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)

In this topical section, we highlight the next step of research on modeling aiming to contribute to the emerging literature that radically refrains from approaching modeling as a scientific endeavor. Modeling surpasses “doing science” because it is frequently incorporated into decision-making processes in politics and management, i.e., areas which are not solely epistemically oriented. We do not refer to the production of models in academia for abstract or imaginary applications in practical fields, but instead highlight the real entwinement of science (...) and policy and the real erosion of their boundaries. Models in decision making – due to their strong entwinement with policy and management – are utilized differently than models in science; they are employed for different purposes and with different constraints. We claim that “being a part of decision-making” implies that models are elements of a very particular situation, in which knowledge about the present and the future is limited but dependence of decisions on the future is distinct. Emphasis on the future indicates that decisions are made about actions that have severe and lasting consequences. In these specific situations, models enable not only the acquisition of knowledge (the primary goal of science) but also enable deciding upon actions that change the course of events. As a result, there are specific ways to construct effective models and justify their results. Although some studies have explored this topic, our understanding of how models contribute to decision making outside of science remains fragmentary. This topical section aims to fill this gap in research and formulate an agenda for additional and more systematic investigations in the field. (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)

Many authors in ethics, economics, and political science endorse the Lottery Requirement, that is, the following thesis: where different parties have equal moral claims to one indivisible good, it is morally obligatory to let a fair lottery decide which party is to receive the good. This article defends skepticism about the Lottery Requirement. It distinguishes three broad strategies of defending such a requirement: the surrogate satisfaction account, the procedural account, and the ideal consent account, and argues that none of these (...) strategies succeed. The article then discusses and discharges some remaining grounds for resistance to these skeptical conclusions, as well as the possibility of defending a weaker version of a normative lottery principle. The conclusion is that we have no reason to believe that where equal claims conflict, we are morally required to hold a lottery, as opposed to simply picking one of the parties on more subjective grounds or out of pure whim. In addition to the practical consequences of this skeptical view, the article sketches some theoretical implications for debates about saving the greater number and about axiomatic utilitarianism. (shrink)

This article surveys recent literature by Parsons, McGee, Shapiro and others on the significance of categoricity arguments in the philosophy of mathematics. After discussing whether categoricity arguments are sufficient to secure reference to mathematical structures up to isomorphism, we assess what exactly is achieved by recent ‘internal’ renditions of the famous categoricity arguments for arithmetic and set theory.

Many philosophers want to say both that everything is determined by the physical and subject to physical laws and principles, and that certain mental entities cannot be identified with any physical entities. The problem of mental causation is to make these two assumptions compatible with the causal efficacy of the mental. The concern is that this physicalist picture of the world leaves no space for the causal efficacy of anything non-physical. The physical, as it is sometimes said, excludes anything non- (...) physical from doing causal work. (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)

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)

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)

The currently standard philosophical conception of existence makes a connection between three things: certain ways of talking about existence and being in natural language; certain natural language idioms of quantification; and the formal representation of these in logical languages. Thus a claim like ‘Prime numbers exist’ is treated as equivalent to ‘There is at least one prime number’ and this is in turn equivalent to ‘Some thing is a prime number’. The verb ‘exist’, the verb phrase ‘there is’ and the (...) quantifier ‘some’ are treated as all playing similar roles, and these roles are made explicit in the standard common formalization of all three sentences by a single formula of first-order logic: ‘(∃ x )[P( x ) & N( x )]’, where ‘P( x )’ abbreviates ‘ x is prime’ and ‘N( x )’ abbreviates ‘ x is a number’. The logical quantifier ‘∃’ accordingly symbolizes in context the role played by the English words ‘exists’, ‘some’ and ‘there is’. (shrink)

Brentano’s account of what he called intentionale Inexistenz — what we now call intentionality — is without question one of the most important parts of his philosophy, and one of the most influential ideas in late 19th-century philosophy. Here I will explain how this idea figures in Brentano’s central text, Psychology from an Empirical Standpoint (Brentano 1995a). I will then briefly explain how Brentano’s ideas about intentionality evolved after the first publication of this work in 1874, and how they were (...) then misinterpreted by some influential analytic philosophers. (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.

The sensitivity condition on knowledge says that one knows that P only if one would not believe that P if P were false. Difficulties for this condition are now well documented. Keith DeRose has recently suggested a revised sensitivity condition that is designed to avoid some of these difficulties. We argue, however, that there are decisive objections to DeRose’s revised condition. Yet rather than simply abandoning his proposed condition, we uncover a rationale for its adoption, a rationale which suggests a (...) further revision that avoids our objections as well as others. The payoff is considerable: along the way to our revision, we learn lessons about the epistemic significance of certain explanatory relations, about how we ought to envisage epistemic closure principles, and about the epistemic significance of methods of belief formation. (shrink)

Recent work in metaphysics has focused on the nature of artefacts, most accounts of which assume that artefacts depend on the intentions of their individual makers. Artefacts are thus importantly different from institutional kinds, which involve collective intentions. However, recent work in social ontology has yielded renewed focus on the social dimensions of various kinds, including artefacts. As a result, some philosophers have suggested that artefacts have a distinctly social dimension that goes beyond their makers' individual intentions but which stops (...) short of the collective intentionality of institutional kinds. I aim to combine these insights into an account of artefacts that involves disjunctive conditions of mind-dependence: Artefacts can either depend on the singular intentions of their makers or they can depend on the collective acceptance of particular social groups. Whether the first or second disjunct is satisfied depends on the artefact's context of creation. I'll argue that this applies not to artefact kinds but to individual artefacts. I then consider two objections to my view based on Robinson Crusoe cases and show how my account allows us to fit artefacts into a taxonomy of social kinds. (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.

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)

This paper defends an interpretation of the representational function of sensation in Kant's theory of empirical cognition. Against those who argue that sensations are ?subjective representations? and hence can only represent the sensory state of the subject, I argue that Kant appeals to different notions of subjectivity, and that the subjectivity of sensations is consistent with sensations representing external, spatial objects. Against those who claim that sensations cannot be representational at all, because sensations are not cognitively sophisticated enough to possess (...) intentionality, I argue that Kant does not use the term ?Vorstellung? to refer to intentional mental states exclusively. Sensations do not possess their own intentionality, but they nevertheless perform a representational function in virtue of their role as the matter of empirical intuition. In empirical intuition, the sensory qualities given in sensation are combined with the representation of space to constitute the intuited appearance. The representational function of sensation consists in sensation being the medium out of which intuited appearances are constituted: the qualities of sensations stand in for what the understanding will judge (conceptualize) as material substance. (shrink)

Cognitive neuroscientists frequently talk about the brain representing the world. Some philosophers claim that this is a confusion. This paper argues that there is no confusion, and outlines one thing that might mean, using the notion of a model derived from the philosophy of science. This description is then extended to make apply to propositional attitude attributions. A number of problems about propositional attitude attributions can be solved or dissolved by treating propositional attitudes as models.

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)

Suppose we can save either a larger group of persons or a distinct, smaller group from some harm. Many people think that, all else equal, we ought to save the greater number. This article defends this view (with qualifications). But unlike earlier theories, it does not rely on the idea that several people's interests or claims receive greater aggregate weight. The argument starts from the idea that due to their stakes, the affected people have claims to have a say in (...) the rescue decision. As rescuers, our primary duty is to respect these procedural claims, which we must do by doing what these people would decide, in a process where each is given an equal vote on the matter. So in cases where each votes in their own self-interest, respect for their equal right to decide, or their autonomy, will lead us to save the greater number. The argument is explained in detail, with special attention to the questions of how, exactly, it avoids aggregation, and of why majority rule is superior to lottery procedures. The view has further advantages. Especially, it explains the “partial” relevance of numbers in cases involving unequal harms, and it does so in a way that dissolves the appearance of paradox that besets theories of “partial aggregation.”. (shrink)

The term ‘psychologism’ is normally used for the doctrine that logical and mathematical truths must be explained in terms of psychological truths (see Kusch 1995 and 2011). As such, the term is typically pejorative: the widespread consensus is that psychologism in this sense is a paradigm of philosophical error, a gross mistake that was identified and conclusively refuted by Frege and Husserl.

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)

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)

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)

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)

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)

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)

We call our thoughts conscious, and we also say the same of our bodily sensations, perceptions and other sensory experiences. But thoughts and sensory experiences are very different phenomena, both from the point of view of their subject and in their functional or cognitive role. Does this mean, then, that there are very different kinds or varieties of consciousness? Philosophers do often talk about different kinds of consciousness: Christopher Hill, for example, claims that ‘it is customary to distinguish five forms (...) of consciousness’ (Hill 2009: 1). These are: agent consciousness, propositional consciousness, introspective consciousness, relational consciousness and phenomenal consciousness; to which Hill adds experiential consciousness, making six in total. (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)

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.

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)

According to Streeck and Vogl, the neoliberalization of the state has been the result of political-economic developments that render the state dependent on financial markets. However, they do not explain the discursive shifts that would have been required for demoting the state to the role of an agent to bondholders. I propose to explain this shift via the performative effect of neoliberal agency theory. In 1976, Michael Jensen and William Meckling claimed that corporate managers are agents to shareholding principals, which (...) implied that their main task was the procurement of shareholder value. Agency theory subsequently prescribes a series of measures to ensure the alignment of principal and agent interests in corporations. The diffusion of agency theory, however, moved beyond corporate governance to reconfigure the state. Due to its reliance on capital markets, the state supposedly likewise becomes an agent of the investment public and should procure bondholder value. (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)

I can agree with much of what D.H. Mellor says in his response to my paper ('Crane's Waterfall Illusion'). I can agree that perception in some sense 'aims' at truth, that its function 'is to tell us how the world truly is'...

Can a person be harmed or wronged by being brought into existence? Can a person be benefited by being brought into existence? Following David Heyd, I refer to these questions as “genethical questions”. This chapter examines three broad approaches to genethics: the no-faults model, the dual-benchmark model, and the parity model. The no-faults model holds that coming into existence is not properly subject to moral evaluation, at least so far as the interests of the person that is to be brought (...) into existence are concerned. The dual benchmark model allows that coming into existence can be subject to moral evaluation, but holds that our judgments about the kinds of lives worth starting ought not be aligned with our judgments about the kinds of lives worth sustaining. I argue against both the no-faults and dual benchmark models. In their place, I argue for a parity approach to genethics, according to which our judgments about the conditions under which life is worth creating ought to be constrained by our judgments about the conditions under which life is worth continuing. (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.

This book is about the nature of dispositional properties, or dispositions. It is hard to give an uncontroversial definition of the notion of a disposition, since its very definition is one of the matters under dispute. But we can make a start with the following preliminary definition: a disposition is a property (such as solubility, fragility, elasticity) whose instantiation entails that the thing which has the property would change, or bring about some change, under certain conditions. For instance, to say (...) that some object is soluble is to say that it would dissolve if put in water; to say that something is fragile is to say that it would break if (for instance) dropped in suitable circumstances; to say that something is elastic is to say that it would stretch when pulled. The fragility (solubility, elasticity) is a disposition; the breaking (dissolving, stretching) is the manifestation of the disposition. (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)

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)

Many philosophers are impressed by the progress achieved by physical sciences. This has had an especially deep effect on their ontological views: it has made many of them physicalists. Physicalists believe that everything is physical: more precisely, that all entities, properties, relations, and facts are those which are studied by physics or other physical sciences. They may not all agree with the spirit of Rutherford's quoted remark that 'there is physics; and there is stamp-collecting',' but they all grant physical science (...) a unique ontological authority: the authority to tell us what there is. Physicalism is now almost orthodox in much philosophy, notably in much recent philosophy of mind. But although often invoked, it is rarely explicitly defined. It should be. The claim that everything is physical is not as clear as it seems. In this paper, we examine a number of proposed definitions of physicalism and reasons for being a physicalist. We will argue both that physicalism lacks a clear and credible definition, and that in no non-vacuous interpretation is it true. We are concerned here only with physicalism as a doctrine about the empirical world. In particular, it should not be confused with nominalism, the doctrine that there are no universals.2 Nominalism and physicalism are quite independent doctrines. Believers in universals may as consistently assert as deny that the only properties and relations are those studied by physical science. And nominalists may with equal consistency assert or deny that physical science could provide enough predicates to describe the world. That is the question which concerns physicalists, not whether physical predicates name real universals. (We will for brevity write as if they do, but we do not need that assumption.). (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)

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)

It is widely agreed that perceptual experience is a form of intentionality, i.e., that it has representational content. Many philosophers take this to mean that like belief, experience has propositional content, that it can be true or false. I accept that perceptual experience has intentionality; but I dispute the claim that it has propositional content. This claim does not follow from the fact that experience is intentional, nor does it follow from the fact that experiences are accurate or inaccurate. I (...) end by considering the relationship between this question and the question of whether experience has non-conceptual content. (shrink)

Jerry Fodor, by common agreement, is one of the world’s leading philosophers. At the forefront of the cognitive revolution since the 1960s, his work has determined much of the research agenda in the philosophy of mind and the philosophy of psychology for well over 40 years. This special issue dedicated to his work is intended both as a tribute to Fodor and as a contribution to the fruitful debates that his work has generated. One philosophical thesis that has dominated Fodor’s (...) work since the 1960s is realism about the mental. Are there really mental states, events and processes? From his first book, Psychological Explanation (1968), onwards, Fodor has always answered this question with a resolute yes. From his early rejection of Wittgensteinian and behaviourist conceptions of the mind, to his later disputes with philosophers of mind of the elminativist ilk, he has always been opposed to views that try to explain away mental phenomena. On his view, there are minds, and minds can change the world. (shrink)

Some have claimed that people with very different beliefs literally see the world differently. Thus Thomas Kuhn: ‘what a man sees depends both upon what he looks at and also upon what his previous visual—conceptual experience has taught him to see’ (Kuhn 1970, p. ll3). This view — call it ‘Perceptual Relativism’ — entails that a scientist and a child may look at a cathode ray tube and, in a sense, the first will see it while the second won’t. The (...) claim is not, of course, that the child’s experience is ‘empty’; but that, unlike the scientist, it does not see the tube as a cathode ray tube. One way of supporting this claim is to say that one cannot see something as an F unless one has the concept F. Since the child plainly lacks the concept of a cathode ray tube, it cannot see it as a cathode ray tube. Although Perceptual Relativism is hard to believe, this supporting suggestion is not so implausible. After all, when we see (and more generally, perceive) the world, the world is presented to us in a particular way; so how can we see it as being that way unless we have some idea or conception of the way it is presented? We need not be committed to a representative theory of perception to think that perceptions in some sense represent the world. We can express this by saying that perceptions have content. Now it is a commonplace that the contents of beliefs and the other propositional attitudes involve concepts. The belief that this thing is a cathode ray tube involves, in some sense, the concept cathode ray tube. So the line of thought behind Perceptual Relativism may be expressed thus: seeing an F as an F is a state with content. (shrink)

Donald Trump and Boris Johnson are notoriously uninterested in truthtelling. They also often appear uninterested even in constructing plausible falsehoods. What stands out above all is the brazenness and frequency with which they repeat known falsehoods. In spite of this, they are not always greeted with incredulity. Indeed, Republicans continue to express trust in Donald Trump in remarkable numbers. The only way to properly make sense of what Trump and Johnson are doing, we argue, is to give a greater role (...) to audience relativity - and in some cases, audience participation - in notions like bullshitting and bald-faced lying. In this paper, we develop a new understanding of bullshitting, one that includes bald-faced lying, and recognizes that different communicative acts may be directed at different audiences with a single utterance. In addition, we argue for recognition of the category of bald-faced bullshitting, a particular speciality of both Trump and Johnson, and one especially useful to authoritarian leaders. (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)

Elements of Mind (EM) has two themes, one major and one minor. The major theme is intentionality, the mind’s direction upon its objects; the other is the mind–body problem. I treat these themes separately: chapters 1, and 3–5 are concerned with intentionality, while chapter 2 is about the mind–body problem. In this summary I will first describe my view of the mind–body problem, and then describe the book’s main theme. Like many philosophers, I see the mind–body problem as containing two (...) sub–problems: the problem of mental causation and the problem of consciousness. I see these problems forming the two horns of a dilemma. Just as the problem of mental causation pushes us towards physicalism, so the problem of consciousness pushes us away from it. Each problem reveals the inadequacy of the solution to the other. Essentially the problem of mental causation is the conflict between (i) the apparent fact that mental states and events have effects in the physical world and (ii) a general principle about the causal nature of the physical world, which is sometimes called the ‘causal closure’ or the ‘causal completeness’ of the physical world. This principle says that all physical effects have physical causes which are enough to bring them about. The problem then is simple: how can a mental cause have a physical effect if that effect also has a physical cause which is enough to bring it about? Barring massive overdetermination of our actions by independent causes, it seems that the best answer is to identify the mental and the physical causes. And this is traditionally how physicalists have argued for their identity theory of mind and body. However, many physicalists reject the identity theory, and therefore they have to solve the mental causation problem in some other way. At present, there is no consensus among physicalists on which of the currently proposed solutions is correct. In chapter 2 of EM I propose an alternative, which I call ‘emergentism’. Inspired by the rejection of the identity theory, Emergentism is the idea that mental properties are genu.. (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)

We provide a direct method for proving Craig interpolation for a range of modal and intuitionistic logics, including those containing a "converse" modality. We demonstrate this method for classical tense logic, its extensions with path axioms, and for bi-intuitionistic logic. These logics do not have straightforward formalisations in the traditional Gentzen-style sequent calculus, but have all been shown to have cut-free nested sequent calculi. The proof of the interpolation theorem uses these calculi and is purely syntactic, without resorting to embeddings, (...) semantic arguments, or interpreted connectives external to the underlying logical language. A novel feature of our proof includes an orthogonality condition for defining duality between interpolants. (shrink)