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

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)

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)

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)

Desire is an important philosophical topic that deeply impacts everyday life. Philosophical practice is an emerging trend that uses philosophical theories and methods as a guide to living a eu‐ daimonic life. In this paper, we define desire philosophically and compare different theories of desire in specific Eastern and Western traditions. Based on the Lacanian conceptual–terminological triad of “Need‐Demand‐Desire”, the research of desire is further divided into three dimensions, namely, the subject of desire, the object of desire, and the desire (...) itself. The concept of desire is then an‐ alyzed from this triad and these three dimensions through different philosophical theories. This paper selects Buddhism as the representative of Eastern tradition, and Stoicism as the representative of the West, paying special attention to Stoicism’s “spiritual exercises” following Pierre Hadot. By exploring and comparing the Buddhist paths to liberation from suffering (i.e., the Four Noble Truths and the Noble Eightfold Path) and the two theoretical pillars in Stoicism (i.e., the notions of “living according to nature” and “the dichotomy of control”), practical guidance is then provided for un‐ derstanding and regulating desire in times of crisis. This understanding and regulation of desire constitutes a philosophical therapy for today’s troubles, particularly those caused by excessive or irrational desires. (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)

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)

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)

In this paper, I will discuss what I will call “skeptical pragmatic invariantism” as a potential response to the intuitions we have about scenarios such as the so-called bank cases. SPI, very roughly, is a form of epistemic invariantism that says the following: The subject in the bank cases doesn’t know that the bank will be open. The knowledge ascription in the low standards case seems appropriate nevertheless because it has a true implicature. The goal of this paper is to (...) show that SPI is mistaken. In particular, I will show that SPI is incompatible with reasonable assumptions about how we are aware of the presence of implicatures. Such objections are not new, but extant formulations are wanting for reasons I will point out below. One may worry that refuting SPI is not a worthwhile project given that this view is an implausible minority position anyway. To respond, I will argue that, contrary to common opinion, other familiar objections to SPI fail and, thus, that SPI is a promising position to begin with. (shrink)

The view of embodied cognition believes that cognition is embodied in nature, only the dynamics involved in the interaction between cognitive activities and the nervous system, body and environment, only by closely linking the correct evaluation of time-dependent and relationship, then only can make a correct understanding of cognitive activities. The core concepts of body and environment involved in embodied cognition are different from the body and environment in the usual sense. In terms of research methods, dynamic research methods that (...) are different from traditional computer simulations are also adopted. The article first integrates and analyzes the basic position and general propositions in the discipline, then the embodied cognition are explained based on author's understanding. In addition, the suitability of dynamic research methods, its advantages and disadvantages is analyzed, and finally, a brief summary of the current status of embodied cognition research. (shrink)

The recent literature abounds with accounts of the semantics and pragmatics of so-called predicates of personal taste, i.e. predicates whose application is, in some sense or other, a subjective matter. Relativism and contextualism are the major types of theories. One crucial difference between these theories concerns how we should assess previous taste claims. Relativism predicts that we should assess them in the light of the taste standard governing the context of assessment. Contextualism predicts that we should assess them in the (...) light of the taste standard governing the context of use. We show in a range of experiments that neither prediction is correct. People have no clear preferences either way and which taste standard they choose in evaluating a previous taste claim crucially depends on whether they start out with a favorable attitude towards the object in question and then come to have an unfavorable attitude or vice versa. We suggest an account of the data in terms of what we call hybrid relativism. (shrink)

Epistemic invariantism, or invariantism for short, is the position that the proposition expressed by knowledge sentences does not vary with the epistemic standard of the context in which these sentences can be used. At least one of the major challenges for invariantism is to explain our intuitions about scenarios such as the so-called bank cases. These cases elicit intuitions to the effect that the truth-value of knowledge sentences varies with the epistemic standard of the context in which these sentences can (...) be used. In this paper, I will defend invariantism against this challenge by advocating the following, somewhat deflationary account of the bank case intuitions: Readers of the bank cases assign different truth-values to the knowledge claims in the bank cases because they interpret these scenarios such that the epistemic position of the subject in question differs between the high and the low standards case. To substantiate this account, I will argue, first, that the bank cases are underspecified even with respect to features that should uncontroversially be relevant for the epistemic position of the subject in question. Second, I will argue that readers of the bank cases will fill in these features differently in the low and the high standards case. In particular, I will argue that there is a variety of reasons to think that the fact that an error-possibility is mentioned in the high standards case will lead readers to assume that this error-possibility is supposed to be likely in the high standards case. (shrink)

It seems to be a common and intuitively plausible assumption that conversational implicatures arise only when one of the so-called conversational maxims is violated at the level of what is said. The basic idea behind this thesis is that, unless a maxim is violated at the level of what is said, nothing can trigger the search for an implicature. Thus, non-violating implicatures wouldn’t be calculable. This paper defends the view that some conversational implicatures arise even though no conversational maxim is (...) violated at the level of what is said. (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.

Skeptical invariantists maintain that the expression “knows” invariably expresses an epistemically extremely demanding relation. This leads to an immediate challenge. The knowledge relation will hardly if ever be satisfied. Consequently, we can rarely if ever apply “knows” truly. The present paper assesses a prominent strategy for skeptical invariantists to respond to this challenge, which appeals to loose talk. Based on recent developments in the theory of loose talk, I argue that such appeals to loose talk fail. I go on to (...) present a closely related, more promising response strategy, which combines assumptions about the dynamics of pragmatic presuppostions from Blome-Tillmann (2014) with an appeal to conversational exculpature, a phenomenon recently studied by Hoek (2018, 2019). (shrink)

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)

It has been argued that epistemic contextualism faces the so-called factivity problem and hence cannot be stated properly. The basic idea behind this charge is that contextualists supposedly have to say, on the one hand, that knowledge ascribing sentences like “S knows that S has hands” are true when used in ordinary contexts while, on the other hand, they are not true by the standard of their own context. In my paper, I want to show that the argument to the (...) factivity problem fails because it rests on the mistaken premise that contextualists are committed to the truth of particular ordinary knowledge attributions. (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)

It is commonly held that retraction data, if they exist, show that assessment relativism is preferable to non-indexical contextualism. I argue that this is not the case. Whether retraction data have the suggested probative force depends on substantive questions about the proper treatment of tense and location. One’s preferred account in these domains should determine whether one accepts assessment relativism or non-indexical contextualism.

Scroggs's theorem on the extensions of S5 is an early landmark in the modern mathematical studies of modal logics. From it, we know that the lattice of normal extensions of S5 is isomorphic to the inverse order of the natural numbers with infinity and that all extensions of S5 are in fact normal. In this paper, we consider extending Scroggs's theorem to modal logics with propositional quantifiers governed by the axioms and rules analogous to the usual ones for ordinary quantifiers. (...) We call them Π-logics. Taking S5Π, the smallest normal Π-logic extending S5, as the natural counterpart to S5 in Scroggs's theorem, we show that all normal Π-logics extending S5Π are complete with respect to their complete simple S5 algebras, that they form a lattice that is isomorphic to the lattice of the open sets of the disjoint union of two copies of the one-point compactification of N, that they have arbitrarily high Turing-degrees, and that there are non-normal Π-logics extending S5Π. (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)

Weakly Aggregative Modal Logic (WAML) is a collection of disguised polyadic modal logics with n-ary modalities whose arguments are all the same. WAML has some interesting applications on epistemic logic and logic of games, so we study some basic model theoretical aspects of WAML in this paper. Specifically, we give a van Benthem-Rosen characterization theorem of WAML based on an intuitive notion of bisimulation and show that each basic WAML system Kn lacks Craig Interpolation.

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 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)

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.

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)

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 explores the connections between being Chinese in various senses and the study of Chinese philosophy.

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)

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 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)

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.

This paper argues that the reduced-form jump diffusion model may not be appropriate for credit risk modeling. To correctly value hybrid defaultable financial instruments, e.g., convertible bonds, we present a new framework that relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is mainly due (...) to convertible underpricing. Empirically, however, we do not find evidence supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)

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

This 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 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.

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)

In this paper, I argue that the performance stories in the Zhuangzi, and the Butcher Ding story, emphasize an activity meditation practice that places the performer in a mindfulness flow zone, leading to graceful, efficacious, selfless, spontaneous, and free action. These stories are metaphors showing the reader how to attain a meditative state of focused awareness while acting freely in a flow experience. From my perspective, these metaphors are not about developing practical or technical skills per se. My argument (...) challenges a strict instrumental reading. Although instrumental reasoning can easily lead one to focus on the pragmatic outcomes depicted in these stories (See Eno, “Cook Ding’s Dao;” Callahan, “Cook Ding’s Life;” and Robins, “Beyond Skill”), the proposed pragmatic outcomes are merely a kind of collateral result of effortless, free actions, in the flow experience. The metaphors of Butcher Ding, the Lüliang rapids swimmer, the Wheelwright Bian, the Woodcarver Qing, the cicada catcher, the naked artist and so on are used to show the reader a way to engage in free and graceful action in the flow experience. Zhuangzi is not concerned about developing labour skills. He criticizes such skills; seen below when the Butcher claims to have “… left skill behind …” (進乎技矣) (Graham, Chuang-tzu, 63), and chapter five notes that “… skill is a peddler” (工為商) (Watson, Complete, 75). (shrink)

In this paper, we attempt to de-naturalize the prevailing economistic imaginary of work that Max Weber and later commentators described as ‘protestant work ethic,’ epitomized in the figure of homo economicus. We do so by contrasting it with the imaginary of skillful work that can be found in vignettes about artisans in the Zhuangzi. We argue that there are interesting contrasts between these views concerning 1) direct goal achievement vs. indirect goal achievement through the cultivation of skills; 2) the hierarchization (...) of mental versus physical dimensions of work; 3) the crafting of non-dominating relationships between the working subject, their object, and their instruments of work, which leads to questions about the sustainability of these relationships; and 4) the relationship between work and well-being, which the Daoist texts conceptualize in a much more holistic, but also more presentist way than Western economic rationality. We conclude by pointing out the relevance of these differences for several contemporary debates about work, by denaturalizing a dominant imaginary of work, by distinguishing different forms of work, by suggesting a different relation between work and nature, and by raising questions about the desirability of the automation of work. (shrink)

The aim of this paper is an ontological clarification of the concept of artefact. The following questions are addressed: 1. Do artefacts constitute an ontological category of objects in its own right, and if so, how could this category be characterized? 2. How do artefacts come into existence? 3. What kind of artefacts are there, and in which relations do they stand to each other? It is argued that artefacts are characterized essentially through their genesis and that they owe their (...) existence to mental acts of a particular kind, which I call “acts of creation”. It is maintained that there are not only concrete, material artefacts, but also abstract artefacts, that is, artefacts that cannot be perceived through the senses and are not located in space. Furthermore, it shall be claimed that in a sense those abstract artefacts are even primary to the concrete, material artefacts. (shrink)

I present a vision of a university in which each of the departments is based on having solved a paradox (especially for those who think that philosophers on here lack vision, in a grand sense!). I do so imitating a notable modernist writer, apologies for any political incorrectness.

This is a review of the new translation-cum-commentary of Lucretius, De rerum Natura by Klaus Binder, published by dtv, Munich 2017. The review stresses the importance of Lucretius work for the Enlightenment. The translation is o. k. on the whole, however the translator should have avoided rendering the Latin >religio< by >Aberglauben< (superstition). >superstition< was the word chosen by the English translator in the Loeb-Library, W. H. D. Rouse. Rouse was a Headmaster of the Perse School in Cambridge and he (...) may have chosen this rendering in 1924 to avoid getting into trouble with the Church of England. (shrink)