Results for 'Xiao Na Wu'

981 found
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  1. BAGANI, 1892-1896: Mga Aral Mula kay Rizal Para sa Makabagong Panahon ng Lockdown.Michael Charleston “Xiao” B. Chua - 2022 - Kaningningan: An Interdisciplinary and Multidisciplinary Journal of New Era University for Philippine Studies 1 (1):166-181.
    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 (...)
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  2. Vitaminas e minerais na nutrição de bovinos.Joyanne Mirelle de Sousa Ferreira, Cleyton de Almeida Araújo, Rosa Maria dos Santos Pessoa, Glayciane Costa Gois, Fleming Sena Campos, Saullo Laet Almeida Vicente, Angela Maria dos Santos Pessoa, Dinah Correia da Cunha Castro Costa, Paulo César da Silva Azevêdo & Deneson Oliveira Lima - 2023 - Rev Colombiana Cienc Anim. Recia 15 (2):e969.
    RESUMO A alimentação é o fator que mais onera um sistema de produção animal. Assim, a utilização de diferentes estratégias de alimentação dos animais ainda é o grande desafio da nutrição animal, principalmente, levando em consideração as exigências nutricionais de diferentes categorias de ruminantes, em especial bovinos em regiões tropicais, haja vista que a sazonalidade na produção de forragens afeta diretamente a produção bovina, promovendo inadequação no atendimento das exigências nutricionais dos animais principalmente em minerais e vitaminas. Uma alimentação que (...)
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  3. Experts and Deviants: The Story of Agentive Control.Wayne Wu - 2016 - Philosophy and Phenomenological Research 93 (1):101-26.
    This essay argues that current theories of action fail to explain agentive control because they have left out a psychological capacity central to control: attention. This makes it impossible to give a complete account of the mental antecedents that generate action. By investigating attention, and in particular the intention-attention nexus, we can characterize the functional role of intention in an illuminating way, explicate agentive control so that we have a uniform explanation of basic cases of causal deviance in action as (...)
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  4. Précis of Movements of the Mind.Wayne Wu - 2024 - Journal of Consciousness Studies 31 (7):119-126.
    In Movements of the Mind (MoM; Wu, 2023a), I give a theory of agency that uncovers its internal psychological structure, revealing how creatures with minds do things. While my focus is on things we do 'in our heads', mental actions, the theory concerns all forms of agency. The book also provides a theory of attention and its essential connection to action. It characterizes intention in action as a type of memory for work, drawing on empirical theories of working memory. Further, (...)
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  5.  25
    Modeling Term Structure of Cross-Currency Interest Rates.Tim Xiao - manuscript
    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.
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  6. Shaking Up the Mind’s Ground Floor: The Cognitive Penetration of Visual Attention.Wayne Wu - 2017 - Journal of Philosophy 114 (1):5-32.
    In this paper, I argue that visual attention is cognitively penetrated by intention. I present a detailed account of attention and its neural basis, drawing on a recent computational model of neural modulation during attention: divisive normalization. I argue that intention shifts computations during divisive normalization. The epistemic consequences of attentional bias are discussed.
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  7. Are Intrinsic Properties Independent of Accompaniment?Xiao Li - 2021 - Journal of Human Cognition 5 (1):20-37.
    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 (...)
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  8. Explaining Schizophrenia: Auditory Verbal Hallucination and Self‐Monitoring.Wayne Wu - 2012 - Mind and Language 27 (1):86-107.
    Do self‐monitoring accounts, a dominant account of the positive symptoms of schizophrenia, explain auditory verbal hallucination? In this essay, I argue that the account fails to answer crucial questions any explanation of auditory verbal hallucination must address. Where the account provides a plausible answer, I make the case for an alternative explanation: auditory verbal hallucination is not the result of a failed control mechanism, namely failed self‐monitoring, but, rather, of the persistent automaticity of auditory experience of a voice. My argument (...)
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  9. Why de dicto desires are fetishistic.Xiao Zhang - 2021 - Ratio 34 (4):303-311.
    Ratio, Volume 34, Issue 4, Page 303-311, December 2021.
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  10. Is inner speech the basis of auditory verbal hallucination in schizophrenia?Wayne Wu & Raymond Cho - 2014 - Frontiers in Psychiatry 14:1-3.
    We respond to Moseley and Wilkinson's defense of inner speech models of AVH.
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  11. “Somewhere I belong?” A study on transnational identity shifts caused by “double stigmatization” among Chinese international student returnees during COVID-19 through the lens of mindsponge mechanism.Ruining Jin & Xiao Wang - 2022 - Frontiers in Psychology 13:1018843.
    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 (...)
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  12. Motivational Internalism and The Second-Order Desire Explanation.Xiao Zhang - 2021 - European Journal of Analytic Philosophy 17 (1):(D2)5-18.
    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 (...)
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  13. Study on Logic Reasoning and Ideological Characteristic of “Equivalence of Life and Death” of Chuang-Tzu. Di Wu - 2017 - Theory Horizon 526 (6):46-51.
    The Concept of Life and Death of Chuang-tzu have inherited and developed Confucianism and Taoism thoughts, establishing Ontological foundation of "Life - Body", distinguishing the transcendental concept of "Dead Heart" and the empirical concept of "Death Body", as well as proposing the thought of "Equivalence of Life and Death" finally. The logic Reasoning of Chuang-tzu "Equivalence of Life and Death", start from constructing the equal status of "Life" and “Death" from ontological argument. Life and Death then are reduced to be (...)
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  14. Priority, Ethical Principle, and Allocation of Scarce Medical Resources. Di Wu - 2021 - Studies in Dialectics of Nature 11 (37):62-68.
    Aiming at the allocation of scarce medical resources, Immanuel and other scholars have put forward a set of influential ethical values and guiding principles. It assigns the priority of resource allocation to those whose lives can be saved and maximized, those who can bring the greatest instrumental value, and those who are the worse off. For other members of society, random selection under the same conditions is adopted. Following the Rawlsian "lexical order, lexicographical" rule, this priority arrangement requires that the (...)
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  15. Moral Courage: Classification and Interpretation. Di Wu - 2020 - Theory Monthly 461 (5):139-145.
    In the evolution of Chinese and Western literatures, the emphasis on the "strength" of "courage" is gradually given to the "mind" of "courage", that is the intention of the Agent. The connotation of Chinese and Western traditional thoughts of "courage" reflected in the distinction between the "physical courage" and "moral courage". Philosophers distinguish moral courage from physical courage, which does not seem to be clear and complete. Moral courage however as moral elements have been distinguished from "courage as a virtue". (...)
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  16. Aristotelian Distributive Justice: Holism or Egalitarianism. Di Wu - 2017 - Journal of Huazhong University of Science and Technology(Social Science Edition), 31 (6):60-64.
    Different understanding on Aristotelian distributive justice results in two main factions: holism and egalitarianism. Dennis McKerlie, one of the representatives of holism, criticized Martha Nussbaum's interpretation as an egalitarian. McKerlie argued that Nussbaum did not attach enough importance to the Proportional equality and Aristotelian Common good, as well as a deviation in the understanding of the concept of distribution. The defense of egalitarianism is that Aristotle's emphasis on the rational equality of citizens and the ontological presupposition of primal equality show (...)
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  17. Is the Jump-Diffusion Model a Good Solution for Credit Risk Modeling? The Case of Convertible Bonds.Tim Xiao - 2015 - International Journal of Financial Markets and Derivatives 4 (1):1-25.
    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 (...)
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  18. From “Modern Technology” Criticism to “Future-oriented” Responsibility Ethics: Hans Jonas's Theoretical construction of Responsibility Ethics. Di Wu - 2018 - Science Economy Society 36 (4):25-32.
    Hans Jonas 's responsibility ethics is an important achievement of modern technology criticism and ethical theory innovation. The maturity of Jonas's ethical thought has gone through three main stages, namely, the critique of modern technology, the reflection of traditional ethics and the construction of the " Future-oriented " Responsibility Ethics. Jonas's criticism of modern technology not only has a strong epochal character but also carries on the spirit of social criticism since Marx. His insight into the traditional ethics theory and (...)
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  19. A Simple and Precise Method for Pricing Convertible Bond with Credit Risk.Tim Xiao - 2013 - Journal of Derivatives and Hedge Funds 19 (4):259-277.
    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 (...)
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  20. Moral Judgment and Motivation.Xiao Zhang - 2020 - Dissertation, University of Birmingham
    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 (...)
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  21. On Ethical Basis of Sharing Economy: Contractual Ethics, Technical Ethics, and Universal Ethics. Di Wu - 2020 - Journal of Luoyang Normal University 39 (6):73-78.
    With the development of sharing economy, a consensus to study this area from the perspective of morality and ethics has been recently reached. The key point of this study is the ethical basis of sharing economy. It should be noticed that the conceptual framework of sharing economy must be grounded within the market economy, technological innovation, and the spirit of "rational cooperation". It is, therefore, necessary to realize that the sharing economy is based on the Contractual Ethics internally rooted in (...)
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  22. (1 other version)In Defense of Platonic Essentialism About Numbers.Wu Megan - 2021 - Stance 14:102-114.
    In defense of anti-essentialism, pragmatist Richard Rorty holds that we may think of all objects as if they were numbers. I find that Rorty’s metaphysics hinges on two rather weak arguments against the essences of numbers. In contrast, Plato’s metaphysics offers a plausible definition of essentiality by which numbers do have essential properties. Further, I argue that Rorty’s argumentative mistake is mischaracterizing Plato’s definition. I conclude that Plato’s definition of “essential” is a robust one which implies that many properties, beyond (...)
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  23. An Economic Examination of Collateralization in Different Financial Markets.Tim Xiao - manuscript
    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 (...)
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  24. The Rationality of Emotional Change: Toward a Process View.Oded Na'aman - 2021 - Noûs 55 (2):245-269.
    The paper argues against a widely held synchronic view of emotional rationality. I begin by considering recent philosophical literature on various backward‐looking emotions, such as regret, grief, resentment, and anger. I articulate the general problem these accounts grapple with: a certain diminution in backward‐looking emotions seems fitting while the reasons for these emotions seem to persist. The problem, I argue, rests on the assumption that if the facts that give reason for an emotion remain unchanged, the emotion remains fitting. However, (...)
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  25. Chinese Diaspora as People of Their Own Countries and Chinese Philosophy as World Philosophy.Chenyang Li & Hong Xiao - 2013 - Chinese Studies 漢学研究 2:63-84.
    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 (...)
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  26. Virtue Ethics as Political Philosophy: The Structure of Ethical Theory in Early Chinese Philosophy.Yang Xiao - 2015 - In Lorraine L. Besser & Michael Slote (eds.), The Routledge Companion to Virtue Ethics. New York: Routledge. pp. 471-489.
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  27. Epistemic Advantage on the Margin: A Network Standpoint Epistemology.Jingyi Wu - 2022 - Philosophy and Phenomenological Research (3):1-23.
    ​I use network models to simulate social learning situations in which the dominant group ignores or devalues testimony from the marginalized group. I find that the marginalized group ends up with several epistemic advantages due to testimonial ignoration and devaluation. The results provide one possible explanation for a key claim of standpoint epistemology, the inversion thesis, by casting it as a consequence of another key claim of the theory, the unidirectional failure of testimonial reciprocity. Moreover, the results complicate the understanding (...)
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  28. Attention as Selection for Action Defended.Wayne Wu - forthcoming - Philosophy and Phenomenological Research.
    Attention has become an important focal point of recent work in ethics and epistemology, yet philosophers continue to be noncommittal about what attention is. In this paper, I defend attention as selection for action in a weak form, namely that selection for action is sufficient for attention. I show that selection for action in this form is part of how we, the folk, experience it and how the cognitive scientist studies it. That is, selection for action pulls empirical and folk-psychology (...)
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  29. Characteristics of global retractions of schizophrenia-related publications: A bibliometric analysis.Pan Chen, Xiao-Hong Li, Zhaohui Su, Yi-Lang Tang, Yi Ma, Chee H. Ng & Yu-Tao Xiang - 2022 - Frontiers in Psychiatry 13:937330.
    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.
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  30. Attention as Selection for Action.Wayne Wu - 2011 - In Christopher Mole, Declan Smithies & Wayne Wu (eds.), Attention: Philosophical and Psychological Essays. New York: Oxford University Press. pp. 97--116.
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  31. Against Division: Consciousness, Information and the Visual Streams.Wayne Wu - 2014 - Mind and Language 29 (4):383-406.
    Milner and Goodale's influential account of the primate cortical visual streams involves a division of consciousness between them, for it is the ventral stream that has the responsibility for visual consciousness. Hence, the dorsal visual stream is a ‘zombie’ stream. In this article, I argue that certain information carried by the dorsal stream likely plays a central role in the egocentric spatial content of experience, especially the experience of visual spatial constancy. Thus, the dorsal stream contributes to a pervasive feature (...)
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  32. A New Model for Pricing Collateralized Financial Derivatives.Tim Xiao - 2017 - Journal of Derivatives 24 (4):8-20.
    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 (...)
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  33. Mental Action and the Threat of Automaticity.Wayne Wu - 2013 - In Andy Clark, Julian Kiverstein & Tillmann Vierkant (eds.), Decomposing the Will. , US: Oxford University Press USA. pp. 244-61.
    This paper considers the connection between automaticity, control and agency. Indeed, recent philosophical and psychological works play up the incompatibility of automaticity and agency. Specifically, there is a threat of automaticity, for automaticity eliminates agency. Such conclusions stem from a tension between two thoughts: that automaticity pervades agency and yet automaticity rules out control. I provide an analysis of the notions of automaticity and control that maintains a simple connection: automaticity entails the absence of control. An appropriate analysis, however, shows (...)
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  34. 孟子的性之伦理学中的几个关键概念 (Mencius's Nature-Ethics).Yang Xiao - 2018 - In Bulletin of the Zhejiang University Institute for Advanced Study. Zhejiang University Institute for Advanced Study. pp. 4 - 48.
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  35. Emotions and Process Rationality.Oded Na’Aman - 2021 - Australasian Journal of Philosophy 99 (3):531-546.
    ABSTRACT Some epistemologists hold that all rational norms are fundamentally concerned with the agent’s states or attitudes at an individual time [Hedden 2015, 2016; Moss 2015]; others argue that all rational norms are fundamentally concerned with processes [Podgorski 2017]. This distinction is not drawn in discussions of emotional rationality. As a result, a widely held assumption in the literature on emotional rationality has gone unexamined. I employ Abelard Podgorski’s argument from rational delay to argue that many emotional norms are fundamentally (...)
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  36. The Pragmatic Turn: Articulating Communicative Practice in the Analects.Yang Xiao - 2005 - Oriens Extremus 45 (6):235-54.
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  37. Exploring the recycled water acceptance based on the technological perspective of UTAUT2: a hybrid analytical approach.Xiao-Yu Xu, Yi-Bo Hu, Ya-Xuan Gao & Qing-Dan Jia - 2024 - Frontiers in Psychology 15:1384635.
    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 (...)
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  38. How should we promote transient diversity in science?Jingyi Wu & Cailin O’Connor - 2023 - Synthese 201 (2):1-24.
    Diversity of practice is widely recognized as crucial to scientific progress. If all scientists perform the same tests in their research, they might miss important insights that other tests would yield. If all scientists adhere to the same theories, they might fail to explore other options which, in turn, might be superior. But the mechanisms that lead to this sort of diversity can also generate epistemic harms when scientific communities fail to reach swift consensus on successful theories. In this paper, (...)
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  39. The Case for Zombie Agency.Wayne Wu - 2013 - Mind 122 (485):217-230.
    In response to Mole 2009, I present an argument for zombie action. The crucial question is not whether but rather to what extent we are zombie agents. I argue that current evidence supports only minimal zombie agency.
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  40. Rediscovering Republicanism in China: Beyond the Debate Between New Leftists and Liberals.Yang Xiao - 2003 - Contemporary Chinese Thought 34 (3):18-34.
    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.
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  41. Is Vision for Action Unconscious?Wayne Wu - 2020 - Journal of Philosophy 117 (8):413-433.
    Empirical work and philosophical analysis have led to widespread acceptance that vision for action, served by the cortical dorsal stream, is unconscious. I argue that the empirical argument for this claim is unsound. That argument relies on subjects’ introspective reports. Yet on biological grounds, in light of the theory of primate cortical vision, introspection has no access to dorsal stream mediated visual states. It is thus wrongly assumed that introspective reports speak to absent phenomenology in the dorsal stream. In light (...)
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  42. An Accurate Solution for Credit Valuation Adjustment (CVA) and Wrong Way Risk.Tim Xiao - 2015 - Journal of Fixed Incom 25 (1):84-95.
    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 (...)
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  43. Can we intend the past?Oded Na'aman - 2017 - Journal of Ethics and Social Philosophy 12 (3):304-311.
    First and primarily, I criticize Jay Wallace's account of the affirmation dynamic, which entails a willingness to bring about past occurrences that were necessary for one's present attachments. Specifically, I criticize his analysis of regret and affirmation as intention-like attitudes about the past. Second, I trace Wallace's notion of regret to a common but misguided model of retrospection as a choice between courses of history. Finally, I offer reason to think that the rationality of retrospection crucially differs from the rationality (...)
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  44. Explaining Universality: Infinite Limit Systems in the Renormalization Group Method.Jingyi Wu - 2021 - Synthese (5-6):14897-14930.
    I analyze the role of infinite idealizations used in the renormalization group (RG hereafter) method in explaining universality across microscopically different physical systems in critical phenomena. I argue that despite the reference to infinite limit systems such as systems with infinite correlation lengths during the RG process, the key to explaining universality in critical phenomena need not involve infinite limit systems. I develop my argument by introducing what I regard as the explanatorily relevant property in RG explanations: linearization* property; I (...)
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  45. Desertification.A. Mirzabaev, J. Wu, J. Evans, F. Garcia-Oliva, I. A. G. Hussein, M. H. Iqbal, J. Kimutai, T. Knowles, F. Meza, D. Nedjroaoui, F. Tena, M. Türkeş, R. J. Vázquez & M. Weltz - 2019 - In P. R. Shukla, J. Skeg, E. Calvo Buendia, V. Masson-Delmotte, H.-O. Pörtner, D. C. Roberts, P. Zhai, R. Slade, S. Connors, S. van Diemen, M. Ferrat, E. Haughey, S. Luz, M. Pathak, J. Petzold, J. Portugal Pereira, P. Vyas, E. Huntley, K. Kissick, M. Belkacemi & J. Malley (eds.), Climate Change and Land: an IPCC special report on climate change, desertification, land degradation, sustainable land management, food security, and greenhouse gas fluxes in terrestrial ecosystems.
    IPCC SPECIAL REPORT ON CLIMATE CHANGE AND LAND (SRCCL) -/- Chapter 3: Climate Change and Land: An IPCC special report on climate change, desertification, land degradation, sustainable land management, food security, and greenhouse gas fluxes in terrestrial ecosystems.
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  46. The effect of subliminal priming on team trust: The mediating role of perceived trustworthiness.Jie Cai, Rongxiu Wu, Jingyu Zhang & Xianghong Sun - 2023 - Frontiers in Psychology 14:1099267.
    The present study aimed to explore the effect of subliminal priming on team trust and the mechanism through the mediating role of perceived trustworthiness. A total of 144 participants were asked to complete a lexical decision task that was embedded with the “trust” or “suspicion” Chinese words as the subliminal stimuli. Then, they played a public good game and evaluated the perceived trustworthiness of the team. The results of the study showed that subliminal stimuli had a significant effect on team (...)
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  47. Aggregation and Reductio.Patrick Wu - 2021 - Ethics 132 (2):508-525.
    Joe Horton argues that partial aggregation yields unacceptable verdicts in cases with risk and multiple decisions. I begin by showing that Horton’s challenge does not depend on risk, since exactly similar arguments apply to riskless cases. The underlying conflict Horton exposes is between partial aggregation and certain principles of diachronic choice. I then provide two arguments against these diachronic principles: they conflict with intuitions about parity, prerogatives, and cyclical preferences, and they rely on an odd assumption about diachronic choice. Finally, (...)
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  48. The Impact of Default Dependency and Collateralization on Asset Pricing and Credit Risk Modeling.Tim Xiao - manuscript
    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 (...)
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  49. An efficient lattice algorithm for the libor market model.Tim Xiao - 2011 - Journal of Derivatives 19 (1):25-40.
    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 (...)
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  50. Guaranteed Equity-Linked Security Analytics.Tim Xiao - manuscript
    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 (...)
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