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)

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.

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)

Though there is a wide and varied literature on ethical supererogation, there has been almost nothing written about its epistemic counterpart, despite an intuitive analogy between the two fields. This paper seeks to change this state of affairs. I will begin by showing that there are examples which intuitively feature epistemically supererogatory doxastic states. Next, I will present a positive theory of epistemic supererogation that can vindicate our intuitions in these examples, in an explanation that parallels a popular theory of (...) ethical supererogation. Roughly, I will argue that a specific type of epistemic virtue—the ability to creatively think up plausible hypotheses given a body of evidence—is not required of epistemic agents. Thus, certain exercises of this virtue can result in supererogatory doxastic states. In presenting this theory, I will also show how thinking about epistemic supererogation can provide us a new way forward in the debate about the uniqueness thesis for epistemic rationality. (shrink)

Few would deny that something ontologically depends on something else. Given that something depends on something, what depends on what? Huayan Buddhism 華嚴宗, a prominent Chinese Buddhist school, is known for its extensive thesis of interdependence, according to which everything depends on everything else. This intriguing thesis is entangled with seemingly paradoxical claims that everything is not only identified with everything else but also contained within it. Moreover, the radical thesis of interdependence entails that dependence is pervasive and symmetric. In (...) this paper, I first develop a contemporary interpretation of Huayan interdependence by employing the definitional account of essence and the essence-based account of dependence. Through these contemporary resources, I elucidate and unify the theses of interdependence, mutual identity, and mutual containment within Huayan Buddhism. I then propose a unique framework of ontological dependence that suggests varying degrees of ontological dependence, aimed at accommodating and explaining away our intuitions against pervasive and symmetric dependence. By contemporizing Huayan Buddhism, I explore its potential and facilitate engagement between contemporary metaphysics and Huayan Buddhism. (shrink)

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

Market crises amplify fear, disrupting rational decision-making of stock investment. This study examines the relationship between investors’ information priorities—such as intuition, company performance, technical analysis, and other factors—and their fear responses (freeze, flight, and hiding) during market crashes. Using the Bayesian Mindsponge Framework (BMF) to analyze data from 1,526 investors in China and Vietnam, the findings reveal complex dynamics. We found positive associations between investors’ prioritization of social influence and intuition for investment decision-making with being freeze (i.e., not knowing what (...) to do with the owned stock), between prioritization of professionals’ evaluation and intuition with fleeing (i.e. giving up stock investment permanently), and between prioritization of professionals’ evaluation and social influence with hiding (i.e., stopping investing in stock for a while). In contrast, prioritization of companies’ performance metrics (e.g., net profit, debt, etc.) was negatively associated with being freeze, fleeing, and hiding. Meanwhile, prioritization of professionals’ evaluation, technical analysis, and liquidity was negatively associated with being freeze, fleeing, and hiding, respectively. The study highlights the importance of disseminating transparent, accurate information through government and media channels, along with implementing financial education programs, to promote rational investment decisions and reduce fear-driven behaviors. (shrink)

Tristram Engelhardt, Jr. offers erudite and compelling arguments for the view that all families should try to realize the traditional family. Although I tend to agree with him from my personal standpoint, I doubt that this view can be justified to those with whom we are in reasonable disagreement about the family. I make three critical points. First, though Engelhardt stops short of saying that the state should encourage people to form traditonal families, or discourage those who do not, some (...) state perfectionists might do so. From the perspective of public reason, it is unjust for the state to favor some conceptions of the good over others, if these conceptions are all reasonable. Moreover, those whose conceptions of the good are not favored would feel that they are disrespected. Second, insofar as Engelhardt thinks that all families should try to realize the traditional families, the traditional family would not be a good to those who do not like children. Moreover, it would be difficult to persuade those who have decided not to have children for reasons of career, burden, or more altruistic concern. Third, against Engelhardt’s stance against the “egalitarian aspirations” of liberalism, I argue that too often women sacrifice their possible careers for the sake of the family, even should they hold advanced degrees from prestigious universities, or professional qualifications. This kind of injustice is too uncomfortable to ignore. (shrink)

This study examines the dynamic relationship between face-saving mechanisms—proxied by age, income, and gender—and the peers’ safe-driving information on the driving behaviors of Chinese drivers. Using the Bayesian Mindsponge Framework (BMF) and Granular Interaction Thinking Theory (GITT) to analyze data from 1,039 Chinese drivers, we uncover a complex interplay of factors. Our findings suggest that peers serving as role models and actively supporting careful driving positively influence drivers’ safe driving behaviors. The effect of role-model peers is strengthened among drivers with (...) higher age and income levels. In contrast, the impact of actively engaged peers is lower among these groups and male drivers (though the gender’s negative moderation effect is weakly reliable). These results highlight the crucial role of peer influence in promoting safe driving and underscore the dynamic effects of cultural values, particularly face-saving concerns, on drivers’ cognitive and behavioral processes in China. (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)

Background: School meal programs are not only government initiatives but also community-driven efforts. Aiming to combat food insecurity among school-aged children effectively, these programs are executed in conjunction with food bank initiatives. Various community groups play a crucial role in the success of both food security initiatives. There is a need to improve community engagement to successfully link school meal programs with food banks to build program synergy, combating food insecurity through a two-sided approach. Aim: This study aims to examine (...) community engagement in school meals program by analyzing its purposeful focus on creating jobs and income-generating opportunities for different community groups, i.e., youths, women, and others. Methods: The Bayesian Mindsponge Framework, combining the reasoning strengths of Mindsponge theory and inference advantages of Bayesian analysis, was employed on a dataset of 126 government representatives who manage large-scale school meal programs in 126 different countries. Results: Findings showed that the school meals program’s purposeful focus on creating jobs and income-generating opportunities for women in the community was positively associated with community engagement, thereby supporting the linkage between the programs and food banks. In contrast, providing jobs and income-generating opportunities for youths and other community groups had an ambiguous association with community engagement in school meal programs. Conclusions: Findings underscore the importance of creating jobs and income-generating opportunities for women to improve community engagement in school meal programs. Formulating strategies that empower woman’s entrepreneurship may foster their involvement and engagement in school meal programs, promising to successfully link these programs with food bank initiatives among implementing countries. (shrink)

Since antiquity, Confucians have sought to work with the state in order to implement their philosophy through state sponsorship. And yet, whenever Confucians have sought state sponsorship, naturally the government has adopted Confucian philosophy selectively to serve its own purposes and thus compromised the integrity of Confucianism. Throughout Chinese history, countless Confucian officials attempted to help rulers to do the right thing. They often failed when their advice went against the fundamental interest of rulers. On reflection, this outcome should not (...) be unexpected. The primary goal of rulers is to solidify power; the primary concern of Confucianism is the wellbeing of the people. When the two conflict, it is highly unlikely for a government to prioritize Confucian ideals. In a democratic era, Confucianism can influence society without joining the state apparatus. It can and must promote its social ideals through grassroots democratic participation rather than leave itself to the mercy of state sponsorship. (shrink)

Public sentiment regarding climate change in the United States is starkly divided, with the Republicans and Democrats holding markedly different views. Given the inherent connection between the water crisis and climate change, this research aimed to investigate the interplay between the residents’ beliefs about the impact of climate change on water supply unpredictability, their political identity, and their willingness to adopt direct and indirect potable water reuse. The Bayesian Mindsponge Framework (BMF) analytics was conducted on a dataset of 1,831 water (...) users in the arid region of Albuquerque, New Mexico. The findings reveal a complicated interplay among examined factors. Specifically, we discovered a positive association between the belief in the impacts of climate change and the willingness to adopt potable water reuse among non-Republican water users. In contrast, Republican water users exhibit a negative association between climate change belief and willingness to adopt potable water reuse. Interestingly, despite this, Republicans generally show a higher overall willingness to adopt potable water reuse compared to non-Republicans. These findings suggest that contextual factors in Albuquerque, New Mexico, in which challenges of aridity and economic dependence on water resources are pronounced, might be important aspects contributing to the Republican’s high willingness to adopt potable water reuse. Also, the current climate change communication strategy with the Republicans might not be appropriate, and it should be tailored to align with the Republicans’ beliefs and persuade them better. (shrink)

It is a truism that there are erroneous convictions in criminal trials. Recent legal findings show that 3.3% to 5%of all convictions in capital rape-murder cases in the U.S. in the 1980s were erroneous convictions. Given this fact, what normative conclusions can be drawn? First, the article argues that a moderately revised version of Scanlon’ s contractualism offers an attractive moral vision that is different from utilitarianism or other consequentialist theories, or from purely deontological theories. It then brings this version (...) of Scanlonian contractualism to bear on the question of whether the death penalty, life imprisonment, long sentences, or shorter sentences can be justified, given that there is a non-negligible rate of erroneous conviction. Contractualism holds that a permissible act must be justifiable to everyone affected by it. Yet, given the non-negligible rate of erroneous conviction, it is unjustifiable to mete out the death penalty, because such a punishment is not justifiable to innocent murder convicts. It is further argued that life imprisonment will probably not be justified (unless lowering the sentence to a long sentence will drastically increase the murder rate). However, whether this line of argument could be further extended would depend on the impact of lowering sentences on communal security. (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)

Background: The school meals program has multiple objectives of education, nutrition, and value transfer. To ensure achieving the goal, total quality management (TQM) is implemented in the school meals program. Supply chain issues pose significant challenges to TQM implementation in the program execution. Aim: This study aims to examine national and international capacities in supply chain management by analyzing the variety of food items delivered through the school meals program. Methods: The Bayesian Mindsponge Framework, combining the reasoning strengths of Mindsponge (...) Theory and inference advantages of Bayesian analysis, was employed on a dataset of 126 government representatives who manage large-scale school meal programs in 126 different countries. Results: Findings showed that the method of obtaining supplies, whether through in-kind donations from local, regional, national sources, or national food reserves and purchasing from neighboring or distant countries, had a significant positive association with the variety of food items included in school meals or snacks. Conversely, obtaining supplies in-kind from neighboring or distant countries had a significant negative association with the food variety. Additionally, purchasing supplies from local, regional, or national food reserves had an unclear association with the food variety. Conclusions: Findings underscore the importance of supporting the World Bank and World Food Programme’s recommendation to rely more on local resources and capacities. Enhancing supply chain management at the national level is crucial for developing a long-term and sustainable school meals program. (shrink)

The connection between Chinese sexism and Confucianism has been a subject of study on the condition of Chinese women in the West since the rise of feminist consciousness in the 1970s. However Confucianism in feminist scholarship is inescapably construed as a misogynous ideology that is incapable of self-rectification in regards to the issue of gender parity. Hence, conceptually the eradication of Confucianism becomes the necessary condition for the liberation of Chinese women, and the adoption of Western ideology let it be (...) Marxist-socialism, Liberalism, or Existentialism is then a logical next step for Chinese women. Yet, such a dichotomization of the West as a superior moral subject and the East as a passive object victimized by their "sexist" tradition is nevertheless an oversimplification of the condition and the liberation of women in the developing world. In the end, it is essentially a neo-colonial discourse in a feminist disguise. This dissertation sets itself up to accomplish two tasks: first, it is to obtain a conceptual clarity of what constitutes Confucianism and its connection with dominant sexist, social practices; second, it is to go beyond a mere critique of Confucianism and feminism as an ally of Chinese patriarchal family structure and Western imperialism respectively, and to lay a foundation for a future construction of a gender theory based on Confucianism as a theoretical ground to explain the cultural construct of Chinese women and to conceive an alternative ethical ground for women's liberation. Eventually, the whole project can be seen as an act of self-affirmation of my ethnic identity as a Chinese and an act of reconciliation with my feminist identity in the modern world. (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 article Quine's program for reducing ontology to the semantic level is compared to Aquinas' metaphysical ontology. Some internal inconsistencies of Quine's quantificational account of existence are discussed. Aquinas' account of existence is explicated in response to Quine' mischaracterization of Scholastic ontology. The general nature of an amended logical account of existence incorporating Aquinas' ontological categories is indicated. Finally, recent attempts to harmonize Thomism and analytic philosophy are criticized for failing to note that the quantificational account of existence is (...) motivated by analytic philosophy's rejection of metaphysical ontology. Nothing short of a logical account of existence within the broader framework of the philosophy of being can legitimate the efforts of analytical Thomists. (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)

Dan Li (Đại học Diên An, Trung Quốc) -- Hiện nay, hầu hết người dân được khảo sát đều có chung mối quan ngại về việc bảo vệ môi trường [1]. Mặc dù đã có nhiều nghiên cứu tìm hiểu về các hành vi và tâm lý liên quan đến môi trường [2], nhưng hiểu biết đối với sự khác biệt giữa các thế hệ đối với mối quan tâm liên quan đến môi trường vẫn còn nhiều khoảng trống. Đặc (...) biệt là đối với các chủ doanh nghiệp tái chế rác thải nhựa, các hiểu biết này càng quan trọng hơn vì nó có thể ảnh hưởng đến xu hướng phát triển của ngành công nghiệp xử lý rác thải nhựa, một trong những vấn nạn cấp thiết toàn cầu. (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)

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.

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)

感謝《鵝湖月刊》給我機會討論拙作《比較的時代 ——中西視野中的儒家哲學前沿問題》（以下簡稱《比較的時代》），也很感謝李明書、李健君、張麗麗三位年輕有為的學者認真討論我在書中提出的一些問題。 三位學者都認識到這裏討論的「比較哲學」是通過比較來研究哲學，而不僅僅是比較已經存在的相同和不同的哲學思想。 在我看來， 單純地比較不同的哲學思想基本上是哲學史的工作。 而通過運用比較的方法做哲學則是哲學本身的工作，是建構性的原創性的工作。 說我們的時代是一個比較的時代，是說我們處於一個以比較為特徵來研究和建構哲學思想的時代。 通過比較來做哲學，就是要通過研究不同的哲學流派和不同的哲學思想，來進而建構新的哲學思想，以回答時代向我們提出的問題。在這個方面，我個人的看法是，今天的儒家哲學研究已經進入了一個不可迴避、不可逆轉的比較 的時代。 這是一件大好事。 這樣的研究使我們有更廣闊的視野，使我們有更多、更豐富的思想資源，也使我們更可能有效地回答時代提出的問題。 這裡我分別對三位學者提出的問題做出回應。.

The Fregean tradition promotes a conception of logic as being independent from all psychological acts of the knowing subject. Without questioning logic's status as a paradigm of objectivity the present essay rejects this conception, both on logical grounds and in light of the scholastic theory of intentionality. Finding fault with two key doctrines of the analytic movement, the linguistic turn and anti-psychologism, it reinterprets them to exclude only psychological acts that engender subjective interpretive variability. It then describes logic's dependence on (...) non-interpretive psychological acts that ensue as a natural result of objects being apprehended by the intellect. These acts, which Hervaeus Natalis and the scholastic tradition thematize as the imposition of second intentional relations of reason, dictate the logically coherent parameters of logical objectivity. (shrink)

This study investigates the dynamic relationship between knowledge management systems, particularly emphasizing knowledge acquisition and dissemination, and their impact on academic staff's teaching motivation. By employing the Bayesian Mindsponge Framework (BMF), data from 676 academic staff at higher education institutions in Vietnam was analyzed, revealing a complex interplay of factors. Notably, positive associations were found between knowledge acquisition, knowledge dissemination, and teaching motivation. However, the interaction effect of knowledge acquisition and knowledge dissemination appeared to be negatively associated with teaching motivation. (...) This suggests the possible existence of a resource curse of knowledge in improving staff’s teaching motivation. It is recommended that the knowledge systems are refined to reduce complexity and that staff are trained with better knowledge processing methods for reducing resource curse risks. (shrink)

The ML community recognizes the importance of anticipating and mitigating the potential negative impacts of benchmark research. In this position paper, we argue that more attention needs to be paid to areas of ethical risk that lie at the technical and scientific core of ML benchmarks. We identify overlooked structural similarities between human IQ and ML benchmarks. Human intelligence and ML benchmarks share similarities in setting standards for describing, evaluating and comparing performance on tasks relevant to intelligence. This enables us (...) to unlock lessons from feminist philosophy of science scholarship that need to be considered by the ML benchmark community. Finally, we outline practical recommendations for benchmark research ethics and ethics review. (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 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)

Roger White (2015) sketches an ingenious new solution to the problem of induction. He argues from the principle of indifference for the conclusion that the world is more likely to be induction- friendly than induction-unfriendly. But there is reason to be skeptical about the proposed indifference-based vindication of induction. It can be shown that, in the crucial test cases White concentrates on, the assumption of indifference renders induction no more accurate than random guessing. After discussing this result, the paper explains (...) why the indifference-based argument seemed so compelling, despite ultimately being unsound. (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)

On the basis of PM2.5 data of the national air quality monitoring sites, local population data, and baseline all-cause mortality rate, PM2.5-related health economic benefits of the Air Improvement Action Plan implemented in Wuhan in 2013–2017 were investigated using health-impact and valuation functions. Annual avoided premature deaths driven by the average concentration of PM2.5 decrease were evaluated, and the economic benefits were computed by using the value of statistical life (VSL) method. Results showed that the number of avoided premature deaths (...) in Wuhan are 21,384 (95% confidence interval (CI): 15,004 to 27,255) during 2013–2017, due to the implementation of the Air Improvement Action Plan. According to the VSL method, the obtained economic benefits of Huangpi, Wuchang, Hongshan, Xinzhou, Jiang’an, Hanyang, Jiangxia, Qiaokou, Jianghan, Qingshan, Caidian, Dongxihu, and Hannan District were 8.55, 8.19, 8.04, 7.39, 5.78, 4.84, 4.37, 4.04, 3.90, 3.30, 2.87, 2.42, and 0.66 billion RMB (1 RMB = 0.1417 USD On 14 October 2019), respectively. These economic benefits added up to 64.35 billion RMB (95% CI: 45.15 to 82.02 billion RMB), accounting for 4.80% (95% CI: 3.37% to 6.12%) of the total GDP of Wuhan in 2017. Therefore, in the process of formulating a regional air quality improvement scheme, apart from establishing hierarchical emission-reduction standards and policies, policy makers should give integrated consideration to the relationship between regional economic development, environmental protection and residents’ health benefits. Furthermore, for improving air quality, air quality compensation mechanisms can be established on the basis of the status quo and trends of air quality, population distribution, and economic development factors. (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)

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)

Wild Wise Weird emerges as a distinctive work that merges humor, satire, and social critique into a collection of 42 fables featuring birds, especially the character Mr. Kingfisher, as guides to explore themes of wisdom, human behavior, and environmental awareness. Set in a whimsical bird village, the book offers readers a satirical reflection on society, encouraging contemplation on contemporary issues such as environmental sustainability and human-nature relationships. With wit and depth, Vuong’s storytelling demonstrates remarkable versatility, making Wild Wise Weird a (...) potential classic for readers interested in literary fiction and social allegory, reminiscent of Lewis Carroll’s Alice’s Adventures in Wonderland, George Orwell’s Animal Farm, and Aziz Nesin’s Laugh or lament? (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.

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)

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 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)

With growing global concerns about water scarcity and environmental sustainability, understanding the factors influencing individual water conservation behaviors is crucial. This study utilizes the Bayesian Mindsponge Framework (BMF) analytics to investigate the relationship between concerns of local issues and water conservation behaviors in a sample of 1831 residents in Albuquerque, New Mexico, USA. New Mexico is an arid region of which 90% faced severe drought driven by the most significant wildfire in state history and some of the driest months ever (...) recorded in 2022. The results show a positive association between the drought or water scarcity concern and the number of water conservation behaviors adopted. Likewise, the positive association between the concern about population growth and development and water conservation behaviors is also observed. However, further examination is needed due to the weak reliability of this relationship. In contrast, negative associations between concerns about water quality and water bills with water conservation behaviors are also identified. Based on these findings, the study discusses the potential of building the eco-surplus culture by improving information dissemination of water-saving methods and existing water-related issues in the local areas. (shrink)