This article addresses the question whether companies benefit from their commitment to corporate social responsibility. The authors argue that firms which score high on CSR activities build investor confidence and find evidence that they benefit from lower information asymmetry. The authors measure information asymmetry by insider trading, which is defined as the trading of a company’s shares by corporate insiders who have an information advantage with the aim to reap gains or avoid losses. Using a sample of (...) U.S. firms listed in the MSCI World Index during the period 2004 to 2013 and the firm- and industry-level CSR rating from Global Engagement Service, the authors show that insider transactions in firms with a high score on CSR activities lead to lower abnormal returns. This investigation extends current literature on the business case for CSR by explaining the influence of CSR activities on asymmetric information. (shrink)

People consume food not only to satisfy hunger but also for cultural, religious and social reasons. In Islam there is an emphasis on cleanliness in both spirit and food (Agriculture and Agri-food Canada 2011). Eating is perceived to be a form of worship (Talib et al., 2015). Halal is Islamic dietary law derived from the Quran and Hadith, the practices of the Prophet Mohammad, Ijma and Qiyas (Regenstein et al., 2003). Halal goes beyond religious obligation. It is part of the (...) Islamic way of life which includes not only dietary requirements but also behaviour, speech, dress, and conduct (Talib et al., 2015a). Furthermore, observing the tenets of halal can guarantee food safety and serve as a business model for the Canadian export market. The benefits of halal notwithstanding, a lack of trust in the market can jeopardize the food’s perceived authenticity and provide traceability challenges. This especially affects Somali, Syrian, Pakistani and Afghani Canadians who prefer halal meat’s taste and require it for cultural and religious reasons. New policies are therefore a prerequisite to strengthening the halal food value chain thereby reducing asymmetric halal information. (shrink)

With financial liberalization processes which started during the 1980’s, Turkey and the other emerging market economies have experienced many financial volatilities. From past to present, the most severe of these for Turkey is certainly the banking and currency crisis experienced in the period of 2000-2001. In tis study, the Turkish 2000-2001 Crisis, which takes special attention in academic literature in terms of their results and the economic damages, are analyzed under the asymmetric information theory; the factors which are (...) thought to trigger in crises such as financial liberalization, negative macro-economic indicators, deposit insurance, moral hazard problem and deterioration in the banking sector balance-sheets are evaluated and the consistency of this severe crisis with the theory is investigated. (shrink)

In recent years, informed consent has been suggested as a way to deal with risks posed by engineered nanomaterials. We argue that while we can learn from experiences with informed consent in treatment and research contexts, we should be aware that informed consent traditionally pertains to certain features of the relationships between doctors and patients and researchers and research participants, rather than those between producers and consumers and employers and employees, which are more prominent in the case of engineered nanomaterials. (...) To better understand these differences, we identify three major relational factors that influence whether valid informed consent is obtainable, namely dependency, personal proximity, and existence of shared interests. We show that each type of relationship offers different opportunities for reflection and therefore poses distinct challenges for obtaining valid informed consent. Our analysis offers a systematic understanding of the possibilities for attaining informed consent in the context of nanomaterial risks and makes clear that measures or regulations to improve the obtainment of informed consent should be attuned to the specific interpersonal relations to which it is supposed to apply. (shrink)

In recent years, informed consent has been suggested as a way to deal with risks posed by engineered nanomaterials. We argue that while we can learn from experiences with informed consent in treatment and research contexts, we should be aware that informed consent traditionally pertains to certain features of the relationships between doctors and patients and researchers and research participants, rather than those between producers and consumers and employers and employees, which are more prominent in the case of engineered nanomaterials. (...) To better understand these differences, we identify three major relational factors that influence whether valid informed consent is obtainable, namely dependency, personal proximity, and existence of shared interests. We show that each type of relationship offers different opportunities for reflection and therefore poses distinct challenges for obtaining valid informed consent. Our analysis offers a systematic understanding of the possibilities for attaining informed consent in the context of nanomaterial risks and makes clear that measures or regulations to improve the obtainment of informed consent should be attuned to the specific interpersonal relations to which it is supposed to apply. (shrink)

It is commonly observed that we live in an increasingly polarised world. Strikingly, we are polarised not only about political issues, but also about scientific issues that have political implications, such as climate change. This raises two questions. First, why are we so polarised over these issues? Second, does this mean our views about these issues are all equally ir/rational? In this chapter I explore both questions. Specifically, I draw on the literature on ideologically motivated reasoning to develop an answer (...) to the first question. Put briefly, we exhibit “directional biases” in our information processing: we try to assimilate new information into our existing webs of beliefs. This means that those who are predisposed to accept the case for climate change end up accepting it, whereas those who are predisposed to reject it end up rejecting it. Based on this answer, I then address the second question. I look at some reasons for thinking that, because we all exhibit such biases in our thinking, we are all equally rational (or, as the case may be, irrational). I also suggest some ways you might try reject these reasons. (shrink)

A model of a Markov process is presented in which observing the present state of a system is asymmetrically related to inferring the system's future and inferring its past. A likelihood inference about the system's past state, based on observing its present state, is justified no matter what the parameter values in the model happen to be. In contrast, a probability inference of the system's future state, based on observing its present state, requires further information about the parameter values.

When people combine concepts these are often characterised as “hybrid”, “impossible”, or “humorous”. However, when simply considering them in terms of extensional logic, the novel concepts understood as a conjunctive concept will often lack meaning having an empty extension (consider “a tooth that is a chair”, “a pet flower”, etc.). Still, people use different strategies to produce new non-empty concepts: additive or integrative combination of features, alignment of features, instantiation, etc. All these strategies involve the ability to deal with conflicting (...) attributes and the creation of new (combinations of) properties. We here consider in particular the case where a Head concept has superior ‘asymmetric’ control over steering the resulting concept combination (or hybridisation) with a Modifier concept. Specifically, we propose a dialogical approach to concept combination and discuss an implementation based on axiom weakening, which models the cognitive and logical mechanics of this asymmetric form of hybridisation. (shrink)

Jerry Fodor has proposed a causal theory of meaning based on the notion of a certain asymmetric dependency between the causes of a symbol's tokens. This theory is held to be an improvement on Dennis Stampe's causal theory of meaning and Fred Dretske's information theoretic account, because it allegedly solves what Fodor calls the “disjunction problem”, and does so without recourse to the kind of optimal (ideal) conditions to which Stampe and Dretske appeal. A series of counterexamples is (...) proposed to Fodor's account, which, it is argued, can only be met by reintroducing that same appeal to optimal conditions that he had sought to eliminate. It is then argued that Fodor's notion of asymmetric dependence is not fundamental to the explanation of why a symbol means what it does: on the contrary, the symbol's meaning what it does is explanatorily prior to the obtaining of the asymmetry, so the asymmetry cannot be used to explain the symbol's meaning. Finally, it is argued that the “disjunction problem “ as it is defined by Fodor is not a genuine problem for causal theories of meaning. (shrink)

Fodor’s asymmetric-dependence theory of content is probably the best known and most developed causal or informational theory of mental content. Many writers have attempted to provide counterexamples to Fodor’s theory. In this paper, I offer a more fundamental critique. I begin by attacking Fodor’s view of the dialectical situation. Fodor’s theory is cast in terms of laws covering the occurrence of an individual thinker’s mental symbols. I show that, contrary to Fodor’s view, we cannot restrict consideration to hypothetical cases (...) in which his conditions for content are satisfied, but must consider whether the relevant laws exhibit the specified asymmetric-dependence relations in actual cases. My central argument is that the laws that the theory requires do not in fact exhibit the appropriate asymmetric-dependence relations. I show that, in general, part of the mechanism for the crucial, supposedly content-determining law for a mental symbol is not shared by the mechanisms for the other laws covering the occurrence of the same mental symbol. As a result, the former law can be eliminated (by eliminating the non-overlapping part of the mechanism) without eliminating the latter laws. The latter laws do not asymmetrically depend on the former law. (shrink)

For a, b > 0, we consider a temporally homogeneous, one-dimensional diffusion process X(t) defined over I = (-b, a), with infinitesimal parameters depending on the sign of X(t). We suppose that, when X(t) reaches the position 0, it is reflected rightward to δ with probability p > 0 and leftward to -δ with probability 1 - p, where δ > 0. Closed analytical expressions are found for the mean exit time from the interval (-b, a), and for the probability (...) of exit through the right end a, in the limit δ → 0+, generalizing the results of Lefebvre, holding for asymmetric Wiener process. Moreover, in alternative to the heavy analytical calculations, a numerical method is presented to estimate approximately the quantities above. Furthermore, on the analogy of skew Brownian motion, the notion of skew diffusion process is introduced. Some examples and numerical results are also reported. (shrink)

In psychophysical experiments, the use of a psychophysical procedure of brightness/darkness cancellation shed light on interactions between spatial arrangement and figure–ground contrast in the perceptual filling in of achromatic and colored surfaces.Achromatic and chromatic Kanizsa squares with varying contrast, contrast polarity, and inducer spacingwere used to test how these factors interact in the perceptual filling in of surface brightness or darkness. The results suggest that the neuronal processing of surfaces with apparent contrast, leading to figure–ground segregation (i.e., perceptual organization), is (...) governed by mechanisms that integrate both luminance contrast and spatial information carried by the inducing stimuli, while discarding information on contrast polarity or color. The findings are discussed in relation to earlier observations on brightness assimilation and contrast. They support theories of nonantagonistic neural mechanisms suppressing local contrast or color signs in brightnessbased figure–ground percepts. Such mechanismsmight be necessary to cancel potentially conflicting polarities in geometricallycomplex visual stimuli so that perceptual filling in resulting in the most plausible representation of figure and ground can be achieved. (shrink)

Knowledge consists of the triad: information, interpretation, and judgement. Much of modern political economy has miscarried by proceeding as though knowledge were merely “information” that is, as though interpretation were symmetric and final. Economic prosperity depends greatly on new knowledge or “discovery” of profit opportunities that translate into social betterment. These discoveries are often a transcending of the working interpretation, not merely the acquisition of new information. The evolution of interpretations is key to appreciating voluntarism as a (...) maxim for policy. Smith, Hayek, and Kirzner taught that bad public policy is partly the result of not knowing better, not of evil or greed. Economists may justify their efforts and their salaries chiefly by teaching citizens to know better. Such is the economist’s calling.La connaissance consiste en une triade : information, interprétation, et jugement. Une bonne part de l’économie politique moderne a échoué en assimilant la connaissance à l’information, ce qui revenait à dire que l’interprétation était symétrique et ultime. La prospérité économique repose dans une grande mesure sur l’émergence de nouvelles connaissances ou la “découverte” d’occasions de profit porteuses d’améliorations sociales. Souvent ces découvertes transcendent l’interprétation courante et non seulement l’acquisition de nouvelles informations. L’évolution des interprétations est essentielle pour évaluer le volontarisme en tant que maxime pour la politique. Smith, Hayek et Kirzner nous ont enseigné que des politiques publiques inappropriées résultent en partie d’une déficience de connaissances plutôt que de mauvaises intentions ou d’avidité. Les économistes peuvent justifier leurs efforts et leurs salaires essentiellement en apprenant aux citoyens à s’enrichir de connaissances. Telle est la vocation de l’économiste. (shrink)

The paper proposes a notion of fairness which overcomes the conflict arising between efficiency and the absence of envy in economies with uncertainty and asymmetrically informed agents. We do it in general economies which include, as particular cases, the main models of differential information economies, providing in this framework a natural competitive equilibrium notion which satisfies the fair criterion. The analysis is conducted allowing the presence of large traders, which may cause the lack of perfect competition.

Asymmetric conflict is changing the way that we practise and think about war. Torture, rendition, assassination, blackmail, extortion, direct attacks on civilians, and chemical weapons are all finding their way to the battlefield despite longstanding international prohibitions. This book offers a practical guide for policy makers, military officers, students, and others who ask such questions as: do guerillas deserve respect or long jail sentences? Are there grounds to torture guerillas for information or assassinate them on the battlefield? Is (...) there room for nonlethal weapons to subdue militants and safeguard the lives of noncombatants? Who are noncombatants in asymmetric war? What is the status of civilians who shelter and aid guerillas? And, do guerillas have any right to attack civilians, particularly those who aid and shelter members of the stronger army? If one side can expand the scope of civilian vulnerability, then why can't the other? (shrink)

In a quantum universe with a strong arrow of time, we postulate a low-entropy boundary condition to account for the temporal asymmetry. In this paper, I show that the Past Hypothesis also contains enough information to simplify the quantum ontology and define a unique initial condition in such a world. First, I introduce Density Matrix Realism, the thesis that the quantum universe is described by a fundamental density matrix that represents something objective. This stands in sharp contrast to Wave (...) Function Realism, the thesis that the quantum universe is described by a wave function that represents something objective. Second, I suggest that the Past Hypothesis is sufficient to determine a unique and simple density matrix. This is achieved by what I call the Initial Projection Hypothesis: the initial density matrix of the universe is the normalized projection onto the special low-dimensional Hilbert space. Third, because the initial quantum state is unique and simple, we have a strong case for the \emph{Nomological Thesis}: the initial quantum state of the universe is on a par with laws of nature. This new package of ideas has several interesting implications, including on the harmony between statistical mechanics and quantum mechanics, the dynamic unity of the universe and the subsystems, and the alleged conflict between Humean supervenience and quantum entanglement. (shrink)

Many important issues in economic and political science can be adequately analyzed under the assumption that individuals are certain about the consequences of their actions, possess perfect information. Many cannot, however, and models that incorporate uncertainty and asymmetric information have become increasingly popular over the last fifty years or so.

I take 'informal logic' to be the (descriptive and normative) study of 'real arguments'-arguments which are or have been used with the aim of convincing others of a point of view. I argue that the informal logic tradition thus conceived (i) lends strong support to something like Quine's view that our beliefs really support one another like the filaments in a spider's web--and thus that the traditional view that implication is an asymmetric relation is false; (ii) suggests that the (...) classic division of arguments into deductive and inductive has distorted our thinking about the evaluation of real arguments; and (iii) implies that naturalised epistemology is on the right track. (shrink)

In this contribution we analyze how the actions of rational agents feed back on their beliefs. We present two agent-based computer simulations studying complex social interactions in which agents that follow utility maximizing strategies thereby deteriorate their own long-term quality of beliefs. We take these results as a starting point to discuss the complex relationship between rational action couched in terms of maximizing utility and the emergence of informational inequalities.

This article considers an asymmetric contest with incomplete information. There are two types of players: informed and uninformed. Each player has a different ability to translate effort into performance in terms of the contest success function. While one player’s type is known to both players, the other is private information and known only to the player himself. We compare the Bayesian Nash equilibrium outcome of a one-sided private information contest to the Nash equilibrium with no private (...) information, in which both players know the type of the other player. We show conditions under which uncertainty increases the investment of the uninformed player and the rent dissipation of the contest, while decreasing the expected net payoff of the informed player. In addition, we consider conditions under which the informed player—before knowing his own type—prefers that the uninformed player knows his type. Moreover, we show conditions for the existence/non-existence of equilibrium in a two-stage contest in which the informed player declares his type (or does not declare) in the first stage and in the second stage the two players play according to the information available to them. (shrink)

This article submits that torture is not an effective tool in asymmetric warfare. It offers a definition of ‘effective’ as it relates to torture, and presents findings which discriminate between torture's tactical utility and its strategic consequences. By doing this, it attempts to convey the paradoxical nature of torture. Torture can help gain bits of information that may prevent terrorist acts. But the very act of torture, or even the perception of its use, holds strategic consequences for those (...) nations who employ it. While they may thwart a given attack, states that apply torture are labeled as torturers regardless of their tactical victories. In essence, their identity is associated with torture. Labeled as such, they endanger their place in politics, villainize themselves in history, and erode their soft power. Any nation involved in an asymmetric struggle would do well to engage the enemy at the strategic level of war, employing all the instruments of power, rather than rest its hopes of victory on the piecemeal and questionable bits of information torture may provide. (shrink)

The prelims comprise: Adequacy Conditions Dretske and the Flow of Information Epistemic Optimality Teleology Asymmetric Dependence Conclusion Glossary of Key Technical Terms.

In this paper, the stylized features of incomplete and asymmetric information in the interbank market leading to banks’ precautionary behaviors are introduced. Based on banks’ stylized behavioral rules, the influencing mechanism of information diffusion on interbank risk contagion is analyzed, and how the existence of information diffusion and banks’ information-obtaining ability influence the interbank risk contagion is verified through computational simulations. The results show that information diffusion can significantly accelerate the process of and magnify (...) the extent and probability of interbank risk contagion, and improving banks’ information-obtaining ability could lower the speed and extent of the interbank risk contagion. This paper also finds and explains some special phenomena of rollover risk contagion when information diffusion exists: the saltatory risk contagion, the circular liquidity trap, and the risk discovery of information diffusion. (shrink)

We employ a frequency-dependent asymmetric and causality analysis to investigate the connectedness between gold and cryptocurrencies during the COVID-19 pandemic. Hence, the variational mode decomposition-based quantile regression is utilised. Findings from the study divulge that the variational mode functions at the lower quantiles are mostly significant and negative indicating that gold acts as a safe haven, a diversifier at most market conditions with insignificant coefficients, and a hedge at normal market conditions for most cryptocurrencies at various investment horizons. Particularly, (...) hedging benefits mostly occur in the short- and medium-term for Bitcoin and Ripple, as well as Bitcoin and Dogecoin in the long-term with gold. This implies that there is high persistence in the hedging properties of gold with Bitcoin, followed by Ripple. We notice more significant relationship between gold and some cryptocurrencies in the long-term of the COVID-19 pandemic relative to the medium-term emphasising the delayed responses of prices to information. Investors are recommended to be observant and mindful of investing in these markets due to the different dynamics. (shrink)

The Common Prior Assumption (CPA) plays an important role in game theory and the economics of information. It is the basic assumption behind decision-theoretic justifications of equilibrium reasoning in games (Aumann, 1987, Aumann and Brandenburger, 1995) and no-trade results with asymmetric information (Milgrom and Stokey, 1982). Recently several authors (Dekel and Gul, 1997, Gul, 1996, Lipman, 1995) have questioned whether the CPA is meaningful in situations of incomplete information, where there is no ex ante stage and (...) where the primitives of the model are the individuals' beliefs about the external world (their first-order beliefs), their beliefs about the other individuals' beliefs (second-order beliefs), etc., i.e. their hierarchies of beliefs. In this context, the CPA is a mathematical property whose conceptual content is not clear. The main results of this paper (Theorems 1 and 2) provide a characterization of Harsanyi consistency in terms of properties of the belief hierarchies that are entirely unrelated to the idea of an ex ante stage. (shrink)

Decision making in any brain is imperfect and costly in terms of time and energy. Operating under such constraints, an organism could be in a position to improve performance if an opportunity arose to exploit informative patterns in the environment being searched. Such an improvement of performance could entail both faster and more accurate (i.e., reward-maximizing) decisions. The present study investigated the extent to which human participants could learn to take advantage of immediate patterns in the spatial arrangement of serially (...) presented foods such that a region of space would consistently be associated with greater subjective value. Eye movements leading up to choices demonstrated rapidly induced biases in the selective allocation of visual fixation and attention that were accompanied by both faster and more accurate choices of desired goods as implicit learning occurred. However, for the control condition with its spatially balanced reward environment, these subjects exhibited preexisting lateralized biases for eye and hand movements (i.e., leftward and rightward, respectively) that could act in opposition not only to each other but also to the orienting biases elicited by the experimental manipulation, producing an asymmetry between the left and right hemifields with respect to performance. Potentially owing at least in part to learned cultural conventions (e.g., reading from left to right), the findings herein particularly revealed an intrinsic leftward bias underlying initial saccades in the midst of more immediate feedback-directed processes for which spatial biases can be learned flexibly to optimize oculomotor and manual control in value-based decision making. The present study thus replicates general findings of learned attentional biases in a novel context with inherently rewarding stimuli and goes on to further elucidate the interactions between endogenous and exogenous biases. (shrink)

Owing to the adverse impact of the COVID-19 pandemic on world economies, it is expected that information flows between commodities and uncertainties have been transformed. Accordingly, the resulting twisted risk among commodities and related uncertainties is presumed to rise during stressed market conditions. Therefore, investors feel pressured to find safe haven investments during the pandemic. For this reason, we model a mixture of asymmetric and non-linear bi-directional causality between global commodities and uncertainties at different frequencies through the (...) class='Hi'>information flow theory. Consequently, we utilise the complete ensemble empirical mode decomposition with adaptive noise and the Rényi effective transfer entropy techniques to establish the dynamic flow of information. The intrinsic mode functions from the CEEMDAN are carefully extracted into multi-frequencies through cluster analysis to reconstruct the series into high, medium, and low frequencies in addition to the residue. We utilise daily data from December 31st, 2019, to March 31st, 2021, to provide insights into the COVID-19 pandemic. The correlation coefficients and variances demonstrate that the high frequency which measures the short-term dynamics is the dominant frequency, suggesting short-lived market fluctuations relative to real economic growth for institutional investors. Moreover, outcomes from the multi-frequency entropy indicate a negative bi-directional causality of information flow between global commodities and uncertainties, especially in the long term. Generally, the findings present pertinent inferences for portfolio diversification, policy decisions, and risk management schemes for global commodities and markets volatilities. We, therefore, advocate that market volatilities act as effective hedges for global commodities, and they clearly act as balancing assets rather than substitutes in the long-term dynamics of the COVID-19 pandemic. Investors who delayed in investing within financial markets of commodities and market volatilities are likely to minimise their portfolio risks. (shrink)

This essay starts by accepting Cécile Fabre's argument in her book Spying through a Glass Darkly that intelligence work, including using incentives and pressures to encourage betrayal and treason, can be morally justified based on the criteria of necessity, effectiveness, and proportionality. However, while assessments of spying tend to be based on Cold War notions, I explore it here in the messier reality of counterinsurgency, counterterrorism, and “new wars.” In addition, I suggest a methodological expansion: adding a sociological perspective to (...) the ethical discussion by exploring the wider effects on society, over longer periods, of the operation of informers. Based on these shifts in perspective and context, I identify additional social harms generated by espionage that should lead to a more restrictive view of ethical espionage than the one emerging from Fabre's work. I argue that many of these social harms are created by the mass recruitment of informers, in asymmetrical conflicts where governments have leverage over suspected communities, and given the (often mistaken) belief that everyone recruited to act as informer is an “asset,” primarily providing advantages. I argue, therefore, that the decisive issue is one of scale: many of the ethical problems created by espionage in these contexts result from the widespread systematic recruitment of informers, while small-scale, targeted, ad-hoc recruitment can more easily avoid such problems. (shrink)

Starting from the premise that firms are distinct in terms of their capacity to create innovations, this article explores the rationale for R&D cooperation and the choice between alliances that involve information sharing, cost sharing or both. Defining innovative capability as the probability of creating an innovation, it examines firm strategy in a duopoly market, where firms have to decide whether or not to cooperate to acquire a fixed cost R&D infrastructure that would endow each firm with a firm-specific (...) innovative capability. Furthermore, since emerging industries are often characterized by high technological uncertainty and diverse firm focus that makes the exploitation of spillovers difficult, this article focuses on a zero spillover context. It demonstrates that asymmetry has an impact on alliance choice and social welfare, as a function of ex-post market competition and fixed costs of R&D. With significant asymmetry no alliance may be formed, while with similar firms the cost sharing alliance is dominant. Finally, it ascertains the settings under which the equilibrium outcome is distinct from that maximizing social welfare, thereby highlighting some conditions under which public investment in a technology park can be justified. (shrink)

Young French children freely produce subject pronouns by the age of 2. However, by age 2 and a half they fail to interpret 3rd person pronouns in an experimental setting designed to select a referent among three participants (speaker, hearer, and other). No such problems are found with 1st and 2nd person pronouns. We formalize our analysis of these empirical results in terms of direction-sensitive optimizations, showing that uni-directionality of optimization, when combined with non-adult-like constraint rankings, explains the general acquisition (...) pattern of 3rd person pronouns. Building on a specific analysis of assigning 3rd person reference by computing over alternatives (Heim 1991 ), we show that adult interpretation does not require bidirectional OT although it is fully compatible with it. What matters for comprehension in the domain investigated here is constraint ranking. (shrink)

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research (...) Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in recommendations remains prevalent for affiliated analysts from reputable investment banks and for the postreform period. Finally, evidence from market reactions suggests that investors fail to notice that analysts’ integrity is compromised by conflicts of interest and are misled by affiliated analysts. (shrink)

This paper addresses the conflicting environmental interests of a firm and the community, an important stakeholder. The short-term profit maximization objective of a firm may stand in contrast with what the community wants – a "safe and clean environment". This paper argues that the information regarding the environmental impact of a firm's products, processes, and waste may be asymmetrically distributed between the firm and the community. The resultant information asymmetry may influence the probability of a firm acting opportunistically, (...) and ultimately, a firm's ethical behavior. The paper identifies information asymmetry between a firm and community, as well as that within the community. The perceived information asymmetry across various community segments may perhaps be a determinant of environmental discrimination. The paper further contends that information asymmetry may diminish in the long run. Finally it examines the implications of information asymmetry for firms and government policy. (shrink)

Hurford’s Constraint (Hurford, Foundations of Language, 11, 409–411, 1974) states that a disjunction is infelicitous if its disjuncts stand in an entailment relation: #John was born in Paris or in France. Gazdar (Pragmatics, Academic Press, NY, 1979) observed that scalar implicatures can obviate the constraint. For instance, sentences of the form (A or B) or (Both Aand B) are felicitous due to the exclusivity implicature of the first disjunct: A or B implicates ‘not (A and B)’. Chierchia, Fox, and Spector (...) (Handbook of semantics, 2008) use the obviation of Hurford’s Constraint in these cases to argue for a theory of local implicature. I present evidence indicating that the constraint needs to be modified in two ways. First, implicatures can obviate Hurford’s Constraint only in earlier disjuncts, not later ones: #(Both A and B) or (A or B). Second, the constraint rules out not only disjuncts that stand in an entailment relation, but also disjuncts that are even mutually consistent: #John is from Russia or Asia. I propose to make sense of these facts by providing an incremental evaluation procedure which checks that each new disjunct to the right is inconsistent with the information to its left, before the disjunct can be strengthened by local implicature. (shrink)

This paper addresses the conflicting environmental interests of a firm and the community, an important stakeholder. The short-term profit maximization objective of a firm may stand in contrast with what the community wants – a "safe and clean environment". This paper argues that the information regarding the environmental impact of a firm's products, processes, and waste may be asymmetrically distributed between the firm and the community. The resultant information asymmetry may influence the probability of a firm acting opportunistically, (...) and ultimately, a firm's ethical behavior. The paper identifies information asymmetry between a firm and community, as well as that within the community. The perceived information asymmetry across various community segments may perhaps be a determinant of environmental discrimination. The paper further contends that information asymmetry may diminish in the long run. Finally it examines the implications of information asymmetry for firms and government policy. (shrink)

While a simple information market lets one trade on the probability of each value of a single variable, a full combinatorial information market lets one trade on any combination of values of a set of variables, including any conditional or joint probability. In laboratory experiments, we compare the accuracy of simple markets, two kinds of combinatorial markets, a call market and a market maker, isolated individuals who report to a scoring rule, and two ways to combine those individual (...) reports into a group prediction. We consider two environments with asymmetric information on sparsely correlated binary variables, one with three subjects and three variables, and the other with six subjects and eight variables (and so 256 states). (shrink)

PurposeExisting research suggests that the competitive advantage provided by technological development depends to a large extent on the speed and coordination of the technology’s implementation, and on how adoptable the technological applications are considered. While accepting this argument, the authors consider the explanatory model to be inadequate. This study aims to contribute to the theoretical discussion by analysing institutionalised industrial relations and other organisation-level factors, which are important for workplace restructuring and societal change.Design/methodology/approachThe analysis is based on a representative nation-wide (...) work and working conditions survey (N= 4,100) from Finland, which includes a variety of themes, including practices, changes and well-being at work. Changes are understood as organisational changes, focusing on modern technologies such as robotisation and digitalisation.FindingsThe results indicate that occupational division at workplace (low-skilled vs high-skilled occupations) affects job insecurity and acceptance of technologies at work. The characteristics of workplaces, such as the employees’ participation and involvement in the development of the organisation, play a significant part in both the acceptance and the implementation and outcomes of the technological transformations in the workplace.Practical implicationsThe research provides new and interesting insights into working life practices. Furthermore, it reveals how technology acceptance and employment perspectives relate to working conditions and lessons learned from past reforms.Originality/valueThe authors consider current theories such as technology acceptance model at the micro level and that way rationalise the need for this study. This study shows the importance of individual, organisational and wider contextual factors in technology acceptance. (shrink)

Environmental functions are defined as the possible uses of the non-human-made physical surroundings on which humanity is entirely dependent. Competing functions are by definition economic goods, indeed the most fundamental humanity disposes of. Environmental sustainability is defined as the dynamic equilibrium by which vital environmental functions remain available for future generations. Environmentally sustainable national income (eSNI) is defined as the maximum attainable production level by which vital environmental functions remain available for future generations. Thus the eSNI provides information about (...) the distance between the current and a sustainable situation. In combination with the standard national income (NI), the eSNI indicates whether the part of the production that is not based on sustainable use of the environment is increasing or decreasing in the course of time. Calculation of the eSNI involves the use of environmental models and a static general economic equilibrium model. It is shown that asymmetric entries are obscuring what is happening with both environment and production and that there is no conflict between employment and safeguarding the environment. (shrink)

This research investigates how consumers’ ethical brand perceptions are affected by differentially valenced information. Drawing on literature from person-perception formation and using a sequential, mixed method design comprising qualitative interviews and two experiments with a national representative population sample, our findings show that only when consumers perceive their judgment of a brand’s ethicality to be pertinent, do they process information holistically and in line with the configural model of impression formation. In this case, negative information functions as (...) a diagnostic cue to form an unethical brand perception, irrespective of other positive information at hand. However, in the case where processing relevance of the un/ethical information provided is low, brand perception formation is algebraic, in which case positive information can counterbalance and neutralize the detrimental impact of brand misbehavior. Our findings extend existing research on consumer perceived ethicality as well as consumer reactions to corporate social responsibility and sustainability initiatives, which has so far assumed the asymmetric impact of negative information on ethical perceptions and consumer attitudes to be prevalent. We derive a range of academic and managerial implications and present a number of important avenues for future research. (shrink)

Asymmetric distribution of function between the cerebral hemispheres has been widely investigated in the auditory modality. The current approach borrows heavily from visual local–global research in an attempt to determine whether, as in vision, local–global auditory processing is lateralised. In vision, lateralised local–global processing likely relies on spatial frequency information. Drawing analogies between visual spatial frequency and auditory dimensions, two sets of auditory stimuli were developed. In the high–low stimulus set we manipulate frequency information, and in the (...) fast–slow stimulus set we manipulate temporal information. The fast–slow stimuli additionally mimic visual hierarchical stimulus structure, in which the arrangement of local patterns determines the global pattern. Unlike previous auditory stimuli, the current stimulus sets contain the experimental flexibility of visual local–global hierarchical stimuli allowing independent manipulation of structural levels. Previous findings of frequency and temporal range priming were replicated. Additionally, by presenting stimuli monaurally, we found that priming of frequency ranges (but not temporal ranges) was found to vary by ear, supporting the contention that the hemispheres asymmetrically retain traces of prior frequency processing. These results contribute to the extensive literature revealing cerebral asymmetries for the processing of frequency information, and extend those results to the realm of priming. (shrink)

Too often, advocates of domain-specific belief systems overlook the implications of their beliefs when choosing communications technologies and strategies, although they rarely overlook the importance of content. This essay argues that both environmentalism and sustainable agriculture, as systems of belief, favor certain strategies of generating and distributing information over others; that is, the essay argues that both the content and form of communications imply certain value preferences, hence both are subject to value-relevant choices. An additional purpose of the essay (...) is to set a context for this special edition of Agriculture and Human Values. Collectively the articles in this edition discuss a wide variety of issues, including but not limited to questions connected to information generation, access to information and information technologies, and the value systems conveyed by communications vehicles, including what is conveyed and different discussions of what should be conveyed. This essay looks at the importance of four sets of domain-specific value systems (environmentalism, sustainable agriculture, and the conventionalism counters to both of these) for two different sets of value systems connected to information generation, and further discusses each of these value sets in connection to choosing asymmetrical or symmetrical communications. It is hoped that this discussion of the flow of information, from generation to distribution, will provide a context for reading the edition as a whole. (shrink)

The Editors express their gratitude and appreciation to the indi-viduals listed below who served as referees for Informal Logic for Volumes 31 (2011) and 32 (2012).