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)

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 paper explores the concept of information beyond its common role as descriptive data. It suggests that information operates as an intrinsic structure, influencing and defining systems across different dimensions and contexts, much like a universal “instruction set.” From societal bonds to natural phenomena, information is not passive but dynamic and often self-propagating, like a force. This document examines the function, autonomy, and density of information, considering it as fundamental to existence itself.

By definition, pain is a sensory and emotional experience that is felt in a particular part of the body. The precise relationship between somatic events at the site where pain is experienced, and central processing giving rise to the mental experience of pain remains the subject of debate, but there is little disagreement in scholarly circles that both aspects of pain are critical to its experience. Recent experimental work, however, suggests a public view that is at odds with this conceptualisation. (...) By demonstrating that the public does not necessarily endorse central tenets of the “mental” view of pain (subjectivity, privacy, and incorrigibility), experimental philosophers have argued that the public holds a more “body-centric” view than most clinicians and scholars. Such a discrepancy would have important implications for how the public interacts with pain science and clinical care. In response, we tested the hypothesis that the public is capable of a more “mind-centric” view of pain. Using a series of vignettes, we demonstrate that in situations which highlight mental aspects of pain the public can, and does, recognize pain as a mental phenomenon. We also demonstrate that the public view is subject to context effects, by showing that the public’s view is modified when situations emphasizing mental and somatic aspects of pain are presented together. (shrink)

The ability to focus on relevant information is central to human cognition. It is therefore hardly unsurprising that the notion of relevance appears across a range of different dis- ciplines. As well as its central role in relevance-theoretic pragmatics, for example, rele- vance is also a core concept in the affective sciences, where there is consensus that for a particular object or event to elicit an emotional state, that object or event needs to be relevant to the person in whom (...) that state is elicited. Despite this, although some affective scientists have carefully considered what emotional relevance might mean, surprisingly little research has been dedicated to providing a definition. Since, by contrast, the relevance-theoretic notion of relevance is carefully defined, our primary aim is to compare relevance as it exists in affective science and in relevance theory, A further aim is to redress what we perceive to be an imbalance: Affective scientists have made great strides in understanding the processes of emotion elicitation/responses etc., but despite the fact that among humans the communication of information about emotional states is ubiquitous, pragmatists have tended to ignore it. We conclude, therefore, that affective science and relevance theory have much to learn from each other. (shrink)

Craig Callender [2022] provides a novel challenge to the non-arbitrariness principle. His challenge plays an important role in his argument for the rational permissibility of a non-exponential temporal discounting rate. But the challenge is also of wider interest: it raises significant questions about whether we ought to accept the non-arbitrariness principle as a constraint on rational preferences. In this paper, I present two reasons to resist Callender’s challenge. First, I present a reason to reject his claim that the non-arbitrariness principle (...) only targets pure time preferences. Second, I criticize the inference Callender draws from a modest claim to a much stronger claim. The modest claim is that it can be hard to reveal the contents of an agent’s preferences. The stronger claim is that this provides us with a reason to reject a certain kind of normative constraint on rational preferences. I argue that the modest claim doesn’t motivate the stronger claim. The upshot of my two arguments is good news for those sympathetic to the non-arbitrariness principle: Callender’s challenge can be overcome, at least as it currently stands. (shrink)

I advocate scepticism about epistemic blame; the view that we have good reason to think there is no distinctively epistemic form of blame. Epistemologists often find it useful to draw a distinction between blameless and blameworthy norm violation. In recent years, this has led several writers to develop theories of ‘epistemic blame.’ I present two challenges against the very idea of epistemic blame. First, everything that is supposedly done by epistemic blame is done by epistemic evaluation, at least according to (...) a prominent view about the social role of epistemic evaluation. Parsimony considerations count against introducing an idle mechanism that does the same work as an existing one. Second, no current theory of epistemic blame includes a plausible account of the force of epistemic blame or the practices that could express it. I conclude that we should give up the notion of epistemic blame. (shrink)

Shadow pictures radically changed the modern understanding of pictorial concepts. Tim Otto Roth’s broadly based cultural history traces the consequences of this revolution of methods of vision and image production in the sciences and the arts. By means of abundant image and text sources he develops a picture theory based on physics and projective geometry. This definitive book comprising 500 pages provides a generally understandable and vivid insight in the history of shadowgraphs from the 19th century until the present age. (...) A crucial role play scientific processes as the X-ray technique, but also the artistic examination of space and body. (shrink)

Standard Type Theory, STT, tells us that b^n(a^m) is well-formed iff n=m+1. However, Linnebo and Rayo have advocated the use of Cumulative Type Theory, CTT, has more relaxed type-restrictions: according to CTT, b^β(a^α) is well-formed iff β > α. In this paper, we set ourselves against CTT. We begin our case by arguing against Linnebo and Rayo’s claim that CTT sheds new philosophical light on set theory. We then argue that, while CTT ’s type-restrictions are unjustifiable, the type-restrictions imposed by (...) STT are justified by a Fregean semantics. What is more, this Fregean semantics provides us with a principled way to resist Linnebo and Rayo’s Semantic Argument for CTT. We end by examining an alternative approach to cumulative types due to Florio and Jones; we argue that their theory is best seen as a misleadingly formulated version of STT. (shrink)

The attention economy — the market where consumers’ attention is exchanged for goods and services — poses a variety of threats to individuals’ autonomy, which, at minimum, involves the ability to set and pursue ends for oneself. It has been argued that the threat wireless mobile devices pose to autonomy gives rise to a duty to oneself to be a digital minimalist, one whose interactions with digital technologies are intentional such that they do not conflict with their ends. In this (...) paper, we argue that there is a corresponding duty to others to be an attention ecologist, one who promotes digital minimalism in others. Although the moral reasons for being an attention ecologist are similar to those that motivate the duty to oneself, the arguments diverge in important ways. We explore the application of this duty in various domains where we have special obligations to promote autonomy in virtue of the different roles we play in the lives of others, such as parents and teachers. We also discuss the consequences of our arguments for employers, software developers, and policy makers. (shrink)

Much recent discussion has focused on the nature of artifacts, particularly on whether artifacts have essences. While the general consensus is that artifacts are at least intention-dependent, an equally common view is function essentialism about artifacts, the view that artifacts are essentially functional objects and that membership in an artifact kind is determined by a particular, shared function. This paper argues that function essentialism about artifacts is false. First, the two component conditions of function essentialism are given a clear and (...) precise formulation, after which counterexamples are offered to each. Second, ways to handle the counterexamples suggested by Randall Dipert and Simon Evnine are considered and rejected. Third, I then consider the prospects for restricting function essentialism to so-called technical artifacts, as Lynne Baker does, and argue that this, too, fails. This paper thereby consolidates the scattered literature on function essentialism and shows that, despite the seeming plausibility of the thesis, it should be rejected as an account of artifact essences. (shrink)

I defend the intention-dependence of artifacts, which says that something is an artifact of kind K only if it is the successful product of an intention to make an artifact of kind K. I consider objections from two directions. First, that artifacts are often mind- and intention-dependent, but that this isn’t necessary, as shown by swamp cases. I offer various error theories for why someone would have artifact intuitions in such cases. Second, that while artifacts are necessarily mind-dependent, they aren’t (...) necessarily intention-dependent. I consider and reject three kinds of cases which purport to show this: accidental creation, automated production, and mass production. I argue that intentions are present in all of these cases, but not where we would normally expect. (shrink)

The phenomenal character of perceptual experience involves the representation of colour, shape and motion. Does it also involve the representation of high-level categories? Is the recognition of a tomato as a tomato contained within perceptual phenomenality? Proponents of a conservative view of the reach of phenomenal content say ’No’, whereas those who take a liberal view of perceptual phenomenality say ’Yes’. I clarify the debate between conservatives and liberals, and argue in favour of the liberal view that high-level content can (...) directly inform the phenomenal character of perception. (shrink)

In The Mushroom at the End of the World: On the Possibility of Life in Capitalist Ruins, Anna Lowenhaupt Tsing explains how bare land is formed. Capitalism produces ‘ruins’ by stripping living beings of the capacity to form their own ecological relations, a necessary condition for the reproduction of life. Contemporary capitalism alienates living beings from ecological relations, i.e. capitalism generates “the ability to stand alone, as if the entanglements of living did not matter. Through alienation, people and things become (...) mobile assets; they can be removed from their lifeworlds in distance-defying transport to be exchanged with other assets from other life worlds, elsewhere” (Tsing 2021, 5). Cutting the threads of the web of life through capitalist alienation, however, produces bare land as a side effect, infertile waste deprived of the means to reproduce itself without capitalist support. Alienation is the deracination of living beings from their lifeworld, transforming them into passive cogs for capitalist accumulation. However, Tsing upholds matsutake mushrooms, rare fungi popular among Japa- nese foodies, as exemplars of the resilience of ecological relations. Even amidst ruins, matsutakes successfully form beneficial relations with other living beings, like pine trees, other fungi and human beings. The insistent capacity to regenerate ecological relations is the ineluctable means of reproduction for the matsutake mushroom. Even at the end of the world, the matsutake persists by perpetually co-producing new lifeworlds for itself and fellow living beings (see also Haraway 2016). I claim that Tsing’s approach to capitalist alienation is descriptively convinc- ing but lacks the affective force for ecological class consciousness. Tsing surveys the web of life from the perspective of living beings quite distant from humankind, articulating a theoretical diagnosis rather than a political exhortation. On an affective level, it is challenging to generate ecological class consciousness among the (presumably) human readers of my chapter if they are presented with only the biographies of mushrooms growing far beyond my home. As Chantal Mouffe (2018, 72) argues, the construction of an emphatically political identity requires an appeal to the affects, like hope, indignation or compassion. Latour and Schultz also stress that ecological politics currently suffers from an affective misalignment, with people failing to identify with the fate of their increasingly inhospitable environments (2022, 47). Why would European humans care about these unknown fungi? The reproduction of our CO2-intensive livelihoods largely depends on the emission of bare land elsewhere, so in the short run, we stand to benefit more from putting our heads in the sand. I employ Chakrabarty’s (2021) suggestion of grounding post-humanist politics first in strategic anthropocentrism to subsequently push for a post-humanist expansion of our human understanding. One must first feel personally interpellated by the crisis of the global means of reproduction before one can grasp the need for an ecological class politics beyond human confines. I turn to John Steinbeck’s 1939 novel The Grapes of Wrath as a kindred spirit with more mobilising potential. Steinbeck tells the story of a family of impoverished farmers from Oklahoma, the Joads, travelling to California in pursuit of a better life, yet only encountering more poverty, exploitation and anti-immigrant racism. Steinbeck describes in detail the environmental and social devastation, but he focuses on the commodified labour power of migrant farmers rather than commodified mushrooms. Steinbeck’s main characters are also uprooted from their entangled histories in the land and community of rural Oklahoma, but they present a more familiar face of the ecological class deprived of the means of reproduction. Steinbeck’s outcry against alienation-as-deracination is clear, but the shift in perspective facilitates the empathetic outrage required for building ecological class consciousness. Steinbeck’s strategic anthropocentrism helps human readers understand why alienation-as-deracination is a concern. (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)

Tim Button explores the relationship between words and world; between semantics and scepticism. -/- A certain kind of philosopher – the external realist – worries that appearances might be radically deceptive. For example, she allows that we might all be brains in vats, stimulated by an infernal machine. But anyone who entertains the possibility of radical deception must also entertain a further worry: that all of our thoughts are totally contentless. That worry is just incoherent. -/- We cannot, then, be (...) external realists, who worry about the possibility of radical deception. Equally, however, we cannot be internal realists, who reject all possibility of deception. We must position ourselves somewhere between internal realism and external realism, but we cannot hope to say exactly where. We must be realists, for what that is worth, and realists within limits. -/- In establishing these claims, The Limits of Realism critically explores and develops several themes from Hilary Putnam’s work: the model-theoretic arguments; the connection between truth and justification; the brain-in-vat argument; semantic externalism; and conceptual relativity. The book establishes the continued significance of these topics for all philosophers interested in mind, logic, language, or the possibility of metaphysics. (shrink)

In “Models and Reality” (1980), Putnam sketched a version of his internal realism as it might arise in the philosophy of mathematics. Here, I will develop that sketch. By combining Putnam’s model-theoretic arguments with Dummett’s reflections on Gödelian incompleteness, we arrive at (what I call) the Skolem-Gödel Antinomy. In brief: our mathematical concepts are perfectly precise; however, these perfectly precise mathematical concepts are manifested and acquired via a formal theory, which is understood in terms of a computable system of proof, (...) and hence is incomplete. Whilst this might initially seem strange, I show how internal categoricity results for arithmetic and set theory allow us to face up to this Antinomy. This also allows us to understand why “Models are not lost noumenal waifs looking for someone to name them,” but “constructions within our theory itself,” with “names from birth.”. (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)

The following bare-bones story introduces the idea of a cumulative hierarchy of pure sets: 'Sets are arranged in stages. Every set is found at some stage. At any stage S: for any sets found before S, we find a set whose members are exactly those sets. We find nothing else at S.' Surprisingly, this story already guarantees that the sets are arranged in well-ordered levels, and suffices for quasi-categoricity. I show this by presenting Level Theory, a simplification of set theories (...) due to Scott, Montague, Derrick, and Potter. (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)

We argue that S is in a position to know that p iff S can know that p. Thus, what makes position-to-know-ascriptions true is just a special case of what makes ability-ascriptions true: compossibility. The novelty of our compossibility theory of epistemic modality lies in its subsuming epistemic modality under agentive modality, the modality characterizing what agents can do.

Universals are putative objects like wisdom, morality, redness, etc. Although we believe in properties (which, we argue, are not a kind of object), we do not believe in universals. However, a number of ordinary, natural language constructions seem to commit us to their existence. In this paper, we provide a fictionalist theory of universals, which allows us to speak as if universals existed, whilst denying that any really do.

The phenomenology of agency has, until recently, been rather neglected, overlooked by both philosophers of action and philosophers of consciousness alike. Thankfully, all that has changed, and of late there has been an explosion of interest in what it is like to be an agent. 1 This burgeoning field crosses the traditional boundaries between disciplines: philosophers of psychopathology are speculating about the role that unusual experiences of agency might play in accounting for disorders of thought and action; cognitive scientists are (...) developing models of how the phenomenology of agency is generated; and philosophers of mind are drawing connections between the phenomenology of agency and the nature of introspection, phenomenal character, and agency itself. My aim in this paper is not to provide an exhaustive survey of this recent literature, but to provide a.. (shrink)

This paper offers some refinements to a particular objection to act consequentialism, the “causal impotence” objection. According to proponents of the objection, when we find circumstances in which severe, unnecessary harms result entirely from voluntary acts, it seems as if we should be able to indict at least one act among those acts, but act consequentialism appears to lack the resources to offer this indictment. Our aim is to show is that the most promising response on behalf of act consequentialism, (...) the threshold argument, cannot offer a fully general prescription about what to do in cases of collective action. (shrink)

No-futurists ('growing block theorists') hold that that the past and the present are real, but that the future is not. The present moment is therefore privileged: it is the last moment of time. Craig Bourne (2002) and David Braddon-Mitchell (2004) have argued that this position is unmotivated, since the privilege of presentness comes apart from the indexicality of 'this moment'. I respond that no-futurists should treat 'x is real-as-of y' as a nonsymmetric relation. Then different moments are real-as-of different times. (...) This reunites privilege with indexicality, but entails that no-futurists must believe in ineliminably tensed facts. (shrink)

Keränen (2001) raises an argument against realistic (ante rem) structuralism: where a mathematical structure has a non-trivial automorphism, distinct indiscernible positions within the structure cannot be shown to be non-identical using only the properties and relations of that structure. Ladyman (2005) responds by allowing our identity criterion to include 'irreflexive two-place relations'. I note that this does not solve the problem for structures with indistinguishable positions, i.e. positions that have all the same properties as each other and exactly the same (...) relations to all objects (including themselves). I conclude that realistic structuralists must compromise and treat some structures eliminativistically. (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.

One of the most influential traditional objections to Adverbialism about perceptual experience is that posed by Frank Jackson’s ‘many property problem’. Perhaps largely because of this objection, few philosophers now defend Adverbialism. We argue, however, that the essence of the many property problem arises for all of the leading metaphysical theories of experience: all leading theories must simply take for granted certain facts about experience, and no theory looks well positioned to explain the facts in a straightforward way. Because of (...) this, the many property problem isn’t on its own a good reason for rejecting Adverbialism; and nor is it a puzzle that will decide amongst the other leading theories. (shrink)

Tallant (2007) has challenged my recent defence of no-futurism (Button 2006), but he does not discuss the key to that defence: that no-futurism's primitive relation 'x is real-as-of y' is not symmetric. I therefore answer Tallant's challenge in the same way as I originally defended no-futurism. I also clarify no-futurism by rejecting a common mis-characterisation of the growing-block theorist. By supplying a semantics for no-futurists, I demonstrate that no-futurism faces no sceptical challenges. I conclude by considering the problem of how (...) to interpret the relation 'x is real-as-of y'. -/- (NB: A correction to this article appears in Analysis 68.1.). (shrink)

objects are standardly taken to be causally inert, but this claim is rarely explicitly argued for. In the context of his platonism about musical works, in order for musical works to be audible, Julian Dodd argues that abstracta are causally efficacious in virtue of their concrete tokens participating in events. I attempt to provide a principled argument for the causal inertness of abstracta by first rejecting Dodd’s arguments from events, and then extending and generalizing the causal exclusion argument to the (...) abstract/concrete distinction. For reasons of parsimony, if concrete tokens or instantiations of abstract objects account for all causal work, then there is no reason to attribute causal efficacy to abstracta, and thus reason to maintain their causal inertness. I then consider how one of the main arguments against causal exclusion, namely Stephen Yablo’s notion of “proportionality”, could be modified to support the causal efficacy of abstracta. I argue that from a few simple premises Yablo’s account in fact supports their causal inertness. Having a principled reason for the causal inertness of abstracta appears to entail that the musical platonist must admit that we never literally hear the musical work, but only its performances. I sketch a solution to this problem available to Dodd, so that the musical platonist can maintain that musical works are abstract objects and are causally inert while retaining their audibility. (shrink)

This paper studies the relationship between labelled and nested calculi for propositional intuitionistic logic, first-order intuitionistic logic with non-constant domains and first-order intuitionistic logic with constant domains. It is shown that Fitting’s nested calculi naturally arise from their corresponding labelled calculi—for each of the aforementioned logics—via the elimination of structural rules in labelled derivations. The translational correspondence between the two types of systems is leveraged to show that the nested calculi inherit proof-theoretic properties from their associated labelled calculi, such as (...) completeness, invertibility of rules and cut admissibility. Since labelled calculi are easily obtained via a logic’s semantics, the method presented in this paper can be seen as one whereby refined versions of labelled calculi (containing nested calculi as fragments) with favourable properties are derived directly from a logic’s semantics. (shrink)

There are empirical grounds to doubt the effectiveness of a common and intuitive approach to teaching debiasing strategies in critical thinking courses. We summarize some of the grounds before suggesting a broader taxonomy of debiasing strategies. This four-level taxonomy enables a useful diagnosis of biasing factors and situations, and illuminates more strategies for more effective bias mitigation located in the shaping of situational factors and reasoning infrastructure—sometimes called “nudges” in the literature. The question, we contend, then becomes how best to (...) teach the construction and use of such infrastructures. (shrink)

Necessitists about set theory think that the pure sets exists, and are the way they are, as a matter of necessity. They cannot explain why the sets (de rebus) are all the sets. This constitutes the Ur-Objection against necessitism; it is the primary motivation cited by potentialists about set theory. -/- At least three families of potentialism draw motivation from the Ur-Objection. Contingentists think that any things could form a set even if they actually did not. Prioritists think that sets (...) hyperintensionally depend upon their members. Structural-potentialists think that any possible set-hierarchy could be extended. However, once we have disentangled these three versions of potentialism, we see that the Ur-Objection should not motivate anyone. (shrink)

There is wide consensus among bioethicists about the importance of autonomy when determining whether or not a patient has the right to refuse life-saving treatment (LST). In this context, autonomy has typically been understood in terms of the patient’s ability to make an informed decision. According to the traditional view, decision-making capacity (DMC) is seen as both necessary and sufficient for the right to refuse LST. Recently, this view has been challenged by those who think that considerations of authenticity and (...) putative counterexamples should lead us to revise the traditional account. In this paper, we respond to these revisionist arguments, and we defend the traditional view according to which we have autonomy-based reasons to respect a patient’s decision to refuse LST if and only if she has DMC. (shrink)

When are you in a position to rely on p in practical reasoning? Existing accounts say that you must know that p, or be in a position to know that p, or be justified in believing that p, or be in a position to justifiably believe it, and so on. This paper argues that all of these proposals face important problems, which I call the Problems of Negative Bootstrapping and of Level Confusions. I offer a diagnosis of these problems, and (...) I argue that an adequate epistemic norm must be transparent in the following sense: According to the correct epistemic norm, a consideration counts in favor of (or against) relying on p in practical reasoning iff, and to the extent that, this consideration also counts in favor of (or against) p being true. I introduce a candidate epistemic norm that satisfies this condition. According to this norm, one should rely on p in practical reasoning only if it must be that p. If we adopt a non-factualist account of “must”, this amounts to a novel and attractive proposal, a proposal that satisfies the transparency condition. (shrink)

Phenomenalist interpretations of Kant are out of fashion. The most common complaint from anti-phenomenalist critics is that a phenomenalist reading of Kant would collapse Kantian idealism into Berkeleyan idealism. This would be unacceptable because Berkeleyan idealism is incompatible with core elements of Kant’s empirical realism. In this paper, I argue that not all phenomenalist readings threaten empirical realism. First, I distinguish several variants of phenomenalism, and then show that Berkeley’s idealism is characterized by his commitment to most of them. I (...) then make the case that two forms of phenomenalism are consistent with Kant’s empirical realism. The comparison between Kant and Berkeley runs throughout the paper, with special emphasis on the significance of their theories of intentionality. (shrink)

Much recent discussion has focused on the nature of artifacts, particularly on whether they have essences. While it is often held that artifacts are intention-dependent and necessarily have functions, it is equally commonly held, though far less discussed, that artifacts are the result of physical modification of some material objects. This paper argues that the physical modification condition on artifacts is false. First, it formulates the physical modification condition perspicuously for the first time. Second, it offers counterexamples to this condition, (...) both concrete and abstract. Third, it considers, and rejects, two responses to these counterexamples, one which appeals to the distinction between being a K and being used as a K and another which argues that the counterexamples are merely of functional, not artifactual, kinds. Finally, it considers, and rejects, a more general objection that appropriation makes artifact creation too easy. As a consequence, artifacts can be created by appropriating pre-existing objects and it sketches some success conditions for such appropriation. (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)

According to conventional wisdom, the split-brain syndrome puts paid to the thesis that consciousness is necessarily unified. The aim of this paper is to challenge that view. I argue both that disunity models of the split-brain are highly problematic, and that there is much to recommend a model of the split-brain—the switch model—according to which split-brain patients retain a fully unified consciousness at all times. Although the task of examining the unity of consciousness through the lens of the split-brain syndrome (...) is not a new one—such projects date back to Nagel’s seminal paper on the topic—the time is ripe for a re-evaluation of the issues. (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)

Minimalists, such as Paul Horwich, claim that the notions of truth, reference and satisfaction are exhausted by some very simple schemes. Unfortunately, there are subtle difficulties with treating these as schemes, in the ordinary sense. So instead, minimalists regard them as illustrating one-place functions, into which we can input propositions (when considering truth) or propositional constituents (when considering reference and satisfaction). However, Bertrand Russell's Gray's Elegy argument teaches us some important lessons about propositions and propositional constituents. When applied to minimalism, (...) these lessons show us why we should abandon it. (shrink)

Amie Thomasson and Eli Hirsch have both attempted to deflate metaphysics, by combining Carnapian ideas with an appeal to ordinary language. My main aim in this paper is to critique such deflationary appeals to ordinary language. Focussing on Thomasson, I draw two very general conclusions. First: ordinary language is a wildly complicated phenomenon. Its implicit ontological commitments can only be tackled by invoking a context principle; but this will mean that ordinary language ontology is not a trivial enterprise. Second: ordinary (...) language often points in different directions simultaneously, so that a wide variety of existence questions cannot be deflated merely by appealing to ordinary language. (shrink)

Christiaens argues that digital technologies are fundamentally undermining workers’ autonomy by enacting systems of surveillance that lead to exploitation, alienation, and exhaustion. For a more sustainable future of work, digital technologies should support human development instead of subordinating it to algorithmic control.

It is a metaphysical orthodoxy that interesting non-symmetric relations cannot be reduced to symmetric ones. This orthodoxy is wrong. I show this by exploring the expressive power of symmetric theories, i.e. theories which use only symmetric predicates. Such theories are powerful enough to raise the possibility of Pythagrapheanism, i.e. the possibility that the world is just a vast, unlabelled, undirected graph.

Hilary Putnam’s BIV argument first occurred to him when ‘thinking about a theorem in modern logic, the “Skolem–Löwenheim Theorem”’ (Putnam 1981: 7). One of my aims in this paper is to explore the connection between the argument and the Theorem. But I also want to draw some further connections. In particular, I think that Putnam’s BIV argument provides us with an impressively versatile template for dealing with sceptical challenges. Indeed, this template allows us to unify some of Putnam’s most enduring (...) contributions to the realism/antirealism debate: his discussions of brains-in-vats, of Skolem’s Paradox, and of permutations. In all three cases, we have an argument which does not merely defeat the sceptic; it also shows us that we must reject some prima facie plausible philosophical picture. (shrink)

Prior’s Tonk is a famously horrible connective. It is defined by its inference rules. My aim in this article is to compare Tonk with some hitherto unnoticed nasty connectives, which are defined in semantic terms. I first use many-valued truth-tables for classical sentential logic to define a nasty connective, Knot. I then argue that we should refuse to add Knot to our language. And I show that this reverses the standard dialectic surrounding Tonk, and yields a novel solution to the (...) problem of many-valued truth-tables for classical sentential logic. I close by outlining the technicalities surrounding nasty connectives on many-valued truth-tables. (shrink)

Abstract objects are standardly taken to be causally inert, however principled arguments for this claim are rarely given. As a result, a number of recent authors have claimed that abstract objects are causally efficacious. These authors take abstracta to be temporally located in order to enter into causal relations but lack a spatial location. In this paper, I argue that such a position is untenable by showing first that causation requires its relata to have a temporal location, but second, that (...) if an entity is temporally located then it is spatiotemporally located since this follows from the theory of Relativity. Since abstract objects lack a spatiotemporal location, then if something is causally efficacious, it is not abstract. (shrink)

Recent work on hypercomputation has raised new objections against the Church–Turing Thesis. In this paper, I focus on the challenge posed by a particular kind of hypercomputer, namely, SAD computers. I first consider deterministic and probabilistic barriers to the physical possibility of SAD computation. These suggest several ways to defend a Physical version of the Church–Turing Thesis. I then argue against Hogarth's analogy between non-Turing computability and non-Euclidean geometry, showing that it is a non-sequitur. I conclude that the Effective version (...) of the Church–Turing Thesis is unaffected by SAD computation. (shrink)

A singular thought can be characterized as a thought which is directed at just one object. The term ‘thought’ can apply to episodes of thinking, or to the content of the episode (what is thought). This paper argues that episodes of thinking can be just as singular, in the above sense, when they are directed at things that do not exist as when they are directed at things that do exist. In this sense, then, singular thoughts are not object-dependent.

Explanation does not exist in a metaphysical vacuum. Conceptions of the structure of a phenomenon play an important role in guiding attempts to explain it, and erroneous conceptions of a phenomenon may direct investigation in misleading directions. I believe that there is a case to be made for thinking that much work on the neural underpinnings of consciousness—what is often called the neural correlates of consciousness—is driven by an erroneous conception of the structure of consciousness. The aim of this paper (...) is lay bare some connections between the explanation of consciousness and the structure of consciousness, and to argue for a conception of the structure of consciousness that is more adequate than that which currently drives much research into the neural correlates of consciousness. (shrink)