It is my hope that the book will be widely read and debated."--Axel Leijonhufvud, UCLA and the University of Trento "This is a major and controversial contribution to macroeconomics that cannot fail to make an impact in several areas.

Both experimental and ethnographic studies show that reciprocal exchanges (in which actors unilaterally provide benefits to each other without formal agreements) produce stronger trust than negotiated exchanges secured by binding agreements. We develop the theoretical role of risk and uncertainty as causal mechanisms that potentially explain these results, and then test their effects in two laboratory experiments that vary risk and uncertainty within negotiated and reciprocal forms of exchange. We increase risk in negotiated exchanges (...) by making agreements nonbinding and decrease uncertainty in reciprocal exchanges by having actors communicate their intentions. Our findings support three main theoretical conclusions. (1) Increasing risk in negotiated exchange produces levels of trust comparable to those in reciprocal exchange only if the partner's trustworthiness is near-absolute. (2) Decreasing uncertainty in reciprocal exchange either increases or decreases trust, depending on network structure. (3) Even when reciprocal and negotiated exchanges produce comparable levels of trust, their trust differs in kind, with reciprocal exchange partners developing trust that is more resilient and affect-based. (shrink)

This research aims to examine the specific risk of companies and their effectiveness in various stages of the company life cycle on state and nonstate ownership. For this purpose, the specific risk was estimated using Fama and French three-factor models, and the research objective was examined by considering the data panel model during the period 2015 to 2020 in a statistical sample consisting of 136 companies active in the Tehran Stock Exchange. For this purpose, the main contribution of (...) research is evaluation of the effect of specific risk in different stages of the life cycle of companies admitted to the Tehran Stock Exchange. Therefore, the main valuable advantage to helping stock managers is assessing the impact of government ownership and nongovernment ownership on the specific risk of companies at different stages of the life cycle. Also, presenting a model to show the effects of dependent and independent variables in order to evaluate the impact of government and nongovernment ownership. The research results confirmed that the specific risk of the company in the stages of introduction, growth, and decline is higher compared to the stages of maturity and stagnation of the life cycle of companies listed on the Tehran Stock Exchange. Because the coefficients of virtual variables related to the life cycle stages of the company are estimated to be significant. Also, the finding confirmed that government ownership significantly affects the relationship between firm risk and life cycle stages in companies listed on the Tehran Stock Exchange. Because, the coefficient of variable state ownership is negative and significant, indicating a lower specific risk in state-owned companies than in nonstate-owned companies. (shrink)

This book by one of America's preeminent legal theorists is concerned with the conflict between the goals of justice and economic efficiency in the allocation of risk, especially risk pertaining to safety. The author approaches his subject from the premise that the market is central to liberal political, moral, and legal theory. In the first part of the book, he rejects traditional "rational choice" liberalism in favor of the view that the market operates as a rational way of (...) fostering stable relationships and institutions within communities of individuals with broadly divergent conceptions of the good. However, markets are needed most where they are most difficult to create and sustain, and one way to understand contract law in liberal legal theory, according to Professor Coleman, is as an institution designed to reduce uncertainty and thereby make markets possible. Another target of this book is the prevalent view that tort law helps rectify market failures when transaction costs are too high to permit contracting. The author argues instead that tort law should be understood as a way of rectifying wrongful losses not inefficient exchanges. (shrink)

Uncertainty, insufficient information or information of poor quality, limited cognitive capacity and time, along with value conflicts and ethical considerations, are all aspects thatmake risk managementand riskcommunication difficult. This paper provides a review of different risk concepts and describes how these influence risk management, communication and planning in relation to forest ecosystem services. Based on the review and results of empirical studies, we suggest that personal assessment of risk is decisive in the management of forest ecosystem (...) services. The results are used together with a reviewof different principles of the distribution of risk to propose an approach to risk communication that is effective aswell as ethically sound. Knowledge of heuristics and mutual information on both beliefs and desires are important in the proposed risk communication approach. Such knowledge provides an opportunity for relevant information exchange, so that gaps in personal knowledge maps can be filled in and effective risk communication can be promoted. (shrink)

The financial crisis of 2008–2009 presents us with the opportunity to not only understand what has happened in the markets but also to reflect on the purpose of the marketplace. Drawing from expert economic analyses, we first assess the central lesson of the crisis—the failure of self-regulation by rational self-interest to moderate externalized risk in financial markets. Second, we ask the philosophical question occasioned by the crisis concerning the moral meaning of economic activity: Is market exchange solely for the (...) sake of self-interest? Reflecting on the poetry of Kahlil Gibran and engaging with the recent encyclical of Pope Benedict XVI, we turn our attention from political economy to moral economy: the relationships among market exchange, self-interest, and the common good—and, in particular, the prior conditions of market exchange and their moral significance for the present crisis. (shrink)

Within siting literature there is strong agreement that compensation for environmental risks is a necessary condition for local acceptance of waste treatment facilities. In-kind compensation is commonly pushed forward as being more effective than financial benefits in reducing local opposition. By forcusing on the siting of a sanitary landfill in Santiago, Chile, this paper explores the performance of both types of compensation and relates the analysis to the notion of social norms of exchange. These are understood as being based on (...) three main types of social relations: care, justice and freedom. Whereas monetary compensation is associated with market relations based on freedom and the offer of in-kind compensation to egalitarian relations based on justice, the absence of compensation is linked to fraternal relations based on care. It is argued that in-kind compensation is more acceptable than monetary payments or not compensation because people tend to understand siting conflicts more as matters of justice rather than as matters of freedom or care. (shrink)

In the probability literature, a martingale is often referred to as a “fair game.” A martingale investment is a stochastic sequence of wealth levels, whose expected value at any future stage is equal to the investor’s current wealth. In decision theory, a risk neutral investor would therefore be indifferent between holding on to a martingale investment, and receiving its payoff at any future stage, or giving it up and maintaining his current wealth. But a risk-averse decision maker would (...) not be indifferent between a martingale investment and his current wealth level, since he values uncertain deals less than their mean. A risk seeking decision maker, on the other hand, would readily accept a martingale investment in exchange for his current wealth, and would repeat this investment any number of times. These ideas lead us to introduce the notion of a “risk-adjusted martingale”; a stochastic sequence of wealth levels that a rational decision maker with any attitude toward risk would value constantly with time, and would be indifferent between receiving its pay-off at any future stage, or giving it up and maintaining his current wealth level. We show how to construct such risk-adjusted investments for any decision maker with a continuous monotonic utility function. The fundamental result we derive is that a pay-off structure of an investment (i) is a risk-adjusted martingale and (ii) can be represented by a lattice if and only if the pay-off functions are invariant transformations of the given utility function. (shrink)

When a risk is exchanged, the exact value for the minimum price (positive or negative) that the purchaser (investor, or insurer) is willing to pay is given by the certainty equivalent wealth level, which in turn depends on his specific utility function. When this utility function is unknown, then only a sufficient condition on the price can ever be found. This paper provides methods for calculating such a sufficient condition, when only limited information on the utility function is known.

A decision maker bets on the outcomes of a sequence of coin-tossings. At the beginning of the game the decision maker can choose one of two coins to play the game. This initial choice is irreversible. The coins can be biased and the player is uncertain about the nature of one (or possibly both) coin(s). If the player is an expected-utility maximizer, her choice of the coin will depend on different elements: the nature of the game (namely, whether she can (...) observe the outcomes of the previous tosses before making her next decision), her utility function, the prior distribution on the bias of the coin. We will show that even a risk averter might optimally choose a riskier coin when learning is allowed. We will express most of our results in the language of stochastic orderings, allowing comparisons that are valid for large classes of utility functions. (shrink)

This article examines whether ethical business practice enhances financial performance with respect to interorganizational favour exchange. We argue that the link between the ethicality and economic utility of interorganizational favour exchange is governed by: (1) organizational–individual interest alignment/conflict and (2) the fairness or justifiability of favour exchanges from the perspective of third parties. We classify interorganizational (IO) favour exchange into four types (Business–Personal, Personal–Business, Personal–Personal and Business–Business favour exchange). Our analysis shows that the first three types of favour exchange (...) are unethical as they involve conflicts between organizational and individual interests in one or both participating organizations that negatively affect organizational value creation. The last type of favour exchange involves organizational–individual interest alignment in both participating organizations and positively affects the capacity of those involved in the exchange to create value. Favour exchanges of this fourth variety are ethically justifiable unless they unfairly damage the legitimate interests of third parties. In the latter case, these favour exchanges create the risk of negative third party reactions, which in turn affect the sustainability of the benefits of the favour exchanges to the focal group (the dyad). Our research results advance understanding of the ethical and economic implications of IO favour exchange, counter the prejudice against this behaviour in organizations, provide ethical guidance for management and business practice, and have implications for the relationship between doing well and doing good. (shrink)

The extraction of natural resources is a controversial business practice that has profound ethical and economic risk implications for both firms involved in extractive activities and society at large. In response to these implications, the Dodd–Frank Act of 2010 directed the Securities and Exchange Commission to create the first ever rules requiring annual corporate responsibility disclosures. The two proposed rules, requiring disclosure of the source of “conflict minerals” and of payments to foreign governments by extractive firms, conjured intense debate (...) among stakeholders, largely related to the risks of firms providing the information. These risks span from required disclosures increasing compliance costs for firms to non-disclosure threatening human rights. In this study, we seek to understand the way in which stakeholders perceive the risks associated with corporate responsibility disclosures. We analyze comment letters submitted to the SEC related to the two disclosure rules through the lens of Douglas’s cultural perspectives of risk. We find consistencies across the two proposed disclosures with regard to the presence of three risk perspectives within the comment letter discourse for each proposal. We find inconsistencies, however, in the underlying nature of risk perceived across the two rules, which we argue reveals an aspect of risk that incorporates ethicality and is ultimately linked to reputational considerations. We complement these insights by analyzing the market reaction to the proposed regulations. Overall, our analysis suggests that stakeholders’ perceptions of risk have consequences for how risk is perceived and acted upon in the market. (shrink)

Breastmilk is bought, sold, and donated in a global marketplace, which risks exploiting the women who produce it. In Detroit, black mothers are targeted as paid milk donors; milk from Cambodian and Indian mothers is sold to parents in the United States and Australia; and the International Breast Milk Project sends donated milk from the United States to Africa. Drawing on transnational care work and affect theory, I argue that merely refraining from paying women does not eliminate potentially harmful effects. (...) Addressing the ethical implications of these exchanges requires reconsidering the relationship between gift and commodity and between love and work. (shrink)

This book examines historical approaches and current research and practice related to the education of adolescents placed at risk of school failure as a result of social and economic conditions. One major goal is to expand the intellectual exchange among researchers, policymakers, practitioners, and concerned citizens on factors influencing the achievement of poor and minority youth, specifically students in middle and high schools. Another is to encourage increased dialogue about policies and practices that can make a difference in educational (...) opportunities and outcomes for these students. Although the chapters in this volume are not exhaustive, they represent an array of theoretical and methodological approaches that provide readers with new and diverse ways to think about issues of educational equality and opportunity in the United States. A premise that runs through each chapter is that school success is possible for poor and minority adolescents if adequate support from the school, family, and community is available. *The conceptual approach places the research and practice on students placed at risk in a historical context and sets the stage for an important reframing of current definitions, research, policies, and practices aimed at this population. *Multiple research methodologies allow for comparisons across racial and ethnic groups as well as within groups, and contribute to different and complementary insights. Section III, "Focus on African-American Students," specifically addresses gender and social class differences among African-American adolescents. *Current reform strategies presently being implemented in schools throughout the United States are presented and discussed. These strategies or programs highlight how schools, families, and communities can apply research findings like the ones this book presents, thus bridging the often wide gap between social science research and educational practice. (shrink)

PurposeBased on social exchange theory, this study aimed to investigate, from the cost-benefits perspective, the intention to co-create open educational resources.Design/Methodology/ApproachParticipants in the study included 311 undergraduate students selected from those enrolled in a course on the China University MOOC platform. Regression analysis was conducted to examine cost and benefits factors that influenced participants’ intentions to co-create OER.Findings From the perspective of benefits, expected reciprocity, increase in knowledge self-efficacy, and creative self-efficacy were found to significantly and positively impact the intention (...) to co-create OER, while increase in internet self-efficacy was not. From the perspective of cost, perceived effort and perceived privacy were found to significantly and negatively impact the intention to co-create OER, while perceived intellectual property risks were not significant.Originality/ValueThree strategies are recommended to promote the intention to co-create OER based on the findings of this study: focusing on OER communities and developing reciprocity norms; popularizing and promoting knowledge and use of Creative Commons copyright licenses; providing easy-to-use online resource editing tools for use with OER repositories.Research Limitations/ImplicationsFuture research should explore other ages, cultural backgrounds, and types of online learning experience to help broaden the universality of the results. (shrink)

In the insurance literature, it is often argued that private markets can provide insurance against ‘risks’ but not against ‘uncertainties’ in the sense of Knight ([1921]) or Keynes ([1921]). This claim is at odds with the standard economic model of risk exchange which, in assuming that decision-makers are always guided by point-valued subjective probabilities, predicts that all uncertainties can, in theory, be insured. Supporters of the standard model argue that the insuring of highly idiosyncratic risks by Lloyd's of London (...) proves that this is so even in practice. The purpose of this article is to show that Bruno de Finetti, famous as one of the three founding fathers of the subjective approach to probability assumed by the standard model, actually made a theoretical case for uncertainty within the subjectivist approach. We draw on empirical evidence from the practice of underwriters to show how this case may help explain the reluctance of insurers to cover highly uncertain contingencies. (shrink)

There are two critical steps in determining whether a medical experiment involving human subjects can be conducted in an ethical manner: assessing risks and potential benefits and obtaining potential subjects’ informed consent. Although an extensive literature on both of these aspects exists, virtually nothing has been written about human experimentation for which the objective is not to prevent, cure, or mitigate a disease or condition, but to enhance human capabilities. One exception is a 2004 article by Rebecca Dresser on preimplantation (...) genetic modification — one of the most controversial enhancement technologies — in which she states, “Under existing research ethics principles, it would be unethical for investigators to perform modifications exposing embryos expected to develop into healthy children to significant risk in exchange for a possible physical or mental enhancement.” But Dresser does not explain why such an experiment would be unethical under existing principles, and her conclusion is not self-evident. (shrink)

Selection pressure from health risk is hypothesized to have shaped adaptations motivating individuals to attempt to become valued by other individuals by generously and recurrently providing beneficial goods and/or services to them because this strategy encouraged beneficiaries to provide costly health care to their benefactors when the latter were sick or injured. Additionally, adaptations are hypothesized to have co-evolved that motivate individuals to attend to and value those who recurrently provide them with important benefits so they are willing in (...) turn to provide costly care when a valued person is disabled or in dire need. Individuals in egalitarian foraging bands can provide a number of valuable benefits, such as defense, diplomacy, food, healing, information, technical skill, or trading savvy. We therefore expect that humans have evolved psychological mechanisms motivating the pursuit and cultivation of a difficult-to-replace social role based on the provisioning of a benefit that confers a fitness advantage on its recipients. We call this phenomenon social niche specialization. One such niche that has been well-documented is meat-sharing. Here we present cross-cultural evidence that individuals cultivate two other niches, information and tool production, that serve (among other things) to buffer health risk. (shrink)

In a recent paper in this journal Duncan Pritchard responds to an objection to the modal account of risk pressed by Ebert, Smith and Durbach ( 2020 ). In this paper, I expand upon the objection and argue that it still stands. I go on to consider a more general question raised by this exchange – whether risk is ‘objective’, or whether it is something that varies from one perspective to another.

Governments and citizens of nearly every nation have been compelled to respond to COVID-19. Many measures have been adopted, including contact tracing and risk assessment algorithms, whereby citizen whereabouts are monitored to trace contact with other infectious individuals in order to generate a risk status via algorithmic evaluation. Based on 38 in-depth interviews, we investigate how people make sense of Health Code, the Chinese contact tracing and risk assessment algorithmic sociotechnical assemblage. We probe how people accept or (...) resist Health Code by examining their ongoing, dynamic, and relational interactions with it. Participants display a rich variety of attitudes toward privacy and surveillance, ranging from fatalism to the possibility of privacy to trade-offs for surveillance in exchange for public health, which is mediated by the perceived effectiveness of Health Code and changing views on the intentions of institutions who deploy it. We show how perceived competency varies not just on how well the technology works, but on the social and cultural enforcement of various non-technical aspects like quarantine, citizen data inputs, and cell reception. Furthermore, we illustrate how perceptions of Health Code are nested in people’s broader interpretations of disease control at the national and global level, and unexpectedly strengthen the Chinese authority’s legitimacy. None of the Chinese public, Health Code, or people’s perceptions toward Health Code are predetermined, fixed, or categorically consistent, but are co-constitutive and dynamic over time. We conclude with a theorization of a relational perception and methodological reflections to study algorithmic sociotechnical assemblages beyond COVID-19. (shrink)

The development and use of large and dynamic health data repositories designed to support research pose challenges to traditional informed consent models. We used semi-structured interviewing to elicit diverse research stakeholders' views of a model of consent appropriate to participation in initiatives that entail collection, long-term storage, and undetermined future research use of multiple types of health data. We demonstrate that, when considering health data repositories, research stakeholders replace a concept of consent as informed with one in which consent is (...) engaged. In engaged consent, a participant's ongoing relationship with a repository serves as a substitute or adjunct to information exchange at enrollment. We detail research stakeholders' views of the risks of engaged consent and suggest questions for further study about engagement and consent procedures in initiatives that aim to store data for future unspecified research purposes. (shrink)

Living donation provides important access to organ transplantation, which is the optimal therapy for patients with end-stage liver or kidney failure. Paired exchanges have facilitated thousands of kidney transplants and enable transplantation when the donor and recipient are incompatible. However, frequently willing and otherwise healthy donors have contraindications to the donation of the organ that their recipient needs. Trans-organ paired exchanges would enable a donor associated with a kidney recipient to donate a lobe of liver and a donor (...) associated with a liver recipient to donate a kidney. This article explores some of the ethical concerns that trans-organ exchange might encounter including unbalanced donor risks, the validity of informed consent, and effects on deceased organ donation. (shrink)

The method chosen here draws on concepts borrowed from sociology and anthropology. This double conceptual approach is necessary for a society divided between values inherited from medieval Christianity and precapitalist practices. Seventeenth-century France did not think of itself as a class society but as a society of orders. Since sociology is a system of knowledge whose concepts are taken from an imaginary construct, it is thus more suited to analyzing bourgeois society than societies in transition.6 In trying to measure the (...) past with the aid of tools forged in and for contemporary societies, the sociologist runs the risk of only measuring an artifact, produced by his theories in the field of history. Hence the need for the anthropological concepts, including the notion of exchange, among others, whether material , symbolic , or sexual .This approach will bring to light the contradictions underlying the society of the ancient régime. Whereas an ordinary sociohistorical approach views the reign of Louis XIV as unified under a dogmatic classicism, the socioanthropological approach stresses the tensions and oppositions running through this society. Classicism appears then as a façade covering up the change that it cannot imagine. This “spectacle”7 makes it possible to unite contradictory social practices, both those produced by consumption and which originate in the medieval economy and those belonging to the early accumulation of capital which sketch future bourgeois economic practices. 6. See Cornelius Catoriadis, The Imaginary Institution of Society, trans. Kathleen Blamey .7. See Guy Debord, Society of the Spectacle, rev. English ed. . Jean-Marie Apostolidès is professor of French literature at Stanford University. His publications include Le roi-machine, Les metamorphoses de Tintin, and Le prince sacrifié. Alice Musick McLean, a Ph.D. student at the University of Chicago, is specializing in medieval narrative and the literature of the fantastic. (shrink)

The basic risk for culture in conditions of globalization consists in full submission of its existence to economic (market) rules. The masscult deprived a variety - a product of such submission. But a source of creative development was and there is a cultural variety. Domination of a masscult leads to decrease in creative potential of the person and a society. Becoming of metaculture as culture of gift of a modern society represents alternative as to principles of a masscult, and (...) ideas of multiculturalism and tolerance. The principle of tolerance is a recognition of powerlessness to involve cultures in productive dialogue, de-facto it is recognition of the established cultural barriers. The culture of gift (metaculture) is based on following principles: 1) reflexivity, 2) ethicness, 3) positive role ofOtherness, 4) the sacrifice of an autonomy to (accept of gift), 5) new cultural-historical type of rationality is focused not on things, but on events, 6) more easy approach to products of cultural creativity and in this direction - alternative to deadlocks of protection to intellectual property (copyright). Development of metaculture corresponds to principles of a symbolical exchange and «copyleft». (shrink)

Amidst the climate of crisis surrounding the rise in opioid-related overdose in the USA, early in 2019, Google and Deloitte launched ‘Opioid360’. Here came a platform combining browser histories, credit, insurance, social media, and traditional survey data to sell the service of risk calculation in population health. Opioid360's approach to automating risk calculation not only promised to identify persons ‘at risk’ of opioid dependence, but also paved the way for broader applications anticipating common chronic diseases and coordinating (...) logistical operations involved in pandemic response. Beginning with this experimental platform, this paper develops an analysis of the Big Data mode of risk calculation - an epistemological and political shift that involves technology companies, investors, insurers, governments, and public health institutions. The analysis focuses on the re-emergence of ‘social determinants of health’ in the rhetoric accompanying novel analytic platforms that estimate, calculate, and compute individual health risks. While the treatment of SDOH has always been a site of political contestation within the discipline of public health, powerful interests are crystallising around the concept and instrumentalising it in platforms that sell algorithmic prediction. Silicon Valley's breed of asset-oriented technoscience appears not only to be amplifying the behaviouralist elements of public health. Among the stakes of the Big Data mode is the paradoxical retreat from changing social conditions that contribute to the prevalence of health and illness in populations; and instead, the promotion of an apparatus for pricing and exchanging individual risk or excluding from services those who bear risk most acutely. (shrink)

We consider the implications for the ethical evaluation of research programs of two fundamental changes in the revised research ethical guideline of the Council for International Organizations of Medical Sciences. The first is the extension of scope that follows from exchanging “biomedical” for “health‐related” research, and the second is the new evaluative basis of “social value,” which implies new ethical requirements of research. We use the example of antibiotic resistance interventions to explore the need to consider the instances of what (...) we term the pragmatic risks of such interventions to evaluate the social value of certain kinds of health‐related research. These (pragmatic) risks severely threaten the social value of interventions in every area where human and social responses significantly impact on their effectiveness. Thus, the social value of health‐related research needed to demonstrate its effectiveness depends on the extent and successful management of such risks. Research designed to take into account the management of pragmatic risks also gives rise to similar types of risks, and the potential for social value in light of those risks needs to be considered in ethical reviews based on the new guidelines. We argue that, to handle this new expanded task, the international system of research ethical review addressed by the guidelines needs institutional development. (shrink)

'Risquons-Tout' is an ambitious, thematic group exhibition that explores the potential of transgression and unpredictability. It examines how art challenges the homogenisation of thought in the now infamous echo chambers of our overcrowded info-sphere. 'Risquons-Tout' presents some of the most innovative and influential artists and authors from the Eurocore region, which extends between Amsterdam, Paris, Cologne, Düsseldorf and London, with Brussels at its centre. The title is borrowed from a place located on the Belgian-French border, a real yet liminal space (...) of transition, passage and informal exchanges, notably smuggling. The invited artists negotiate different dynamics of bridging, passing, translating and transgressing. In doing so they burst the safe bubbles generated by prediction algorithms, designed to avoid any risk, whether intellectual, financial, emotional or physical. The exhibition's geographic and political scope addresses today's global connectivity, trans-national circulation and diasporic movements. 'Risquons-Tout' will occupy the entire WIELS building and range out into neighbouring exhibition and performance spaces. It will present the works of 38 internationally recognised or emerging artists. The exhibition proposes a rich array of practices that defy easy categorisation. 'Risquons-Tout' will also include a performative section and an Open School that will serve as a laboratory for artists and scholars to draw upon questions of risk, unpredictability and borders through a range of alternative methods for the transmission of knowledge. Exhibition: WIELS, Brussels, Belgium (12.09.2020 - 10.01.2021). (shrink)

The commodity market plays a vital role in boosting the economy. Investors make decisions based on market knowledge and ignore cognitive biases. These cognitive biases or judgment errors have a significant effect on investment decisions. Therefore, this study aimed to investigate the effect of emotional intelligence on decision-making. In addition, optimism bias and risk perception are the intervening variables between emotional intelligence and decision-making. So, this study contributes to the body of knowledge by examining the mediating role of optimism (...) bias and risk perception. The data were collected from the respondents of the commodity market and the 370 questionnaires were distributed among the investors, of which 337 respondents gave their feedback. The convenience base sampling technique is used due to the easy access of respondents, time factor, and cost factor. Data entered into the SPSS Statistics Version 26 and PROCESS macro model 6 were used for serial mediation. AMOS was used for the validity and model-fit analysis. The results of this study aligned with the literature that there is a significant effect of emotional intelligence on decision-making. It also observed that optimism bias has a positive effect on decision-making. The finding of this study will be helpful for the brokers, the government, and especially the investors. This study also proposed that future studies on the stock exchange and real estate market comparative analysis can be conducted. (shrink)

Background There has been growing interest in the use of incentives to increase the uptake of health-related behaviours and achieve desired health outcomes at the individual and population level. However, the use of incentives remains controversial for ethical reasons. An area in which incentives have been not only proposed but used is HIV prevention, testing, treatment and care—each one representing an interconnecting step in the "HIV Cascade." Methods The main objective of this qualitative case study was to document the experiences (...) of health care and service providers tasked with administrating incentivized HIV testing, treatment, and care in British Columbia, Canada. A second objective was to explore the ethical and professional tensions that arise from the use of incentives as well as strategies used by providers to mitigate them. We conducted interviews with 25 providers and 6 key informants, which were analyzed using applied thematic analysis. We also collected documents and took field notes. Results Our findings suggest that incentives target populations believed to pose the most risk to public health. As such, incentives are primarily used to close the gaps in the HIV Cascade by getting the "right populations" to test, start treatment, stay on treatment, and, most importantly, achieve viral suppression. Participants considered that incentives work because they "bring people through the door." However, they believed the effectiveness of incentives to be superficial, short-lived and one-dimensional—thus, failing to address underlying structural barriers to care and structural determinants of health. They also raised concerns about the unintended consequences of incentives and the strains they may put on the therapeutic relationship. They had developed strategies to mitigate the ensuing ethical and professional tensions and to make their work feel relational rather than transactional. Conclusions We identify an urgent need to problematize the use of incentives as a part of the "HIV Cascade" agenda and interrogate the ethics of engaging in this practice from the perspective of health care and service providers. More broadly, we question the introduction of market logic into the realm of health care—an area of life previously not subject to monetary exchanges. (shrink)

Traditional portfolio selection models mainly obtain the optimized portfolio ratio by focusing on the prices of financial products. However, investors’ multiple preferences and risk appetites are also significant factors that should be taken into account. In consideration of these two factors simultaneously, we propose a double-hierarchy model in this paper. Specifically, the first hierarchy quantifies investors’ risk appetite based on a historical simulation method and probabilistic preference theory. This hierarchy can be utilized to describe investors’ variable risk (...) appetites and ensure the obtained investment ratios meet investors’ immediate risk requirements. Then, using the cross-efficiency evaluation principle, the optimal investment ratios can be derived by fusing investors’ multiple preferences and risk appetites in the second hierarchy. Lastly, an illustrative example about evaluating the 10 largest capitalized stocks on the Shenzhen Stock Exchange is given to verify the feasibility and effectiveness of our newly proposed model. We make the theoretical contribution to improve the traditional portfolio selection model, especially considering investors’ subjective preferences and risk appetite. Moreover, the proposed model can be practical for assisting investors with their investment strategies in real life. (shrink)

The purpose of this paper is two-fold. First, this study measures the contribution of banks and non-bank financial institutions toward the systemic risk of China. Second, the present study investigates the relationship between CEO power, CEO overconfidence, and systemic risk. This study uses the Delta Conditional Value-at-Risk method to measure the systemic risk contribution of firms listed on the Shenzhen and Shanghai stock exchanges over a period of 2006–2018. The results show that non-bank financial institutions (...) are systemically more important compared to banks. We employed fixed-effect regression analysis to show that banks with overconfident CEOs increase the firm’s systemic risk. The results also confirm that powerful CEOs enhance the contribution of non-bank financial institutions to systemic risk, whereas CEO power’s impact was significant only for non-state-owned banks. The findings were further validated by the robustness test results obtained using the two-stage least squares approach. These findings are important for constructing regulations to reduce the contribution of firms to systemic risk. (shrink)

This study explores the prevalence and predictors of three sexual contact and conduct risks through mobile phone use among adolescents : the exchange of sexually explicit content, the sharing of one's mobile phone number with a stranger from the opposite sex, and participation in anonymous chat rooms on TV. One in three adolescents admits having exchanged sexual content, one in five reports having shared their number with a stranger, and one in ten has participated in TV chat rooms. Contextual predictors (...) were gender, age, having a partner, self-esteem, popularity, susceptibility to peer pressure, parent attachment and attitude towards school. Strong mobile phone use predictors were the frequency of text messaging, problematic phone use and using one's phone to avoid face-to-face interactions. However, different patterns emerged for the different mobile phone practices and for girls and boys, indicating the need for further research. (shrink)

In recent decades there has been a great expansion in the number, size and influence of International Non-Governmental Organisations involved in international relief and development. These changes have led to increased scrutiny of such organisations, and this scrutiny, together with increasing reflection by INGOs themselves and their staff on their own practice, has helped to highlight a number of pressing ethical questions such organisations face, such as: should INGOs attempt to provide emergency assistance even when doing so risks helping to (...) fuel further conflict? How should INGOs manage any differences between their values and those of the people they seek to benefit? How open and honest should INGOs be about their own uncertainties and failures? This book consists of sustained reflections on such questions. It derives from a workshop held at Melbourne University in July 2007 that brought together a group of people – for the most part, reflective practitioners and moral and political philosophers – to discuss such questions. It explores honestly some of the current challenges and dilemmas that INGOs face, and also suggests some new ideas for meeting these challenges. Our hope is that the kind of explicit reflection on the ethical issues INGOs face exemplified in this publication will help to promote a wider debate about these issues, a debate that in turn will help INGO managers and others to make better, wiser, more ethically informed decisions. (shrink)

This work contributes to recent transdisciplinary efforts to view the Haitian slave revolt (1791–1804) as the historical inspiration for Hegel’s master-slave dialectic. Reconstructions offered by contemporary postcolonial scholars argue that the Haitian revolt was chronicled in Minerva as Hegel raced to finish his Phenomenology. Benhabib recently recognized the Hegel-Haiti thesis as entailing the sort of inclusive dialogical learning process necessary to validate subaltern experiences. The thesis has also drawn its share of sceptical scrutiny as Badiou claims that it risks forcing (...) an unnecessary moral dissymmetry, neglects objectionable features of enslavement and imposes a mismatch between apolitical subject and revolutionary. In reply, we appeal to the pioneering work of Tavares to show that the asymmetrical construction of classification schemes for persons of mixed-racial statuses accords with decades of documented literary exchanges between Hegel and Gregoire. We then turn to the work of James on the role of mixed-race merchants in the testimonial accounts of late 18th century French historians to show that European literate publics were well aware of the extremely coercive forms of commodified labour found in Saint-Domingue. We then invoke the archival work of Du Bois on French, British and American parliamentary proceedings that show the provisional colonial identities ascribed to Caribbean subjects did not hinder their self-conscious exercise of political agency. Viewing Hegel in terms of the historiographic records of the racial ontologies of early modern transatlantic literary exchanges helps explain how he adapted these tropes concerning mixed-race subjects in a manner that better explains many of the anomalous features of the dialectic. However, conferring the Haitian revolution its proper world-historical warrant as inspiration for his infamous master-slave dialectic need not lead us to overlook Hegel’s complicity with many of the epistemic and ontological flaws of colonial tropes held in early modern transatlantic print. (shrink)

This paper discusses two paradigms of risk communication that guide strategies for communicating food safety issues. Built on the principles of social utility and paternalism, the first paradigm heavily relies on science and technical experts to determine food safety regulations and policies. Risk communication, in this context, is a unidirectional process by which experts from the industry or government regulatory agencies inform or alert potentially affected publics about the hazards they face and the protective actions they can take. (...) However, public trust and confidence in government and industry have considerably declined. Experts are being questioned about the objectivity of their assessments of risks. Policy makers are being challenged on such risk management decisions as tolerance guidelines, food labeling laws, and emergency warning systems. Concomitantly, some segments of the public, especially consumer advocates and environmental groups, are demanding increased input into the decision making process as they call for the recognition of lay perceptions and interpretations of risk as a legitimate counterpart to technically-assessed risk. Hence, instead of the linear, persuasion-oriented communication process, there are evolving efforts to shape risk communication into a more dialogical, interactive, and democratic exchange of information among different stakeholders (i.e., technical experts, government policy makers, industry, interest groups, and the general public). Reflecting a more Jeffersonian approach, this second paradigm argues that decisions about food safety are so complex and multi-dimensional that they must not be left to experts alone.However, both paradigms present ethical dilemmas. Determining the risks and relative safety of foods is not a totally objective and concise process. Since it involves social, economic, political, and personal values, how can the public not be involved in the exchange of ideas and information concerning food risks and safety? On the other hand, can we afford to let public opinion govern decisions pertaining to food risks and safety without consideration for the merits of scientific risk assessment? This paper raises questions regarding some assumptions of these two risk communication paradigms, and explores and discusses some of the salient ethical questions inherent in each framework. (shrink)

Cryptocurrency could redefine the interplay of Internet-connected world markets by eliminating constraints set by traditional local currencies and exchange rates. It has the potential to revolutionise digital markets through the use of duty-free trading. This study investigates the factors which influence the behavioural intention to use cryptocurrency based on the Technology Acceptance Model 3 during the COVID-19 pandemic. Data were collected through a cross-sectional questionnaire from 357 Pakistani business-educated adults, including investors who had a rudimentary understanding of the technology and (...) financial instruments. Partial least square -based structural equation modeling was used to test the developed theoretical framework based on the Technology acceptance model 3. The PLS model has explained 72.1% of what constitutes the behavioural intention to use cryptocurrency. Surprisingly, risk was not a major consideration. This might be due to the fact that the majority of respondents thought working with cryptocurrency was hazardous. Willingness to handle cryptocurrency risk, on the other hand, might be a stumbling block to acceptance. The most essential aspect of a cryptocurrency's success was the perceived usefulness. Moreover, the moderating role of experience was not substantiated in this study. However, perceived usefulness was identified as a partial mediator of subjective norm and the perceived ease to use. This study contributed to the literature through the application of TAM 3 to investigate the fundamental qualities a cryptocurrency should have in order to influence investor's behavioural intention to use it. These findings provide revolutionary insights for the present and future market players for investment planning and for improved cryptocurrencies development. (shrink)

The online version of the original article can be found under doi:10.1007/s11948-007-9045-2.

There has been relatively little empirical research into the causes of research misconduct. To begin to address this void, the authors collected data from closed case files of the Office of Research Integrity (ORI). These data were in the form of statements extracted from ORI file documents including transcripts, investigative reports, witness statements, and correspondence. Researchers assigned these statements to 44 different concepts. These concepts were then analyzed using multidimensional scaling and cluster analysis. The authors chose a solution consisting of (...) seven clusters: (1) personal and professional stressors, (2) organizational climate, (3) job insecurities, (4) rationalizations A, (5) personal inhibitions, (6) rationalizations B and, (7) personality factors. The authors discuss the implications of their findings for policy and for future research. (shrink)

Proponents of permitting living kidney sales often argue as follows. Many jobs involve significant risks; people are and should be free to take these risks in exchange for money; the risks involved in giving up a kidney are no greater than the risks involved in acceptable hazardous jobs; so people should be free to give up a kidney for money, too. This paper examines this frequently invoked but rarely analysed analogy. Two objections are raised. First, it is far from clear (...) that kidney sales and dangerous jobs involve comparable risks on an appropriately broad comparison. Second, and more importantly, even if they do involve comparable risks it does not follow that kidney sales must be permitted because dangerous jobs are. The analogy assumes that kidney sales are banned for paternalistic reasons. But there may be other, non-paternalistic reasons for the ban. And paternalists, too, can consistently defend the ban even if kidney sales are no riskier than occupations that they find acceptable. Soft paternalists may want to protect would-be vendors from harms that they have not voluntarily chosen. Egalitarian hard paternalists may want to protect already badly off vendors from further worsening their situation. For neither species of paternalist is the size of the risk prevented decisive. I conclude that the analogy with dangerous jobs, while rhetorically powerful, pulls little real argumentative weight. Future debates on living kidney sales should therefore proceed without it. (shrink)