Research has established that exposure to a combination of diagnostic (i.e., relevant) and nondiagnostic (i.e., irrelevant) information results in predictions that are more regressive than predictions based on diagnostic information (Hackenbrack, 1992; Hoffman and Patton, 1997). This phenomenon has been labeled the dilution effect (e.g., Tetlock and Boettger, 1989) and has been documented when individuals make predictions. This study tests for the dilution effect when small groups make predictions, and examines the effect of using a procedure designed to reduce the (...) dilution effect. Results indicate that group predictions are influenced by nondiagnostic information in the same manner as are individual predictions, and allowing participants to rate the diagnosticity of information prior to making predictions does not reduce the dilution effect. (shrink)

Research has established that exposure to a combination of diagnostic (i.e., relevant) and nondiagnostic (i.e., irrelevant) information results in predictions that are more regressive than predictions based on diagnostic information (Hackenbrack, 1992; Hoffman and Patton, 1997). This phenomenon has been labeled the dilution effect (e.g., Tetlock and Boettger, 1989) and has been documented when individuals make predictions. This study tests for the dilution effect when small groups make predictions, and examines the effect of using a procedure designed to reduce the (...) dilution effect. Results indicate that group predictions are influenced by nondiagnostic information in the same manner as are individual predictions, and allowing participants to rate the diagnosticity of information prior to making predictions does not reduce the dilution effect. (shrink)

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be (...) preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

This article examines the organization, location, technology employed, and the price-setting strategies entertained by the olive oil mill industry in Byzantium. The methods and mechanical devices employed in the process of decorticating the olives, extraction of the oil from the pulp, and its refinement are analyzed in depth. Particular emphasis is placed on the challenges and the attendant price-setting calculus the oil press industry faced as a capital-intensive, seasonal, and topography bound activity. In monopolistic situations, the oil millers’ (...) situational monopoly was nominal compelling them to seek satisfactory rather than maximum profits, albeit likely above normal levels. In oligopolistic situations, the limited number of suppliers of the service, mutually recognized interdependence, the unpredictable outcome of confrontational pricing tactics and the ensuing costly cutthroat competition, and the fragility and illegality of collusive arrangements would tend to produce uniform and rather stable fees, albeit at levels possibly allowing for some excess profits. The state did not interfere with the oil miller’s pricing policies, appreciating the impracticality of such interventions and preferring to relegate the task to the operative market forces and the price mechanism. (shrink)

Current research suggests consumers trade off price, quality, and sustainability attributes when making choices. Prior studies have typically focused on product attribute dyads, rather than multiattribute decision-making in the sustainability context. For scholars and practitioners, understanding which attributes are more important to consumers in tradeoff contexts has been a challenge. Self-other orientation may play a significant role in predicting consumers’ sustainable choices. We use prior research on equity sensitivity to demonstrate that segmenting consumers by their disposition to self-other tradeoffs (...) helps predict price–quality–sustainability tradeoffs. We hypothesize and test how members of these equity sensitivity segments tradeoff price, quality, and sustainability attributes in consumption decisions. Through four conjoint studies featuring diverse product assortments and sustainability issues, we find that price provides high utility for Entitled consumers, while sustainability provides high utility for Benevolent consumers. When product attributes are combined, Benevolents are more likely than Entitleds to purchase sustainable products. We also demonstrate that, in the absence of product choices, Equity Sensitives are more willing to choose a sustainable option over a conventional option, even when prices are high. In light of these findings, we discuss the implications for scholars looking to broadly predict consumers’ sustainable choices and for firms looking to target consumers with consumer-centric sustainability strategy. (shrink)

This book is available either individually, or as part of the specially-priced Arguments of the Philosphers Collection.

Public companies in the US stock market must annually report their activities and financial performances to the SEC by filing the so-called 10-K form. Recent studies have demonstrated that changes in the textual content of the corporate annual filing can convey strong signals of companies’ future returns. In this study, we combine natural language processing techniques and network science to introduce a novel 10-K-based network, named Lazy Network, that leverages year-on-year changes in companies’ 10-Ks detected using a neural network embedding (...) model. The Lazy Network aims to capture textual changes derived from financial or economic changes on the equity market. Leveraging the Lazy Network, we present a novel investment strategy that attempts to select the least disrupted and stable companies by capturing the peripheries of the Lazy Network. We show that this strategy earns statistically significant risk-adjusted excess returns. Specifically, the proposed portfolios yield up to 95 basis points in monthly five-factor alphas, outperforming similar strategies in the literature. (shrink)

The life of George Price (1922-1975), the eccentric polymath genius and father of the Price equation, is used as a prism and counterpoint through which to consider an age-old evolutionary conundrum: the origins of altruism. This biographical project, and biography and history more generally, are considered in terms of the possibility of using form to convey content in particular ways. Closer to an art form than a science, this approach to scholarship presents both a unique challenge and (...) promise. (shrink)

The rhetoric of Revolutionary America successfully cast King George III as an oppressive tyrant who crushed his North American colonists through excessive fiscal demands and political constraints. Yet for nearly a century prior to the Revolution, the English king had occupied a vital and overwhelmingly positive role in the political imagination of his colonial subjects. In this insightful new book on the subject, Benjamin Price argues that for most of the eighteenth century North American colonists viewed themselves as (...) Englishmen, loyal to the monarchy and to the English constitution as recast by the Glorious Revolution of 1688. Price astutely analyzes the political ideology of kingship in colonial America, concluding that it was only on the very eve of the Revolution that most colonists rejected the vision of the king as a 'nursing father,' that is, as a 'benevolent and just' protector of their lives, property, civil rights, and religious freedom. This fresh and exciting book should find a wide readership among historians of colonial America, early modern England, and Anglo-American political theory. (shrink)

In what must be ranked as a foremost classic of twentieth-century political philosophy, George Santayana, in the preface to his last major work prior to his death, makes plain the limits as well as the aims of Dominations and Powers: "All that it professes to contain is glimpses of tragedy and comedy played unawares by governments; and a continual intuitive reduction of political maxims and institutions to the intimate spiritual fruits that they are capable of bearing." Completed at midpoint (...) in the century, but serving as his final masterpiece, Santayana's volume offers an ominous account of the weakness of the West, and its similarities in substance if not always in form with totalitarian systems of the East. Few analyses of concepts, such as government by the people; the price of peace and the suppression of warfare; the nature of elites and limits of egalitarianism; and the nature of authority in free societies, are more comprehensive or compelling. This is a carefully rendered statement on tasks of leadership for free societies that takes on added meaning after the fall of communism. (shrink)

Last year marked the 20th anniversary of the Foreign Corrupt Practices Act (FCPA) of 1977. The FCPA is the first and only statute prohibiting bribery and other corrupt business practices by U.S. citizens and companies conducting business overseas. This paper provides an overview of the FCPA during the two decades of its existence. More specifically, the objectives of this paper are four-fold. First, the paper provides background information about the FCPA of 1977 and subsequent amendments in 1988. Second, the paper (...) discusses the enforcement of the FCPA since its passage by examining the number of cases prosecuted under the FCPA and the respective penalties imposed. Third, the paper discusses the economic impact of the FCPA by addressing whether the FCPA places U.S. firms at a competitive disadvantage. Fourth, the paper provides public policy recommendations to expand the reach and scope of the FCPA. It covers efforts to criminalize bribery through multilateral organizations, such as the Organization for Economic Cooperation and Development (OECD), the World Trade Organization (WTO), and the Organization of American States (OAS). It also covers bilateral arrangements and efforts by non-governmental organizations such as Transparency International. (shrink)

Positivism, in its standard outlook, is normative contextualism: If legal reasons are content-independent, then their content may vary with the context or point of view. Despite several advantages vis-à-vis strong metaphysical conceptions of reasons, contextualism implies relativism, which may lead further to the fragmentation of the point of view of agency. In his Oxford Hart Lecture, Coleman put forward a fresh account of the moral semantics of legal content, one that lays claim to preserving the unity of agency while retaining (...) the social facts thesis, which has been a key intuition of positivism. The present essay identifies potential weaknesses with this account and proposes a reconstruction along rationalist lines: First, it advances a descriptive account of reflective agency that is delivered in terms of a modest conceptual analysis; secondly, this is combined with a context-sensitive or "buck-passing" account of value, which illustrates that substantive reasons for action must be anchored, ontologically speaking, to particular social practices (Social Dependency Thesis). In the end the unity of agency comes at an affordable price, for it is no longer necessary to resort to metaphysical necessity and the most demanding conditions this imposes, in order to defend it. (shrink)

* Presents a broad survey of philosophical thought * Each chapter explores, and places in context, a major area of philosophical enquiry - including the theory of meaning and of truth, the theory of knowledge, the philosophies of mathematics, science and metaphysics, the philosophy of mind, moral and political philosophy, aesthetics, and religion * Annotated bibliographies for each chapter and indexes of names and subjects * Glossary of commonly-used philosophical terms * Chronological table of the history of philosophy from 1600 (...) `It is a fine achievement and deserves the warmest praise... Anyone interested in learning what contemporary philosophical debate is about will find this book invaluable... for a book of this size and quality of content the cover price is modest. Every public library as well as every university, college and school library should have a copy on its shelves.' - Times Higher Education Supplement `A stimulating collection.' - Reference Reviews. (shrink)

This article investigates particular issues that remain unexplored or unsettled in the state-controlled banking services sector in Byzantium , comprising the guilds of dealers in bullion and the bankers . It establishes that money-changing remained the exclusive prerogative of the trapezitai and was safeguarded by guild regulations aiming to secure the soundness of the monetary system, while money-lending was governed by statute law and was carried on by trapezitai in competition with other guild members making loans as a sideline activity (...) and private money-lenders operating outside the guild system. The argyropratai dealt in precious metals and stones, undertook appraisals of valuables for a fee, and made, sold or repaired jewelry. The guilds' occupational exclusivity in money-changing and trading and precious metals did not establish a market monopoly, as the guild system did not aim to advance the members' economic interests, thwart intra-guild competition, or achieve equality of financial results for the membership. Neither the state nor the guilds set commissions on currency transactions, prices of precious metals, or fees for services, such determination being left to market forces. (shrink)

This article probes key issues that remain unexplored, misconstrued, or unsettled in the guild-organized soapmaking industry in Constantinople, as they relate to its organization, modus operandi, and the degree of state intervention. Neither the state nor the guild attempted to micromanage the firms' activities, as the number and size of workshops, the number of hired workers, production methods, quantity and quality of output were outside their purview. Prices and wages were determined by market forces. Training of apprentices was streamlined to (...) match the industry's capacity. Proliferation of small scale workshops was due primarily to managerial constraints and limited borrowing capacity — not to deliberate state policy to check enterprise growth. Regulations of agoranomic nature aimed to ensure the orderly function of the marketplace, correct business conduct, and consumer protection. Equality of opportunity rather than equality of economic results was the foundation of the state's industrial policy. (shrink)

This chapter contains sections titled: What is a Miracle? Hume's Challenge Price's Argument The Case of the Church Choir Acknowledging Miracles Arguments for and Against Conclusion Works cited.

This article provides an in depth analysis of the organization, technology employed and functioning of the guild-organized leather manufacturing industry in the capital during the tenth century. Emphasis is placed on the internai organization and operations of the establishments; the technical processes employed; their business organization form and governing rules; the implications of the guild's occupational exclusivity; the likely market structure, degree of exercisable market power, and their impact on price competition. The scale of operations and growth of firms (...) was determined by entrepreneurial decisions based on market signais. Prices and wages were set by market forces – not by the guild. Pro-competitive regulations and unimpeded new entry fostered correct business conduct and maintained a level playing field. Occupational exclusivity did flot ensure market monopoly, as the guiid system did not aim to promote the members' economic interests, thwart intra-guild and extemal competition, or achieve equality of economic resuits. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:172 HISTORY OF PHILOSOPHY us," Saint-Simon wrote in 1814. Matching the development of mind of their eighteenthcentury rationalist compatriots with the development of love and action, the Saint-Simonians, Fourier and Comte saw hardly any stop to the inevitability and infinitude of progress and perfectibility. The prospect of the twentieth century, however, shows an "uneasy consensus." Manuel is not concerned to swell the flood of philosophical history but to bear (...) witness to it, and it is as a witness that he reports that man's "urge to place himself in a total time sequence" is undiminished, if anything it continues to grow and magnify. The search for a total meaning of historical existence is an apparently irrepressible drive. In this concluding chapter Manuel shows how the threads of the previously expressed ideas, particularly from French and German sources, are tied and knotted in the more familiar figures, Spengler, Sorokin, Toynbee, and a group of Christian writers and philosophers of history (de Chardin, Niebuhr, Dawson, Tillich, Pope Plus XII, and Pope John XXIII) illustrating and instantiating the vitality and longevity of the archetypal conceptions he began with. The great divide between theorists persists pretty much in the present as it did in older times. There are the progressists among whom are distinguished those still loyal to the French concept of perfectibility, a new school of philosophical life scientists writing cosmic history, and contemporary Marxists. Manuel classes the Christian theologians of history in a special category, which, although progressist in a sense, like Augustine denigrate earthly progress and restrict themselves to spiritual advance. Then there are the non- or anti-progressists, circular theorists, among whom Spengler, Sorokin, and "Toynbee I" are to be found. Having done duty for the Greeks and Romans, the Italians, French and Germans (surprisingly omitting the figure of Schopenhauer in his account) it would be a further service to have Professor Manuel's reading of English and Scottish involvement in philosophies of history of the sort he defines as "pictures of the total meaning of historical existence... (which have) included predictions of things to come as well as a reduction of the whole of the past to an order," for despite their professed empiricism it will not be denied that in figures like Hobbes, Locke, and Hume, as in some of the lesser figures of the English and Scottish Enlightenment (he mentions the "imitative works" of Price, Priestly, Spencer and Buckle), philosophies of history of the sort defined are implicit where they are not explicit and outspoken. Perhaps one day Professor Manuel will turn his illuminating searchlight to this area. While conceding Manuel's point that philosophies of history of the more distinctly speculative type have grown and even multiplied over the recent past, it should be added (what is common knowledge) that many equally responsible philosophers have tried both to discourage this growth and at the same time to make a contribution to the discipline through a more analytic approach. So far has this movement gone, indeed, that it would appear that the tide of speculative philosophies of history has ebbed greatly, and that "theories" of history are now pretty much restricted to poets, novelists, dramatists and their brethren in some of the social sciences, particularly psychology and sociology, especially in the Englishspeaking world. Whether the "analysts" are making a substantial contribution to our knowledge of historical processes (as distinguished from the language and logic of historical discourse) is still somewhat moot, but there is little doubt that the analysts are rapidly displacing the synthesists in philosophy of history. STANLEYM. DAUGERT Western Washington State College Universals: A New Look at an Old Problem. By Farhang Zabeeh. (The Hague: Martinus Nijhoff, 1966. Pp. vi -t- 68. $3.15.) In this short analysis of a perennial philosophical problem, Professor Zabeeh has taken upon himself the rather ambitious task of attempting to trace the development of the various attempts to explain the function, meaning, and ontological status of universals from Socrates BOOK REVIEWS 173 (or Plato) to Wittgenstein and Austin. In doing so, he has neglected (pace a few random references) the most fertile field for the analysis of universals, the medieval writers. To some extent, Professor Zabeeh does... (shrink)

This article analyzes the organization and functioning of the Byzantine salt monopoly. Saltworks were owned by the state, but some were also owned by monasteries and laymen. State-owned saltworks were not run as state enterprises; rather, their operations were auctioned to private individuals by competitive bidding conducted by provincial governors. Auctions of saltworks could be combined with concessions of the salt sales tax or other rights to sources of local revenue (e. g. fisheries, wharfage). Concessionaires of saltworks often were obligated (...) to deliver salt free of charge and tax in perpetuity to influential monasteries because of long-standing local customs. The state had a fiscal, not a market monopoly on salt as the price of salt was determined by market forces. Still, topography and seasonality of production and trade could provide opportunities for exploitation of inter-spatial and intertemporal price differentials. Disaggregation of the salt market into definable producer–wholesaler, wholesaler–retailer, and retailer–consumer submarkets evinces the varying impact that market structure can have on the degree of competition and on the firms' pricing strategies. (shrink)

As part of the Securities and Exchange Commission’s revision of Regulation S–K, which lays out reporting requirements for publicly-listed companies, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social and governance data. However, progress is contingent on collecting evidence regarding which sustainability disclosures are financially material. To inform this issue, we examine materiality standards developed by the Sustainability Accounting Standards Board. Firms voluntarily disclosing more SASB-identified sustainability information exhibit greater price informativeness, while the (...) disclosure of non-SASB information does not relate to informativeness. The results are robust to a changes analysis and a difference-in-differences analysis that exploits the staggered release of SASB standards across different industries over time. We also document stronger results for firms with higher exposure to sustainability issues, poorer sustainability ratings, greater institutional and socially responsible investment fund ownership, and coverage from analysts with lower portfolio complexity. (shrink)

The quest to foretell the future is omnipresent in human affairs. A potential solution to this epistemological conundrum has emerged through mass collaboration. Motored by the Internet, prediction markets allow a multitude of individuals to assume a stake in a security whose value is tied to a future event. The resulting prices offer a continuously updated probability estimate of the event actually taking place. This paper gives a survey of prediction markets, their history, mechanics, uses, and theoretical foundation. We also (...) review the literature surrounding their efficacy. Though there are shortcomings with prediction markets, as well as practical constraints, they hold out the prospect of improving the quality of organizational decisions and increasing the level of participation in the deliberative process. We also note that lessons can be drawn from these markets to guide the epistemological practices of disciplines and inquiries in which empirical methods are difficult to apply. (shrink)

The purpose of this paper is to describe the nature of dental practice and to identify some recent innovations which have effect on cost containment in dentistry. The first of these innovations is dental insurance or prepaid dental services. Dental insurance has only recently emerged as a significant economic factor. The chronic and prevalent nature of dental disease mandates that the management of these programs incorporate insurance devices which limit demand and utilization. These devices amount to cost containment measures. The (...) second factor to be discussed is advertising. Advertising has been foisted on the dental profession by recent rulings of the Federal Trade Commission in an effort to promote competition. The Reagan administration, despite a market oriented approach to health care, had attempted to blunt some of the FTC actions. Advertising, nevertheless, has the potential to stimulate competition and restrain price escalation. The third factor includes a discussion of alternative delivery systems. These commercially oriented dental enterprises have the potential to compete with established practices as well as increase the demand for services. (shrink)

The huge amounts spent on store security and crime prevention worldwide, not only costs international businesses, but also amounts to a hidden tax on those law-binding consumers who bear higher prices. Most previous research has focused on shoplifting and ignored many other ways in which consumers cheat businesses. Using a hybrid of both qualitative research and survey approaches in four countries, an index of 37 activities was developed to examine consumers’ unethical activities across UK, US, France, and Austria. The findings (...) indicate that around three quarters of consumers in all four countries can be classified as heavy offenders for these minor cheats. The paper argues that government agencies, marketers, and retailers should adopt more pro-active preventative approaches, rather than reactive loss limitation measures to combat unethical behavior. (shrink)

Early in my college career, I was perusing the science section of my favorite bookstore in Albuquerque —the Living Batch, where the really smart hippies hung out—when my eye was caught by the spine of a little paperback called The Universe and Dr. Einstein. Priced at ninetyfive cents, it promised to be “the clearest, most readable book on Einstein’s theories ever published.” On the cover was a tantalizing portrait of a well-tanned Einstein, his wild shock of hair blowing in the (...) cosmic wind. Behind him loomed the night sky, shining with constellations and mathematics. This was clearly the man who knew the answers and they would be imparted to me, a mere humanities major, in a book that was only 118 pages long. I bought it on the spot. (shrink)

Summary: For some years, social constructivism has been confronted with a range of basic caveats and objections. From the point of view of the critics, the concept of a “social construction of reality” has proved to be an unattractive varia- tion of anti-realism that acknowledges the right of social things to exist, but does so at the price of denying non-social entities the right to their own reality. This article attempts to rebut this line of criticism. Using the example (...) of the socio- logy of scientific knowledge, it argues that social constructivism follows an empirical research program that pursues the question as to which interpretations of reality achieve social commitment. The paper argues, with regard to considera- tions of neo-pragmatism and analytical language philosophy, that the social constructivist sociology of science takes a theoretical position that maintains distance from the premises of both realism and anti-realism even though many of its advocates have opted explicitly for one of the two sides. (shrink)