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 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)

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)

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)

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.

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)

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)

Seeking consensuses from the public is difficult, this also applies to the heritage sector, particularly in heritage preservation. ‘What, why and how to preserve?’ are the core of debates in the field and the differ- ences between points of views are basically due to the difference in valuation. In order to know everyone’s needs, views and expectations better and for sustainability, involving the community for preservation be- comes fundamental. Education, an experience which does not only provide opportunities for enlightenments (...) and widening horizons, but also introduce various concepts in terms of moral, ethical and social through systematic instructions. Having such great impact to community, promoting heritage education can be an effective approach awakening public consciousness on heritage preservation, and thus, enhancing people’s responsibility towards heritage, for both tangible and intangible, and developing a sustainable future for heritage through public engagement. However, it is necessary to understand the structure or the level of engagement prior setting the goal for heritage education. A model for classifying the level of engagement from performance is proposed for clarification and appraisal. This model is part of the research project of Community Engagement with Heritage in Macau which has an intention to examine its level of community engagement and give suggestions. This essay will first discuss community engagement, then classify the levels of engagement with models and lastly argue heritage education can elevate the level of community engagement which ultimately achieves the aim of heritage preservation. (shrink)

The LIBOR Market Model has become one of the most popular models for pricing interest rate products. It is commonly believed that Monte-Carlo simulation is the only viable method available for the LIBOR Market Model. In this article, however, we propose a lattice approach to price interest rate products within the LIBOR Market Model by introducing a shifted forward measure and several novel fast drift approximation methods. This model should achieve the best performance without losing much (...) accuracy. Moreover, the calibration is almost automatic and it is simple and easy to implement. Adding this model to the valuation toolkit is actually quite useful; especially for risk management or in the case there is a need for a quick turnaround. (shrink)

$${{{\mathcal {F}}}}$$ -systems are useful digraphs to model sentences that predicate the falsity of other sentences. Paradoxes like the Liar and the one of Yablo can be analyzed with that tool to find graph-theoretic patterns. In this paper we studied this general model consisting of a set of sentences and the binary relation ‘ $$\ldots $$ affirms the falsity of $$\ldots $$ ’ among them. The possible existence of non-referential sentences was also considered. To model the sets (...) of all the sentences that can jointly be valued as true we introduced the notion of conglomerate, the existence of which guarantees the absence of paradox. Conglomerates also enabled us to characterize referential contradictions, i.e., sentences that can only be false under a classical valuation due to the interactions with other sentences in the model. A Kripke-style fixed-point characterization of groundedness was offered, and complete (meaning that every sentence is deemed either true or false) and consistent (meaning that no sentence is deemed true and false) fixed points were put in correspondence with conglomerates. Furthermore, argumentation frameworks are special cases of $$\mathcal{F}$$ -systems. We showed the relation between local conglomerates and admissible sets of arguments and argued about the usefulness of the concept for the argumentation theory. (shrink)

The AI Contribution Value System Argument proposes a framework in which AI-generated contributions are valued based on their societal impact rather than traditional monetary metrics. Traditional economic systems often fail to capture the enduring value of AI innovations, which can mitigate pressing global challenges. This argument introduces a contribution-based valuation model grounded in equity, inclusivity, and sustainability. By incorporating measurable metrics such as quality-adjusted life years (QALYs), emissions reduced, and innovations generated, this system ensures rewards align with tangible (...) societal benefits. It emphasizes the need for global collaboration, ethical safeguards, and adaptive frameworks to prevent monopolization and corruption. Through AI-enhanced transparency, blockchain-based trust mechanisms, and cross-border cooperation, the AI Contribution Value System offers a transformative approach to fostering sustainable and equitable innovation in the 21st century. (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)

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)

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)

In this work, we discuss the failure of the principle of truth functionality in the quantum formalism. By exploiting this failure, we import the formalism of N-matrix theory and non-deterministic semantics to the foundations of quantum mechanics. This is done by describing quantum states as particular valuations associated with infinite non-deterministic truth tables. This allows us to introduce a natural interpretation of quantum states in terms of a non-deterministic semantics. We also provide a similar construction for arbitrary probabilistic theories based (...) in orthomodular lattices, allowing to study post-quantum models using logical techniques. (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)

As the ongoing literature on the paradoxes of the Lottery and the Preface reminds us, the nature of the relation between probability and rational acceptability remains far from settled. This article provides a novel perspective on the matter by exploiting a recently noted structural parallel with the problem of judgment aggregation. After offering a number of general desiderata on the relation between finite probability models and sets of accepted sentences in a Boolean sentential language, it is noted that a number (...) of these constraints will be satisfied if and only if acceptable sentences are true under all valuations in a distinguished non-empty set W. Drawing inspiration from distance-based aggregation procedures, various scoring rule based membership conditions for W are discussed and a possible point of contact with ranking theory is considered. The paper closes with various suggestions for further research. (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)

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)

This article argues that Nietzsche’s transvaluation project refers not to a mere inversion or negation of a set of nihilism-prone, Judeo-Christian values but, instead, to a different conception of what a value is and how it functions. Traditional values function within a standard logical framework and claim legitimacy and “bindingness” based on exogenous authority with absolute extension. Nietzsche regards this framework as unnecessarily reductive in its attempted exclusion of contradiction and real opposition among competing values. I propose a nonstandard, dialetheic (...) model of valuation that requires a value to be both true and false as well as neither true nor false.In our Europe, life is no longer quite so uncertain, contingent, nonsensical. [...] The power man has achieved now allows a reduction of those means of discipline of which the moral interpretation was the strongest.— KSA 12:5[71]The logic of our conscious thinking is only a crude and facilitated form of the thinking needed by our organism [...] A simultaneity-thinking [ein Zugleichdenken], for example, is needed of which we have hardly an inkling. [...] We are still growing continually, our sense of time and place, etc., is still developing.— KSA 11:34[124]. (shrink)

This article informally presents a solution to the paradoxes of truth and shows how the solution solves classical paradoxes (such as the original Liar) as well as the paradoxes that were invented as counterarguments for various proposed solutions (“the revenge of the Liar”). This solution complements the classical procedure of determining the truth values of sentences by its own failure and, when the procedure fails, through an appropriate semantic shift allows us to express the failure in a classical two-valued language. (...) Formally speaking, the solution is a language with one meaning of symbols and two valuations of the truth values of sentences. The primary valuation is a classical valuation that is partial in the presence of the truth predicate. It enables us to determine the classical truth value of a sentence or leads to the failure of that determination. The language with the primary valuation is precisely the largest intrinsic fixed point of the strong Kleene three-valued semantics (LIFPSK3). The semantic shift that allows us to express the failure of the primary valuation is precisely the classical closure of LIFPSK3: it extends LIFPSK3 to a classical language in parts where LIFPSK3 is undetermined. Thus, this article provides an argumentation, which has not been present in contemporary debates so far, for the choice of LIFPSK3 and its classical closure as the right model for the truth predicate. In the end, an erroneous critique of Kripke-Feferman axiomatic theory of truth, which is present in contemporary literature, is pointed out. (shrink)

The categoricity problem for a system of logic reveals an asymmetry between the model-theoretic and the proof-theoretic resources of that logic. In particular, it reveals prima facie that the proof-theoretic instruments are insufficient for matching the envisaged model-theory, when the latter is already available. Among the proposed solutions for solving this problem, some make use of new proof-theoretic instruments, some others introduce new model-theoretic constrains on the proof-systems, while others try to use instruments from both sides. On (...) the proof-theoretical side, two main approaches for solving the categoricity problem for propositional classical logic consist in the enforcement of the formal systems of this logic by introducing rules of inference of a new kind. A multiple-conclusions logic allows rules of inference with more than one conclusion, while a bilateralist system contains rules of inference formulated in terms of assertion and rejection. Both these approaches reveal interesting formal features of logical reasoning. This paper analyses some of the advantages and limitations of these two approaches as solutions for a full formalization of logic, i.e., for a categorical formalization. (shrink)

The thesis deals with the concept of truth and the paradoxes of truth. Philosophical theories usually consider the concept of truth from a wider perspective. They are concerned with questions such as - Is there any connection between the truth and the world? And, if there is - What is the nature of the connection? Contrary to these theories, this analysis is of a logical nature. It deals with the internal semantic structure of language, the mutual semantic connection of sentences, (...) above all the connection of sentences that speak about the truth of other sentences and sentences whose truth they speak about. Truth paradoxes show that there is a problem in our basic understanding of the language meaning and they are a test for any proposed solution. It is important to make a distinction between the normative and analytical aspect of the solution. The former tries to ensure that paradoxes will not emerge. The latter tries to explain paradoxes. Of course, the practical aspect of the solution is also important. It tries to ensure a good framework for logical foundations of knowledge, for related problems in Artificial Intelligence and for the analysis of the natural language. Tarski’s analysis emphasized the T-scheme as the basic intuitive principle for the concept of truth, but it also showed its inconsistency with the classical logic. Tarski’s solution is to preserve the classical logic and to restrict the scheme: we can talk about the truth of sentences of a language only inside another essentially richer metalanguage. This solution is in harmony with the idea of reflexivity of thinking and it has become very fertile for mathematics and science in general. But it has normative nature | truth paradoxes are avoided in a way that in such frame we cannot even express paradoxical sentences. It is also too restrictive because, for the same reason we cannot express a situation in which there is a circular reference of some sentences to other sentences, no matter how common and harmless such a situation may be. Kripke showed that there is no natural restriction to the T-scheme and we have to accept it. But then we must also accept the riskiness of sentences | the possibility that under some circumstances a sentence does not have the classical truth value but it is undetermined. This leads to languages with three-valued semantics. Kripke did not give any definite model, but he gave a theoretical frame for investigations of various models | each fixed point in each three-valued semantics can be a model for the concept of truth. The solutions also have normative nature | we can express the paradoxical sentences, but we escape a contradiction by declaring them undetermined. Such a solution could become an analytical solution only if we provide the analysis that would show in a substantial way that it is the solution that models the concept of truth. Kripke took some steps in the direction of finding an analytical solution. He preferred the strong Kleene three-valued semantics for which he wrote it was "appropriate" but did not explain why it was appropriate. One reason for such a choice is probably that Kripke finds paradoxical sentences meaningful. This eliminates the weak Kleene three valued semantics which corresponds to the idea that paradoxical sentences are meaningless, and thus indeterminate. Another reason could be that the strong Kleene three valued semantics has the so-called investigative interpretation. According to this interpretation, this semantics corresponds to the classical determination of truth, whereby all sentences that do not have an already determined value are temporarily considered indeterminate. When we determine the truth value of these sentences, then we can also determine the truth value of the sentences that are composed of them. Kripke supplemented this investigative interpretation with an intuition about learning the concept of truth. That intuition deals with how we can teach someone who is a competent user of an initial language (without the predicate of truth T) to use sentences that contain the predicate T. That person knows which sentences of the initial language are true and which are not. We give her the rule to assign the T attribute to the former and deny that attribute to the latter. In that way, some new sentences that contain the predicate of truth, and which were indeterminate until then, become determinate. So the person gets a new set of true and false sentences with which he continues the procedure. This intuition leads directly to the smallest fixed point of strong Kleene semantics as an analytically acceptable model for the logical notion of truth. However, since this process is usually saturated only on some transfinite ordinal, this intuition, by climbing on ordinals, increasingly becomes a metaphor. This thesis is an attempt to give an analytical solution to truth paradoxes. It gives an analysis of why and how some sentences lack the classical truth value. The starting point is basic intuition according to which paradoxical sentences are meaningful (because we understand what they are talking about well, moreover we use it for determining their truth values), but they witness the failure of the classical procedure of determining their truth value in some "extreme" circumstances. Paradoxes emerge because the classical procedure of the truth value determination does not always give a classically supposed (and expected) answer. The analysis shows that such an assumption is an unjustified generalization from common situations to all situations. We can accept the classical procedure of the truth value determination and consequently the internal semantic structure of the language, but we must reject the universality of the exterior assumption of a successful ending of the procedure. The consciousness of this transforms paradoxes to normal situations inherent to the classical procedure. Some sentences, although meaningful, when we evaluate them according to the classical truth conditions, the classical conditions do not assign them a unique value. We can assign to them the third value, \undetermined", as a sign of definitive failure of the classical procedure. An analysis of the propagation of the failure in the structure of sentences gives exactly the strong Kleene three-valued semantics, not as an investigative procedure, as it occurs in Kripke, but as the classical truth determination procedure accompanied by the propagation of its own failure. An analysis of the circularities in the determination of the classical truth value gives the criterion of when the classical procedure succeeds and when it fails, when the sentences will have the classical truth value and when they will not. It turns out that the truth values of sentences thus obtained give exactly the largest intrinsic fixed point of the strong Kleene three-valued semantics. In that way, the argumentation is given for that choice among all fixed points of all monotone three-valued semantics for the model of the logical concept of truth. An immediate mathematical description of the fixed point is given, too. It has also been shown how this language can be semantically completed to the classical language which in many respects appears a natural completion of the process of thinking about the truth values of the sentences of a given language. Thus the final model is a language that has one interpretation and two systems of sentence truth evaluation, primary and final evaluation. The language through the symbol T speaks of its primary truth valuation, which is precisely the largest intrinsic fixed point of the strong Kleene three valued semantics. Its final truth valuation is the semantic completion of the first in such a way that all sentences that are not true in the primary valuation are false in the final valuation. (shrink)

Academic social networks and social media have revolutionised the way individuals gather information and express themselves, particularly in academia, science, and research. Through the lens of academics, this study aims to investigate the epistemological and psychosocial aspects of these knowledge sources. The epistemological attitude model presented a framework to delve into and reflect upon the existence of knowledge sources, comprising subjective, interactional, and knowledge dimensions. One hundred and twenty-six university academics participated in this study, including lecturers and researchers from (...) different higher education institutions in Latvia. The study employed two methods: the Epistemological Attitudes towards Sources of Knowledge Questionnaire and the Epistemological Attitudes towards Sources of Knowledge Semantic Questionnaire. The data analysis involved several procedures, including exploratory and confirmatory factor analysis, correlation analysis, and test statistics. By implementing these methods, the study gained valuable insights into the sources of knowledge, examining them from two perspectives. The first perspective brought attention to the differences in academics’ appraisals by discussing their understanding, approach, use, and valuations of these sources. By scrutinising the constructs of meanings, the second perspective sheds light on the anticipated knowledge which is deemed ideal, the concrete knowledge that is both social and objective, and the subjectively valuable nature of academic social networks and social media. The findings underscore the specialised knowledge and qualities that academics rely on for producing knowledge. In terms of epistemology, methodology, social science, and education, the study holds theoretical and practical implications, especially in comprehending knowledge and its sources. (shrink)

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect of collateralization on (...) valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one. (shrink)

This paper reflects on lessons learned from a validated model of international collaboration based on research and practice. During the European Year for Active Ageing, a partnership of seven organizations from the European Union plus Turkey implemented the Lifelong Learning Programme partnership “Connecting Generations‘ which involved universities, non-governmental organizations, third age Universities and municipalities in collaboration with local communities. Reckoning that Europe has dramatically changed in its demographic composition and is facing brand new challenges regarding intergenerational and intercultural solidarity, (...) each partner formulated and tested innovative and creative practices that could enhance better collaboration and mutual understanding between youth and senior citizens, toward a more inclusive Europe for all. Several innovative local practices have experimented, attentively systematized and peer-valuated among the partners. On the basis of a shared theoretical framework coherent with EU and Europe and Training 2020 Strategy, an action-research approach was adopted throughout the project in order to understand common features that have been replicated and scaled up since today. (shrink)

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

The incremental risk charge (IRC) is a new regulatory requirement from the Basel Committee in response to the recent financial crisis. Notably few models for IRC have been developed in the literature. This paper proposes a methodology consisting of two Monte Carlo simulations. The first Monte Carlo simulation simulates default, migration, and concentration in an integrated way. Combining with full re-valuation, the loss distribution at the first liquidity horizon for a subportfolio can be generated. The second Monte Carlo simulation (...) is the random draws based on the constant level of risk assumption. It convolutes the copies of the single loss distribution to produce one year loss distribution. The aggregation of different subportfolios with different liquidity horizons is addressed. Moreover, the methodology for equity is also included, even though it is optional in IRC. (shrink)

Coherence and correspondence are classical contenders as theories of truth. In this paper we examine them instead as interacting factors in the dynamics of belief across epistemic networks. We construct an agent-based model of network contact in which agents are characterized not in terms of single beliefs but in terms of internal belief suites. Individuals update elements of their belief suites on input from other agents in order both to maximize internal belief coherence and to incorporate ‘trickled in’ elements (...) of truth as correspondence. Results, though often intuitive, prove more complex than in simpler models (Hegselmann & Krause 2002, 2006; Grim, Singer, Reade & Fisher 2015). The optimistic finding is that pressures toward internal coherence can exploit and expand on small elements of truth as correspondence is introduced into epistemic networks. Less optimistic results show that pressures for coherence can also work directly against the incorporation of truth, particularly when coherence is established first and new data is introduced later. (shrink)

One of the most frequently voiced criticisms of free will skepticism is that it is unable to adequately deal with criminal behavior and that the responses it would permit as justified are insufficient for acceptable social policy. This concern is fueled by two factors. The first is that one of the most prominent justifications for punishing criminals, retributivism, is incompatible with free will skepticism. The second concern is that alternative justifications that are not ruled out by the skeptical view per (...) se face significant independent moral objections. Yet despite these concerns, I maintain that free will skepticism leaves intact other ways to respond to criminal behavior—in particular preventive detention, rehabilitation, and alteration of relevant social conditions—and that these methods are both morally justifiable and sufficient for good social policy. The position I defend is similar to Derk Pereboom’s, taking as its starting point his quarantine analogy, but it sets out to develop the quarantine model within a broader justificatory framework drawn from public health ethics. The resulting model—which I call the public health -quarantine model—provides a framework for justifying quarantine and criminal sanctions that is more humane than retributivism and preferable to other non-retributive alternatives. It also provides a broader approach to criminal behavior than Pereboom’s quarantine analogy does on its own. (shrink)

People suffering from Obsessive-Compulsive Disorder (OCD) do things they do not want to do, and/or they think things they do not want to think. In about 10 percent of OCD patients, none of the available treatment options is effective. A small group of these patients is currently being treated with deep brain stimulation (DBS). Deep brain stimulation involves the implantation of electrodes in the brain. These electrodes give a continuous electrical pulse to the brain area in which they are implanted. (...) It turns out that patients may experience profound changes as a result of DBS treatment. It is not just the symptoms that change; patients rather seem to experience a different way of being in the world. These global effects are insufficiently captured by traditional psychiatric scales, which mainly consist of behavioural measures of the severity of the symptoms. In this article we aim to capture the changes in the patients’ phenomenology and make sense of the broad range of changes they report. For that we introduce an enactive, affordance-based model that fleshes out the dynamic interactions between person and world in four aspects. The first aspect is the patients’ experience of the world. We propose to specify the patients’ world in terms of a field of affordances, with the three dimensions of broadness of scope (‘width’ of the field), temporal horizon (‘depth’), and relevance of the perceived affordances (‘height’). The second aspect is the person-side of the interaction, that is, the patients’ self-experience, notably their moods and feelings. Thirdly, we point to the different characteristics of the way in which patients relate to the world. And lastly, the existential stance refers to the stance that patients take towards the changes they experience: the second-order evaluative relation to their interactions and themselves. With our model we intend to specify the notion of being in the world in order to do justice to the phenomenological effects of DBS treatment. (shrink)

Previous research in Explainable Artificial Intelligence (XAI) suggests that a main aim of explainability approaches is to satisfy specific interests, goals, expectations, needs, and demands regarding artificial systems (we call these “stakeholders' desiderata”) in a variety of contexts. However, the literature on XAI is vast, spreads out across multiple largely disconnected disciplines, and it often remains unclear how explainability approaches are supposed to achieve the goal of satisfying stakeholders' desiderata. This paper discusses the main classes of stakeholders calling for explainability (...) of artificial systems and reviews their desiderata. We provide a model that explicitly spells out the main concepts and relations necessary to consider and investigate when evaluating, adjusting, choosing, and developing explainability approaches that aim to satisfy stakeholders' desiderata. This model can serve researchers from the variety of different disciplines involved in XAI as a common ground. It emphasizes where there is interdisciplinary potential in the evaluation and the development of explainability approaches. (shrink)

Cosmological inflation is widely considered an integral and empirically successful component of contemporary cosmology. It was originally motivated by its solution of certain so-called fine-tuning problems of the hot big bang model, particularly what are known as the horizon problem and the flatness problem. Although the physics behind these problems is clear enough, the nature of the problems depends on the sense in which the hot big bang model is fine-tuned and how the alleged fine-tuning is problematic. Without (...) clear explications of these, it remains unclear precisely what problems inflationary theory is meant to be solving and whether it does in fact solve them. I analyze the structure of these problems and consider various interpretations that may substantiate the alleged fine-tuning. On the basis of this analysis I argue that at present there is no unproblematic interpretation available for which it can be said that inflation solves the big bang model’s alleged fine-tuning problems. (shrink)

In this paper, I propose a new way of defining sport that I call a ‘core-periphery’ model. According to a core-periphery model, sport comes in degrees – what I refer to as ‘sport-likeness’ – and the aim of the philosopher of sport is to chart those dimensions along which an activity can be more or less a sport. By introducing the concept of sport-likeness, the core-periphery model complicates the picture of what is or is not a sport (...) and encourages philosophers interested in defining sport to engage with the social sciences in exploring the extension of the term sport in common usage. In this paper I present the results of a small survey about attitudes to sport, and use it to illustrate how a core-periphery definition of sport would proceed. (shrink)

A general mathematical framework, based on countable partitions of Natural Numbers [1], is presented, that allows to provide a Semantics to propositional languages. It has the particularity of allowing both the valuations and the interpretation Sets for the connectives to discriminate complexity of the formulas. This allows different adequacy criteria to be used to assess formulas associated with the same connective, but that differ in their complexity. The presented method can be adapted potentially infinite number of connectives and truth values, (...) therefore, it can be considered a general framework to provide semantics to several of the known logic systems (eg, LC, L3 LP, FDE). The presented semantics allow to converge to different standard semantics if the separation complexity procedure is annulled. Therefore, it can be understood as a framework that allows greater precision (in complexity terms) with respect to formula satisfaction. Naturally, because of how it is built, it can be incorporated into non-deterministic semantics. The presented procedure also allows generating valuations that grant a different truth value to each formula of propositional language. As a positive side effect, our method allows a constructive proof of the equipotence between N and N^n for all Natural n. (shrink)

There is growing concern that a global economic system fueled predominately by financial incentives may not maximize human flourishing and social welfare externalities. If so, this presents a challenge of how to get economic actors to adopt a more virtuous motivational mindset. Relying on historical, psychological, and philosophical research, we show how such a mindset can be instilled. First, we demonstrate that historically, financial self-interest has never in fact been the only guiding motive behind free markets, but that markets themselves (...) are representations of our individual and collective moral identities. Building on this understanding, we review the research on how economic incentives crowd out virtue-oriented concerns. We then introduce the concept of moral self-awareness (MSA), an evolving mindset informed by reflection on moral identity, namely what one’s actions say about oneself given the impacts on others or society that one’s action may effect. MSA comprises three fundamental aspects of virtue-oriented reasoning: pride, shame, and guilt. Finally, we offer a four-stage model anchored in systems theory, yielding ever more refined motivating strategies for maximizing human flourishing and social welfare externalities. (shrink)

Bartha and DesRoches (Synthese 199(3–4):8701–8740, 2021) and Steel and Bartha (Risk Analysis 43(2):260–268, 2023) argue that we should understand the precautionary principle as the injunction to maximise lexical utilities. They show that the lexical utility model has important pragmatic advantages. Moreover, the model has the theoretical advantage of satisfying all axioms of expected utility theory except continuity. In this paper I raise a trilemma for any attempt at modelling the precautionary principle with lexical utilities: it permits choice cycles (...) or leads to paralysis or implies that the smallest value difference that is possible in a context has extreme axiological implications. (shrink)

We argue that concerns about double-counting—using the same evidence both to calibrate or tune climate models and also to confirm or verify that the models are adequate—deserve more careful scrutiny in climate modelling circles. It is widely held that double-counting is bad and that separate data must be used for calibration and confirmation. We show that this is far from obviously true, and that climate scientists may be confusing their targets. Our analysis turns on a Bayesian/relative-likelihood approach to incremental confirmation. (...) According to this approach, double-counting is entirely proper. We go on to discuss plausible difficulties with calibrating climate models, and we distinguish more and less ambitious notions of confirmation. Strong claims of confirmation may not, in many cases, be warranted, but it would be a mistake to regard double-counting as the culprit. 1 Introduction2 Remarks about Models and Adequacy-for-Purpose3 Evidence for Calibration Can Also Yield Comparative Confirmation3.1 Double-counting I3.2 Double-counting II4 Climate Science Examples: Comparative Confirmation in Practice4.1 Confirmation due to better and worse best fits4.2 Confirmation due to more and less plausible forcings values5 Old Evidence6 Doubts about the Relevance of Past Data7 Non-comparative Confirmation and Catch-Alls8 Climate Science Example: Non-comparative Confirmation and Catch-Alls in Practice9 Concluding Remarks. (shrink)

This study aims to look at the role of the practice of excellence strategies in education in achieving sustainable competitive advantage for the Higher educational institutions of the faculty of Engineering and Information Technology at Al-Azhar University in Gaza, a model, and the study considered the competitive advantage of educational institutions stems from the impact on the level of each student, employee, and the institution. The study was based on the premise that the development of strategies for excellence in (...) education, and its implementation is a vital important prerequisite to achieve sustainable competitive advantage in higher educational institutions. The study followed a systematic exploratory descriptive methodology through review of the theoretical literature, and the adoption of the experience of the Faculty of Engineering and Information Technology at Al-Azhar University in Gaza as a model for its unique experience in the field of excellence in education. The study results showed that the most important are: There is a strong correlation between the level of exercising excellence strategies in education and the achievement of higher educational institutions to the sustainable competitive advantage. The results include a general required number of important sub results on the subject of the model - Faculty of Engineering and Information Technology at Al-Azhar University in Gaza as follows: - The student considered the academic focus of the operation in the development process of the workers’ skills, particularly academics at the university helps to distinguish students and increase the employment rate after graduation. - The existence of consistency in development efforts and quality improvement for all three levels (student, employee, and the university), and this contributes to the Faculty excellence. - The Faculty has been able to achieve competitive advantages by offering excellent services without harming the efficiency, and this alone is a great success because improving service properties requires great investments, which negatively affect the continued institutional development. The study also reached a set of recommendations as follows: - The need to exercise excellence strategies in education, excellence reward at the national level, and those higher educational institutions follow the criteria for measuring the competitive advantages of its institutions always. - There is a need to increase efforts to implement programs of excellence, the allocation of adequate time, reward outstanding efforts as well. There is a necessity for each faculty to achieve competitive advantage and sustainability, using the general philosophies of competitive advantage, but with a different strategically content from what is in the private commercial sector, it reflects the Faculties mission and objectives, depending on making improvements and excellence in processes that ensure the safety of its outputs. As well as the need to find a balance between the work of teaching and research work of the faculty members, this has important implications regarding the criteria used in the process of excellence evaluation. The study recommended the adoption of strategies for excellence in education on a national public policy level mainly in the processes of change in higher education institutions. The need to support the existence of a common understanding of the efforts of excellence to create a general culture that appreciates excellence in faculties and universities. This underlines the need for transparent, fair rewards systems, to encourage innovation in education. The need to conduct a comprehensive surveys on the graduates of faculties and universities including the areas of employment and skills, because that will give accurate indications of the graduates and will help to establish a link to a more precise about the relationship of excellence strategies with the competitive advantages. (shrink)

What would be an adequate theory of social understanding? In the last decade, the philosophical debate has focused on Theory Theory, Simulation Theory and Interaction Theory as the three possible candidates. In the following, we look carefully at each of these and describe its main advantages and disadvantages. Based on this critical analysis, we formulate the need for a new account of social understanding. We propose the Person Model Theory as an independent new account which has greater explanatory power (...) compared to the existing theories. (shrink)

The "myside bias'' in evaluating arguments is an empirically well-confirmed phenomenon that consists of overweighting arguments that endorse one's beliefs or attack alternative beliefs while underweighting arguments that attack one's beliefs or defend alternative beliefs. This paper makes two contributions: First, it proposes a probabilistic model that adequately captures three salient features of myside bias in argument evaluation. Second, it provides a Bayesian justification of this model, thus showing that myside bias has a rational Bayesian explanation under certain (...) conditions. (shrink)

According to the global neuronal workspace model of consciousness, consciousness results from the global broadcast of information throughout the brain. The global neuronal workspace is mainly constituted by a fronto-parietal network. The anterior insular cortex is part of this global neuronal workspace, but the function of this region has not yet been defined within the global neuronal workspace model of consciousness. In this review, I hypothesize that the anterior insular cortex implements a cross-modal priority map, the function of (...) which is to determine priorities for the processing of information and subsequent entrance in the global neuronal workspace. (shrink)

In this paper I offer a model-theoretic interpretation of Autonomy Theory as defended by Moreno, Mossio, Montévil and Bich. I address accusations that Autonomy Theory is excessively liberal, such as those made by Garson (2017), arguing that these misunderstand the role of strategic abstractions and generalizations in theory construction. Conceiving of closure of constraints as a model-building effort that emphasizes generality – in the spirit of Levins (1966) – also clarifies its potential for application in empirical contexts.

The growing range of methods for statistical model selection is inspiring new debates about how to handle the potential for conflicting results when different methods are applied to the same data. While many factors enter into choosing a model selection method, we focus on the implications of disagreements among scientists about whether, and in what sense, the true probability distribution is included in the candidate set of models. While this question can be addressed empirically, the data often provide (...) inconclusive results in practice. In such cases, we argue that differences in prior metaphysical views about the local adequacy of the models can produce underdetermination of results, even for the same data and candidate models. As a result, data alone are sometimes insufficient to settle rational beliefs about nature. (shrink)

Paul Cilliers has developed a novel post-structural approach to complexity that has influenced several writers contributing to the current complexity literature. Concomitantly however, Cilliers advocates for modelling complex systems using connectionist neural networks (rather than analytic, rule-based models). In this paper, I argue that it is dilemmic to simultaneously hold these two positions. Cilliers’ post-structural interpretation of complexity states that models of complex systems are always contextual and provisional; there is no exclusive model of complex systems. This sentiment however (...) appears at odds with Cilliers’ promotion of connectionist neural networks as the best way to model complex systems. The lesson is that those who currently follow Cilliers’ post-structural approach to complexity cannot also develop a preferred model of complex systems, and those who currently advocate for some preferred model of complex systems cannot adopt the post-structural approach to complexity without giving up the purported objectivity and/or superiority of their preferred model. (shrink)

This dissertation may be divided into two parts. The first is about the Extended Gricean Model of information transmission. This model, introduced here, is meant to better explain how humans communicate and understand each other. It has been developed to apply to cases that were left unexplained by the two main models of communication found in contemporary philosophy and linguistics, i.e. the Gricean (pragmatic) model and the code (semantic) model. I discuss cases involving emotional reactions, ways (...) of clothing, speaking, or behaving that are not intended for communication but whose effects on the audience are controllable to some extent. I show why prevailing code and Gricean models cannot explain them and how my Extended Gricean Model does. The second part of the dissertation is about what emotional signs mean, in various senses of the term ‘mean'. I review existing theories of meaning and see how they apply to emotional signs, i.e. signs which give us information about the affective state of the sign producer. (shrink)

In this article, I will reconstruct the monocausal model and argue that modern 'multifactorial diseases' are not monocausal by definition. 'Multifactorial diseases' are instead defined according to a constitutive disease model. On closer analysis, infectious diseases are also defined using the constitutive model rather than the monocausal model. As a result, our classification models alone cannot explain why infectious diseases have a universal etiology while chronic and noncommunicable diseases lack one. The explanation is instead provided by (...) the nineteenth-century germ theorists. (shrink)

In his article Banicki proposes a universal model for all forms of philosophical therapy. He is guided by works of Martha Nussbaum, who in turn makes recourse to Aristotle. As compared to Nussbaum’s approach, Banicki’s model is more medical and less based on ethical argument. He mentions Foucault’s vision to apply the same theoretical analysis for the ailments of the body and the soul and to use the same kind of approach in treating and curing them. In his (...) interpretation of philosophical therapy, there are, however, some controversial issues, to which we would like to call attention: -/- Is restoring health by a philosophical method of treatment – health understood as a person’s ability to reach his/her vital goals – a convincing explication of philosophical therapy in general? In order to answer this question, it may be useful to look at Plato. It is not only Platonism (and especially Neo-platonism since Plotinus) that questions the idea that therapy is necessarily connected with „vital goals“. Buddhist and Gnostic philosophies are questioning „the vital“ in general. The immense effort in the history of philosophy to liberate the mind from the body casts doubt on the project to explain philosophical therapy solely in analogy to medical therapy. -/- According to Banicki a therapeutic philosophy has to identify the diseases it attempts at curing. There are, however, reasons for associating the term therapy with suffering/risk rather than disease. If a therapy aims at reducing the fear of death, as for example many classical philosophical therapies do, then there is no disease to be cured. A model based on chances and risks also has the advantage that the Buddhist and Stoic reinterpretation of desires/emotions as “diseases” can be dropped in contemporary philosophical therapy. -/- Banicki mentions the comparison of therapies as one of the primary goals of modelling. Methods should be verified by a statistical correlation between method and therapeutic success and/or by a theory which justifies the method. Some forms of therapies, however, avoid theory-specific terms and concepts in favor of an unprejudiced interpretation of the patient’s statements. Others share the (Nietzschean) aspiration to explore and change measures of value. If the therapeutic process is seen as a unique phenomenon, then there can be no theory and no statistics with co-occurrences. -/- According to Banicki philosophical therapy has to describe techniques which qualify as genuinely philosophical. Techniques like maieutics and hermeneutics, however, are antique philosophical “inventions”, which were later adopted by psychotherapy. If meditation is accepted as a therapeutic tool – as it was in ancient times – then there is not only a methodical but also an emotional relation to religion. If finally, the Socratic search for a good life is seen as one of the characteristics of philosophical therapy, then delimitation even turns into a criterion for non-philosophical therapies. The search for a good life requires an interdisciplinary approach. -/- For the concretization of the formal structure, we suggest a typology of therapies, which is based on chances and risks. Such a typology has the advantage, that it can model conflicting (and even opposing) forms of therapies. The variety of therapeutic goals and methods is a consequence of the historical development towards conceptual freedom. (shrink)