This study investigated the impact of investor psychological bias on a firm’s market value. In detail, we examined the effect of investor overconfidence (optimism) and loss aversion (pessimism) on firm market value. We also aimed to investigate the moderating effect of corporate governance on the relationship between investor behavior biases and firm market value. This study used a sample of 143 firms listed on the Saudi Stock Exchange over the period from 2012 to 2021. The results suggest that (...) investor overconfidence affects a firm’s value positively. On the other hand, loss aversion is negatively associated with the firm’s market value. Furthermore, we find that corporate governance (measured by board size and board independence) enhances the positive association between overconfidence and firm market value. In contrast, we find that corporate governance seems to marginally mitigate the negative effect of loss aversion. (shrink)

The life-cycle theory of saving behavior (Modigliani, 1988) suggests that humans strive towards an equal intertemporal distribution of wealth. However, behavioral life-cycle theory (Shefrin & Thaler, 1988) proposes that people use self-control heuristics to postpone wealth until later in life. According to this theory, people use a system of cognitive budgeting known as mental accounting. In the present study it was found that mental accounts were used differently depending on if the income change was positive or negative. This was shown (...) both in a representative nationwide sample of households and in a student sample. Respondents were more willing to cut down on their propensity to consume when faced with an income decrease than to raise it when the income increased. Furthermore, contrary to the predictions of behavioral life-cycle theory, it was found that the respondents adjusted their propensity to consume the most when the income increases or decreases took place immediately. Hence, it is suggested that theories of intertemporal choice (e.g., Loewenstein, 1988; Loewenstein & Prelec, 1992) provide a better account of the data than does the behavioral lifecycle theory. (shrink)

While agreeing with the main conclusion of Dominic Wilkinson and colleagues (Wilkinson, Butcherine, and Savulescu 2019), namely, that there is no moral difference between treatment withholding and withdrawal as such, we wish to criticize their approach on the basis that it treats the widespread acceptance of withdrawal aversion (WA) as a cognitive bias. Wilkinson and colleagues understand WA as “a nonrational preference for withholding (WH) treatment over withdrawal (WD) of treatment” (22). They treat WA as a manifestation of (...) class='Hi'>loss aversion and refer to Kahneman and colleagues (1991), which defined this effect as follows: “the disutility of giving up an object is greater that the utility associated with acquiring it” (194). In a previous work, Wilkinson and Savulescu understood nonequivalence between treatment withholding and withdrawal as a reflection of slightly different, although related, phenomena: status quo bias or omission bias (Wilkinson and Savulescu 2012, 130–131). In neither of these two papers do they describe precisely the relation between these well-known psychological effects and WA, nor do they explain why they treat these effects as examples of nonrational preferences, despite the fact that these issues have been the subject of wide-ranging discussions on the intersection of psychology, economy, and philosophy. (shrink)

Alessandro Torza argues that Ted Sider’s Lewisian argument against vague existence is insufficient to rule out the possibility of what he calls ‘super-vague existence’, that is the idea that existence is higher-order vague, for all orders. In this chapter it is argued that the possibility of super-vague existence is ineffective against the conclusion of Sider’s argument since super-vague existence cannot be consistently claimed to be a kind of linguistic vagueness. Torza’s idea of super-vague existence seems to be better suited to (...) model vague existence under the assumption that vague existence is instead a form of ontic indeterminacy, contra what Ted Sider and David Lewis assume. (shrink)

In this paper I will present three arguments (based on the notions of constitution, metaphysical reality, and truth, respectively) with the aim of shedding some new light on the structure of Fine’s (2005, 2006) ‘McTaggartian’ arguments against the reality of tense. Along the way, I will also (i) draw a novel map of the main realist positions about tense, (ii) unearth a previously unnoticed but potentially interesting form of external relativism (which I will label ‘hyper-presentism’) and (iii) sketch a novel (...) interpretation of Fine’s fragmentalism (which I contrast with Lipman’s 2015, 2016b, forthcoming). (shrink)

Grounding contingentism is the doctrine according to which grounds are not guaranteed to necessitate what they ground. In this paper I will argue that the most plausible version of contingentism is incompatible with the idea that the grounding relation is transitive, unless either ‘priority monism’ or ‘contrastivism’ are assumed.

According to Composition is Identity, a whole is literally identical to the plurality of its parts. According to Mereological Nihilism, nothing has proper parts. In this note, it is argued that Composition is Identity can be shown to entail Mereological Nihilism in a much more simple and direct way than the one recently proposed by Claudio Calosi.

What is the relation between parts taken together and the whole that they compose? The recent literature appears to be dominated by two different answers to this question, which are normally thought of as being incompatible. According to the first, parts taken together are identical to the whole that they compose. According to the second, the whole is grounded in its parts. The aim of this paper is to make some theoretical room for the view according to which parts ground (...) the whole they compose while being, at the same time, identical to it. (shrink)

There are two main ways in which the notion of mereological fusion is usually defined in the current literature in mereology which have been labelled ‘Leśniewski fusion’ and ‘Goodman fusion’. It is well-known that, with Minimal Mereology as the background theory, every Leśniewski fusion also qualifies as a Goodman fusion. However, the converse does not hold unless stronger mereological principles are assumed. In this paper I will discuss how the gap between the two notions can be filled, focussing in particular (...) on two specific sets of principles that appear to be of particular philosophical interest. The first way to make the two notions equivalent can be used to shed some interesting light on the kind of intuition both notions seem to articulate. The second shows the importance of a little-known mereological principle which I will call ‘Mild Supplementation’. As I will show, the mereology obtained by adding Mild Supplementation to Minimal Mereology occupies an interesting position in the landscape of theories that are stronger than Minimal Mereology but weaker than what Achille Varzi and Roberto Casati have labelled ‘Extensional Mereology’. (shrink)

Fine (2005, 2006) has presented a ‘trilemma’ concerning the tense-realist idea that reality is constituted by tensed facts. According to Fine, there are only three ways out of the trilemma, consisting in what he takes to be the three main families of tense-realism: ‘presentism’, ‘(external) relativism’, and ‘fragmentalism’. Importantly, although Fine characterises tense-realism as the thesis that reality is constituted (at least in part) by tensed facts, he explicitly claims that tense realists are not committed to their fundamental existence. Recently, (...) Correia and Rosenkranz (2011, 2012) have claimed that Fine’s tripartite map of tense realism is incomplete as it misses a fourth position they call ‘dynamic absolutism’. In this paper, I will argue that dynamic absolutists are committed to the irreducible existence of tensed facts and that, for this reason, they face a similar trilemma concerning the notion of fact-content. I will thus conclude that a generalised version of Fine’s trilemma, concerning both fact-constitution and fact-content, is indeed inescapable. (shrink)

ABSTRACTThe ability of providing an adequate supervenience base for tensed truths may seem to be one of the main theoretical advantages of both the growing-block and the moving-spotlight theory of time over presentism. However, in this paper I will argue that some propositions appear to be as problematic for growing-block theorists as past-directed propositions are for presentists, namely propositions stating that nothing will be the case in the future. Furthermore, I will show that the moving-spotlight theory can adequately address all (...) the main supervenience challenges that can be levelled against A-theories of time. I will, thus, conclude that, at least as far as the supervenience principle is concerned, the moving-spotlight theory should be preferred over both presentism and the growing-block theory. (shrink)

The possibility of changing the past by means of time-travel appears to depend on the possibility of distinguishing the past as it is ‘before’ and ‘after’ the time-travel. So far, all the metaphysical models that have been proposed to account for the possibility of past-changing time-travels operate this distinction by conceiving of time as multi-dimensional, and thus by significantly inflating our metaphysics of time. The aim of this article is to argue that there is an intuitive sense in which past-changing (...) time-travels are metaphysically possible also in one-dimensional time. (shrink)

In this paper I address two important objections to the theory called ‘ Composition as Identity’ : the ‘wall-bricks-and-atoms problem’, and the claim that CAI entails mereological nihilism. I aim to argue that the best version of CAI capable of addressing both problems is the theory I will call ‘Atomic Composition as Identity’ which consists in taking the plural quantifier to range only over proper pluralities of mereological atoms and every non-atomic entity to be identical to the plurality of atoms (...) it fuses. I will proceed in three main steps. First, I will defend Sider’s Composition as identity. Oxford University Press, Oxford, pp 211–221, 2014) idea of weakening the comprehension principle for pluralities and I will show that :219–235, 2016a) it can ward off both the WaBrA problem and the threat of mereological nihilism. Second, I will argue that CAI-theorists should uphold an ‘atomic comprehension principle’ which, jointly with CAI, entails that there are only proper pluralities of mereological atoms. Finally, I will present a novel reading of the ‘one of’ relation that not only avoids the problems presented by Yi Composition as identity. Oxford University Press, Oxford, pp 169–191, 2014) and Calosi :429–443, 2016b, Am Philos Q 55:281–292, 2018) but can also help ACAI-theorists to make sense of the idea that a composite entity is both one and many. (shrink)

I present a ‘stage-theoretical’ interpretation of the supervaluationist semantics for the growing-block theory of time according to which the ‘nodes’ on the branching tree of historical possibilities are taken to be possible stages of the growth of the growing-block. As I will argue, the resulting interpretation (i) is very intuitive, (ii) can easily ward off an objection to supervaluationist treatments of the growing-block theory presented by Fabrice Correia and Sven Rosenkranz, and (iii) is also not saddled by the problems affecting (...) the supervaluationist version of the growing-block theory defended by R. A. Briggs and Graeme A. Forbes. (shrink)

The aim of this study is to address the “Grounding Grounding Problem,” that is, the question as to what, if anything, grounds facts about grounding. I aim to show that, if a seemingly plausible principle of modal recombination between fundamental facts and the principle customarily called “Entailment” are assumed, it is possible to prove not only that grounding facts featuring fundamental, contingent grounds are derivative but also that either they are partially grounded in the grounds they feature or they are (...) “abysses”. (shrink)

According to ‘Strong Composition as Identity’, if an entity is composed of a plurality of entities, it is identical to them. As it has been argued in the literature, SCAI appears to give rise to some serious problems which seem to suggest that SCAI-theorists should take their plural quantifier to be governed by some ‘weak’ plural comprehension principle and, thus, ‘exclude’ some kinds of pluralities from their plural ontology. The aim of this paper is to argue that, contrary to what (...) may appear at first sight, the assumption of a weak plural comprehension principle is perfectly compatible with plural logic and the common uses of plural quantification. As I aim to show, SCAI-theorists can simply claim that their theory must be understood as formulated by means of the most ‘joint-carving’ plural quantifier, thus leaving open the possibility of other, less joint-carving, ‘unrestricted’ plural quantifiers. In the final part of the paper I will also suggest that SCAI-theorists should not only allow for singular quantification over pluralities of entities, but also for plural quantification over ‘super-pluralities’ of entities. (shrink)

In its simplest form, a Spritz is an aperitif made with (sparkling) water and (white) wine. A ‘gunky Spritz’, as I will call it, is a Spritz in which the water and the wine are mixed through and through, so that every proper part of the Spritz has a proper part containing both water and wine. In the literature on the notion of location the possibility of mixtures like a gunky Spritz has been thought of as either threatening seemingly intuitive (...) locative principles, or as requiring the position of multiple primitive locative relations. In this paper I present a new theory of location which assumes as primitive only the notion of pervasive location and show that it can account for the possibility of gunky Spritz in an intuitive and adequate way. (shrink)

Most of the theories of location on the market appear to be ideologically parsimonious at least in the sense that they take as primitive just one locative notion and define all the other locative notions in terms of it. Recently, however, the possibility of some exotic metaphysical scenarios involving gunky mixtures and extended simple regions of space has been argued to pose a significant threat to parsimonious theories of locations. The aim of this paper is to show that a theory (...) taking as primitive a notion of plural pervasive location and allowing for irreducibly plural locative facts can account for all the putatively problematic scenarios for parsimonious theories of location. Furthermore, I will also argue that the notion of plural pervasive location is compatible with the possibility of multilocation. (shrink)

The supervaluationist approach to branching time (‘SBT-theory’) appears to be threatened by the puzzle of retrospective determinacy: if yesterday I uttered the sentence ‘It will be sunny tomorrow’ and only in some worlds overlapping at the context of utterance it is sunny the next day, my utterance is to be assessed as neither true nor false even if today is indeed a sunny day. John MacFarlane (“Truth in the Garden of Forking Paths” 81) has recently criticized a promising solution to (...) this puzzle for falling short of an adequate account of ‘actually’. In this paper, I aim to rebut MacFarlane's criticism. To this effect, I argue that: (i) ‘actually’ can be construed either as an indexical or as a nonindexical operator; (ii) if ‘actually’ is nonindexical, MacFarlane's criticism is invalid; (iii) there appear to be independent reasons for SBT-theorists to claim that ‘actually’ is a nonindexical expression. (shrink)

I argue that the growing-block theory of time and truthmaker maximalism jointly entail that some truthmakers undergo mereological change as time passes. Central to my argument is a grounding-based account of what I call the “purely incremental” nature of the growing-block theory of time. As I will show, the argument presented in this paper suggests that growing-block theorists endorsing truthmaker maximalism have reasons to take composition to be restricted and the “block” of reality to literally grow as time goes by.

The aim of this article is to propose a novel supervaluationist theory of ‘actually’ in the open future. First, I will argue that any adequate theory of actuality in a branching setting must comply with three main desiderata. Second, I will prove that none of the actuality operators that have been proposed in the literature is up to the task. Finally, I will propose a novel theory of actuality in the open future combining one of the existing definitions of the (...) actuality operator with a new definition of the historical possibility operator, and argue for its adequacy. The central feature of the theory I will advance is the introduction of an actuality parameter capable of being shifted by the historical possibility operator. I will argue that this account appears to not only be consistent with the idea that the future is genuinely open, but also with the general idea that ‘actually’ is, in a relevant sense, a ‘rigid’ operator. (shrink)

Recent work in the behavioral sciences asserts that we are subject to a variety of cognitive biases. For example, we mourn losses more than we prize equivalently sized gains; we are more inclined to believe something if it matches our previous beliefs; and we even relate more warmly or coldly to others depending on whether the coffee cup we are holding is warm or cold. Drawing on this work, case law and legal scholarship have asserted that we have reason to (...) select legal norms, or revise existing norms, so as to eliminate the influence of these and other cognitive biases. -/- In this Article, I critically evaluate whether and when this reaction is warranted. I begin by contrasting predominantly descriptive definitions of bias, on which bias is merely deviation from a predictive model, with prescriptive definition of bias, on which biased conduct is conduct that actors ought not do. I then similarly contrast the behavioral-scientific concepts of statistical significance and effect size with the concept of significance required to justify legal conclusions. -/- With this apparatus in place, I go on to consider a variety of examples where legal commentators and decisionmakers have worried about the effects of cognitive bias on law. I argue that many of these cognitive biases (for example, our aversion to losses), while reflecting deviations from behavioral scientists’ models of human behavior, are not normatively objectionable and so give us no reason to revise our legal norms to eliminate their effect. Others (e.g., the effect of judges’ hunger on their decisionmaking), however, constitute biases under both descriptive and prescriptive definitions and therefore give us good reason to revise our legal norms. -/- I conclude by contrasting my conclusion — that evaluation of cognitive biases’ legal significance must explicitly evaluate the normative arguments for and against the model of decisionmaking in question on a case-by-case basis — with the arguments of influential scientists and legal commentators like Daniel Kahneman and John Mikhail, who treat cognitive heuristics and biases as more broadly desirable or objectionable. (shrink)

As one of the most contagious diseases in history, Corona Virus (COVID-19) spread rapidly around the world infecting millions of people in the year 2020. Besides killing huge number of persons, the calamity not only ignited severe panic and chaos among them, it even affected vast businesses and stock markets around the globe. This study was undertaken to investigate those determinants, which affected the extent of stock market investors’ behavior in Pakistan during spread of COVID-19. Data was collected from various (...) individual investors, representing a high response rate of about 86.5% from 167 respondents. From the analysis it was indicated that most important and significantly influencing determinants on investment decisions in Pakistan Stock Markets are pertinent to: ‘getting rich quickly, loss aversion, fear of losses, expected corporate earnings and dividends, gut feelings on the economy, previous performances of firm’s stock and opinions of its majority shareholders, and eventually, the recommendations of brokers and family/friends. Our findings would first, assist in understanding the most common behavioral patterns of investors and secondly, determine to show the adequate paths, which lead towards the growth of Pakistan Stock Market. (shrink)

This paper argues that private property and rights assignment, especially as applied to communication infrastructure and information, should be informed by advances in both technology and our understanding of psychology. Current law in this area in the United States and many other jurisdictions is founded on assumptions about human behavior that have been shown not to hold empirically. A joint recognition of this fact, together with an understanding of what new technologies make possible, leads one to question basic assumptions about (...) how law is made and what laws we should have in a given area, if any. I begin by analyzing different aspects of U.S. law, from a high-level critique of law making to a critique of rights assignment for what I call 'simple nonrival goods.' I describe my understanding, as a non-lawyer with a background in psychology and computing, of the current conventions in U.S. law, consider the foundational assumptions that justify current conventions, describe advances in psychology and technology that call these conventions into question, and briefly note how the law might normatively change in this light. I then apply this general analysis to the question of domain name assignment by the Internet Corporation for Assigned Names and Numbers (ICANN). (shrink)

In decision-theory, the notion of regret enters into the minimax decision-rule and has a determinate usage in this context. However, there are many alternative ways of conceiving of regret. The chapter constructs the einmalist- nicht-keinmal ('once is not never') game, in which a single sampling radically changes the expected value of the game in a way that is quite counterintuitive, as the basis for studying regret after a loss following the choice of an uncertain action. Crucially, the very (...) class='Hi'>loss affects the posterior expectation of the game and the posterior credence about the objective chances of a win. Our taxonomy of regret contains regret over the action chosen and regret over the outcome obtained as its main categories, and is mirrored by a taxonomy of joy after a win following the choice of an uncertain action, and is used to critique of Krähmer and Stone's analysis of risk aversion for uncertain actions. (shrink)

Boredom is an affective experience that can involve pervasive feelings of meaninglessness, emptiness, restlessness, frustration, weariness and indifference, as well as the slowing down of time. An increasing focus of research in many disciplines, interest in boredom has been intensified by the recent Covid-19 pandemic, where social distancing measures have induced both a widespread loss of meaning and a significant disturbance of temporal experience. This article explores the philosophical significance of this aversive experience of ‘pandemic boredom.’ Using Heidegger’s work (...) as a unique vantage point, this article draws on survey data collected by researchers in an ongoing project titled ‘Experiences of Social Distancing During the Covid-19 Pandemic’ to give an original phenomenological interpretation of the meaninglessness and monotony of pandemic boredom. On a Heideggerian interpretation, pandemic boredom involves either a situative confrontation with relative meaninglessness that upholds our absorption in the everyday world, or an existential confrontation with absolute meaninglessness that forces us to take up the question of our existence. Arguing that boredom during the pandemic makes this distinction difficult to sustain, I consider some of the ways in which pandemic boredom might be seen to expose and then exceed the distinctive methodological limitations of Heidegger’s philosophical interpretation of boredom. (shrink)

We use probability-matching variations on Ellsberg’s single-urn experiment to assess three questions: (1) How sensitive are ambiguity attitudes to changes from a gain to a loss frame? (2) How sensitive are ambiguity attitudes to making ambiguity easier to recognize? (3) What is the relation between subjects’ consistency of choice and the ambiguity attitudes their choices display? Contrary to most other studies, we find that a switch from a gain to a loss frame does not lead to a switch (...) from ambiguity aversion to ambiguity neutrality and/or ambiguity seeking. We also find that making ambiguity easier to recognize has little effect. Finally, we find that while ambiguity aversion does not depend on consistency, other attitudes do: consistent choosers are much more likely to be ambiguity neutral, while ambiguity seeking is much more frequent among highly inconsistent choosers. (shrink)

It is widely held that the influence of risk on rational decisions is not entirely explained by the shape of an agent’s utility curve. Buchak (Erkenntnis, 2013, Risk and rationality, Oxford University Press, Oxford, in press) presents an axiomatic decision theory, risk-weighted expected utility theory (REU), in which decision weights are the agent’s subjective probabilities modified by his risk-function r. REU is briefly described, and the global applicability of r is discussed. Rabin’s (Econometrica 68:1281–1292, 2000) calibration theorem strongly suggests that (...) plausible levels of risk aversion cannot be fully explained by concave utility functions; this provides motivation for REU and other theories. But applied to the synchronic preferences of an individual agent, Rabin’s result is not as problematic as it may first appear. Theories that treat outcomes as gains and losses (e.g. prospect theory and cumulative prospect theory) account for risk sensitivity in a way not available to REU. Reference points that mark the difference between gains and losses are subject to framing, many instances of which cannot be regarded as rational. However, rational decision theory may recognize the difference between gains and losses, without endorsing all ways of fixing the point of reference. In any event, REU is a very interesting theory. (shrink)

Antithetical desires displayed throughout Kierkegaard’s authorship indicate the disjunctive assumption that the individual exists either in a state of increasing autonomy, expressed negatively as striving for freedom from divine constraint, or in a state of self-annihilating submission, expressed positively in terms of kenotic unification. Proximity to the divine thereby entails forfeiture of individuality, contrary to the explicit aim of Kierkegaard’s authorial project, and aversion to materiality. This essay enunciates the conflict (I), traces the crescendo of loss that births (...) the pseudonymous authorship and ends in realized longing for death (II), and approaches a more holistic vision of psycho-spiritual development (III). (shrink)

For many contemporary artists, failure has been an instrument of experimentation and self-expression, of investigation into existential questions and manifestation of utopian tensions. In this paper, I will discuss how some of the well-known strategies of experimental and avant-garde artistic practices with failure involve risky actions, challenging or impossible attempts, loss of control, and compulsive repetition of inconclusive acts. In those experimentations, the ideal model of an effective and successful action performance (in which a goal is defined through a (...) clear intention, a plan and a well-controlled execution) is willfully sabotaged in its stages. In this regard, a distinction between failure and mistake will be highlighted: if failure could be traced back to the tradition of heroic or tragic defeat in front of adverse odds, mistake on the contrary means doing something wrong that one is expected to control. While failure negatively reflects our tension toward autonomy, the focus on mistakes is the expression of rigidity and heightened risk aversion in contexts where maximal efficiency and self-optimization are expected. This paper will argue that equating the category of failure with that of mistake is not faithful to the motives underlying those artistic traditions. In this respect, artistic experimentations in the “aesthetic of failure” can also be viewed as a critical response toward a general mindset defined by the anxiety of control and obsessive mistake avoidance that seems typical of our current times. (shrink)

Desire comes in two kinds: attraction and aversion. But contemporary theories of desire have paid little attention to the distinction, and some philosophers doubt that it is psychologically real. I argue that one reason to think there is a difference between the attitudes, and to care about it, is that attractions and aversions contribute in radically different ways to our well-being. Attraction-motivated activity adds to the good life in a way that aversion-driven activity doesn’t. I argue further that (...) the value of attraction-motivated activity is irreducible to the prudential value of pleasure or desire-satisfaction. Rather it contributes in a distinctive way to the felt meaningfulness of life. In the end I offer a hypothesis: when we are attracted to something, we see it as (non-comparatively) good; and it is only when we pursue the apparent good that we see ourselves as engaged with value that makes our lives and the universe worth maintaining. -/- . (shrink)

Critical race theorists and standpoint epistemologists argue that agents who are members of dominant social groups are often in a state of ignorance about the extent of their social dominance, where this ignorance is explained by these agents' membership in a socially dominant group (e.g., Mills 2007). To illustrate this claim bluntly, it is argued: 1) that many white men do not know the extent of their social dominance, 2) that they remain ignorant as to the extent of their dominant (...) social position even where this information is freely attainable, and 3) that this ignorance is due in part to the fact that they are white men. We argue that on Buchak's (2010, 2013) model of risk averse instrumental rationality, ignorance of one's privileges can be rational. This argument yields a new account of elite-group ignorance, why it may occur, and how it might be alleviated. (shrink)

This article argues that Lara Buchak’s risk-weighted expected utility (REU) theory fails to offer a true alternative to expected utility theory. Under commonly held assumptions about dynamic choice and the framing of decision problems, rational agents are guided by their attitudes to temporally extended courses of action. If so, REU theory makes approximately the same recommendations as expected utility theory. Being more permissive about dynamic choice or framing, however, undermines the theory’s claim to capturing a steady choice disposition in the (...) face of risk. I argue that this poses a challenge to alternatives to expected utility theory more generally. (shrink)

It is often suggested that when opinions differ among individuals in a group, the opinions should be aggregated to form a compromise. This paper compares two approaches to aggregating opinions, linear pooling and what I call opinion agglomeration. In evaluating both strategies, I propose a pragmatic criterion, No Regrets, entailing that an aggregation strategy should prevent groups from buying and selling bets on events at prices regretted by their members. I show that only opinion agglomeration is able to satisfy the (...) demand. I then proceed to give normative and empirical arguments in support of the pragmatic criterion for opinion aggregation, and that ultimately favor opinion agglomeration. (shrink)

Is more information always better? Or are there some situations in which more information can make us worse off? Good (1967) argues that expected utility maximizers should always accept more information if the information is cost-free and relevant. But Good's argument presupposes that you are certain you will update by conditionalization. If we relax this assumption and allow agents to be uncertain about updating, these agents can be rationally required to reject free and relevant information. Since there are good reasons (...) to be uncertain about updating, rationality can require you to prefer ignorance. (shrink)

I argue that, insofar as we endorse the general idea that desires play an important role in well-being, we ought to believe that their significance for well-being is derived from a pair of more fundamental attitudes: attraction and aversion. Attraction has wholly positive significance for well-being, and aversion has wholly negative significance for well-being. Desire satisfaction and frustration have significance for well-being insofar as the relevant desires involve some combination of attraction and aversion. I defend these claims (...) by illustrating how our desires can be asymmetrical. They can have greater positive than negative significance for well-being, or vice versa. (shrink)

The veil of ignorance argument was used by John C. Harsanyi to defend Utilitarianism and by John Rawls to defend the absolute priority of the worst off. In a recent paper, Lara Buchak revives the veil of ignorance argument, and uses it to defend an intermediate position between Harsanyi's and Rawls' that she calls Relative Prioritarianism. None of these authors explore the implications of allowing that agent's behind the veil are averse to ambiguity. Allowing for aversion to ambiguity---which is (...) both the most commonly observed and a seemingly reasonable attitude to ambiguity---however supports a version of Egalitarianism, whose logical form is quite different from the theories defended by the aforementioned authors. Moreover, it turns out that the veil of ignorance argument neither supports standard Utilitarianism nor Prioritarianism unless we assume that rational people are insensitive to ambiguity. (shrink)

Exploring the history of our experience, Hannah Arendt reveals not only a radical transformation of its structure, but also the loss of experience as such and its replacement with technology. In order to identify the place of law in this process, we are trying to clarify the legal aspect of experience in terms of phenomenological hermeneutics and to trace its transformation in the digital age. The experience of law is thought of as one of the aspects of our mode (...) of being-in-the-world, which is based on openness to the world and consists in the mutual recognition of people in their dignity. Digital technologies, in turn, contribute to replacing fundamental openness with illusory freedom in cyberspace. The latter, unlike the public realm as a realm of action of many, and in this sense legal realm, is based primarily on productive activities of one and no longer requires law. (shrink)

We investigate risk attitudes when the underlying domain of payoffs is finite and the payoffs are, in general, not numerical. In such cases, the traditional notions of absolute risk attitudes, that are designed for convex domains of numerical payoffs, are not applicable. We introduce comparative notions of weak and strong risk attitudes that remain applicable. We examine how they are characterized within the rank-dependent utility model, thus including expected utility as a special case. In particular, we characterize strong comparative risk (...) aversion under rank-dependent utility. This is our main result. From this and other findings, we draw two novel conclusions. First, under expected utility, weak and strong comparative risk aversion are characterized by the same condition over finite domains. By contrast, such is not the case under non-expected utility. Second, under expected utility, weak comparative risk aversion is characterized by the same condition when the utility functions have finite range and when they have convex range. By contrast, such is not the case under non-expected utility. Thus, considering comparative risk aversion over finite domains leads to a better understanding of the divide between expected and non-expected utility, more generally, the structural properties of the main models of decision-making under risk. (shrink)

The twenty-first century will witness an unprecedented decline in the diversity of the world’s languages. While most philosophers will likely agree that this decline is lamentable, the question of what exactly is lost with a language has not been systematically explored in the philosophical literature. In this paper, I address this lacuna by arguing that language loss constitutes a problematic form of illocutionary silencing. When a language disappears, past and present speakers lose the ability to realize a range of (...) speech acts that can only be realized in that language. With that ability, speakers lose something in which they have a fundamental interest: their standing as fully empowered members of a linguistic community. (shrink)

Experimental results on the Ellsberg paradox typically reveal behavior that is commonly interpreted as ambiguity aversion. The experiments reported in the current paper find the objective probabilities for drawing a red ball that make subjects indifferent between various risky and uncertain Ellsberg bets. They allow us to examine the predictive power of alternative principles of choice under uncertainty, including the objective maximin and Hurwicz criteria, the sure-thing principle, and the principle of insufficient reason. Contrary to our expectations, the principle (...) of insufficient reason performed substantially better than rival theories in our experiment, with ambiguity aversion appearing only as a secondary phenomenon. (shrink)

A moderately risk averse person may turn down a 50/50 gamble that either results in her winning $200 or losing $100. Such behaviour seems rational if, for instance, the pain of losing $100 is felt more strongly than the joy of winning $200. The aim of this paper is to examine an influential argument that some have interpreted as showing that such moderate risk aversion is irrational. After presenting an axiomatic argument that I take to be the strongest case (...) for the claim that moderate risk aversion is irrational, I show that it essentially depends on an assumption that those who think that risk aversion can be rational should be skeptical of. Hence, I conclude that risk aversion need not be irrational. (shrink)

Can it be rational to be risk-averse? It seems plausible that the answer is yes—that normative decision theory should accommodate risk aversion. But there is a seemingly compelling class of arguments against our most promising methods of doing so. These long-run arguments point out that, in practice, each decision an agent makes is just one in a very long sequence of such decisions. Given this form of dynamic choice situation, and the (Strong) Law of Large Numbers, they conclude that (...) those theories which accommodate risk aversion end up delivering the same verdicts as risk-neutral theories in nearly all practical cases. If so, why not just accept a simpler, risk-neutral theory? The resulting practical verdicts seem to be much the same. In this paper, I show that these arguments do not in fact condemn those risk-aversion-accommodating theories. Risk aversion can indeed survive the long run. (shrink)

One serious harm facing communities in the Anthropocene is epistemic loss. This is increasingly recognized as a harm in international policy discourses around adaptation to climate change. Epistemic loss is typically conceived of as the loss of a corpus of knowledge, or less commonly, as the further loss of epistemic methodologies. In what follows, I argue that epistemic loss also can involve the loss of epistemic self-determination, and that this framework can help to usefully (...) examine adaptation policies. (shrink)

According to the orthodox treatment of risk preferences in decision theory, they are to be explained in terms of the agent's desires about concrete outcomes. The orthodoxy has been criticised both for conflating two types of attitudes and for committing agents to attitudes that do not seem rationally required. To avoid these problems, it has been suggested that an agent's attitudes to risk should be captured by a risk function that is independent of her utility and probability functions. The main (...) problem with that approach is that it suggests that attitudes to risk are wholly distinct from people's (non-instrumental) desires. To overcome this problem, we develop a framework where an agent's utility function is defined over chance propositions (i.e., propositions describing objective probability distributions) as well as ordinary (non-chance) ones, and argue that one should explain different risk attitudes in terms of different forms of the utility function over such propositions. (shrink)

I defend the argument that if embryo loss in stem cell research is morally problematic, then embryo loss in in vivo conception is similarly morally problematic. According to a recent challenge to this argument, we can distinguish between in vivo embryo loss and the in vitro embryo loss of stem cell research by appealing to the doctrine of double effect. I argue that this challenge fails to show that in vivo embryo loss is a mere (...) unintended side effect while in vitro embryo loss is an intended means and that, even if we refine the challenge by appealing to Michael Bratman's three roles of intention, the distinction is still unwarranted. (shrink)

When a loved one dies, it is common for the bereaved to feel profoundly lonely, disconnected from the world with the sense that they no longer belong. In philosophy, this experience of ‘loss and loneliness’ has been interpreted according to both a loss of possibilities and a loss of the past. But it is unclear how these interpretations apply to the distinctive way in which loss and loneliness manifest in old age. Drawing on the phenomenological analyses (...) of old age given by de Beauvoir and Améry, I consider how the diminishment of the capacity for projection and recollection complicate recent interpretations of loss and loneliness, whilst nevertheless reinforcing the conclusion that in old age subjectivity is necessarily impoverished. Developing a critical stance on de Beauvoir and Améry’s underlying conception of subjectivity, I turn to Levinas in considering whether or not there is a way to reimagine subjectivity such that the estrangement and alienation of older adults might be ameliorated rather than exacerbated. Grounded in the passive body-in-itself rather than the self-transcending capacity of the body-for-itself, I suggest it becomes possible to reconceptualise the experience of loss and loneliness in old age; both in terms of what is lost and what needs to be restored if older adults are to be helped to find themselves at home in the world in the midst of, and indeed because of, manifold loss. (shrink)

Both in everyday life and in moral philosophy, many think that our own past wrongdoing can undermine our standing to indignantly blame others for similar wrongdoing. In recent literature on the ethics of blame, we find two different kinds of explanation for this. Relative moral status accounts hold that to have standing to blame, you must be better than the person you are blaming, in terms of compliance with the norm. Fault-based accounts hold that those who blame others for things (...) of which they are also guilty exhibit familiar moral faults, such as making an exception of oneself, and that these faults explain why they lack standing. I argue in support of relative moral status accounts, showing that they both better trace our practice of dismissing blame on the basis of lack of standing, and that they have more explanatory resources than has been appreciated. (shrink)

Personal recovery entails the idea of learning to live a good life in the face of mental illness. It takes place in a continuous dynamic between change and acceptance and involves the existential dimension in the broadest sense. With cognitive self-regulation and empowerment as central elements, however, current models of recovery mostly have an individual focus instead of a relational one. Furthermore, there seems to be an emphasis on the component of change. Little attention is payed to the role and (...) integration of dealing with loss in personal recovery. In this paper, the role of loss in mental illness will be elaborated from an existential perspective. This will be done by relating existential changes to possibly disruptive experiences of loss in wider experience. With the help of several perspectives on dealing with loss it will be argued this can be integrated in processes of recovery. Then, it will be elaborated how reexperiencing a state of being surrounded, or being included, being held is a necessary part of recovery. The result consists of a refinement of the view on personal recovery. The aim of this paper is therefore twofold: (1) to arrive at a better understanding of what existential loss and loss in wider experience in the context of psychopathology entails, and (2) to further develop perspectives on recovery in mental health care. (shrink)

Future-bias is the preference, all else being equal, for negatively valenced events be located in the past rather than the future, and positively valenced ones to be located in the future rather than the past. Strong risk aversion is the preference to pay some cost to mitigate the badness of the worst outcome. People who are both strongly risk averse and future-biased can face a series of choices that will guarantee them more pain, for no compensating benefit: they will (...) be pain pumped. Thus, combining these preferences is rationally impermissible. Dougherty (2011) argues that this gives us reason to think that future-bias is rationally impermissible. This argument, and a similar one presented by Greene and Sullivan (2015), relies on the idea that if several preferences are not rationally combinable, then in the absence of some explanation of why they are not combinable, we should conclude that (at least) one of them is rationally impermissible. We take up this question by, inter alia, reflecting on the empirical results of a study we ran that probes people’s risk averse and future-biased preferences. We argue that the data, in conjunction with other considerations, suggests that we should not infer from the irrationality of the combination of these preferences to the irrationality of one of the preferences singly. We also argue that given the descriptive data about these preferences, there is no reason to think that, if one of them is rationally impermissible, then it is future-bias. (shrink)