Contents 1. Introduction 2. Reward-Guided Decision Making 3. Content in the Model 4. How to Deflate a Metarepresentational Reading Proust and Carruthers on metacognitive feelings 5. A Deflationary Treatment of RPEs? 5.1 Dispensing with prediction errors 5.2 What is use of the RPE focused on? 5.3 Alternative explanations—worldly correlates 5.4 Contrast cases 6. Conclusion Appendix: Temporal Difference Learning Algorithms.
Internal rewards are the psychological benefits one receives by performing certain other-regarding actions. Internal rewards include such benefits as the avoidance of guilt, the avoidance of painful memories, and the attainment of warm, fuzzy feelings. Despite the limitations of social psychology, Sober and Wilson believe that evolutionary theory can show that it is more likely for benevolent other-regarding motivational mechanisms to have evolved, thereby supporting the altruist’s claim. Here, I will argue for two related theses. First, if internal reward (...) explanations pose a problem for social psychology, then they also pose a problem for evolutionary theory. Second, there is no need to think that internal reward explanations pose a problem for altruists because these explanations either do not inform us about what our ultimate motives really are or they unreasonably define out of existence the possibility of altruism. (shrink)
In philosophy, the textbook case for the discussion of human motivation is the examination (and almost always, the refutation) of psychological egoism. The arguments have become part of the folklore of our tribe, from their inclusion in countless introductory texts. [...] One of my central aims has been to define the issues empirically, so we do not just settle them by definition. Although I am inclined at present to put my bets on the reward-event theory, with its internalism, monism, (...) and causal primacy of satisfaction, I think we are very far from knowing enough to settle these questions concerning motivation, human or otherwise. The winds of science will blow where they may. In the meantime, we can be a bit more circumspect about what we put in our tribal folklore. (shrink)
A developing neurobiological/psychological theory of positive motivation gives a key causal role to reward events in the brain which can be directly activated by electrical stimulation (ESB). In its strongest form, this Reward Event Theory (RET) claims that all positive motivation, primary and learned, is functionally dependent on these reward events. Some of the empirical evidence is reviewed which either supports or challenges RET. The paper examines the implications of RET for the concepts of 'motivation', 'desire' and (...) 'reward' or 'pleasure'. It is argued (1) that a 'causal base' as opposed to a functional' concept of motivation has theoretical advantages; (2) that a causal distinction between the focus' and the 'anchor' of desire suggests an ineliminable 'opacity' of desire; and (3) that some affective concept, such as 'pleasure', should play a key role in psychological explanation, distinct from that of motivational (or cognitive) concepts. A concept of 'reward' or 'pleasure' as intrinsically positive affect is defended, and contrasted with the more 'operational' definitions of 'reward' in some of the hypotheses of Roy Wise. (shrink)
The brain and emotion treats emotions as states elicited by reinforcers (reward or punishment), but it is unclear how this view can do justice to the diversity of emotions. It is also unclear how such a view distinguishes emotions from states such as hunger and thirst. A complementary approach to understanding emotions may begin by considering emotions as aspects of social cognition.
Systems of logico-probabilistic (LP) reasoning characterize inference from conditional assertions that express high conditional probabilities. In this paper we investigate four prominent LP systems, the systems O, P, Z, and QC. These systems differ in the number of inferences they licence (O ⊂ P ⊂ Z ⊂ QC). LP systems that license more inferences enjoy the possible reward of deriving more true and informative conclusions, but with this possible reward comes the risk of drawing more false or uninformative (...) conclusions. In the first part of the paper, we present the four systems and extend each of them by theorems that allow one to compute almost-tight lower-probability-bounds for the conclusion of an inference, given lower-probability-bounds for its premises. In the second part of the paper, we investigate by means of computer simulations which of the four systems provides the best balance of reward versus risk. Our results suggest that system Z offers the best balance. (shrink)
In the last two decades, prizes in the sciences have proliferated and, in particular, rich prizes with large honoraria. These developments raise several questions: Why have rich prizes proliferated? Have they greatly changed the reward system of science? What effects will such prizes have on scientists and on science? The proliferation of such prizes derives from marked limitations on the numbers and types of scientists eligible for Nobel prizes and consequent increases in the number of uncrowned laureate-equivalents. These would-be (...) surrogates for Nobel prizes extend the reward system of science in its upper reaches but this change is not fundamental. The spread of rich prizes to new fields provides added incentives to potential winners, which has its own disutilities; it reinforces competitiveness, concern for priority and attendant secrecy, all this amplifying ambivalence toward the reward system in science. There may also be modest positive effects of such new awards in the form of heightened popular esteem for science and interest in it. (shrink)
University of Oslo and Norwegian School of Economics and Business Administration, Norway We look at how one should reward effort without rewarding talent. One way to approach this issue is to ask how an increase in one individual's effort should be allowed to affect the post-tax income of others. The article provides characterizations of three main classes of redistribution mechanism on the basis of how these answer this question. Key Words: reward • effort • responsibility • equal opportunity (...) • distributive justice. (shrink)
What motivates behavior? What are the qualities of experience which make life worth living? Taking a new interdisciplinary approach, Morillo advances the theory that pleasure—interpreted as a distinct, separable, noncognitive quality of experience—is essential for all positive motivation and is the only intrinsic, nonmoral good in the lives of human beings and many other sentient creatures. Morillo supports her arguments with recent neuropsychological evidence concerning the role of reward centers in the brain and philosophical arguments for a naturalistic theory (...) of value and the good life. "Contingent Creatures" will interest philosophers, psychologists, and neurobiologists. (shrink)
This study examined how sales managers react to ethical and unethical acts by their salespeople. Deontological considerations and, to a much lesser extent, teleological considerations predicted sales managers' ethical judgments. Sales managers' intentions to reward or discipline ethical or unethical sales force behavior were primarily determined by their ethical judgments. An organization's perceived ethical work climate was not a significant predictor of sales managers' intentions to intervene when ethical and unethical sales force behavior was encountered.
This rejoinder to Roemer (this issue) examines Roemer's amendment to his EOp criterion, explains the similarities and differences between Roemer's approach to equality of opportunity and the economic literature inspired by the fair allocation theory, and proposes some clarifications on the compensation principle and the role of the reward principle in the definition of a responsibility-sensitive social criterion. It highlights the power of the ideal of respect for individual preferences with respect to the reward issue and the concern (...) for potential harshness of the social criterion toward the individuals who fail to make good use of their opportunities. It discusses Roemer's objection against holding individuals responsible for their preferences. (shrink)
Despite general agreement that altered reward sensitivity is involved in attention-deficit/hyperactivity disorder (ADHD), a wide range of different alterations has been proposed. We cite work showing abnormal sensitivity to delay of reward, together with abnormal sensitivity to individual instances of reward. We argue that at the cellular level these behavioural characteristics might indicate that dopamine timing is off in children with ADHD.
Rolls's book depends significantly on a definition relating emotion to reward and learning. This definition confuses two separable concepts, and may result in the exclusion of notions of emotion and motivation from lower animals that may possess limited learning capacities. A more useful definition might revolve around the notion that emotions are states that function to optimize the performance of behavior.
Miller and Rodgers (2001) proposed a central nervous system based Ontogenetic Bonding System that operates across the life course to promote succorant, 1 affiliative, sexual, and nurturant bonds. I discuss features of this theoretical framework that can inform Depue & Morrone-Strupinsky's (D&M-S's) model. Most important, I suggest that the affiliative reward processes D&M-S describe are better conceptualized as subserving the affect/motivation of affection. Footnotes1 “Succorance” is a term coined by Murray (1938) to describe a general tendency to seek the (...) help and protection of others. (shrink)
The study seeks to determine the influence of economic reward on unethical behavior with the help of a Reward Punishment Model. The model postulates that ethical or unethical behavior depends on the relationship among three factors: economic reward or benefit that a businessperson receives from the unethical practice, the severity of punishment the society imposes for such wrong-doing, and the probability of receiving the punishment. A short survey, which contained a hypothetical ethical situation, was administered to 251 (...) respondents. The findings indicate that the probability of risk-taking decreases as the level of punishmentand the chance of being caught increases. (shrink)
Depue & Morrone-Strupinsky (D&M-S) present a thorough case for the role of “reward” brain circuits in affiliative bonding. Integration of information in the nucleus accumbens shell (NA), the role of dopamine in this processing, and opioid (primarily via mu receptors) control of these circuits are the primary elements of the model. Although the overall picture is quite compelling, the description leans excessively in the view of dopamine systems as “reward” circuits.
The Human Genome Project (HGP) is regarded by many as one of the major scientific achievements in recent science history, a large-scale endeavour that is changing the way in which biomedical research is done and expected, moreover, to yield considerable benefit for society. Thus, since the completion of the human genome sequencing effort, a debate has emerged over the question whether this effort merits to be awarded a Nobel Prize and if so, who should be the one(s) to receive it, (...) as (according to current procedures) no more than three individuals can be selected. In this article, the HGP is taken as a case study to consider the ethical question to what extent it is still possible, in an era of big science, of large-scale consortia and global team work, to acknowledge and reward individual contributions to important breakthroughs in biomedical fields. Is it still viable to single out individuals for their decisive contributions in order to reward them in a fair and convincing way? Whereas the concept of the Nobel prize as such seems to reflect an archetypical view of scientists as solitary researchers who, at a certain point in their careers, make their one decisive discovery, this vision has proven to be problematic from the very outset. Already during the first decade of the Nobel era, Ivan Pavlov was denied the Prize several times before finally receiving it, on the basis of the argument that he had been active as a research manager (a designer and supervisor of research projects) rather than as a researcher himself. The question then is whether, in the case of the HGP, a research effort that involved the contributions of hundreds or even thousands of researchers worldwide, it is still possible to individualise the Prize? The HGP Nobel Prize problem is regarded as an exemplary issue in current research ethics, highlighting a number of quandaries and trends involved in contemporary life science research practices more broadly. (shrink)
Reinforcement learning approaches to cognitive modeling represent task acquisition as learning to choose the sequence of steps that accomplishes the task while maximizing a reward. However, an apparently unrecognized problem for modelers is choosing when, what, and how much to reward; that is, when (the moment: end of trial, subtask, or some other interval of task performance), what (the objective function: e.g., performance time or performance accuracy), and how much (the magnitude: with binary, categorical, or continuous values). In (...) this article, we explore the problem space of these three parameters in the context of a task whose completion entails some combination of 36 state–action pairs, where all intermediate states (i.e., after the initial state and prior to the end state) represent progressive but partial completion of the task. Different choices produce profoundly different learning paths and outcomes, with the strongest effect for moment. Unfortunately, there is little discussion in the literature of the effect of such choices. This absence is disappointing, as the choice of when, what, and how much needs to be made by a modeler for every learning model. (shrink)
Rolls's proposal that the amygdala is critical for the association of visual objects with reward is not consistent with recent ablation evidence. Stimulus-reward association learning is more likely to depend on basal forebrain efferents to the inferior temporal cortex, some of which pass through the amygdala. It is more likely that the amygdala is involved in rapid modulation of stimulus reward value.
Money is a specifically human incentive. However, functional imaging techniques bring striking evidence that neural circuits pertaining to more “natural” addictive and rewarding processes are involved in response to monetary reward. Main results are evoked here, with specific brain responses demonstrated along the different stages of the process. (Published Online April 5 2006).
Data from further human experiments touch four open questions in the target article. (1) Extinction of reward acquisition postulated by Depue & Collins's model could not be confirmed if correlating craving for, liking of, and satisfaction from smoking. (2) Intraindividual correspondence between responsivity to dopamine agonists and antagonists could likewise not be confirmed. (3) Nicotine craving and drug-induced hormone responses were not substantially correlated. (4) Low serotonin can be the cause and not just the moderator of dopaminergic sensitivity, and (...) personality correlates of low dopamine/low MAO (aggressive impulsive traits) can hardly be related to the positive emotion associated with dopaminergic activity. (shrink)
This commentary argues for the inclusion of the neurophysiological arousal concept to help understanding the brain mechanisms of emotions and reward and the cognitive mechanisms involved.
Genetic moderation of experience of reward in response to environmental stimuli is relevant for the study of many psychiatric disorders. Experience of reward, however, is difficult to capture, as it involves small fluctuations in affect in response to small events in the flow of daily life. This study examined a momentary assessment reward phenotype in relation to the catechol-O-methyl transferase (COMT) Val158Met polymorphism. A total of 351 participants from a twin study participated in an Experience Sampling Method (...) procedure to collect daily life experiences concerning events, event appraisals, and affect. Reward experience was operationalized, as the effect of event appraisal on positive affect (PA). Associations between COMT Val 158Met genotype and event appraisal on the one hand and PA on the other were examined using multilevel random regression analysis. Ability to experience reward increased with the number of ‘Met’ alleles of the subject, and this differential effect of genotype was greater for events that were experienced as more pleasant. The effect size of genotypic moderation was quite large: subjects with the Val/Val genotype generated almost similar amounts of PA from a ‘very pleasant event’ as Met/Met subjects did from a ‘bit pleasant event’. Genetic variation with functional impact on cortical dopamine tone has a strong influence on reward experience in the flow of daily life. Genetic moderation of ecological measures of reward experience is hypothesized to be of major relevance to the development of various behavioral disorders, including depression and addiction. Neuropsychopharmacology (2008) 33, 3030–3036; doi:10.1038/sj.npp.1301520; published online 8 August 2007.. (shrink)
The study seeks to determine the influence of economic reward on unethical behavior with the help of a Reward Punishment Model. The model postulates that ethical or unethical behavior depends on the relationship among three factors: economic reward or benefit that a businessperson receives from the unethical practice, the severity of punishment the society imposes for such wrong-doing, and the probability of receiving the punishment. A short survey, which contained a hypothetical ethical situation, was administered to 251 (...) respondents. The findings indicate that the probability of risk-taking decreases as the level of punishmentand the chance of being caught increases. (shrink)
People differ in the extent to which they discount the values of future rewards. Behavioural economists measure these differences in terms of functions that describe rates of reduced valuation in the future – temporal discounting – as these vary with time. They measure differences in preference for risk – differing rates of probability discounting – in terms of similar functions that describe reduced valuation of rewards as the probability of their delivery falls. So-called ‘impulsive’ people, including people disposed to addiction, (...) tend to choose rewards in patterns that are described by unusually steeply sloped discount functions. The empirical literature is ambivalent as to whether this applies to pathological gamblers (PGs) who manifest most other behavioural patterns associated with addiction, with different, equally careful studies suggesting opposite conclusions (Petry & Casarella 1999; Holt, Green & Myerson 2003). This puzzle may arise from the fact that most previous experiments on discounting behaviour were not designed so as to allow effects of high temporal discounting to be distinguished from effects of low probability discounting. (Addiction has sometimes been associated with the latter because it seems to involve, at least in the starting addict, under appreciation of risk.) Our research project investigates both forms of discounting behaviour and their relationship to severity of risk of PG in a community sample of South African gamblers. (shrink)
Psychoneural reductionists sometimes claim that sufficient amounts of lower-level explanatory achievement preclude further contributions from higher-level psychological research. Ostensibly, with nothing left to do, the effect of such preclusion on psychological explanation is extinction. Reductionist arguments for preclusion have recently involved a reorientation within the philosophical foundations of neuroscience---namely, away from the philosophical foundations and toward the neuroscience. In this chapter, I review a successful reductive explanation of an aspect of reward function in terms of dopaminergic operations of the (...) mesocorticolimbic system in order to demonstrate why preclusion/extinction claims are dubious. (shrink)
. In order to survive as a species and grow in complexity, humanity must adopt a new image of what it means to be human, rediscover a reward system beyond the merely material, and see that young people find joy in challenges and in cooperating with others.
Depue & Morrone-Strupinsky's (D&M-S's) model of affiliation meets the criteria advanced for the definition of behavior systems and endophenotypes. We argue that its application in psychiatry could be useful for identifying a biological pathophysiology common to a variety of conditions that are currently classified in very different categories of psychiatric nosography, including autism, schizoid personality, primary psychopathy, and dismissing attachment.
Abstract This paper studies university students? job?selection criteria as an indicator of how socio?economic forces have deconstructed the state?supported value system in China in the course of reformatting a society in which money?power has risen to combat not only political control but moral forces. The analysis is based on the surveys conducted by Chinese researchers in various institutes and different regions between 1990 and 1995. The study suggests the increasing importance of ?a good income? in graduate job selection, which is (...) a reflection of a set of new concepts competing with the official ideology. Growing market forces, translated into educational reform as ?economic efficiency?, have undermined the effectiveness of political?moral education. Because of the collapse of traditional values and the lack of new ethical standards of conduct, ?money talks? has become a norm guiding social behaviours and personal relationships, and has helped form a force to resist the power of political?moral education. (shrink)
Select groups and organizations embrace practices that perpetuate their inferiority. The result is the phenomenon we call “mediocrity.” This article examines the conditions under which mediocrity is selected and maintained by groups over time. Mediocrity is maintained by a key social process: the marginalization of the adept, which is a response to the group problem of what to do with the highly able. The problem arises when a majority of a group is comprised of average members who must decide what (...) to do with high performers in the group. To solve this problem, reward systems are subverted to benefit the less able and the adept are cast as deviant. Marginalization is a resolution of two tensions: marginalization of the adept for their behavior, and protection from the adept for the mediocre. The American research university is used as an example to describe the phenomenon and to formulate a theoretic argument. The forms and consequences of marginalization are discussed. Marginalizing the adept illustrates an anti-meritocratic behavioral pattern which serves to sustain social systems on which all people, however able, depend. (shrink)
This book argues that moral desert should be excluded as a consideration in normative and applied ethics, as it is likely that no-one ever morally deserves anything for their actions and, if they do, it is in most cases impossible to know what. I also explain how moral deliberation in relation to punishment, distributive justice and personal morality can proceed without appeals to moral desert.
Cruelty is the deliberate infliction of physical or psychological pain on other living creatures, sometimes indifferently, but often with delight. Though cruelty is an overwhelming presence in the world, there is no neurobiological or psychological explanation for its ubiquity and reward value. This target article attempts to provide such explanations by describing three stages in the development of cruelty. Stage 1 is the development of the predatory adaptation from the Palaeozoic to the ethology of predation in canids, felids, and (...) primates. Stage 2, through palaeontological and anthropological evidence, traces the emergence of the hunting adaptation in the Pliocene, its development in early hominids, and its emotional loading in surviving forager societies. This adaptation provides an explanation for the powerful emotions – high arousal and strong affect – evoked by the pain-blood-death complex. Stage 3 is the emergence of cruelty about 1.5 million years ago as a hominid behavioural repertoire that promoted fitness through the maintenance of personal and social power. The resulting cultural elaborations of cruelty in war, in sacrificial rites, and as entertainment are examined to show the historical and cross-cultural stability of the uses of cruelty for punishment, amusement, and social control. Effective violence prevention must begin with perpetrators, not victims. If the upstream approaches to violence prevention advocated by the public-health model are to be effective, psychologists must be able to provide violence prevention workers with a fine-grained understanding of perpetrator gratifications. This is a distasteful task that will compel researchers to interact with torturers and abusers, and to acknowledge that their gratifications are rooted in a common human past. It is nonetheless an essential step in developing effective strategies for the primary prevention of violence. Key Words: compassion; cruelty; entertainment industry; evolutionary psychology; intraspecific killing; pain; predation; punishment; torture; violence prevention. Correspondence:c1 Correspondence to: West Hill House, 6 Swains Lane, Highgate, London N6 6QS, United Kingdom. (shrink)
Past studies have shown that the perceived time of actions is retrospectively influenced by post-action events. The current study examined whether rewarding performance feedback (even when false) altered the reported time of action. In Experiment 1, participants performed a speeded button press task and received monetary reward for a presumed “fast,” or a monetary punishment for a presumed “slow” response. Rewarded trials resulted in the false perception that the response action occurred earlier than punished trials. In Experiments 2 and (...) 3, the need for a speeded response and reward were independently manipulated in order to decouple the cognitive and reward components in the feedback signal. When tested independently, neither variable affected the judged time of action. We conclude that meaningful feedback (fast or slow) is only used when made salient by reward, to modulate the judged time of an action. (shrink)
Can findings from psychology and cognitive neuroscience about the neural mechanisms involved in decision-making can tell us anything useful about the commonly-understood mental phenomenon of making voluntary choices? Two philosophical objections are considered. First, that the neural data is subpersonal, and so cannot enter into illuminating explanations of personal level phenomena like voluntary action. Secondly, that mental properties are multiply realized in the brain in such a way as to make them insusceptible to neuroscientific study. The paper argues that both (...) objections would be weakened by the discovery of empirical generalisations connecting subpersonal properties with the personal level. It gives three case studies that furnish evidence to that effect. It argues that the existence of such interrelations are consistent with a plausible construal of the personal-subpersonal distinction. Furthermore, there is no reason to suppose that the notion subpersonal representation relied on in cognitive neuroscience illicitly imports personal-level phenomena like consciousness or normativity, or is otherwise explanatorily problematic. (shrink)
The issue of trust has recently attracted growing attention in research on work relations, capital â owner relations, cultural influences on the economic structures of different countries, and other topics. This paper analyzes a simple experiment on trust and the reward of trust. Mr A is endowed with DM 80. He decides to trust Ms B (and give her his money) or not. Ms B is able to double the sum of money (if she gets it) and can then (...) decide to give back as much as she likes. In an experiment, 76% of subjects A decided to trust. The average reward they received was DM 79.2 which is not significantly different from DM 80, the value of mistrust; nor was the average reward different from the average expectations of subjects A, i.e. a weak variant of the Rational Expectations Hypothesis is supported. In the paper we also look for differences between trusting and mistrusting A-subjects, for behavioral norms, and other determinants of rewards. (shrink)
Abstract: In this study, we test the interactive effect on ethical decision-making of (1) personal characteristics, and (2) personal expectancies based on perceptions of organizational rewards and punishments. Personal characteristics studied were cognitive moral development and belief in a just world. Using an in-basket simulation, we found that exposure to reward system information influenced managers’ outcome expectancies. Further, outcome expectancies and belief in a just world interacted with managers’ cognitive moral development to influence managers’ ethical decision-making. In particular, low-cognitive (...) moral development managers who expected that their organization condoned unethical behavior made less ethical decisions while high cognitive moral development managers became more ethical in this environment. Low cognitive moral development managers also behaved less ethically when their belief in a just world was high. (shrink)
Since 2010, Section 922 of the Dodd-Frank Act has required the Securities and Exchange Commission to give a significant financial reward to any whistleblower who voluntarily discloses original information concerning fraud or other unlawful activity. How, if at all, might such “incentives” change our understanding of whistleblowing? My answer is that, while incentives should not change the definition of whistleblowing, it should change our understanding of the justification of whistleblowing. We need to distinguish the public justification of whistleblowing, its (...) public defense, from its personal justification, the defense the whistleblower should be able to present to conscience. Motive is relevant only to the personal justification—but, since motive is relevant to that, statutes should be written so as not to interfere with personal justification, for example, by offering incentives when compensation would do. Though the paper’s focus is Section 922, its argument and conclusions are quite general. (shrink)
Managers and others have long debated the merits of different reward systems, such as piecework, hourly rates, bonuses, stock options, and the like. They have usually focused on the efficiency of these systems, but they have also had to consider their side effects on relationships, trust, and calls for fair treatment. Such debates local to every organisation play out the issues of rewards and equity in market-based societies as a whole.This paper examines the concept of equity in the distribution (...) of resources in a society of capitalists. It begins with a discussion of the nature of individual capitalism in modern societies. Then, using production and consumption as the two basic functions of a society, it presents a schema for analysing equity. It concludes with a suggestion for overcoming income inequity. (shrink)
Ethics researchers advise managers of organizations to link rewards and punishments to ethical and unethical behavior, respectively. We build on prior research maintaining that organizations operate at Kohlbergs stages of moral reasoning, and explain how the over-reliance on rewards and punishments encourages employees to operate at Kohlbergs lowest stages of moral reasoning. We advocate designing organizations as ethical communities and relying on different assumptions about employees in order to foster ethical reasoning at higher levels. Characteristics associated with ethical communities are (...) identified and AES Corporation and Semco S/A serve as examples of corporations exhibiting the design characteristics and assumptions of ethical organizations. (shrink)
How to avoid disease, how to breed successfully, and how to live to a reasonable age are questions that have perplexed humankind throughout history. This book explores our progress in understanding these challenges, and the risks and rewards of devising solutions. A broad range of topics are covered, including reproduction, the development of human progeny from conception to adulthood, staying healthy, ageing, cancer, infection and the burden of our genetic legacy.
We live in a world where CEOs give themselves million pound bonuses even as their companies go bankrupt and ordinary workers are laid off; where athletes make millions while teachers struggle to survive; a world, in short, where rewards are often unfairly meted out. -/- In The Ajax Dilemma, Paul Woodruff examines one of today's most pressing moral issues: how to distribute rewards and public recognition without damaging the social fabric. How should we honour those whose behaviour and achievement is (...) essential to our overall success? Is it fair or right to lavish rewards on the superstar at the expense of the hardworking rank-and-file? How do we distinguish an impartial fairness from what is truly just? Woodruff builds his answer to these questions around the ancient conflict between Ajax and Odysseus over the armour of the slain warrior Achilles. King Agamemnon arranges a speech contest to decide the issue. Ajax, the loyal workhorse, loses the contest, and the priceless armour, to Odysseus, the brilliantly deceptive strategist who will lead the Greeks to victory. Deeply insulted, Ajax goes on a rampage and commits suicide, and in his rage we see the resentment of every loyal worker who has been passed over in favour of those who are more gifted, or whose skills are more highly valued. How should we deal with the 'Ajax dilemma'? Woodruff argues that while we can never create a perfect system for distributing just rewards, we can recognize the essential role that wisdom, compassion, moderation, and respect must play if we are to restore the basic sense of justice on which all communities depend. -/- This short, thoughtful book, written with Woodruff's characteristic elegance, investigates some of the most bitterly divisive global issues today. (shrink)
Across Europe, micro firms (SMEs with up to 10 employees) account for the vast majority of business activities. Supporting micro firms in the transition towards sustainability is essential: many small steps will result in a big leap. To this scope knowledge is needed on the specific challenges encountered by micro firms in the region they operate in. The research presented here offers a contribution to this knowledge. It explores the perception of Corporate Social Responsibility (CSR), its rewards and difficulties by (...) micro firms in Frisia, Groningen and Drenthe - the three Northern provinces of The Netherlands. (shrink)
Locke’s account of personal identity has been highly influential because of its emphasis on a psychological criterion. The same consciousness is required for being the same person. It is not so clear, however, exactly what Locke meant by ‘consciousness’ or by ‘having the same consciousness’. Interpretations vary: consciousness is seen as identical to memory, as identical to a first personal appropriation of mental states, and as identical to a first personal distinctive experience of the qualitative features of one’s own thinking. (...) There is wide agreement, however, that Locke’s theory of personal identity is meant to complement his moral and theological commitments to a system of divine punishment and reward in an afterlife. But these commitments seem to require also a metaphysical criterion, and Locke is insistent that it cannot be substance. The difficulty reconciling the psychological and metaphysical requirements of the theory has led, at worst, to charges of incoherence and, at best, to a slew of interpretations, none of which is widely accepted. (shrink)
Locke asserts that “the Ideas of primary Qualities of Bodies, are Resemblances of them, and their Patterns do really exist in the Bodies themselves; But the Ideas, produced in us by these Secondary Qualities, have no resemblance of them at all.”1 On an unsophisticated way of taking his words, he means that ideas of primary qualities are like the qualities they represent and ideas of secondary qualities are unlike the qualities they represent.2 I will show that if we take his (...) assertions in this unsophisticated way, our reward will be a straightforward and satisfying interpretation of the central arguments of his chapter on primary and secondary qualities. With these arguments, Locke attempts to justify his assertions about resemblance. Some may be skeptical, thinking that the assertions, interpreted literally, are either too absurd or too obvious to have reasons supporting them. I take this skepticism to rest on deep foundations of charity, so half of the paper will be devoted to undermining these foundations by giving a sympathetic and historical exposition of Locke’s positive thesis that primary qualities resemble the ideas that represent them. I criticize rival interpretations of Lockean resemblance, say what it means to believe that ideas resemble qualities, explain the plausibility of the belief in Locke’s environment, and examine his descriptions of how ideas resemble particular primary qualities. Once I establish that we should take Locke’s resemblance theses literally, I can describe their place in his theory of representation. After that, I can describe his reasons for believing the resemblance theses. I will conclude by showing how Locke’s belief that ideas of secondary qualities do not resemble anything in bodies leads him to conclude that secondary qualities are merely powers to produce ideas. Let me begin near the end, however. Before defending a literal interpretation of the resemblance theses, I want to criticize three rival interpretations.. (shrink)
Being morally responsible means being blameworthy and deserving of punishment if we do wrong and praiseworthy and deserving reward if we do right. In what follows I shall argue that in all likelihood we're not morally responsible. None of us. Ever.
Most philosophers now concede that libertarianism has failed as an account of free will. Assuming the correctness of this concession, that leaves compatibilism and hard determinism as the only remaining choices in the free will debate. In this paper, I will argue that hard determinism turns out to be a form of compatibilism, and therefore, compatibilism is the only remaining position in the free will debate. I will attempt to establish this conclusion by arguing that hard determinists will end up (...) punishing or rewarding the same acts (and omissions) that the compatibilists punish and reward. Next, I will respond to several objections that attempt to pry apart hard determinism and compatibilism. It will emerge not only that hard determinism and compatibilism are identical at the practical level, but also that the key terms employed by the hard determinist have the same meaning as equivalent terms ("free," "morally responsible," and "retributive punishment") employed by the compatibilist. I conclude that hard determinism genuinely is a form of compatibilism. (shrink)
What makes a person's life meaningful? Thaddeus Metz offers a new answer to an ancient question which has recently returned to the philosophical agenda. He proceeds by examining what, if anything, all the conditions that make a life meaningful have in common. The outcome of this process is a philosophical theory of meaning in life. He starts by evaluating existing theories in terms of the classic triad of the good, the true, and the beautiful. He considers whether meaning in life (...) might be about such principles as fulfilling God's purpose, obtaining reward in an afterlife for having been virtuous, being attracted to what merits attraction, leaving the world a better place, connecting to organic unity, or transcending oneself by connecting to what is extensive. He argues that no extant principle satisfactorily accounts for the three-fold significance of morality, enquiry, and creativity, and that the most promising theory is a fresh one according to which meaning in life is a matter of intelligence contoured toward fundamental conditions of human existence. (shrink)
Plato on Knowledge and Forms brings together a set of connected essays by Gail Fine, in her main area of research since the late 1970s: Plato's metaphysics and epistemology. She discusses central issues in Plato's metaphysics and epistemology, issues concerning the nature and extent of knowledge, and its relation to perception, sensibles, and forms; and issues concerning the nature of forms, such as whether they are universals or particulars, separate or immanent, and whether they are causes. A specially written introduction (...) draws together the themes of the volume, which will reward the attention of anyone interested in Plato or in ancient metaphysics and epistemology. (shrink)
While it isn't clear that we are right to value integrity — or so I shall argue — most of us do. Persons of integrity merit respect. Compromising one's integrity — or failing completely to exhibit it — seems a serious flaw. Two influential accounts suggest why. For Bernard Williams, integrity is 'a person's sticking by what [she] regards as ethically necessary or worthwhile.'2 To this Cheshire Calhoun adds a helpful negative gloss:To lack integrity is to underrate both formulating and (...) exemplifying one's own views. People without integrity trade action on their own views too cheaply for gain, status, reward, approval or for escape from penalties, loss of status, disapproval. Or they trade their own views too .. (shrink)
It is sometimes held that “the aesthetic” and “the cognitive” are separate categories. Enterprises concerning the former and ones concerning the latter have different aims and values. They require distinct modes of attention and reward divergent kinds of appreciation. Thus, we must avoid running together aesthetic and cognitive matters. In this paper, I challenge the independence of these categories, but in unorthodox fashion. Most attempts proceed by arguing that cognitive values can bear upon aesthetic ones. I approach from the (...) opposite direction. I show that a work’s aesthetic merits can affect its cognitive ones and, more provocatively, its philosophical ones. (shrink)
Leadership which lacks ethical conduct can be dangerous, destructive, and even toxic. Ethical leadership, though well discussed in the literature, has been tested empirically as a construct in very few studies. An empirical investigation of ethical leadership in Singapore's construction industry is reported. It is found that ethical leadership is positively and significantly associated with transformational leadership, transformational culture of organization, contingent reward dimension of transactional leadership, leader effectiveness, employee willingness to put in extra effort, and employee satisfaction with (...) the leader. However, it is also found that ethical leadership bears no correlations with transactional leadership. Also, it is negatively correlated with laissez-faire leadership and transactional culture of the organization. The findings also reveal that ethical leadership plays a mediating role in the relationship between employee outcomes and organizational culture. Practical implications of these findings are discussed. Directions for future research are also suggested. (shrink)
This paper uses two recentworks as a springboard for discussing theproper contours of intellectual propertyprotection. Professor Lessig devotes much ofThe Future of Ideas to demonstrating howthe expanding scope of intellectual propertyprotection threatens the Internet as aninnovation commons. Similarly, ProfessorLitman''s message in Digital Copyright isthat copyright law is both too complicated andtoo restrictive. Both authors contend that asa result of overprotecting individual rights,creativity is stifled and the vitality of theintellectual commons is in jeopardy. It isdifficult to evaluate the claims and policyprescriptions (...) of these books without someappreciation for the moral foundations ofintellectual property. The utility and labordesert theories remain the two most prominentin the Anglo-American tradition. Afterexploring those theories, we argue for a secureregime of protection based on the Lockeanvision that property rights are justly deservedas a reward for labor that creates value. However, as Locke''s famous proviso implies,even a natural property right is not absoluteand must be balanced by regard for the publicdomain. But a natural right cannot besacrificed simply to advance technologicalinnovation or to achieve marginal social andeconomic gains. While we agree with Lessig andLitman that recent legislation goes too far weconclude the essay by attempting to illustratethat some of their policy recommendations errin the opposite direction by underprotectingvalid property rights. (shrink)
Leading scholars in the philosophy of language and theoretical linguistics present brand-new papers on a major topic at the intersection of the two fields, the distinction between semantics and pragmatics. Anyone engaged with this issue in either discipline will find much to reward their attention here. Contributors: Kent Bach, Herman Cappelen, Michael Glanzberg, Jeffrey C. King, Ernie Lepore, Stephen Neale, F. Recanati, Nathan Salmon, Mandy Simons, Scott Soames, Robert J. Stainton, Jason Stanley, Zoltan Gendler Szabo.
The belief that only free will supports assignments of moral responsibility -- deserved praise and blame, punishment and reward, and the expression of reactive attitudes and moral censure -- has fueled most of the historical concern over the existence of free will. Free will's connection to moral responsibility also drives contemporary thinkers as diverse in their substantive positions as Peter Strawson, Thomas Nagel, Peter van Inwagen, Galen Strawson, and Robert Kane. A simple, but powerful, reason for thinking that philosophers (...) are correct in making moral responsibility the prize of the free will problem is this: If we disassociate free will from deserved praise, blame, punishment and reward, reactive attitudes and moral censure, then why care about free will? If free will is not pinned down as that degree of freedom in our choices that we need for moral responsibility, it is difficult to see why anyone would or should care about free will. In this article I argue that some of the most prominent recent writing on free will becomes sidetracked from this key issue. For this reason, a good deal of the literature is so much spilled ink as philosophers misdirect their energies. In section 1 I elaborate just what I believe the key issue in the free will problem is. In section 2 I illustrate what an answer to the key issue requires. In section 3 I suggest motivations for misdirection. In sections 4, 5, and 6 I provide detailed examples of misdirection from compatibilists and libertarians. In sections 7 and 8 I describe some non-misdirected answers to the key question. (shrink)
Discussions of loyalty in business typically assume that employees have a prima facieduty of loyalty to their companies, one that sometimes conflicts with other duties, such as the duty to blow the whistle in response to dangerous or unethical practices. Ronald Duska, however, denies the existence of any such duty. According to Duska, one does not have an duty of loyalty to a company, even a prima facieone, because companies are not proper objects of loyalty. He bases this conclusion on (...) two premises: first, that loyalty is appropriate only in relationships that demand self-sacrifice without expectation of reward, and second, that the employee-company relationship does not demand such sacrifice.In this paper I pose a dilemma for Duska. Briefly put: one can interpret Duska''s phrase relationships that demand self-sacrifice without expectation of reward" either narrowly or broadly. If one interprets it narrowly, then Duska''s first premise is false; if broadly, then his second premise is false. Either way, Duska''s argument is unsound. However, after rejecting his conclusion about loyalty in business, I go on to argue that Duska is right to deny that the duty of loyalty conflicts with the duty to blow the whistle. More generally, the paper is an attempt to elucidate the proper application of loyalty in business. (shrink)
To desire something is a condition familiar to everyone. It is uncontroversial that desiring has something to do with motivation, something to do with pleasure, and something to do with reward. Call these "the three faces of desire." The standard philosophical theory at present holds that the motivational face of desire presents its unique essence--to desire a state of affairs is to be disposed to act so as to bring it about. A familiar but less standard account holds the (...) hedonic face of desire to reveal to true nature of desire. In this view, to desire something is to tend to pleasure if it seems that the desired state of affairs has been achieved, or displeasure if it seems otherwise, thus tying desire to feelings instead of actions. In Three Faces of Desire, Schroeder goes beyond actions and feelings to advance a novel and controversial theory of desire that puts the focus on desire's neglected face, reward. Informed by contemporary science as much as by the philosophical tradition, Three Faces of Desire discusses recent scientific discoveries that tell us much about the way that actions and feelings are produced in the brain. In particular, recent experiments reveal that a distinctive system is responsible for promoting action, on the one hand, and causing feelings of pleasure and displeasure, on the other. This system, the brain's reward system, is the causal origin of both action and feeling, and is the key to understanding the nature of desire. (shrink)
This Article considers the moral and legal status of practices that aim to modify traits in human offspring. As advancements in reproductive biotechnology give parents greater power to shape the genetic constitution of their children, an emerging school of legal scholars has ushered in a privatized paradigm of genetic control. Commentators defend a constitutionally protected right to prenatal engineering by appeal to the significance of procreative liberty and the promise of producing future generations who are more likely to have their (...) lives go well. This 'new eugenics,' however, confronts us with ethical challenges that neither liberal arguments about autonomy, fairness, and consent, nor utilitarian arguments about preferences, happiness, and equality, are able to capture. I begin by analyzing the Supreme Court's modern substantive due process jurisprudence, as it bears on recent advancements and controversies in genetic science. After developing a doctrinal framework that could support an asserted right to genetic engineering, I draw on empirical research in behavioral psychology to examine the influence of eugenic norms on egalitarian attitudes and institutions. I predict that if parents become accustomed to choosing the genes of their children, it would be radically more difficult to give an influential account for why the successful should adopt a charitable posture toward those who are less fortunate. I argue that by shifting control over offspring DNA from chance to choice, enhancement will inflate a sense of individual entitlement for social and economic outcomes. I conclude that increasing willingness to prevent the birth of abnormal children distracts attention from institutions that fail to accommodate the limitations of imperfect people. Some may reply that producing people who better fit the roles society chooses to reward need not deter us from providing for people whose abilities fail to meet the demands of modern society. However, this reply misses the way that changes in reproductive practices can bring about changes in the way that we understand our identities and relationships. Eugenic solutions to social problems such as poverty, crime, and unemployment reshape the challenge of genetic disadvantage so that it is no longer one we address through collective measures such as public education, social services, and income redistribution, and instead becomes one for individual parents to prevent through donor screening, embryo discard, or selective abortion. (shrink)
Despite the fact that a number of economists and philosophers of late defend insider trading both as a viable and useful practice in a free market and as not immoral, I shall question the value of insider trading both from a moral and an economic point of view. I shall argue that insider trading both in its present illegal form and as a legalized market mechanism undermines the efficient and proper functioning of a free market, thereby bringing into question its (...) own raison d'etre. It does so and is economically inefficient for the very reason that it is immoral. Thus this practice cannot be justified either from an economic or a moral point of view. Insider trading is the reverse of speculation. It is reward without risk, wealth generated — and injury done to others — by an unfair advantage in information ... [T]he core principle is clear: no one should profit from exploitation of important information not available to the public. (shrink)
Because little is known about the human trait of affiliation, we provide a novel neurobehavioral model of affiliative bonding. Discussion is organized around processes of reward and memory formation that occur during approach and consummatory phases of affiliation. Appetitive and consummatory reward processes are mediated independently by the activity of the ventral tegmental area (VTA) dopamine (DA)–nucleus accumbens shell (NAS) pathway and the central corticolimbic projections of the u-opiate system of the medial basal arcuate nucleus, respectively, although these (...) two projection systems functionally interact across time. We next explicate the manner in which DA and glutamate interact in both the VTA and NAS to form incentive-encoded contextual memory ensembles that are predictive of reward derived from affiliative objects. Affiliative stimuli, in particular, are incorporated within contextual ensembles predictive of affiliative reward via: (a) the binding of affiliative stimuli in the rostral circuit of the medial extended amygdala and subsequent transmission to the NAS shell; (b) affiliative stimulus-induced opiate potentiation of DA processes in the VTA and NAS; and (c) permissive or facilitatory effects of gonadal steroids, oxytocin (in interaction with DA), and vasopressin on (i) sensory, perceptual, and attentional processing of affiliative stimuli and (ii) formation of social memories. Among these various processes, we propose that the capacity to experience affiliative reward via opiate functioning has a disproportionate weight in determining individual differences in affiliation. We delineate sources of these individual differences, and provide the first human data that support an association between opiate functioning and variation in trait affiliation. Key Words: affiliation corticolimbic-striatal networks; appetitive and consummatory reward; dopamine; oxytocin; personality; social bonds; social memory; u-opiates. (shrink)
Rob Clifton was one of the most brilliant and productive researchers in the foundations and philosophy of quantum theory, who died tragically at the age of 38. Jeremy Butterfield and Hans Halvorson collect fourteen of his finest papers here, drawn from the latter part of his career (1995-2002), all of which combine exciting philosophical discussion with rigorous mathematical results. Many of these papers break wholly new ground, either conceptually or technically. Others resolve a vague controversy intoa precise technical problem, which (...) is then solved; still others solve an open problem that had been in the air for soem time. All of them show scientific and philosophical creativity of a high order, genuinely among the very best work in the field. The papers are grouped into four Parts. First come four papers about the modal interpretation of quantum mechanics. Part II comprises three papers on the foundations of algebraic quantum field theory, with an emphasis on entanglement and nonlocality. The two papers in Part III concern the concept of a particle in relativistic quantum theories. One paper analyses localization; the other analyses the Unruh effect (Rindler quanta) using the algebraic approach to quantum theory. Finally, Part IV contains striking new results about such central issues as complementarity, Bohr's reply to the EPR argument, and no hidden variables theorems; and ends with a philosophical survey of the field of quantum information. The volume includes a full bibliography of Clifton's publications. Quantum Entanglements offers inspiration and substantial reward to graduates and professionals in the foundations of physics, with a background in philosophy, physics, or mathematics. (shrink)
According to Swinburne, one way of dealing with the guilt that attaches to a morally bad action is satisfaction, consisting of repentance, apology, reparation, and penance. Thus, Christ's life and death make atonement for human sin by providing a reparation which human beings would otherwise be unable to pay. I argue that the nature of God's creative activity entails that human beings can by themselves make reparation for their sins, merely by apology. So there is no need for additional reparation, (...) and the satisfaction theory of the atonement is otiose. Following an insight of Swinburne's, I argue that satisfaction is not sufficient for forgiveness, since satisfaction does not place the wronged party under any obligation to forgive the wrongdoer. Christ's death merits the forgiveness of those sins for which human beings have made satisfaction. It does this in virtue of a divine promise to reward Christ's meritorious life with the forgiveness of such human sin. (shrink)
Mark Wilson presents a highly original and broad-ranging investigation of the way we get to grips with the world conceptually, and the way that philosophical problems commonly arise from this. He combines traditional philosophical concerns about human conceptual thinking with illuminating data derived from a large variety of fields including physics and applied mathematics, cognitive psychology, and linguistics. Wandering Significance offers abundant new insights and perspectives for philosophers of language, mind, and science, and will also reward the interest of (...) psychologists, linguists, and anyone curious about the mysterious ways in which useful language obtains its practical applicability. (shrink)
Behavioral science has long been puzzled by the experience of temptation, the resulting impulsiveness, and the variably successful control of this impulsiveness. In conventional theories, a governing faculty like the ego evaluates future choices consistently over time, discounting their value for delay exponentially, that is, by a constant rate; impulses arise when this ego is confronted by a conditioned appetite. Breakdown of Will (Ainslie 2001) presents evidence that contradicts this model. Both people and nonhuman animals spontaneously discount the value of (...) expected events in a curve where value is divided approximately by expected delay, a hyperbolic form that is more bowed than the rational, exponential curve. With hyperbolic discounting, options that pay off quickly will be temporarily preferred to richer but slower-paying alternatives, a phenomenon that, over periods from minutes to days, can account for impulsive behaviors, and over periods of fractional seconds can account for involuntary behaviors. Contradictory reward-getting processes can in effect bargain with each other, and stable preferences can be established by the perception of recurrent choices as test cases (precedents) in recurrent intertemporal prisoner's dilemmas. The resulting motivational pattern resembles traditional descriptions of the will, as well as of compulsive phenomena that can now be seen as side-effects of will: over-concern with precedent, intractable but circumscribed failures of self-control, a motivated (“dynamic”) unconscious, and an inability to exploit emotional rewards. Hyperbolic curves also suggest a means of reducing classical conditioning to motivated choice, the last necessary step for modeling many involuntary processes like emotion and appetite as reward-seeking behaviors; such modeling, in turn, provides a rationale for empathic reward and the “construction” of reality. Key Words: altruism; appetite; behavioral economics; classical conditioning; compulsions; dynamic inconsistency; emotions; empathy; freedom of will; hyperbolic discounting; impulsiveness; intertemporal bargaining; self-control; social construction; volition; weakness of will. (shrink)
Various explanations are offered to explain why employees increasingly work longer hours: the combined effects of technology and globalization; people are caught up in consumerism; and the "ideal worker norm," when professionals expect themselves and others to work longer hours. In this article, we propose that the processes of employer recruitment and selection, employee self-selection, cultural socialization, and reward systems help create extended work hours cultures (EWHC) that reinforce these trends. Moreover, we argue that EWHC organizations are becoming more (...) prevalent and that organizations in which long hours have become the norm may recruit for and reinforce workaholic tendencies. Next, we offer spiritual leadership as a paradigm for organizational transformation and recovery from the negative aspects of EWHC to enhance employee wellbeing and corporate social responsibility without sacrificing profitability, revenue growth, and other indicators of financial performance. Finally, we will offer suggestions for future theory, research, and practice. (shrink)
Desires move us to action, give us urges, incline us to joy at their satisfaction, and incline us to sorrow at their frustration. Naturalistic work on desire has focused on distinguishing which of these phenomena are part of the nature of desire, and which are merely normal consequences of desiring. Three main answers have been proposed. The first holds that the central necessary fact about desires is that they lead to action. The second makes pleasure the essence of desire. And (...) the third holds that the central necessary fact about desires is that they open us to reward-based learning. (shrink)
Different brain mechanisms seem to mediate wanting and liking for the same reward. This may have implications for the modular nature of mental processes, and for understanding addictions, compulsions, free will and other aspects of desire. A few wanting and liking phenomena are presented here, together with discussion of some of these implications.
Recently in the U.S. a near-consensus has formed around the idea that it would be desirable to "end welfare as we know it," in the words of President Bill Clinton.1 In this context, the term "welfare" does not refer to the entire panoply of welfare state provision including government sponsored old age pensions, government provided medical care for the elderly, unemployment benefits for workers who have lost their jobs without being fired for cause, or aid to the disabled. "Welfare" in (...) contemporary debates means "cash, food, or housing assistance to healthy nonaged persons with low incomes."2 In the U.S., the main policy that qualifies as welfare in this sense is Aid to Families with Dependent Children.3 Although contemporary attacks on welfare are identified with conservative policy analysts such as Charles Murray, in fact dissatisfaction with the policies Murray targets for criticism is widespread among liberal intellectuals. For example, in a sharply critical review essay on Murray's book Losing Ground, Christopher Jencks worries that "the social policies that prevailed from 1964 to 1980 often seemed to reward vice" instead of rewarding virtuous conduct by the poor. The problem as Jencks, following Murray, views it is not easy to repair, because "if you set out to help people who are in trouble, you almost always find that most of them are to some extent responsible for their present troubles. Few victims are completely innocent. Helping those who are not doing their best to help themselves poses extraordinarily difficult moral and political problems."4 David T. Ellwood writes that Murray “is almost certainly correct in stating that welfare does not reflect or reinforce our most basic values. He is also correct in stating that no amount of tinkering with benefit levels or work rules will change that.”. (shrink)
The question of whether corporate social responsibility (CSR) has a positive impact on firm value has been almost exclusively analysed from the perspective of the stock market. We have therefore investigated the relationship between the valuation of Euro corporate bonds and the standards of CSR of mainly European companies for the first time in this article. Generally, the debt market exhibits a considerable weight for corporate finance, for which reason creditors should basically play a significant role in the transmission of (...) CSR into the valuation of financial instruments. Given that socially responsible firms are often regarded as economically more successful and less risky, they should have lower risk premia. The results of the empirical analysis, however, reveal that based on an extensive data panel the risk premium for socially responsible firms – according to the classification by SAM Group – was ceterius paribus higher than for non-socially responsible companies. However, only one case of the models investigated was weakly significant. Thus, largely the relationship has to be classified as marginal; so CSR has apparently not yet been incorporated into the pricing of corporate bonds. (shrink)
