I formulate a counterfactual version of the notorious ‘Ramsey Test’. Whereas the Ramsey Test for indicative conditionals links credence in indicatives to conditional credences, the counterfactual version links credence in counterfactuals to expected conditional chance. I outline two forms: a Ramsey Identity on which the probability of the conditional should be identical to the corresponding conditional probability/expectation of chance; and a Ramsey Bound on which credence in the conditional should never exceed the latter. Even in the weaker, bound, form, the (...) counterfactual Ramsey Test makes counterfactuals subject to the very argument that Lewis used to argue against the indicative version of the Ramsey Test. I compare the assumptions needed to run each, pointing to assumptions about the time‐evolution of chances that can replace the appeal to Bayesian assumptions about credence update in motivating the assumptions of the argument. I finish by outlining two reactions to the discussion: to indicativize the debate on counterfactuals; or to counterfactualize the debate on indicatives. (shrink)

This study examined the relationship between the proportion of women serving on firms' boards of directors and the extent to which these same firms engaged in charitable giving activities. Using a sample of 185 Fortune 500 firms for the 1991-1994 time period, the results provide strong support for the notion that firms having a higher proportion of women serving on their boards do engage in charitable giving to a greater extent than firms having a lower proportion of women serving on (...) their boards. Further, the results suggest a link between the percentage of women on boards and firm philanthropy in the areas of community service and the arts, but found no link between women boardmembers and firm giving to support education or public policy issues. The implications of the findings and some areas for future research are discussed. (shrink)

This study examined the influence of corporate giving programs on the link between certain categories of corporate crime and corporate reputation. Specifically, firms that violate EPA and OSHA regulations should, to some extent, experience a decline in their reputations, while firms that contribute to charitable causes should see their reputations enhanced. The results of this study support both of these contentions. Further, the results suggest that corporate giving significantly moderates the link between the number of EPA and OSHA violations committed (...) by a firm and its reputation. Thus, while a firm's reputation can be diminished through its violation of various government regulations, the extent of the decline in reputation may be significantly reduced through charitable giving. (shrink)

This paper posits that organizational variables are the factors that lead to the moral decline of companies like Enron and Worldcom. The individuals involved created environments within the organizations that precipitated a spiral of unethical decision-making. It is proposed that at the executive level, it is the organizational factors associated with power and decision-making that have the critical influence on moral and ethical behavior. The study has used variables that were deemed to be surrogate measures of the ethical violations (OSHA (...) and EPA violations), the risky shift phenomenon (executive team size), banality of wrong-doing (reputation score for firms) and escalating commitment (tenure with the firm/change in revenue for declining firms). The research found that there were small correlations between ethical violations and the three organizational variables. (shrink)

This book is unified by three broad concerns: the rationality of belief in God, the relation between religion and morality, and the explication of the concept of God. The essays are, however, marked by diversity. Some focus on historical figures, such as Aquinas and Locke; others bring recent epistemological and metaphysical developments to bear on problems of religious belief. Some of the papers explore neglected issues central to religious practice, such as the question of how total devotion to God can (...) permit other deep commitments; others apply philosophical distinctions from within a religious tradition, for example, in setting out a Christian approach to the problem of evil. (shrink)

A HISTORY OF WESTERN PHILOSOPHY examines the nature of philosophical enterprise and philosophy's role in Western culture. Jones and Fogelin weave key passages from classic philosophy works into their comments and criticisms, giving A HISTORY OF WESTERN PHILOSOPHY the combined advantages of a source book and textbook. The text concentrates on major figures in each historical period, combining exposition with direct quotations from the philosophers themselves. The text places philosophers in appropriate cultural context and shows how their theories reflect the (...) concerns of their times. (shrink)

There is a contradiction in our ideas about moral responsibility. In one strand of our thinking, we believe that a person can become more blameworthy by luck. Consider some examples in order to make that idea concrete. Two reckless drivers manage their vehicles in the same way, and one but not the other kills a pedestrian. Two corrupt judges would each freely take a bribe if one were offered. By luck of the courthouse draw, only one judge is offered a (...) bribe, and so only one takes a bribe. Luck is the salient difference between the agents in each case. After all, the spatial location of the pedestrian is outside of each driver’s control, and being offered a bribe is outside of each judge’s control. But we blame the killer driver more than the merely reckless driver, and we blame the bribe-taker more than the mere would-be bribe-taker. This is because we believe that the killer driver and the bribe-taker are more blameworthy than each of their counterparts. Nevertheless, the idea that luck affects moral responsibility contradicts another feature of our thinking captured in this moral principle: A person’s blameworthiness cannot be affected by that which is not within her control. This moral principle yields the verdict that the drivers are equally blameworthy and that the judges are equally blameworthy. So, to put the contradiction in concrete terms, our thinking about moral responsibility implies that the drivers are and are not equally blameworthy, and the same is true for the judges. -/- I argue that only the first strand of our thinking is correct. Certain kinds of luck in results, circumstances, and character can partially determine a person’s praiseworthiness and blameworthiness. In terms of the examples, I argue that the killer driver and the bribe-taker are more blameworthy than each of their counterparts. But if I am to make genuine progress in the moral luck debate, my arguments cannot appeal to case intuitions such as ‘the killer driver is more blameworthy,’ because the problem of moral luck is fundamentally a clash of intuitions. So, I offer arguments from diverse areas in philosophy in order to ensure that they do not bottom out in standard pro-moral luck intuitions. (shrink)

Supervaluationism is often described as the most popular semantic treatment of indeterminacy. There’s little consensus, however, about how to fill out the bare-bones idea to include a characterization of logical consequence. The paper explores one methodology for choosing between the logics: pick a logic thatnorms beliefas classical consequence is standardly thought to do. The main focus of the paper considers a variant of standard supervaluational, on which we can characterizedegrees of determinacy. It applies the methodology above to focus ondegree logic. (...) This is developed first in a basic, single-premise case; and then extended to the multipremise case, and to allowdegreesof consequence. The metatheoretic properties of degree logic are set out. On the positive side, the logic is supraclassical—all classical valid sequents are degree logic valid. Strikingly, metarules such as cut and conjunction introduction fail. (shrink)

I argue that certain kinds of luck can partially determine an agent’s praiseworthiness and blameworthiness. To make this view clearer, consider some examples. Two identical agents drive recklessly around a curb, and one but not the other kills a pedestrian. Two identical corrupt judges would freely take a bribe if one were offered. Only one judge is offered a bribe, and so only one judge takes a bribe. Put in terms of these examples, I argue that the killer driver and (...) bribe taker are more blameworthy than their counterparts. I offer three arguments for that view, and, in doing so, I exemplify a general way to advance the moral luck debate. First, I argue against an account of moral responsibility that implies that the judges are equally blameworthy. Second, I argue that the killer driver is more blameworthy than the merely reckless driver. Third, I locate an alternative sense in which the agents in each case pair are morally on par. (shrink)

Since Sydney Shoemaker published his seminal article ‘Self-Reference and Self-Awareness’ in 1968, the notion of ‘Immunity to Error through Misidentification’ has received much attention. It crops up in discussions of personal identity, indexical thought and introspection, and has been used to interpret remarks made by philosophers from Wittgenstein to William James. The precise significance of IEM is often unspecified in these discussions, however. It is unclear, for example, whether it constitutes an important status of judgments, whether it explains an important (...) characteristic of judgments, or whether it merely marks an important characteristic of judgments. Nevertheless, reference to IEM abounds, making this obscure notion seem all the more significant. (shrink)

Since Sydney Shoemaker published his seminal article ‘Self-Reference and Self-Awareness’ in 1968, the notion of ‘Immunity to Error through Misidentification’ has received much attention. It crops up in discussions of personal identity, indexical thought and introspection, and has been used to interpret remarks made by philosophers from Wittgenstein to William James. The precise significance of IEM is often unspecified in these discussions, however. It is unclear, for example, whether itconstitutesan important status of judgments, whether itexplainsan important characteristic of judgments, or (...) whether it merelymarksan important characteristic of judgments. Nevertheless, reference to IEM abounds, making this obscure notion seem all the more significant. (shrink)

We review the role of reference within Davidson's T‐theoretic account of language and examine his contention that reference is inscrutable. More generally, we look at the explanatory role of reference in the context of Davidson's philosophy: whether there are explanations that directly appeal to reference, and whether there are explanations that appeal to beliefs about reference.

Patient decision aids enable patients to be better informed about the potential benefits and harms of their healthcare options. Certification of patient decision aids at the national level in the United States is a critical step towards responsible governance—primarily as a quality measure that increases patients’ safety, as mandated in the U.S. Patient Protection and Affordable Care Act (PPACA). Certification would provide a verification process to identify conflicts of interest that may otherwise bias the scientific evidence presented in decision aids. (...) Certification also benefits clinicians who may otherwise face malpractice claims based on harm to patients caused by possible reliance on patient decision aids that are inaccurate, incomplete, or presented in a manner that biases the patient’s decision. Existing work by the International Patient Decision Aid Standards Collaboration could guide the establishment of a certification process within the U.S. This article argues for national certification of patient decision aids and discusses how that may be achieved. (shrink)

The basic thesis ofMichaelWilliams'book Unnatural Doubts is that sceptical doubts, at least of a Cartesian variety, are neither natural nor intuitive, but are, instead, the product of 'contentious and possibly dispensable theoretical preconceptions'. In particular, for Williams, scepticism arises because of a commitment to what he calls 'epistemic realism'. A fundamental thesis of my book Pyrrhonian Reflections on Knowledge and Justification is that scepticism (in its most challenging forms) is not based upon such prior theoretical commitments, but rather is (...) the natural outcome of unrestricted exploitation of a feature already present in our everyday concept of knowledge. Specifically, our everyday epistemic practices contain a useful mechanism that raises the level of evidential scrutiny in problematic settings. However, in the absence of psychological constraints (as in Hume) or pragmatic constraints (as in Peirce), this mechanism can generate an ever-widening range of undefeated possible defeaters- and with this, radical forms of scepticism emerge.Scepticism is not the result ofmounting the wronghorse (as Williams thinks),but the result of riding a serviceable horse too hard. With respect to Williams'own contextualist response, it is not clear whether, in the end, he avoids or embraces a strong version of scepticism. He claims that Cartesian doubts arise in a particular context, namely, the context of pursuing an epistemically realistic programme. In that context, according to Williams, Cartesian scepticism is unanswerable. His central claim, I take it, is that nothing compels us to do philosophy under these contextual constraints. In arguingthisway,however,Williamsseemsto have adopted a strongversion of relativism of just the sort traditionally exploited for sceptical purposes. To the claim 'It is all a matter of context', the correct response is, 'It had better not be- at least if you are trying to refute scepticism.'Perhaps Williams can produce a strongly contextualist position that does not slide into scepticism, and perhaps his appeal- rather late his book- to externalist consideration is intended to do this.But just as it is unclear whether contextualism can avoid scepticism, it is also unclear whether externalism has force against sensibly stated (even very strong) versions of scepticism. (shrink)

Plato and the trial of Socrates -- What is philosophy? -- Euthyphro : defining philosophical terms -- The apology, Phaedo, and Crito : the trial, immortality, and death of Socrates -- Philosophy of religion -- Can we prove that God exists? -- St. Anselm : the ontological argument -- St. Thomas Aquinas : the cosmological argument -- William Paley : the teleological argument -- Blaisepascal : it is better to believe in God's existence than to deny it -- William James (...) : free choice is the basis of belief -- Does the idea of a good God exclude evil? -- Gottfried Wilhelm Leibniz : God can allow some evil -- David Hume : a good God would exclude evil -- Ethics -- Are ethics relative? -- Ruth Benedict : ethics are relative -- W.T. Stace : ethics are not relative -- Are humans always selfish? -- Humans are always selfish : Glaucon's challenge to Socrates -- James Rachels : humans are not always selfish -- Which is basic in ethics : happiness or obligation? -- Aristotle : happiness is living virtuously -- Jeremy Bentham : happiness is seeking the greatest pleasure for the greatest number of people -- Immanuel Kant : duty is prior to happiness -- Friedrich Nietzsche : happiness is having power -- Jean-Paul Sartre : existentialist ethics -- Rosemarie Tong : feminist ethics are different -- Contemporary moral problems : abortion, homosexuality, animal rights -- Jane English : are most abortions moral? -- Peter Singer : do animals have rights? -- Knowledge -- What is knowledge? -- Plato : knowledge is warranted, true belief -- What method is best for acquiring knowledge? -- Charles Sanders Peirce : four approaches to philosophy -- How do we acquire knowledge? -- René Descartes : knowledge is not ultimately sense knowledge -- John Locke : knowledge is ultimately sensed -- Immanuel Kant : knowledge is both rational and empirical -- How is truth established? -- Bertrand Russell : truth is established by correspondence -- Francis H. Bradley : truth is established by coherence -- William James : truth is established on pragmatic grounds -- Can we know the nature of causal relations? -- David Hume : cause means regular association -- David Hume : there are no possible grounds for induction -- Metaphysics -- Why is there something rather than nothing? -- Parmenides : being is uncaused -- Lao-Tzu : non-being is the source of being -- Is reality general or particular? -- Plato : universals are real -- David Hume : particulars are real -- Of what does reality consist? -- René Descartes : reality consists of mind and matter -- Paul Churchland : reality consists of matter -- George Berkeley : reality consists of ideas -- John Dewey : reality consists of mental and physical qualities -- Are humans free? -- Holbach : humans are determined -- Robert Kane : humans are free -- Social and political philosophy -- What is liberty? -- Fyodor Dostoevski : liberty and authority -- John Stuart Mill : liberty is independence from the majority's tyranny -- Martin Luther King, Jr. : liberty and racial prejudice -- Which government is best? -- Thomas Hobbes : monarchy is best -- John Locke : democracy is best -- Karl Marx : communism and nonalienated labor is best -- Alexis de Tocqueville : democracy can have serious problems -- Karl Popper : utopias lead to violence -- Aesthetics -- What constitutes the experience of beauty? -- Plotinus : beauty, sensuous, and ideal -- What is the function of art? -- Aristotle : the nature of tragedy -- Henri Bergson : the nature of comedy -- Philosophy and the good life -- Classic views of the good life -- Epicurus : Epicurus and the pleasant life -- Epictetus : Epictetus and the life of self-control -- What gives life meaning? -- Leo Tolstoy : faith provides life's meaning -- Albert Camus : each person determines his or her life's meaning -- What is the value of philosophy? -- Bertrand Russell : the value of philosophy. (shrink)

Volume 39 of the Tanner Lectures on Human Values includes lectures initially scheduled during the academic year 2019-2020. Owing to the global coronavirus pandemic, some were delivered at a later date. The Tanner Lectures are published in an annual volume. In addition to permanent lectures at nine universities, the Tanner Lectures on Human Values funds special one-time lectures at selected higher educational institutions in the United States and around the world.

This chapter defends the account of metaphysical indeterminacy of Barnes and Williams against Eklund's objections.

Psychology is becoming an increasingly specialized but fragmented field. Forces within psychology and society at-large have tended to push psychologists apart. It will take a concerted belief in the importance of unity to combat these forces and mend psychology's splintering image. Unity in Psychology: Possibility or Pipedream? examines the opportunities for psychologists to come together and unify. A distinguished group of contributors share their common belief that, at some level, the fragmentation of psychology is a mistake. There is a cure, (...) namely, an approach that emphasizes studying psychological phenomena from a variety of different perspectives. There is nothing new in this idea. On the contrary, it has been around for many years. Williams James certainly was a unified psychologist! Unity in Psychology: Possibility or Pipedream? will provoke psychologists to examine the forces that define the field and take an active role in shaping the future. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:The Place of the Money Bag in the Secular-Mendicant Controversy at ParisRobert J. Karris O.F.M. (bio)Money bag, money bag. So many Bible-reading Christians don't know of your existence. In their defense I note that you are only mentioned twice in the entire New Testament: John 12:6 and 13:29. If faithful Bible-reading Christians don't know of your existence, what is your fate among the faithful who are less than faithful?! (...) Is ignorance truly bliss?New Testament ScholarsMoney bag, money bag. Perhaps, New Testament scholars are the reason why you are almost unknown among Christians.1 Commentators on John's Gospel give you a passing notice, if that.2 Even when they make mention of you, they [End Page 21] generally don't integrate your existence with other features of John's theology or life situation.3 As for the Jesus Seminar, its members sweep you into the dustbin of history along with 99.9% of John's Gospel.4 You see, you are deemed unhistorical. A couple of scholars involved in the quest for the historical Jesus say "Hi!" to you, but then go on with more important matters.5 Other scholars involved in the application [End Page 22] of social science methodology to the study of the New Testament opine that you were kept as a security measure and contained money to pay for the annual temple tax and such like obligations, but then they hold their peace.6Money bag, money bag. Scholars who have investigated the theme of rich and poor in the New Testament hardly give [End Page 23] you a second glance. You do not play a leading role in their general conclusions.7So, money bag, we have to take leave of New Testament scholarship if we are going to make your acquaintance on a serious level.The Middle AgesFrancis of AssisiAs we move into the Middle Ages, we ask: Did St. Francis of Assisi provide us with guidance on how to treat you with the respect that you, O money bag, so richly deserve? You see, some scholars maintain that John's Gospel was most important to Francis's worldview.8 However, Francis doesn't seem to see the problem you created for his all-consuming embrace of Jesus' missionary command of traveling with no money.9 [End Page 24] Surely Francis knows of your existence, for he refers to you in his Fourth Admonition n. 3:And the more they (superiors) are perturbed about their superiorship being taken from them than they would be over the loss of the office of washing feet, so much the more do they collect for themselves a money bag (John 12:6; 13:29) to the peril of their souls.10Francis is heir to a Benedictine spiritualization of the money bag. See how Roger the Abbot in his Sermo in ultima cena employs the money bag:Woe, how many money bags, woe, how many purses are in the monasteries of St. Benedict! Woe, how many cowls, which cover the ears of the tonsured, enclose private supplies of the mind, the money bag of one's own will, the purse of murmuring, detraction, idleness, pride, envy, jealousy, and bad will! But remember, most beloved brothers, that those who do such things follow Judas the traitor. And therefore, unless you amend your lives, you will not possess the kingdom of God.11O money bag, so Francis goes his merry way, apparently ignorant of your true meaning and leaves the problems created by your existence to his learned followers such as Bonaventure of Bagnoregio. To Bonaventure we now turn, but do so through his responses to his secular opponents, William of Saint-Amour and Gerard of Abbeville. First let's hear from the secular masters. [End Page 25]William of Saint-Amour and Gerard of AbbevilleWilliam of Saint-Amour comments on John 12:6 and argues that it does not permit begging and is the basis for the normative view that the apostles and their successors should have a money bag. He writes:Augustine, 'the Lord had a purse to keep the offerings... (shrink)

Robert Roth, among the first few Catholics to write favorably, even if critically, about American pragmatism, presents here a creative piece of comparative philosophy in which he achieves a long-term goal of attempting a reconciliation between pragmatism and a classical spiritual and religious perspective. The title, Radical Pragmatism, is an adaptation of William James’s "radical empiricism." James had argues that the classical empiricists, Locke and Hume, did not go far enough in their account of experience. They missed some of (...) its most important aspects, namely connections and relations, and as a result they were left with discrete sense data and sense objects. (shrink)

Alan A. Block & Frank R. Scarpitti, Poisoning For Profit: The Mafia and Toxic Waste in America New York: William Morrow & Co., Inc., 1985, 361 pp.

This volume traces the influence of the British Empiricists--John Locke and David Hume--upon the American pragmatists--Charles S Peirce, William James, and John Dewey. But there are significant differences between the two traditions so that it can be said that the pragmatists gave the classical empirical tradition new directions. Heretofore these lines of influence and divergence have been recognized but not sufficiently developed. This movement is illustrated in chapters on experience, necessary connection, personal identity, and moral, social, and political theory. A (...) final chapter indicates the challenges that are still to be addressed by pragmatism. (shrink)

William James’ celebrated lecture on “The Will to Believe” has kindled spirited controversy since the day it was delivered. In this lively reappraisal of that controversy, Father O’Connell contributes some fresh contentions: that James’ argument should be viewed against his indebtedness to Pascal and Renouvier; that it works primarily to validate our “over-beliefs” ; and most surprising perhaps, that James envisages our “passional nature” as intervening, not after, but before and throughout, our intellectual weighing of the evidence for belief.

Numerous labor-management issues possess ethical dimensions and pose ethical questions. In this article, the authors discuss four labor-management issues that present important contemporary problems: union organizing, labor-management negotiations, employee involvement programs, and union obligations of fair representation. In the authors view, labor and management too often view their ethical obligations as beginning and ending at the law''s boundaries. Contemporary business realities suggest that cooperative and enlightened modes of interaction between labor and management seem appropriate.

William Whewell (1794–1866), polymathic Victorian scientist, philosopher, historian, and educator, was one of the great neologists of the nineteenth century. Although Whewell's name is little remembered today except by professional historians and philosophers of science, researchers in many scientific fields work each day in a world that Whewell named. "Miocene" and "Pliocene," "uniformitarian" and "catastrophist," "anode" and "cathode," even the word "scientist" itself—all of these were Whewell coinages. Whewell is particularly important to students of the historical sciences for another word (...) he coined, one that was unfortunately not as successful as many of his others because it is difficult to pronounce. This word, "palaetiology," was the name Whewell gave to the class of sciences that are concerned with historical causation: the class we might today refer to as historical sciences. Although the disciplines Whewell included under the heading of palaetiology might seem to cut across conventional academic boundaries of his day and ours—his exemplary palaetiological sciences were geology and comparative philology—all these fields may be examined together, Whewell argued, because of their common interest in reconstructing the past. ¶ This paper is an essay in the palaetiological sciences, dedicated to Whewell on the bicentennial of his birth, an essay that examines some of the principles, maxims, and rules of procedure that these sciences have all in common. Its first purpose is to demonstrate the continuing validity of Whewell's classification of these sciences through a study of historical representation in three different palaetiological fields: systematics, historical linguistics, and textual transmission. Its second purpose is to continue the development of an extended analogy between historical representation and cartographic representation that I began in an earlier paper (O'Hara, 1993, Systematic Biology), an analogy that makes especially clear the common representational practices that are found throughout palaetiology. (shrink)

This functional Magnetic Resonance Imaging study investigated high and low suggestible people responding to two visual hallucination suggestions with and without a hypnotic induction. Participants in the study were asked to see color while looking at a grey image, and to see shades of grey while looking at a color image. High suggestible participants reported successful alterations in color perception in both tasks, both in and out of hypnosis, and showed a small benefit if hypnosis was induced. Low suggestible people (...) could not perform the tasks successfully with or without the hypnotic induction. The fMRI results supported the self report data, and changes in brain activity were found in a number of visual areas. The results indicate that a hypnotic induction, although having the potential to enhance the ability of high suggestible people, is not necessary for the effective alteration of color perception by suggestion. (shrink)

How do thought and language manage to be 'about' aspects of the world? J. Robert G. Williams investigates how representation arises out of a fundamentally non-representational world, showing the explanatory relations between the representational properties of language, of thought, and of perception and intention.

Aldo Leopold was a pragmatist in the vernacular sense of the word. Bryan G. Norton claims that Leopold was also heavily influenced by American Pragmatism, a formal school of philosophy. As evidence, Norton offers Leopold's misquotation of a definition of right (as truth) by political economist, A.T. Hadley, who was an admirer of the philosophy of William James. A search of Leopold's digitised literary remains reveals no other evidence that Leopold was directly influenced by any actual American Pragmatist or by (...) Pragmatism (although he may have been indirectly influenced by Pragmatism early in his career). A 1923 reference, by Leopold, to Hadley and Hadley's putative definition of truth, cited by Norton, is dripping with irony. Leopold, as he matured philosophically, regarded a profound cultural shift from anthropocentric dominionism and consumerism to an evolutionary-ecological worldview and an associated non-anthropocentric 'land ethic' to be necessary for successful and sustainable conservation. Hadley espoused a brutal form of Social Darwinism and his philosophy, as expressed in the book of Hadley's that Norton cites, is politically reactionary, militaristic and unconcerned with conservation. Leopold's mature philosophy and Hadley's – far from consonant, as Norton claims – are diametrically opposed. (shrink)

Decisions are made under uncertainty when there are distinct outcomes of a given action, and one is uncertain to which the act will lead. Decisions are made under indeterminacy when there are distinct outcomes of a given action, and it is indeterminate to which the act will lead. This paper develops a theory of (synchronic and diachronic) decision-making under indeterminacy that portrays the rational response to such situations as inconstant. Rational agents have to capriciously and randomly choose how to resolve (...) the indeterminacy relevant to a given choice-situation, but such capricious choices once made constrain how they will choose in the future. The account is illustrated by the case of self-interested action in situations where it is indeterminate whether you yourself will survive to benefit or suffer the consequences. The conclusion emphasizes some distinctive anti-hedging predictions of the account. (shrink)