We examine the implications of the US government’s too-big-to-fail policy as it has been applied to banks. Using alternative measures of risk, we compare the risk-taking behavior of 11 TBTF banks, identified by the Comptroller of the Currency in 1984, to a number of non-TBTF banks. We provide both theory and new empirical evidence to support our argument that the TBTF policy leads management to significantly increase risk-taking, with no corresponding increase in performance. While prior studies have considered the effects (...) of the TBTF policy on limited, but risk-related aspects of bank behavior, such as the cost of funds, our study provides direct evidence about the risk-taking behavior associated with the TBTF policy. Our study has important implications for the current political debate regarding the too-big-to-fail policy. (shrink)

We are of the opinion that there is also identity between erroneous thinking and existence. Our opinion is based on the following facts.

In this article, we examine how firms design executive compensation in light of their risk environment. Prior literature shows that corporate environmental responsibility (CER) of a firm inversely affects firm risk. We argue that firms with better CER performance benefit from the reduced firm risk, and therefore are more likely to provide greater managerial risk‐taking incentives to encourage the risk‐averse managers to undertake risk‐increasing but positive net present value (NPV) investments. Consistent with our hypotheses, we find that a firm’s CER (...) rating is positively associated with its CEO risk‐taking incentives (vega) in the following year. We also document cross‐sectional variations in the CER‐vega relationship, that is, a weaker association in the controversial industries. This study contributes to the literature by investigating the role of CER on executive compensation design from the perspective of risk management. (shrink)

G.E. Moore noticed the oddity of statements like: “It's raining, but I don't believe it.” This oddity is often seen as analogous to the oddity of believing akratically, or believing what one believes one should not believe, and has been appealed to in denying the possibility of akratic belief. I describe a Belief Akratic's Paradox, analogous to Moore's paradox and centered on sentences such as: “I believe it's raining, but I shouldn't believe it.” I then defend the possibility of akratic (...) belief against appeals to this analogy, arguing both that akratic belief does not require belief-akratic-paradoxical belief, and that the latter is importantly different from Moorean belief. I conclude by considering the implications of these arguments for an understanding of both Moorean and akratic belief. (shrink)

Paper edition (unseen), $14.95. Annotation copyrighted by Book News, Inc., Portland, OR.

Religion and faith are often central aspects of an individual’s self-concept, and yet they are typically avoided in the workplace. The current study seeks to replicate the findings about the role of religious beliefs and practices in shaping an employee’s reactions to stress/burnout and job attitudes. Second, we extend the literature on faith in the workplace by investigating possible relationships between religious beliefs and practices and citizenship behaviors at work. Third, we attempted to study how one’s perceived freedom to express (...) his/her religious identity at work was related to workplace attitudes and behaviors. Mixed results suggest that religiosity can be related to stress and burnout, job satisfaction, organizational commitment, and Organizational Citizenship Behavior. More research is needed to further qualify the results and explore the effects of one’s perceived freedom to express his/her religious identity in the workplace. (shrink)

Many philosophers have thought that human beings do or pursue only what we see as good. These “guise-of-the-good” views face powerful challenges and counterexamples, such as akratic action, in which we do what we ourselves believe we ought not do. I propose a new way for guise-of-the-good views to address this central counterexample by appealing to conflicting beliefs. I then answer concerns that this appeal is insufficiently explanatory, attributes too much conflict, leaves out an essential asymmetry in action against one’s (...) “better” judgment, attributes systematic error about one’s own beliefs, and is too implausible. (shrink)

The paper suggests replacing the shareholder/stakeholder distinction with a “Dual-Investor” model of business: stockowners provide the specific capital for business ventures, while society provides the “opportunity capital.” Thus society is an investor in every business venture. Dual-Investor theory provides a response (based purely on the ethics of investment) to Milton Friedman’s arguments that executives should maximize profit by any legal means, avoids recent criticisms by Kenneth Goodpaster and Thomas McMahon, and suggests that the dichotomy between private and public ownership overlooks (...) several important alternatives. Some consequences of the theory are detailed and a sketch of a theory of property, based on Dual-Investor theory, is appended. (shrink)

This letter explores the intricate historical and contemporary links between large language models (LLMs) and cognitive science through the lens of information theory, statistical language models, and socioanthropological linguistic theories. The emergence of LLMs highlights the enduring significance of information‐based and statistical learning theories in understanding human communication. These theories, initially proposed in the mid‐20th century, offered a visionary framework for integrating computational science, social sciences, and humanities, which nonetheless was not fully fulfilled at that time. The subsequent development of (...) sociolinguistics and linguistic anthropology, especially since the 1970s, provided critical perspectives and empirical methods that both challenged and enriched this framework. This letter proposes that two pivotal concepts derived from this development, metapragmatic function and indexicality, offer a fruitful theoretical perspective for integrating the semantic, textual, and pragmatic, contextual dimensions of communication, an amalgamation that contemporary LLMs have yet to fully achieve. The author believes that contemporary cognitive science is at a crucial crossroads, where fostering interdisciplinary dialogues among computational linguistics, social linguistics and linguistic anthropology, and cognitive and social psychology is in particular imperative. Such collaboration is vital to bridge the computational, cognitive, and sociocultural aspects of human communication and human−AI interaction, especially in the era of large language and multimodal models and human‐centric Artificial Intelligence (AI). (shrink)

John Passmore has claimed that American environmental attitudes are incompatible with Western traditions and Western civilization: they arose out of a Romantic transvaluation of values in the eighteenth and nineteenth centuries, and today are defensible only in terms of antiscientific nature mysticism and Oriental religions. I argue that these attitudes developed out of an intricate interplay between Western science and art over the last three centuries, and are, therefore, of Western, not Eastern, origin. Moreover, they are apart of scientific and (...) aesthetic changes so broad and fundamental that, despite Passmore’s prediction that they are unlikely to survive into the twenty-first century, they cannot be regarded lightly as a passing fad, and probably have already found a permanent place in Western thought and values. (shrink)

The publication is dedicated to Diogenes of Apollonia, the "last Presocratic cosmologist". Building upon the great edition by André Laks it contains a Russian translation and commentaries on the few extant fragments of Diogenes’ writing and more extensive ancient testimonia about his life and teachings. The main body of the publication comprises the fragments, doxographical testimonia and doubtful testimonia. The texts are arranged according to the principles proposed by A. Laks and differ from what we find in Diels-Kranz both in (...) terms of their order and their content, with a few new pieces of evidence added and the context of the fragments and testimonia considerably expanded. The first section contains Fragments 1-12. Doxographical testimonia are subdivided in 1. Biographical evidence ; 2. The principle ; 3. Life and consciousness ; 4. Semen and embryo ; 5. The Universe, and Dubia. Variant doxographical testimonia are usually quoted in full and discussed at some length in the commentary. The paper contains Appendices and Index locorum. The publication will be useful for specialists in ancient cosmology, medicine, and other areas of early philosophy and science, as well as researchers with an interest in doxography. (shrink)

The sudden infant death syndrome (SIDS) is the sudden, unexpected death of an infant that is not explained by autopsy, death scene examination, and history. The etiology is unknown. Recent postmortem studies have discovered abnormalities in brainstem serotonergic neurons, but how these translate into dysfunction and cause SIDS is uncertain. Recently, lethal effects in transgenic mice with overexpression of the serotonin 1A autoreceptor have been described. Many die spontaneously between postnatal day 40 (P40) and P80, and some spontaneously exhibit bradycardias (...) and drops in body temperature. The severity of the autonomic dysfunction and its age dependence suggest relevance to SIDS. However, SIDS cases have decreased serotonin 1A autoreceptor binding, which is opposite to its overexpression in the mice, and the peak incidence of SIDS is between 2 and 6 months of age, which is arguably younger (in relative terms) than the ages at which the mice die. Nevertheless, the description of an animal model with serotonin defects that has autonomic dysfunction and spontaneous mortality at a young age is an exciting finding of possible importance for understanding SIDS. (shrink)

Recent mutagenesis studies have demonstrated that the chemotherapeutic agent, chlorambucll (CHL), is highly mutagenic in male germ cells of the mouse. Post‐melotic germ cells, and especially early spermatids, are the most sensitive to the cytotoxic and mutagenic effects of this agent. Genetic, cytogenetic and molecular analyses of many induced mutations have shown that, in these germ‐cell stages, CHL induces predominantly chromosomal rearrangements (deletions and translocations), and mutation‐rate studies show that, in terms of tolerated doses, CHL is perhaps five to ten (...) times more efficient in inducing rearrangements than is radiation exposure. Appropriate breeding protocols, along with knowledge of the advantages and limitations associated with the use of CHL, can be used to expand the current resource of chromosomal rearrangements in the mouse and to provide new phenotype‐associated mutations amenable to positional‐cloning techniques. The analysis of CHL‐induced mutations has also contributed to understanding the factors that affect the yield and nature of chemically induced germline mutations in mammals. (shrink)

In quantum relativistic Hamiltonian dynamics, the time evolution of interacting particles is described by the Hamiltonian with an interaction-dependent term (potential energy). Boost operators are responsible for (Lorentz) transformations of observables between different moving inertial frames of reference. Relativistic invariance requires that interaction-dependent terms (potential boosts) are present also in the boost operators and therefore Lorentz transformations depend on the interaction acting in the system. This fact is ignored in special relativity, which postulates the universality of Lorentz transformations and their (...) independence of interactions. Taking into account potential boosts in Lorentz transformations allows us to resolve the “no-interaction” paradox formulated by Currie, Jordan, and Sudarshan [Rev. Mod. Phys. 35, 350 (1963)] and to predict a number of potentially observable effects contradicting special relativity. In particular, we demonstrate that the longitudinal electric field (Coulomb potential) of a moving charge propagates instantaneously. We show that this effect as well as superluminal spreading of localized particle states is in full agreement with causality in all inertial frames of reference. Formulas relating time and position of events in interacting systems reduce to the usual Lorentz transformations only in the classical limit (ħ→0) and for weak interactions. Therefore, the concept of Minkowski space-time is just an approximation which should be avoided in rigorous theoretical constructions. (shrink)

Western analytic philosophers tend to confine themselves almost exclusively to a discussion of William James’s pragmatism, when thirty years ago John McDermott determined that the core of James’s metaphysics was actually radical empiricism. James, in fact, developed a tripartite metaphysics of pragmatism, pluralism, and radical empiricism, which constituted the actualization of his philosophical legacy inherited through Henry James Sr’s Swedenborgianism and Ralph Walled Emerson’s transcendentalism, both of which he opposed, which he tempered through his contacts with Charles Sanders Pierce, Chancy (...) Wright, and others in the early years of the Metaphysical Club, until his own ideas began to come to maturity by the late 1890s. It is conjectured that, seeing as how James frequently built some of his major ideas by retailing the more cryptic philosophy of Peirce, the tripartite nature of James’s metaphysics was an attempt to model Peirce’s three categories of Firstness, Secondness, and Thirdness. The international success of pragmatism, however, prevented James from articulating the full nature of his philosophy, which he tried to do in the closing decade of his life, but alas, he left us with only an unfinished arch. There is enough there, however, to state emphatically that if modern psychologists and philosophers persist in talking only about James’s pragmatism without reference to pluralism and radical empiricism, they are not really talking about William James. (shrink)

The present discussion arose from the desire to explain, to an audience of non-physicists, the epistemology to which one is forced if one pursues the quantum mechanical theory of observation to its ultimate consequences. However, the conclusions will not be derived from the aforementioned theory but obtained on the basis of a rather general analysis of what we mean by real. Quantum theory will form the background but not the basis for the analysis. The concept of the real to be (...) arrived at shows considerable similarity to that of the idealist. As the title indicates, it is formulated as a dualism. It is quite possible that it will soon be rejected not only by the community of the philosophers but also by that of the scientists. If this should be the case, the attempt to derive an epistemology from physics will prove to have been premature. Naturally, the author hopes that this will not be the case because, quite apart from the quantum theoretical background, the concepts to be presented appear natural also as an outgrowth of common sense considerations. They have been arrived at by many who did not accept the epistemology of quantum mechanics. (shrink)

Throughout his career, William James defended personal consciousness. In his Principles of Psychology (1890), he declared that psychology is the scientific study of states of consciousness as such and that he intended to presume from the outset that the thinker was the thought. But while writing it, he had been investigating a dynamic psychology of the subconscious, which found a major place in his Gifford Lectures, published as The Varieties of Religious Experience in 1902. This was the clearest statement James (...) was able to make before he died with regard to his developing tripartite metaphysics of pragmatism, pluralism and radical empiricism, which essentially asked ‘Is a science of consciousness actually possible?’ James’s lineage in this regard, was inherited from an intuitive psychology of character formation that had been cast within a context of spiritual self-realization by the Swedenborgians and Transcendentalists of New England. Chief among these was his father, Henry James, Sr, and his godfather, Ralph Waldo Emerson. However, James was forced to square these ideas with the more rigorous scientific dictates of his day, which have endured to the present. As such, his ideas remain alive and vibrant, particularly among those arguing for the fusion of phenomenology, embodiment and cognitive neuroscience in the renewed search for a science of consciousness. (shrink)

Each of the major engineering societies has its own code of ethics. Seven “common core” clauses and several code-specific clauses can be identified. The paper articulates objections to and rationales for two clauses that raise controversy: do engineers have a duty to provide pro bono services and/or speak out on major issues, and to associate only with reputable individuals and organizations? This latter “association clause” can be justified by the “proclamative principle,” an alternative to Kant’s universalizability requirement. At the heart (...) of engineering codes of ethics, and implicit in what it is to be a moral agent, the “proclamative principle” asserts that one’s life should proclaim one’s moral stances. More specifically, it directs engineers to strive to insure that their actions, thoughts, and relationships be fit to offer to their communities as part of the body of moral precedents for how to be an engineer. Understanding codes of ethics as reflections of this principle casts light both on how to apply the codes and on the distinction between private and professional morality. (shrink)

Projects importing technology to lesser developed nations may raise five important concerns: famine resulting from substitution of cash crops for subsistence crops, the use of products banned in the United States but permitted overseas, the use of products safe in the U.S. but unsafe under local conditions, ecological consequences of technological change, and cultural disruption caused by displacing traditional ways of life. Are engineers responsible for the foreseeable hunger, environmental degradation, cultural disruption, and illness that results from the project? Are (...) engineers guilty of paternalism if they refuse to accept the project for that reason? Criteria are given to help engineers assess the extent of their responsibility when working in lesser developed nations. (shrink)

A Thousand Plateaus is the engaging and influential second part of Capitalism and Schizophrenia, the remarkable collaborative project written by the philosopher Gilles Deleuze and the psychoanalyst Félix Guattari. This hugely important text is a work of staggering complexity that made a major contribution to contemporary Continental philosophy, yet remains distinctly challenging for readers in a number of disciplines. Deleuze and Guattari's 'A Thousand Plateaus': A Reader's Guide offers a concise and accessible introduction to this extremely important and yet challenging (...) work. Written specifically to meet the needs of students coming to Deleuze and Guattari for the first time, the book offers guidance on: - Philosophical and historical context - Key themes - Reading the text - Reception and influence - Further reading. (shrink)

Informed consent is one of the most important ethical and legal principles in the United States, including Texas, and reflects a profound respect for individuals and their ability to make decisions in their own best interest. It is also a critical underpinning of medical practice, although how it is actually carried out has not been well studied. A survey was conducted in the private practices and a hospital in the Texas Medical Center in Houston, Texas to ascertain how physicians, patients (...) and patient's family members perceive and demonstrate the elements of informed consent. In-depth interviews of twelve physicians, three patients and three family members were carried out. For physicians, consent was an explicit and implicit aspect of virtually all medical practice. Physicians would seek patient input concerning medical decisions whenever possible and might also discuss care choices with families. However, they often made decisions based upon what they perceived as the patient's best interests. Patients expected the physician to involve them in the decision process, but whether they turned to family members, or even others to assist them, varied considerably. Although Texas physicians respect the competent patient as the primary decision maker, they may bypass a formal surrogate decision maker to gain input from others, including their own view of what is in the patient's best interest. (shrink)

Although Adam Ferguson is regarded typically as a secular thinker, the larger frame of this thought may reflect his theism. After recounting, in summary fashion, elements of Ferguson's life, the paper sets forth his embrace of standard doctrines of eighteenth-century natural theology, including the metaphysical basis between mind, activity, and moral happiness, as well as Ferguson's treatment of an important theme of Christian belief – human sinfulness. Turning to Ferguson's moral theory, it is argued that energetic and moralized activity, vigour, (...) may be less an expression of ‘civic humanism’ than of Ferguson's practical experience within the Scottish Church. More important, the very idea of vigorous exertion manifests, in Ferguson's own view, the human reflection of the Divine. Even if Ferguson remains a secular thinker, there is reason to regard him as a man whose thought bears the marks of religious belief and institutional practice. (shrink)

Throughout his career, William James defended personal consciousness. In his Principles of Psychology (1890), he declared that psychology is the scientific study of states of consciousness as such and that he intended to presume from the outset that the thinker was the thought. But while writing it, he had been investigating a dynamic psychology of the subconscious, which found a major place in his Gifford Lectures, published as The Varieties of Religious Experience in 1902. This was the clearest statement James (...) was able to make before he died with regard to his developing tripartite metaphysics of pragmatism, pluralism and radical empiricism, which essentially asked ‘Is a science of consciousness actually possible?’ James’s lineage in this regard, was inherited from an intuitive psychology of character formation that had been cast within a context of spiritual self-realization by the Swedenborgians and Transcendentalists of New England. Chief among these was his father, Henry James, Sr, and his godfather, Ralph Waldo Emerson. However, James was forced to square these ideas with the more rigorous scientific dictates of his day, which have endured to the present. As such, his ideas remain alive and vibrant, particularly among those arguing for the fusion of phenomenology, embodiment and cognitive neuroscience in the renewed search for a science of consciousness. (shrink)

In some of his last publications, R. G. Collingwood takes the position that problems in philosophy are not eternal. Such a denial, in the context of the controversies concerning the overall interpretation of Collingwood's work, is significant for at least two reasons: it seems to suggest an “atomistic” view of the history of philosophy on Collingwood's part, perhaps one that resembles that of the history of science as offered inThe Structure of Scientific Revolutions. Also, the denial seems to reverse Collingwood's (...) earlier views which insisted on aphilosophia perennis, and this would support those who maintain that at some point Collingwood's thought underwent a “radical conversion”. (shrink)