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)

Poetry evokes mental imagery in its readers. But how is mental imagery precisely related to poetry? This article provides a systematic treatment. It clarifies two roles of mental imagery in relation to poetry—as an effect generated by poetry and as an efficient means for understanding and appreciating poetry. The article also relates mental imagery to the discussion on the ‘heresy of paraphrase’. It argues against the orthodox view that the imagistic effects of poetry cannot be captured by prosaic paraphrase, but (...) points to features of poetry that can shape aspects of mental imagery that are liable to be lost in paraphrase. (shrink)

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

It is often said that there is no appearance/reality distinction with respect to consciousness. Call this claim ‘NARD’. In contemporary discussions, NARD is closely connected to the thesis of revelation, the claim that the essences of phenomenal properties are revealed in experience, though the connection between the two requires clarification. This paper distinguishes different versions of NARD and homes in on a particular version that is closely connected to revelation. It shows how revelation and the related version of NARD pose (...) a threat to physicalism. Responses from physicalism and their limitations are also considered. (shrink)

Ignorance is commonly assumed to be a lack of knowledge in Plato’s Socratic dialogues. I challenge that assumption. In the Protagoras, ignorance is conceived to be a substantive, structural psychic flaw—the soul’s domination by inferior elements that are by nature fit to be ruled. Ignorant people are characterized by both false beliefs about evaluative matters in specific situations and an enduring deception about their own psychic conditions. On my interpretation, akrasia, moral vices, and epistemic vices are products or forms of (...) ignorance, and a person who lacks knowledge is not necessarily ignorant. (shrink)

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

This article presents a 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)

Can an agent deliberating about an action A hold a meaningful credence that she will do A? 'No', say some authors, for 'Deliberation Crowds Out Prediction' (DCOP). Others disagree, but we argue here that such disagreements are often terminological. We explain why DCOP holds in a Ramseyian operationalist model of credence, but show that it is trivial to extend this model so that DCOP fails. We then discuss a model due to Joyce, and show that Joyce's rejection of DCOP rests (...) on terminological choices about terms such as 'intention', 'prediction', and 'belief'. Once these choices are in view, they reveal underlying agreement between Joyce and the DCOP-favouring tradition that descends from Ramsey. Joyce's Evidential Autonomy Thesis (EAT) is effectively DCOP, in different terminological clothing. Both principles rest on the so-called 'transparency' of first-person present-tensed reflection on one's own mental states. (shrink)

There is a long-standing disagreement in the philosophy of probability and Bayesian decision theory about whether an agent can hold a meaningful credence about an upcoming action, while she deliberates about what to do. Can she believe that it is, say, 70% probable that she will do A, while she chooses whether to do A? No, say some philosophers, for Deliberation Crowds Out Prediction (DCOP), but others disagree. In this paper, we propose a valid core for DCOP, and identify terminological (...) causes for some of the apparent disputes. (shrink)

The surface grammar of reports such as ‘I have a pain in my leg’ suggests that pains are objects which are spatially located in parts of the body. We show that the parallel construction is not available in Mandarin. Further, four philosophically important grammatical features of such reports cannot be reproduced. This suggests that arguments and puzzles surrounding such reports may be tracking artefacts of English, rather than philosophically significant features of the world.

In a recent paper, Reuter, Seinhold and Sytsma put forward an implicature account to explain the intuitive failure of the pain-in-mouth argument. They argue that utterances such as ‘There is tissue damage / a pain / an inflammation in my mouth’ carry the conversational implicature that there is something wrong with the speaker’s mouth. Appealing to new empirical data, this paper argues against the implicature account and for the entailment account, according to which pain reports using locative locutions, such as (...) ‘There is a pain in my mouth’, are intuitively understood as entailing corresponding predicative locutions, such as ‘My mouth hurts.’ On this latter account, the pain-in-mouth argument seems invalid because the conclusion is naturally understood as entailing something which cannot be inferred from the premisses. Implications for the philosophical debate about pain are also drawn. (shrink)

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

This commentary focuses on explaining the intuition of revelation, an issue that Chalmers (2018) raises in his paper. I first sketch how the truth of revelation provides an explanation for the intuition of revelation, and then assess a physicalist proposal to explain the intuition that appeals to Derk Pereboom’s (2011, 2016, 2019) qualitative inaccuracy hypothesis.

As the aim of the responsible robotics initiative is to ensure that responsible practices are inculcated within each stage of design, development and use, this impetus is undergirded by the alignment of ethical and legal considerations towards socially beneficial ends. While every effort should be expended to ensure that issues of responsibility are addressed at each stage of technological progression, irresponsibility is inherent within the nature of robotics technologies from a theoretical perspective that threatens to thwart the endeavour. This is (...) because the concept of responsibility, despite being treated as such, is not monolithic: rather this seemingly unified concept consists of converging and confluent concepts that shape the idea of what we colloquially call responsibility. From a different perspective, robotics will be simultaneously responsible and irresponsible depending on the particular concept of responsibility that is foregrounded: an observation that cuts against the grain of the drive towards responsible robotics. This problem is further compounded by responsible design and development as contrasted to responsible use. From a different perspective, the difficulty in defining the concept of responsibility in robotics is because human responsibility is the main frame of reference. Robotic systems are increasingly expected to achieve the human-level performance, including the capacities associated with responsibility and other criteria which are necessary to act responsibly. This subsists within a larger phenomenon where the difference between humans and non-humans, be it animals or artificial systems, appears to be increasingly blurred, thereby disrupting orthodox understandings of responsibility. This paper seeks to supplement the responsible robotics impulse by proposing a complementary set of human rights directed specifically against the harms arising from robotic and artificial intelligence technologies. The relationship between responsibilities of the agent and the rights of the patient suggest that a rights regime is the other side of responsibility coin. The major distinction of this approach is to invert the power relationship: while human agents are perceived to control robotic patients, the prospect for this to become reversed is beginning. As robotic technologies become ever more sophisticated, and even genuinely complex, asserting human rights directly against robotic harms become increasingly important. Such an approach includes not only developing human rights that ‘protect’ humans but also ‘strengthen’ people against the challenges introduced by robotics and AI [This distinction parallels Berlin’s negative and positive concepts of liberty ], by emphasising the social and reflective character of the notion of humanness as well as the difference between the human and nonhuman. This will allow using the human frame of reference as constitutive of, rather than only subject to, the robotic and AI technologies, where it is human and not technology characteristics that shape the human rights framework in the first place. (shrink)

A frequent caveat in online dating profiles – “No fats, femmes, or Asians” – caused an LGBT activist to complain about the bias against Asians in the American gay community, which he called “racial looksism”. In response, he was asked that, if he himself would not date a fat person, why he should find others not dating Asians so upsetting. This response embodies a popular attitude that personal preferences or tastes are simply personal matters – they are not subject to (...) moral evaluation. In this paper, I argue, against this popular attitude, that a personal preference like racial looksism is indeed wrong. A preference like racial looksism is wrong because it is an overgeneralization that disrespects individuality by treating people as exchangeable tokens of one type, and such disrespect denies its objects appreciation that their dignity entitles them to. As it turns out, there is on my account a relevant moral difference between racial looksism and simple looksism. (shrink)

Philosophers debate over the truth of the Doctrine of Doing and Allowing, the thesis that there is a morally significant difference between doing harm and merely allowing harm to happen. Deontologists tend to accept this doctrine, whereas consequentialists tend to reject it. A robust defence of this doctrine would require a conceptual distinction between doing and allowing that both matches our ordinary use of the concepts in a wide range of cases and enables a justification for the alleged moral difference. (...) In this article, I argue not only that a robust defence of this doctrine is available, but also that it is available within a consequentialist framework. (shrink)

(Recipient of the 2020 Everett Mendelsohn Prize.) This article revisits the development of the protoplasm concept as it originally arose from critiques of the cell theory, and examines how the term “protoplasm” transformed from a botanical term of art in the 1840s to the so-called “living substance” and “the physical basis of life” two decades later. I show that there were two major shifts in biological materialism that needed to occur before protoplasm theory could be elevated to have equal status (...) with cell theory in the nineteenth century. First, I argue that biologists had to accept that life could inhere in matter alone, regardless of form. Second, I argue that in the 1840s, ideas of what formless, biological matter was capable of dramatically changed: going from a “coagulation paradigm” that had existed since Theophrastus, to a more robust conception of matter that was itself capable of movement and self-maintenance. In addition to revisiting Schleiden and Schwann’s original writings on cell theory, this article looks especially closely at Hugo von Mohl’s definition of the protoplasm concept in 1846, how it differed from his primordial utricle theory of cell structure two years earlier. This article draws on Lakoff and Johnson’s theory of “ontological metaphors” to show that the cell, primordial utricle, and protoplasm can be understood as material container, object, and substance, and that these overlapping distinctions help explain the chaotic and confusing early history of cell theory. (shrink)

Since the early nineteenth century a membrane or wall has been central to the cell’s identity as the elementary unit of life. Yet the literally and metaphorically marginal status of the cell membrane made it the site of clashes over the definition of life and the proper way to study it. In this article I show how the modern cell membrane was conceived of by analogy to the first “artificial cell,” invented in 1864 by the chemist Moritz Traube (1826–1894), and (...) reimagined by the plant physiologist Wilhelm Pfeffer (1845–1920) as a precision osmometer. Pfeffer’s artificial cell osmometer became the conceptual and empirical basis for the law of dilute solutions in physical chemistry, but his use of an artificial analogue to theorize the existence of the plasma membrane as distinct from the cell wall prompted debate over whether biology ought to be more closely unified with the physical sciences, or whether it must remain independent as the science of life. By examining how the histories of plant physiology and physical chemistry intertwined through the artificial cell, I argue that modern biology relocated vitality from protoplasmic living matter to nonliving chemical substances—or, in broader cultural terms, that the disenchantment of life was accompanied by the (re)enchantment of ordinary matter. (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.

Since its emergence in the 1950s, analytic aesthetics has become the mainstream approach to aesthetics in the English-speaking world, and it has subsequently spread throughout most of the world, including mainland China. Although it was introduced into the Chinese academic world at an early time, around the late 1950s, and has been disseminated and researched in China over the past three decades, analytic aesthetics remains underdeveloped in China. Chinese academics tend to have little familiarity with, and exposure to, analytic approaches (...) to aesthetics. Unsurprisingly, given this situation, Chinese contributions to analytic aesthetics have had a marginal impact on the international academic discussion. This paper aims at providing a picture of the development of analytic aesthetics in China. In section 1, I clarify the scope of the paper. Section 2 briefly introduces aesthetics in China so as to outline the context for our discussion about analytic aesthetics. In section 3, I first offer a brief historical narrative of the dissemination and reception of analytic aesthetics in China, and then explore how analytic aesthetics has been researched and taught in China. -/- . (shrink)

The paradox of pain refers to the idea that the folk concept of pain is paradoxical, treating pains as simultaneously mental states and bodily states. By taking a close look at our pain terms, this paper argues that there is no paradox of pain. The air of paradox dissolves once we recognize that pain terms are polysemous and that there are two separate but related concepts of pain rather than one.

Philosophers disagree about what the folk concept of pain is. This paper criticises existing theories of the folk concept of pain, i.e. the mental view, the bodily view, and the recently proposed polyeidic view. It puts forward an alternative proposal – the polysemy view – according to which pain terms like “sore,” “ache” and “hurt” are polysemous, where one sense refers to a mental state and another a bodily state, and the type of polysemy at issue reflects two distinct but (...) related concepts of pain. Implications with respect to issues in philosophy of pain are also drawn. (shrink)

Improvements of the happiness of the rural population are an essential sign of the effectiveness of relative poverty governance. In the context of today’s digital economy, assessing the relationship between digital literacy and the subjective happiness of rural low-income groups is of great practicality. Based on data from China Family Panel Studies, the effect of digital literacy on the subjective well-being of rural low-income groups was empirically tested. A significant happiness effect of digital literacy on rural low-income groups was found. (...) Digital literacy promotes the subjective happiness of rural low-income groups through income increase and consumption growth effects. The observed happiness effect is heterogeneous among different characteristic groups, and digital literacy significantly positively impacts the subjective happiness of rural low-income groups. Decomposition of subjective happiness into life satisfaction and job satisfaction shows that digital literacy significantly positively affects the job and life satisfaction of rural low-income groups. This paper demonstrates that digital literacy induces a practical happiness effect. To further strengthen the subjective welfare effect of digital literacy in the construction of digital villages, the government should focus on cultivating digital literacy among low-income groups from the demand side. The construction of digital infrastructure should be actively promoted from the supply side. (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)

This paper addresses the issue of finite versus countable additivity in Bayesian probability and decision theory -- in particular, Savage's theory of subjective expected utility and personal probability. I show that Savage's reason for not requiring countable additivity in his theory is inconclusive. The assessment leads to an analysis of various highly idealised assumptions commonly adopted in Bayesian theory, where I argue that a healthy dose of, what I call, conceptual realism is often helpful in understanding the interpretational value of (...) sophisticated mathematical structures employed in applied sciences like decision theory. In the last part, I introduce countable additivity into Savage's theory and explore some technical properties in relation to other axioms of the system. (shrink)

Slurs are derogatory words and they are used to derogate certain groups. Theories of slurs must explain why they are derogatory words, as well as other features like independence and descriptive ineffability. This paper proposes an illocutionary force indicator theory of slurs: they are derogatory terms because their use is to perform the illocutionary act of derogation, which is a declarative illocutionary act to enforce norms against the target. For instance, calling a Chinese person “chink” is an act of derogation (...) to enforce racist norms that license exclusion of the Chinese, deny their rights to dignity, etc. The contribution of this paper is twofold. First, it offers a more comprehensive explanation of the features of slurs than earlier speech act approaches. Second, it provides a theory that is immune to the problems faced by existing theories, such as wrong predictions of truth-conditions, explaining unacceptability to non-bigots, and explaining slurs against the dominant groups. (shrink)

Recent research in psycholinguistics suggests that language processing frequently involves mental imagery. This paper focuses on visual imagery and discusses two issues regarding the processing of polysemous words (i.e. words with multiple related meanings or senses) – co-predication and sense-relatedness. It aims to show how mental imagery can illuminate these two issues.

The notion of comparative probability defined in Bayesian subjectivist theory stems from an intuitive idea that, for a given pair of events, one event may be considered “more probable” than the other. Yet it is conceivable that there are cases where it is indeterminate as to which event is more probable, due to, e.g., lack of robust statistical information. We take that these cases involve indeterminate comparative probabilities. This paper provides a Savage-style decision-theoretic foundation for indeterminate comparative probabilities.

In the philosophy of mind, revelation is the claim that the nature of qualia is revealed in phenomenal experience. In the literature, revelation is often thought of as intuitive but in tension with physicalism. While mentions of revelation are frequent, there is room for further discussion of how precisely to formulate the thesis of revelation and what it exactly amounts to. Drawing on the work of David Lewis, this paper provides a detailed discussion on how the thesis of revelation, as (...) well as its incompatibility with physicalism, is to be understood. (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 offers a fine analysis of different versions of the well known sure-thing principle. We show that Savage's formal formulation of the principle, i.e., his second postulate (P2), is strictly stronger than what is intended originally.

Slurs are both derogatory and offensive, and they are said to exhibit “derogatory force” and “offensiveness.” Almost all theories of slurs, except the truth-conditional content theory and the invocational content theory, conflate these two features and use “derogatory force” and “offensiveness” interchangeably. This paper defends and explains the distinction between slurs’ derogatory force and offensiveness by fulfilling three goals. First, it distinguishes between slurs’ being derogatory and their being offensive with four arguments. For instance, ‘Monday’, a slur in the Bostonian (...) argot, is used to secretly derogate African Americans without causing offense. Second, this paper points out that many theories of slurs run into problems because they conflate derogatory force with offensiveness. For example, the prohibition theory’s account of offensiveness in terms of prohibitions struggles to explain why ‘Monday’ is derogatory when it is not a prohibited word in English. Third, this paper offers a new explanation of this distinction from the perspective of a speech act theory of slurs; derogatory force is different from offensiveness because they arise from two different kinds of speech acts that slurs are used to perform, i.e., the illocutionary act of derogation and the perlocutionary act of offending. This new explanation avoids the problems faced by other theories. (shrink)

This paper begins with Thomas Nagel's (1970) investigation of the possibility of altruism to further examine how to motivate altruism. When the pursuit of the gratification of one's own desires generally has an immediate causal efficacy, how can one also be motivated to care for others and to act towards the well-being of others? A successful motivational theory of altruism must explain how altruism is possible under all these motivational interferences. The paper will begin with an exposition of Nagel's proposal, (...) and see where it is insufficient with regard to this further issue. It will then introduce the views of Zhang Zai and Wang Fuzhi, and see which one could offer a better motivational theory of altruism. All three philosophers offer different insights on the role of human reason/reflection and human sentiments in moral motivation. The paper will end with a proposal for a socioethical moral program that incorporates both moral reason and moral sentiments as 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)

This paper presents a human-computer interaction model with a three layers learning mechanism in a pervasive environment. We begin with a discussion around a number of important issues related to human-computer interaction followed by a description of the architecture for a multi-agent cooperative design system for pervasive computing environment. We present our proposed three- layer HCI model and introduce the group formation algorithm, which is predicated on a dynamic sharing niche technology. Finally, we explore the cooperative reinforcement learning and fusion (...) algorithms; the paper closes with concluding observations and a summary of the principal work and contributions of this paper. (shrink)

In recent literature on the metaphysics of consciousness, and in particular on the prospects of physicalism, there are two interesting strands of discussion. One strand concerns the so-called ‘thesis of revelation’, the claim that the essences of phenomenal properties are revealed in experience. The other strand concerns the intuition of dualism, the intuition that consciousness is nonphysical. With a particular focus on the former, this paper advances two main arguments. First, it argues that the thesis of revelation is intuitive; it (...) is part of our ordinary, implicit conception of experience. Second, it brings the two strands of discussion together and puts forward a rational explanation of the intuition of dualism in terms of the intuitiveness of the thesis of revelation. (shrink)

The feeling of being offended, as a moral emotion, plays a key role in issues such as slurs, the offense principle, ethics of humor, etc. However, no adequate theory of offense has been developed in the literature, and it remains unclear what questions such a theory should answer. This paper attempts to fill the gap by performing two tasks. The first task is to clarify and summarize the questions of offense into two kinds, the descriptive questions (e.g., what features differentiate (...) offense from similar moral states like anger?) and the normative questions (e.g., what are the conditions for taking offense to be apt?). The second task is to answer these questions by developing what I call ‘the violated norm theory of offense’. According to this theory, feeling offended entails that the norm one endorses is judged to be violated by the offender. Appealing to the violated norm enables this theory to answer the descriptive questions (e.g., taking offense differs from anger because of features like not requiring victims and the difficulty of animal offense) and the normative questions of offense (e.g., taking offense is apt only if the violated norm is universalizable). (shrink)

It is often thought that sensible qualities such as colours do not exist as properties of physical objects. Focusing on the case of colour, I discuss two views: the Galilean view, according to which colours do not exist as qualities of physical objects, and the naive view, according to which colours are, as our perception presents them to be, qualities instantiated by physical objects. I argue that it is far from clear that the Galilean view is better than the naive (...) view. Given the arguments in this paper, the naive view ought to be taken seriously. The discussion here appeals especially to theorists who, like Goff, are already convinced that the quantitative language of physical science fails to capture all qualities. (shrink)

Emotion terms such as “sad”, “happy” and “joyful” apply to a wide range of entities. We use them to refer to mental states of sentient beings, and also to describe features of non-mental things such as comportment, nature, events, artworks and so on. Drawing on the literature on polysemy, this paper provides an in-depth analysis of emotion descriptions. It argues that emotion terms are polysemous and distinguishes seven related senses. In addition, the paper applies the analysis to shed light on (...) a long-standing debate in philosophy of music concerning emotion descriptions of music. (shrink)

This paper defends an approach to modeling and models in science that is against model fictionalism of a recent stripe (the “new fictionalism” that takes models to be abstract entities that are analogous to works of fiction). It further argues that there is a version of fictionalism on models to which my approach is neutral and which only makes sense if one adopts a special sort of antirealism (e.g. constructive empiricism). Otherwise, my approach strongly suggests that one stays away from (...) fictionalism and embraces realism directly. (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)

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)

Background -/- Previous literature suggests that those with reading disability (RD) have more pronounced deficits during semantic processing in reading as compared to listening comprehension. This discrepancy has been supported by recent neuroimaging studies showing abnormal activity in RD during semantic processing in the visual but not in the auditory modality. Whether effective connectivity between brain regions in RD could also show this pattern of discrepancy has not been investigated. Methodology/Principal Findings -/- Children (8- to 14-year-olds) were given a semantic (...) task in the visual and auditory modality that required an association judgment as to whether two sequentially presented words were associated. Effective connectivity was investigated using Dynamic Causal Modeling (DCM) on functional magnetic resonance imaging (fMRI) data. Bayesian Model Selection (BMS) was used separately for each modality to find a winning family of DCM models separately for typically developing (TD) and RD children. BMS yielded the same winning family with modulatory effects on bottom-up connections from the input regions to middle temporal gyrus (MTG) and inferior frontal gyrus(IFG) with inconclusive evidence regarding top-down modulations. Bayesian Model Averaging (BMA) was thus conducted across models in this winning family and compared across groups. The bottom-up effect from the fusiform gyrus (FG) to MTG rather than the top-down effect from IFG to MTG was stronger in TD compared to RD for the visual modality. The stronger bottom-up influence in TD was only evident for related word pairs but not for unrelated pairs. No group differences were noted in the auditory modality. Conclusions/Significance -/- This study revealed a modality-specific deficit for children with RD in bottom-up effective connectivity from orthographic to semantic processing regions. There were no group differences in connectivity from frontal regions, suggesting that the core deficit in RD is not in top-down modulation. (shrink)

This book examines some possible ethical principles to resolve moral dilemmas involving water. Existing problems in current water management practices are discussed in light of these principles. Transformation of human water ethics has the potential to be far more effective, cheaper and acceptable than some existing means of “regulation”, but transformation of personal and societal ethics need time because the changes to ethical values are slow.

Slurs are derogatory, and theories of slurs aim at explaining their “derogatory force”. This paper draws a distinction between the type derogatory force and the token derogatory force of slurs. To explain the type derogatory force is to explain why a slur is a derogatory word. By contrast, to explain the token derogatory force is to explain why an utterance of a slur is derogatory. This distinction will be defended by examples in which the type and the token derogatory force (...) come apart. Because of the distinction, an adequate theory of slurs must be plausible for both the type and the token derogatory force. However, I will argue that many theories fail to be plausible for both. In particular, Hom’s combinatorial externalism and the conventional implicature theory offer implausible accounts of the token derogatory force, whereas the prohibitionist theory is insufficient to explain the type derogatory force. (shrink)