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)

Epistemologists often assume that an agent’s epistemic goal is simply to acquire as much knowledge as possible for herself. Drawing on an analogy with ethics and other practices, I argue that being situated in an epistemic community introduces a range of epistemic virtues (and goals) which fall outside of those typically recognized by both individualistic and social epistemologists. Candidate virtues include such traits as honesty, integrity (including an unwillingness to misuse one’s status as an expert), patience, and (...) creativity. We can understand such traits to be epistemic virtues insofar as they tend to produce knowledge – not for the agent alone, but for her community. Recognition of such ‘otherregarding epistemic virtues’ both broadens the area of inquiry of epistemology, and introduces new standards for the evaluation of epistemic agents. (shrink)

Social inequality may obstruct the generation of knowledge, as the rich and powerful may bring about social acceptance of skewed views that suit their interests. Epistemic equality in the context of justification is a means of preventing such obstruction. Drawing on social epistemology and theories of equality and distributive justice, we provide an account of epistemic equality. We regard participation in, and influence over a knowledge-generating discourse in an epistemic community as a limited good that needs to (...) be justly distributed among putative members of the community. We argue that rather than trying to operationally formulate an exact criterion for distributing this good, epistemic equality may be realized by insisting on active participation of members of three groups in addition to credited experts: relevant disempowered groups, relevant uncredited experts, and relevant stakeholders. Meeting these conditions fulfills the political, moral, and epistemic aims of epistemic equality. (shrink)

This article introduces the concept of epistemic positioning to theorize the relationship between identity-based epistemic judgements and the reproduction of social inequalities, including those of gender and ethnicity/race, in the academia. Acts of epistemic positioning entail the evaluation of knowledge claims based on the speaker’s stated or inferred identity. These judgements serve to limit the scope of the knowledge claim, making it more likely speakers will be denied recognition or credit. The four types of epistemic (...) positioning – bounding (reducing a knowledge claim to elements of personal identity), domaining (reducing a knowledge claim to discipline or field associated with identity), non-attribution (using the claim without recognizing the author) and appropriation (presenting the claim as one’s own) – are mutually reinforcing. Given the growing importance of visibility and recognition in the context of increasing competition and insecurity in academic employment, these practices play a role in the ability of underrepresented groups to remain in the academic profession. (shrink)

Recently, a number of authors have suggested that the epistemic condition on moral responsibility makes blameworthiness much less common than we ordinarily suppose, and much harder to identify. This paper argues that such epistemically based responsibility skepticism is mistaken. Section 2 sketches a general account of moral responsibility, building on the Strawsonian idea that blame and credit relates to the agent’s quality of will. Section 3 explains how this account deals with central cases that motivate epistemic skepticism (...) and how it avoids some objections to quality of will accounts recently raised by Gideon Rosen. But an intuitive worry brought out by these objections remains. Section 4 spells out this remaining worry and argues that, like traditional metaphysical responsibility skepticism, it has its source in a non-standard explanatory perspective on action, suggesting that strategies for explaining away the intuitive pull of traditional skepticism are applicable in this case too. (shrink)

It is clear that lack of awareness of the consequences of an action can undermine moral responsibility and blame for these consequences. But when and how it does so is controversial. Sometimes an agent believing that the outcome might occur is excused because it seemed unlikely to her, and sometimes an agent having no idea that it would occur is nevertheless to blame. A low or zero degree of belief might seem to excuse unless the agent “should have known better”, (...) but it is unclear how to spell out this normative condition. -/- This chapter combines (a) an independently motivated account of responsibility, blame, and credit as grounded in a normal explanatory relation between agential qualities and objects of responsibility with (b) the familiar Strawsonian idea that moral blame and credit depend on the agent’s quality of will. The resulting explanatory quality of will condition on moral responsibility is then further motivated by being shown to account for the effects on moral blame and credit of justifications, as well as of excuses and undermined control in cases not involving ignorance. -/- The explanatory quality of will condition is finally applied to cases involving various degrees of lack of awareness. Though this condition itself involves no awareness requirement, it is shown how it accounts for the degrees to which lack of awareness can excuse. It is also explained how lack of awareness fails as an excuse exactly when the agent should have known better and can be blamed for not doing so. (shrink)

Virtue epistemologies about knowledge have traditionally been divided into two camps: virtue reliabilism and virtue responsibilism. Initially, what set them apart was that virtue responsibilism took intellectual character virtues and responsible agency to be necessary to knowledge acquisition, whereas virtue reliabilism took reliable cognitive faculties to be constitutive of it instead. Despite recent concessions between these camps, there are residual disagreements. Chapter 8 focuses primarily on Linda Zagzebski’s account of virtue responsibilism and John Greco’s and Ernest Sosa’s defenses of virtue (...) reliabilism. It argues that despite their misgivings about virtue responsibilism, Greco and Sosa are ultimately required to accept that intellectual character virtues involve a substantial truth-motivational component, and that knowledge requires a kind of epistemic responsibility that is far more substantive than a causal, naturalistic notion of attribution. (shrink)

Who deserves credit for epistemic successes, and who is to blame for epistemic failures? Extreme views, which would place responsibility either solely on the individual or solely on the individual’s surrounding environment, are not plausible. Recently, progress has been made toward articulating virtue epistemology as a suitable middle ground. A socio-environmentally oriented virtue epistemology can recognize that an individual’s traits play an important role in shaping what that individual believes, while also recognizing that some of the most (...) efficacious individual traits have to do with how individuals structure their epistemic environments and how they respond to information received within these environments. I contribute to the development of such an epistemology by introducing and elucidating the virtue of epistemic exactingness, which is characterized by a motivation to regulate the epistemically significant conduct of others. (shrink)

I argue that epistemic failings are a significant and underappreciated moral hazard in the financial services industry. I argue further that an analysis of these epistemic failings and their means of redress is best developed by identifying policies and procedures that are likely to facilitate good judgment. These policies and procedures are “best epistemic practices.” I explain how best epistemic practices support good reasoning, thereby facilitating accurate judgments about risk and reward. Failures to promote and adhere (...) to best epistemic practices contributed to the 2008 financial crisis. I identify and discuss some of the ways in which best epistemic practices were violated in the events that led to the crisis, with a focus on the role of the credit rating agencies. I go on to discuss some of the ways in which these failings have been redressed. I conclude by observing how proactive regulation for best epistemic practices might help us to anticipate and avoid future crises. (shrink)

Behavioral economists have proposed that people are subject to an IKEA effect, whereby they attach greater value to products they make for themselves, like IKEA furniture, than to otherwise indiscernible goods. Recently, cognitive psychologist Tom Stafford has suggested there may be an epistemic analog to this, a kind of epistemic IKEA effect. In this paper, I use Stafford’s suggestion to defend a certain thesis about epistemic value. Specifically, I argue that there is a distinctive epistemic value (...) in being an active producer of epistemic goods, like true belief, as opposed to just a passive recipient of such goods, and that because of this it can be rationally permissible to sacrifice truth in a certain way for the sake of this other value. In particular, it is rationally permissible for an epistemic agent to prefer a belief set that contains fewer overall truths but more truths obtained through the agent’s own intellectual labor, in something like the way that a practical agent might prefer furniture they have made through their own manual labor to inherently superior furniture made by someone else. In making my case, I draw on Ernest Sosa’s discussion of causation and praxical epistemic values, and Jennifer Lackey’s testimony-based criticism of the credit view of knowledge. After defending my thesis about epistemic value, I further clarify it by connecting it to the focus of Stafford’s discussion, conspiracy theorists. (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)

Knowledge has almost always been treated as good, better than mere true belief, but it is remarkably difficult to explain what it is about knowledge that makes it better. I call this “the value problem.” I have previously argued that most forms of reliabilism cannot handle the value problem. In this article I argue that the value problem is more general than a problem for reliabilism, infecting a host of different theories, including some that are internalist. An additional problem is (...) that not all instances of true belief seem to be good on balance, so even if a given instance of knowing p is better than merely truly believing p, not all instances of knowing will be good enough to explain why knowledge has received so much attention in the history of philosophy. The article aims to answer two questions: What makes knowingp better than merely truly believing p? The answer involves an exploration of the connection between believing and the agency of the knower. Knowing is an act in which the knower gets credit for achieving truth. What makes some instances of knowing good enough to make the investigation of knowledge worthy of so much attention? The answer involves the connection between the good of believing truths of certain kinds and a good life. In the best kinds of knowing, the knower not only gets credit for getting the truth but also gets credit for getting a desirable truth. The kind of value that makes knowledge a fitting object of extensive philosophical inquiry is not independent of moral value and the wider values of a good life. (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)

Cumulative cultural knowledge [CCK], the knowledge we acquire via social learning and has been refined by previous generations, is of central importance to our species’ flourishing. Considering its importance, we should expect that our best epistemological theories can account for how this happens. Perhaps surprisingly, CCK and how we acquire it via cultural learning has only received little attention from social epistemologists. Here, I focus on how we should epistemically evaluate how agents acquire CCK. After sampling some reasons why extant (...) theories cannot account for CCK, I suggest that things aren’t as bleak as they might look. I explain how agents deserve epistemic credit for how CCK is transmitted in cultural learning by promoting a central need of their social group: The efficient and safe transmission of CCK. A good initial fit exists between this observation and Greco’s knowledge-economy framework. Ultimately, however, Greco’s account doesn’t straightforwardly account for CCK because of its strict focus on testimony. I point out two issues in the framework due to this focus. The resulting view advocates giving epistemic credit to agents when they act to promote their communities’ epistemic needs in the right way and highlights the various ways in which agents come to do this. (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.

Epistemic Authority is a mature work of a leading epistemologist and philosopher of religion. It is a work primarily in epistemology with applications to religious epistemology. There are obvious applications of the notion of epistemic authority to philosophy of religion. For, on the face of it, the notion of some kind of ”epistemic authority’ may serve as a conceptual anchor for our understanding of faith. Indeed, there is ample historical precedent for this. Faith, says Locke, is ”the (...) assent to any proposition... upon the credit of the proposer, as coming from God, in some extraordinary way of communication’. 1 In later Lockeans, ”credit’ is often rendered ”authority’, and the terms were used synonymously at the time of his writing. 2 One of the beauties of Locke’s view is its reductionism, that is, it’s parsimony, which is a species of elegance and therefore beauty. Zagzebski’s notion is more high-octane than Locke’s. In this essay I will do four things. In Section 1 I will describe two kinds or notions of authority or at least two usages of the word ”authority’. In Section 2 I will describe Zagzebski’s use of one of these notions, the non-Lockean one, to ground the reasonableness of religious belief. In Section 3 I will give four arguments against her view. In section 4 I will reply to her critique of Locke. The upshot, in my view, is that though we learn much from Epistemic Authority, a more Lockean approach to the nature of faith is still preferable. (shrink)

While, prima facie, virtue/credit approaches in epistemology would appear to be in tension with distributed/extended approaches in cognitive science, Pritchard () has recently argued that the tension here is only apparent, at least given a weak version of distributed cognition, which claims merely that external resources often make critical contributions to the formation of true belief, and a weak virtue theory, which claims merely that, whenever a subject achieves knowledge, his cognitive agency makes a significant contribution to the formation (...) of a true belief. But the significance of the role played by the subject's cognitive agency in distributed cognitive systems is in fact highly variable: at one extreme, formation of a true belief seems clearly to be significantly creditable to the subject's agency; at the other extreme, however, the subject's agency plays such a peripheral role that it is at best unclear whether it should receive significant credit for formation of a true belief. The compatibility of distributed cognition and virtue epistemology thus turns on what it takes for a contribution to the formation of true belief to count as significant. This article argues that the inevitable vagueness of this notion suggests retreating from virtue epistemology to a form of process reliabilism and explores the prospects for a distributed reliabilist epistemology designed to fit smoothly with distributed cognition. In effect, distributed reliabilism radicalizes Goldberg's recent extended reliabilist view by allowing the process the reliability of which determines the epistemic status of a subject's belief to extend to include not only processing performed by other subjects but also processing performed by non-human technological resources. (shrink)

Harman and Lewis credit Kripke with having formulated a puzzle that seems to show that knowledge entails dogmatism. The puzzle is widely regarded as having been solved. In this paper we argue that this standard solution, in its various versions, addresses only a limited aspect of the puzzle and holds no promise of fully resolving it. Analyzing this failure and the proper rendering of the puzzle, it is suggested that it poses a significant challenge for the defense of (...) class='Hi'>epistemic closure. (shrink)

Is speaker knowledge necessary or sufficient for enabling hearers to know from testimony? Here, we offer a novel argument for the answer no, based on the systematic effects of partial belief and the hearer’s view prior to hearing testimony. Modelling partial belief by credence, we show that a requirement entailed by the principles of necessity and sufficiency apparent in the literature is inconsistent with Bayesian updating. Consequently, even when the other grounds of knowledge are in place, the audience correctly updating (...) their partial belief can block the transmission of speaker knowledge, so it need not be sufficient. Nor need speaker knowledge be necessary, because the hearer correctly updating their partial belief can put them in the position to know even though no one in the speaker’s chain knows. We articulate the correct principles of testimonial knowledge transmission. The first supports a shared-credit view of transmission. The second gives a novel and systematic argument for testimony sometimes being a generative (not transmissive) source of knowledge, an argument that makes Lackey’s statement account of testimony otiose. Finally, on at least one account of causation, the two amended principles together show how speaker knowledge can be a cause whose effect is hearer’s knowledge. (shrink)

After viewing a painting, reading a novel, or seeing a film, audiences often feel that they improve their cognitive standing on the world beyond the canvas, page, or screen. To learn from art in this way, I argue audiences must employ high degrees of epistemic autonomy and creativity, engaging in a process I call ‘insight through art.’ Some have worried that insight through art uses audience achievements to explain an artwork’s cognitive and artistic value, thereby failing to properly appreciate (...) the cognitive and artistic achievements of artists. I move against this worry by arguing that in order to learn via insight through art audiences must collaborate with artists, sharing the labour and credit for the cognitive achievements they co-produce. I claim this co-productive outlook reveals that our appreciation of art’s cognitive and artistic value involves far more audience participation than has hitherto been realised. (shrink)

This paper provides an empirical defense of credit theories of knowing against Mark Alfano’s challenges to them based on his theses of inferential cognitive situationism and of epistemic situationism. In order to support the claim that credit theories can treat many cases of cognitive success through heuristic cognitive strategies as credit-conferring, the paper develops the compatibility between virtue epistemologies qua credit theories, and dual-process theories in cognitive psychology. It also a response to Lauren Olin and (...) John Doris’ “vicious minds” thesis, and their “tradeoff problem” for virtue theories. A genuine convergence between virtue epistemology and dual-process theory (DPT) is called for, while acknowledging that this effort may demand new and more empirically well-informed projects on both sides of the division between Conservative virtue epistemology (including the credit theory of knowing) and Autonomous virtue epistemology (including virtue responsibility, and meliorative projects for providing guidance to epistemic agents engaged in inquiry). (shrink)

Prepublication peer review should be abolished. We consider the effects that such a change will have on the social structure of science, paying particular attention to the changed incentive structure and the likely effects on the behaviour of individual scientists. We evaluate these changes from the perspective of epistemic consequentialism. We find that where the effects of abolishing prepublication peer review can be evaluated with a reasonable level of confidence based on presently available evidence, they are either positive or (...) neutral. We conclude that on present evidence abolishing peer review weakly dominates the status quo. (shrink)

I explore and develop the idea that (NA) knowledge is non-accidentally true belief. The applicable notion of non-accidentality differs from that of ‘epistemic luck’ discussed by Pritchard. Safety theories may be seen as a refinement of, or substitute for, NA but they are subject to a fundamental difficulty. At the same time, NA needs to be adjusted in order to cope with two counterexamples. The Light Switch Case turns on the ‘directionof-fit’ between a belief and the facts, while the (...) Meson Case concerns knowledge of nomological necessities. A proposed revision to NA is: (ENA) S knows that P when S’s belief that P is non-accidentally true because (i) it is based on good evidence, and (ii) in and of themselves, beliefs based on good evidence tend to be true. ‘knowledge-as-credit’ accounts have been offered as an alternative way of sharpening NA. I argue that such accounts face serious objections that don’t apply to ENA. Finally, I take up Lackey’s worry that the credit-based approach mishandles knowledge via testimony. ENA faces no difficulty on that score, which counts in its favor. (shrink)

What constitutes a scientific discovery? What role do discoveries play in science, its dynamics and social practices? Must every discovery be attributed to an individual discoverer (or a small number of discoverers)? The paper explores these questions by first critically examining extant philosophical explications of scientific discovery—the models of scientific discovery, propounded by Kuhn, McArthur, Hudson, and Schindler. As a simple, natural and powerful alternative, we proffer the “change-driver model”: in a nutshell, it takes discoveries to be cognitive scientific results (...) that have epistemically advanced science. The model overcomes the shortcomings of its precursors, whilst preserving their insights. We demonstrate its intensional and extensional superiority, especially with respect to the link between scientific discoveries and the dynamics of science, as well as the award system of science. Both as an illustration, and as an application to a recent scientific and political controversy, we apply the considered models of discovery to one of the most momentous discoveries of science: the expansion of the universe. We oppose the 2018 proposal of the International Astronomers’ Union as too simplistic vis-`a-vis the historical complexity of the episode. The change- driver model yields a more nuanced and circumspect verdict: (i) The redshift-distance relation shouldn’t be named the “Hubble-Lemaître Law”, but “Slipher-Lundmark-Hubble-Humason Law”; (ii) Its interpretation in terms of an expanding universe, however, Lemaître ought to be given credit for; but (iii) The establishment of the expansion of the universe, as an evidentially sufficiently warranted result, is a communal achievement, emerging in the 1950s or 1960s. (shrink)

I begin with by discussing cases that seem to show that a range of norms – norms like Choose the best!, Believe the truth!, and even Keep your promises! – fail to map out an important part of normative space. At the core of the problem is the observation that in some cases we can only conform to these norms by luck, in a way that is not creditable to us. I outline a prevalent diagnosis of the problem of luck, (...) which I label perspectivist. According to this diagnosis, the problem with a range of objectivist norms is that they make reference to facts that may lie outside our perspectives, not being present to our minds. An agent’s perspective is a kind of representation of the world: her evidence, knowledge, beliefs, experiences, etc. The first aim of this paper is to argue that the perspectivist diagnosis of the problem of luck is not ultimately correct. The correct diagnosis, I argue, is feasibilist: in some situations it is not feasible to choose, act, or believe in ways that conformity to objectivist norms robustly depends on. That is, it is sometimes not feasible to manifest dispositions that robustly enough track what one ought to do or believe, according to norms like those listed above. The same, I argue, is true of perspectivist norms: sometimes it is not feasible to track facts about our own perspectives. This shift in focus from the limits of our perspectives to limits on what dispositions it is feasible to manifest has, I argue, deep ramifications for normative theory. My second aim is to sketch an alternative, feasibilist way of thinking about a more subject-directed kind of normativity, one that takes into account our limitations as human agents. The result is a normative picture that unifies the practical and theoretical domains. (shrink)

I argue that (i) even though Adam Smith’s four stages theory has been criticized with good reasons as both vitiated by undue generalization from modern Europe to the first stage and made bottom-heavy by assumptions of modern episteme, yet, in his writings an alternative view emerges where the savage is not just crushed under the weight of want and isolation but is endowed with imagination and sympathy; (ii) his picture of the fourth stage is, far from a triumphal apology of (...) Capitalism, a tragic diagnosis of an inner tension between ambition and greed and their unintended beneficial effects; (iii) the tensions in the picture are not just a report of tensions out there, but also depend on Smith’s pre-comprehension of the phenomena he tries to account for; (iv) and yet, the tragic character of this picture is to be credited to his integrity; I summarize peculiarities of Smith’s peculiar outlook, post-empiricism, as well as its potentialities (sect 2). I then reconstruct his view of development of language and science, suggesting that his theory of association of ideas and imagination provides a consistent account of both science and lore, yielding a comparatively less ethnocentric evaluation of the savage mind (sect. 3). I reconstruct his virtually twofold reconstruction of subsistence in the rude and early state, arguing that he tends to ascribe inability to evolve to want and isolation and describes his own view of evolution as a necessary path but also that in several passages imagination and sympathy do play a role also for the savage (sect. 4). I compare Smith’s view of the first stage with his diagnosis of commercial society arguing that his reconstruction is burdened by eighteenth-century ideology as well as by modern episteme and I conclude with an ambivalent appraisal of Smith’s comparison between the polished man and the savage. -/- . (shrink)

I will argue that a person is causally responsible for believing what she does. Through inference, she can sustain and change her perspective on the world. When she draws an inference, she causes herself to keep or to change her take on things. In a literal sense, she makes up her own mind as to how things are. And, I will suggest, she can do this voluntarily. It is in part because she is causally responsible for believing what she does (...) that there are things that she ought to believe, and that what she believes can be to her credit or discredit. I won’t pursue these ethical matters here, but will focus instead on the metaphysics that underpin them. (shrink)

Epistemic injustice has become one of the most widely discussed topics in social epistemology, and has revived interest in issues in the intersections between epistemology and ethics and political philosophy. Much of the impetus for this recent explosion of interest has been the influential work of Miranda Fricker; however, Fricker’s framework and terminology for discussing the phenomena and the kinds of examples she’s interested in has not always been cleanly separated from the phenomena themselves. This chapter examines what’s distinctive (...) of Fricker’s treatment of the phenomena she labels epistemic injustice, focusing on the two varieties that her discussion highlights, testimonial injustice and hermeneutical injustice. Once the distinctive elements of Fricker’s treatment are clearer, we will be better placed to assess which of them are plausible and which implausible, and to consider alternative theoretical frameworks for thinking about the phenomena, such as that developed by Kristie Dotson. (shrink)

Abstract: Ensuring the proactive detection of transaction risks is paramount for financial institutions, particularly in the context of managing credit scores. In this study, we compare different machine learning algorithms to effectively and efficiently. The algorithms used in this study were: MLogisticRegressionCV, ExtraTreeClassifier,LGBMClassifier,AdaBoostClassifier, GradientBoostingClassifier,Perceptron,RandomForestClassifier,KNeighborsClassifier,BaggingClassifier, DecisionTreeClassifier, CalibratedClassifierCV, LabelPropagation, Deep Learning. The dataset was collected from Kaggle depository. It consists of 164 rows and 8 columns. The best classifier with unbalanced dataset was the LogisticRegressionCV. The Accuracy 100.0%, precession 100.0%,Recall100.0% and the (...) F1-score 100.0%. However, the best classifier with balanced dataset was the LogisticRegressionCV. The Accuracy 100.0%, precession 100.0%, Recall 100.0% and the F1-score 100.0%. (shrink)

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)

Credit card fraud has become a significant challenge in the financial sector. The use of machine learning techniques has shown promising results in detecting fraudulent transactions efficiently. This paper discusses the implementation of a credit card fraud detection system using various machine learning algorithms, including Logistic Regression, Decision Trees, Random Forest, and Neural Networks. We evaluate the performance of these models based on accuracy, precision, recall, and F1-score.

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 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 main aim of this project is to detect fraudulent credit card transactions by utilizing credit card details. As financial transactions grow in volume and complexity, it becomes increasingly critical for credit card companies to identify fraudulent activities to protect customers from unauthorized charges. Although instances of fraud are relatively infrequent, they present substantial financial risks to both consumers and financial institutions. This research employs three machine learning techniques—One-Class SVM, Local Outlier Factor, and Isolation Forest—to analyse transaction (...) data in real-time, addressing the challenges posed by imbalanced datasets and the sophistication of fraud schemes. By implementing a comprehensive detection system using these models on a credit card transaction dataset, the study aims to enhance the accuracy of fraud detection and provide timely alerts to prevent financial losses. Key results indicate that the proposed methodology significantly improves the identification of fraudulent transactions, ultimately leading to more secure credit card usage for consumers. The conclusions drawn from this research emphasize the necessity for ongoing innovation in fraud detection methodologies to keep pace with the ever- changing landscape of financial fraud. (shrink)

Epistemic instrumentalists seek to understand the normativity of epistemic norms on the model practical instrumental norms governing the relation between aims and means. Non-instrumentalists often object that this commits instrumentalists to implausible epistemic assessments. I argue that this objection presupposes an implausibly strong interpretation of epistemic norms. Once we realize that epistemic norms should be understood in terms of permissibility rather than obligation, and that evidence only occasionally provide normative reasons for belief, an instrumentalist account (...) becomes available that delivers the correct epistemic verdicts. On this account, epistemic permissibility can be understood on the model of the wide-scope instrumental norm for instrumental rationality, while normative evidential reasons for belief can be understood in terms of instrumental transmission. (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)

Epistemic instrumentalists face a puzzle. In brief, the puzzle is that if the reason there is to believe in accord with the evidence depends, as the instrumentalist says it does, on agents’ idiosyncratic interests, then there is no reason to expect that this reason is universal. Here, I identify and explain two strategies instrumentalists have used to try and solve this puzzle. I then argue that we should find these strategies wanting. Faced with the failure of these strategies, I (...) articulate a heretofore neglected solution on behalf of instrumentalism. (shrink)

Epistemic modal operators give rise to something very like, but also very unlike, Moore's paradox. I set out the puzzling phenomena, explain why a standard relational semantics for these operators cannot handle them, and recommend an alternative semantics. A pragmatics appropriate to the semantics is developed and interactions between the semantics, the pragmatics, and the definition of consequence are investigated. The semantics is then extended to probability operators. Some problems and prospects for probabilistic representations of content and context are (...) explored. (shrink)

Epistemic exploitation occurs when privileged persons compel marginalized persons to educate them about the nature of their oppression. I argue that epistemic exploitation is marked by unrecognized, uncompensated, emotionally taxing, coerced epistemic labor. The coercive and exploitative aspects of the phenomenon are exemplified by the unpaid nature of the educational labor and its associated opportunity costs, the double bind that marginalized persons must navigate when faced with the demand to educate, and the need for additional labor created (...) by the default skepticism of the privileged. I explore the connections between epistemic exploitation and the two varieties of epistemic injustice that Fricker (2007) identifies, testimonial and hermeneutical injustice. I situate epistemic exploitation within Dotson’s (2012; 2014) framework of epistemic oppression, and I address the role that epistemic exploitation plays in maintaining active ignorance and upholding dominant epistemic frameworks. (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)

Epistemic invariantism, or invariantism for short, is the position that the proposition expressed by knowledge sentences does not vary with the epistemic standard of the context in which these sentences can be used. At least one of the major challenges for invariantism is to explain our intuitions about scenarios such as the so-called bank cases. These cases elicit intuitions to the effect that the truth-value of knowledge sentences varies with the epistemic standard of the context in which (...) these sentences can be used. In this paper, I will defend invariantism against this challenge by advocating the following, somewhat deflationary account of the bank case intuitions: Readers of the bank cases assign different truth-values to the knowledge claims in the bank cases because they interpret these scenarios such that the epistemic position of the subject in question differs between the high and the low standards case. To substantiate this account, I will argue, first, that the bank cases are underspecified even with respect to features that should uncontroversially be relevant for the epistemic position of the subject in question. Second, I will argue that readers of the bank cases will fill in these features differently in the low and the high standards case. In particular, I will argue that there is a variety of reasons to think that the fact that an error-possibility is mentioned in the high standards case will lead readers to assume that this error-possibility is supposed to be likely in the high standards case. (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)

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)

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.

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)

William James famously tells us that there are two main goals for rational believers: believing truth and avoiding error. I argues that epistemic consequentialism—in particular its embodiment in epistemic utility theory—seems to be well positioned to explain how epistemic agents might permissibly weight these goals differently and adopt different credences as a result. After all, practical versions of consequentialism render it permissible for agents with different goals to act differently in the same situation. -/- Nevertheless, I argue (...) that epistemic consequentialism doesn’t allow for this kind of permissivism and goes on to argue that this reveals a deep disanalogy between decision theory and the formally similar epistemic utility theory. This raises the question whether epistemic utility theory is a genuinely consequentialist theory at all. (shrink)

In this paper I defend a pure proceduralist conception of legitimacy that applies to epistemic democracy. This conception, which I call pure epistemic proceduralism, does not depend on procedure-independent standards for good outcomes and relies on a proceduralist epistemology. It identifies a democratic decision as legitimate if it is the outcome of a process that satisfies certain conditions of political and epistemic fairness. My argument starts with a rejection of instrumentalism–the view that political equality is only instrumentally (...) valuable. I reject instrumentalism on two grounds: (i) because it fails to respect reasonable value pluralism and to recognize the constitutive role of democratic procedures for legitimacy in pluralist societies, and (ii) because it neglects the constructive function of democratic decision-making. I then consider two alternatives to pure epistemic proceduralism: David Estlund's version of epistemic proceduralism and a Deweyan account of epistemic democracy. I argue that only pure epistemic proceduralism can make good on both shortcomings of instrumentalism, whereas each of the other two approaches only makes good on one and neglects the other. (shrink)

Epistemic akrasia arises when one holds a belief even though one judges it to be irrational or unjustified. While there is some debate about whether epistemic akrasia is possible, this paper will assume for the sake of argument that it is in order to consider whether it can be rational. The paper will show that it can. More precisely, cases can arise in which both the belief one judges to be irrational and one’s judgment of it are epistemically (...) rational in the sense that both are supported by sufficient evidence. (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)