Over the years, phenomenology has provided illuminating descriptions of discrimination, with its mechanisms and effects being thematised at the most basic levels of embodiment, (dis)orientation, selfhood, and belonging. What remains somewhat understudied is the lived experience of the discriminator. In this paper I draw on Husserl's phenomenological account of normality to reflect on the ways in which we discriminate at the prereflective levels of perceptual experience and bodily being. By critically reflecting on the intentional structures undergirding discriminatory practices, I argue (...) that discrimination is characteristic of a naïve normalising attitude which is habitually interested in securing a familiar experience of a static normality. I first demonstrate how this attitude problematically tends to reproduce, enforce, and further sediment discriminatory and exclusionary norms. Further, I provide an internal critique which problematises discrimination—without recourse to external normative standards—on three fronts: as epistemically unproductive, experientially obscuring, and normatively non-instantiating. In discriminatory acts we see an abnormal refusal to enrich, revise, and genetically establish new normative commitments, new ways of seeing, and a new normality. (shrink)

Phenomenological discussions of sociality have long been concerned with the relations between the I, the You, and the We. Recently, dialogue between phenomenology and analytic philosophical work on collective intentionality has given rise to a corpus of literature oriented around the first-person plural 'we'. In this paper, I demonstrate how these dominant accounts of the 'we' are not exhaustive of first-person plural experiences as such. I achieve these aims by arguing for a phenomenological distinction between an experience of being part (...) of a 'we' compared to an experience of being part of an 'us'. To have a 'we-experience' there must be a plurality of (unified) subjects sharing in an experience together such that the experience has the phenomenal character of being ours. An 'us-experience', on the other hand, requires the experiential salience of an external 'Third' in a way which is constitutively significant. Drawing on Sartrean social ontology, I argue that the 'us' is distinct from the 'we' on three levels, all of which pertain to the constitutive and unifying role of the Third. I then outline two forms of us-experiences: (1) the experience of being grouped and (2) the experience of apprehending one's seriality. (shrink)

Fans of arthouse cinema may lament that über-indie idol Greta Gerwig sold out to mainstream cinema with her foray into Barbie. Yet for every film snob who refuses to watch Barbie, innumerable other...

Speakers offer testimony. They also hedge. This essay offers an account of how hedging makes a difference to testimony. Two components of testimony are considered: how testimony warrants a hearer's attitude, and how testimony changes a speaker's responsibilities. Starting with a norm-based approach to testimony where hearer's beliefs are prima facie warranted because of social norms and speakers acquire responsibility from these same norms, I argue that hedging alters both components simultaneously. It changes which attitudes a hearer is (...) prima facie warranted in forming in response to testimony, and reduces how much responsibility a speaker undertakes in testifying. A consequence of this account is that speakers who hedge for strategic purposes deprive their hearers of warrant for stronger doxastic attitudes. (shrink)

What sort of epistemic positions are compatible with inquiries driven by interrogative attitudes like wonder and puzzlement? The ignorance norm provides a partial answer: interrogative attitudes directed at a particular question are never compatible with knowledge of the question’s answer. But some are tempted to think that interrogative attitudes are incompatible with weaker positions like belief as well. This paper defends that the ignorance norm is exhaustive. All epistemic positions weaker than knowledge directed at the answer to a question are (...) compatible with having an interrogative attitude towards that question. We offer two arguments for this conclusion. The first is based on considerations about the role of hedging in inquiry. The second is conditional on considerations related to the aim of inquiry as a goal-directed activity. (shrink)

Surprisingly little has been written about hedged assertion. Linguists often focus on semantic or syntactic theorizing about, for example, grammatical evidentials or epistemic modals, but pay far less attention to what hedging does at the level of action. By contrast, philosophers have focused extensively on normative issues regarding what epistemic position is required for proper assertion, yet they have almost exclusively considered unqualified declaratives. This essay considers the linguistic and normative issues side-by-side. We aim to bring some order and (...) clarity to thinking about hedging, so as to illuminate aspects of interest to both linguists and philosophers. In particular, we consider three broad questions. 1) The structural question: when one hedges, what is the speaker’s commitment weakened from? 2) The functional question: what is the best way to understand how a hedge weakens? And 3) the taxonomic question: are hedged assertions genuine assertions, another speech act, or what? (shrink)

We argue that knowledge is not the norm of belief given that ‘I believe’ is used to hedge. We explore the consequences of this argument for the normative relationship between belief and assertion.

Semantic externalism in the style of McDowell and Evans faces a puzzle formulated by Pryor: to explain that a sentence such as 'Jack exists' is only a posteriori knowable, despite being logically entailed by the seemingly logical truth 'Jack is self-identical', and hence being itself a logical truth and therefore a priori knowable. Free logics can dissolve the puzzle. Moreover, Pryor has argued that the existentially hedged 'If Jack exists, then Jack is self-identical', when properly formalised, is a logical truth (...) in a system of neutral free logic and therefore a priori knowable, while it does not entail that Jack exists. The latter holds also for negative free logic. In response, Yeakel has argued that on any system of neutral free logic existence hedges will either entail some unwanted existence claims or they will not entail some wanted existence claims. The dilemma also holds for any non-positive free logic. It will be shown that the extension of one of the systems of neutral free logic with a truth operator escapes Yeakel's dilemma, whereas no other non-positive free logic when extended with the truth operator does the same (or it breaks quantifier exchangeability). (shrink)

In this paper, I argue that the fetishism objection to moral hedging fails. The objection rests on a reasons-responsiveness account of moral worth, according to which an action has moral worth only if the agent is responsive to moral reasons. However, by adopting a plausible theory of non-ideal moral reasons, one can endorse a reasons-responsiveness account of moral worth while maintaining that moral hedging is sometimes an appropriate response to moral uncertainty. Thus, the theory of moral worth upon (...) which the fetishism objection relies does not, in fact, support that objection. (shrink)

This paper offers a general model of substantive moral principles as a kind of hedged moral principles that can (but don't have to) tolerate exceptions. I argue that the kind of principles I defend provide an account of what would make an exception to them permissible. I also argue that these principles are nonetheless robustly explanatory with respect to a variety of moral facts; that they make sense of error, uncertainty, and disagreement concerning moral principles and their implications; and that (...) one can grasp these principles without having to grasp any particular list of their permissibly exceptional instances. I conclude by pointing out various advantages that this model of principles has over several of its rivals. The bottom line is that we should find nothing peculiarly odd or problematic about the idea of exception-tolerating and yet robustly explanatory moral principles. (shrink)

I argue against Milić's (2017) proposal of analyzing “selfless assertions” (Lackey 2007) as proper, i.e., as assertions which satisfy the norm of assertion. In his view, selfless assertions are hedged assertions governed by the knowledge norm. In my critique, I show that Milić does not make a case that selfless assertions constitute such a special class of assertions. Moreover, he does not deliver a clear criterion for differentiating between flat-out assertions and hedged ones. What is more, his proposal leaves some (...) cases of selfless assertions unexplained. The outcome is that we are still left without a satisfactory account of selfless assertions as proper assertions. (shrink)

Standard objections to the notion of a hedged, or ceteris paribus, law of nature usually boil down to the claim that such laws would be either 1) irredeemably vague, 2) untestable, 3) vacuous, 4) false, or a combination thereof. Using epidemiological studies in nutrition science as an example, I show that this is not true of the hedged law-like generalizations derived from data models used to interpret large and varied sets of empirical observations. Although it may be ‘in principle impossible’ (...) to construct models that explicitly identify all potential causal interferers with the relevant generalization, the view that our failure to do so is fatal to the very notion of a cp-law is plausible only if one illicitly infers metaphysical impossibility from epistemic impossibility. I close with the suggestion that a model-theoretic approach to cp-laws poses a problem for recent attempts to formulate a Mill-Ramsey-Lewis theory of cp-laws. (shrink)

In this work we consider the problem of the approximate hedging of a contingent claim in the minimum mean square deviation criterion. A theorem on martingale representation in case of discrete time and an application of the result for semi-continuous market model are also given.

How should an agent decide what to do when she is uncertain not just about morally relevant empirical matters, like the consequences of some course of action, but about the basic principles of morality itself? This question has only recently been taken up in a systematic way by philosophers. Advocates of moral hedging claim that an agent should weigh the reasons put forward by each moral theory in which she has positive credence, considering both the likelihood that that theory (...) is true and the strength of the reasons it posits. The view that it is sometimes rational to hedge for one's moral uncertainties, however, has recently come under attack both from those who believe that an agent should always be guided by the dictates of the single moral theory she deems most probable and from those who believe that an agent's moral beliefs are simply irrelevant to what she ought to do. Among the many objections to hedging that have been pressed in the recent literature is the worry that there is no non-arbitrary way of making the intertheoretic comparisons of moral value necessary to aggregate the value assignments of rival moral theories into a single ranking of an agent's options. -/- This dissertation has two principal objectives: First, I argue that, contra these recent objections, an agent's moral beliefs and uncertainties are relevant to what she rationally ought to do, and more particularly, that agents are at least sometimes rationally required to hedge for their moral uncertainties. My principal argument for these claims appeals to the enkratic conception of rationality, according to which the requirements of practical rationality derive from an agent's beliefs about the objective, desire-independent value or choiceworthiness of her options. Second, I outline a new general theory of rational choice under moral uncertainty. Central to this theory is the idea of content-based aggregation, that the principles according to which an agent should compare and aggregate rival moral theories are grounded in the content of those theories themselves, including not only their value assignments but also the metaethical and other non-surface-level propositions that underlie, justify, or explain those value assignments. (shrink)

While the Value-Free Ideal of science has suffered compelling criticism, some advocates like Gregor Betz continue to argue that science policy advisors should avoid value judgments by hedging their hypotheses. This approach depends on a mistaken understanding of the relations between facts and values in regulatory science. My case study involves the morning-after pill Plan B and the “Drug Fact” that it “may” prevent implantation. I analyze the operative values, which I call zygote-centrism, responsible for this hedged drug label. (...) Then, I explain my twofold account of value-ladenness, involving the constitutive role of value judgments in science and the social function of facts as political tools. Because this drug fact is ineliminably value-laden in both senses, I conclude that hedged hypotheses are not necessarily value-free. (shrink)

This article gives two arguments for believing that our society is unknowingly guilty of serious, large-scale wrongdoing. First is an inductive argument: most other societies, in history and in the world today, have been unknowingly guilty of serious wrongdoing, so ours probably is too. Second is a disjunctive argument: there are a large number of distinct ways in which our practices could turn out to be horribly wrong, so even if no particular hypothesized moral mistake strikes us as very likely, (...) the disjunction of all such mistakes should receive significant credence. The article then discusses what our society should do in light of the likelihood that we are doing something seriously wrong: we should regard intellectual progress, of the sort that will allow us to find and correct our moral mistakes as soon as possible, as an urgent moral priority rather than as a mere luxury; and we should also consider it important to save resources and cultivate flexibility, so that when the time comes to change our policies we will be able to do so quickly and smoothly. (shrink)

An otherwise lawlike generalisation hedged by a ceteris paribus (CP) clause qualifies as a law of nature, if the CP clause can be substituted with a set of conditions derived from the multivariate regression model used to interpret the empirical data in support of the gen- eralisation. Three studies in human biology that use regression analysis are surveyed, showing that standard objections to cashing out CP clauses in this way—based on alleged vagueness, vacuity, or lack of testability—do not apply. CP (...) laws also cannot be said to be simply false due to the indefinitely many conditions not explicitly stated in their associated model: scientific CP clauses imply that these are, given the evidence, not nomically relevant. (shrink)

I explore how rational belief and rational credence relate to evidence. I begin by looking at three cases where rational belief and credence seem to respond differently to evidence: cases of naked statistical evidence, lotteries, and hedged assertions. I consider an explanation for these cases, namely, that one ought not form beliefs on the basis of statistical evidence alone, and raise worries for this view. Then, I suggest another view that explains how belief and credence relate to evidence. My view (...) focuses on the possibilities that the evidence makes salient. I argue that this makes better sense of the difference between rational credence and rational belief than other accounts. (shrink)

Assertion is governed by an epistemic norm requiring knowledge. This idea has been hotly debated in recent years, garnering attention in epistemology, philosophy of language, and linguistics. This chapter presents and extends the main arguments in favor of the knowledge norm, from faulty conjunctions, several conversational patterns, judgments of permission, excuse, and blame, and from showing how. (Paired with a chapter by Peter J. Graham and Nikolaj J. L. L. Pedersen, "Knowledge is Not Our Norm of Assertion.").

Can perceptual experiences be states of uncertainty? We might expect them to be, if the perceptual processes from which they're generated, as well as the behaviors they help produce, take account of probabilistic information. Yet it has long been presumed that perceptual experiences purport to tell us about our environment, without hedging or qualifying. Against this long-standing view, I argue that perceptual experiences may well occasionally be states of uncertainty, but that they are never probabilistically structured. I criticize a (...) powerful line of reasoning that we should expect perceptual experience to be probabilistic, given their interfaces with unconscious probabilistic information, with behavior responsive to it, and with credences. (shrink)

How do we acquire moral obligations to others? The most straightforward cases are those where we acquire obligations as the result of particular actions which we voluntarily perform. If I promise you that I will trim your hedge, I face a moral Obligation to uphold my promise, and in the absence of some morally significant countervailing reason, I should indeed cut your hedge. Moral obligations which arise as a result of wrongdoing, as a function of corrective justice, are typically thought (...) to be of a similar nature. (shrink)

In the growing literature on decision-making under moral uncertainty, a number of skeptics have argued that there is an insuperable barrier to rational "hedging" for the risk of moral error, namely the apparent incomparability of moral reasons given by rival theories like Kantianism and utilitarianism. Various general theories of intertheoretic value comparison have been proposed to meet this objection, but each suffers from apparently fatal flaws. In this paper, I propose a more modest approach that aims to identify classes (...) of moral theories that share common principles strong enough to establish bases for intertheoretic comparison. I show that, contra the claims of skeptics, there are often rationally perspicuous grounds for precise, quantitative value comparisons within such classes. In light of this fact, I argue, the existence of some apparent incomparabilities between widely divergent moral theories cannot serve as a general argument against hedging for one's moral uncertainties. (shrink)

In this chapter I show how challenges to our ability to tame the uncertainty of a pandemic leaves us vulnerable to uncertainty phobia. This is because not all the uncertainty that matters can be tamed by our knowledge of the relevant probabilities, contrary to what many believe. We are vulnerable because unrelievable wild uncertainty is a hard burden to bear, especially so when we must act in the face of it. -/- The source of unrelievable wild uncertainty is that the (...) nature of probability distributions matters for whether knowledge of them tames uncertainty. It matters because a warrant for the taming is provided by two theorems, but this warrant applies only to some kinds of probability distribution. Essentially, this is because the theorems are about what happens at a mathematical limit but real life never reaches the limit. Consequently, the warrant depends on how quickly the random processes producing the uncertainty converge towards their limit. If they are governed by one class of probability distributions, they converge quickly enough to possess the warrant. If they are governed by another class of probability distributions, they converge towards their limit too slowly and so do not possess that warrant. The random processes of pandemics involve the slow kind . -/- Faced with such a burden, as we are in a pandemic, we are tempted to retreat into uncertainty phobia, leading to fixed definite opinions, precisely when the exercise of sound judgement to determine our responses requires our opinions to be hedged and mobile. Coping with a pandemic requires us to bear the burden of unrelievable wild uncertainty rather than give in to the temptation of uncertainty phobia. Pandemics require the virtue of epistemic forbearance. (shrink)

Recently, the practice of deciding legal cases on purely statistical evidence has been widely criticised. Many feel uncomfortable with finding someone guilty on the basis of bare probabilities, even though the chance of error might be stupendously small. This is an important issue: with the rise of DNA profiling, courts are increasingly faced with purely statistical evidence. A prominent line of argument—endorsed by Blome-Tillmann 2017; Smith 2018; and Littlejohn 2018—rejects the use of such evidence by appealing to epistemic norms that (...) apply to individual inquirers. My aim in this paper is to rehabilitate purely statistical evidence by arguing that, given the broader aims of legal systems, there are scenarios in which relying on such evidence is appropriate. Along the way I explain why popular arguments appealing to individual epistemic norms to reject legal reliance on bare statistics are unconvincing, by showing that courts and individuals face different epistemic predicaments (in short, individuals can hedge when confronted with statistical evidence, whilst legal tribunals cannot). I also correct some misconceptions about legal practice that have found their way into the recent literature. (shrink)

I defend moral generalism against particularism. Particularism, as I understand it, is the negation of the generalist view that particular moral facts depend on the existence of a comprehensive set of true moral principles. Particularists typically present "the holism of reasons" as powerful support for their view. While many generalists accept that holism supports particularism but dispute holism, I argue that generalism accommodates holism. The centerpiece of my strategy is a novel model of moral principles as a kind of "hedged" (...) principles that incorporate an independently plausible "basis thesis" concerning the explanation of moral reasons. The model implies that moral reasons requires the existence of a comprehensive set of true hedged principles, and so it captures generalism. But the model also offers an alternative explanation of holism, and so it undercuts much of the motivation for particularism. I defend this moderate (because holism-tolerating) form of generalism against a number of objections, and show how it can be used to defeat three distinct arguments from holism to particularism. (shrink)

How do we acquire moral obligations to others? The most straightforward cases are those where we acquire obligations as the result of particular actions which we voluntarily perform. If I promise you that I will trim your hedge, I face a moral Obligation to uphold my promise, and in the absence of some morally significant countervailing reason, I should indeed cut your hedge. Moral obligations which arise as a result of wrongdoing, as a function of corrective justice, are typically thought (...) to be of a similar nature. (shrink)

Decisions are made under uncertainty when there are distinct outcomes of a given action, and one is uncertain to which the act will lead. Decisions are made under indeterminacy when there are distinct outcomes of a given action, and it is indeterminate to which the act will lead. This paper develops a theory of (synchronic and diachronic) decision-making under indeterminacy that portrays the rational response to such situations as inconstant. Rational agents have to capriciously and randomly choose how to resolve (...) the indeterminacy relevant to a given choice-situation, but such capricious choices once made constrain how they will choose in the future. The account is illustrated by the case of self-interested action in situations where it is indeterminate whether you yourself will survive to benefit or suffer the consequences. The conclusion emphasizes some distinctive anti-hedging predictions of the account. (shrink)

Suppose that an altruistic agent who is uncertain between evidential and causal decision theory finds herself in a situation where these theories give conflicting verdicts. We argue that even if she has significantly higher credence in CDT, she should nevertheless act in accordance with EDT. First, we claim that the appropriate response to normative uncertainty is to hedge one's bets. That is, if the stakes are much higher on one theory than another, and the credences you assign to each of (...) these theories are not very different, then it is appropriate to choose the option that performs best on the high-stakes theory. Second, we show that, given the assumption of altruism, the existence of correlated decision makers will increase the stakes for EDT but leave the stakes for CDT unaffected. Together these two claims imply that whenever there are sufficiently many correlated agents, the appropriate response is to act in accordance with EDT. (shrink)

The right to withdraw from participation in research is recognized in virtually all national and international guidelines for research on human subjects. It is therefore surprising that there has been little justification for that right in the literature. We argue that the right to withdraw should protect research participants from information imbalance, inability to hedge, inherent uncertainty, and untoward bodily invasion, and it serves to bolster public trust in the research enterprise. Although this argument is not radical, it provides a (...) useful way to determine how the right should be applied in various cases. (shrink)

This paper addresses a recent suggestion that moral particularists can extend their view to countenance default reasons (at a first stab, reasons that are pro tanto unless undermined) by relying on certain background expectations of normality. I first argue that normality must be understood non-extensionally. Thus if default reasons rest on normality claims, those claims won't bestow upon default reasons any definite degree of extensional generality. Their generality depends rather on the contingent distributional aspects of the world, which no theory (...) of reasons should purport to settle. Appeals to default reasons cannot therefore uniquely support particularism. But this argument also implies that if moral generalism entailed that moral reasons by necessity have invariant valence (in the natural extensional sense), it would be a non-starter. Since generalism is not a non-starter, my argument forces us to rethink the parameters of the generalism-particularism debate. Here I propose to clarify the debate by focusing on its modal rather than extensional aspects. In closing, I outline the sort of generalism that I think is motivated by my discussion, and then articulate some worries this view raises about the theoretical usefulness of the label ‘default reason’. -/- [Note: The outline of moral generalism provided in this paper is superseded by those in "Moral Generalism: Enjoy in Moderation" and "A Theory of Hedged Moral Principles".]. (shrink)

One prominent strand in contemporary moral particularism concerns the claim of "principle abstinence" that we ought not to rely on moral principles in moral judgment because they fail to provide adequate moral guidance. I argue that moral generalists can vindicate this traditional and important action-guiding role for moral principles. My strategy is to argue, first, that, for any conscientious and morally committed agent, the agent's acceptance of (true) moral principles shapes their responsiveness to (right) moral reasons and, second, that if (...) so, then those principles can contribute non-trivially to some reliable strategy for acting well that is available for use in the agent's practical thinking. My defense of these two claims appeals to an account of moral principles as a kind of hedged principles which I defend elsewhere, but my general line of argument should be acceptable to many other forms of generalism as well. I defend the epistemic significance of hedged principles in moral deliberation, and argue that the need for sensitivity to particulars in moral judgment doesn't supplant principles in moral guidance. I finish by arguing that the generalist model of moral guidance developed here isn't undermined by evidence from cognitive science about how we make moral judgments in actual practice, and that it compares favorably to particularism with respect to its capacity to offer adequate moral guidance. (shrink)

This paper explores the idea that it is instrumentally valuable to learn normative truths. We consider an argument for "normative hedging" based on this principle, and examine the structure of decision-making under moral uncertainty that arises from it. But it also turns out that the value of normative information is inconsistent with the principle that learning *empirical* truths is instrumentally valuable. We conclude with a brief comment on "metanormative regress.".

Feminists note an association of arguing with aggression and masculinity and question the necessity of this connection. Arguing also seems to some to identify a central method of philosophical reasoning, and gendered assumptions and standards would pose problems for the discipline. Can feminine modes of reasoning provide an alternative or supplement? Can overarching epistemological standards account for the benefits of different approaches to arguing? These are some of the prospects for argumentation inside and outside of philosophy that feminists consider. -/- (...) The further concern is that the academic study of argumentation – in philosophy and other disciplines – has failed to account for the type of reasoning needed for social justice movements. What resources for addressing these concerns can be found in informal logic and interdisciplinary argumentation theory? Since part of the perceived problem derives from assuming that arguing is a contest, are more collaborative epistemological frameworks better? Can regular politeness or civility hedge against undesirable tendencies of argumentation? Can “critical thinking” pedagogy involving argument educations answer the needs of social justice? (shrink)

This paper aims to bridge the relationship between metalinguistic if you like as a non-propositional discourse marker and its conditional counterparts. This paper claims that metalinguistic if you like is polysemous between a hedge that denotes the speaker’s reduced commitment to some aspect of the main clause, and an optional yet potential conditional reading that interlocutors can legitimately draw on in interaction which is brought about due to the ‘if p, q’ sentence form. That is, although the metalinguistic reading is (...) most likely obtained automatically by default, it also carries an available conditional reading that is akin to other metalinguistic conditional clauses such as if you see what I mean. Next, a semantic representation of metalinguistic if you like is developed that takes on board a characterization of conditionality that departs from lexico-grammatical conventions, such that conditionals of the form ‘if p, q’ no longer bear a one-to-one correspondence with “conditional” truth conditions. Employing a radical contextualist semantic framework in which the unit of truth-conditional analysis is not constrained to the sentence form, utterances employing metalinguistic if you like are given a semantic representation such that the if-clause does not contribute propositional content, yet they also maintain their status as conditionals as the sentence form gives rise to a potential conditional secondary meaning. (shrink)

This article presents a new methodology for pricing and hedging commodity derivatives. A generic model calibration is provided. The calibration procedure consists of an offline step where the mean reversion rates, the ratio of the long and short factor volatilities and the correlation between the long and short factors are determined via historical analysis. This offline step is performed relatively infrequently. There’s also an online step of the calibration which happens every time the model is used to price an (...) option or to simulate price paths. Empirical study shows that the model is quite accurate. (shrink)

Langdellian “science” and its “formalism” ignore ways form permits and even creates freedom of choice. For example, as Wordsworth notes, though the weaver is restricted by what his form of loom can weave, the weaver may nonetheless choose what and how he weaves. Furthermore, the loom creates weaving possibilities that do not exist without it. Such freedom alongside form is often lost on lawyers, judges, and teachers trained primarily in Langdellian redacted appellate cases where “facts” and other framed matters often (...) wrongly appear as simply given. Similarly, in the context of their redacted appellate cases, many current students may only see constraint in IRAC (Issue-Rule-Application-Conclusion) and other thought forms rather than the fastidious freedoms such forms both provide and create. -/- Overlooking such freedoms is not only misleading in itself. It also misses the need to study how such freedoms are and should be exercised. When facts are simply presented as “given” and strategic and other choices go unrecorded and unnoticed in redacted appellate opinions, no thorough analysis of these overlooked subjects can occur. This is extremely troubling since such overlooked subjects are at the very heart of the lawyer’s craft. -/- Attempting to remedy such Langdellian shortcomings, this article explores, among other things, five basic levels of thought and the framing choices in such levels of thought: references, issues, rules, application of rules, and conclusions. Though often merely taken as “given” in redacted appellate opinions, a good grasp of reference assures that parties are in fact talking about the same matter or matters (the “reference”). It also increases the likelihood of ascertaining and properly framing all the relevant “facts” in a manner reasonably and ethically consistent with a client’s real interests. Similarly, focusing on flexibility of issue framing both brings necessary focus on what is important in the reference and, to the extent reasonable and ethical, again increases the likelihood of frames most consistent with a client’s real interests. A good grasp of applicable rules and how to frame and apply them on its face increases the likelihood of representing a client well. A good grasp of conclusions and how to frame and hedge them also does the same. -/- Grasping the multilevel complexities in play at these multiple levels pushes us beyond briefing redacted appellate cases to the much more difficult and stimulating work of exploring and teaching good legal thought at all its levels. Legal writing professors are pioneers in this regard and others in the academy can learn much from them. -/- Keywords: RIRAC, IRAC, CREAC, Reference, Issue, Analysis, Rule, Application, Conclusion, Frame, Framing, Metaphor, Concept, Category, Legal Thought, Legal Analysis, Rhetoric, Langdell, Wordsworth, Form, Formalism, Sonnet, Text. (shrink)

Preparing students for the real challenges in life is one of the most important goals in education. Constructivism is an approach that uses real-life experiences to construct knowledge. Problem-Based Learning (PBL), for almost five decades now, has been the most innovative constructivist pedagogy used worldwide. However, with the rising popularity, there is a need to revisit empirical studies regarding PBL to serve as a guide and basis for designing new studies, making institutional policies, and evaluating educational curricula. This need has (...) led the researchers to do a meta-analysis to analyse the effectiveness of PBL on secondary students’ achievement in different scientific disciplines. Following the set of inclusion and exclusion criteria, 11 studies in Eurasia, Africa, and America conducted from 2016 to 2020 have qualified for this study. Six of which focused on JHS (n = 1047) and five on SHS (n = 375). Studies were obtained from various meta-search engines including Google, ERIC, and JSTOR. Further, the researchers used Harzing’s Publish and Perish software to exhaust the search process. Sample size, mean, and standard deviation were analysed using the Comprehensive MetaAnalysis version 3 to determine the effect sizes (Hedge’s g) and the results of moderator analysis, forest plot, funnel plot, and Begg-Mazumdar test. Findings have shown that PBL, as an approach to teaching science, had a large and positive effect (ES = .871) on the achievement of secondary students. However, grade levels and various scientific disciplines did not influence students’ learning achievement. The conduct of more studies on the different factors affecting PBL implementation and specific effects of PBL on various student domains is recommended to facilitate comparative educational research in the future. (shrink)

Equity-linked securities with a guaranteed return become popular in a volatile market environment. This paper presents a new model for valuing guaranteed equity-linked notes. We consider a security whose value depends on the performance of a basket of equities averaged over certain points in time, but that is floored by a guaranteed amount. We show that the security’s price is given by the sum of the guaranteed amount plus the price of an Asian style option on the basket above. The (...) model provides analytical formulas for the security’s price as well as for corresponding hedge ratios; these respective formulas appear to be accurate over a wide range of underlying security parameter values, based on numerical testing against a Monte Carlo benchmark, Finally, we apply our method to value a type of segregated fund with a maturity guarantee. (shrink)

Ever since 1988, Vietnam has successfully diversified and multilateralised its relationships, whilst placing a strong degree of focus on integration into the international political economy. This multidirectional foreign policy is designed to contribute to a peaceful international environment and a stable domestic one in order to promote economic growth and build up the aggregate strength of the country. At the same time, it is designed to boost the country’s autonomy, protect its sovereignty and territorial integrity, as well as hedge against (...) potential threats. This multidirectional foreign policy has contributed significantly to the economic reformist agenda, formally initiated at the 1986 Sixth Party Congress, otherwise known as Doi Moi. Additionally, it has boosted Vietnam’s international profile and reversed the diplomatic isolation it faced as the Cold War came to a close. As such, multidirectionalism has become a fundamental aspect of the Doi Moi process. This thesis traces the learning process since multidirectionalism’s inception and argues that this learning process, along with the economic benefits reaped, have evolved into positive memories for the Vietnamese Communist Party. This means multidirectionalism continues to be reinforced and as a result, these memories shape Vietnam’s continued expansion of that policy. Additionally, this thesis also offers a conceptual definition to the term multidirectionalism as well as explores the mechanisms through which Vietnam implements this policy. (shrink)

Ever since 1988, Vietnam has successfully diversified and multilateralised its relationships, whilst placing a strong degree of focus on integration into the international political economy. This multidirectional foreign policy is designed to contribute to a peaceful international environment and a stable domestic one in order to promote economic growth and build up the aggregate strength of the country. At the same time, it is designed to boost the country’s autonomy, protect its sovereignty and territorial integrity, as well as hedge against (...) potential threats. This multidirectional foreign policy has contributed significantly to the economic reformist agenda, formally initiated at the 1986 Sixth Party Congress, otherwise known as Doi Moi. Additionally, it has boosted Vietnam’s international profile and reversed the diplomatic isolation it faced as the Cold War came to a close. As such, multidirectionalism has become a fundamental aspect of the Doi Moi process. This thesis traces the learning process since multidirectionalism’s inception and argues that this learning process, along with the economic benefits reaped, have evolved into positive memories for the Vietnamese Communist Party. This means multidirectionalism continues to be reinforced and as a result, these memories shape Vietnam’s continued expansion of that policy. Additionally, this thesis also offers a conceptual definition to the term multidirectionalism as well as explores the mechanisms through which Vietnam implements this policy. (shrink)

Exchange rate movement is a mostly debatable issue amongst economists and strategic financial planners in the economies as a vital phenomenon, of every economy in the developing the world. This study sets out to examine the impact of cash conversion cycle, Size, Age, and exchange rate movement on firms’ financial decisions. The estimation used techniques of static panel data analysis in this study; pooled OLS, random effects, and fixed effects. Interaction techniques are applied to check the impact of the exchange (...) rate by multiplying this variable with the main variables of cash conversion cycle, that is receivable in days and payables in days. The results depict there is a significant negative relationship between return on assets and exchanger rate during the period of review while the beta of cash conversion cycle has negative value; age and size are positive and significant at 1% level with return on assets. Therefore, it is recommended that organizations that have some measure to agreement in foreign currencies can adopt some advanced hedging technique to occupy the exchange rate movements risk to improve firm’s performance. (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 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)