The cognitive developmental theory of ethics suggests that there is a positive relationship between ethical reasoning and ethical behavior. In this study, we trained a sample of accounting and finance students in performing competitive stock trading in our state-of-the-art trading room. The subjects then performed trading of stocks under two experimental conditions: insider information, and no-insider information where significant performance-based financial awards were at stake. We also administered the Defining Issues Test (DIT). Ethical behavior, as the dependent variable was measured (...) in a binary scale: whether the subjects used insider information for trading of stocks or not. Ethical reasoning as measured by the DIT P-score indicated statistically significant effect on ethical behavior. The results have important implications for recruitment and training of professionals engaged in the use of financial markets for securities trading. (shrink)
This paper is the first phase of a longitudinal study of the class of 2014 on the effectiveness of ethics education at a business university. This phase of the project establishes the baseline attributes of incoming college freshmen with a pretest of the students’ ethical proclivity as measured by Defining Issues Test (DIT-2) scores. The relationship between the students’ ethical reasoning and their behavior in experimental stock trading sessions is then examined. In the trading simulations, randomly selected students were provided (...) with the option of receiving privileged insider information about the final payoff of several stocks. The students could either accept or reject such information, with acceptance considered illegal insider trading. The results of the pretest indicate that moral reasoning as measured by the DIT-2 is related to insider trading behavior, with students with higher DIT-2 scores being less likely to accept insider information. The paper also presents demographic differences across DIT-2 scores and trading behavior as a foundation for the longitudinal examination of changes in students’ moral cognition characteristics and behavior during their undergraduate career. (shrink)
Background: Post-mortem needle biopsies have been used in resource-poor settings to determine cause of death and there is interest in using them in Bangladesh. However, we did not know how families and communities would perceive this procedure or how they would decide whether or not to consent to a post-mortem needle biopsy. The goal of this study was to better understand family and community concerns and decision-making about post-mortem needle biopsies in this low-income, predominantly Muslim country in order to design (...) an informed consent process. Methods: We conducted 16 group discussions with family members of persons who died during an outbreak of Nipah virus illness during 2004-2008 and 11 key informant interviews with their community and religious leaders. Qualitative researchers first described the post-mortem needle biopsy procedure and asked participants whether they would have agreed to this procedure during the outbreak. Researchers probed participants about the circumstances under which the procedure would be acceptable, if any, their concerns about the procedure, and how they would decide whether or not to consent to the procedure. Results: Overall, most participants agreed that post-mortem needle biopsies would be acceptable in some situations, particularly if they benefitted society. This procedure was deemed more acceptable than full autopsy because it would not require major delays in burial or remove organs, and did not require cutting or stitching of the body. It could be performed before the ritual bathing of the body in either the community or hospital setting. However, before consent would be granted for such a procedure, the research team must gain the trust of the family and community which could be difficult. Although consent may only be provided by the guardians of the body, decisions about consent for the procedure would involve extended family and community and religious leaders. Conclusions: The possible acceptability of this procedure during outbreaks represents an important opportunity to better characterize cause of death in Bangladesh which could lead to improved public health interventions to prevent these deaths. Obstacles for research teams will include engaging all major stakeholders in decision-making and quickly building a trusting relationship with the family and community, which will be difficult given the short window of time prior to the ritual bathing of the body. (shrink)
F.M. Scherer has not effectively rebutted my subjectivist criticism of the standard microeconomic welfare model; Scherer's historical reference to what Congress (allegedly) believed is irrelevant to the theoretical concerns raised by subjectivism. Nor does my ?principal? criticism of antitrust policy rests on ?philosophical foundations?; my principal criticism rests on conventional economic analysis and a detailed economic history of the classic antitrust cases. My conclusion that the electrical equipment conspiracy of the late 1950s had no significant effect on market prices is (...) supported by Ralph Sultan's findings; indeed, it is Scherer who brutally ignores the context and misrepresents the general thrust of Sultan's research. Scherer's comments on OPEC confuse the distinction that I made between private and governmental cartels. Finally, the economic welfare model that Scherer embraces so enthusiastically at the start of his review cannot be so suddenly discarded when I show something inconvenient: namely, that the ?dominant firms? in the classic antitrust cases did not reduce market output and did not raise market prices. Scherer has not come to grips with my central thesis that antitrust regulation has generally been employed to restrain the competitive market process. (shrink)
Moses Maimonides, rabbinist, philosopher, and physician, had a greater impact on Jewish history than any other medieval figure. Born in Cordova, Spain, in 1137 or 1138, he spent a few years in Morocco, visited Palestine, and settled in Egypt by 1167. He died there in 1204. Maimonides was a man of superlatives. He wrote the first commentary to cover the entire Mishna corpus; composed what quickly became the dominant work on the 613 commandments believed to have been given by God (...) to Moses; produced the most comprehensive and most intensely studied code of rabbinic law to emerge from the Middle Ages; and his Guide for the Perplexed has had a greater influence on Jewish thought than any other Jewish philosophic work. During the last decades of his life, he conducted an active medical practice, which extended into the royal court--the Sultan Saladin is reported to have been his patient--and composed some ten or eleven works on medicine. This book offers a fresh look at every aspect of Maimonides' life and works: the course of his life, his education, his personality, and his rabbinic, philosophical, and medical writings. At a number of junctures, Davidson points out that information about Maimonides which has been accepted for decades or centuries as common knowledge is in actuality supported by no credible evidence and often, more disconcertingly, is patently incorrect. Maimonides' diverse writings are frequently viewed as expressions of several distinct personas, uncomfortably and awkwardly bundled into a single human frame; the present book treats his writings as expressions of a single, integrated, albeit complex, mind. (shrink)
Shihab al-Din al-Suhrawardi was born around 1154, probably in northwestern Iran. Spurred by a dream in which Aristotle appeared to him, he rejected the Avicennan Peripatetic philosophy of his youth and undertook the task of reviving the philosophical tradition of the "Ancients." Suhruwardi's philosophy grants an epistemological role to immediate and atemporal intuition. It is explicitly anti-Peripatetic and is identified with the pre-Aristotelian sages, particularly Plato. The subject of his hikmat al-Ishraq --now available for the first time in English--is the (...) "science of lights," a science that Suhrawardi first learned through mystical exercises reinforced later by logical proofs and confirmed by what he saw as the parallel experiences of the Ancients. It was completed on 15 September 1186 and at sunset that evening, in the western sky, the sun, the moon, and the five visible planets came together in a magnificent conjunction in the constellation of Libra. The stars soon turned against Suhrawardi, however, who was reluctantly put to death by the son of Saladin, the sultan of Egypt, in 1191. (shrink)
