

The theme of the emergence of Christianity has always been and remains the problem, around which there continually undergo scientific discussions, due to the desire to recreate the origins of the historical birth of Christianity, to understand what served him as a kind of informational basis. Religious literature never existed in a certain conceptual unity in the understanding of the sources of Christian religiosity. Somewhere they fluctuate in one direction or another, depending on the ideological position of the researcher and (...) his own attitude towards this religion. However, according to some distinguishing features, certain hypothetical points of view on the origin of Christianity are reduced to the characteristic two. The first one is the beginning of its emergence with Judaism, and considers Christianity to be a logical continuation and, so to speak, a successor, albeit largely different from him. The second - deduces the origin of Christianity from the sphere of Greek idealist thought as such, which served the generative cause of its foundation. (shrink)

In our time, for some reason, it is commonly believed that the Ukrainian language does not use the word "ad" for the reason that it, firstly, is probably Russian and in the Ukrainian vocabulary it has never been, and secondly, on the basis that exists his match is -please. In other words, the position advocated, according to which in the Ukrainian language the Greek word-guade stands out exclusively the word -plex. However, observing the etymology of the Ukrainian word - hell, (...) we note that it is not always possible to speak in its content. (shrink)

The cornerstone of any religion is its anthropological concept, which seeks to determine the essential orientations of man, to outline the ideological framework of its existence, to represent the idea of ​​its essence, purpose in earthly life. The main task of the religious system is the act of involving and subordinating man to the spiritual divine realm as the realm of the transcendental existence of God. Belief in the real presence of the latter implies a new understanding of oneself, which (...) ultimately leads the religious individual to the desire to be involved in this transcendental existence, to have intimate relations with him, to have a consciousness inherent in God. Note that in this context, all human being is interpreted as a certain arena for this realization. Therefore, the religious life of the individual acquires the status of religious activity. (shrink)

Do we have a legal and moral right to health care against others? There are international conventions and institutions that say emphatically yes, and they summarize this in the expression of “the right to health,” which is an established part of the international human rights canon. The International Covenant on Social and Economic Rights outlines this as “the right of everyone to the enjoyment of the highest attainable standard of physical and mental health,” but declarations such as this remain tragically (...) unfulfilled. According to recent figures, roughly two billion people lack access to essential drugs or to primary health care. Millions are afflicted by infections and illnesses that are easily avoidable or treatable. In the developing world many children die or grow stunted and damaged for lack of available treatments. Tropical diseases receive little or no attention by the major pharmaceutical companies’ research departments. Is this a massive violation of the right to health? And if so, why does it attract so little attention? Is it because our supposed commitment to human rights and the rule of law is hypocritical and hollow? Or is it because the right to health is a special case of a right, so that these tragedies are no violation at all? Jennifer Prah Ruger summarized this puzzle when she wrote: “one would be hard pressed to find a more controversial or nebulous human right than the right to health.” In this essay I discuss three different theories of a right to health care. I conclude by offering my own reconstruction of one such theory. (shrink)

Austin's theory of theory of law is simple: the law follows the pattern of power; the sovereign gives commands and obeys none; the subject obeys commands; the law consists in only those commands that directly or indirectly emanate from the sovereign. Nevertheless, Austin's theory of sovereignty is not simple at all. When we look at the relevant chapters closely, it becomes evident that Austin has two rival theories of sovereignty, one for a single person and one for a 'determinate body'. (...) It is only the latter that allows him to say that sovereignty lies, ultimately, with the electors, the strange conclusion of his book. But Austin's second theory of sovereignty is not consistent with his own theory of law. Austin's faces a dilemma. Is law - as most people take it to be - a public order of standards of conduct aiming to guide behaviour? If so, sovereignty ought to be public and intelligible. If not, sovereignty can remain a mystery to those living under it . For the latter reading, law and sovereignty are 'normatively inert,' as some of Austin's followers claim today. But Austin does not agree with his modern followers. Austin's second theory of sovereignty is aimed at satisfying a practical requirement of law and jurisprudence, i.e. to be in the position of publicly guiding conduct. (shrink)

Professor Walen’s book rejects the familiar argument of “double effect,” namely the doctrine that an action that knowingly causes the death of another person cannot be justified merely by its good consequences but only by its good intentions. Professor Walen offers a rival argument. He proposes that we rethink the killing of non-combatants in war on the basis of a theory of “the mechanics of claims” so that the intentional killing of civilians may be occasionally permissible. Such targeting of civilians (...) may be justified, according to the book’s argument, by the aim of eliminating the threat that these civilians may pose—innocently or not—to other persons. In these circumstances, it will not only be permissible, but it would also be a matter of right to kill civilians, which would be derived from a balancing of “claims.” The argument is impressively made but is ultimately unconvincing. All the decisive questions appear to be matters of a balance of “goodness.” The “mechanics of claims” organizes a structure of welfare values that ultimately work as a proxy for act-utilitarianism. As a result, the argument is open to well-known objections regarding justice and the separateness of persons. (shrink)

Nous posons à Aristote une question bien claire : en quoi consiste l'autonomie de la Raison pratique? Cette autonomie ne sera pas assuree par la Raison kantienne et sa prétention à l'universalité mais par une " perception morale " (aisthesis), par la phronésis. Notre entreprise fait avancer la question d'un pas supplémentaire. Elle prétend imprimer à la réponse aristotelicienne une orientation précise, étant donné qu'elle fait dépendre cette autonomie de la possibilite d'une ontologie (c'est-à-dire, d'une phénoménologie) de l'action morale. Notre (...) position peut donc s'annoncer ainsi : la phronésis, en tant qu'accès aux principes de la prakis, constitue la condition de possibilite de toute action morale. La fonction de la phronésis se trouvera éclairée à travers l'analyse du problème de l'altérité, de la reconnaissance de l'autre. Cet autre " en chair et en os ", nous le rechercherons dans l'ami aristotélicien. La structure de l'amitié sera déterminée dans son opposition par rapport aux modèles de la techné et de la Sophia, ce qui conduira finalement à l'autonomie de la sphère pratique. Si cette description de la praxis s'avère être effectivement en adéquation avec les phénomènes eux-mêmes, nous aurons ouvert une voie destinée à faire apparaitre une coïncidence de l'ontologie et de la morale, auquel cas l'ontologie de la praxis reflétera les principes du " bien agir " lui-même. (shrink)

How can there be rights in law? We learn from moral philosophy that rights protect persons in a special way because they have peremptory force. But how can this aspect of practical reason be captured by the law? For many leading legal philosophers the legal order is constructed on the foundations of factual sources and with materials provided by technical argument. For this 'legal positivist' school of jurisprudence, the law endorses rights by some official act suitably communicated. But how can (...) any such legal enactment recreate the proper force of rights? Rights take their meaning and importance from moral reflection, which only expresses itself in practical reasoning. This puzzle about rights invites a reconsideration of the nature and methods of legal doctrine and of jurisprudence itself. Legal Rights argues that the theory of law and legal concepts is a project of moral and political philosophy, the best account of which is to be found in the social contract tradition. It outlines an argument according to which legal rights can be justified before equal citizens under the constraints of public reason. The place of rights in law is explained by the unique position of law as an essential component of the civil condition and a necessary condition for freedom.

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This paper presents a new decision theory for modelling choice under risk. The new theory is a two-parameter generalization of expected utility theory. The proposed theory assumes that a decision maker: behaves as if maximizing expected utility; but may experience disappointment when the utility of a lottery’s outcome falls short of the expected utility of the lottery; and may have a preference for gambling. The proposed theory can rationalize the fourfold pattern of risk attitudes; the common ratio effect and the (...) reverse thereof ; the Allais paradox in classical common consequence problems and the reverse Allais paradox—in common consequence problems with an even split of a probability mass; violations of the betweenness axiom; switching behavior in the Samuelson’s example; violations of ordinal, upper and lower cumulative independence ; and preference reversals between valuations and choice. In application to insurance, the theory can rationalize full insurance with an actuarially unfair premium and aversion to probabilistic insurance. In application to optimal portfolio investment, the theory can rationalize the equity premium puzzle. (shrink)

Prospect theory emerged as one of the leading descriptive decision theories that can rationalize a large body of behavioral regularities. The methods for eliciting prospect theory parameters, such as its value function and probability weighting, are invaluable tools in decision analysis. This paper presents a new simple method for eliciting prospect theory’s value function without any auxiliary/simplifying parametric assumptions. The method is applicable both to choice under ambiguity (Knightian uncertainty) and risk (when events are characterized by objective probabilities). Our new (...) elicitation method is implemented in a simple paper-and-pencil experiment (via an iterative multiple price list format). This is one of the first experiments that elicits non-parametric prospect theory’s value function with salient rewards. The collected data generally confirm findings in the existing literature: the value function is S-shaped (concave in the gain domain and convex in the loss domain) though there is a weaker loss aversion on the aggregate level and a substantial heterogeneity in loss aversion on the individual level (41% loss averse, 6% loss neutral and 53% gain seeking). (shrink)

Many political philosophers believe that we owe moral obligations to our political communities simply because we are asked. We are, for example to pay taxes, or serve in the army whenever we are demanded to do so by the competent authorities or agencies. Can such moral obligations be created by European Union institutions? This essay discusses the natural duty of justice to support just or nearly just political institutions as defended by John Rawls and Jeremy Waldron. It suggests that European (...) Union institutions can be seen to create similar obligations, only if we adopt a cosmopolitan theory of political legitimacy for both domestic and international institutions. A key distinction proposed is that between a duty of jurisdiction, owed by everyone to every legitimate state, and a duty of civility, owed by citizens to their own states. (shrink)

The progressive process of multiculturalism, cultural and ideological pluralism, the depreciation of traditional values ​​and semantic paradigms, in one way or another, put not only the European states, but all of humanity before the problem of returning their lost ideological and ethnocultural paradigms, and thus led to a reorientation of reorientation. cultural and semantic landmarks. This has inevitably led to the search for ways of solving these problems in the ethno-national and religious spheres as the main components of the spiritual (...) field of culture. (shrink)

The last centuries before the beginning of the Christian era, the first centuries after that, were enveloped in the history of mankind as a period of the total crisis and the decline of the Greco-Roman civilization, a crisis that covered virtually all spheres of the social life of the Roman world and which, as ever before, experienced almost every one, whether he is a slave or a free citizen, a small merchant or a big slave or an aristocrat. As a (...) reaction to the crisis, in various parts of the empire the civil wars and the slavery uprising erupt in different parts of the empire. Under such conditions of life, the world around itself no longer seemed to man to be self-sufficient, harmonious, stable, "good" and warded by a cohort of traditional deities. Yes, and the gods themselves were now turned out to be incapable, unable to change the unceasing flow of fatal doom. (shrink)

This article argues that despite Aristotle’s criticism of him, Isocrates does not actually hold the belief that political science, or universal knowledge of practical affairs, is impossible. When he appears to express this view, he is using hyperbole to distinguish himself from his adversaries. In reality, while he certainly underscores the significance of particular cases and doxa, he also claims to possess insights into universal principles concerning politics. He does so on the ground of philosophical arguments characterized by their consistency, (...) sophistication, and substantive nature. These arguments are robust enough to be structured into a coherent system of principles akin to a political science in the Aristotelian sense of the term – although Isocrates himself never elaborated this science in a clear and systematic manner. The objective of this article is twofold: first, to defend this unconventional interpretation of Isocrates’ political speeches, and second, to offer a systematic analysis of the implicit political science within them. (shrink)

For decades, discrete choice modelling was practically dominated by only two models: multinomial probit and logit. This paper presents a novel alternative—harmonic choice model. It is qualitatively similar to multinomial probit and logit: if one choice alternative greatly exceeds all (falls below at least one of) other alternatives in terms of utility then it is chosen with probability close to one (zero). Compared to probit and logit, the new model has relatively flat tails and it is steeper in the neighborhood (...) of zero (when all alternatives yield the same utility and the decision maker chooses among them at random). (shrink)