Expected utility maximization problem is one of the most useful tools in mathematical finance, decision analysis and economics. Motivated by statistical model selection, via the principle of expected utility maximization, Friedman and Sandow (J Mach Learn Res 4:257–291, 2003a) considered the model performance question from the point of view of an investor who evaluates models based on the performance of the optimal strategies that the models suggest. They interpreted their performance measures in information theoretic terms and provided new generalizations of (...) Shannon entropy and Kullback–Leibler relative entropy and called them U-entropy and U-relative entropy. In this article, a utility-based criterion for independence of two random variables is defined. Then, Markov’s inequality for probabilities is extended from the U-entropy viewpoint. Moreover, a lower bound for the U-relative entropy is obtained. Finally, a link between conditional U-entropy and conditional Renyi entropy is derived. (shrink)

For the most of us, work is an entirely non-discretionary activity, an inescapable and irreducible fact of existence. According to E. F. Schumacher one of the darkest aspects of contemporary work life is the existence of an appalling number of men and women condemned to work which has no connection with their inner lives, no meaning for them whatever. Work for too many people is perceived as down-time, something that has to be done, but seldom adding to who they are. (...) And yet recent surveys indicate that 74% of the work force would chose to work even if they were not financially required to do so. Why?This paper contends that people want to work because they are intuitively aware that work, be it bad or good, helps to shape them. It gives them a sense of direction and allows them the opportunity for personal creativity and fulfillment. Work is the axis of human self-making. Work molds the person and work is the mark of a person. Satisfaction with life seems to be related to satisfaction with our work and the quality of our lives seems dependent on the quality of work that we do. (shrink)

On Thursday, August 26, 1982 the Manville Corporation and its principle American and Canadian affiliates filed for reorganization under Chapter 11 in the United States District Court for the Southern District of New York. Manville's unexpected bankruptcy petition stunned the financial community, surprised Congress, shocked their creditors, suppliers and customers, totally outraged those who have filled damage suits against them and raised a complex tangle of legal, political and ethical issues that will have far reaching implications for millions of Americans. (...) The drama of the Manville announcement stems from the fact that this is the same Manville Corporation which last year earned $60.3 million on sales exceeding $2 billion with an uncumbered net worth of $1.1 billion. This is the same Manville which ranks 181st on the Fortune 500 list of American corporations. And this is the same Manville which has been traditionally included in the 30 companies used to calculate the prestigious Dow Jones industrial average, the most watched indicator of prices on the New York Stock Exchange. While there are many factors in the equation that resulted in Manville's final decision, Manville Chairman John A. McKinney angerly announced that his company could no longer sustain or survive the blitz of toxic torts that it was now facing.Many of Manville critics have claimed that Manville is acting in an immoral and illegal manner. They are held to be immoral insofar as their critics feel that they are using the bankruptcy boom as a means of avoiding just compensation for those who have truly been injured or killed due to excessive or abusive exposure to asbestos. Manville is accused of acting illegally in that the spirit and purpose of the 1978 Bankruptcy Act is being violated because no company has ever filed for Chapter 11 given the size of their assets, their net worth and their yearly sales figures. Other observers suggest that this is much too simplistic a response to the situation and that whatever the final merits of Manville's petition the factors involved in their decision warrant a careful and detailed analysis. (shrink)

Biologically, pain is neither intrinsically good nor bad, but is a communication mechanism designed to serve organismal ends. Pain for any given person at any given time should be evaluated on the basis of “success” (or not) in serving those purposes. Yet, the physiological, psychological, and cultural complexity of the experience makes moral consideration of pain complicated. This is especially the case with infants in pain. The competence of the infant as a “decision maker” cannot, of course, be assumed. Even (...) if the child “thinks” about pain, an epistemological barrier exists in that the child cannot clearly communicate about the pain experience. Furthermore, any expressions of pain from the child may be necessary for diagnosis. Just coercion criteria provide a means of evaluating when and to what extent pain in infants should be controlled under the authority of surrogate decision makers. (shrink)

This paper examines the perceived ethical values of Malaysian managers. It is based on the opinions of 15 hypothetical ethical/unethical business situations from the 81 managers who agreed to participate in the survey. The findings of this study showed that these Malaysian managers have high ethical values. However 53% of the respondents believed that the ethical standards of today are lower than that of 15 years ago. Apparently, this is related to the existence of many unethical business practices prevalent in (...) the modern business world. The behavior of one's immediate superior is the most important factor in influencing managers to commit unethical practices. The results also indicate only a slight variation among the managers in terms of perceived ethical values by virtue of job position, job specialization, type of business activity or the size of the business organization. (shrink)