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)

Despite its central role in our cognitive lives, rational belief revision has received relatively little attention from epistemologists. This dissertation begins to fill that absence. In particular, we explore the phenomenon of defeasible epistemic justification, i.e., justification that can be lost as well as gained by epistemic agents. We begin by considering extant theories of defeat, according to which defeaters are whatever cause a loss of justification or things that somehow neutralize one's reasons for belief. Both of these theories are (...) both extensionally and explanatorily inadequate and, so, are rejected. We proceed to develop a novel theory of defeat according to which defeaters are reasons against belief. According to this theory, the dynamics of justification are explained by the competition between reasons for and reasons against belief. We find that this theory not only handles the counter-examples that felled the previous theories but also does a fair job in explaining the various aspects of the phenomenon of defeat. Furthermore, this theory accomplishes this without positing any novel entities or mechanisms; according to this theory, defeaters are epistemic reasons against belief, the mirror image of our epistemic reasons for belief, rather than sui generis entities. (shrink)

Michael Walzer’s use of John Stuart Mill’s A Few Words on Non-Intervention (1859) helped to inaugurate it as a canonical text of international theory. However, Walzer’s use of the text was highly selective because he viewed the first half as a historically parochial discussion of British foreign policy, and his interest in the second was restricted to the passages in which Mill proposes principles of international morality to govern foreign military interventions to protect third parties. As a result, theorists tend (...) to see those canonized passages as if through a glass darkly. Attention to the detail and context of Mill’s first-half critique of Lord Palmerston’s opposition to the Suez Canal project reveals that his discussion of purely protective intervention is embedded in a broader exploration of the limits of self-defence, including the moral permissibility of preventive military force and the use of protective interventions for defensive purposes. Moreover, reading the text holistically facilitates a refutation of some objections directed at it by Michael Doyle to the effect that Mill’s conception of self-defence incorporates elements of aggression which makes it extremely dangerous when adapted for application to the contemporary world. (shrink)

We employ a recently developed methodology -- called "structural refinement" -- to extract nested sequent systems for a sizable class of intuitionistic modal logics from their respective labelled sequent systems. This method can be seen as a means by which labelled sequent systems can be transformed into nested sequent systems through the introduction of propagation rules and the elimination of structural rules, followed by a notational translation. The nested systems we obtain incorporate propagation rules that are parameterized with formal grammars, (...) and which encode certain frame conditions expressible as first-order Horn formulae that correspond to a subclass of the Scott-Lemmon axioms. We show that our nested systems are sound, cut-free complete, and admit hp-admissibility of typical structural rules. (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)

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)

The purpose of this paper is to review and discuss Luciano Floridi’s 2019 book The Logic of Information: A Theory of Philosophy as Conceptual Design, the latest instalment in his philosophy of information (PI) tetralogy, particularly with respect to its implications for library and information studies (LIS) .

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)

Neoliberalism has installed an unending competitive struggle in the economy. Within this context activists have pushed for a reappraisal of laziness and inactivity as forms of resistance. This idea has been picked up by Maurizio Lazzarato and Giorgio Agamben in different ways. I start with explaining the former’s appraisal of laziness as a release of potentialities unrealizable under financial capitalism. Lazzarato’s appraisal of laziness however resembles neoliberal theories of innovation, because both share the conceptual persona of a subject whose potentialities (...) exceed the current status quo. Potentiality is thus not an unambiguous antagonist of capitalism, as Lazzarato suggests. In order to adequately oppose neoliberalism, Lazzarato should question the role of potentiality in capitalism. Agamben has undertaken such a project. In the second part of the essay I consequently argue that Agamben’s philosophy of inactivity as impotentiality is able to circumvent neoliberalism and the society of the spectacle. (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)

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)

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)

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)

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)

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 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 Republic of the Living, Miguel Vatter argues that, at the end of the 1970s, Michel Foucault did not convert to but criticized neoliberalism from a republican point of view. Neoliberal governmentality allegedly represses the capacity of human collectives to democratically govern themselves. The potential for republican self- government would then constitute the basis for an affirmative variant of biopolitics. I argue that this creative reformulation of Foucault’s oeuvre does not work as an interpretation of Foucault nor as a (...) valid critique of neoliberalism. Using the influ- ence of Georges Canguilhem on Foucault, I propose to locate the potential for affirmative biopolitics not in the collective capacity for self-government, but in the fragility of living beings in their interaction with their milieu. Because life is con- stitutively dependent on infrastructural conditions to flourish, we need a biopolitics that establishes institutions which support the sustenance of life. (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)

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)

‘It is of the very nature of consciousness to be intentional’ said Jean-Paul Sartre, ‘and a consciousness that ceases to be a consciousness of something would ipso facto cease to exist’.1 Sartre here endorses the central doctrine of Husserl’s phenomenology, itself inspired by a famous idea of Brentano’s: that intentionality, the mind’s ‘direction upon its objects’, is what is distinctive of mental phenomena. Brentano’s originality does not lie in pointing out the existence of intentionality, or in inventing the terminology, which (...) derives from scholastic discussions of concepts or intentiones.2 Rather, his originality consists in his claim that the concept of intentionality marks out the subject matter of psychology: the mental. His view was that intentionality ‘is characteristic exclusively of mental phenomena. No physical phenomenon manifests anything like it’.3 This is Brentano’s thesis that intentionality is the mark of the mental. Despite the centrality of the concept of intentionality in contemporary philosophy of mind, and despite the customary homage paid to Brentano as the one who revived the terminology and placed the concept at the centre of philosophy, Brentano’s thesis is widely rejected by contemporary philosophers of mind. What is more, its rejection is not something which is thought to require substantial philosophical argument. Rather, the falsity of the thesis is taken as a starting-point in many contemporary discussions of intentionality, something so obvious that it only needs to be stated to be recognised as true. Consider, for instance, these remarks from the opening pages of Searle’s Intentionality: Some, not all, mental states and events have Intentionality. Beliefs, fears, hopes and desires are Intentional; but there are forms of nervousness, elation and undirected anxiety that are not Intentional.... My beliefs and desires must always be about something. But my nervousness and undirected anxiety need not in that way be about anything.4 Searle takes this as obvious, so obvious that it is not in need of further argument or elucidation. (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.

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)

Newcomers to the philosophy of mind are sometimes resistant to the idea that pain is a mental state. If asked to defend their view, they might say something like this: pain is a physical state, it is a state of the body. A pain in one’s leg feels to be in the leg, not ‘in the mind’. After all, sometimes people distinguish pain which is ‘all in the mind’ from a genuine pain, sometimes because the second is ‘physical’ while the (...) first is not. And we also occasionally distinguish mental pain (which is normally understood as some kind of emotional distress) from the ‘physical pain’ one feels in one’s body. So what can be meant by saying that pain is a mental state? Of course, it only takes a little reflection shows that this naive view is mistaken. Pain is a state of consciousness, or an event in consciousness, and whether or not all states of mind are conscious, it is indisputable that only minds, or states of mind, are conscious.2 But does the naive view tell us anything about the concept of pain, or the concept of mind? I think it does. In this paper, I shall give reasons for thinking that consciousness is a form of intentionality, the mind’s ‘direction upon its objects’. I shall claim that the consciousness involved in bodily sensations like pain is constituted by the mind’s direction upon the part or region of the body where the sensation feels to be. Given this, it is less surprising that the naive view of pain says what it does: the apparent ‘physicality’ of pain is a consequence of confusing the object of the intentional state—the part of the body in which the pain is felt—with the state of being in pain. (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.

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)

Child poverty is one of the biggest challenges of today, harming millions of children. In this book, it is investigated from a philosophical social justice perspective, primarily in the context of modern welfare states. Based on both normative theory (particularly the capability approach) and empirical evidence, the authors identify the injustices of child poverty, showing how it negatively affects the well-being of children as well as their whole life course. But child poverty is not 'given by nature'. It is avoidable (...) and there is certainly the moral duty to alleviate it. Therefore, Graf and Schweiger develop a normative theory of responsibilities, which clarifies the moral role of different agents in the poor child's environment: the family, the state and many others, that have so far been neglected in philosophical theories. They conclude their book by sketching how their theory can be extended to global child poverty and what it means to show equal respect and concern for every child - no matter where and in which context they were born. (shrink)

In the first Critique, Kant attempts to prove what we can call the "Principle of Intensive Magnitudes," according to which every possible object of experience will possess a determinate "degree" of reality. Curiously, Kant argues for this principle by inferring from a psychological premise about internal sensations (they have intensive magnitudes) to a metaphysical thesis about external objects (they also have intensive magnitudes). Most commentators dismiss the argument as a failure. In this article I give a reconstruction of Kant's argument (...) that attempts to rehabilitate the argument back into his broader transcendental theory of experience. I argue that we can make sense of the argument's central inference by appeal to Kant's theory of empirical intuition and by an analysis of the way in which Kant thinks sensory matter constitutes our most basic representations of objects. (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)

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)

If you stare for a period of time at a scene which contains movement in one direction, and then turn your attention to an object in a scene which contains no movement, this object will appear to move in the opposite direction to that of the original movement. The effect can be easily achieved by attaching a piece of paper with a spiral drawn on it to the spinning turntable of a record player, and then turning the turntable off while (...) continuing to look at the spiral (see Frisby 1979, pp. 100-101 for a detailed descrip- tion of how to bring this about). But the illusion of movement can also occur when looking at a waterfall, for instance, and turning one's attention away from the waterfall to a stationary object such as a stone; hence its name - the 'Waterfall Illusion'. (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 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 is about a puzzle which lies at the heart of contemporary physicalist theories of mind. On the one hand, the original motivation for physicalism was the need to explain the place of mental causation in the physical world. On the other hand, physicalists have recently come to see the explanation of mental causation as one of their major problems. But how can this be? How can it be that physicalist theories still have a problem explaining something which their (...) physicalism was intended to explain in the first place? If physicalism is meant to be an explanation of mental causation, then why should it still face the problem of mental causation? (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)

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.

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)

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

Philosophy in the 20th century began and ended with an obsession with the problems of consciousness. But the specific problems discussed at each end of the century were very different, and reflection on how these differences developed will illuminate not just our understanding of the history of philosophy of consciousness, but also our understanding of consciousness itself. An interest in the problems of consciousness can be found in at least three movements in early 20th century philosophy: in the discussions of (...) perception and realism by G.E. Moore and Bertrand Russell; in the related discussions of realism and pragmatism in America, in the period between William James and C.I. Lewis; and in the phenomenological movement started by Edmund Husserl. Two common themes in all these movements are: (i) that consciousness is a central or defining feature of the mind, and (ii) consciousness and thought (or intentionality) are interrelated phenomena not to be discussed in isolation from one another. The problem of consciousness in those days was the problem of the nature of our access to the mind-independent world. (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)

Is there, or should there be, any place in contemporary philosophy of mind for the concept of an intentional object? Many philosophers would make short work of this question. In a discussion of what intentional objects are supposed to be, John Searle...

Despite the widespread acceptance of naturalism in many of the human sciences, discussions of the extent to which human beings are ‘unique’ are still common among philosophers and scientists. Cognitive ethologists and comparative psychologists often defend a standard view of this question by quoting Darwin’s famous claims in The Descent of Man that ‘there is no fundamental difference between man and the higher mammals in their mental faculties’ and that all the differences are ‘differences of degree, not of kind’ (Darwin (...) 1871: 35). (shrink)

The mind-body problem in contemporary philosophy has two parts: the problem of mental causation and the problem of consciousness. These two parts are not unrelated; in fact, it can be helpful to see them as two horns of a dilemma. On the one hand, the causal interaction between mental and physical phenomena seems to require that all causally efficacious mental phenomena are physical; but on the other hand, the phenomenon of consciousness seems to entail that not all mental phenomena are (...) physical.2 One may avoid this dilemma by adopting an epiphenomenalist view of consciousness, of course; but there is little independent reason for believing such a view. Rejecting epiphenomenalism, then, leaves contemporary philosophers with their problem: mental causation inclines them towards physicalism, while consciousness inclines them towards dualism. (shrink)

The celebrated "Twin Earth" arguments of Hilary Putnam (1975) and Tyler Burge (1979) aim to establish that some intentional states logically depend on facts external to the subjects of those states. Ascriptions of states of these kinds to a thinker entail that the thinker's environment is a certain way. It is not possible that the thinker could be in those very intentional states unless the environment is that way...

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)

It will be obvious to anyone with a slight knowledge of twentieth-century analytic philosophy that one of the central themes of this kind of philosophy is the nature of perception: the awareness of the world through the five senses of sight, touch, smell, taste, and hearing. Yet it can seem puzzling, from our twenty-first-century perspective, why there is a distinctively philosophical problem of perception at all. For when philosophers ask ‘what is the nature of perception?’, the question can be confused (...) with other, purely empirical, questions. For example: how do our sense-organs actually work? What are the mechanisms of smell and taste? How do vision and touch actually provide us with information about the world around us? There is much general agreement, in its broad outlines, about how to answer such questions empirically; but it is not clear what role, if any, philosophy has to play in answering these empirical questions. So if these were the only questions about the nature of perception, then it would not be clear exactly what the philosophy of perception is supposed to be about. (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)

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.

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)