The idea that the ethical values of professionals in finance have played a role in the global financial crisis is widespread. The crisis-of-ethics debate is important, concerning one of the main policy challenges of our times, but is based on popular lore and anecdotes rather than systematic evidence. We analyze the self-enhancement and self-transcendence values of PIFs vis-à-vis the general population and test for patterns of variation that are consistent with the idea of a crisis of values, meaning patterns of (...) variation that would implicate PIFs’ values in the GFC. Employing pre-crisis data allows for an unbiased assessment. Results reveal only minor differences in values between PIFs and the general population, too small to support the idea of a crisis of ethical values by objective standards. Extensive robustness checks confirm these findings, sometimes actually revealing values differences counter to the crisis of ethical values idea. We conclude that the financial system would not have fared better had we had a different breed of PIFs. Rather, situational forces can induce severe disregard for the welfare of others, also in people with ordinary, decent values. Hence, if anything, the GFC shows that the financial services industry has been providing an environment highly conducive to unethical behavior. The practical implication is that fixes to the financial system can only come from improved regulatory design. (shrink)

We assess the organizational culture in the finance industry in relation to the global financial crisis and consider the potential of cultural change to improve the financial sector. To avoid biases, we build on the person–organization fit literature and develop a novel, indirect method for assessing organizational culture that revolves around relationships between employees’ personal traits and their career success in the industry or organization under study. We analyze personal values concerning the pursuit of private gain versus personal values concerning (...) caring for others and consider whether employees that value self-enhancement more and self-transcendence less enjoy more career success relative to their peers when working in finance than when working in other industries. Results do not reveal any sort of cross-industry differences that would implicate the finance industry’s culture in the financial crisis. Instead, we find the opposite, namely that strong self-enhancement values and weak self-transcendence values go together with less career success in the finance industry compared to other industries. Hence, if anything, the culture in the finance industry does not seem to resonate well with professionals that seek to pursue personal gain at the expense of clients’ welfare. Implication is that cultural change has little potential to improve the financial system. Meanwhile, the method for assessing organizational culture indirectly by analyzing relationships between employees’ traits and their career outcomes has wider applicability, particularly when relying on scores or measures obtained directly from the people concerned is likely to render biased evidence. (shrink)

In a globalizing world, cross-national differences in values and business culture and understanding these differences become increasingly central to a range of organizational issues and ethical questions. However, various concerns have been raised about extant empirical research on cross-national dissimilarities in the cultural values of managers and the development of a unified business culture. This paper seeks to address three such concerns with the literature on convergence versus divergence of cultural values. It develops an empirical approach to the study of (...) changing business cultures that revolves around birth cohorts and intergenerational values shifts and aims to advance empirical knowledge of the dynamics of cross-national differences in the cultural values of managers. We use time-series data covering 68,708 managers and are able to consider a sample of 32 countries that represent more than half of the cultural clusters recognized in the literature. Results reveal diverse shifts in managerial values across birth cohorts with cross-national dissimilarities waning for some basic cultural dimensions, remaining stable for other dimensions, and becoming more pronounced for other dimensions still. Moving beyond the standard convergence/divergence taxonomy, we conclude that a full-fledged convergence–stability–divarication perspective provides the best basis for thinking about the subtle ways in which business cultures are changing. (shrink)

Due to its extraordinary predictive power and the great generality of its mathematical structure, quantum theory is able, at least in principle, to describe all the microscopic and macroscopic properties of the physical world, from the subatomic to the cosmological level. Nevertheless, ever since the Copen hagen and Gottingen schools in 1927 gave it the definitive formu lation, now commonly known as the orthodox interpretation, the theory has suffered from very serious logical and epistemologi cal problems. These shortcomings were immediately (...) pointed out by some of the principal founders themselves of quantum theory, to wit, Planck, Einstein, Ehrenfest, Schrodinger, and de Broglie, and by the philosopher Karl Popper, who assumed a position of radical criticism with regard to the standard formulation of the theory. The aim of the participants in the workshop on Open Questions in Quantum Physics, which was held in Bari (Italy), in the Department of Physics of the University, during May 1983 and whose Proceedings are collected in the present volume, accord ingly was to discuss the formal, the physical and the epistemo logical difficulties of quantum theory in the light of recent crucial developments and to propose some possible resolutions of three basic conceptual dilemmas, which are posed respectively ~: (a) the physical developments of the Einstein-Podolsky-Rosen argument and Bell's theorem, i. e. (shrink)

These are the proceedings of the Workshop on Quantum Logic held in Erice (Sicily), December 2 - 9, 1979, at the Ettore Hajorana Centre for Scientific Culture. A conference of this sort was originally proposed by Giuliano Toraldo di Francia, who suggested the idea to Antonino Zichichi, and thus laid the foundation for the Workshop. To both of them we express our appreciation and thanks, also on behalf of the other participants, for having made this conference possible. There were approximately (...) fifty participants; their names and institutions are listed in the text. Quantum logic, which has now a history of some forty or more years, has seen remarkable growth during the sixties and seventies. The papers in the present volume presuppose, by and large, some acquaintance with the elements of the subject. These may be found in the well-known books by J.H. Jauch (Foundations of Quantum Hechanics; Reading, 1968), V.S. Varadarajan (Geometry of Quantum Theory: Princeton, 1968), and C. Piron (Foundations of Quantum Theory; New York, 1976). The initial program for the conference listed about twenty-five invited papers. But in the context of a very active and qualified attendance, other contributions were offered. This volume contains all of them. The program listed six main topics: I. Classification or different areas of quantum logic, and open problems. II. Comparison and unification of different approaches to quantum theories; problems of interpretation. III. Formal quantum logic; axiomatics. IV. Hodal interpretations of quantum logic. v vi FOREWORD V. Quantum set theory. (shrink)

Kit Fine’s contribution to logic is vast and diverse; the chapters in this book deal with a significant part of it. In this introductory chapter, we clarify and contextualize the main themes of Fine’s work that are centre stage in this book, after which we give a summary of each chapter.

This book explores some of Kit Fine's outstanding contributions to logic, philosophy of language, philosophy of mathematics, and metaphysics, among others. Contributing authors address in-depth issues about truthmaker semantics, counterfactual conditionals, grounding, vagueness, non-classical consequence relations, and arbitrary objects, offering critical reflections and novel research contributions. Each chapter is accompanied by an extensive commentary, in which Kit Fine offers detailed responses to the ideas and themes raised by the contributors. The book includes a brief autobiography and exhaustive list of his (...) publications to this date. This book is of interest to logicians of all stripes and to analytic philosophers more generally. (shrink)

The book is an “introductory” reconstruction of Davidson on interpretation —a claim to be taken with a grain of salt. Writing introductory books has become an idol of the tribe. This is a concise book and reflects much study. It has many virtues along with some flaws. Ramberg assembles themes and puzzles from Davidson into a more or less coherent viewpoint. A special virtue is the innovative treatment of incommensurability and of the relation of Davidson’s work to hermeneutic themes. The (...) weakness comes in a certain unevenness. While generally convincing and well written, the book has low points which may leave the reader confused or unconvinced. Davidson is the hero in this book, and our hero is sometimes over idealized. (shrink)

This paper investigates connectionism's potential to solve the frame problem. The frame problem arises in the context of modelling the human ability to see the relevant consequences of events in a situation. It has been claimed to be unsolvable for classical cognitive science, but easily manageable for connectionism. We will focus on a representational approach to the frame problem which advocates the use of intrinsic representations. We argue that although connectionism's distributed representations may look promising from this perspective, doubts can (...) be raised about the potential of distributed representations to allow large amounts of complexly structured information to be adequately encoded and processed. It is questionable whether connectionist models that are claimed to effectively represent structured information can be scaled up to a realistic extent. We conclude that the frame problem provides a difficulty to connectionism that is no less serious than the obstacle it constitutes for classical cognitive science. (shrink)

Behrendt & Young (B&Y) propose an explanation for schizophrenia in terms of a cortical default in the interaction between consciousness and cognition. However, schizophrenia more likely involves miscommunication between subcortical and cortical affective circuits in the brain, a default in the interaction between consciousness and emotion. The typical “affective” nature of hallucinations in schizophrenia provides compelling evidence for subcortical involvement.

The commentators expressed concerns regarding the relevance and value of non-computational non-symbolic explanations of cognitive performance. But what counts as an “explanation” depends on the pre-theoretical assumptions behind the scenes of empirical science regarding the kinds of variables and relationships that are sought out in the first place, and some of the present disagreements stem from incommensurate assumptions. Traditional cognitive science presumes cognition to be a decomposable system of components interacting according to computational rules to generate cognitive performances (i.e., component-dominant (...) dynamics). We assign primacy to interaction-dominant dynamics among components. Though either choice can be a good guess before the fact, the primacy of interactions is now supported by much recent empirical work in cognitive science. Consequently, in the main, the commentators have failed so far to address the growing evidence corroborating the theory-driven predictions of complexity science. (shrink)

From an epistemological viewpoint, the Forms constitute the objects of true knowledge. From an ontological point of view, they are the principles that underlie the order of the universe.

Probability kinematics is the theory of how subjective probabilities change with time, in response to certain constraints . Rules are classified by the imposed constraints for which the rules prescribe a procedure for updating one's opinion. The first is simple conditionalization , and the second Jeffrey conditionalization . It is demonstrated by a symmetry argument that these rules are the unique admissible rules for those constraints, and moreover, that any probability kinematic rule must be equivalent to a conditionalization preceded by (...) a determination of the values x i to be given to the members of such a partition. Next two rival rules which can go beyond such conditionalization are described. INFOMIN and MTP . Their properties are investigated and compared. (shrink)

Recent accounts on the global workspace theory suggest that consciousness involves transient formations of functional connections in thalamo-cortico-cortical networks. The level of connectivity in these networks is argued to determine the state of consciousness. Emotions are suggested to play a role in shaping consciousness, but their involvement in the global workspace theory remains elusive. In the present study, the role of emotion in the neural workspace theory of consciousness was scrutinized by investigating, whether unconscious and conscious display of emotional compared (...) to neutral facial expressions would differentially modulate EEG coherence. EEG coherence was measured by means of computing an average EEG coherence value between the frontal, parietal, and midline scalp sites. Objective awareness checks evidenced that conscious identification of the masked facial expressions was precluded. Analyses revealed reductions in EEG coherence in the lower frequency range for the masked as compared to unmasked neutral facial expressions. Crucially, a decline in EEG coherence was not observed for the emotional facial expressions. In other words, the level of EEG coherence did apparently vary as a function of awareness, but not when emotion was involved. The current finding suggests that EEG coherence is modulated by unconscious emotional processes, which extends common views on the global workspace architecture of consciousness. (shrink)