The dominant way to define physical entities is by appeal to ideal physics (as opposed to current physics). However, it has been worried that physicalism understood in terms of ideal physics would be too liberal to rule out “psychism”, the view that mentality exists at the fundamental metaphysical level. In this article, I argue that whereas physicalism is incompatible with some psychist cases, such as the case of “phenomenalism” in which ideal physics adopts mental concepts to denote fundamental entities, physicalism (...) should accommodate a certain type of psychist case in which fundamental mental entities are denoted by non-mental concepts in ideal physics. In so doing, I propose a distinctive account of physical entities, which asserts that physical entities are entities denoted by non-mental natural concepts in ideal physics. Physicalism thus understood is expected to be neither too liberal nor too demanding. (shrink)

Ratio, Volume 34, Issue 4, Page 303-311, December 2021.

Aim: Low professional help-seeking intention (PHSI) hinders effective treatment of mental illness. PHSI among Chinese students is still understudied and under-recognized. This study aimed to evaluate the status of PHSI and its associated risk factors among Chinese medical students. -/- Methods: A cross-sectional survey was conducted in Hainan province, South China, between January 1, 2021, and May 31, 2021. A total of 2182 medical students were recruited and surveyed via an anonymous structured questionnaire. Logistic regression analyses were performed to identify (...) the factors associated with PHSI. -/- Results: Among the 2182 medical students (mean age 21.0 years (SD = 3.70), 61.5% females), those with and without PHSI were 72.0% and 28.0%, and 16.4% with moderate to severe depression. Male students, those with a high level of depression stigma, serious family dysfunction, and heavy dependence on mobile phones were significantly less likely to seek professional mental health help, with odds ratios (ORs) of 1.5, 2.0, 2.1, and 1.7, respectively. -/- Conclusion: A significant proportion of Chinese medical students demonstrate low PHSI, influenced by factors such as gender, depression stigma, family dysfunction, and mobile phone dependence. Future interventions aimed at increasing medical students’ PHSI should prioritize reducing depression stigma, mitigating reliance on mobile phone use, and enhancing family function to address these key barriers to seeking professional mental health support. (shrink)

A combinatorial analysis of intrinsicality takes intrinsic properties to be independent of accompaniment: a property is intrinsic only if it is possible for a lonely or an accompanied thing to have it or lack it (I). Cameron argues that the combinatorial analysis in Langton & Lewis (1998) faces an epistemic circularity, which makes (I) suspicious. In this paper, I examine two approaches to free the combinatorial analyses from the circularity and find them all fail. Then I provide an outline of (...) an argument for (I) by appealing to the grounding analyses of intrinsicality, which shows an advantage of the grounding analyses over the combinatorial ones. (shrink)

Both motivational internalism and externalism need to explain why sometimes moral judgments tend to motivate us. In this paper, I argue that Dreier’ second-order desire model cannot be a plausible externalist alternative to explain the connection between moral judgments and motivation. I explain that the relevant second-order desire is merely a constitutive requirement of rationality because that desire makes a set of desires more unified and coherent. As a rational agent with the relevant second-order desire is disposed towards coherence, she (...) will have some motivation to act in accordance with her moral judgments. Dreier’s second-order desire model thus collapses into a form of internalism and cannot be a plausible externalist option to explain the connection between moral judgments and motivation. (shrink)

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)

This article proposes a term structure model for dual-currency interest rate markets. The model assumes that volatility is a deterministic function of time alone. This volatility structure can reduce the dimension of the required state variables. An important special case is presented, which corresponds essentially to a Vasicek/Hull-White yield curve model in each currency. The model is very useful for pricing cross-currency derivatives.

Lack of a historical sense is the hereditary defect of philosophers. … So what is needed from now on is historical philosophizing, and with it the virtue of modesty.

In this thesis, I explore motivational internalism and externalism, which concern the relationship between moral judgments and motivation. I first introduce the basic terms and different forms of internalism and externalism, including the externalist objections to internalism based on the famous counterexamples. I then argue against externalism by defending and developing Michael Smith’s fetishism argument. I not only respond to the externalist objections to the fetishism argument but also further argue against different externalist explanations of moral motivation that intend to (...) avoid the fetishism charge. Finally, I re-examine different forms of internalism in order to argue for a new form of internalism that can better preserve our internalist intuitions whilst accommodating the externalist counterexamples. My ultimate conclusion will be that the most plausible form of internalism to accept is constitutional, unconditional, relatively strong, direct internalism that is formulated in terms of dispositional desires. (shrink)

This paper presents a Least Square Monte Carlo approach for accurately calculating credit value adjustment (CVA). In contrast to previous studies, the model relies on the probability distribution of a default time/jump rather than the default time itself, as the default time is usually inaccessible. As such, the model can achieve a high order of accuracy with a relatively easy implementation. We find that the valuation of a defaultable derivative is normally determined via backward induction when their payoffs could be (...) positive or negative. Moreover, the model can naturally capture wrong or right way risk. (shrink)

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)

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect of collateralization on (...) valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one. (shrink)

The LIBOR Market Model has become one of the most popular models for pricing interest rate products. It is commonly believed that Monte-Carlo simulation is the only viable method available for the LIBOR Market Model. In this article, however, we propose a lattice approach to price interest rate products within the LIBOR Market Model by introducing a shifted forward measure and several novel fast drift approximation methods. This model should achieve the best performance without losing much accuracy. Moreover, the calibration (...) is almost automatic and it is simple and easy to implement. Adding this model to the valuation toolkit is actually quite useful; especially for risk management or in the case there is a need for a quick turnaround. (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.

Introduction: The development of advanced sewage technologies empowers the industry to produce high-quality recycled water, which greatly influences human’s life and health. Thus, this study investigates the mechanism of individuals’ adoption of recycled water from the technology adoption perspective. -/- Methods: Employing the mixed method of structural equation modeling and artificial neural network analysis, we examined a research model developed from the extended Unified Theory of Acceptance and Use of Technology (UTAUT2) framework. To examine the research model, this study employs (...) a leading web-survey company (Sojump) to collect 308 valid samples from the residents in mainland China. -/- Results: The structural equation modeling results verified the associations between the six predictors (performance expectancy, effort expectancy, social influence, facilitating conditions, environmental motivation, and price value), individuals’ cognitive and emotional attitudes, and acceptance intention. The artificial neural network analysis validates and complements the structural equation modeling results by unveiling the importance rank of the significant determinants of the acceptance decisions. -/- Discussion: The study provides theoretical implications for recycled water research and useful insights for practitioners and policymakers to reduce the environmental hazards of water scarcity. (shrink)

This paper argues that the reduced-form jump diffusion model may not be appropriate for credit risk modeling. To correctly value hybrid defaultable financial instruments, e.g., convertible bonds, we present a new framework that 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)

This article presents a new model for valuing a credit default swap (CDS) contract that is affected by multiple credit risks 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)

This article presents a generic model for pricing financial derivatives subject to counterparty credit risk. Both unilateral and bilateral types of credit risks are considered. Our study shows that credit risk should be modeled as American style options in most cases, which require a backward induction valuation. To correct a common mistake in the literature, we emphasize that the market value of a defaultable derivative is actually a risky value rather than a risk-free value. Credit value adjustment (CVA) is also (...) elaborated. A practical framework is developed for pricing defaultable derivatives and calculating their CVAs at a portfolio level. (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)

The one-side defaultable financial derivatives valuation problems have been studied extensively, but the valuation of bilateral derivatives with asymmetric credit qualities is still lacking convincing mechanism. This paper presents an analytical model for valuing derivatives subject to default by both counterparties. The default-free interest rates are modeled by the Market Models, while the default time is modeled by the reduced-form model as the first jump of a time-inhomogeneous Poisson process. All quantities modeled are market-observable. The closed-form solution gives us a (...) better understanding of the impact of the credit asymmetry on swap value, credit value adjustment, swap rate and swap spread. (shrink)

This paper attempts to assess the economic significance and implications of collateralization in different financial markets, which is essentially a matter of theoretical justification and empirical verification. We present a comprehensive theoretical framework that allows for collateralization adhering to bankruptcy laws. As such, the model can back out differences in asset prices due to collateralized counterparty risk. This framework is very useful for pricing outstanding defaultable financial contracts. By using a unique data set, we are able to achieve a clean (...) decomposition of prices into their credit risk factors. We find empirical evidence that counterparty risk is not overly important in credit-related spreads. Only the joint effects of collateralization 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 financial contracts. We also analyze the difference between cleared and OTC markets. (shrink)

The incremental risk charge (IRC) is a new regulatory requirement from the Basel Committee in response to the recent financial crisis. Notably few models for IRC have been developed in the literature. This paper proposes a methodology consisting of two Monte Carlo simulations. The first Monte Carlo simulation simulates default, migration, and concentration in an integrated way. Combining with full re-valuation, the loss distribution at the first liquidity horizon for a subportfolio can be generated. The second Monte Carlo simulation is (...) the random draws based on the constant level of risk assumption. It convolutes the copies of the single loss distribution to produce one year loss distribution. The aggregation of different subportfolios with different liquidity horizons is addressed. Moreover, the methodology for equity is also included, even though it is optional in IRC. (shrink)

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)

This paper presents an analytical model for valuing interest rate swaps, subject to bilateral counterparty credit risk. The counterparty defaults are modeled by the reduced-form model as the first jump of a time-inhomogeneous Poisson process. All quantities modeled are market-observable. The closed-form solution gives us a better understanding of the impact of the credit asymmetry on swap value, credit value adjustment, swap rate and swap spread.

Chinese international students who studied in the United States received “double stigmatization” from American and Chinese authorities because of the “political othering” tactic during COVID-19. The research used a phenomenological approach to examine why and how specifically the transnational identity of Chinese international students in the United States shifted during the double stigmatization. The researcher conducted a total of three rounds of interviews with 15 Chinese international students who studied in the United States and returned to China between 2018 and (...) 2020, which culminated in 45 interviews through a longitudinal study to probe the transnational identities of this population before and during the double stigmatization; the study also examined how the mindsponge mechanism worked during the identity shifts and the interplay among stigmatization, transnational identity shifts, and the mindsponge mechanism. The study concluded that before COVID-19, Chinese international students had been stigmatized in both China and the United States. (shrink)

Equity-linked securities with a guaranteed return become popular in a volatile market environment. This paper presents a new model for valuing guaranteed equity-linked notes. We consider a security whose value depends on the performance of a basket of equities averaged over certain points in time, but that is floored by a guaranteed amount. We show that the security’s price is given by the sum of the guaranteed amount plus the price of an Asian style option on the basket above. The (...) model provides analytical formulas for the security’s price as well as for corresponding hedge ratios; these respective formulas appear to be accurate over a wide range of underlying security parameter values, based on numerical testing against a Monte Carlo benchmark, Finally, we apply our method to value a type of segregated fund with a maturity guarantee. (shrink)

Objectives: The growing rate of retraction of scientific publications has attracted much attention within the academic community, but there is little knowledge about the nature of such retractions in schizophrenia-related research. This study aimed to analyze the characteristics of retractions of schizophrenia-related publications.

This paper explores the connections between being Chinese in various senses and the study of Chinese philosophy.

In this essay, we will follow Tang Junyi’s lead in exploring issues related to Chinese diaspora and Chinese philosophy. While we largely endorse Tang’s call for overseas Chinese to establish themselves in their adopted lands, we will argue for a more nuanced view on the identity of Chinese people outside China: they are not marginalized individuals scattered out of “homeland” China, rather they are people legitimately established in their own respective countries. In this connection, we will also advance a view (...) of future Chinese philosophy as a world philosophy that takes roots in China as well as in the world at large. In our view, although Chinese immigrant thinkers in the past century have played a major role in promoting Chinese philosophy outside China, the importance of such a role is likely to decline along with the success of Chinese philosophy becoming a world philosophy. (shrink)

Ang papel ay paglalagom ng itinuturing na pinakamahalagang yugto ng buhay ni José Rizal—ang kanyang pagkakatapon sa Dapitan, sa lente ng konseptong “bagani” ng ating mga ninuno. Sa pagbanggit sa lang nauna nang pag-aaral ukol kay Rizal, ipapakitang kung papaanong ang yugto sa Dapitan ay ang katuparan ng kanyang mga layunin sa La Liga Filipina, na kanyang isinabuhay kasama ang bayan. Sa lente ng kasalukuyang pandemyang COVID 19, makikita natin na tila naranasan din ni Rizal sa kanyang pagkakatapon ang ilang (...) bagay na ating dinaranas ngayon, na tila siya isang frontliner na nasa lockdown, inilagay sa kuwarentena, nag-homeschooling, nagkaroon ng lockdown sickness at namahagi ng ayudang pangkabuhayan sa mga mamamayan ng isang natutulog na bayan upang ito ay sumiglang muli. Nawa ay maging inspirasyon sa bayan na anuman ang hamon at mga balakid, walang makapipigil sa isang Pilipino na magsilbi sa bayan gamit ang kanyang mga talento at manatiling liwanag ng katotohanan at kaalaman. (shrink)

A scarcity mindset is considered to impact consumer behaviors. Our research aimed to examine the moderating effect of the scarcity mindset on the relationship between mental accounting and hedonic (vs. utilitarian) consumption. We conducted an online experimental design (mental accounting: windfall gains vs. hard-earning gains; consumption: hedonic products vs. utilitarian products) and verified our hypotheses in two distinct samples: a student sample and an adult sample. Our results showed that consumers who received windfall gains tended to use it for hedonic (...) consumption rather than utilitarian consumption. Intriguingly, such an effect was insignificant under a high level of a scarcity mindset but significant under a low level of the scarcity mindset. Moreover, consumers who received hard-earning gains tended to spend the money on utilitarian (vs. hedonic) consumption. However, we did not detect the impact of the scarcity mindset on such effects. Our research suggested an asymmetric effect of the scarcity mindset on hedonic (vs. utilitarian) consumption under two different mental accounts. It highlights the important role of the scarcity mindset in consumer behaviors, which leaves avenues for future research to understand marketing promotion strategies for distinct products. (shrink)

With the rapid development of information technology, the electricity consumption of Internet Data Centers (IDCs) increases drastically, resulting in considerable carbon emissions that need to be reduced urgently. In addition to the introduction of Renewable Energy Sources (RES), the joint use of the spatial migration capacity of IDC workload and the temporal flexibility of the demand of Electric Vehicle Charging Stations (EVCSs) provides an important means to change the carbon footprint of the IDC. In this paper, a sustainability improvement strategy (...) for the IDC carbon emission reduction was developed by coordinating the spatial-temporal dispatch flexibilities of the IDC workload and the EVCS demand. Based on the Minkowski sum algorithm, a generalized flexible load model of the EVCSs, considering traffic flow and Road Impedance (RI) was formulated. The case studies show that the proposed method can effectively increase the renewable energy consumption, reduce the overall carbon emissions of multi-IDCs, reduce the energy cost of the DCO, and utilize the EV dispatching potential. Discussions are also provided on the relationship between workload processing time delay and the renewable energy consumption rate. (shrink)

This book examines some possible ethical principles to resolve moral dilemmas involving water. Existing problems in current water management practices are discussed in light of these principles. Transformation of human water ethics has the potential to be far more effective, cheaper and acceptable than some existing means of “regulation”, but transformation of personal and societal ethics need time because the changes to ethical values are slow.

O presente artigo aborda os principais aspectos da hibristofilia com objetivo de ampliar a compreensão do fenômeno na sociedade e ressaltar sua importância para psicologia clínica e forense, criminologia e políticas de saúde mental, sobretudo para mulheres. A pesquisa foi realizada por revisão bibliográfica pautada nos conceitos de serial killer, parafilia e hibristofilia: atração sentimental e sexual por criminosos violentos, que atinge em maior parte as mulheres heterossexuais.

State of art paper on the topic laws of nature, around the problem of identification what is to be a law of nature. The most prominent theories of contemporary philosophical literature are discussed and analysed, such as: the simple regularity theory, from Hume; the Mill-Ramsey-Lewis best systems theory; the Dretske-Tooley-Armstrong theory of laws as relations among universals; Ellis’s essentialist theory; Cartwright’s theory of laws as ceteris paribus laws; the anti-reductionist theories of Lange, Maudlin and Carroll, the anti-realist theories of Mumford, (...) van Fraassen and Giere; etc. (shrink)

O objetivo deste artigo é analisar como uma certa prática da divisão é utilizada por Platão nas Leis. Em várias passagens da obra, o filósofo recorre à realização de distinções entre termos, no intuito de estabelecer esclarecimentos lexicais e mesmo conceituais, evidenciando a possibilidade da existência de um certo uso da diaíresis nesse importante texto do Corpus. É o que parecem sugerir determinadas ocorrências do verbo diairéo em alguns momentos do diálogo (I, 647c, II, 672e, III, 700a-b, VII, 815e e (...) IX, 874e). Nossa intenção é ver como tal procedimento é aplicado em relação àquele que é um dos problemas mais fundamentais com que o diálogo se confronta, a saber: o problema concernente à unidade e à multiplicidade das virtudes. (shrink)

RESUMO:O objetivo deste artigo é discutir sobre os conceitos de obrigação e lei natural, tendo como referência o polêmico debate moderno envolvendo intelectualismo e voluntarismo. Em um primeiro momento, destacaremos a rejeição de Wolff ao voluntarismo de Pufendorf e sua orientação em direção ao intelectualismo de Leibniz. Conforme essa nova orientação, uma teoria da lei natural não deve basear seu conceito de obrigação na autoridade das leis e em seu poder coercitivo, mas, por outro lado, unicamente na ideia de necessidade (...) moral, interpretada como expressão da ligação natural universal dos seres racionais com o dever. Em um segundo momento, apresentaremos os efeitos dessa discussão no pensamento inicial de Kant, que, se posicionando diante mesmo de Wolff e Baumgarten, vai empreender a superação de seus predecessores, através de uma revisão conceitual do problema, a qual culminará nos pressupostos de sua doutrina ética madura. -/- ABSTRACT:This paper highlights the debate around the concepts of obligationand natural law, with reference to the controversial modern discussion involving intellectualism and voluntarism. Firstly, we highlight Wolff’s rejection of the voluntarism of Pufendorf and Wolff’s orientation toward the intellectualism of Leibniz. For intellectualism, a theory of natural law should not ground the concept of obligation in the authority of laws and in their coercive power, but in the idea of moral necessity, understood as an expression of the universal natural connection of rational beings with duty. We then present the effects of this discussion on Kant’s early thought. Kant undertook to go beyond Wolff and Baumgarten through a conceptual review of the problem, which culminated in the assumptions of his mature ethics -/- This paper highlights the debate around the concepts of obligation and natural law , with reference to the controversial modern discussion involving intellectualism and voluntarism. Firstly, we highlight Wolff’s rejection of the voluntarism of Pufendorf and Wolff’s orientation toward the intellectualism of Leibniz. For intellectualism, a theory of natural law should not ground the concept of obligation in the authority of laws (established as an arbitrary decree of God) and in their coercive power (interpreted as fear of punishment), but in the idea of moral necessity, understood as an expression of the universal natural connection of rational beings with duty. We then present the effects of this discussion on Kant’s early thought. Kant undertook to go beyond Wolff and Baumgarten through a conceptual review of the problem, which culminated in the assumptions of his mature ethics. (shrink)

As Leis de Platão apresentam-se como uma coleção de comandos jurídicos detalhados que trata sobre diversos temas, entre eles a composição do Estado ideal em uma cidade utópica chamada Magnésia e a imprescindibilidade na crença nas divindades. A preocupação de Platão com as crenças religiosas está associada à necessidade de manutenção da ordem moral e política. Para o filósofo, uma cidade em que seus habitantes duvidam da existência de seressuperiores capazes de punir os ímpios será sempre vítima do caos moral. (...) Acrença nos deuses foi então defendida como elemento fundamental para o bemda pólis e a excelência dos cidadãos e, neste sentido, Platão tentou articular asdimensões humana e divina. (shrink)

A virtue-based theory of right action aims to explain deontic moral principles in terms of virtue and vice. For example, it may maintain the following account of moral obligation: It is morally obligatory for an agent A to ϕ in circumstances C if and only if a fully virtuous and relevantly informed person V would characteristically ϕ in C. However, this account faces the so-called supererogation problem. A supererogatory action is an action that is morally praiseworthy but not morally obligatory. (...) Suppose John risks his own life to save a stranger, which is supererogatory rather than obligatory. However, a fully virtuous... (shrink)