Розкрито сутність поняття «рейтинг». Доведено значущість рейтингової оцінки для суб’єктів фінансового ринку, зокрема для страхових компаній, потенційних страхувальників, інвесторів та кредиторів.

В статье рассмотрена деятельность ведущих кредитных рейтинговых агентств (Fitch Ratings, Moody's Investors Service и Standard & Poor's) в контексте снижения информационной ценности кредитных рейтингов, которые они присваивают, и сохранения доминирующих позиций на рынке финансового рейтингования. Целью исследования является рассмотрение деятельности кредитных рейтинговых агентств в измерении социального конструкционизма в процессе осуществления государственной финансовой политики, объясняя сопротивление регулятивной модели их деятельности многочисленным вызовам и переменам. Подход новой институциональной социологии в управлении мы сделали чувствительным к проблематике институциональных изменений во времени. Таким образом, мы (...) высказались за трактовку вопроса о неизменности организации деятельности КРА в соответствии с условиями нового социологического институционализма. То есть, дается приоритет когнитивной основе институтов, служащей поддержкой конкретного проявления социального порядка и дающей отличный способ для его понимания. (shrink)

Цель. Работа посвящена определению характерных особенностей влияния экономических информационных сигналов США посредством каналов трансмиссии на компоненты декомпозиции избыточной доходности украинского рынка акций (на примере репрезентативного фондового индекса ПФТС). Методика. Для выявления параметров изменений избыточной доходности биржевого рынка акций Украины в реакциях на экономические информационные сигналы было применено векторное авторегрессионное моделирование. Выбор модели VAR (3) был обоснован согласно информационным критериям AIC и SIC. Результаты. В работе установлено, что лишь переменная избыточной доходности (с лагом 3) позволяет прогнозировать определенную долю будущих изменений доходности (...) фондового индекса ПФТС. Тем не менее, коэффициент R² показывает, что задействованные переменные могут объяснить лишь около 7% изменения избыточной доходности фондового индекса ПФТС, что подтверждает достаточно низкую прогнозируемость украинского рынка акций. На основе декомпозиции избыточной доходности фондового индекса ПФТС за период 2000-2017 гг. (формат торгового дня) было выявлено, что рынок акций Украины является чувствительным к информационным сигналам по будущей избыточной доходности, поскольку более 89% от общего ее изменения можно объяснить влиянием непосредственно через канал премии за риск. Также установлено наличие влияния макроэкономического информационного сигнала США «Индекс доверия потребителей» на избыточную доходность украинского фондового индекса ПФТС через канал премии за риск, что подтверждает предположение о том, что «эффект неожиданности» макроэкономических сигналов США может быть фактором риска для рынка акций Украины. Научная новизна. Получил свое развитие методический подход по определению параметров реакции компонент избыточной доходности фондового индекса ПФТС на «эффект неожиданности» информационного содержание макроэкономических сигналов США. Практическая значимость. Использование приведенного методического подхода позволит улучшить точность финансового прогнозирования параметров реакции ценовых котировок отечественного рынка акций на обнародование макроэкономических информационных сигналов США, что даст возможность инвесторам (частным и институциональным) повысить доходность собственных инвестиционных стратегий. (shrink)

The stronger the level of economic integration between countries, the greater the need to study the formation patterns of the stock market reaction to the financial information signals. This concerns the Ukrainian stock market, which is now in its infancy, and which reaction to financial information signals is sometimes ambiguous. The research aims to identify the formation patterns of return and volatility indicators of the Ukrainian stock market reaction to the US financial information signals. To assess the direct nature of (...) US financial information signals effect on the PFTS stock index, the GARCH econometric modeling toolkit was applied. The research information base is the PFTS stock index and the Federal Reserve System financial information signals at the discount rate for 2000–2019. The fetch is divided into intervals corresponded to the ascent and decline phases of the financial cycle. It was found that an unforeseen increase in the discount rate at the financial cycle decline phase by 25 basis points decreases the PFTS stock index return, on average by 2.9%. Besides, the hypothesis about the general change stabilizing effect in the discount rate on the Ukrainian stock market volatility at the financial cycle growth phase was confirmed. Nevertheless, for investors, the most essential is the regulator’s monetary signals in the discount rate at the financial cycle decline phases rather than at the ascent phases because there is a more significant increase in the volatility level. (shrink)

The Ukrainian PFTS stock index volatility reaction as a whole and its constituent economic sectors (“Basic Materials”, “Financials”, “Industrials”, “Oil & Gas”, “Telecommunications”, “Utilities”) to seven non-monetary US information signals (“Consumer price index”, “Personal spending”, “Unemployment rate”, “Gross domestic product”, “Industrial production”, “Consumer confidence”, “Housing starts”) was carried out for the period 2000–2017 on the basis of closing stock quotations in the trading day format. To assess the “surprise” component direct influence nature of the USA selected non-monetary information signals on (...) the PFTS stock index, an AR-GARCH econometric modelling device was used. The results achieved clearly indicate the presence of some PFTS stock index economic sectors heterogeneous reaction to the United States individual non-monetary information signals announcement. For example, such economic sectors as “Basic Materials”, “Financials”, and “Oil & Gas” volatility response to the US non-monetary information signal “Consumer price index” “surprise” components the opposite of the overall PFTS stock index reaction. It can also be concluded that the United States non-monetary information signals influence on the Ukrainian stock market volatility depends not only on the financial cycle phase and data frequency, but also on the PFTS stock index economic sector. (shrink)

Авторами розглянуто вплив провідних світових кредитних рейтингових агентств на фінансову безпеку емітентів цінних паперів. Обґрунтовано перформативний характер діяльності кредитних рейтингових агентств з позицій моделі «Les economies de la grandeur» нового соціологічного французького інституціоналізму, що дає змогу розв’язати протиріччя щодо сильної опозиції стосовно їх функціонування з одночасним збереженням діючої системи нормативного використання кредитних рейтингів.

Розглянуто природу взаємозв'язку між неправдою та легітимністю в організаційному контексті при здійсненні підприємницької діяльності. Визначено роль, яку відіграє легітимність у конкурентоспроможності суб'єктів підприємництва (особливо новостворених) на ринку, а також представлені стратегії реагування на її дефіцит. Обґрунтовано, що незважаючи на несумісність з фундаментальними основами легітимності, неправда здатна виступати для підприємницьких структур інструментом створення деякої подоби організаційної легітимності, що в свою чергу часто дає змогу заручитися підтримкою зацікавлених осіб (зокрема, інвесторів) та відкрити доступ до необхідних для розвитку бізнесу можливостей і ресурсів.

Авторами рассмотрены основные подходы к моделированию процесса принятия финансово-экономических решений в контексте учета поведенческого фактора соблюдения принятых социальных норм, что позволяет выйти за рамки классического представления о мотивации экономических агентов.

Розглянуто теоретико-методологічні основи прогнозування валютних курсів на ринку Forex. Визначено особливості діяльності на ринку Forex та його переваги і недоліки серед інших валютних ринків. Розкрито сутність прогнозування в цілому та основні проблеми у прогнозуванні. Розглянуто основні методи прогнозування валютних курсів на ринку Forex та ступінь їх використання.

Визначено специфіку постмодерністського споживача продуктів культури у процесі досвіду споживання та можливостей для бізнесу. Встановлено, що постмодерністського споживача доцільно розглядати як вільну особистість із фрагментованою ідентичністю, яка створює цінність та отримує досвід, а також здатна залучати ресурси та навички для конкретних ситуацій споживання продуктів культури. Обґрунтовано важливість застосування концепції пережитого досвіду, щоб підкреслити ключову роль споживача у спільному із суб’єктом підприємництва формуванні цінності будь-якого досвіду споживання продуктів культури. Обґрунтовано, що досвід споживання має місце не лише до, під час і після (...) споживання продукту культури, але також може розглядатися в контексті великої кількості мікродослідів, що поєднують спільне та/або послідовне використання віртуальних та реальних пристроїв. (shrink)

Відсутність точної відповіді на питання щодо появи тих або інших соціально-етичних норм може частково пояснити чому моделі соціальних переваг часто розглядаються як ad hoc (в тому сенсі, що висновки, які отримуються в рамках таких моделей, безпосередньо ґрунтуються на висунутих в таких моделях особливих припущеннях), а формалізація моделювання процесів економічної поведінки часто співвідноситься з існуванням певної норми економічної поведінки в контексті досягнення рівноважного стану.

Karl Pfeifer attempts to present a coherent view of panentheism that eschews Pickwickian senses of “in” and aligns itself with, and builds upon, familiar diagrammed portrayals of panentheism. The account is accordingly spatial-locative and moreover accepts the proposal of R.T. Mullins that absolute space and time be regarded as attributes of God. In addition, however, it argues that a substantive parthood relation between the world and God is required. Pfeifer’s preferred version of panpsychism, viz. panintentionalism, is thrown into the (...) mix as an optional add-on. On this account, God is conceived of as a “spiritual field” whose nature can be made more intelligible by regarding “God” as having a mass-noun sense in some contexts. Pfeifer closes with the suggestion that we look to topology and mereology for further development of the position outlined in his paper. (shrink)

Авторами рассмотрены основные подходы к моделированию процесса принятия финансово- экономических решений в контексте учета поведенческого фактора соблюдения принятых социальных норм, что позволяет выйти за рамки классического представления о мотивации экономических агентов. Ключевые слова: социальная норма, моральные эмоции, экономико-математическое моделирование, процесс принятия решений, «теория игр».

The need for innovative development of healthcare institutions is determined by the necessity to increase the efficiency of organizational processes based on the formation of new models of cooperation, which will make it possible to get access to new technologies and knowledge. The goal of the study is to determine the parameters of the impact of innovative open cooperation strategy and the strategy of innovative closed cooperation of healthcare institutions on the effectiveness of their organizational structure in the context of (...) dissemination and the use of knowledge. Simulation modeling was applied to generate the most effective organizational management structure in the context of innovative cooperation and knowledge exchange within the organizational processes “Inside-out” and “Inside-in”. It is substantiated that the strategies of innovative cooperation “Open Innovation/Closed Innovation” have a significant impact on the organizational structure of management of healthcare institutions in terms of the “degree of centralization” (Dci), “degree of mediation” (Dii), and “degree of centralization of powers” (Dpi). The values of the selected criteria range from 25,52% to 61,50% in the case of Dii, and from 34,53% to 52,63% in the case of Dci, which indicates a higher efficiency of organizational knowledge exchange processes in healthcare institutions, which adhere to the Open Innovation strategy of innovative cooperation. Therefore, there are significant differences in the effectiveness of the management’s organizational structure depending on the degree of openness of innovative cooperation of healthcare institutions. The strategy of innovative openness allows increasing the number and quality of connections in the context of knowledge exchange between the subjects (actors, agents) of the organizational structure (in a broad sense, considering internal and external levels of externality) of healthcare institutions, regardless of the distance between them and the level of similarity. (shrink)

Karl Pfeifer argues against the view that an aesthetic experience must be a uniquely special kind of experience by means of an analogy with sexual experiences. Nonetheless, he leaves open the possibility that some aesthetic experiences might still be of a special kind.

In this article I offer an opinionated overview of the central elements of Kant’s philosophical methodology during the critical period. I begin with a brief characterization of how Kant conceives of the aims of human inquiry – focusing on the idea that inquiry ideally aims at not just cognition (Erkenntnis), but also the more demanding cognitive achievements that Kant labels insight (Einsehen) and comprehension (Begreifen). Then I explore the implications of this picture for philosophy — emphasizing Kant’s distinction between critical (...) and doctrinal phases of philosophical inquiry, with the first of these playing both a negative and a positive role with respect to the second. Then, I will argue that this positive role is possible, according to Kant, only insofar as philosophy follows what I call a “capacities-first” methodology – that is, one that treats basic cognitive capacities (such as reason) and their self-conscious activities as fundamental (in both a cognitive sense and in an explanatory sense) for the sort of philosophy human beings are capable of. It is this methodology, I will argue, that allows Kant to introduce the first principles that philosophy in its doctrinal phase requires in a manner that is neither arbitrary nor (at least obviously) incompatible with Kant’s own critical restrictions on cognition. I conclude by discussing some of the implications of this methodological picture – including the methodological significance of self-consciousness and regressive or “transcendental” arguments, Kant’s distinction between analytic and synthetic methods in philosophy, and Kant’s conception of reason as autonomous. (shrink)

Over the last two decades, Kant’s name has become closely associated with the “constitutivist” program within metaethics. But is Kant best read as pursuing a constitutivist approach to meta- normative questions? And if so, in what sense? In this essay, I’ll argue that we can best answer these questions by considering them in the context of a broader issue – namely, how Kant understands the proper methodology for philosophy in general. The result of this investigation will be that, while Kant (...) can indeed be read as a sort of constitutivist, his constitutivism is ultimately just one instance of a much more general approach to philosophy – which treats as fundamental our basic, self-conscious rational capacities. Thus, to truly understand why and how Kant is a constitutivist, we need to consider this question within the context of his more fundamental commitment to “capacities-first philosophy”. (shrink)

Historical research has recently made it clear that, prior to Austin and Searle, the phenomenologist Adolf Reinach (1884-1917) developed a full-fledged theory of speech acts under the heading of what he called "social acts". He we consider a second instance of a speech act theory avant la lettre, which is to be found in the common sense philosophy of Thomas Reid (1710-1796). Reid’s s work, in contrast to that of Reinach, lacks both a unified approach and the detailed analyses of (...) pertinent examples. But his writings leave no doubt that he is acutely aware of the very problems concerning language structure and use out of which contemporary speech act theory has evolved and that he goes a good way towards solving these problems in the spirit of the modern theory. (shrink)

Karl Pfeifer argues against Searle's "Connection Principle" which requires that unconscious intentional mental states must be in principle accessible to consciousness.

Contemporary forms of Kantian constitutivism generally begin with a conception of agency on which the constitutive aim of agency is some form of autonomy or self-unification. This chapter argues for a re-orientation of the Kantian constitutivist project towards views that begin with a conception of rationality on which both theoretical and practical rationality aim at forms of understanding. In a slogan, then, understanding-first as opposed to autonomy-first constitutivism. Such a view gives the constitutivist new resources for explaining many classes of (...) reasons, while also offering a new way of understanding the unity of theoretical and practical reason. The chapter concludes by arguing that the resulting view is best understood, not so much as an alternative to autonomy-first constitutivism, but as a complement to it. (shrink)

The teleosemantic indeterminacy problem has generated much discussion but no consensus. One possible solution is to accept indeterminacy as a real feature of some representations. I call this view “indeterminacy realism.” In this paper, I argue that indeterminacy realism should be treated as a serious option. By drawing an analogy with vagueness, I try to show that accepting the reality of indeterminacy would not be catastrophic for teleosemantics. I further argue that there are positive reasons to endorse indeterminacy realism. I (...) end the paper by arguing that indeterminacy realism need not generalize viciously to the case of propositional attitudes. (shrink)

The study aims at determining the role and significance of such moral emotions as nobility, gratitude, admiration for the socially significant behavior of a person in society. That involves identifying a close relationship between those emotions and personality’s social behavior and that they can be one of the main incentives for socially significant behavior – theoretical basis. The importance of ethical emotions with positive valence when making decisions with their implementation in society determines the research’s theoretical and methodological basis. Those (...) are studied in the cognitive dimension of human social activity, considering their subjective experience and objectification. The authors determined that ethical emotions with positive valence, pleasant emotions stimulate a person to experience them again and behave socially desirable as such behavior allows reliving those emotions and self-actualizing. Emotions with a positive valence are most desirable for a person and are the essential behavior incentives in society. A person can act actively to achieve them, to experience them repeatedly, which is the basis of motivation for socially desirable and meaningful behavior. From exclusively subjective experiences, those emotions move into objectification, i.e., those motivated to act in conditions of a definite or indefinite social continuum. In due time, these socially crucial actions acquire normative content, sometimes even a form, since they serve as a model for others. Moral emotions with positive valence, empathy, rule-making, high culture, and responsibility to oneself and others form a good way of a person’s self-realization through positive social behavior. Furthermore, moral emotions with positive valence are the most important incentive for such behavior. (shrink)

In recent years, several philosophers - including Joshua Gert, Douglas Portmore, and Elizabeth Harman - have argued that there is a sense in which morality itself does not treat moral reasons as consistently overriding.2 My aim in the present essay is to develop and extend this idea from a somewhat different perspective. In doing so, I offer an alternative way of formalizing the idea that morality is modest about the weight of moral reasons in this way, thereby making more explicit (...) the connections between this thesis and similar issues in the epistemic sphere. In addition, I discuss how these ideas can transform our thinking about familiar questions in ethics such as the nature of self-effacement, the significance of reflective endorsement, the weight that moral reasons ought to be given in all things consideration, and the plausibility of “indirect” moral theories. Finally, I show that these ideas are compatible even with pictures of morality – such as Kant’s – on which morality might seem to anything but modest about its own importance. In doing so, I stress that it is possible to see morality as modest about the weight of specifically moral reasons, while also seeing all practical reasons as grounded in morality more indirectly – namely, by seeing morality as determining the weight that both moral and non-moral considerations deserve to have in all things considered deliberation. (shrink)

A common complaint about Kantian ethics is that it cannot do justice to the social or intersubjective dimensions of human life – that, unlike Fichte, Hegel, or Marx, Kant remains caught within a fundamentally individualistic perspective on practical or moral questions. In this way, the objection goes, Kantian ethics leaves agents alienated from others around them and their larger community. While not entirely unnatural, I argue here that such concerns rest on a mischaracterization of where the most serious problems in (...) this region for Kant lie. Far from being too individualistic, the real worry about Kantian moral theory is that it may not be individualistic enough. In a contemporary context, where Kantian ethics is associated with the “self-constitution” of agents or the “separateness of persons”, the idea that it is insufficiently concerned with individual persons may come as a surprise. But it would not surprise Kant’s immediate successors like Fichte and Hegel. For this is where they often located the deepest problems facing Kant’s moral philosophy. As we will see, in making such points, they were in some ways closer to Kant’s own views than they recognized. Nonetheless, if this is right, Kantian ethics may in fact more anti-individualistic than many of the ethical systems that followed in his wake. And the most radical elements in Kant’s ethics might point, less to Fichte and Hegel, and more to figures like Schopenhauer who sought to develop a synthesis of Kant and ideas from South Asian philosophy. Perhaps, we might say, Kant has been sitting under the Bodhi tree all along? (shrink)

This is the commentary on John Baker, "H. P. Grice's Construction of Value", read at the 34th Annual Congress of the Canadian Philosophical Association, May 1990, Victoria, British Columbia.

Karl Pfeifer distinguishes between humor used extraneously in the delivery of philosophical content and humor intrinsic to the content itself: “Enlivening the delivery isn’t the same as enlivening the content of the delivery.” Using examples from topics in philosophy of mind and moral philosophy he illustrates how humor can be used to make certain ideas more engaging and memorable for students. He also gives an example of what to avoid.

A number of logicians and philosophers have turned their attention in recent years to the problem of developing a logic of interrogatives. Their work has thrown a great deal of light on the formal properties of questions and question-sentences and has led also to interesting innovations in our understanding of the structures of performatives in general and, for example, in the theory of presuppositions. When, however, we examine the attempts of logicians such as Belnap or Åqvist to specify what, precisely, (...) a question is, or what it is to ask or raise a question, then what we are offered is somewhat less illuminating. Two alternative reductionist accounts seem in particular to have gained most favor: questions are identified either as special sorts of statements, or as special sorts of requests. As we hope will become clear in what follows, neither of these accounts is even nearly adequate; and matters are not improved if questions are identified, by force majeure, as combinations of statements and requests. (shrink)

Karl Pfeifer revisits Wittgenstein’s parenthetical allusion in the _Tractatus Logico-Philosophicus_ to the Grimms’ fairytale “The Golden Lads”, confirming that it does not work well as an illustration of the notion of “internal identity” that figures in Wittgenstein’s picture theory. He then proposes alternative ways of understanding the relationship of identity apparent in “The Golden Lads”.

The paper provides a new approach to determining the financial standing of Ukrainian banks in the long and short terms. Using the European assessing indices and the national ones, a new ranking system is created. The authors ranked 20 biggest Ukrainian banks by assets and grouped them into corresponding financial groups.

This paper explores how transformative experience generates decision-making problems of particular seriousness in medical settings. Potentially transformative experiences are especially likely to be encountered in medicine, and the associated decisions are confronted jointly by patients and clinicians in the context of an imbalance of power and expertise. However in such scenarios the principle of informed consent, which plays a central role in guiding clinicians, is unequal to the task. We detail how the principle’s assumptions about autonomy, rationality and information handle (...) transformative experiences poorly, appealing to several difficult cases for medical decision-making to illustrate the resulting problem, and we consider how the existing literature on complications with consent fails to offer a resolution. We argue that recognition of the problem has a role to play in achieving a more effective response to transformative decisions. In Sect. 1 we introduce several representative cases of challenging patient decision-making that clinicians might face. In Sect. 2 we detail how transformative experience has been analysed in the recent literature, before outlining in Sect. 3 the theoretical basis of the principle of informed consent, which plays a central role in how clinicians are expected to support decision-making. In Sect. 4, having laid the groundwork for a clear description, we return to the cases given in Sect. 1 to confirm how their transformative nature presents a problem: either clinicians treat the decisions faced by these patients as ‘normal’, encouraging them to focus on information provision that patients may be unable to act on, or they treat them as transformative, in which case they lack the resources to recognise whether they are helping patients make (subjectively) good decisions. In Sect. 5 we argue that the existing literature does not offer any escape from this problem. We close in Sect. 6 by noting the significant impact that appreciating the problem of transformative experience could have on supporting transformative decisions in medicine and briefly suggesting how we might aim to develop new approaches to dealing with these. (shrink)

Starting from the problem of tolerance in a multicultural society, the author undermines the limits of a classical‐liberal foundation (negative tolerance) and suggests the need for a new meaning: a positive concern of tolerance implying appreciation of a variety of social cultures and value traditions. On an ethical level, positive tolerance can be grounded in the Discourse Theory, developing the classical Kantian deontological ethics in a transcendental‐pragmatic and in a transcendental‐hermeneutic sense. In this way, discourse ethics can answer two questions (...) posed by tolerance in a multicultural society: the duty to support all in the pursuit of their ideals and realize positive tolerance as well as its restrictions. (shrink)

Neo-Kantianism is common conceived as a philosophy ‘from above’, excelling in speculative constructions – as opposed to the attitude of patient description which is exemplified by the phenomenological turn ‘to the things themselves’. When we study the work of Emil Lask in its relation to that of Husserl and the phenomenologists, however, and when we examine the influences moving in both directions, then we discover that this idea of a radical opposition is misconceived. Lask himself was influenced especially by Husserl’s (...) Logical Investigations, and Husserl, especially in his later writings, was in some respects closer to Kant than were the Neo-Kantians. The contrast between the two philosophers can be illustrated by looking at their view of the objects of judgment; for Lask, as for Kant, judgment can relate to the thing as such only in an indirect way. The world of judgment is a collection of ‘imitations holding a secondary position’. It is cut apart from the plain world of real things by what Lask calls a ‘chasm of artificiality and imagery’. For Husserl, in contrast, the object of judgment is a ‘Sachverhalt’ or state of affairs, something ontologically ‘positive’ in the sense that it is an entity in its own right and does not point beyond itself in the manner of a mere sign or proxy for something else. (shrink)

According to internalism about rationality, the ir/rationality of a subject depends only on how things appear from her subjective perspective. According to culpabilism, rationality is a normative standard such that violations of rationality are (at least sometimes) blameworthy. According to a classical line of reasoning, culpabilism entails internalism. I argue that, to the contrary, culpabilism entails that internalism is false. The internalist cannot accommodate the possibility of culpable irrationality.

Abstract: The State of Nature, Prehistory, and Mythmaking Karl Widerquist This chapter provide an overview of two books, in which Grant S. McCall and I name, define, and debunk the following false claims that still play important roles in contemporary political theories although they are not always defined and defended explicitly: 1. The Hobbesian hypothesis: sovereign states and/or the liberal private property rights system benefits everyone (or at least harms no one) relative to how well they could reasonably expect (...) to live in the state of nature—i.e. a society lacking one or both of these institutions. 2. The appropriation hypothesis: private property in the form of liberal ownership rights develops naturally while collective, communal, common, or government-held property rights systems do not. 3. The natural inequality hypothesis: inequality is natural and inevitable, i.e. economic, social, and/or political equality cannot exist and/or cannot be created without a significant loss in negative freedom. 4. The market-freedom hypothesis: a market economy (and/or capitalism) is more consistent with negative freedom than any other economic system. The third and fourth of these claims are not obviously claims about prehistoric or small-scale societies, but they are universal claims about all societies and so they include claims about even the most remote and distant societies from contemporary thinking. (shrink)

Teleosemantics has an indeterminacy problem. In an earlier publication, I argued that teleosemanticists may afford to be realists about indeterminacy, pointing to the phenomenon of vagueness as a case of really-existing semantic indeterminacy. Here, I continue that project by proposing two criteria of adequacy that a semantically indeterminate theory should meet: a criterion of theoretical adequacy and a criterion of extensional adequacy. I present reasons to think that indeterminate versions of teleosemantics can meet these criteria. I end by discussing vagueness, (...) concluding that it most likely is not the same kind of phenomenon as the semantic indeterminacy afflicting teleosemantics. (shrink)

The article investigates the main characteristics of the financial stability of Ukrainian banks, their risk profile, structure of assets, liabilities, income, expenses based on the monthly reporting data for 2004-2020 (number of observations – 3 813). The Kohonen self-organizing map (SOM) toolkit is used to form homogeneous groups of banks based on a large number of financial indicators. The selected toolkit provides a convenient visualization of the results. Each bank occupies a specific place on the SOM. The close location of (...) banks on the map indicates that these banks have many common characteristics. This study is called the method of structural and functional groups of banks. The study formed stable groups of banks with the same characteristics of business models and risk profile. The formation of consecutive maps for each reporting period allows to obtain the characteristics of each bank separately and the banking system as a whole. The trajectory of an individual bank’s activity during the observation period characterizes the development of its business strategy. The migration of a large number of banks between groups reflects the objective changes in the conditions of banking. Increasing groups of high-risk banks indicate systemic problems. The results show that after a significant reduction in the banking system of Ukraine in 2014-2016, the business models of banks have changed significantly. The resource base relies on unstable sources of current funds with no set term of use. In the assets of banks, a significant portion is invested in government securities – government bonds. Bank loan portfolios have declined and have a higher proportion of non-performing assets (NPL). Many banks have increased currency risk. Concerns are raised about the state of large state-owned banks that hold a separate high-risk group. Thus, the conducted research allows to distinguish groups of banks with specific characteristics of business models and to observe changes of risk profile inherent to these groups. For each structural-functional group, changes in the values of financial indicators are investigated and migration between groups is studied. The proposed methodology is useful for studying both macro and macro levels. (shrink)

In in this paper, I make use of an “doxastic planning model” of epistemic evaluation to argue for a form of epistemic internalism. In doing so, I begin by responding to a recent argument of Schoenfield’s against my previous attempt to develop such an argument. In doing so, I distinguish a variety of ways that argument might be understood, and discuss how both internalists and externalists might make use of the ideas within it. Then I argue that, despite these complexities, (...) the doxastic planning model continues to support a modest form of epistemic internalism. I conclude by showing that, far from conflicting with “anti-luminosity” arguments in epistemology, this form of internalism is best understood as a natural reaction to these arguments. (shrink)

With respect to the topic of “powers and abilities,” most readers will associate David Hume with his multi-pronged critique of traditional attempts to make robust explanatory use of those notions in a philosophical or scientific context. But Hume’s own philosophy is also structured around the attribution to human beings of a variety of basic faculties or mental powers – such as the reason and the imagination, or the various powers involved in Hume’s account of im- pressions of reflection and the (...) passions. Indeed, there is a clear case to be made that, despite his deflationary account of our concept of power, Hume continues to treat certain basic powers or faculties as forming the explanatory bedrock for his new “science of man”. In this essay, I will discuss how this apparent conflict between the “critical” (if not outright skeptical) and “constructive” aspects of Hume’s discussion of powers and abilities is best resolved – with special attention to the question of how this illuminates Hume’s place in the development of early modern conceptions of the proper method for philosophy. (shrink)

In manuscripts of 1930-1 Johannes Daubert, principal member of the Munich board of realist phenomenologists, put forward a series of detailed criticisms of the idealism of Husserl’s Ideas I. The paper provides a sketch of these criticisms and of Daubert’s own alternative conceptions of consciousness and reality, as also of Daubert’s views on perception, similar, in many respects, to those of J. J. Gibson.

Consider the opening sentence of Tolkien’s The Hobbit: In a hole in the ground there lived a hobbit. By writing this sentence, Tolkien is making a fictional statement. There are two influential views of the nature of such statements. On the pretense view, fictional discourse amounts to pretend assertions. Since the author is not really asserting, but merely pretending, a statement such as Tolkien’s is devoid of illocutionary force altogether. By contrast, on the alternative make-believe view, fictional discourse prescribes that (...) the reader make-believe the content of the statement. In this paper, we argue that neither of these views is satisfactory. They both fail to distinguish the linguistic act of creating the fiction, for instance Tolkien writing the sentence above, from the linguistic act of reciting it, such as reading The Hobbit out loud for your children. As an alternative to these views, we propose that the essential feature of the author’s speech act is its productive character, that it makes some state of affairs obtain in the fiction. Tolkien’s statement, we argue, has the illocutionary force of a declaration. (shrink)

This article argues the following points. The Hobbesian hypothesis, which we define as the claim that all people are better off under state authority than they would be outside of it, is an empirical claim about all stateless societies. It is an essential premise in most contractarian justifications of government sovereignty. Many small-scale societies are stateless. Anthropological evidence from them provides sufficient reason to doubt the truth of the hypothesis, if not to reject it entirely. Therefore, contractarian theory has not (...) done what it claims to do: it has not justified state sovereignty to each person subject to it by demonstrating that they benefit from that authority. To be justified in contractarian terms, states have to do something to improve the living standards of disadvantaged people under their rule. (shrink)

Much contemporary ontological inquiry takes place within the so-called ‘Quinean tradition’ but, given that some aspects of Quine’s project have been widely abandoned even by those who consider themselves Quineans, it is unclear what this amounts to. Fortunately recent work in metaontology has produced two relevant results here: a clearer characterisation of the metaontology uniting the aforementioned Quineans, most notably undertaken by Peter van Inwagen, and a raft of criticisms of that metaontology. In this paper I critique van Inwagen’s Quinean (...) metaontology, finding that certain challenges, supplemented by pressure to reflect more closely Quine’s work, should drive Quineans to adopt a stronger metaontology incorporating more of Quine’s radical views. I conclude that while van Inwagen’s Quineanism is problematic there are prospects for a viable, more wholeheartedly Quinean, metaontology. (shrink)

Proceeding on the basis of reports of a proposal in 2011 to criminalize public flatulence in Malawi, the normative significance of flatulence is considered from the respective standpoints of aesthetics, etiquette, and ethics, and it is indicated how aesthetics and etiquette may themselves also have ethical significance. It is concluded that etiquette and ethics may both require that certain violations of etiquette and ethics should sometimes be ignored.

“Functional finance” is an economic theory within the Post Keynesian school of thought. Especially in the form of Modern Monetary Theory (MMT), it has begun to have two big but opposite effects on the debate over Universal Basic Income (UBI). Some people state MMT in an exaggerated way that implies the government can spend all it wants on UBI or anything else without ever raising taxes or borrowing money as if government spending had no limits of any kind. Other people (...) refer to MMT while arguing that any effort to maintain a livable level of UBI is unsustainable. This article discusses the functional finance implications for the cost and sustainability of UBI, arguing that neither of those exaggerated implications are correct. MMT doesn’t free us for the concern for how to support UBI with taxes, but neither does it give reason to believe UBI is any less sustainable. (shrink)

The article discusses the conditions under which can we say that people enter the economic system voluntarily. “The Need for an Exit Option” briefly explains the philosophical argument that voluntary interaction requires an exit option—a reasonable alternative to participation in the projects of others. “The Treatment of Effective Forced Labor in Economic and Political Theory” considers the treatment of effectively forced interaction in economic and political theory. “Human Need” discusses theories of human need to determine the capabilities a person requires (...) to have an acceptable exit option. “Capability in Cash, Kind, or Raw Resources” considers what form access to that level of capability should take—in cash, kind, or raw resources, concluding that a basic income guarantee is the most effective method to ensure an exit option in a modern, industrial economy. (shrink)