Downside risk aversion (downside RA) and decreasing absolute risk aversion (DARA) are different concepts that describe preferences for which the harm from bearing risk is lessened by an increase in wealth. This note presents some intuitive explanations of the difference between the two concepts using simple lotteries and graphical analysis. All risk-averse utility functions exhibit downside risk aversion, except those that exhibit sufficiently strong increasing absolute risk aversion. In a sense, downside RA is to be expected: adding downside risk to (...) a baseline lottery is analogous to increasing risk while adding upside risk is analogous to decreasing risk. The difference between the two concepts can be attributed to the use of different measures of the harm from risk bearing: downside RA measures harm using the utility premium and DARA measures harm using the risk premium. The two premia can change at different rates and even in different directions as wealth increases. (shrink)

The relationship between willingness to pay to reduce the probability of an adverse event and the degree of risk aversion is ambiguous. The ambiguity arises because paying for protection worsens the outcome in the event the adverse event occurs, which influences the expected marginal utility of wealth. Using the concept of downside risk aversion or prudence, we characterize the marginal WTP to reduce the probability of the adverse event as the product of WTP in the case of risk neutrality and (...) an adjustment factor. For the univariate case, the adjustment factor depends on risk aversion and prudence with respect to wealth. For the bivariate case, the adjustment factor depends on risk aversion and cross-prudence in wealth. (shrink)

In this, the first book to address the ongoing debate, Plantinga presents his influential thesis and responds to critiques by distinguished philosophers from a ...

Our tendency is not to read Romantic poetry as alluding to the texts it reminds us of. We think of the Augustans as the author of what Reuben Brower calls "the poetry of allusion."5 We envision Romantic poets carrying on their work in reaction to these Augustans and in mysterious awe, whether fearful or admiring, of most other poets—sometimes even of each other. No self-respecting Romantic, it is usually assumed, will deliberately send his reader elsewhere for a meaning to complement (...) the effect of his own words. If a reader's mind wanders to an earlier poem, that is not the Romantic poet's fault but a matter of accident or perhaps of cruel destiny. The Romantic wants to keep the poem an intimate affair—just the two of us—and does what he can to keep his reader's attention on himself.[…]What follows is an effort to test the applicability of Wasserman's Augustan hypothesis to the poetic mode of high Romanticism. This effort should not be taken to imply either that the Romantics simply continue in the allusive mode of the Augustans or that the assumptions that lead Bloom and others to read Romantic poetry as they do are utterly mistaken. I will in fact be arguing quite otherwise. Nor must there be any confusion about Wasserman's conception of the Augustan mode. Some of the language of his summary, for example where he speaks of "the rich interplay between the author's text and the full contexts it allusively arouses," might lead one to liken his work to the criticism now associated with the notion of "intertextuality." For the practitioners of this criticism, as Jonathan Culler explains, "to read is to place a work in a discursive space, relating it to other texts and to other codes of that space, and writing is a similar activity."8 Writing and reading a poem are in this account both acts of "intertextual location," if you will, but the reader of the poem need not concern himself with the aims and circumstances of its writer's "similar activity." The decisive difference between this view and the one Wasserman offers for the Augustans is that Wasserman's is intentionalist and historicist. This shows plainly in his exegetical commentary on the Rape, where his characteristic claim follows the formula: "Pope [expects, invites, prods, wants] his reader to [discover, exercise his wit on, recognize, see] X in his allusion to such-and-such a text." And to support his claim he repeatedly brings his historicist scholarship to bear on questions about "the kind of ready knowledge Pope demands of his reader" and what "facts [were] known to any serious reader" of the time.95. See Reuben Brower, Alexander Pope: The Poetry of Allusion , esp. pp. 1-14.8. Jonathan Culler, "Presupposition and Intertextuality," MLN 91 : 1382-3; Culler refers primarily to the work of Roland Barthes and Julia Kristeva but notes that Bloom himself occasionally sounds curiously like an intertextualist critic.9. Wasserman, "Limits of Allusion," pp. 427, 429. For a response to Wasserman less sympathetic than mine, see Irvin Ehrenpreis, Literary Meaning and Augustan Values , pp. 12-15.James K. Chandler, an assistant professor of English at the University of Chicago, has published work on Wordsworth's poetry and politics and is currently completing a book on the subject. (shrink)

This article revisits the hope of the First and Fourth Missiological Institute (MI) consultations in 1965 and 1967 regarding the survival of African Spirituality as relevant to the daily life of South African churches. African Spirituality has played a significant role in the cultural context of Africans. In the African context, African Spirituality is intertwined with life, death, and health, which co-exist with material aspects and the economy as gracious gifts from God. The churches in South Africa and elsewhere in (...) Africa have been challenged by the African worldview of healing and culture. Thus, Africans mostly prefer the African-centred church with more African Christianity, instead of Western Christianity. This has been a serious challenge in African church circles for centuries, even in the current 21st century. The question therefore arises whether this is a matter for the Africanisation, indigenisation, and decolonisation of the church in Africa. CONTRIBUTION: The article analyses the two MI consultations and whether the church in the 21st century has Africanised and decolonised itself in service of its African members. The study is a historical approach given the history of the MI's contribution in South Africa. The concept of African Spirituality is unpacked and contextualised within the African Independent Churches' (AIC) Zionist type churches such as the Zion Christian Church (ZCC), the St John's Apostolic Faith Mission (AFM), and other Ethiopian type churches such as Lutheran Bapedi Church and others in South Africa and African Traditional Religions (ATR). The article engages the importance of how African Spirituality differs from other spiritualities within the context of Christian spirituality. (shrink)

This article focuses on the response of Africanisation to Western theological education in Africa, which has for centuries become a theological problem for the African context. In this 21st century, Africanisation is at the centre of the African discourse and focuses on the realities of our African context. Therefore, theological education in Africa should be Africanised in order to seriously engage the aspects of Africanisation. The struggle against colonial education was to ensure that Africa is liberated from unjust educational oppression, (...) socio-economic oppression, poverty, racism, political oppression and gender injustice. In this regard, Africanisation is an agent to address the introduced Western theological education in Africa. Yet the two concepts, namely commercialisation and commodification, have an influence on theological education in Africa. (shrink)

This important contribution to the ground-breaking Radical Orthodoxy series revisits the works of Husserl, Heidegger, Augustine and Derrida to reconsider the challenge of speaking of God through predication, silence, confession and praise. James K. A. Smith argues for God's own refusal to avoid speaking as well as for our urgent need of words to make Him visible to us. This leads to a radical new "incarnational phenomenology" in which God's love endows imperfect signs with the means to indicate true (...) states of infinitude, and in which we may ultimately discover a new theology of the arts. (shrink)

SummaryThe working logician begins with whatever operations are necessary to make computation possible. He does not inquire into the foundations which the carrying out of his operations assumes; no axioms, no assumptions, just the computations themselves. Yet in logic of all places the starting‐point should be defensible. After examining the logical assumptions, the constructions of proofs, individuals and classes, and the metaphysical assumptions, the conclusion is reached that the net effect of operational logic is to assimilate logic to mathematics rather (...) than to consider mathematics an extension of logic. The price to be paid for this preference is to leave them both unexplained. It would mean that the metaphysics of mathematics would have to proceed without logic. (shrink)

The problem is that of how to relate reality to the categories of dyadic ontology. We shall understand by "reality" the immediate object of that which is true. We shall understand by "dyadic ontology" one which assumes a pair of ontological categories as the real. The categories chosen will be those of a class of constants characterized by persistence and a class of variables characterized by change. As one philosophical tradition succeeds another in history, the names will be altered. Again, (...) sometimes the class will be specified and sometimes its elements. The relation between reality and the categories can take any one of the following forms. Persistence is alone real, change is alone real, they are equally real, neither is real. The first will be called idealism, the second nominalism and the third realism. The fourth has no historic tradition in the West. (shrink)

In the introduction to his Human Knowledge, Bertrand Russell wrote: «If I believe that there is such a place as Semipalatinsk, I believe it because of things that have happened to me; and unless certain substantial principles of inference are accepted, I shall have to admit that all these things might have happened to me without there being any such place.» Beginning with an examination of belief, the argument turns on the nature of evidence, and it is shown that Russell (...) is in a contradictory position with respect to substance which he both rejects and assumes. A new definition of substance, one which will include a dynamic phase and also the objective existence of the irrational, is called for and offered. The new viewpoint involves us finally in the search for adequate descriptions, and here some notions of Wittgenstein and Russell seem to meet. (shrink)

RésuméPour les Grecs en général et pour Platon en particulier, il y avait trois sujets principaux d'intérět: la nature, Dieu et l'homme. Pour Platon, Dieu était l'intermédiaire entre le monde naturel des apparences et celui des ětres; et pour Aristote, Dieu se trouvait aux deux extrémités d'un monde naturel unique en devenir. Le Moyen Age s'est occupé uniquement de Dieu et de l'homme. Les œuvres scientifiques grecques émigrèrent vers l'est dans la période hellénistique où elles furent reprises par les Arabes (...) et elles ne retournèrent en Europe que pour rejoindre la joie de la nature qui se manifeste dans l'art grec et dans celui de la Renaissance. La Réformation ébranla la théologie si violemment que l'homme seul devint le sujet de l'étude philosophique. Les deux traditions empiristes étaient nées: l'empirisme scientifique qui s'occupe de la nature et l'empirisme philosophique qui s'occupe de l'homme. Le premier devint objectif dans ses intérěts, le second subjectif. Ils ne se rencontrèrent pas, et ainsi la philosophie ne représenta jamais correctement l'empirisme scientifique. Chacun des deux a sa propre place, mais leur confusion a retardé le développement des sciences sociales et a empěché la compréhension de ce qu'est la science en général. Pour rétablir l'importance des deux types d'empirisme dans l'opinion commune, il faudra les distinguer et développer chaque théorie sur des bases différentes. La philosophie des sciences comme branche spéciale de la philosophie devra apprendre à observer ce que les hommes de science font et non à écouter ce qu'ils pensent que signifie ce qu'ils font.For the Greeks generally and for Plato in particular there were three absorbing interests: nature, God and man. For Plato, God was the intermediary in a two‐storeyed natural world of being and appearance; and for Aristotle, God stood at both ends of a single natural world of becoming. The Middle Ages were concerned exclusively with God and man. Greek scientific works went east in the Hellenistic Age, where they were taken over by the Moslems; and only returned to Europe in time to join the rediscovery of the joy of nature as displayed in the Greek art of the Renaissance. The Reformation shook theology so badly that man alone became the object of philosophical study. Thus two traditions of empiricism were born: scientific empiricism, concerned with nature; and philosophical empiricism, concerned with man. The former became objective in its interests, and the latter subjective. They did not meet, and so philosophy has never correctly represented scientific empiricism. Each has its proper place, but the confusion has retarded the development of the social sciences and hampered the general understanding of what science is. In order to restore the importance of both types of empiricism in the common comprehension, they will have to be distinguished, and each theory developed on different grounds. The philosophy of science, as a special branch of philosophy, will have to learn how to watch what the scientists do and not listen to what they say what they are doing means. (shrink)

Norman Daniels, who has written extensively on population health, once sighed that medical care is simply “the ambulance waiting at the bottom of the cliff” (Daniels 2008, 79). At the bottom of Dan...

Researchers studying primate brain allometry often focus on departures from allometry more than the allometric relationships themselves because only the former reveal what brain regions and behavioral-cognitive abilities were the focus of selection. Allometric departures for the human brain provide insights into hominid brain evolution and cast doubt on the suggestion that the large human cerebral cortex is a.

What are international codes of conduct for? The broad support for such codes masks fundamental differences about their purpose. Corporations see codes of conduct as regimes for regulating their relations with their suppliers in developing countries and—not least—to counter negative publicity. For labor and human rights activists, on the other hand, codes of conduct are levers for forcing positive change in global labor and environmental standards. Here I consider two areas typically covered by codes of conduct—wages and child labor—and identify (...) some of the dangers of using codes to force change. If low wages or child labor are the result of poverty, and can’t be fixed by enlightened corporate policies, then codes will at best leave the underlying problems untouched and at worst will aggravate them. I conclude that we should be cautious about using codes to force higher standards. (shrink)