This case recounts the story of Rajat Gupta, a Goldman Sachs board member and seniorpartner emeritus of McKinsey & Co., who was accused by the government of giving critical nonpublicfinancial information to Raj Rajaratnam, Galleon Group founder, during the financial crisisof 2008. The information passed along to Rajaratnam was about a pending $5 billion investment byWarren Buffett’s Berkshire Hathaway in Goldman Sachs at a time when its stock had been faltering.The government alleged that based on this information, Rajaratnam purchased a (...) large number ofshares in the company and then sold them when the deal became public and Goldman’s stock rose.Rajaratnam purportedly made $18 million on these trades. (shrink)

This case recounts the story of Rajat Gupta, a Goldman Sachs board member and seniorpartner emeritus of McKinsey & Co., who was accused by the government of giving critical nonpublicfinancial information to Raj Rajaratnam, Galleon Group founder, during the financial crisisof 2008. The information passed along to Rajaratnam was about a pending $5 billion investment byWarren Buffett’s Berkshire Hathaway in Goldman Sachs at a time when its stock had been faltering.The government alleged that based on this information, Rajaratnam purchased a (...) large number ofshares in the company and then sold them when the deal became public and Goldman’s stock rose.Rajaratnam purportedly made $18 million on these trades. (shrink)

In “The Irrelevance of the Diachronic Money-Pump Argument for Acyclicity,” The Journal of Philosophy CX, 8 (August 2013), 460-464, Johan E. Gustafsson contends that if Davidson, McKinsey and Suppes’ diachronic money-pump argument in their "Outlines of a Formal Theory of Value, I," Philosophy of Science 22 (1955), 140-160 is valid, so is the synchronic argument Gustafsson himself offers. He concludes that the latter renders irrelevant diachronic choice considerations in general, and the two best-known diachronic solutions to the money pump problem (...) in particular. I argue here that this reasoning is incorrect, and that Gustafsson’s synchronic argument is faulty on independent grounds. Specifically, it is based on a false analogy between the derivation of a synchronic ordinal ranking from a transitive series of pairwise comparisons, and the putative derivation of such a ranking from an intransitive series. The latter is not possible under the assumption of revealed preference theory, and is highly improbable even if that assumption is rejected. Moreover, Gustafsson’s argument raises issues of fidelity to the historical texts that must be addressed. I conclude that the money pump, and cyclical choice more generally, are necessarily diachronic; and therefore that the two best-known diachronic solutions to the money pump problem remain relevant. (shrink)

This is an encyclopedia article about epistemic closure principles. The article explains what they are, their various philosophical uses, how they are argued for or against, and provides an overview of the related literature.

We study a propositional bimodal logic consisting of two S4 modalities £ and [a], together with the interaction axiom scheme a £ϕ → £ aϕ. In the intended semantics, the plain £ is given the McKinsey-Tarski interpretation as the interior operator of a topology, while the labelled [a] is given the standard Kripke semantics using a reflexive and transitive binary relation a. The interaction axiom expresses the property that the Ra relation is lower semi-continuous with respect to the topology. The (...) class of topological Kripke frames characterised by the logic includes all frames over Euclidean space where Ra is the positive flow relation of a differential equation. We establish the completeness of the axiomatisation with respect to the intended class of topological Kripke frames, and investigate tableau calculi for the logic, although tableau completeness and decidability are still open questions. (shrink)

A great deal of discussion in the recent literature has been devoted to the so-called 'McKinsey' paradox which purports to show that semantic externalism is incompatible with the sort of authoritative knowledge that we take ourselves to have of our own thought contents. In this paper I examine one influential epistemological response to this paradox which is due to Crispin Wright and Martin Davies. I argue that it fails to meet the challenge posed by McKinsey but that, if it is (...) set within an externalist epistemology, it may have application to a related paradox that concerns the problem of radical scepticism. (shrink)

Externalists about mental content are supposed to face the following dilemma. Either they must give up the claim that we have privileged access to our own mental states or they must allow that we have privileged access to the world. The dilemma is posed in its most precise form through the McKinsey-Brown argument (McKinsey 1991; Brown 1995). Over the years since it was ?rst published in 1991, our understanding of the precise character of the premisses which constitute the argument has (...) been re?ned. It is based on three claims (where A partially serves to characterise the content of some belief state for which Externalism is true and E is some proposition about the external world). (shrink)

Contemporary philosophers interested in value theory appear to be largely concerned with questions of the following sort:What is value?What is the meaning of the word ‘good’?Does the attribution of value to an object have a cognitive, or merely an emotive, significance?The first question is metaphysical; to ask it is analogous to asking in physics:What is matter?What is electricity?The others are generally treated as semantical questions; to ask them is analogous to asking in statistics:What is the meaning of the word ‘probable’?Does (...) an attribution of probability express an objective fact, or merely a subjective attitude? (shrink)

It is the purpose of this paper to carry out a partial syntactical analysis of imperatives. Imperatives form a large body of linguistic expressions, appearing, e.g. in mathematical proofs be a continuous function!”), laws, moral injunctions, instruction, etc. For analytical purposes we distinguish between two forms of imperatives, the fiat and the directive. By a directive we mean an imperative which includes an indication of the agent who is to carry it out. For example, “Henry, don't forget to stop at (...) the grocery!” is a directive. By a fiat we mean an imperative which includes no reference to an agent who is to carry it out. For example, “Let there be light!” is a fiat. This is a distinction made in terms of meaning. If, however, proper symbolic devices were introduced for the formalization of imperatives, it could be made in a syntactical manner. Thus we could distinguish between imperatives which possess a certain operator—the directive operator formed by putting a name within square brackets—as “[Henry]!”, and imperatives which do not possess this operator, e.g. “Let it be the case that Henry does not forget to stop at the grocery!” In the following we pay attention only to fiats. This, of course, involves a great limitation of subject matter and excludes topics of great interest. (shrink)

Writing from a scientifically and philosophically informed perspective, the authors provide a critical overview of the conceptual difficulties encountered in many current neuroscientific and psychological theories.

A long-standing theme in discussion of perception and thought has been that our primary cognitive contact with individual objects and events in the world derives from our perceptual contact with them. When I look at a duck in front of me, I am not merely presented with the fact that there is at least one duck in the area, rather I seem to be presented withthisthing (as one might put it from my perspective) in front of me, which looks to (...) me to be a duck. Furthermore, such a perception would seem to put me in a position not merely to make the existential judgment that there is some duck or other present, but rather to make a singular, demonstrative judgment, that that is a duck. My grounds for an existential judgment in this case derives from my apprehension of the demonstrative thought and not vice versa. (shrink)

This book defends antitheodicism, arguing that theodicies, seeking to excuse God for evil and suffering in the world, fail to ethically acknowledge the victims of suffering. The authors argue for this view using literary and philosophical resources, commencing with Immanuel Kant's 1791 "Theodicy Essay" and its reading of the Book of Job. Three important twentieth century antitheodicist positions are explored, including "Jewish" post-Holocaust ethical antitheodicism, Wittgensteinian antitheodicism exemplified by D.Z. Phillips and pragmatist antitheodicism defended by William James. The authors argue (...) that these approaches to evil and suffering are fundamentally Kantian. Literary works such as Franz Kafka'sThe Trial, Samuel Beckett's Waiting for Godot, and George Orwell's Nineteen Eighty-Four, are examined in order to crucially advance the philosophical case for antitheodicism. (shrink)

In his last book, David Armstrong sets out his metaphysical system in a set of concise and lively chapters each dealing with one aspect of the world. He begins with the assumption that all that exists is the physical world of space-time. On this foundation he constructs a coherent metaphysical scheme that gives plausible answers to many of the great problems of metaphysics. He gives accounts of properties, relations, and particulars; laws of nature; modality; abstract objects such as numbers; and (...) time and mind. (shrink)

Is consciousness a purely physical phenomenon? Most contemporary philosophers and theorists hold that it is, and take this to be supported by modern science. But a significant minority endorse non-physicalist theories such as dualism, idealism and panpsychism, among other reasons because it may seem impossible to fully explain consciousness, or capture what it's like to be in conscious states (such as seeing red, or being in pain), in physical terms. This Element will introduce the main non-physicalist theories of consciousness and (...) explain the most important arguments for them, and consider how they each respond to the scientific and other arguments in support of physicalism. This title is also available as Open Access on Cambridge Core. (shrink)