There is a current debate about the grammar of intention: do I intend to φ, or that I φ? The equivalent question in Aristotle relates especially to choice. I argue that, in the context of practical reasoning, choice, as also wish, has as its object an act. I then explore the role that this plays within his account of the relation of thought to action. In particular, I discuss the relation of deliberation to the practical syllogism, and the thesis that (...) the conclusion of the second is an action. (shrink)

Many areas of philosophy employ a distinction between factual and non-factual (descriptive/non-descriptive, cognitive/non-cognitive, etc) uses of language. This book examines the various ways in which this distinction is normally drawn, argues that all are unsatisfactory, and suggests that the search for a sharp distinction is misconceived. The book develops an alternative approach, based on a novel theory of the function and origins of the concept of truth. The central hypothesis is that the main role of the normative notion of truth (...) is to encourage speakers to argue, with long-run behavioural advantages. This offers a fresh perspective on many debates about realism in contemporary philosophy. (shrink)

Causalists and Evidentialists can agree about the right course of action in an (apparent) Newcomb problem, if the causal facts are not as initially they seem. If declining $1,000 causes the Predictor to have placed $1m in the opaque box, CDT agrees with EDT that one-boxing is rational. This creates a difficulty for Causalists. We explain the problem with reference to Dummett's work on backward causation and Lewis's on chance and crystal balls. We show that the possibility that the causal (...) facts might be properly judged to be non-standard in Newcomb problems leads to a dilemma for Causalism. One horn embraces a subjectivist understanding of causation, in a sense analogous to Lewis's own subjectivist conception of objective chance. In this case the analogy with chance reveals a terminological choice point, such that either (i) CDT is completely reconciled with EDT, or (ii) EDT takes precedence in the cases in which the two theories give different recommendations. The other horn of the dilemma rejects subjectivism, but now the analogy with chance suggests that it is simply mysterious why causation so construed should constrain rational action. (shrink)

Ismael traces our sense that the past is fixed and the future open to what she calls ‘the practical arrow’ – ‘the sense that we can affect the future but not the past.’ In this piece I draw a sharper distinction than Ismael herself does between agents and mere observers, even self-referential observers; and I use it to argue that Ismael’s explanation of the practical arrow is incomplete. To explain our inability to affect the past we need to appeal to (...) our own temporal orientation as agents, and not merely to the ingredients from physics that allow us to predict the consequences of our actions. [This piece is a commentary on J Ismael’s ‘The Open Universe: Totality, Self-Reference and Time’, to appear in the Australasian Philosophical Review.]. (shrink)

Carnap was one of the first to use the term 'non-cognitivism'. His linguistic pluralism and voluntarism, and his deflationary views of ontology and semantics, are highly congenial to those of us who want to take non-cognitivism in the direction of global expressivism. In his own case, however, this move is in tension with his continued endorsement of what he calls 'the general thesis of logical empiricism', that 'there is no third kind of knowledge besides empirical and logical knowledge.’ So while (...) Carnap clears a path towards global expressivism, he doesn't seem to appreciate what it requires him to leave behind. (shrink)

Understanding the nature of pain depends, at least partly, on recognizing its subjectivity (thus, its first-person epistemology). This in turn requires using a first-person experiential method in addition to third-person experimental approaches to study it. This paper is an attempt to spell out what the former approach is and how it can be integrated with the latter. We start our discussion by examining some foundational issues raised by the use of introspection. We argue that such a first-person method in the (...) scientific study of pain (as in the study of any experience) is in fact indispensable by demonstrating that it has in fact been consistently used in conjunction with conventional third-person methodologies, and this for good reasons. We show that, contrary to what appears to be a widespread opinion, there is absolutely no reason to think that the use of such a first-person approach is scientifically and methodologically suspect. We distinguish between two uses of introspective methods in scientific experiments: one draws on the subjects’ introspective reports where any investigator has equal and objective access. The other is where the investigator becomes a subject of his own study and draws on the introspection of his own experiences. We give examples using and/or approximating both strategies that include studies of second pain summation and its relationship to neural activities, and brain imaging- psychophysical studies wherein sensory and affective qualities of pain are correlated with cerebral cortical activity. We explain what we call the experiential or phenomenological approach that has its origins in the work of Price and Barrell (1980). This approach capitalizes on the scientific prospects and benefits of using the introspection of the investigator. We distinguish between its vertical and horizontal applications. Finally, we conclude that integrating such an approach to standard third-person methodologies can only help us in having a fuller understanding of pain and of conscious experience in general. (shrink)

In his influential book 'Making Things Happen' and in other places, Jim Woodward has noted some affinities between his own account of causation and that of Menzies and Price, but argued that the latter view is implausibly ‘subjective’. In this piece I discuss Woodward’s criticisms. I argue that the Menzies and Price view is not as different from Woodward’s own account as he believes, and that in so far as it is different, it has some advantages whose importance (...) Woodward misses; but also that the Menzies and Price view lacks some elements whose importance Woodward rightly stresses. When properly characterized, however, the ‘subjectivity’ survives unscathed. (shrink)

This paper discusses the relation between Crispin Wright’s alethic pluralism and my global expressivism. I argue that on many topics Wright’s own view counts as expressivism in my sense, but that truth itself is a striking exception. Unlike me, Wright never seems to countenance an expressivist account of truth, though the materials needed are available to him in his approaches to other topics.

This is an unpublished piece from July 1998. It discusses the use of semantic notions such as reference in the Canberra Plan, the question whether this use creates a problematic circularity if the Canberra Plan is applied to the semantic notions themselves, and the relation of this question to Putnam’s model-theoretic argument. I used some of the ideas in later papers such as (Price 2004, 2009) and (Menzies & Price, 2009), but the bulk of discussion of the relation (...) of my concern to Putnam’s argument (and to responses to Putnam by others) never made it into print. (shrink)

Can an agent deliberating about an action A hold a meaningful credence that she will do A? 'No', say some authors, for 'Deliberation Crowds Out Prediction' (DCOP). Others disagree, but we argue here that such disagreements are often terminological. We explain why DCOP holds in a Ramseyian operationalist model of credence, but show that it is trivial to extend this model so that DCOP fails. We then discuss a model due to Joyce, and show that Joyce's rejection of DCOP rests (...) on terminological choices about terms such as 'intention', 'prediction', and 'belief'. Once these choices are in view, they reveal underlying agreement between Joyce and the DCOP-favouring tradition that descends from Ramsey. Joyce's Evidential Autonomy Thesis (EAT) is effectively DCOP, in different terminological clothing. Both principles rest on the so-called 'transparency' of first-person present-tensed reflection on one's own mental states. (shrink)

There is a long-standing disagreement in the philosophy of probability and Bayesian decision theory about whether an agent can hold a meaningful credence about an upcoming action, while she deliberates about what to do. Can she believe that it is, say, 70% probable that she will do A, while she chooses whether to do A? No, say some philosophers, for Deliberation Crowds Out Prediction (DCOP), but others disagree. In this paper, we propose a valid core for DCOP, and identify terminological (...) causes for some of the apparent disputes. (shrink)

In this paper I propose to describe, in brief, a semiotic paradigm which results from the redefinition of the linguistic sign as a molecular sememe. Borrowing a tactic from Wittgenstein, I wish to use the game of chess as an analogy for the sake of describing what a molecular sememe is. Then I hope to use it further to sketch several implications of this semiotic paradigm for literary criticism and critical theory.

This piece was written as my Presidential Address at the Annual Conference of the Australasian Association of Philosophy, held at Melbourne University in July 1999. I discuss the view ‘that we can’t describe or theorise about the world from outside language.’ I call this idea ‘linguistic imprisonment’, and take it to be a platitude, although one that is interpreted very differently by different philosophers. In so far as language does depend on contingencies of our own ‘location’, how should we theorise (...) about such matters? I distinguish two approaches, called ‘backgrounding’ and ‘foregrounding’. Roughly, the latter seeks to incorporate the contingencies into the content of claims that depend on them, whereas the former treats them as use conditions. I argue that linguistic imprisonment implies that not everything can be foregrounded, and apply the framework to a then-recent objection to expressivism by Jackson and Pettit. (shrink)

The best-known argument for Evidential Decision Theory (EDT) is the ‘Why ain’cha rich?’ challenge to rival Causal Decision Theory (CDT). The basis for this challenge is that in Newcomb-like situations, acts that conform to EDT may be known in advance to have the better return than acts that conform to CDT. Frank Arntzenius has recently proposed an ingenious counter argument, based on an example in which, he claims, it is predictable in advance that acts that conform to EDT will do (...) less well than acts that conform to CDT. We raise two objections to Arntzenius’s example. We argue, first, that the example is subtly incoherent, in a way that undermines its effectiveness against EDT; and, second, that the example relies on calculating the average return over an inappropriate population of acts. (shrink)

In recent work Allan Gibbard claims to be both a local quasi-realist, in Blackburn’s sense, and a global expressivist. His local quasi-realism rests on an argument that for naturalistic discourse but not ethical discourse, the semantic relation of denotation and the causal relation of tracking can and should be identified; that denoting simply is tracking, for naturalistic vocabulary. I argue that Gibbard’s case for this conclusion is unconvincing, and poorly motivated by his own expressivist standards. I also argue that even (...) if it were successful, it is doubtful whether the resulting position would count as global expressivism, as Gibbard and I both use that term. (shrink)

This is a review of Zalabardo's Pragmatist Semantics (OUP, 2023), forthcoming in Mind.

This piece was written circa 1982–83, drawing in part on material from my PhD thesis (The Problem of the Single Case, Cambridge, 1981). In the thesis I proposed what would now be called an expressivist account of judgements of the form ‘It is probable that p’. One chapter, on which this paper builds, tried to defend the view against the Frege-Geach argument. This piece earned a revise and resubmit from Philosophical Review, but was never resubmitted. Parts of it made their (...) way into my ‘Semantic Minimalism and the Frege Point’, in Tsohatzidis, S.L.(ed.), Foundations of Speech Act Theory: Philosophical and Linguistic Perspectives, Routledge, 1994, pp. 132–55 (reprinted in Naturalism without Mirrors, Oxford, 2011, ch. 3) – though that paper favours a different approach to the Frege-Geach argument, leaning more heavily on semantic minimalism. I’m putting this piece online to facilitate self-citation. (shrink)

Hume maintained that, philosophically speaking, there is no difference between exiting a room out of the first-floor window and using the door. Nevertheless, Hume’s reason and common sense prevailed over his scepticism and he advocated that we should always use the door. However, we are currently living in a world that is more seriously committed to the Humean philosophy of empiricism than he was himself and thus the potential to act inappropriately is an ever-present potential. In this paper, I explore (...) how Hume’s two versions of causality have detrimentally affected our ability both to arrive at and to use research to improve human well-being. I illustrate my argument with an example of what I think is an incorrect yet supposedly scientifically sound assumption: that absenteeism causes poor school attainment. Instead I make the interdisciplinary argument that absenteeism is better understood as an aggravating symptom of a number of other causes of poor attainment, such as poverty and individual psychological factors. I suggest that an instrumental, punitive policy against parents whose children tend to be absent from school may be ineffectual or even counterproductive if the objective is to improve the well-being of those children. To support my argument, I introduce the critical realist idea of transfactuality. Using the example of research into moon rocks, I show how mainstream science uses transfactuality despite its empiricist aversion to it. I also suggest that it is our honesty, integrity, and stoicism that lead us to the extreme overthrow of reason and common sense that we see today in many of the UK’s social policies; an overthrow that Hume himself did not achieve. Metaphorically speaking, British professionals, stoically and honestly believing in the ability of their trusted research correlations to guide their action, are exiting out of the first-floor window rather than using the door. This is a significant barrier to our ability to devise and implement social policy. (shrink)

_ Source: _Volume 95, Issue 3, pp 368 - 413 Frege famously maintained that concepts are not objects. A key argument of Frege’s for this view is, in outline, as follows: if we are to account for the unity of thought, concepts must be deemed _unsaturated_; since objects are, by contrast, saturated entities, concepts cannot be objects. The author investigates what can be made of this argument and, in particular, of the unsaturated/saturated distinction it invokes. Systematically exploring a range of (...) reconstructions suggested by Frege’s writings, and drawing on contemporary work, the author illustrates that no plausible reconstruction is forthcoming. In essence, it is altogether unclear how to simultaneously substantiate, on the one hand, the claim that unsaturated entities must be recognized in order to account for unity and, on the other, the claim that unsaturatedness is incompatible with objecthood. (shrink)

This is my Cambridge PhD thesis, written under the supervision of Hugh Mellor and Richard Healey, and examined by Mary Hesse and Simon Blackburn. It addresses what it takes to be the core of the problem of single case probability, namely, the interpretation of claims such as ‘It is probable that P’ (where the probabilistic component occurs as a sentential or propositional operator). I argue that claims of this form are not genuinely truth-apt, and that such operators modify the force, (...) rather than the sense, of sentences or propositions to which they attach. In contemporary terms, I thus defend a version of what Yalcin (2012) has called ‘credal expressivism’. Some of the core arguments were later published in the following papers: (i) ‘Does “Probably” modify sense?’, Australasian Journal of Philosophy 61(1983), 396–408 and (ii) 'Mellor, chance and the single case', British Journal for the Philosophy of Science 35(1984), 11-23. Other arguments, including an attempt at the Frege-Geach problem, form the basis of an unpublished piece 'The use of force in a theory of meaning' (1983), accessible at PhilPapers. (shrink)

Frege’s rejection of singular reference to concepts is centrally implicated in his notorious paradox of the concept horse. I distinguish a number of claims in which that rejection might consist and detail the dialectical difficulties confronting the defense of several such claims. Arguably the least problematic such claim—that it is simply nonsense to say that a concept can be referred to with a singular term—has recently received a novel defense due to Robert Trueman. I set out Trueman’s argument for this (...) claim, identifying and remedying some omissions and errors of formulation therein. I then develop a response to the argument by showing, pace Trueman, that it is possible—and how it is possible—to express identities between objects and concepts. (shrink)

Istvan Hont’s classic work on the theoretical links between the seventeenth-century natural jurists Hugo Grotius and Samuel Pufendorf and the eighteenth-century Scottish political economists remains a popular trope among intellectual and economic historians of various stamps. Despite this, a common criticism levelled at Hont remains his relative lack of engagement with the relationship between religion and economics in the early modern period. This paper challenges this aspect of Hont’s narrative by drawing attention to an alternative, albeit complementary, assessment of the (...) natural jurisprudential heritage of eighteenth-century British political economy. Specifically, the article attempts to map on to Hont’s thesis the Christian Stoic interpretation of Grotius and Pufendorf which has gained greater currency in recent years. In doing so, the paper argues that Grotius and Pufendorf’s contributions to the ‘unsocial sociability’ debate do not necessarily lead directly to the Scottish school of political economists, as is commonly assumed. Instead, it contends that a reconsideration of Grotius and Pufendorf as neo-Stoic theorists, particularly via scrutiny of their respective adaptations of the traditional Stoic theory of oikeiosis, steers us towards the heart of the early English ‘clerical’ Enlightenment. (shrink)

Three recent research reports by Topping and Trickey, by Fair and colleagues, and by Gorard, Siddiqui and Huat See have produced data that support the conclusion that a Philosophy for Children program of one-hour-per-week structured discussions has a marked positive impact on students. This article presents data from a follow up study done three years after the completion of the study reported in Fair et al.. The data show that the positive gains in scores on the Cognitive Abilities Test were (...) still present and had not faded after three years. Given the strength of these confirmations of the positive durable impact of the P4C program of structured discussions and given the relatively low cost of implementing the P4C program, it is recommended that it become a standard part of the school curriculum. (shrink)

We construct a machine that knows its own code, at the price of not knowing its own factivity.

This essay is concerned with solipsism, understood as the extreme sceptical view that I have no knowledge except of my subjective state. A less rough formulation of the view is mooted, inspired by a Quinean combination of naturalism and empiricism. An objection to the resultant position is then considered, based on Putnam’s argument that we are not brains in vats. This objection is first outlined, then pitted against a series of counter-objections. Eventually it is endorsed, but only at the (...) class='Hi'>price of exposing the formulation of solipsism in question as not, after all, a satisfactory formulation. This leads to further speculation about the status of solipsism itself. Two of the possibilities that are considered are, firstly, that it is incoherent and, secondly, that it is inexpressible. (shrink)

This study investigates the dynamics of brick-and-mortar versus click-and-mortar microbusinesses, focusing on the strengths, weaknesses, opportunities, and threats (SWOT) within the local context of Balayan. Ten purposively sampled microbusiness entrepreneurs were examined using the SWOT method. The findings underscore the significance of product assessment, communication, and customer experiences in cultivating trust. Sensory experiences and competitive pricing emerge as strengths, while challenges such as poor sales necessitate strategic interventions. External factors, particularly technological advancements, exert influence on the retail landscape. Key strategies (...) include competitive pricing, flexibility, and an understanding of customer behavior. The study highlights growth potential in tailored experiences but acknowledges the risks posed by e-commerce competition. Additionally, a SWOT strategic plan is developed to leverage internal and external strengths and opportunities while mitigating weaknesses and threats. (shrink)

The sphere of international tourism for the period 2000–2018 has been explored and analyzed in the article. The dynamics of the world tourist flows development and income from international tourism are considered, the determinants of development are derived, the regional structure of the world market of tourist services is given. The development of the tourism industry in the world is analyzed by indicators: the number of tourist arrivals, tourism revenues at current prices, total contribution of tourism to GDP. The main (...) tourist regions are analyzed in the context of the study, they are compared both in terms of the number of tourist visits, and a list of the TOP 10 countries by volume of foreign exchange earnings from tourism in recent years. It is concluded that in recent years, there is a continuing upward trend in demand for emerging markets, with old markets such as the European market, partially losing its popularity. In the process of research, it is determined that in the conditions of development of the world economy, expansion of volumes of international trade, improvement of means of transport, communication, increase of internationalization and globalization of the world economy the demand for tourist services increases. One of the peculiarities of the development of the international tourist services market is the globalization of the market, which has reached all sectors of the tourism industry. It is concluded that nowadays international tourism is an important area of international economic activity, a complex sphere that significantly affects both the structure and the situation in the world economy as well as the economies of most individual countries and regions of the world. Tourism development has a stimulating effect on such sectors of the economy as transport, communications, trade, construction, agriculture, production of consumer goods, and іt is one of the most promising areas of structural restructuring of the economy, confirming the amount of foreign exchange earnings from tourism in the world in general and in individual countries. It is the increasing demand for tourism services and the volume of foreign exchange earnings from tourism in the world makes the topic relevant for further research. (shrink)

The study aimed to identify the reality of management and development of human resources among graduates registered with the Palestinian Ministry of Labor. The study used the descriptive analytical approach. A structured questionnaire was used to collect data that contribute to achieving the objectives of the study. The study population consists of university graduates in the southern Palestinian governorates who are registered with the Ministry of Labor. Palestinian labor force, and a random sample was used to collect data, as the (...) sample reached (388) graduates who responded to filling out the questionnaire. The results of the study showed that the axis of human resources management and development was moderately developed. The results also showed that there were no statistically significant differences in the development of human resources according to the personal and organizational data of graduates registered in the Ministry of Labor in the southern governorates in the variables (gender, educational qualification, and governorate). While the results showed that there are statistically significant differences in the development of human resources according to the personal and organizational data of graduates registered in the Ministry of Labor in the southern governorates in the age group variable, where the differences were for age groups 40 years and over, and in the work status variable, where the differences were in favor of graduates who do not work. The study presented a set of recommendations, the most important of which are: the need to use innovative methods in promoting the issue of graduates to stakeholders from various institutions, in addition to the need to adopt specific prices for work in a way that is appropriate to the general economic situation, and the need to provide new and innovative services to workers, and to enhance communication with graduates through the implementation of meetings Periodicals and workshops. (shrink)

The article studies the energy efficiency of the economy and determines the need to reform the energy sector of Ukraine and conditions of its adaptation to EU requirements. Annual energy consumption in the world is about 14 billion tons of fuel. This is mainly organic origin resources – coal, oil, natural gas – 82 %, nuclear power – 7 %, hydroelectric energy – 3%, wood – 7 % renewable energy and – 1 %. The economic development of any country in (...) our time is determined not only by the number of extracted or consumed fuel and energy resources (FER), but the efficiency of their use – energy intensity of GDP, unit costs per unit of output. These figures are better in those countries which have established effective economic and legal mechanisms to encourage energy efficiency, which in turn stimulated the development of energy-saving technologies, equipment supply and services for energy efficiency. Analysis of international experience shows that Ukraine’s energy dependence can be reduced by: increasing production and consumption of domestic energy resources; increasing the efficiency of production, transportation and consumption of energy resources; diversification of energy imports and types of energy consumed. The study emphasizes that «energy is an important prerequisite for growth and development throughout the world, and despite the global financial crisis, demand for energy is growing steadily, particularly in the large economies of China, India and Brazil, developing countries. The authors provethat energy security is largely complicated by the fact that key energy resources are concentrated geopolitically. Most of the world’s oil and gas are found in several countries, some of which «are in a state of political turmoil and are not particularly friendly to US interests»(Gray F, 2010). The conclusions can be summarized that in the context of the main areas of research reducing risks to energy security of Ukraine are: energy efficiency economy (reduce unit cost of energy per unit of GDP); increase proved reserves and production of domestic energy resources; the transition from the use of expensive imported energy resources (oil, natural gas) to other fuels, especially domestic origin; opposition to fluctuations in energy prices (particularly by combating monopolization of the energy market, development of market infrastructure provisioning energy, preservation of state fuel and energy complex and the situation in the energy market); the development of the market principles of the electricity industry, promoting competition in this area. (shrink)

[Newspaper Opinion] Before the COVID-19 pandemic and the accompanying fall in oil prices, a carbon price would have been immediately painful for the countries that imposed it, but far better for everyone over the longer term. In this unprecedented moment, introducing a carbon price would be beneficial both now and for the future.

Concerns that people would be disinclined to voluntarily undergo moral enhancement have led to suggestions that an incentivised programme should be introduced to encourage participation. This paper argues that, while such measures do not necessarily result in coercion or undue inducement (issues with which one may typically associate the use of incentives in general), the use of incentives for this purpose may present a taboo tradeoff. This is due to empirical research suggesting that those characteristics likely to be affected by (...) moral enhancement are often perceived as fundamental to the self; therefore, any attempt to put a price on such traits would likely be deemed morally unacceptable by those who hold this view. A better approach to address the possible lack of participation may be to instead invest in alternative marketing strategies and remove incentives altogether. (shrink)

In this essay I shall consider a certain methodological claim gaining currency in connectionist quarters: The claim that variables are costly to implement in PDP systems and hence are not likely to be as important in cognitive processing as orthodox theories of cognition assume.

This paper presents a new model for pricing OTC derivatives subject to collateralization. It allows for collateral posting adhering to bankruptcy laws. As such, the model can back out the market price of a collateralized contract. This framework is very useful for valuing outstanding derivatives. Using a unique dataset, we find empirical evidence that credit risk alone is not overly important in determining credit-related spreads. Only accounting for both collateral arrangement and credit risk can sufficiently explain unsecured credit costs. (...) This finding suggests that failure to properly account for collateralization may result in significant mispricing of derivatives. We also empirically gauge the impact of collateral agreements on risk measurements. Our findings indicate that there are important interactions between market and credit risk. (shrink)

Bornstein, David. The Price of a Dream: The Idea of the Grameen Bank and the Idea That Is Helping the Poor to Change Their Lives. New York: Simon & Schuster, 1996. 370 pp. $25.00 (cloth).

This article presents a new methodology for pricing and hedging commodity derivatives. A generic model calibration is provided. The calibration procedure consists of an offline step where the mean reversion rates, the ratio of the long and short factor volatilities and the correlation between the long and short factors are determined via historical analysis. This offline step is performed relatively infrequently. There’s also an online step of the calibration which happens every time the model is used to price an (...) option or to simulate price paths. Empirical study shows that the model is quite accurate. (shrink)

Pragmatism’s heartening recent revival (spearheaded by Richard Rorty’s bold intervention into analytic philosophy Philosophy and the Mirror of Nature) has coalesced into a distinctive philosophical movement frequently referred to as ‘neopragmatism’. This movement interprets the very meaning of pragmatism as rejection of metaphysical commitments: our words do not primarily serve to represent non-linguistic entities, but are tools to achieve a range of human purposes. A particularly thorough and consistent version of this position is Huw Price’s global expressivism. We here (...) critically appraise Price’s understanding of a commitment to pragmatism as a rejection of metaphysics, and argue that such rejection is not as easy or desirable as Price claims. First we argue that Price’s global expressivism itself draws on significant metaphysical assumptions (a ‘word-world’ dualism, and a nominalism concerning the meaning of general terms). Then we seek to resolve neopragmatist anxieties about metaphysics by arguing that metaphysics is indispensable for pragmatist philosophizing insofar as it seeks ways for human beings to realise themselves through practices of understanding reality and their place in it. If, as we argue, metaphysics consists in a maximally general inquiry into the nature and structure of reality, to try to block it seems a puzzling exercise in epistemic self-harm. (shrink)

While there are a variety of moral issues that relate to carbon pricing policies, I will focus on one that has received a large amount of attention: is carbon pricing unjust? Campaigners and civil society groups, especially those involved in environmental and climate justice spaces, have rejected carbon pricing as unjust. This claim deserves some discussion and, in this perspective, I discuss a few potential dimensions of justice that could be relevant to this claim. My goal is to show that, (...) for the most important dimensions of justice, distributive and procedural, carbon pricing is not unjust as a policy instrument for addressing climate change. [Open access]. (shrink)

This paper presents a new model for valuing hybrid defaultable financial instruments, such as, convertible bonds. In contrast to previous studies, the model relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is mainly due to convertible underpricing. Empirically, however, we do not find evidence (...) supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)

A question arising from the COVID-19 crisis is whether the merits of cases for climate policies have been affected. This article focuses on carbon pricing, in the form of either carbon taxes or emissions trading. It discusses the extent to which relative costs and benefits of introducing carbon pricing may have changed in the context of COVID-19, during both the crisis and the recovery period to follow. In several ways, the case for introducing a carbon price is stronger during (...) the COVID-19 crisis than under normal conditions. Oil costs are lower than normal, so we would expect less harm to consumers compared to normal conditions. Governments have immediate need for diversified new revenue streams in light of both decreased tax receipts and greater use of social safety nets. Finally, supply and demand shocks have led to already destabilized supply-side activities, and carbon pricing would allow this destabilization to equilibrate around greener production for the long-term. The strengthening of the case for introducing carbon pricing now is highly relevant to discussions about recovery measures, especially in the context of policy announcements from the European Union and United States House of Representatives. Key Policy Insights: • Persistently low oil prices mean that consumers will face lower pain from carbon pricing than under normal conditions. • Many consumers are more price-sensitive during the COVID-19 context, which suggests that a greater relative burden from carbon prices would fall upon producers as opposed to consumers than under normal conditions. • Carbon prices in the COVID-19 context can introduce new revenue streams, assisting with fiscal holes or with other green priorities. • Carbon pricing would contribute to a more sustainable COVID-19 recovery period, since many of the costs of revamping supply chains are already being felt while idled labor capacity can be incorporated into firms with lower carbon-intensity. (shrink)

Recently, dramatic price increases by several pharmaceutical companies have provoked public outrage. These scandals raise questions both about how pharmaceutical firms should be regulated and about how pharmaceutical executives ethically ought to make pricing decisions when drug prices are largely unregulated. Though there is an extensive literature on the regulatory question, the ethical question has been largely unexplored. This article defends a Kantian approach to the ethics of pharmaceutical pricing in an unregulated market. To the extent possible, pharmaceutical companies (...) must price drugs so that those who genuinely need them can get them without financial ruin. This requirement is an ethical side constraint, like the moral prohibitions on deception and theft, that takes precedence over a business’s interest in maximizing profit. That said, the requirement’s application is sensitive to the need to recoup the costs of research and to produce a return that financially justifies the original investment. It may not be either feasible or desirable for government to attempt to enforce the ethical requirements concerning just pharmaceutical pricing. Either price regulation or subsidy could fulfill government’s obligation to protect patients from being objectionably vulnerable to pricing decisions by private companies. (shrink)

This thesis was shaped from Action 13 of the recent Base Erosion and Profit Shifting (BEPS) project adopted by the Organisation for Economic Co-operation and Development (OECD) and G20 countries to prevent profit shifting by multinational enterprises (MNEs). In response to the BEPS Action 13, New Zealand and Vietnam have recently introduced new transfer pricing rules. As little research has been done to examine the effects of the BEPS Action 13 on the transfer pricing landscape of respective countries, the main (...) objective of this study is to understand how the New Zealand and Vietnamese governments have reacted to and adapted the BEPS Action 13 and what tax consultants and taxpayers in both countries think about the new transfer pricing regulations. This study is exploratory in nature. As such, a qualitative case study approach has been adopted using institutional theory as a theoretical framework. Semi-structured interviews were conducted with two tax officers and ten transfer pricing consultants in both countries to identify the differences and similarities, and to draw conclusions. Other sources of publicly available data were also used to support the study. (shrink)

A review of the life and work of the Australian philosopher Huw Price.

Abstract: The aim behind analyzing Google Stock Prices dataset is to get a fair idea about the relationships between the multiple attributes a day might have, such as: the opening price for each day, the volume of trading for each day. With over a hundred thousand days of trading data, there are some patterns that can help in predicting the future prices. We proposed an Artificial Neural Network (ANN) model for predicting the closing prices for future days. The prediction (...) is based on these features (date, opening price, highest price, lowest price, volume), which were used as input variables and (closing price) as output variable for our ANN model. Our model was created, trained, and validated using data set in JNN environment, which its title is “Google-Stock-Prices”. The model evaluation showed that the ANN model is able to predict correctly 99.48% of the validation samples. (shrink)

Book review of Richard A. Richards' The Species Problem: A Philosophical Analysis.

This article presents a new model for valuing financial contracts subject to credit risk and collateralization. Examples include the valuation of a credit default swap (CDS) contract that is affected by the trilateral credit risk of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to (...) a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in the CDS market. (shrink)

Detailed review of the 2018 film. This article is concerned to define contemporary art such that the machinations of the current art market - as portrayed in the film - make sense. The central idea is that the best of contemporary art is narrative rather than merely aesthetic; and a failure to understand this leads to the confusion that currently characterizes judgements about modern artworks.

Abstract: Accurate stock price prediction is essential for informed investment decisions and financial planning. In this research, we introduce an innovative approach to forecast stock prices using an Artificial Neural Network (ANN). Our dataset, consisting of 5582 samples and 6 features, including historical price data and technical indicators, was sourced from Yahoo Finance. The proposed ANN model, composed of four layers (1 input, 1 hidden, 1 output), underwent rigorous training and validation, yielding remarkable results with an accuracy of (...) 99.84% and an average error of 0.005. Additionally, we conducted a feature importance analysis, identifying the key drivers of stock price prediction, such as "High," "Low," "Open," "Volume"," and "Date." This study not only offers a highly accurate stock price prediction model but also contributes valuable insights into the influential factors affecting stock prices, enhancing the field of financial analysis and investment decision-making that are suitable for the task. (shrink)

This chapter first seeks to identify Huw Price's reasons for holding that "object naturalism" can be undermined by "subject-naturalistic" inquiry. It then addresses five questions about how his project bears on the prospects for a liberal naturalism. (1) Does Price’s strategy depend on his requirement that the relevant inquiry into human discourse and thought be conducted in natural-scientific terms? (2) Is Price’s strategy even compatible with that requirement? (3) Does the worldview Price arrives at amount to (...) a liberal naturalism, i.e. a naturalism that could be obtained by relaxing a more restrictive version? (4) Is Price’s strategy consistent with a liberal naturalism? (5) Should a proponent of Price’s strategy accept a liberal naturalism? (shrink)

Worldwide 1.2 million people are dying from kidney failure each year, and in the USA alone, approximately 100 000 people are currently on the waiting list for a kidney transplant. One possible solution to the kidney shortage is for governments to pay donors for one of their healthy kidneys and distribute these kidneys according to need. There are, however, compelling objections to this government-monopsony model. To avoid these objections, I propose a small adjustment to the model. I suggest we reward (...) kidney sellers with both money and a ceremony that celebrates their noble act. They should, in other words, receive a prize rather than a price. (shrink)