This paper presents a new model for valuing hybrid defaultable financial instruments, such as, convertible bonds. In contrast to previous studies, the model relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is mainly due to convertible underpricing. Empirically, however, we do not find evidence (...) supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)

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

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.

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

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

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)

This paper presents a new model for pricing OTC derivatives subject to collateralization. It allows for collateral posting adhering to bankruptcy laws. As such, the model can back out the market price of a collateralized contract. This framework is very useful for valuing outstanding derivatives. Using a unique dataset, we find empirical evidence that credit risk alone is not overly important in determining credit-related spreads. Only accounting for both collateral arrangement and credit risk can sufficiently explain unsecured credit costs. This (...) finding suggests that failure to properly account for collateralization may result in significant mispricing of derivatives. We also empirically gauge the impact of collateral agreements on risk measurements. Our findings indicate that there are important interactions between market and credit risk. (shrink)

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

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

This paper presents a 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)

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

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

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

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)

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

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

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

This article presents a new model for valuing financial contracts subject to credit risk and collateralization. Examples include the valuation of a credit default swap (CDS) contract that is affected by the trilateral credit risk of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to (...) a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in the CDS market. (shrink)

This 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)

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

During the lifetime of a structured product, payment events and cancellation events mainly affect the value of the option. This article presents a model for pricing generic cancellable option. The model is used to build most common kinds of cancellation schedules and compute the cancellation probability.

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

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

This article presents a new model for valuing a credit default swap (CDS) contract that is affected by multiple credit risks of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in (...) the CDS market. (shrink)

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

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

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

You want to see the concert, but don’t want to take a long drive (even though the concert is far away). Such *strongly conflicting desire ascriptions* are, I show, wrongly predicted incompatible by standard semantics. I then object to possible solutions, and give my own, based on *some-things-considered desire*. Considering the fun of the concert, but ignoring the drive, you want to see the concert; considering the boredom of the drive, but ignoring the concert, you don’t want to take the (...) drive. (shrink)

In this paper, I criticize Ethan Jerzak’s view that ‘want’ has only one sense, the mixed expected utility sense. First, I show that his appeals to ‘really’-locutions fail to explain away the counterintuitive predictions of his view. Second, I present a class of cases, which I call “principled indifference” cases, that pose difficulties for any expected utility lexical entry for ‘want’. I argue that in order to account for these cases, one needs to concede that ‘want’ has a sense, according (...) to which wanting is a matter of subjectively preferring p-alternatives to not-p-alternatives. Finally, I introduce some considerations for and against the view that ‘want’ also has another sense, which is roughly synonymous with ‘need’. (shrink)

The compelling, widely-accepted Satisfaction-is-Truth Principle says that if S wants p, then S has a desire that's satisfied in exactly the worlds where p is true. We reject the Principle; an agent may want p without having a desire that's satisfied when p obtains in any old way. Other theorists who reject the Principle rely on contested intuitions about when agents get what they want. We instead appeal to—and shed new light on—the dispositional role of desire.

In this paper, we propose a novel account of desire reports, i.e. sentences of the form 'S wants p'. Our theory is partly motivated by Phillips-Brown's (2021) observation that subjects can desire things even if those things aren't best by the subject's lights. That is, being best isn't necessary for being desired. We compare our proposal to existing theories, and show that it provides a neat account of the central phenomenon.

What is the difference between knowing someone and acknowledging them? Is it possible to want to be acknowledged while remaining unknown? And if one’s desire to know another person is too consuming, can this foreclose the possibility of acknowledgment? Cavell argues that we sometimes avoid the ethical problem of acknowledgment by (mis)conceiving our relations with others in terms of knowledge and that this epistemic misconception can actually amount to a form of ethical harm. I show that Polanski’s Chinatown helps us (...) understand the difference between knowing and acknowledging and that Cavell’s concepts help us better appreciate Chinatown. (shrink)

What are the truth conditions of want ascriptions? According to an influential approach, they are intimately connected to the agent’s beliefs: ⌜S wants p⌝ is true iff, within S’s belief set, S prefers the p worlds to the not-p worlds. This approach faces a well-known problem, however: it makes the wrong predictions for what we call (counter)factual want ascriptions, wherein the agent either believes p or believes not-p—for example, ‘I want it to rain tomorrow and that is exactly what is (...) going to happen’ or ‘I want this weekend to last forever, but of course it will end in a few hours’. We solve this problem. The truth conditions for want ascriptions are, we propose, connected to the agent’s conditional beliefs. We substantiate this connection by pursuing a striking parallel between (counter)factual and non-(counter)factual want ascriptions on the one hand and counterfactual and indicative conditionals on the other. (shrink)

In my article "Controlling the noise," I present a phenomenological investigation of bodily experience in anorexia nervosa. Turning to descriptions of those who have suffered from AN, which repeatedly detail the experience of finding their bodies threatening, out of control and noisy, I suggest that the phenomenological conceptions of body-as-object, body-as-subject and visceral body can help us unpack the complex bodily experience of AN throughout its various stages. My claim is that self-starvation is enacted by a bodily-subject who wishes to (...) quell or reassert authority over a visceral body whose demands and needs she finds threatening to her autonomy.The relationship between body-as-object and... (shrink)

It is a reasonable worry that God would not truly love us and want our salvation if He fixed a definite point after which He will no longer offer us the graces to repent of our sins. I propose that Thomas Aquinas succeeds in showing us that God would not be cruel or arbitrary in setting up a world where embodied agents end up after death in a state where they will inevitably fail to repent of their sins. Aquinas proposes (...) that being disembodied is to be in a state where a person cannot be mistaken about what they want, given that they know themselves perfectly. If the disembodied state were like this, it would not be surprising that being in that state makes repentance impossible, since a soul would become fully integrated around whatever one desired, without any conflicting desires that could prompt repentance. Thus, humans would persist in whatever desires they had at the moment of death and disembodiment. I conclude by arguing that, while this scenario stands in need of fuller theodicy, Aquinas’ scenario is helpful in defending a view that God is not cruel or arbitrary for creating a world in which post-mortem repentance is impossible. (shrink)

"Lest one think that the focus on aspect-seeing in Wittgenstein is only a means to more contemporary philosophical ends, one ought to read Day’s remarkable 'Wanting to Say Something: Aspect-Blindness and Language'. Day considers the issue of aspect-blindness, arguing that universal aspect-blindness is impossible for beings with language. Specifically, he shows that a child’s first attempt at language, at trying “bloh” for “ball,” is neither an indication that the child sees the ball for the first time, nor an indication (...) that the child is giving a first label for an object seen all along. Rather, he shows that this attempt is an indication of the dawning of an aspect. The dawning of aspects, so common during the phase of language acquisition, becomes supplanted by language itself. Universal aspect-blindness is not humanly possible, then. Day argues that the acquisition of language results in a loss of desire for aspects (which it is possible to regain through art). Localized aspect-blindness is familiar because as language-users, we have lost our desire for aspects. Day then turns to questions about the deep purpose behind Wittgenstein’s style. Why are those doubting voices prominent? Why does Wittgenstein demand so often that the reader answer his questions? Day shows that these elements of Wittgenstein’s style arise from a motivation to regain his own desire for aspects, and he wants to re-awaken our own desire for aspects. Day motivates us to consider aspect-seeing in order to see Wittgenstein himself anew." --Chris Weigel, Book Review of Seeing Wittgenstein Anew, Journal of the History of Philosophy 49:2 (April 2011): 263. (shrink)

I present unexplored and unaccounted for uses of 'wants'. I call them advisory uses, on which information inaccessible to the desirer herself helps determine what she wants. I show that extant theories by Stalnaker, Heim, and Levinson fail to predict these uses. They also fail to predict true indicative conditionals with 'wants' in the consequent. These problems are related: intuitively valid reasoning with modus ponens on the basis of the conditionals in question results in unembedded advisory uses. I consider two (...) fixes, and end up endorsing a relativist semantics, according to which desire attributions express information-neutral propositions. On this view, 'wants' functions as a precisification of 'ought', which exhibits similar unembedded and compositional behavior. I conclude by sketching a pragmatic account of the purpose of desire attributions that explains why it made sense for them to evolve in this way. (shrink)

This inquiry is addressed to two questions: (1) what if any logical relations might exist between the concepts of desire and action (as they and the distinctions to which they commit us are ensconced in ordinary parlance), and (2) what if any causal or significant non-causal (i.e., material) relations might ever exist between instances of desire and action? -/- It is held that any credible move to deal with such questions must initially, and at some length, specify the employment conditions (...) for the terms 'want' and 'desire'. This is accomplished in the first two chapters wherein a set of premises is generated for the argument of the inquiry which is presented in full and concluded in the third and final chapter. Premises generated devolve from treatment of the following major topics: (a) the grammar of 'want' and 'desire', (b) the ontological status of wants, (c) first-person and third-person want ascriptions, (d) the sorts of things which may be desired (desiderabilia), (e) wants and lacks, (f) wants and wishes, (g) the 'conflicts' of desires and reason and desire, (h) four major candidates for logical relations between wants and acts, (i) the issue of causation, and (j) the placement of Desire in an adequate ontology of persons. -/- It is argued that every major candidate for a logical relation between wants and acts (or our warrant for believing that such a connection exists) breaks down upon analysis; that little warrant exists for construing wants as causes of acts; that wants and acts are related in significant non-logical and non-causal (i.e., material) respects; and that any fully adequate theory of human action must undertake ontology, placing the category of Desire squarely in the foreground. This project represents neither a general theory of desire nor a general theory of human action. It is rather conceived as a propaedeutic to any such inquiry. It is essentially revisionist in intent, setting out on the one hand to challenge existing claims about wants and acts and, on the other hand, proposing a more satisfactory approach to the issue. In no sense is it suggested that recent Anglo-American contributions are without merit. It is rather argued that they are often inadequate contributions vis-a-vis the larger requirements for an adequate theory of human action. (shrink)

In recent years, online “involuntary celibate” or “incel” communities have been linked to various deadly attacks targeting women. Why do these men react to romantic rejection with not just disappointment, but murderous rage? Feminists have claimed this is because incels desire women as objects or, alternatively, because they feel entitled to women’s attention. I argue that both of these explanatory models are insufficient. They fail to account for incels’ distinctive ambivalence toward women—for their oscillation between obsessive desire and violent hatred. (...) I propose instead that what incels want is a Beauvoirian “Other.” For Beauvoir, when men conceive of women as Others, they represent them as simultaneously human subjects and embodiments of the natural world. Women function then as sui generis entities through which men can experience themselves as praiseworthy heroes, regardless of the quality of their actions. I go on to give an illustrative analysis of Elliot Rodger’s autobiographical manifesto, “My Twisted World.” I show how this Beauvoirian model sheds light on Rodger’s racist and classist attitudes and gives us a better understanding of his ambivalence toward women. It therefore constitutes a powerful and overlooked theoretical alternative to accounts centered on objectification and entitlement. (shrink)

How homogenous are the sources of human motivation? Textbook Humeans hold that every human action is motivated by desire, thus any heterogeneity derives from differing objects of desire. Textbook Kantians hold that although some human actions are motivated by desire, others are motivated by reason. One question in this vicinity concerns whether there are states such that to be in one is at once take the world to be a certain way and to be motivated to act: the state-question. My (...) question here is different: whether passion and reason constitute distinct sources of human motivation: the source question. In this essay, I defend an affirmative answer to the source-question while remaining neutral on the state-question. I distinguish between what I call orectic desires, which are associated with the appetites, and anorectic desires, which are associated with judgments of the good. I argue that the two sorts of desires constitute distinct sources of motivation initially on the basis of their differing epistemological profiles. Specifically, self-attributions of anorectic desires are governed by the transparency condition, self-attributions of orectic desires are not. It emerges from this discussion that the motivation for performing an action arises in very different ways from each sort of desire. This difference, in turn, is explained by their differing relations to the will. Roughly, an orectic desire influences the will, but an anorectic desire is the will. The motivation to perform some of our actions derives simply from the determination that they are to-be-done—from reason. (shrink)

Our world is beset with appalling problems. To solve these urgent, intractable global problems it is not new scientific knowledge and technology that we need so much as new actions: new policies, new international relations, new institutions and social arrangements, new ways of living. The mere provision of scientific know-ledge and technological know-how cannot help much: indeed, all too often it actually makes matters worse. The dreadful truth is that science has played a crucial role, often unwittingly, in the creation (...) of our problems. To solve our problems we certainly need to learn, but what we need to learn is not so much new knowledge as new actions—new, more cooperative, wiser ways of living. Above all, we need to learn how to resolve our conflicts in more just, humane and rationally cooperative ways. This in turn requires that we create new institutions and traditions of learning, rationally devoted to helping us to learn how to become more cooperative and wise. We need a new kind of academic enterprise, all over the world, which takes as its basic task to promote not just knowledge, but rather wisdom—wisdom being defined as the capacity to solve problems of living so as to achieve what is of value, for oneself and others (wisdom thus including but going beyond knowledge). (shrink)

How do you know what you want? The question is neglected by epistemologists. This paper attempts an answer.

How do you know what you want? Philosophers have lately developed sophisticated accounts of the practical and doxastic knowledge that are rooted in the point of view of the subject. Our ability to just say what we are doing or what we believe—that is, to say so authoritatively, but not on the basis of observation or evidence—is an aspect of our ability to reason about the good and the true. However, no analogous route to orectic self-knowledge is feasible. Knowledge of (...) desire is distinctive in being a matter of our affective response to imagined prospects. An examination of this idea yields the following thesis: I know what I want just in case the object pursued in anticipation of a certain pleasure actually yields the anticipated pleasure. (shrink)