Many of us think we have agent-centred options to act suboptimally. Some of these involve favouring our own interests. Others involve sacrificing them. In this paper, I explore three different ways to accommodate agent-centred options in a criterion of objective permissibility. I argue against satisficing and rational pluralism, and in favour of a principle built around sensitivity to personal cost.

The concept of ecosystem services is a way of visualizing the instrumental value that nature has for human beings. Most ecosystem services can be performed by more than one species. This fact is sometimes used as an argument against the preservation of species. However, even though substitutability does detract from the instrumental value of a species, it also adds option value to it. The option value cannot make a substitutable species as instrumentally valuable as a non-substitutable species, but in many (...) cases, it can add enough value to make the species more valuable than the projects that threaten its existence. (shrink)

Brian Hedden has proposed that any successful account of options for the subjective “ought” must satisfy two constraints: first, it must ensure that we are able to carry out each of the options available to us, and second, it should guarantee that the set of options available to us supervenes on our mental states. In this paper I show that, due to the ever-present possibility of Frankfurt-style cases, these two constraints jointly entail that no agent has any (...) options at any time. This consequence, however, is clearly unacceptable, so one of Hedden’s constraints must go. Because the ability constraint is indispensable, I argue, we have no choice but to reject the supervenience constraint. Hedden’s underlying motivation for imposing the supervenience constraint is the conviction that our options should be transparent to us, but transparency also proves to be incompatible with the ability constraint, so it must be rejected as well. I conclude by sketching an unabashedly externalist account of options, which conceives of options as exhaustive combinations of atomic movements. (shrink)

A familiar part of debates about supererogatory actions concerns the role that cost should play. Two camps have emerged: one claiming that extreme cost is a necessary condition for when an action is supererogatory, while the other denies that it should be part of our definition of supererogation. In this paper, I propose an alternative position. I argue that it is comparative cost that is central to the supererogatory and that it is needed to explain a feature that all accounts (...) agree is central to the very notion of supererogation: optionality. Perhaps because of this agreement on its importance, few attempts have been made to clarify and explain the notion of optionality. I argue that giving an account of the optionality of supererogatory requires drawing a line between doing the bare minimum permissible and going beyond the bare minimum and that this line ought to be drawn based on comparative cost of alternative permissible acts. Having outlined my account and motivated it, I discuss and reject two concerns that might be raised: firstly, that it is extreme cost, not comparative cost, that matters and, secondly, that in fact no cost is needed for an act to be supererogatory. (shrink)

Supererogatory acts are those that lie “beyond the call of duty.” There are two standard ways to define this idea more precisely. Although the definitions are often seen as equivalent, I argue that they can diverge when options are infinite, or when there are cycles of better options; moreover, each definition is acceptable in only one case. I consider two ways out of this dilemma.

Autonomous e-coaching systems offer their users suggestions for action, thereby affecting the user's decision-making process. More specifically, the suggestions that these systems make influence the options for action that people actually consider. Surprisingly though, options and the corresponding process of option generation --- a decision-making stage preceding intention formation and action selection --- has received very little attention in the various disciplines studying decision making. We argue that this neglect is unjustified and that it is important, particularly for (...) designers of autonomous e-coaching systems, to understand how human option generation works. The aims of this paper are threefold. The first aim is to generate awareness with designers of autonomous e-coaching systems that these systems do in fact influence their users' options. The second is to show that understanding the interplay between a person's options and the e-coaching system's suggestions is important for improving the effectiveness of the system. The third is that the very same interplay is also crucial for designing e-coaching systems that respect people's autonomy. (shrink)

An option range is a set of alternative actions available to an agent at a given time. I ask how a moral theory’s account of option ranges relates to its recommendations about deliberative procedure (DP) and criterion of rightness (CR). I apply this question to Act Consequentialism (AC), which tells us, at any time, to perform the action with the best consequences in our option range then. If anyone can employ this command as a DP, or assess (direct or indirect) (...) compliance with it as a CR, someone must be able to tell which actions fit this description. Since the denseness of possibilia entails that any option range is indefinitely large, no one can do this. So no one can know that any option has ever emerged from any range as the best option in that range. However we come to know that a given option is right, we never come to know it in AC’s way. It is often observed that AC cannot give us a DP. AC cannot give us a CR either, unless we are omniscient. So Act Consequentialism is useless. (shrink)

This paper uses a partially ordered set of syntactic categories to accommodate optionality and licensing in natural language syntax. A complex but well-studied data set pertaining to the syntax of quantifier scope and negative polarity licensing in Hungarian is used to illustrate the proposal. The presentation is geared towards both linguists and logicians. The paper highlights that the main ideas can be implemented in different grammar formalisms, and discusses in detail an implementation where the partial ordering on categories is given (...) by the derivability relation of a calculus with residuated and Galois-connected unary operators. (shrink)

According to traditional forms of act-consequentialism, an action is right if and only if no other action in the given circumstances would have better consequences. It has been argued that this view does not leave us enough freedom to choose between actions which we intuitively think are morally permissible but not required options. In the first half of this article, I will explain why the previous consequentialist responses to this objection are less than satisfactory. I will then attempt to (...) show that agents have more options on consequentialist grounds than the traditional forms of act-consequentialism acknowledged. This is because having a choice between many permissible options can itself have value. (shrink)

Human rights treaties are often attached and complemented with Optional Protocols. The Optional protocol instruments are adopted after careful deliberation between different stakeholders including member states to human rights treaties. -/- The present document on Introduction to the International Covenant on Economic Social and Cultural Rights- Optional Protocol [OP-ICESCR] is an addition to the on-going work on the Human Rights Framework on ESC Rights. It covers basic information on the objectives of the OP and the key provisions dealing with the (...) redressal mechanisms and processes. Much emphasis is given to highlighting the expansion of the normative framework through the works of the Committee under the ICESCR. The document highlights a few of the important standards developed, interpreted and applied by the Committee in its dealing with member states. The document also mentions a few areas that need further study and analysis in order to understand the impact of the OP-ICESCR mechanisms within domestic jurisdictions, particularly of the member states. (shrink)

I argue that you can be permitted to discount the interests of your adversaries even though doing so would be impartially suboptimal. This means that, in addition to the kinds of moral options that the literature traditionally recognises, there exist what I call other-sacrificing options. I explore the idea that you cannot discount the interests of your adversaries as much as you can favour the interests of your intimates; if this is correct, then there is an asymmetry between (...) negative partiality toward your adversaries and positive partiality toward your intimates. (shrink)

During the lifetime of a structured product, payment events and cancellation events mainly affect the value of the option. This article presents a model for pricing generic cancellable option. The model is used to build most common kinds of cancellation schedules and compute the cancellation probability.

Moral latitude is only ever a matter of coincidence on the most popular decision procedure in the literature on moral uncertainty. In all possible choice situations other than those in which two or more options happen to be tied for maximal expected choiceworthiness, Maximize Expected Choiceworthiness implies that only one possible option is uniquely appropriate. A better theory of appropriateness would be more sensitive to the decision maker’s credence in theories that endorse agent-centred prerogatives. In this paper, we will (...) develop and defend a modified version of this view that allows for agent-centred prerogatives and supererogation as part of its verdicts about appropriateness. (shrink)

The (moral) permissibility of an act is determined by the relative weights of reasons, or so I assume. But how many weights does a reason have? Weight Monism is the idea that reasons have a single weight value. There is just the weight of reasons. The simplest versions hold that the weight of each reason is either weightier than, less weighty than, or equal to every other reason. We’ll see that this simple view leads to paradox in at least two (...) ways. We must complicate the picture somehow. I consider two candidate complications. The first, Parity Monism, is inspired by Ruth Chang’s suggestion that parity is a fourth comparative beyond the traditional three (>, <, =). This view complicates the single weight relation by allowing that the weights of reasons can be on a par. Unfortunately, Parity Monism resolves only one of the two paradoxes that afflict simple versions of Weight Monism. To resolve both paradoxes, we need our second candidate complication, Weight Pluralism. This view holds that reasons have at least two weight values (e.g., justifying weight and requiring weight) and these two values aren’t always equivalent. Parity is no substitute for Pluralism. (shrink)

In this paper I explore some ideas inspired by Federico Picinali’s Justice In-Between: A Study of Intermediate Criminal Verdicts. Picinali makes a case for the introduction of intermediate options in criminal trials – verdicts with consequences that are harsher than an acquittal, but not so harsh as a conviction. From a certain perspective, the absence of intermediate options in criminal trials is puzzling – out of kilter with much of our everyday decision-making and, perhaps, with the recommendations of (...) expected utility theory. I will argue, however, that the lack of intermediate options is much less puzzling when put in the context of our ordinary practices of blame and non-legal punishment. (shrink)

Research Article: Leasing Options Author: Vuong Quan Hoang Outlet: Vietnam Economic Times (pg. 28) Published on: 15 October 1997.

We sometimes violate social norms in order to express our views and to trigger public debates. Many extant accounts of social norms don’t give us any insight into this phenomenon. Drawing on Cristina Bicchieri’s work, I am putting forward an empirical hypothesis that helps us to understand such norm violations. The hypothesis says, roughly, that we often adhere to norms because we are systematically blind to norm-violating options. I argue that this hypothesis is independently plausible and has interesting consequences. (...) It implies, e.g., that some experimental paradigms for investigating social norms have hitherto unnoticed shortcomings. (shrink)

Among worldviews, in addition to the options of materialist atheism, pantheism and personal theism, there exists a fourth, “local emergentism”. It holds that there are no gods, nor does the universe overall have divine aspects or any purpose. But locally, in our region of space and time, the properties of matter have given rise to entities which are completely different from matter in kind and to a degree god-like: consciousnesses with rational powers and intrinsic worth. The emergentist option is (...) compared with the standard alternatives and the arguments for and against it are laid out. It is argued that, among options in the philosophy of religion, it involves the minimal reworking of the manifest image of common sense. Hence it deserves a place at the table in arguments as to the overall nature of the universe. (shrink)

This chapter identifies a novel family of metaethical theories that are non-descriptive and that aim to explain the action-guiding qualities of normative thought and language. The general strategy is to consider different relations language might bear to a given content, where we locate descriptivity (or lack of it) in these relations, rather than locating it in a theory that begins with the expression of states of mind, or locating it in a special kind of content that is not way-things-might-be content. (...) One such view is sketched, which posits two different content-fixing cognitive roles for bits of language. One role fixes a descriptive relation to content and another role fixes a non-descriptive relation to content. In addition to non-descriptivity and action guidance, the chapter briefly considers the appearance of mind-independent authoritative force, disagreement, and Frege–Geach concerns. (shrink)

Many philosophers have thought that aggregates of small, broadly dispersed evils don’t pose the same sort of challenge to theism that horrendous evils like the Nazi Holocaust do. But there are interesting arguments that purport to show that large enough aggregates of small evils are morally and axiologically equivalent to horrendous evils. Herein lies an intriguing and overlooked strategy for defending theism. In short: small evils, or aggregates of such evils, don’t provide decisive evidence against theism; there’s no relevant difference (...) between horrendous evils and aggregates of small evils; hence horrendous evils must not provide decisive evidence against theism, either. (shrink)

If we were required to sacrifice our own interests whenever doing so was best overall, or prohibited from doing so unless it was optimal, then we would be mere sites for the realisation of value. Our interests, not ourselves, would wholly determine what we ought to do. We are not mere sites for the realisation of value — instead we, ourselves, matter unconditionally. So we have options to act suboptimally. These options have limits, grounded in the very same (...) considerations. Though not merely such sites, you and I are also sites for the realisation of value, and our interests (and ourselves) must therefore sometimes determine what others ought to do, in particular requiring them to bear reasonable costs for our sake. Likewise, just as my moral status grounds a requirement that others show me appropriate respect, so must I do to myself. (shrink)

Particular persons have claims against being made worse off than they could have been. The literature, however, has focused primarily on only two-option cases; yet, these cases fail to capture all of the morally relevant factors, especially when a person’s existence is in question. This paper explores how to assess claims in multiple-option choice sets. We scrutinize the only extant proposal, offered by Michael Otsuka, which we call the Weakening View. In light of its problems, we develop an alternative: the (...) Combining View. The Weakening View holds that a person’s claim against a loss of well-being relative to one distribution is weakened by the availability of further alternatives relative to which the person gains well-being. By contrast, our view holds that a person has an overall claim for or against a certain distribution relative to the whole option set, where overall claims are second-order functions of the different pairwise claims. Finally, we defend the Combining View by exploring its implications for the impact of a person’s possible non-existence on their overall claims, and we develop a proposal for how the number of distributions relative to which a person gains or loses welfare influences the strength of their overall claims. (shrink)

Even where willingness-to-pay as a measure of welfare impact is adjusted for diminishing marginal utility, welfare economics is shown to favour policies that add to the life expectancy or that enhance the quality of life of persons who are already better-off. I propose an alternative, Equal Respect methodology, under an axiomatic claim that at the point of decision the prospective life years of all individuals are of equal intrinsic social value. This justifies equal valuation of risk mitigation across all persons; (...) similarly, all appraised impacts should be scaled to accord equal respect to difficult but no-less-valuable lives. (shrink)

In this essay, we explore an issue of moral uncertainty: what we are permitted to do when we are unsure about which moral principles are correct. We develop a novel approach to this issue that incorporates important insights from previous work on moral uncertainty, while avoiding some of the difficulties that beset existing alternative approaches. Our approach is based on evaluating and choosing between option sets rather than particular conduct options. We show how our approach is particularly well-suited to (...) address this issue of moral uncertainty with respect to agents that have credence in moral theories that are not fully consequentialist. (shrink)

According to Burri, a major reason why suicide is often irrational lies in the option value of life. Remaining alive is valuable because this allows for a larger menu of options, and the possibility of committing suicide in the future adds further value to the act of remaining alive now. In this note, I represent life as a trust game played by two selves – the young self and the old self – and I argue that the possibility to (...) commit suicide in the future can encourage committing suicide now, against what the theory of the option value of life predicts. (shrink)

The Authority Account provides a new explanation why commonsense morality contains prudential options—options that permit agents to perform actions that promote their own wellbeing more than the action they have most reason to do, from the moral point of view. At the core of that explanation are two claims. The first is that moral requirements are traditionally widely taken to have an authoritative status; that is, to be rules that morality imposes by right. The second is that in (...) order for moral requirements to have such a status, morality must contain prudential options. If both of these claims are true, then they will create a pressure to think of morality as containing prudential options. And according to the Authority Account, the fact that commonsense morality contains such options is the result of this pressure. (shrink)

The new Christian humanism is not about concepts and theories. It is a mystical experience of the centrality of Jesus Christ, of His face of mercy, of love given and delivered. Love is the gift that we must accept and respond to with love, especially with an ethic of love that makes us stand in solidarity with nature, with each other, and with the poor in a special way. We are a gift that is communicated. We must use the resources (...) of science, technology, and educational advances without fear, but always looking at human beings as the goal of our action. Everything is summarized in an integral ethic of loving care, in which women are experts and especially women religious in the church . (shrink)

The standard form of act-consequentialism requires us to perform the action with the best consequences; it allows choice between moral options only on those rare occasions when several actions produce equally good results. This paper argues for moral options and thus against act-consequentialism. The argument turns on the insight that some valuable things cannot exist unless our moral system allows options. One such thing is the opportunity for individuals to enact plans for their life from among alternatives. (...) Because planning one’s life has value, and because it requires moral options, a world governed by a moral system that admits of options is better than one governed by act-consequentialism. The paper argues that these facts entail that morality admits of a significant number of moral options; act-consequentialism is false. (shrink)

The claim that the observation of a violation of a Bell inequality leads to an alleged alternative between nonlocality and non-realism is annoying because of the vagueness of the second term.

Open theists argue that God's relationship to time, as conceived in classical theism, is erroneous. They explain that it is contradictory for an atemporal being to act in a temporal universe, including experiencing its temporal successions. Contrary to the atemporalists, redemptive history has shown that God interacts with humans in time. This relational nature of God nullifies the classical notion of God as timelessly eternal. Therefore, it lacks a philosophical and theological basis. Because God is in time, He does not (...) know all future contingencies and, therefore, changes. This study examines open theism's appropriation of the A and B theories of time to the divine-human relationship. The study argues that divine temporality does not solve the tension of divine-human relationships, especially in relation to the future. Further, historical divine temporality does not negate the fact of divine atemporality. It mainly stems from God's choice to create temporal creatures and His relationship with them. Furthermore, if it is not logically and metaphysically contradictory for an omnipresent being to act in space, then it follows that an atemporal being can act in time. Whether time is understood from the metric or psychological point of view, it does not transcend God, and therefore, the limitation it places on human creatures with respect to the future does not apply to God. Lastly, although a few philosophers reject the notion of eternity as timelessly eternal, the doctrine has a philosophical and theological basis in the Scripture. (shrink)

Efforts to ban Autonomous Weapon Systems were both unsuccessful and controversial. Simultaneously the need to address the detrimental aspects of AWS development and proliferation continues to grow in scope and urgency. The article presents several regulatory solutions capable of addressing the issue while simultaneously respecting the requirements of military necessity and so attracting a broad consensus. Two much stricter solutions – regional AWS bans and adoption of a no first use policy – are also presented as fallback strategies in case (...) achieving AWS’ compliance with the Laws of Armed Conflict proved elusive. Together, the solutions presented form an outline of a flexible regulatory strategy able to adjust to different technological outcomes and providing a sensible compromise to solve the current deadlock on the AWS issue. (shrink)

Impartially Optimizing Consequentialism requires agents to act so as to bring about the best outcome, as judged by a preference ordering which is impartial among the needs and interests of all persons. IOC may seem to be only rational response to the recognition that one is only one person among many others with equal intrinsic moral status. A person who adopts a less impartial deontological alternative to IOC may seem to fail to take seriously the fact that other persons matter (...) in the same way that she takes herself to matter. This paper examines this ‘seductive appeal’ of IOC. It argues that IOC is not the only rational way to recognize the fact that each person matters. It presents an alternative conception of how to recognize the status of other persons as beingswho-matter, an alternative that has Kantian rather than consequentialist implications. (shrink)

Corporative global media cannot be an instrument of the culture of peace, because they have made widespread individualistic values of the consummative society. Through their symbolic power, they successfully dominate over every sphere of existence of a society: politics, economic life, social ties, national culture, human communication and private life. Traditional media could not be a factor in the promotion and development of culture of peace, simply because they are proponents of corporative economic and political interests. It is in the (...) interest of citizens to counter the activities of “rapacious capitalism” (SCHMIDT 1998), of local comprador political and economic elites, and the practice of robbery of their work; to bridle the proliferation of weapons and acts of aggression. (shrink)

“By natural order, birthing needs good timing and at a moderate pace. […] Looking for food in the fields and gardens farther from home is important. Also, try eating different kinds of nuts and worms. Mastering all of this would guarantee a prosperous life.” -/- —In “Food”; The Kingfisher Story Collection.

Portmore wrote a good book, and I wrote a short thing about that book.

In this book some options concerning the greenhouse effect are assessed from a welfarist point of view: business as usual, stabilization of greenhouse gas emissions and reduction by 25% and by 60%. Up to today only economic analyses of such options are available, which monetize welfare losses. Because this is found to be wanting from a moral point of view, the present study welfarizes (among others) monetary losses on the basis of a hedonistic utilitarianism and other, justice incorporating, (...) welfare ethics. For these welfarist evaluations information about the social consequences of the four options are collected from the literature and eventually corrected; then the consequences for individual well-being are assessed based on psychological research about well-being dependent on the social situation of the individual; finally the aggregation formulas of the respective welfare ethics are applied to these data. Assessments by other types of ethics, e.g. Kantian ethic, are included. The strongest abatement option is found to be optimum with great unanimity. - In addition a cost-welfare analysis of greenhouse gas abatement is undertaken revealing efficient cost-welfare ratios for these measures and the most efficient ratio for the strongest option. - A final, more theoretical part discusses the moral obligations following from such evaluations. The notion of 'moral obligation' is explained in a way that, apart from moral goodness of the required act, reinforcement by formal or informal sanctions is another necessary condition for moral obligations. This leads to a conception of a historical morality according to which the demands of morality rise in the long run. Applying this conception to the greenhouse effect implies that presently we have the moral duty to raise the standards of greenhouse gas abatement as much as is politically feasible. (shrink)

The inflation of Type I error rates is thought to be one of the causes of the replication crisis. Questionable research practices such as p-hacking are thought to inflate Type I error rates above their nominal level, leading to unexpectedly high levels of false positives in the literature and, consequently, unexpectedly low replication rates. In this article, I offer an alternative view. I argue that questionable and other research practices do not usually inflate relevant Type I error rates. I begin (...) with an introduction to Type I error rates that distinguishes them from theoretical errors. I then illustrate my argument with respect to model misspecification, multiple testing, selective inference, forking paths, exploratory analyses, p-hacking, optional stopping, double dipping, and HARKing. In each case, I demonstrate that relevant Type I error rates are not usually inflated above their nominal level, and in the rare cases that they are, the inflation is easily identified and resolved. I conclude that the replication crisis may be explained, at least in part, by researchers’ misinterpretation of statistical errors and their underestimation of theoretical errors. (shrink)

What is the relation between moral reasons and moral requirement? Specifically: what relation does an action have to bear to one’s moral reasons in order to count as morally required? This paper defends the following answer to this question: an action is morally required just in case the moral reasons in favor of that action are enough on their own to outweigh all of the reasons, moral and nonmoral, to perform any alternative. I argue that this decisive moral reason view (...) satisfies three key desiderata: it is compatible with either affirming or denying the existence of moral options; it vindicates moral rationalism, the thesis that an action can be morally required only if one ought to do it all things considered; and most distinctively, it explains why unexcused moral wrongdoing necessarily shows disregard for moral reasons. (shrink)

Partiality is the special concern that we display for ourselves and other people with whom we stand in some special personal relationship. It is a central theme in moral philosophy, both ancient and modern. Questions about the justification of partiality arise in the context of enquiry into several moral topics, including the good life and the role in it of our personal commitments; the demands of impartial morality, equality, and other moral ideals; and commonsense ideas about supererogation. This paper provides (...) an overview of the debate on the ethics of partiality through the lens of the domains of permissible and required partiality. After outlining the conceptual space, I first discuss agent-centred moral options that concern permissions not to do what would be impartially optimal. I then focus on required partiality, which concerns associative duties that go beyond our general duties to others and require us to give special priority to people who are close to us. I discuss some notable features of associative duties and the two main objections that have been raised against them: the Voluntarist and the Distributive objections. I then turn to the justification of partiality, focusing on underivative approaches and reasons-based frameworks. I discuss the reductionism and non-reductionism debate: the question whether partiality is derivative or fundamental. I survey arguments for ‘the big three’, according to which partiality is justified by appeal to the special value of either projects, personal relationships, or individuals. I conclude by discussing four newly emerging areas in the debate: normative transitions of various personal relationships, relationships with AI, epistemic partiality, and negative partiality, which concerns the negative analogue of our positive personal relationships. (shrink)

Longtermism holds roughly that in many decision situations, the best thing we can do is what is best for the long-term future. The scope question for longtermism asks: how large is the class of decision situations for which longtermism holds? Although longtermism was initially developed to describe the situation of cause-neutral philanthropic decisionmaking, it is increasingly suggested that longtermism holds in many or most decision problems that humans face. By contrast, I suggest that the scope of longtermism may be more (...) restricted than commonly supposed. After specifying my target, swamping axiological strong longtermism (swamping ASL), I give two arguments for the rarity thesis that the options needed to vindicate swamping ASL in a given decision problem are rare. I use the rarity thesis to pose two challenges to the scope of longtermism: the area challenge that swamping ASL often fails when we restrict our attention to specific cause areas, and the challenge from option unawareness that swamping ASL may fail when decision problems are modified to incorporate agents’ limited awareness of the options available to them. GPI Working Paper No. 6-2021. (shrink)

The ecosystem services argument is a highly publicised instrumental argument for protecting biodiversity. I develop a new objection to this argument based on the lack of a causal connection from global species losses to local ecosystem changes. I survey some alternative formulations of services arguments, including ones incorporating option value or a precautionary principle, and show that they do not fare much better than the standard version. I conclude that environmental thinkers should rely less on ecosystem services as a means (...) to defend biodiversity, and that attention should be focused on additional types of value which might be attributed to global biodiversity. (shrink)

Critics of luck egalitarianism have claimed that, far from providing a justification for the public insurance functions of a welfare state as its proponents claim, the view objectionably abandons those who are deemed responsible for their dire straits. This article considers seven arguments that can be made in response to this ‘abandonment objection’. Four of these arguments are found wanting, with a recurrent problem being their reliance on a dubious sufficientarian or quasi-sufficientarian commitment to provide a threshold of goods unconditionally. (...) Three arguments succeed, showing that luck egalitarians have good reasons for assisting ‘negligent victims’ on account of changes that may occur in an individual between the time of their choice and their subsequent disadvantage, bad option luck, and doubts about free will and responsibility. Luck egalitarianism is therefore shown to offer strong support for public insurance. (shrink)

The concept of non-arbitrage plays an essential role in finance theory. Under certain regularity conditions, the Fundamental Theorem of Asset Pricing states that, in non-arbitrage markets, prices of financial instruments are martingale processes. In this theoretical framework, the analysis of the statistical distributions of financial assets can assist in understanding how participants behave in the markets, and may or may not engender arbitrage conditions. Assuming an underlying Variance Gamma statistical model, this study aims to test, using the FBST - Full (...) Bayesian Significance Test, if there is a relevant price difference between essentially the same financial asset traded at two distinct locations. Specifically, we investigate and compare the behavior of call options on the BOVESPA Index traded at (a) the Equities Segment and (b) the Derivatives Segment of BM&FBovespa. Our results seem to point out significant statistical differences. To what extent this evidence is actually the expression of perennial arbitrage opportunities is still an open question. (shrink)

According to all-luck egalitarianism, the differential distributive effects of both brute luck, which defines the outcome of risks which are not deliberately taken, and option luck, which defines the outcome of deliberate gambles, are unjust. Exactly how to correct the effects of option luck is, however, a complex issue. This article argues that (a) option luck should be neutralized not just by correcting luck among gamblers, but among the community as a whole, because it would be unfair for gamblers as (...) a group to be disadvantaged relative to non-gamblers by bad option luck; (b) individuals should receive the warranted expected results of their gambles, except insofar as individuals blamelessly lacked the ability to ascertain which expectations were warranted; and (c) where societal resources are insufficient to deliver expected results to gamblers, gamblers should receive a lesser distributive share which is in proportion to the expected results. Where all-luck egalitarianism is understood in this way, it allows risk-takers to impose externalities on non-risk-takers, which seems counterintuitive. This may, however, be an advantage as it provides a luck egalitarian rationale for assisting ‘negligent victims’. (shrink)

We can often permissibly choose a worse self-interested option over a better altruistic alternative. For example, it is permissible to eat out rather than donate the money to feed five hungry children for a single meal. If we eat out, we do something permissibly partial toward ourselves. If we donate, we go beyond the call of moral duty and do something supererogatory. Such phenomena aren’t easy to explain, and they rule out otherwise promising moral theories. Incommensurability and Ruth Chang’s notion (...) of parity can explain certain small improvement puzzles, but they can’t explain permissible partiality and supererogation. On the other hand, Josh Gert’s distinction between justifying and requiring weight can explain all three phenomena: permissible partiality, supererogation, and the relevant small improvement puzzle. Indeed, this chapter provides a reason to endorse the justifying/requiring weight distinction by showing that it provides the only extant explanation of all three phenomena. (shrink)

In this paper I propose and motivate a logic of the interdefined concepts of making true and control, understood as intensional propositional operators to be indexed to an agent. While bearing a resemblance to earlier logics in the tradition, the motivations, semantics, and object language theory differ on crucial points. Applying this logic to widespread formal theories of agency, I use it as a framework to argue against the ubiquitous assumption that the strongest actions or options available to a (...) given agent must always be pairwise incompatible. The conclusion is that this assumption conflicts with failures of higher order control of agents over their degree or precision of control, failures exhibited by such imperfect agents as ourselves. I discuss models in this setting for understanding such imperfectly self-controlling agents. In an appendix, I prove several relevant results about the logic described, including soundness and completeness both for it and for certain natural extensions. (shrink)