There is a commonly made distinction between two types of scientists: risk-taking, trailblazing mavericks and detail-oriented followers. A number of recent papers have discussed the question what a desirable mixture of mavericks and followers looks like. Answering this question is most useful if a scientific community can be steered toward such a desirable mixture. One attractive route is through credit incentives: manipulating rewards so that reward-seeking scientists are likely to form the desired mixture of their own accord. Here I (...) argue that this idea is less straightforward than it may seem. Interpreting mavericks as scientists who prioritize rewards over speed and risk, I show in a deliberatively simple model that there is a fixed mixture which is not particularly likely to be desirable and which credit incentives cannot alter. I consider a way around this result, but this has some major drawbacks. I conclude that credit incentives are not as promising a way to create a desirable mixture of mavericks and followers as one might have thought. (shrink)

This study contributes to the micro-credit literature by addressing the lack of philosophical dialogue concerning the issue of trust between micro-credit NGOs and rural poor women. The study demonstrates that one of the root causes of NGOs’ contested roles in Bangladesh is the norm that they use (i.e., trust) to rationalize their micro-credit activities. I argue that Bangladeshi micro-credit NGOs’ trust in poor village women is not genuine because they resort to group responsibility sustained through aggressive (...) surveillance. I maintain so by drawing on a trust-based theoretical framework that uses various philosophical insights. Drawing on the same conceptual framework, I also contend, somewhat softening the previous claim, that if micro-credit trust is trust at all, it is at most strategic, not generalized. For being strategic, it has many undermining effects on local social solidarity norms, rendering Bangladeshi micro-credit NGOs and strategic trust an odd couple with no moral compass. To bring forth the moral impetus in micro-credit activities, I lay out some recommendations intended for organizations, managers, and policymakers, consistent with normative corporate social responsibility initiatives. However, further studies can be initiated based on this paper, suggesting its importance for future research. (shrink)

In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only (...) in some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types (...) of credit risk default models in this regard: structural and reduced form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

The paper begins by reviewing two problems for fallibilism: the lottery problem, or the problem of explaining why fallible evidence, though otherwise excellent, is not enough to know that one will lose the lottery, and Gettier problems. It is then argued that both problems can be resolved if we note an important illocutionary force of knowledge attributions: namely, that when we attribute knowledge to someone we mean to give the person credit for getting things right. Alternatively, to say that (...) a person knows is to say that she got things right due to her own abilities, efforts and actions, rather than due to dumb luck, or blind chance, or something else. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types (...) of credit risk default models in this regard: structural and reduced-form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

Vietnam’s forests are at risk - carbon offset schemes could be the best chance of saving them, say Dr. Quan-Hoang Vuong and Minh-Hoang Nguyen. The value of forests is deeply ingrained in Vietnamese culture. Rừng vàng, biển bạc” [“forests of gold and seas of silver”] is both a metaphor for Vietnam, and a description of its natural wealth. The phrase is everywhere, from political speeches to daily conversation, as is Nhất phá sơn lâm, nhì đâm hà bá [“the worst crime (...) is to destroy the mountains and forests, the second worst is to kill the river”]. Deforestation is a Vietnamese taboo. (shrink)

The notion of credit plays a central role in virtue epistemology and in the literature on moral worth. While virtue epistemologists and ethicists have devoted a significant amount of work to providing an account of creditable success, a unified theory of credit applicable to both epistemology and ethics, as well as a discussion of the general form it should take, are largely missing from the literature. Our goal is to lay out a theory of credit that seems (...) to underlie much of the discussion in virtue epistemology, which we dub the Cake Theory. We argue that given the goals that virtue epistemologists and ethicists who discuss moral worth have, this theory is problematic, for it makes credit depend on the wrong facts. (shrink)

The recent wave of generative AI (GAI) systems like Stable Diffusion that can produce images from human prompts raises controversial issues about creatorship, originality, creativity and copyright. This paper focuses on creatorship: who creates and should be credited with the outputs made with the help of GAI? Existing views on creatorship are mixed: some insist that GAI systems are mere tools, and human prompters are creators proper; others are more open to acknowledging more significant roles for GAI, but most conceive (...) of creatorship in an all-or-nothing fashion. We develop a novel view, called CCC (collective-centered creation), that improves on these existing positions. On CCC, GAI outputs are created by collectives in the first instance. Claims to creatorship come in degrees and depend on the nature and significance of individual contributions made by the various agents and entities involved, including users, GAI systems, developers, producers of training data and others. Importantly, CCC maintains that GAI systems can sometimes be part of a co-creating collective. We detail how CCC can advance existing debates and resolve controversies around creatorship involving GAI. (shrink)

When charitable matching occurs, both the person initially offering the matching donation and the person taking up the offer may well feel they have done something better than if they had donated on their own without matching. They may well feel they deserve some credit for the matched donation as well as their own. Can they both be right? Natural assumptions about charitable matching lead to puzzles that are challenging to resolve in a satisfactory way.

To deserve credit for doing what is morally right, we must act from the right kinds of motives. Acting from the right kinds of motives involves responding both to the morally relevant reasons, by acting on these considerations, and to the morally relevant individuals, by being guided by appropriate attitudes of regard for them. Recent theories of the right kinds of motives have tended to prioritize responding to moral reasons. I develop a theory that instead prioritizes responding to individuals (...) (through appropriate attitudes of regard for them) and argue that it better accounts for the basic features of the right kinds of motives – what we most fundamentally care about in judging whether persons deserve moral credit. (shrink)

Issues of academic authorship pose few problems for philosophers or those in the humanities, yet raise a host of issues for medical researchers, engineers and scientists, where multiple authors is the norm and journal articles sometimes list hundreds of authors. At issue here are abstract questions about desert, as well as practical problems regarding the distribution of goods attached to authorship—tenure, prestige, research grants, etc. This paper defends a version of the author/contributor model, where the specific contributions of authors are (...) described in a footnote, against other models of authorial attribution. Such a model offers the best guarantee that authors will get their due, as well as providing the most reliable protection against misconduct and fraud. The paper also arguesthat it is important for this model to be institutionalized across disciplinary boundaries as the increasingly interdisciplinary nature of research will inevitably bring discipline-specific authorial norms into conflict. (shrink)

The practice of assigning authorship for a scientific publication tends to raise two normative questions: 1) ‘who should be credited as an author?’; 2) ‘who should not be credited as an author but should still be acknowledged?’. With the publication of the revised version of The European Code of Conduct for Research Integrity (ECCRI), standard answers to these questions have been called into question. This article examines the ways in which the ECCRI approaches these two questions and compares these approaches (...) to standard definitions of ‘authorship’ and ‘acknowledgment’ in guidelines issued by the International Committee of Medical Journal Editors (ICMJE) and the World Association of Medical Editors (WAME). In light of two scenarios and the problems posed by these kinds of ‘real-world’ examples, we recommend specific revisions to the content of the ECCRI in order not only to provide a more detailed account of the tasks deserving of acknowledgment, but to improve the Code’s current definition of authorship. (shrink)

Drèze and Sen are not entirely right in their apparent glorification of the roles of nongovernmental organizations in Bangladesh in An Uncertain Glory: India and Its Contradictions because they leave out and/or de-emphasize some important issues, especially those that are related to the problematic trusting relationship between nongovernmental organizations in Bangladesh and rural poor women. Nongovernmental organizations’ use of trust disturbs social solidarity in rural Bangladesh mainly because of their massive supervision mechanism that they undertake to sustain the so-called trusting (...) relationship between them and their debtors. The massive supervision mechanism damages social solidarity also because it creates a tension between local norms and nongovernmental organizations’ neoliberalist values of “discipline, efficiency and competitiveness,” which nongovernmental organizations try to inject into villagers by their numerous social engineering programs, which are state’s responsibility. Nongovernmental organization monitoring has some psychological impacts on their clients that also contribute to shaking social solidarity. The absence of a proper trusting relationship between nongovernmental organizations and rural poor women reduces the capabilities of the latter as a result of which Drèze and Sen’s glorification of Bangladeshi nongovernmental organizations and Sen’s capabilities approach are in tension. However, there are strategies that Bangladeshi nongovernmental organizations should employ to address the issues raised due to their massive supervision mechanism. (shrink)

Leising and colleagues propose a 10-step checklist that they argue will facilitate “a better personality science.” Although we agree with many of the proposed steps, whether the checklist separates “good research” from bad is an empirical matter. A critical component of Leising and colleagues’ steps toward improving scientific standards in personality center around consensus building. There are several critical ways in which the methods for building consensus in psychology could have unintended negative consequences. Creating a better science requires a shift (...) in academia’s reward structures. The current system rewards producing more publications with little reference to contributions to those publications. CRediT offers a simple yet effective way of weighing the quality of researcher contributions rather than quantity alone. Finally, the target article is the latest to join in calling for more formal theory. If psychology is to improve theory, then psychologists must be trained in theory. These systemic issues are pervasive and cannot be fixed without changing the evaluation system of academia and subsequently the reward system that supports it. Including the CRediT taxonomy in CVs offers a simple yet effective way of weighing the quality of researcher contributions rather than quantity alone. (shrink)

In this note, we consider a Merton model for default risk, where the firm’s value is driven by a Brownian motion and a compound Poisson process.

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)

It is widely acknowledged in the literature in social epistemology that knowledge has a social dimension: we are epistemically dependent upon one another for most of what we know. Our knowledge can be, and very often is, grounded on the epistemic achievement of somebody else. But what about epistemic aims other than knowledge? What about understanding? Prominent authors argue that understanding is not social in the same way in which knowledge is. Others can put us in the position to understand, (...) but when we understand something, this accomplishment is to be credited mainly if not entirely to us, as it is due to the successful exercise of our own cognitive abilities. In this paper, I show that the social dimension of understanding closely resembles the social dimension of knowledge. I distinguish between three different ways in which a subject can depend upon another subject for (either the acquisition or the possession of) a certain epistemic good. I then argue that all these kinds of epistemic dependence apply to knowledge and understanding alike. If I am right, understanding is not (always) an achievement to be (mainly) credited to the single epistemic agent who understands. (shrink)

The credit crises experienced in the US in year 2008 is labeled as perhaps the most significant crises since the great depression. The roots of the crises were found in the default of the sub-prime mortgages and the failure occurred in both the US and the UK. Due to the integrated nature of international financial systems the spillover impacted many countries as the economies in Asia and Europe were purchasers of the sub-prime mortgages that originated in both UK and (...) US. The impact of the credit crises in Canada is of unique importance due to the close proximity to US, and both the US and Canada being of great strategic importance to each other as well as one of the largest trading partners.Even though the international financial credit crises adversely impacted many countries, the evidence that has come across recent years point towards the conclusion that Canada was able to weather the crises much better than many other countries. (shrink)

This paper defends an account of moral worth. Moral worth is a status that some, but not all, morally right actions have. Unlike with merely right actions, when an agent performs a morally worthy action, she is necessarily creditworthy for doing the right thing. First, I argue that two dominant views of moral worth have been unable to fully capture this necessary connection. On one view, an action is morally worthy if and only if its agent is motivated by the (...) features of the action that make it right. On the other, an action is morally worthy if and only if its agent is motivated by the action’s rightness itself. Neither of these views captures the connection between moral worth and creditworthiness, because each view leaves room for cases of accidentally doing the right thing. Next, I develop a new account, which I call the Guise of Moral Reasons Account. On my account, morally worthy actions are right actions that are motivated by moral reasons as such. This account rules out cases of accidentally doing the right thing, thus capturing the necessary connection between moral worth and creditworthiness for doing the right thing. (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)

The study examined constraints to accessing micro credit loan scheme of Bank of Agriculture BOA among farmers in Enugu State, Nigeria Implications for extension service delivery. Purposive and simple random sampling techniques were used in selecting one hundred 100 respondents for the study. Data were collected using structured interview schedule questionnaire and analyzed using frequency, percentage, mean scores and standard deviation. The study revealed that micro credit loan scheme 88.6 were the most patronized among the rural farmers. Others (...) such as ECOWAS, IFAD project and ATHP programme were not patronized at all, probably because the type of projects sponsored by these credit loan scheme are not important to the respondents. The respondents farmers were highly constrained by late release of funds M= 1.27 , grace period too short M= 1. 17 , excessive bureaucracy M= 1. 14 , too short payback period M= 1. 13 , services not regular M= 1. 13 , among others. The Bank of Agriculture staff also noted that they were constrained by late release of approved funds by head quarters of the Bank of Agriculture M= 1.43 , loan diversion M= 1.27 , poor funding of field officers M= 1.20 , lack of awareness by borrowers M= 1.10 and insufficient staff M= 0.93 . The study recommends that adequate awareness campaign on the availability of micro credit loan scheme by Bank of Agriculture should be created in order for the beneficiaries to be knowledgeable about it. It highlights the need for approval of more funds under the scheme and timely release of funds when needed especially during planting season in order to enable the farmers to make judicious use of it for optimum productivity. Mbah Evangeline N | Jiriko, R | Agada, M.O. "Constraints to Accessing Micro-Credit and Loan Scheme of Bank of Agriculture among Farmers in Enugu State, Nigeria: Implications for Extension Service Delivery" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-4 , June 2017 . (shrink)

It is generally acknowledged that testifiers can play a central role in the production of knowledge and other valuable epistemic states in others. But does such a role warrant any form of epistemic credit and is an agent more successful qua epistemic agent insofar as she is a successful testifier? I here propose an affirmative answer to both questions. The core of the current paper consists in a sustained defence of this proposal against a series of objections. I further (...) argue that the proposal allows us to recognize an important additional epistemic harm that arises in cases of testimonial injustice beyond those described by Miranda Fricker. Finally, I conclude by distinguishing between four kinds of credit - distinctions that allow us to avoid inappropriately attributing epistemic credit in problematic cases. If the current proposal is correct, our understanding of successful epistemic agents needs to be significantly modified in order to take into account their role in producing epistemically valuable states in others. (shrink)

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, (...) however, that the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)

This paper explicates the influential Confucian view that “people” and not “institutional rules” are the proper sources of good governance and social order, as well as some notable Confucian objections to this position. It takes Xunzi 荀子, Hu Hong 胡宏, and Zhu Xi 朱熹 as the primary representatives of the “virtue-centered” position, which holds that people’s good character and not institutional rules bear primary credit for successful governance. And it takes Huang Zongxi 黃宗羲 as a major advocate for the (...) “institutionalist” position, which holds that institutional rules have some power to effect success independently of improvements in character. Historians have often called attention to this debate but left the major arguments and positions relatively unspecified. As I show, the Confucian virtue-centered view is best captured in two theses: first, that reforming people is far more demanding than reforming institutional rules; second, that once the rules have reached a certain threshold of viability, further improvements in those rules are unlikely to be effective on their own. Once we specify the theses in this way, we can catalogue the different respects and degrees to which the more virtue-centered political thinkers endorse virtue-centrism in governance. Zhu Xi, for example, turns out to endorse a stronger version of virtue-centrism than Hu Hong. I also use this account of the major theses to show that Huang Zongxi, who is sometimes regarded as historical Confucianism’s foremost institutionalist, has more complicated and mixed views about the power of institutional reform than scholars usually assume. (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)

Our latest contribution to the world’s battle against climate and biodiversity crises was an expert commentary on Vietnamese forests and the prospect of carbon credits trade. The article appeared in the Land and Climate Review on Feb. 2, 2024.

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 article presents a new model for valuing financial contracts subject to credit risk and collateralization. Examples include the valuation of a credit default swap (CDS) contract that is affected by the trilateral credit risk of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is (...) not equivalent to a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in the CDS market. (shrink)

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 discusses the management of cycli- cal dynamics of the credit sphere. Considering the fact that conventional methods of monetary policy proved to be vulnerable to the process of accumula- tion and realization of risk in the credit sector, we aim to study heterodox methods of credit market regula- tion – administrative (direct) methods of control over fluctuations on the credit market. In particular, based on the analysis of credit limits used in the Socialist (...) Republic of Vietnam, we come to conclusion about comparative effectiveness of this method in curbing excessive amplitude of the credit cycle. However, the price of using this method may be connected with re- duction in the rate of economic growth and a shift in the accumulation of risk to other areas of the credit market. (shrink)

The one-side defaultable financial derivatives valuation problems have been studied extensively, but the valuation of bilateral derivatives with asymmetric credit qualities is still lacking convincing mechanism. This paper presents an analytical model for valuing derivatives subject to default by both counterparties. The default-free interest rates are modeled by the Market Models, while the default time is modeled by the reduced-form model as the first jump of a time-inhomogeneous Poisson process. All quantities modeled are market-observable. The closed-form solution gives us (...) a better understanding of the impact of the credit asymmetry on swap value, credit value adjustment, swap rate and swap spread. (shrink)

This study examines the inner workings of credit and debt in the sex industry in Ho Chi Minh City, the megalopolis of Southern Vietnam. It argues that credit is widely available to financially excluded sex workers, but that this availability comes with tight constraints. As one sex worker put it bluntly, ‘it is easy to borrow, but it is hard to repay.’ This tension summarizes the financial lives of indoor and outdoor sex workers who borrow money from the (...) informal credit market to fund consumption and make ends meet. (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)

In this paper, I argue that cognitive enhancement cannot be epistemically beneficial since getting things right in particular and epistemic agency in general both presuppose a kind of achievement. Drawing on Aristotle’s ethics, I distinguish four categories of actions: caused, attributable, responsible, and creditable. I conclude that to the extent that cognitive enhancement is incompatible with the latter category it undermines rather than strengthens autonomous agency in the realm of cognition.

Vietnam has seen fast-rising debts, both domestic and external, in recent years. This paperreviews the literature on credit market in Vietnam, providing an up-to-date take on the domesticlending and borrowing landscape. The study highlights the strong demand for credit in both therural and urban areas, the ubiquity of informal lenders, the recent popularity of consumer financecompanies, as well as the government’s attempts to rein in its swelling public debt. Given thehigh level of borrowing, which is fueled by consumerism (...) and geopolitics, it is inevitable that theamount of debt will soon be higher than the saving of the borrowers. Unlike the conventional wisdom that creditors have more bargaining power over the borrowers, we suggest that—albeitlacking a quantitative estimation—when the debts pile up so high that the borrowers could not repay, the power dynamics may reverse. In this new politics of debt, the lenders fear to lose the money's worth and continue to lend and feed the insolvent debtors. The result is a toxic lending/borrowing market and profound lessons, from which the developing world could learn. (shrink)

Choice Based Credit System (CBCS) is a modern curriculum system of higher education in India which was first introduced by the Academic and Administrative Reforms committee of University Grant Commission (UGC) in 2008 headed by Prof. A. Gnanam. It is a system that promises to bring in holistic development of an individual by providing flexible and multi-disciplinary learning experience. The CBCS provides a cafeteria type approach in which the students can take courses of their choice, learn at their own (...) pace, undergo additional courses and acquire more than the required credits, and adopt an interdisciplinary approach to learning. The courses shall be evaluated on the grading system, which is considered to be better than the conventional marks system. To make the present curriculum uniform, international standard and more developed UGC implement the Choice Based Credit System at higher education level. There are different Universities in the country that have adopted this system through modifying up to 30% of core papers’ syllabus under the proposed UGC curriculum. The major objectives of the study were to explore the nature of the present CBCS curriculum of Zoology and measure the perception level of the students on the present CBCS curriculum of Zoology of Vidyasagar University. The major Findings of the study were suggested that the Vidyasagar University followed the UGC recommended curriculum pattern for framing the CBCS curriculum of Zoology and it has also been found that there was no significant difference in the male and female students’’ perception about CBCS curriculum of zoology at undergraduate level in Vidyasagar University. -/- . (shrink)

The convergence of computing, sensing, and communication technology will soon permit large-scale deployment of self-driving vehicles. This will in turn permit a radical transformation of traffic control technology. This paper makes a case for the importance of addressing questions of social justice in this transformation, and sketches a preliminary framework for doing so. We explain how new forms of traffic control technology have potential implications for several dimensions of social justice, including safety, sustainability, privacy, efficiency, and equal access. Our central (...) focus is on efficiency and equal access as desiderata for traffic control design. We explain the limitations of conventional traffic control in meeting these desiderata, and sketch a preliminary vision for a next-generation traffic control tailored to address better the demands of social justice. One component of this vision is cooperative, hierarchically distributed self-organization among vehicles. Another component of this vision is a priority system enabling selection of priority levels by the user for each vehicle trip in the network, based on the supporting structure of non-monetary credits. (shrink)

The objective of this paper is to examine the role of the banking system in the growth of the Vietnamese economy in the process of the transition that started in the early 1990s. An ARDL approach-based multivariate regression technique is applied to shed light on the impact on the growth of banking development, which is measured by broad money and bank credit. The empirical findings confirm a positive long-term effect of banking development on growth, reflecting the important role of (...) the banking system in a typical bank-based financial system in mobilizing and supplying capital to the economy, thus contributing to growth throughout the process of economic transition. The empirical findings also indicate a nonlinear effect and a diminishing marginal effect of banking development in the sub-period 2007–2020. The thresholds for the two measures of banking development are estimated to be around 107% and 101% of the GDP, respectively. This finding suggests that bank credit expansion needs to be closely controlled to be adaptive to the capital-absorptive capacity of the economy. To a certain extent, this finding is also an indicator of the ongoing extensive growth model adopted in Vietnam, which relies heavily on the quantity of invested capital. (shrink)

The article provides a critical assessment of The Central Bank of the Russian Federation policy in response to the sanctions of the US, the EU, the UK, Switzerland, Japan, South Korea and a number of other countries. The effect of sanctions on the Russian economy and its financial market is viewed through the prism of credit, interest rate, and currency risk, and the risk of a decline in business activity. Special attention is paid to the inflationary component and inflationary (...) expectations of the Russian Federation, as well as to the forecasts for a decline in business activity in Russia. A critical assessment is given to the actions of the Central Bank of the Russian Federation and the economic bloc of the government of the Russian Federation as a whole in response to the sanctions of the civilized world, which disable the normal existence of the economy and the main purpose of which is not to destroy the economy of the Russian Federation but to ensure the end of hostilities on the European continent. The results of our study will be useful to everyone who studies the problems of the effect of economic sanctions on the resource-based economy and the processes of stimulating political decisions by economic methods. (shrink)

Household debt has been widely discussed among social scientists, policy makers, and activists. Many have questioned the levels of debt households are required to take on, and have made various proposals for assisting households in debt. Yet theorists of distributive justice have left household debt underexamined. This article offers a normative examination of the distributive justice issues presented by proposals to relieve household debt or protect households from overindebtedness. I examine two goals at which debt relief proposals aim: remedying disadvantage (...) and stabilizing expectations. I then examine strategies for relieving existing debts such as debt abolition, forgiveness, bankruptcy, and mitigation, as well as strategies that aim to prevent future indebtedness, such as public provision or financing of costly goods and credit or interest rate regulations. (shrink)

While there has been significant discussion in the health sciences and ethics literatures about problems associated with publication practices (e.g., ghost- and gift-authorship, conflicts of interest), there has been relatively little practical guidance developed to help researchers determine how they should fairly allocate credit for multi-authored publications. Fair allocation of credit requires that participating authors be acknowledged for their contribution and responsibilities, but it is not obvious what contributions should warrant authorship, nor who should be responsible for the (...) quality and content of the scientific research findings presented in a publication. In this paper, we review arguments presented in the ethics and health science literatures, and the policies or guidelines proposed by learned societies and journals, in order to explore the link between author contribution and responsibility in multi-author multidisciplinary health science publications. We then critically examine the various procedures used in the field to help researchers fairly allocate authorship. (shrink)

The essay advocates for diverse approaches in presenting a researcher's scientific contributions in a project. Taking inspiration from sports journalism and its visualization of football players' data, the essay suggests that a radar plot, incorporating CRediT contributor role data, enables multiple authors of a scientific paper to illustrate their contributions in a more specific manner. The suggested method, though subject to bias reporting, pays credit to different aspects of a research project, from conceptualization, analysis, administration, to writing and (...) revising. It not only enables both academics and lay readers to better understand the considerable amount of work required in every project but also calls for the need to employ diverse viewpoints in science. (shrink)

1. Law and morals as two systems of norms, and the inner morality of law 2. Law as a value bearer and as a mere external indicator 3. The inner and external moral credit of legislator 4. The inner morality of law. As to the last paragraph, the most striking feature of the inner morality of law is that it is such a possible characteristic, surplus quality which is not a sine qua non, which law is conceivable without. However, (...) it is a question whether law can long do without it? In principle, the legislator is free in deciding on what legal consequence he attaches to what course of conduct14 and it is also desirable that legal concepts be freed from moral overtones. Nevertheless, the legal complex cannot be torn out of its social context, nor can it steadily conflict with other complexes (religions, moral, or political values, norms and ideologies) law is to develop in living interrelationship with. Otherwise, it is subject to danger that (I) law-observance in average cases is weakened; (2) the reified functioning of and approach to law are strengthened and make law alienated; and (3) it blurs the social objectives the law intends to serve and, especially in hard cases, makes its application rootless and floating. A pathological situation only becomes more pathological, if the pathology of contents is accompanied by the pathology of means. Or, it brings the promise of real solution closer, if the adequateness of means also provides, by the strength of publicity, for the direct mobilization of society. That explains why it is a topical question what I have proposed to term the inner morality of law. [For the text, see my L&Ph, 77–89] . (shrink)

Case study for Business Ethics, 5000 words. Considers the state of the payday lending market in USA and Canada as of March 2018. Suitable for undergraduate or business school use. Includes the discussion of: Storefront and online payday lending in state/province and national contexts. Applicability of the concept of exploitation to payday lending. Alternatives to payday lending ("Payday Alternative Loans" provided through credit unions, and savings incentive programs that reduce demand for payday lending). U.S. government regulation of 2017 that (...) was rescinded shortly before it was to have effects on business, specifically due to change of Presidential administration (January 2018). Class discussion questions. References. (shrink)