This paper explains and defends the idea that metaphysical necessity is the strongest kind of objective necessity. Plausible closure conditions on the family of objective modalities are shown to entail that the logic of metaphysical necessity is S5. Evidence is provided that some objective modalities are studied in the natural sciences. In particular, the modal assumptions implicit in physical applications of dynamical systems theory are made explicit by using such systems to define models of a modal temporal logic. Those assumptions (...) arguably include some necessitist principles. -/- Too often, philosophers have discussed ‘metaphysical’ modality — possibility, contingency, necessity — in isolation. Yet metaphysical modality is just a special case of a broad range of modalities, which we may call ‘objective’ by contrast with epistemic and doxastic modalities, and indeed deontic and teleological ones (compare the distinction between objective probabilities and epistemic or subjective probabilities). Thus metaphysical possibility, physical possibility and immediate practical possibility are all types of objective possibility. We should study the metaphysics and epistemology of metaphysical modality as part of a broader study of the metaphysics and epistemology of the objective modalities, on pain of radical misunderstanding. Since objective modalities are in general open to, and receive, natural scientific investigation, we should not treat the metaphysics and epistemology of metaphysical modality in isolation from the metaphysics and epistemology of the natural sciences. -/- In what follows, Section 1 gives a preliminary sketch of metaphysical modality and its place in the general category of objective modality. Section 2 reviews some familiar forms of scepticism about metaphysical modality in that light. Later sections explore a few of the many ways in which natural science deals with questions of objective modality, including questions of quantified modal logic. (shrink)

In this paper we discuss how Causal Decision Theory should be modified to handle a class of problematic cases involving deterministic laws. Causal Decision Theory, as it stands, is problematically biased against your endorsing deterministic propositions (for example it tells you to deny Newtonian physics, regardless of how confident you are of its truth). Our response is that this is not a problem for Causal Decision Theory per se, but arises because of the standard method for assessing the truth of (...) certain counterfactuals. The truth of deterministic laws is `modally fragile' on the standard semantics for counterfactuals: if determinism is true and you were to do otherwise, the laws would be different. We provide two ways of avoiding this problem: 1) supplement the standard semantics for counterfactuals with impossible worlds, or 2) introduce rigid designators into the description of problematic decision situations. We argue that both of these approaches are well-motivated and can be readily incorporated into Lewisian Causal Decision Theory. (shrink)

Rational agents face choices, even when taking seriously the possibility of determinism. Rational agents also follow the advice of Causal Decision Theory (CDT). Although many take these claims to be well-motivated, there is growing pressure to reject one of them, as CDT seems to go badly wrong in some deterministic cases. We argue that deterministic cases do not undermine a counterfactual model of rational deliberation, which is characteristic of CDT. Rather, they force us to distinguish between counterfactuals that are relevant (...) and ones that are irrelevant for the purposes of deliberation. We incorporate this distinction into decision theory to develop ‘Selective Causal Decision Theory’, which delivers the correct recommendations in deterministic cases while respecting the key motivations behind CDT. (shrink)

John Rawls is arguably the most important political philosopher of the past century. His theory of justice has set the agenda for debate in mainstream political philosophy for the past forty years, and has had an important influence in economics, law, sociology, and other disciplines. However, despite the importance and popularity of Rawls's work, there is no clear picture of what a society that met Rawls's principles of justice would actually look like. This article sets out to explore that question.

Timothy Williamson and Sebastian Sunday-Grève discuss the question of where philosophy starts, and the idea of philosophy as a non-natural science.

Sebastian Sunday-Grève and Timothy Williamson discuss the question of where philosophy starts and the idea of philosophy as a non-natural science.

Sebastian Sunday-Grève and Timothy Williamson discuss the relationship between curiosity and common sense.

We investigate the firms’ specific attributes that determine the difference in speed of adjustment (SOA) towards the cash holdings target in the Scandinavian countries: Denmark, Norway and Sweden. We examine whether Scandinavian firms maintain an optimal level of cash holdings and determine if the active cash holdings management is associated with the firms’ higher SOA and lower adjustment costs. Our findings substantiate that a higher level of off-target cost induces professional managers to rebalance their cash level towards the optimal balance (...) of cash holdings. Our results reveal that Scandinavian firms accelerate SOA towards cash targets primarily for the precautionary motive. Moreover, our results show that SOA is heterogeneous across Scandinavian firms based on adjustment cost and deviate cash holdings towards the target mainly with the support of internal financing. Furthermore, our empirical findings show that the SOA of Norwegian firms is significantly higher than the Danish and Swedish firms. (shrink)