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

This article presents a generic model for pricing financial derivatives subject to counterparty credit risk. Both unilateral and bilateral types of credit risks are considered. Our study shows that credit risk should be modeled as American style options in most cases, which require a backward induction valuation. To correct a common mistake in the literature, we emphasize that the market value of a defaultable derivative is actually a risky value rather than a risk-free value. Credit value adjustment (CVA) is (...) also elaborated. A practical framework is developed for pricing defaultable derivatives and calculating their CVAs at a portfolio level. (shrink)

Contemporary discussions of egalitarian justice have often focused on the issue of expensive taste. G.A. Cohen has recently abandoned the view that all chosen disadvantages are non-compensable, now maintaining that chosen expensive judgmental tastes—those endorsed by valuational judgment—are compensable as it is unreasonable to expect persons not to develop them. But chosen expensive brute taste—the main type of non-compensable expensive taste on the new scheme—cannot be described in such a way that there is a normative difference between it and chosen (...) expensive judgmental taste. As there are related problems with denying compensation for the other kind of expensive taste that might remain non-compensable, Cohen's position on taste appears to be either implausible or virtually indistinguishable from that of equality of welfare. However, compensation for valuational judgment-based expensive taste might be justified on grounds of responsibility. (shrink)

Economists can value things for cost-benefit analysis using either a structured or an unstructured approach. The first imposes some theoretical structure on the valuation; the second does not. This paper explains the difference between the approaches and examines the relative merits of each. Cost-benefit analysis may be aimed at finding what would be the best action, or alternatively at finding which action should be done in a democracy. The paper explains the difference, and argues that the appropriate aim is (...) the first. Given that, it comes down in favour of the structured approach to valuation. As an example, it discusses different approaches to valuing life in economics. (shrink)

I explain why model theory is unsatisfactory as a semantic theory and has drawbacks as a tool for proofs on logic systems. I then motivate and develop an alternative, the truth-valuational substitutional approach (TVS), and prove with it the soundness and completeness of the first order Predicate Calculus with identity and of Modal Propositional Calculus. Modal logic is developed without recourse to possible worlds. Along the way I answer a variety of difficulties that have been raised against TVS and show (...) that, as applied to several central questions, model-theoretic semantics can be considered TVS in disguise. The conclusion is that the truth-valuational substitutional approach is an adequate tool for many of our logic inquiries, conceptually preferable over model-theoretic semantics. Another conclusion is that formal logic is independent of semantics, apart from its use of the notion of truth, but that even with respect to it its assumptions are minimal. (shrink)

This paper presents an analytical model for valuing interest rate swaps, subject to bilateral counterparty credit risk. The counterparty defaults are modeled by the reduced-form model as the first jump of a time-inhomogeneous Poisson process. All quantities modeled are market-observable. The closed-form solution gives us a better understanding of the impact of the credit asymmetry on swap value, credit value adjustment, swap rate and swap spread.

Philosophical investigation in synthetic biology has focused on the knowledge-seeking questions pursued, the kind of engineering techniques used, and on the ethical impact of the products produced. However, little work has been done to investigate the processes by which these epistemological, metaphysical, and ethical forms of inquiry arise in the course of synthetic biology research. An attempt at this work relying on a particular area of synthetic biology will be the aim of this chapter. I focus on the reengineering of (...) metabolic pathways through the manipulation and construction of small DNA-based devices and systems synthetic biology. Rather than focusing on the engineered products or ethical principles that result, I will investigate the processes by which these arise. As such, the attention will be directed to the activities of practitioners, their manipulation of tools, and the use they make of techniques to construct new metabolic devices. Using a science-in-practice approach, I investigate problems at the intersection of science, philosophy of science, and sociology of science. I consider how practitioners within this area of synthetic biology reconfigure biological understanding and ethical categories through active modelling and manipulation of known functional parts, biological pathways for use in the design of microbial machines to solve problems in medicine, technology, and the environment. We might describe this kind of problem-solving as relying on what Helen Longino referred to as “social cognition” or the type of scientific work done within what Hasok Chang calls “systems of practice”. My aim in this chapter will be to investigate the relationship that holds between systems of practice within metabolic engineering research and social cognition. I will attempt to show how knowledge and normative valuation are generated from this particular network of practitioners. In doing so, I suggest that the social nature of scientific inquiry is ineliminable to both knowledge acquisition and ethical evaluations. (shrink)

The main goal of the article is a further development of the usage of income and comparable approaches to company valuation aimed at defining market capitalization sensitivity to value changing in the conditions of dynamization of internal and external business parameters. The relevance of the researched topic is determined by the importance of establishing the factors influencing the change in company market capitalization based on the synthesis of approaches to company valuation. To obtain the results of the study, (...) the following methods were used: structural and logical analysis – to improve the process approach to company valuation in the context of determining the impact of its change on market capitalization; discounted cash flow method (DCF-model) – to determine the value of the enterprise based on the income approach; comparable companies method – to determine the value of the company on the basis of a market approach; factor analysis method – to assess the impact of changes in value on company market capitalization; generalization and logical analysis – in conclusions building. The results of critical analysis of publications of domestic and foreign scientists on the application of company valuation methods identified the need of improvement the process approach to company valuation in the context of determining the impact of its change on the company market capitalization. To adequately assess company value, the use of a synthesis of income and market approaches is proposed. The implementation of the DCF-model and comparable companies valuation method while valuation of Private Joint-Stock Company “SKF Ukraine” allowed to establish that the greatest impact on the target metric (company market capitalization) has an average industry multiplier EV/EBITDA, terminal growth rate and weighted average cost of capital – 5.9 %, 3.2% and 2.7% respectively. The practical value of the results of the study is determined by the importance of forming a full analytical basis for establishing the attractiveness of the performance of joint-stock companies in the market and consolidating management decisionsin order to increase market capitalization. (shrink)

Is logic empirical? Is logic to be found in the world? Or is logic rather a convention, a product of conventions, part of the many rules that regulate the language game? Answers fall in either camp. We like the linguistic answer. In this paper, we want to analyze how a linguistic community would tackle the problem of developing a logic and show how the linguistic conventions adopted by the community determine the properties of the local logic. Then show how to (...) move from a notion of logic that varies from community to community to a notion of logic that is in a sense universal. The framework is conventional up to a point: we have sentences, atomic and composite, the connectives are interpreted, values are computed, and the value of a composite sentence is a function of the values of its subsentences. Less conventional is the use of a plurality of truth values, and the sharp distinction we draw between sentences and statements, in the spirit of the distinction between proposition and judgment that one may find in proof theory. The linguistic community will face many choices. What are the good ones, the ones to avoid? Are there, in some sense, optimal choices? These are the kind of issues we are addressing. Where do we end up? With some kind of universal bivalent logic, ironically enough. We start from an arbitrarily large number of truth values, atomic sentences and connectives, construct a generic many-valued logic, recover more or less the usual results and issues, and in the end it all comes down to a positive bivalent logic with two connectives, `and' and `or', as if logic is nothing more than a mere accounting of possibilities. (shrink)

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

This 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)

This article critically examines the several definitions of, or elements of a single definition of, Robert S. Hartman's understanding of “intrinsic values,” “intrinsic evaluations,” “extrinsic values,” and “extrinsic valuations”. [I have since changed my mind about what is said in the last few sentences. I now think, with Hartman, that only unique, non-repeatable, conscious individuals have intrinsic worth. Repeatable qualities like pleasure and knowledge are “good for us” properties, but not “good in, to, and for themselves” or “for their own (...) sakes” properties.]. (shrink)

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

I argue that the main theme of the Zhuangzi is that of spiritual transformation. If there is no such theme in the Zhuangzi, it becomes an obscure text with relativistic viewpoints contradicting statements and stories designed to lead the reader to a state of spiritual transformation. I propose to reveal the coherence of the deep structure of the text by clearly dividing relativistic statements designed to break down fixed viewpoints from statements, anecdotes, paradoxes and metaphors designed to lead the reader (...) to a state of spiritual transformation. Without such an analysis, its profound stories such as the butterfly dream and the Great Sage dream will blatantly contradict each other and leave us bereft of the wisdom they presage. Unlike the great works of poetic and philosophic wisdom such as the Dao de Jing and the Symposium, the Zhuangzi will be reduced to a virtually unintelligible, lengthy, disjointed literary ditty, a potpourri of paradoxical puzzles, puns and parables, obscure philosophical conundrums, monstrous interlocutors and historical personages used as mouthpieces authoritatively arguing on behalf of viewpoints humorously opposite to what they historically held. (shrink)

From the beginning of the 16th century to the end of the 18th century, there were not less than ten philosophers who focused extensively on Venn’s ostensible analytical diagrams, as noted by modern historians of logic (Venn, Gardner, Baron, Coumet et al.). But what was the reason for early modern philosophers to use logic or analytical diagrams? Among modern historians of logic one can find two theses which are closely connected to each other: M. Gardner states that since the Middle (...) Ages certain logic diagrams were used just in order to teach “dull-witted students”. Therefore, logic diagrams were just a means to an end. According to P. Bernhard, the appreciation of logic diagrams had not started prior to the 1960s, therefore the fact that logic diagrams become an end the point of research arose very late. The paper will focus on the question whether logic resp. analytical diagrams were just means in the history of (early) modern logic or not. In contrast to Gardner, I will argue that logic diagrams were not only used as a tool for “dull-witted students”, but rather as a tool used by didactic reformers in early modern logic. In predating Bernhard’s thesis, I will argue that in the 1820s logic diagrams had already become a value in themselves in Arthur Schopenhauer’s lectures on logic, especially in proof theory. (shrink)

Comparative valuation of different policy interventions often requires interpersonal comparability of benefit. In the field of health economics, the metric commonly used for such comparison, quality adjusted life years (QALYs) gained, has been criticized for failing to respect the equality of all persons’ intrinsic worth, including particularly those with disabilities. A methodology is proposed that interprets ‘full quality of life’ as the best health prospect that is achievable for the particular individual within the relevant budget constraint. This calibration is (...) challenging both conceptually and operationally as it shifts dramatically when technology or budget developments alter what can be achieved for incapacitated individuals. The proposal nevertheless ensures that the maximal achievable satisfaction of one person’s preferences can carry no more intrinsic value than that of another. This approach, which can be applied to other domains of social valuation, thus prevents implicit discrimination against the elderly and those with irremediable incapacities. (shrink)

The paper discusses possible roles of consciousness in a semiotic activity of a cognitive agent. The discussion, we claim, is based on two related approaches to consciousness: on Chalmers’ theory of phenomenal and psychological consciousness and on Damasio’s neural theory, which draws a distinction between core and extended consciousness. Two stages of cognitive-semiotic processing are discussed: the moment of perception of a sign as a meaningful entity and the metasemiotic processes understood as the human capacity to reflect on signs and (...) their usage, analyse and control processes of recognition, interpretation of signs and to detect and correct errors in semiotic activity. In the case of the first stage, it is argued that signs as meaningful entities have a distincly experiential character. The feeling of meaningfulness is a result of phenomenal consciousness, in particular a result of the so-called valuation features of phenomenal experience. I claim that this aspect of cognitive-semiotic activity is possible owing to a special neural mechanism called a semiotic marker. It is argued that semiotic systems have to be able to use signs as signs, i.e. they should display some metacognitive capacities, in particular an ability to analyse semiosis at a metalevel. It is argued that such metasemiosis is dependent on psychological consciousness and is realized at the neural level in the form of extended consciousness. The paper is based on a particular understanding of cognitive semiotics as a discipline involving analyses of cognitive processes as semiotic processes, i.e. processes requiring usage of signs. (shrink)

Science and valuation — remarks about the condition of philosophical re ection on science this text is an attempt at a more general look at twentieth‐century philosophical re ection on science conceived as persistent trials to eliminate the non‐eliminateable, i.e. valuations. In this article, I recall the most important concepts of knowledge developed in the twentieth‐century philosophy of science by exposing assumed axiology in, among other things: the Vienna Circle, Karl raimund Popper’s falsi cationism, the historical and social approach (...) of thomas S. Kuhn’s paradigm, and the concept of the ideals of knowledge by Stefan Amsterdamski. I argue that the axiology, and more broadly philosophy is an indelible com‐ ponent of each accepted concept of scienti c knowledge. each concept of knowledge assumes a form of its valuation. (shrink)

The study ties in with former considerations concerning the problem of phenomenal perception of higher animals. Accordingly the phenomenal character results from the adjustment of perceptions to (species-specific) behavioral dispositions under the principle of self-preservation: an emergence phenomenon provided by the constitutive system unity of perception, valuation and behavior, here named as perc-val-act-system. Thereby the subject of the behavior can be emergentistly explained as an emergent instance of the – systems-theoretically highest rank – perc-val-act-level. In terms of the principle (...) of self-preservation all sensations are submitted to a valuation. Perception thus gaining existential sense for the subject, a phenomenal-mental sense-dimension is spanned out which as such does not own physical but ideal character: Accordingly the ontological basis of this view is the lawfulness of nature, understood as the ideal essence underlying it. In virtue of this – basically Hegelian-type idealistic – conception the physical being of nature always includes the possibility of phenomenal-mental being, because of the implicit ideality of nature itself. (shrink)

Financial sustainability of protected areas is one of the main challenges of management. Financial self-sufficiency is an important element in improving conservation effort in these areas. This study seeks to review best practices in recreational fee systems in different countries and to find a relevant entry fee for a wildlife sanctuary in Malaysia. The revenue of the National Elephant Conservation Center (NECC) in Kuala Gandah, Malaysia, comes from several sources, including the national government, but all these budgetary sources are strained (...) by tighter public budgets and greater demands. The present study investigates the introduction of visitor entrance fees to supplement an otherwise inadequate budget for supporting the operational costs of the sanctuary. Factor analysis and a double-bounded contingent valuation method were combined to estimate tourists' willingness to pay (WTP) the proposed entrance fee. Factor analysis showed that respondents' motivation to support the NECC with user fees is conditioned by their direct experiences with elephants, their satisfaction with NECC's educational programs and services, and other experiences it gives to users. The WTP model considered respondents' four motivation factors with their sociodemographic characteristics. Since NECC visitors arrive from both within and outside the country, this study suggests to center managers a two-tier fee structure (residents vs. nonresidents of Malaysia), based upon mean WTP estimates. This study further suggests that revenue from such an entrance fee for NECC could support the Center's management and development costs. © 2015 Elsevier B. (shrink)

Even where willingness-to-pay as a measure of welfare impact is adjusted for diminishing marginal utility, welfare economics is shown to favour policies that add to the life expectancy or that enhance the quality of life of persons who are already better-off. I propose an alternative, Equal Respect methodology, under an axiomatic claim that at the point of decision the prospective life years of all individuals are of equal intrinsic social value. This justifies equal valuation of risk mitigation across all (...) persons; similarly, all appraised impacts should be scaled to accord equal respect to difficult but no-less-valuable lives. (shrink)

In this paper I focus on the conditions that have to be met for Chisholm’s Paradox (CP) to occur. My claim is that identity and structure are notions closely related to each other. I propose a discussion in which the minimal framework for CP is set, then analyze the paradox in terms of S5, and suggest that in order to capture the core of the paradox one should use a dynamic valuation function for the model. Identity appears, at this (...) point, to be dependent upon a structuralist point of view. (shrink)

Every countable language which conforms to classical logic is shown to have an extension which has a consistent definitional theory of truth. That extension has a consistent semantical theory of truth, if every sentence of the object language is valuated by its meaning either as true or as false. These theories contain both a truth predicate and a non-truth predicate. Theories are equivalent when sentences of the object lqanguage are valuated by their meanings.

When considering the social valuation of a life-year, there is a conflict between two basic intuitions: on the one hand, the intuition of universality, according to which the value of an additional life-year should be universal, and, as such, should be invariant to the context considered; on the other hand, the intuition of complementarity, according to which the value of a life-year should depend on what this extra-life-year allows for, and, hence, on the quality of that life-year, because the (...) quantity of life and the quality of life are complement to each other. This paper proposes three distinct accounts of the intuition of universality, and shows that those accounts either conflict with a basic monotonicity property, or lead to indifference with respect to how life-years are distributed within the population. Those results support the abandon of the intuition of universality. But abandoning the intuition of universality does not prevent a social evaluator from giving priority, when allocating life-years, to individuals with the lowest quality of life. (shrink)

This paper presents and motivates a new philosophical and logical approach to truth and semantic paradox. It begins from an inferentialist, and particularly bilateralist, theory of meaning---one which takes meaning to be constituted by assertibility and deniability conditions---and shows how the usual multiple-conclusion sequent calculus for classical logic can be given an inferentialist motivation, leaving classical model theory as of only derivative importance. The paper then uses this theory of meaning to present and motivate a logical system---ST---that conservatively extends classical (...) logic with a fully transparent truth predicate. This system is shown to allow for classical reasoning over the full (truth-involving) vocabulary, but to be non-transitive. Some special cases where transitivity does hold are outlined. ST is also shown to give rise to a familiar sort of model for non-classical logics: Kripke fixed points on the Strong Kleene valuation scheme. Finally, to give a theory of paradoxical sentences, a distinction is drawn between two varieties of assertion and two varieties of denial. On one variety, paradoxical sentences cannot be either asserted or denied; on the other, they must be both asserted and denied. The target theory is compared favourably to more familiar related systems, and some objections are considered. (shrink)

How do people understand the concepts of mental health and disorder? The objective of this paper is to examine the impact of several factors on people’s judgments about whether a condition constitutes a mental disorder or a healthy state. Specifically, this study examines the impact of the source of the condition, its outcome, individual valuation (i.e., the value the individual attaches to the condition), and group valuation (i.e., the value the relevant group attaches to the condition). While we (...) find that people’s health and disorder judgments are driven by perceived dysfunction, we also find that health and disorder judgments are impacted differently by these factors. Health judgements are impacted by outcome and individual valuation, and disorder judgments are impacted by condition source. These results suggest that the folk concept of mental health is positive (i.e., mental health is more than the absence of mental disorder) and normativist (i.e., value judgments play a significant role in determining whether a condition counts as healthy), while the concept of mental disorder aligns with a naturalist perspective, at least to the extent that dysfunction plays an important role in categorizing a condition as a disorder. However, our finding that people’s dysfunction judgments are influenced by individual valuation and outcomes poses a strong challenge to naturalist accounts. To provide access to our supplementary data, an appendix has been included. (shrink)

Amplifying Bernard Williams’ critique of the Nietzschean project of a revaluation of values, this paper mounts a critique of the idea that whether values will help us to live can serve as a criterion for choosing which values to live by. I explore why it might not serve as a criterion and highlight a number of further difficulties faced by the Nietzschean project. I then come to Nietzsche's defence, arguing that if we distinguish valuations from values, there is at least (...) one form of the project which overcomes those difficulties. Finally, however, I show that even on this reading, the project must either fall prey to ‘Saint-Just's illusion’ or fall back into the problems it was supposed to escape. This highlights important difficulties faced by the Nietzschean project and its descendants while also explaining why Williams, who was so Nietzschean in other respects, remained wary of the revaluation of values as a project. (shrink)

This paper reviews the central points and presents some recent developments of the epistemic approach to paraconsistency in terms of the preservation of evidence. Two formal systems are surveyed, the basic logic of evidence (BLE) and the logic of evidence and truth (LET J ), designed to deal, respectively, with evidence and with evidence and truth. While BLE is equivalent to Nelson’s logic N4, it has been conceived for a different purpose. Adequate valuation semantics that provide decidability are given (...) for both BLE and LET J . The meanings of the connectives of BLE and LET J , from the point of view of preservation of evidence, is explained with the aid of an inferential semantics. A formalization of the notion of evidence for BLE as proposed by M. Fitting is also reviewed here. As a novel result, the paper shows that LET J is semantically characterized through the so-called Fidel structures. Some opportunities for further research are also discussed. (shrink)

Modern scientific cosmology pushes the boundaries of knowledge and the knowable. This is prompting questions on the nature of scientific knowledge. A central issue is what defines a 'good' model. When addressing global properties of the Universe or its initial state this becomes a particularly pressing issue. How to assess the probability of the Universe as a whole is empirically ambiguous, since we can examine only part of a single realisation of the system under investigation: at some point, data will (...) run out. We review the basics of applying Bayesian statistical explanation to the Universe as a whole. We argue that a conventional Bayesian approach to model inference generally fails in such circumstances, and cannot resolve, e.g., the so-called 'measure problem' in inflationary cosmology. Implicit and non-empirical valuations inevitably enter model assessment in these cases. This undermines the possibility to perform Bayesian model comparison. One must therefore either stay silent, or pursue a more general form of systematic and rational model assessment. We outline a generalised axiological Bayesian model inference framework, based on mathematical lattices. This extends inference based on empirical data (evidence) to additionally consider the properties of model structure (elegance) and model possibility space (beneficence). We propose this as a natural and theoretically well-motivated framework for introducing an explicit, rational approach to theoretical model prejudice and inference beyond data. (shrink)

To hold an environmental ethic is to hold that non-human beings and states of affairs in the natural world have intrinsic value. This seemingly straightforward claim has been the focus of much recent philosophical discussion of environmental issues. Its clarity is, however, illusory. The term ‘intrinsic value’ has a variety of senses and many arguments on environmental ethics suffer from a conflation of these different senses: specimen hunters for the fallacy of equivocation will find rich pickings in the area. This (...) paper is largely the work of the underlabourer. I distinguish different senses of the concept of intrinsic value, and, relatedly, of the claim that non-human beings in the natural world have intrinsic value; I exhibit the logical relations between these claims and examine the distinct motivations for holding them. The paper is not however merely an exercise in conceptual underlabouring. It also defends one substantive thesis: that while it is the case that natural entities have intrinsic value in the strongest sense of the term, i.e., in the sense of value that exists independently of human valuations, such value does not as such entail any obligations on the part of human beings. The defender of nature’s intrinsic value still needs to show that such value contributes to the well-being of human agents. (shrink)

Call ‘a substance’ a person who is at home in a relatively stable and unified sense-making framework: a social structure that to some degree specifies which categories are important for interpreting reality, which goals are worth pursing, which character traits are admirable, etc. Call ‘an accident’ a person who is not at home in one such framework. It is tempting to think that being a substance is preferable, but I present some considerations for thinking otherwise. Mexican philosophers Emilio Uranga and (...) Jorge Portilla, I argue, present notions of accidentality as decolonial tools. Uranga’s account enables Mexicans to have positive valuation of their being independently of the approving gaze of the colonizers and their standards of value. Portilla’s thought distinguishes between pernicious accidentality resulting from the disintegration of sense-making frameworks and authentic accidentality as a condition for freedom, self-creation, and ultimately for individual and communal liberation. (shrink)

Blaming (construed broadly to include both blaming-attitudes and blaming-actions) is a puzzling phenomenon. Even when we grant that someone is blameworthy, we can still sensibly wonder whether we ought to blame him. We sometimes choose to forgive and show mercy, even when it is not asked for. We are naturally led to wonder why we shouldn’t always do this. Wouldn’t it be a better to wholly reject the punitive practices of blame, especially in light of their often undesirable effects, and (...) embrace an ethic of unrelenting forgiveness and mercy? In this paper I seek to address these questions by offering an account of blame that provides a rationale for thinking that to wholly forswear blaming blameworthy agents would be deeply mistaken. This is because, as I will argue, blaming is a way of valuing, it is “a mode of valuation.” I will argue that among the minimal standards of respect generated by valuable objects, notably persons, is the requirement to redress disvalue with blame. It is not just that blame is something additional we are required to do in properly valuing, but rather blame is part of what that it is to properly value. Blaming, given the existence of blameworthy agents, is mode of valuation required by the standards of minimal respect. To forswear blame would be to fail value what we ought to value. (shrink)

The aim of this article is to study the notion of derivability and its semantic counterpart in the context of non-transitive and non-reflexive substructural logics. For this purpose we focus on the study cases of the logics _S__T_ and _T__S_. In this respect, we show that this notion doesn’t coincide, in general, with a nowadays broadly used semantic approach towards metainferential validity: the notion of local validity. Following this, and building on some previous work by Humberstone, we prove that in (...) these systems derivability can be characterized in terms of a notion we call absolute global validity. However, arriving at these results doesn’t lead us to disregard local validity. First, because we discuss the conditions under which local, and also global validity, can be expected to coincide with derivability. Secondly, because we show how taking into account certain families of valuations can be useful to describe derivability for different calculi used to present _S__T_ and _T__S_. (shrink)

We generalize and extend the class of Sahlqvist formulae in arbitrary polyadic modal languages, to the class of so called inductive formulae. To introduce them we use a representation of modal polyadic languages in a combinatorial style and thus, in particular, develop what we believe to be a better syntactic approach to elementary canonical formulae altogether. By generalizing the method of minimal valuations à la Sahlqvist–van Benthem and the topological approach of Sambin and Vaccaro we prove that all inductive formulae (...) are elementary canonical and thus extend Sahlqvist’s theorem over them. In particular, we give a simple example of an inductive formula which is not frame-equivalent to any Sahlqvist formula. Then, after a deeper analysis of the inductive formulae as set-theoretic operators in descriptive and Kripke frames, we establish a somewhat stronger model-theoretic characterization of these formulae in terms of a suitable equivalence to syntactically simpler formulae in the extension of the language with reversive modalities. Lastly, we study and characterize the elementary canonical formulae in reversive languages with nominals, where the relevant notion of persistence is with respect to discrete frames. (shrink)

The structure "home - world - ideals" is presented as the structure of "philosophical striving" (F. Marković). It could be formally described as a model consisting of a domain, relations and a valuation. On that basis, the identity, openness, and the significance of Croatian philosophy is investigated. The programme of the renewal of Croatian philosophy (as proposed 1882 by Franjo Marković) is re-examined, and some unsolved historical-cultural discontinuities within the programme are described. The written beginnings of Croatian philosophical thought (...) are detected in the Charter of Duke Trpimir (852). (shrink)

L'évaluation des écosystèmes est l'un des pivots essentiels pour l'élaboration de moyens adap- tés permettant de lutter contre la diminution massive de la biodiversité. Pour la première fois, elle a fait l'objet d'une analyse à l'échelle mondiale dans le cadre de l'Evaluation des écosys- tèmes en début de millénaire (EM). Le rassemblement de plus d’un millier de chercheurs et de plusieurs organismes internationaux durant quatre années ont permis de dessiner la carte nécessaire à toute action efficace. L'article expose les éléments (...) principaux de l'EM : l'évaluation des écosystèmes en tant que tels, mais surtout des services écosystémiques, dans toutes leurs dimensions, en ce que leur évolution affecte le bien-être humain. Il analyse ensuite les quatre points principaux de l'apport de l'EM, des avantages de l'utilisation croissante des services éco- logiques à sa non viabilité. Des scénarios, modèles et outils sont proposés pour inverser la courbe négative d'appauvrissement de la biodiversité et des services écosystémiques dans un premier bilan des retombées de l'EM. (shrink)

In the present article, we attempt to elucidate the conceptual rela- tionship between censorship and emotional development. We employ a framework from emotion regulation studies in order to clarify how censorship works and to ex- plain why it cannot affect emotional development in the same way as the remaining types of emotional regulation. Nevertheless, we argue that, by focusing on Plato’s ac- count of censorship, and specifically of its sociocultural function, one can find that it is not a useless device (...) for emotional development. Censorship affects relevant variables in the dynamics of contraposed emotional processes that compete for dominance. (shrink)

To what extent do we value future generations? It may seem from our behavior that we don’t value future generations much at all, at least in relation to how much we value present generations. However, in his book _Death and the Afterlife_, Samuel Scheffler argues that we value the future even _more_ than we value the present, even though this is not immediately apparent to us. If Scheffler’s argument is sound, then it has important ramifications: It would give us a (...) strong motivation to put more energy into abating environmental crises like climate change, and it supports at least a limited form of ethical _longtermism_. However, in this paper, I show that Scheffler’s argument is fallacious. Scheffler claims that we do not regard the fact that we in the present generation will all die relatively soon as a catastrophe, but we do regard the non-existence of future generations as a catastrophe. But the particular scenario used by Scheffler to illustrate this point—the plot of the book _The Children of Men_—is one in which _both_ the present generation will perish _and_ there will be no future generations, and it is this _conjunction_ that is catastrophic, thus giving no information about which is worse. I suggest other ways to compare our valuations of present and future generations, and recommend that philosophers who are interested in the moral psychology of how we value future generations ought to engage with social science, as it is an empirical issue. (shrink)

There has been recent discussion of a puzzle posed by emotions that are backward looking. Though our emotions commonly diminish over time, how can they diminish fittingly if they are an accurate appraisal of an event that is situated in the past? Agnes Callard (2017) has offered a solution by providing an account of anger in which anger is both backwards looking and resolvable, yet her account depends upon contrition to explain anger’s fitting diminishment. My aim is to explain how (...) anger can fittingly diminish even when there is lack of contrition. I propose a permissivism about fittingness by showing that both anger and compassion are fitting responses to blameworthy behaviour. I argue that anger is rendered fitting because it accurately appraises the behaviour, whereas compassion becomes fitting as a valuational response to what the behaviour reveals about the lived experience of the offender. I then respond to some worries my account raises, and I clarify details of my account to show that it is not unrealistic to the way some of our anger actually does diminish. I end with a proposal that our anger can fittingly diminish through the act of forgiveness when compassion is not a forthcoming affective response. (shrink)

This paper is an original attempt to understand the foundations of economic reasoning. It endeavors to rigorously define the relationship between subjective interpretations and objective valuations of such interpretations in the context of theoretical economics. This analysis is substantially expanded through a dynamic approach, where the truth of a valuation results in an updated interpretation or changes in the agent's subjective belief regarding the effectiveness of the selected action as well as the objective reality of the effectiveness of all (...) other possible actions (i.e. consequence realization). Complications arise when the economic agent is presented with a set of actions that render ambiguous preference, or when the effectiveness of an action cannot be perceived upon its selection, thereby necessitating a different theory of choice and consequence realization. (shrink)

The development of ecological thinking in North America has been conditioned by the imperative aiming at a valuation of the biotic community. Since the end of WWII, the US population was warned against the dangerous and violent alterations of nature. Many then found in theology an unforeseen ally. I review the roots of the tension which led to debates involving radical ecologism or its denial, and I aim at analyzing it philosophically.

Debates about the genuine disease status of controversial diseases rely on intuitions about a range of factors. Adopting tools from experimental philosophy, this paper explores some of the factors that influence judgments about whether low sexual desire should be considered a disease and whether it should be medically treated. Drawing in part on some assumptions underpinning a divide in the literature between viewing low sexual desire as a genuine disease and seeing it as improperly medicalized, we investigate whether health and (...) disease judgments are affected by factors such as an individual’s gender, the cause of the low desire, whether the desire is high or low, and both personal and societal valuations of the condition. Our main findings indicate that (a) the cause of a condition influences whether it is judged a disorder, (b) how the individual values the condition influences whether the condition is seen as a proper target of medical intervention, and (c) perceived dysfunction influences judgments regarding health, disorder classification, medicalization, and medical intervention. Our findings help further illuminate the intricate interplay of factors that influence judgments about health and disease in controversial conditions. (shrink)

Clarence I. Lewis (1883-1964) delineated the structure of mind based on his “conceptual pragmatism.” Human mind grounds itself on the ongoing dynamic interaction of relational processes, which is essentially mediated and structural. Lewis’s pragmatism anchors itself on the theory of knowledge that has the triadic structure of the given or immediate data, interpretation, and the concept. Lewis takes the a priori given as a starting point of meaningful experience. The interpretative work of mind is the mediator of the a priori (...) given and the concepts. The a priori given is the principle that determines the application of concepts in our interpretative process. Our mind interprets the given in relating to other possible experience. In other words, the meaning of the a priori given is determined by mind, the subject of interpretative process, which performs constructive and legislative activity, and allows room for the existence of alternatives. Lewis’s theory of knowledge calls for pragmatic justification of value experience. In his ethical theory, Lewis pursues to find answers for how to build up the objectivity of value experience regarding the work of mind as conceptual apparatus. For Lewis, knowledge is a claim about valuation and normativity. In our value experience, the normative significance of our empirical assessments for action comprises objective significance for future experience. Mind is “principle- content apparatus” composed of imperatives as the a priori given principles and the contents of experience as a whole.Imperatives are the result of lessons accumulated from the past and function as rules for the future. Individuals start their experience from imperatives and organize their own experience by doing based on the inferential process, which is directional from the past to the future. (shrink)

This article analyses, defines, and refines the concepts of ownership and personal data to explore their compatibility in the context of EU law. It critically examines the traditional dividing line between personal and non-personal data and argues for a strict conceptual separation of personal data from personal information. The article also considers whether, and to what extent, the concept of ownership can be applied to personal data in the context of the Internet of Things (IoT). This consideration is framed around (...) two main approaches shaping all ownership theories: a bottom-up and top-down approach. Via these dual lenses, the article reviews existing debates relating to four elements supporting introduction of ownership of personal data, namely the elements of control, protection, valuation, and allocation of personal data. It then explores the explanatory advantages and disadvantages of the two approaches in relation to each of these elements as well as to ownership of personal data in IoT at large. Lastly, the article outlines a revised approach to ownership of personal data in IoT that may serve as a blueprint for future work in this area and inform regulatory and policy debates. (shrink)

The study ties in with former considerations concerning the problem of phenomenal perception of higher animals. Accordingly the phenomenal character, qualia included, results from the adjustment of perceptions to (typal) behavioral dispositions under the principle of self-preservation: an emergence phenomenon provided by the constitutive system unity of perception and behavior, here characterized as percept-act-system. Thereby the subject of behavior can be explained as an emergent instance of the – system-theoretically highest rank – percept-act-level. In terms of the principle of self-preservation (...) it subjects all sensations to an valuation. Perception thus gaining existential sense for the subject, a psychic sense-dimension is spanned which as such does not own physical but ideal character. Accessing Hegel this is further interpreted: Accordingly the ontological basis of this view is the lawfulness of nature, understood as the ideal essence underlying it. In virtue of this – basically Hegelian-type idealistic – conception the material being of nature always encloses the possibility of the psychic, according to that ideal substratum of nature. (shrink)

I offer a line of argument that aims at the conclusion that the notion of radically different and incommensurable systems of value is incoherent, which would mean that the presumption of some significant common ground of valuation is rationally required in value inquiry.

The problem we face today is that there is a huge gap between our ethical judgments about the ecological crisis on the one hand and our ethical behavior according to these judgments on the other. In this article, we ask to what extent a phenomenology of the ecological crisis enables us to bridge this gap and display more ethical or pro-environmental behavior. To answer this question, our point of departure is the affordance theory of the American psychologist and founding father (...) of ecological psychology, James Gibson. There are two reasons for taking this approach. First of all, an ontological reading of Gibson’s affordance theory provides a concept of nature which is non-dualistic, non-anthropocentric and eco-centric, but is not seen as an ‘intrinsic value’ or product of ‘human valuation’. Secondly, the affordance ontology provides us with a concept of nature which in itself calls for certain action and behavior. If we indeed face a gap between ethical judgment and ethical behavior with regard to the current ecological crisis, an affordance of nature could bridge this gap. Based on our ontological reading of Gibson’s affordance theory, we open a radically new perspective on the current ecological crisis and the responsibility of mankind with regard to this crisis. (shrink)

Prompted by the thesis that an organism’s umwelt possesses not just a descriptive dimension, but a normative one as well, some have sought to annex semiotics with ethics. Yet the pronouncements made in this vein have consisted mainly in rehearsing accepted moral intuitions, and have failed to concretely further our knowledge of why or how a creature comes to order objects in its environment in accordance with axiological charges of value or disvalue. For want of a more explicit account, theorists (...) writing on the topic have relied almost exclusively on semiotic insights about perception originally designed as part of a sophisticated refutation of idealism. The end result, which has been a form of direct givenness, has thus been far from convincing. In an effort to bring substance to the right-headed suggestion that values are rooted in the biological and conform to species-specific requirements, we present a novel conception that strives to make explicit the elemental structure underlying umwelt normativity. Building and expanding on the seminal work of Ayn Rand in metaethics, we describe values as an intertwined lattice which takes a creature’s own embodied life as its ultimate standard; and endeavour to show how, from this, all subsequent valuations can in principle be determined. (shrink)

In the context of a global pandemic, there is good health-based reason for governments to impose various social distancing measures. However, such measures also cause economic and other harms to people at low risk from the virus. In this paper, I examine how to make such trade-offs in a way that is respectfully justifiable to their losers. I argue that existing proposals like using standard QALY (quality-adjusted life-year) valuations or WELLBYs (wellbeing-adjusted life-years) as the currency for trade-offs do not allow (...) such justification, because they give weight to utilities that are irrelevant in a life-and-death context. Drawing on work on restricted aggregation in ethics, I articulate an alternative framework for balancing claims arising from prospects of different kinds of harm and benefit, and show how it can be applied to reasoning about trade-offs in a pandemic context. (shrink)

Over the past few decades, scholars have reassessed the role of amour-propre in Rousseau’s thought. While it was once believed that he had an entirely negative valuation of the emotion, it is now widely held that he finds it useful and employs it to strengthen moral attachments, conjugal love, civic virtue and moral heroism. At the same time, scholars are divided as to whether this positive amour-propre is an antidote to the negative or dangerous form. Some scholars are confident (...) that ‘inflamed’ amour-propre can be overcome while others adopt a more fatalistic view. While mindful of Rousseau’s pessimism in his most famous works, this essay seeks to identify a middle position. By contending Rousseau’s discussion of amour-propre is largely concerned with the problems surrounding identity construction in commercial, urban societies, it will be argued that amour-propre can be lessened to manageable levels in more rural societies, that is, agrarian provincial life. (shrink)