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)

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)

The current COVID-19 pandemic and the previous SARS/MERS outbreaks of 2003 and 2012 have resulted in a series of major global public health crises. We argue that in the interest of developing effective and safe vaccines and drugs and to better understand coronaviruses and associated disease mechenisms it is necessary to integrate the large and exponentially growing body of heterogeneous coronavirus data. Ontologies play an important role in standard-based knowledge and data representation, integration, sharing, and analysis. Accordingly, we initiated the (...) development of the community-based Coronavirus Infectious Disease Ontology in early 2020. -/- As an Open Biomedical Ontology (OBO) library ontology, CIDO is open source and interoperable with other existing OBO ontologies. CIDO is aligned with the Basic Formal Ontology and Viral Infectious Disease Ontology. CIDO has imported terms from over 30 OBO ontologies. For example, CIDO imports all SARS-CoV-2 protein terms from the Protein Ontology, COVID-19-related phenotype terms from the Human Phenotype Ontology, and over 100 COVID-19 terms for vaccines (both authorized and in clinical trial) from the Vaccine Ontology. CIDO systematically represents variants of SARS-CoV-2 viruses and over 300 amino acid substitutions therein, along with over 300 diagnostic kits and methods. CIDO also describes hundreds of host-coronavirus protein-protein interactions (PPIs) and the drugs that target proteins in these PPIs. CIDO has been used to model COVID-19 related phenomena in areas such as epidemiology. The scope of CIDO was evaluated by visual analysis supported by a summarization network method. CIDO has been used in various applications such as term standardization, inference, natural language processing (NLP) and clinical data integration. We have applied the amino acid variant knowledge present in CIDO to analyze differences between SARS-CoV-2 Delta and Omicron variants. CIDO's integrative host-coronavirus PPIs and drug-target knowledge has also been used to support drug repurposing for COVID-19 treatment. -/- CIDO represents entities and relations in the domain of coronavirus diseases with a special focus on COVID-19. It supports shared knowledge representation, data and metadata standardization and integration, and has been used in a range of applications. (shrink)

Love is often seen as the most intimate aspect of our lives, but it is increasingly engineered by a few programmers with Artificial Intelligence (AI). Nowadays, numerous dating platforms are deploying so-called smart algorithms to identify a greater number of potential matches for a user. These AI-enabled matchmaking systems, driven by a rich trove of data, can not only predict what a user might prefer but also deeply shape how people choose their partners. This paper draws on Jürgen Habermas’s “colonization (...) of the lifeworld” thesis to critically explore the insidious influence of delegating romantic decision-making to an algorithm. The love lifeworld is colonized inasmuch as online dating algorithms encroach into our romantic relations to the extent that communicative action within romance is replaced by the technocratic rules of an algorithm. (shrink)

In this article, we explicate evidence-based nursing (EBN), critically appraise its framework and respond to nurses’ concern that EBN sidelines the caring elements of nursing practice. We use resources from care ethics, especially Vrinda Dalmiya’s work that considers care as crucial for both epistemology and ethics, to show how EBN is compatible with, and indeed can be enhanced by, the caring aspects of nursing practice. We demonstrate that caring can act as a bridge between ‘external’ evidence and the other pillars (...) of the EBN framework: clinical expertise; patient preferences and values. Drawing on an influential EBN handbook, section 1 presents the aims and features of EBN, including the normative principle that EBN should take place within a ‘context of caring’. We aim to understand this context and whether it can be neatly detached from the EBN framework, as the handbook seems to suggest. In section 2, we highlight the grounds for resistance to EBN from the nursing community, before mounting the argument that nursing practices can be understood fruitfully through feminist care ethics and/or virtue ethics lenses. In section 3, we deepen that analysis using Dalmiya’s concepts of care-knowing and care as a hybrid ethico-epistemic virtue, which are ideally suited to the complex practices of nursing. In section 4, we bring this rich understanding of care into conversation with EBN, showing that its framework cannot be adequately theorised without paying proper attention to care. Caring can be neither an innocuous background assumption of nor an afterthought to the EBN framework. (shrink)

Background The worldwide increase in older persons demands technological solutions to combat the shortage of caregiving and to enable aging in place. Smart home health technologies (SHHTs) are promoted and implemented as a possible solution from an economic and practical perspective. However, ethical considerations are equally important and need to be investigated. Methods We conducted a systematic review according to the PRISMA guidelines to investigate if and how ethical questions are discussed in the field of SHHTs in caregiving for older (...) persons. Results 156 peer-reviewed articles published in English, German and French were retrieved and analyzed across 10 electronic databases. Using narrative analysis, 7 ethical categories were mapped: privacy, autonomy, responsibility, human vs. artificial interactions, trust, ageism and stigma, and other concerns. Conclusion The findings of our systematic review show the (lack of) ethical consideration when it comes to the development and implementation of SHHTs for older persons. Our analysis is useful to promote careful ethical consideration when carrying out technology development, research and deployment to care for older persons. Registration We registered our systematic review in the PROSPERO network under CRD42021248543. (shrink)

This article identifies an argument in Hobbes’s writings often overlooked but relevant to current philosophical debates. Political philosophers tend to categorize his thought as representing consent or rescue theories of political authority. Though these interpretations have textual support and are understandable, they leave out one of his most compelling arguments – what we call the lesser evil argument for political authority, expressed most explicitly in Chapter 20 of Leviathan. Hobbes frankly admits the state’s evils but appeals to the significant disparity (...) between those evils and the greater evils outside the state as a basis for political authority. More than a passing observation, aspects of the lesser evil argument appear in each of his three major political works. In addition to outlining this argument, the article examines its significance both for Hobbes scholarship and recent philosophical debates on political authority. (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 Kant’s account of propositional content and its implications for the relationship between his notions of knowledge (Wissen) and cognition (Erkenntnis). While previous commentators commonly read Kant as holding a Fregean theory of propositional content, in this paper I argue that Kant’s theory of propositional content aligns more closely with Peter Hanks’ recent account. According to my reading, Kant holds that individual acts of judging are both ontologically and explanatorily prior to propositions or Kantian judgments (Urteil). Furthermore, on (...) my reading, acts of judging for Kant are acts of assertively predicating a property of an object rather than merely acts of neutral predication. This reading challenges the lately popular view that Kant’s notions of knowledge and cognition are not only distinct but also disjunct. I instead suggest that we should regard Kantian knowledge that requires cognitions as its grounds as a species of Kantian cognitions. (shrink)

Hasan's (1984) Model of Cohesive Harmony Analysis (CHA) represents one of the first attempts within the SFL framework to devise a relatively objective index for measuring a text's coherence. As a development of the classic "cohesion analysis"(Halliday & Hasan 1976), it probes into the coherence of a text by considering discourse structure as being based in both the syntagmatic and the paradigmatic semantic relations between components of clauses. More than thirty years later, it is still widely used as an effective (...) tool for language teaching and linguistic pathology. This paper will trace its origin, introduce its basic concepts and analytical procedure, describe its applications and consider its possible future development. (shrink)

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

It is a common wisdom that linguistic communication is different from linguistic understanding. However, the distinction between communication and understanding is not as clear as it seems to be. It is argued that the relationship between linguistic communication and understanding depends upon the notions of understanding and communication involved. Thinking along the line of propositional understanding and informative communication, communication can be reduced to mutual understanding. In contrast, operating along the line of hermeneutic understanding and dialogical communication, the process of (...) understanding is in essence a process of communication. However, dialogical communication should not be confused with propositional understanding. Conversely, hermeneutic understanding should not be confused with informative communication either. The former is dialogical in nature while the latter is monological. (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)

Di er ci Qimeng (The second Enlightenment), by Wang Zhihe and Fan Meijun, is a timely book in Chinese about constructing a philosophical and practical way to contend with China's postmodernization. It combines Whitehead's process philosophy with a focus on Chinese modernity in order to map out a desirable postmodern society. It addresses the problem on several dimensions from policy making to basic value systems. The range of themes can be seen from the topics of the book's twelve chapters: (...) (1) Reverence for Land—Toward a Constructive Postmodern Agriculture; (2) Becoming Fully Human—Toward a Postmodern Organic Education; (3) Survival of the Harmonious-Toward a Constructive Postmodern Harmonious Culture; (4) Beauty .. (shrink)

By rethinking the meaning of a central idiom in the Great Learning, this essay intends to open up a new horizon for the hermeneutics of early Confucian thinking, which has little to do with metaphysics. Through a careful etymological study of ge wu and a dialogue between the Great Learning and Heidegger's phenomenology of human affection, I demonstrate the critical position of the human heart in early Chinese thinking. This new interpretation of early Confucian moral teachings also recovers an invigorating (...) possibility for contemporary discourse on the question of ethics. (shrink)

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

This paper presents a 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)

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)

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.

Jeagwon Kim's exclusion argument is a well-known argument against non-reductive physicalism in the contemporary debate on mental causation. In this essay, we will first discuss two versions of the exclusion argument: the simple version and the sophisticated version. Secondly, we will take a conservative strategy to defend the kind of non-reductive physicalism initiated by Donald Davidson: the Token Identity Theory. Namely, we will explain where Kim failed to appropriately understand Davidson's work and argue that the simple version and the sophisticated (...) version of the exclusion argument won't work against the clarified token identity theory at all. Lastly, Since much of Kim's inappropriate interpretation of Davidson's work is rooted in their difference in metaphysics, there is reason to believe the proper understanding and evaluation on contemplation as such on mental causation, non-reductive physicalism, and other related problems can't be achieved without finding an appropriate metaphysical frame. (shrink)

Today, the focus of consumption has been shifting from pure use value to aesthetic-experiential value. Against this backdrop, the concept of design is undergoing a corresponding transformation - design is no longer solely about the manufacture of the product itself. Instead, the creation of atmosphere is brought to the forefront of design work, so much so that the product becomes one of the design elements. The focus on the design of atmosphere allows us to better reflect on the interaction between (...) object, form, space, environment and human body, emotion and action. Our study will focus on the following issues: how can we create an atmosphere that can be experienced as good and meaningful? For a designer who often works in an international context, another question seems even more critical: to what extent can a significant atmosphere have an impact that transcends individual cultural boundaries? To answer these questions, we attempt to introduce the concept resonance into an ethical exploration of atmosphere design. A resonant relationship can occur in almost all dimensions of the human-world relationship and thus provide normative guidance for a good way of life. It is the responsibility of designers to enhance resonant sensitivity of ecological, interpersonal, cross-cultural as well as marginalized issues through the creation of atmospheric scenarios. (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)

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)

People inhabit a vast and intricate social network nowadays. In addition to our own decisions and actions, we confront those of various groups every day. Collective decisions and actions are more complex and bewildering compared to those made by individuals. As members of a collective, we contribute to its decisions, but our contributions may not always align with the outcome. We may also find ourselves excluded from certain groups and passively subjected to their influences without being aware of the source. (...) We are used to being in overlapping groups and may switch identities, supporting or opposing the claims of particular groups. But rarely do we pause to think: What do we talk about when we talk about groups and their decisions? At the heart of this dissertation is the question of collective agency, i.e., in what sense can we treat a group as a rational agent capable of its action. There are two perspectives we take: a philosophical and logical one. The philosophical perspective mainly discusses the ontological and epistemological issues related to collective agency, sorts out the relevant philosophical history, and argues that the combination of a relational view of collective agency and a dispositional view of collective intentionality provides a rational and realistic account. The logical perspective is associated with formal theories of groups, it disregards the psychological content involved in the philosophical perspective, establishes a logical system that is sufficiently formal and objective, and axiomatizes the nature of a collective. The first topic that is addressed is the ontology of collective agency, i.e., the question what exactly is collective agency. The philosophical discussion of collective agency centres around the reduction problem of the concept of a collective. Individualism and Cartesian internalism have long influenced orthodox theories and made them face the choice between an irreducible concept of a collective and ontological reductionism. Heterodox theories such as functionalism and interpretationism reinterpret the concept of agency and accept it as also realized on the level of a collective. To adequately explain social phenomena that are essentially relational in nature, we propose a relational, holistic account of collective agency and argue that functionalism and interpretationism can be integrated into such an account. While acknowledging the irreducibility of the concept of a collective, we find that there is a deep incompatibility between the concept of a collective and the concept of intentionality as the mark of the mental. To explain how collective intentionality nevertheless is possible and why we tend to use it analogously to how we use the concept of individual intentionality, we explore a dispositional account of intentionality which enables us to give an account of the concept of intentionality at both the individual and collective level. Specifically, we subdivide the dispositional account into three aspects: behavioral, purely mental, and cognitive. We then argue that collective intentionality is real by analyzing different forms of attributive judgments of intentionality and by introducing the perspective of indispensable collective responsibility. We also analyze how philosophical theories about collective agency relate to central features of formal theories about collective decisions, such as game theory. Although the two fields are both concerned with collectives, there are also differences that need to be addressed. For example, game theory is clearly anti-psychologistic since its aim is a formal and objective analysis. However, from the relational and dispositional perspective, intentionality at the individual level and collective intentionality as we analyze it, inevitably involve mental content. In order to explain this difference and identify where the boundary is, we analyze the relationships between the three basic concepts involved, namely intentionality, preference, and dependency, so as to provide a unified picture of collective theory across philosophical and formal theories. After paving the nexus between philosophical and formal perspectives, the logical perspective becomes the theme of our discussion. To be able to express game theoretical concepts and to connect them to our philosophical perspective, We present a logic of preference and functional dependence and its hybrid extension, and provide an axiomatization which is sound and strongly complete. The decidability of this logic is also proved. Its application to modeling non-cooperative and cooperative games in strategic form is explored. The resulting framework provides a unified view of Nash equilibrium, Pareto optimality, and the core. The philosophical relevance of these game-theoretical notions to discussions of collective agency is made explicit. Finally, we conclude and clarify the position of our theory in the broader field of research on the topics addressed in the thesis. Also, we point out many new questions and directions suggested by our analysis, including philosophical and logical open problems. (shrink)

The Polluter Pays, Then Receives (PPTR) principle claims that, had an agent innocently benefited from climate change, it owes moral obligations to the polluters who contributed to a warmer globe. This critical review assesses the evidence, the externalities argument, and the luck egalitarian approach and suggests that there are profound flaws in each of them. In consequence, the PPTR fails to accomplish its objective to incentivise efficient practices since polluting should neither be incentivised nor considered an efficient practice.

The simulation hypothesis is a view of the nature of reality, suggesting that our world is likely a computer simulation created by an advanced civilization. In contrast, illusionism is a theory about the nature of phenomenal consciousness, arguing that phenomenal consciousness is an illusion and can be fully explained in physical terms. I argue that if our world is a simulated construct, illusionism could be incorrect. Specifically, even if our phenomenal experiences can be explained as illusionism suggests, advanced civilizations could (...) still create subjectively indistinguishable experiences by constructing a psychological system external to our world. Since we cannot determine which scenario we belong to, the illusionist explanation is not universally valid. Furthermore, I argue that even if the simulation hypothesis is impossible, illusionism remains flawed. Consequently, while the simulation hypothesis may function as a mere assumption, it exposes the inherent limitations of both illusionism and physicalism. (shrink)

Gruber et al. (2022) and Buonomano and Rovelli (Forthcoming) aim to render Q18 consistent the picture of time delivered to us by physics, with the way time seems to us in experience. Their general approach is similar; they take the picture of our world given to us in physics, a picture on which there is no global “moving” present and hence no robust temporal flow, and attempt to explain why things nevertheless seem to us as they do, given that our (...) world is that way. In this, they follow in the footsteps of Hartle (2005), Callender (2017), and Ismael (2017), who argue that any information gathering system (an IGUS) will, in learning to navigate our world, represent the distinctions between past, present, and future, and represent their own changing trajectory through spacetime. While we are generally very sympathetic to this approach, there are several places where we disagree. (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)

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)

In the middle of the last century, it was common to explain the notion of necessity in linguistic terms. A necessary truth, it was said, is a sentence whose truth is guaranteed by linguistic rules. Quine famously argued that, on this view, de re modal claims do not make sense. “Porcupettes are porcupines” is necessarily true, but it would be a mistake to say of a particular porcupette that it is necessarily a porcupine, or that it is possibly purple. Linguistic (...) theories of necessity fell out of favour with the publication of Kripke’s Naming and Necessity, and Quine’s arguments were put aside. In her recent book, Norms and Necessity, Amie Thomasson presents her modal normativism, which is an updated version of the mid-century theories just described. Quine’s arguments are thus relevant once again. We recapitulate Quine’s central argument, in the context of modal normativism. We then criticise Amie Thomasson’s discussion of de re modality. We finish by briefly presenting an alternative account of de re modal statements, which is compatible with modal normativism. (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)

Conclusion: Needle-free vaccination is a promising technology for the next generation of vaccines, but we found that intramuscular injection was still the most acceptable immunization route in this survey. One major reason might be that most people lack knowledge about needle-free vaccination. We should strengthen the publicity of needle-free vaccination technology, and thus improve the acceptance and coverage of vaccination in different populations.

A fundamental entity is an entity that is ‘ontologically independent’; it does not depend on anything else for its existence or essence. It seems to follow that a fundamental entity is ‘modally free’ in some sense. This assumption, that fundamentality entails modal freedom (or ‘FEMF’ as I shall label the thesis), is used in the service of other arguments in metaphysics. But as I will argue, the road from fundamentality to modal freedom is not so straightforward. The defender of FEMF (...) should provide positive reasons for believing it, especially in light of recent views that are incompatible with it. I examine both direct and indirect routes to FEMF. (shrink)

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

This article presents a new 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)

The Community of Shared Future for Mankind (CSFM) concept is a comprehensive Chinese proposal for a better future of mankind. In this article, we provide a comprehensive analysis of this concept by focusing on its origin, evolution and philosophical foundation. This article deals with the origin and evolution of the CSFM concept. We show that the concept originated during the presidency of Hu Jintao, who initially used it for the domestic affairs of China. However, the usage of the concept was (...) later extended from domestic to international affairs. Though Hu Jintao conceived the CSFM concept, it is president Xi Jinping who became its greatest advocate. We explore the CSFM concept’s development and evolution into one of the most influential, diverse and dominant concepts of international relations under president Xi. Furthermore, the article explores the philosophical foundation of the CSFM concept. We argue that although CSFM concept is seen as a 21st century Chinese idea, the roots of the concept can be traced back to much earlier time in history. The concept is based on three major philosophical thoughts: Marxism, Confucianism and the philosophy of Mencius. We show that the CSFM concept is greatly influenced by Marx’s ideas such as the transformation of the world, the free association of producers, historical materialism and dialectics. We also point to a number of Confucian principles that are adopted by the CSFM concept. The CSFM concept not only adopts Confucian principles but also extends their scope from the individual level to international relations. Similarly, we also highlight that the CSFM concept is influenced by Mencius’ concepts such as universal brotherhood, responsibility towards the betterment of the world, humane governance, free trade, equal sharing of wealth and the conservation of natural resources. (shrink)

This paper examines the fortunes of non-European philosophies in histories of philosophy written by European and American philosophers from the 17th century to the present day. It charts the shift from inclusive histories of philosophy, which included non-European philosophies, to exclusive histories of philosophy, which excluded and/or marginalized non-European philosophies, at the end of the 18th century. This shift was motivated by racial Eurocentrism, which cast a long shadow over histories of philosophy written during the 19th and 20th centuries. The (...) paper also considers recent attempts to produce a more inclusive history of philosophy. By examining the history of the inclusion and exclusion of non-European philosophies in histories of philosophy, this paper seeks to challenge the assumption that philosophy began and has been practised exclusively by European or western thinkers. (shrink)

Aiming at the problems of college students’ lack of in-depth understanding of the connotation of Chinese excellent traditional culture and the urgent need for improvement, this paper takes the construction of the Chinese Excellent Cultural Inheritance and Development Project of Faculty of Chinese Language and Culture of Guangdong University of Foreign Studies as an example, proposes the construction path of the cultural education project in universities, and summarizes the actual effect and experience.

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.

Various theorists have endorsed the “communication argument”: communicative capacities are necessary for morally responsible agency because blame aims at a distinctive kind of moral communication. I contend that existing versions of the argument, including those defended by Gary Watson and Coleen Macnamara, face a pluralist challenge: they do not seem to sit well with the plausible view that blame has multiple aims. I then examine three possible rejoinders to the challenge, suggesting that a context-specific, function-based approach constitutes the most promising (...) modification of the communication argument. (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 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)