Interest in corporate social responsibility (CSR) is gaining momentum in academic and managerial circles. However, prior work in the area has paid little attention to how CSR initiatives should be implemented inside the organization. Against this backdrop, this study examines the impact of CSR initiatives on an important stakeholder group—employees. We build and test a comprehensive multilevel framework that focuses on whether employees derive job satisfaction from CSR programs. The proposed model predicts that a manager’s charismatic leadership influences employees’ interpretations (...) about the motives underlying their companies’ engagement in CSR initiatives (intrinsic and extrinsic CSR-induced attributions) which, in turn, influence employee job satisfaction. Hierarchical linear modeling of data from 47 organizational units comprising 438 employees from three world-leading manufacturing organizations shows that when employees think that their manager possesses charismatic leadership qualities, they tend to attribute the organization’s motives for engaging in CSR activities to intrinsic values, which, in turn, are positively associated with job satisfaction. Also, the extent to which managers are perceived as charismatic leaders relates positively to job satisfaction. Interestingly, CSR-induced extrinsic attributions are neither explained by charismatic leadership nor do they predict job satisfaction. Implications for both theory and practice are discussed. (shrink)

The translator of the first Ukrainian version of Plato’s Cratylus (see above, p. ..) indicates the difficulties in translating the dialogue, emphasizing the external and internal aspects of those difficulties. The external aspect consists in the different etymology of Greek and Ukrainian words, and the internal one lays in the problem of choice between “Latinization” and “Ukrainization” of the translated text. The author made one of his translation principles to avoid excessive Latinization and justifies his decision.

У статті досліджуються проблеми фінансування енергоефективного будівництва. Автором проаналізовано останні тенденції банківського кредитування в Україні. Розглядається питання відмінностей між звичайним та енергоефективним будівництвом з точки зору інвестиційної привабливості. Висвітлено підходи до визначення енергоефективності. Наводяться економічні переваги та недоліки спорудження та експлуатації енергоефективних будинків, сучасні макроекономічні фактори та тенденції, що впливають на аналізоване явище.

The phenomenon of language, being so familiar to us, still possesses unknown nature, origin, and, as we may say, function. For Plato, language was the way to cognition of the Universe. The phi- losophy of language, which was primarily initiated by Plato in his “Cratylus”, still has not ob- tained answers to the questions settled by great Greek thinker. In fact, it just acquired various solutions among different approaches during all four ages of understanding, namely Ancient, Scholastic, Modern and Post-modern (...) periods. The article is supplemented with excerpts from the first Ukrainian translation of Proclus’ “Commentary on Plato’s “Cratylus”. The specifics of the style and vocabulary of the work is emphasized in the context of interpretation into Ukrainian. Historical and cultural context of Proclus’ works in general and particularly its “Commentaries” is addressed, and the main terminological system of his works is analyzed. Ukrainian equivalents are suggested. Some common features as well as discrepancies in Neoplatonist and Peripatetic approach are considered in the context of solutions to the same questions. Contrastive analysis of the “Commentary on Plato’s “Cratylus” with prior mythological context as well as with fol- lowing scholastic teaching is conducted in philosophical and linguistic aspects. The importance of problems placed by Plato in the field of epistemology and philosophy of language is addressed. Analogies with contemporary approach to linguistic and philosophical questions are considered in the scope of nativism and empiricism. Immutability of questions and mutability of generations and approaches is shown. The importance of previous works for the next development of con- temporary thought is emphasized. (shrink)

This book offers a new account of Aristotle's practical philosophy. Pavlos Kontos argues that Aristotle does not restrict practical reason to its action-guiding and motivational role; rather, practical reason remains practical in the full sense of the term even when its exercise does not immediately concern the guidance of our present actions. To elucidate why this wider scope of practical reason is important, Kontos brings into the foreground five protagonists that have long been overlooked: spectators or judges who make (...) non-motivational judgments about practical matters that do not interact with their present deliberations and actions; legislators who exercise practical reason to establish constitutions and laws; hopes as an active engagement with moral luck and its impact on our individual lives; prayers as legislators' way to deal with the moral luck hovering around the birth of constitutions and the prospect of a utopia; and people who are outsiders or marginal cases of the responsibility community because they are totally deprived of practical reason. Building on a wide range of interpretations of Aristotle's practical philosophy, Kontos offers new insights about Aristotle's philosophical contribution to the current debates about radical evil, moral luck, hope, utopia, internalism and externalism, and the philosophy of law. Aristotle on the Scope of Practical Reason will appeal to researchers and advanced students interested in Aristotle's ethics, ancient philosophy, and the history of practical philosophy. (shrink)

Elicitation methods in decision-making under risk allow us to infer the utilities of outcomes as well as the probability weights from the observed preferences of an individual. An optimally efficient elicitation method is proposed, which takes the inevitable distortion of preferences by random errors into account and minimizes the effect of such errors on the inferred utility and probability weighting functions. Under mild assumptions, the optimally efficient method for eliciting utilities and probability weights is the following three-stage procedure. First, a (...) probability is elicited whose subjective weight is one half. Second, the utility function is elicited through the midpoint chaining certainty equivalent method using the probability elicited at the first stage. Finally, the probability weighting function is elicited through the probability equivalent method. (shrink)

For decades, discrete choice modelling was practically dominated by only two models: multinomial probit and logit. This paper presents a novel alternative—harmonic choice model. It is qualitatively similar to multinomial probit and logit: if one choice alternative greatly exceeds all (falls below at least one of) other alternatives in terms of utility then it is chosen with probability close to one (zero). Compared to probit and logit, the new model has relatively flat tails and it is steeper in the neighborhood (...) of zero (when all alternatives yield the same utility and the decision maker chooses among them at random). (shrink)

The range of issues related to the origins of Christianity, the formation of its doctrine, and its existence in the early, pre-Conciliar period has always been of concern not only to Christian scholars, not only to those scholars who were in one or another way involved in these researches, but also to society as a whole. However, in Ukraine, and especially in academic circles, these issues are still not sufficiently studied. The article examines the reasons that led the official Church (...) to change the key provisions of Christian doctrine, including ideological positions about "this world," narratives about war, and the commandments "thou shalt not kill" and "love your enemies." The author argues that the final rejection of the original evangelical pacifism occurred after the conquest of Christianity by Emperor Constantine the Great, when the Church was transformed into an institution of secular power, changing its original status as the "Kingdom of God" to belonging to the "Kingdom of Caesar." Since the reign of Constantine, Christianity has essentially existed divided into two camps. – the first, to which belong all those who profess the church doctrine in its new, "conciliar" and different from the original form and who, in particular, has rejected Jesus' original idea of renunciation of earthly things and, accordingly, the pacifism and anti-militarism he proclaimed; the second camp are those who remained faithful to the apostolic tradition and who continued to practice Christianity according to the original New Testament standard. The latter camp today includes mostly Protestants, including in Ukraine. However, with the onset of Russia's full-scale aggression against Ukraine, their pacifist stance is changing. The solution of urgent socio-political issues and issues directly related to defense are increasingly leading Protestants in Ukraine to rethink their traditional pacifism, which may lead to a complete rejection of it in the future. The results obtained in the course of the study provide grounds to significantly adjust the current perceptions of Protestantism in Ukraine, in particular, its positive attitude to socio-political processes and active involvement in them. (shrink)

This paper explores Pope Francis’ and the Holy See’s reaction to the war in Ukraine, and attempts to explain the logic behind it. After introducing the Holy See’s statements since the start of Russia’s aggression, the author reads them through the background of Catholic social teaching. In particular, he claims that the ambiguities of the Holy See’s position are due to the unresolved tension between the traditional just war approach and a tendency towards nonviolence. The latter has acquired prominence over (...) the last decades, in particular with Francis’ Fratelli Tutti. The author concludes that the war in Ukraine represents a pivotal moment in the Catholic Church’s thinking on war and peace. (shrink)

In binary choice between discrete outcome lotteries, an individual may prefer lottery L1 to lottery L2 when the probability that L1 delivers a better outcome than L2 is higher than the probability that L2 delivers a better outcome than L1. Such a preference can be rationalized by three standard axioms (solvability, convexity and symmetry) and one less standard axiom (a fanning-in). A preference for the most probable winner can be represented by a skew-symmetric bilinear utility function. Such a utility function (...) has the structure of a regret theory when lottery outcomes are perceived as ordinal and the assumption of regret aversion is replaced with a preference for a win. The empirical evidence supporting the proposed system of axioms is discussed. (shrink)

Z︠H︡yz︠h︡ekiansʹki uroky -- Teoretychne -- Rizne -- Dialoh.

Henri Bergsono gyvybės kilmės hipotezė vengia pateikti šios problemos sprendimą, visgi filosofas pateikia keletą pasiūlymų. Nuodugnus jo tekstų skaitymas netiesiogiai atskleidžia prielaidą, kad gyvybė žemėje atsirado vykstant natūraliems procesams. Šiame straipsnyje nagrinėjama élan (polėkio) sąvoka bei akcentuojama šios filosofinės sąvokos evoliucija Bergsono mintyje. Élan argumentuotai atskiriamas nuo jo nuolatinio palydovo vital (gyvybiškasis), kadangi siekiama pabrėžti jo nedvasinį aspektą, kuris taikomas tam, ką Bergsonas apibūdino kaip „fiziologinę gyvybę“. Noriu pabrėžti, kad élan turi savo istoriją ir kad neabejotinai buvo akimirka, kuomet élan (...) prasidėjo. Galiausiai argumentacija perkeliama nuo élan istorijos ir kilmės prie gyvybės istorijos ir kilmės. (shrink)

This issue of Jurisprudence features a symposium on Nigel Simmonds's Law as a Moral Idea. There are essays by John Finnis, John Gardner, Timothy Endicott and a Reply by Nigel Simmonds. The papers are based on presentations given at a panel discussion in Oxford in December 2009. In this 'Introduction' Pavlos Eleftheriadis outlines the main themes of the book, namely that the idea of law is intrinsically moral, the distinction between analytical and normative jurisprudence is false and law is (...) not a list of rules or a chain of authorisation, but a system of thought that follows the basic principles of practical reason. (shrink)

The Church is commonly spoken of as an institutional reality, but much less frequently recognized as a spiritual and heavenly reality called by God " to make disciples of all nations." (Mt. 28:19) This modest work furthers the development of a structured and integrated Christian Orthodox political thought, whereby the Church is neither sidelined as having no relevance to this present life, nor dominated by temporal questions or popular movements at the expense of its eternal salvific mission. The author seeks (...) to ground the mission of the Church in the present world both on an understanding of God as Trinity and in Her mission to baptize diverse cultures. To do this effectively the Church must recognize and adapt to local and contemporary political and social trends and patterns. It must exemplify the Gospel as a way of communal and social life, not allowing itself to be reduced to an impersonal ideology manifest within the sphere of either imagination, ideology, or a private individualistic existence. (shrink)

Below, suggested thoughts were expressed by me when I just learned about an irreparable event - the departure from the earthly existence of pastor Peter Konstantinovich Martyanov. Since then, it's hard to imagine now, two years. Time spell is inexorable. But there is a higher flow of time. It is human honor and memory. The good deeds of man live uncountably for a long time as an embodiment of the memory of her. And a man lives as much as he (...) will remember about his good deeds. So - everyone chooses in his earthly existence his own way. The Path of eternal Remembrance of your own good deeds, or the unlucky darkness of your own evil deeds. Peter Konstantinovich always served God, and hence - people. Therefore, he will be remembered with respect and remembered by a good word and after leaving the earthly life. Therefore, on the deadline of September 7, the religious scholars of Ukraine, with whom he worked fruitfully to establish tolerance in interfaith relations in the Odessa region, was to be honored, to honor the light of the memory of the man who did so much for the establishment of Ukrainian unbiased religious studies, who was not afraid to be righteous and sincere then When it was not easy, who was not afraid, as Vasyl Stus once articulated, to be "self-fulfilling". (shrink)

The present paper proposes a new reading of one of the most obscure passages of De Architectura; in I, 1,3 Vitruvius claims that in architecture there is always a signifier and a signified, but his approach differs from Quintilian’s as presented in the latter’s Institutio Oratoria. Vitruvius’ is closer to Chrysippus approach, but he fails to mention the third constituent, the tynchanon. This omission is probably due to the fact that Vitruvius speaks of designs rather, than of existing buildings. What (...) can successfully signify a proposed building is, according to my reading, the design and erection of a building that is easily recognized by the public as realizing the intentions of the community to erect the proposed building. Such successful signification constitutes the ultimate criterion for good architecture. (shrink)

Nous posons à Aristote une question bien claire : en quoi consiste l'autonomie de la Raison pratique? Cette autonomie ne sera pas assuree par la Raison kantienne et sa prétention à l'universalité mais par une " perception morale " (aisthesis), par la phronésis. Notre entreprise fait avancer la question d'un pas supplémentaire. Elle prétend imprimer à la réponse aristotelicienne une orientation précise, étant donné qu'elle fait dépendre cette autonomie de la possibilite d'une ontologie (c'est-à-dire, d'une phénoménologie) de l'action morale. Notre (...) position peut donc s'annoncer ainsi : la phronésis, en tant qu'accès aux principes de la prakis, constitue la condition de possibilite de toute action morale. La fonction de la phronésis se trouvera éclairée à travers l'analyse du problème de l'altérité, de la reconnaissance de l'autre. Cet autre " en chair et en os ", nous le rechercherons dans l'ami aristotélicien. La structure de l'amitié sera déterminée dans son opposition par rapport aux modèles de la techné et de la Sophia, ce qui conduira finalement à l'autonomie de la sphère pratique. Si cette description de la praxis s'avère être effectivement en adéquation avec les phénomènes eux-mêmes, nous aurons ouvert une voie destinée à faire apparaitre une coïncidence de l'ontologie et de la morale, auquel cas l'ontologie de la praxis reflétera les principes du " bien agir " lui-même. (shrink)

This study seeks to examine the mechanisms by which a corporation’s use of philanthropy affects its reputation for corporate social performance (CSP), which the authors conceive of as consisting of two dimensions: CSP awareness and CSP perception. Using signal detection theory (SDT), the authors model signal amplitude (the amount contributed), dispersion (number of areas supported), and consistency (presence of a corporate foundation) on CSP awareness and perception. Overall, this study finds that characteristics of firms’ portfolio of philanthropic activities are a (...) greater predictor of CSP awareness than of CSP perception. Awareness increases with signal amplitude, dispersion, and consistency. CSP perception is driven by awareness and corporate reputation. The authors’ contention that corporate philanthropy is a complex variable is upheld, as we find that CSP signal characteristics influence CSP awareness and perception independently and asymmetrically. The authors conclude by proposing avenues for future research. (shrink)

Aristotle's notion of evil is highly elaborate and attractive, yet has been largely overlooked by philosophers. While most recent studies of evil focus on modern understandings of the concept, this volume shows that Aristotle's theory is an invaluable resource for our contemporary understanding of it. Twelve leading scholars reconstruct the account of evil latent in Aristotle's metaphysics, biology, psychology, ethics, and politics, and detect Aristotelian patterns of thought that operate at certain landmark moments in the history of philosophy from ancient (...) thought to modern day debates. The book pays particular attention to Aristotle's understanding of 'radical evil', an important and much disputed topic. Original and systematic, this study is the first to provide a full exploration of evil in Aristotle's work, shedding light on its content, potential, and influence. The volume will appeal to scholars of ancient Greek philosophy as well as to moral philosophers and to historians of philosophy. (shrink)

Despite the undeniable epistemic progress of developmental biology from the second half of the twentieth century to the present day, there still is widespread disagreement on defining the biological term of ‘development’. This scientific field epistemologically is neither unsuccessful nor immature, thus the persistent lack of agreement on its most central concept raises some important questions: is there any need for an explicit definition of biological development, and if so, what content should the definition have? My central thesis is twofold. (...) First, that current definitions of biological development are conceptually or empirically inadequate. Second, that an explicit definition of biological development is very much needed (a) for the practical purposes of science textbooks, but more importantly is needed (b) epistemically for exposing or overcoming problematic assumptions and for partially guiding scientific research by coding the appropriate assumptions. To support this thesis, initially I will show the deficiencies of the dominant definitions of biological development; and subsequently I will provide two arguments: an Argument from Practical Purposes and an Argument from Epistemic Purposes. Finally, for accommodating practical and epistemic purposes and as a response to the inadequacy of the available definitions of development, I will propose and defend an operational definition of biological development which is aimed to be broader than the received ones, while being more precise and fruitful to conduct empirical research. (shrink)

The article deals with the Maidan revolution in Ukraine in 2013/14 and how it was connected to the European idea. It analyzes the performative, revolutionary and theopolitical character of the event and raises the question of what meaning the experience of the Maidan can have for the renewal of European identity. In linking the idea of Europe with the struggle for freedom and dignity, the Maidan event unfolds a communitarian and meaningful political force that connects the Ukrainian nation, the idea (...) of Europe, and the desire for self-determi­nation, for which people stake their lives. The essay takes a look at the forms and functions of political liturgy as well as the meaning of martyrdom and its ritualized remembrance. The revolutionary appropriation of political sovereignty by the people and the theopolitical dimensions of the event are reflected upon, both in their political power and significance for a European identity and in the associated dangers of mythologizing and idealizing Europe. (shrink)

B a c k g r o u n d. The ordinary language philosophy should be considered as a set of different but interconnected research projects within the Anglo-American analytical philosophy of the first half and middle of the 20th century. A common factor for these studies is the application of the method of linguistic analysis of natural language expressions to solve many classical problems for philosophy. This method replaced the prevailing idealistic concepts, and was picked up and developed in (...) Great Britain by the works and scientific explorations of J. Moore and B. Russell. It is a generally accepted opinion that the sphere of interests of representatives of the ordinary language philosophy is divided between two poles, represented by the works of L. Wittgenstein and D. Austin. M e t h o d s. In the article, the author used the method of historical-philosophical reconstruction to clarify the role, place and genesis of the ordinary language philosophy as a dominant methodology within the Anglo-American analytical philosophy of the middle of the 20th century, general scientific methods of cognition: analysis, synthesis, generalization to clarify key ideas and concepts, which is the basis of the methodology of the ordinary language philosophy, as well as methods of systematization and comparison. R e s u l t s. The article clarifies the genesis of the main ideas and concepts of the philosophy of everyday language, as well as gives an example of the modern strategy of criticism of this methodological direction. The key postulates of the ordinary language philosophy age are clarified, namely: (i) the thesis that philosophical problems arise due to the incorrect use of language and must be solved by clarifying the meanings of words, (ii) philosophical analysis should not be based on the discovery of hidden logical forms of expression, and on the clarification of the necessary and sufficient conditions for the use of the expression, including the analysis of the situation of use, (iii) meaning as use, (iv) the philosophical analysis of the meaning should be carried out informally, taking into account the analysis of each specific case of the use of the expression, (v) criticism systematic theories of meaning. C o n c l u s i o n s. At the current stage of the development of analytical philosophy, there is a noticeable increase in attention to the achievements of the ordinary language philosophy. Among modern researchers and critics of this direction, the names of A. Baz, D. Nagel, S. Somes, and T. Williamson can be singled out. The presence of the interest of modern researchers indicates premature statements about the completion of the ordinary language philosophy. This concept should be rehabilitated, and its methodological apparatus should enrich the arsenal of scientific methods of modern analytical philosophers. (shrink)

In a recent article, Zhang and Foo generalized the AGM postulates for contraction to include infinite epistemic input. The new type of belief change is called set contraction. Zhang and Foo also introduced a constructive model for set contraction, called nicely ordered partition, as a generalization of epistemic entrenchment. It was shown however that the functions induced from nicely ordered partitions do not quite match the postulates for set contraction. The mismatch was fixed with the introduction of an extra condition (...) called the limit postulate. The limit postulate establishes a connection between contraction by infinite epistemic input and contraction by finite epistemic input (reducing the former to the latter) and it is appealing both on mathematical and on conceptual grounds. It is debatable however whether the limit postulate can be adopted as a general feature of rationality in set contraction. Instead we propose that the limit postulate is viewed as a condition characterizing an important special case of set contraction functions. With this reading in mind, in this article we introduce an alternative generalization of epistemic entrenchment, based on the notion of comparative possibility. We prove that the functions induced from comparative possibility preorders precisely match those satisfying the postulates for set contraction (without the limit postulate). The relationship between comparative possibility and epistemic entrenchment is also investigated. Finally, we formulate necessary and sufficient conditions under which the functions induced from comparative possibility preorders coincide with the special class of contraction functions characterized by the limit postulate. (shrink)

Cet article présente les travaux de restauration de murs de bâtiments essentiellement privés de Délos réalisés entre 2013 et 2019 par l’École française d’Athènes et l’Éphorie des Cyclades. Les causes et les conséquences de la dégradation des monuments sont décrites. On trouve un bref historique des travaux de restauration à Délos au xxe siècle, suivi par la présentation des travaux récents et de la méthode employée. Les travaux réalisés sont décrits en détail et la conclusion en dresse un bilan. L’article (...) est accompagné d’une annexe où l’on trouve l’analyse du mortier de terre qui a été utilisé comme liant dans les murs des bâtiments antiques de Délos. Le mortier employé dans les travaux de restauration moderne est issu de cette analyse. (shrink)

У статті здійснено аналіз досвіду античної Греції у напрацюваннях Платона та Арістотеля щодо державної, а спочатку громадянської, цензури щодо виробів мистецтва, а також роль чуттєвого сприйняття, образу, суспільного ідеалу, цілісності оформлення свідомості людини на спосіб її існування у суспільстві. У статті показані дві основні тенденції щодо первинності чи вторинності мистецького виховання в державі. Розглянуто теоретичне осмислення ролі образної чуттєвості в побудові свідомості народу, яке було зроблено Г. Лессінгом в аналізі меж між мистецтвом скульптури та поезії. Як висновок, ми маємо узагальнення (...) у вигляді чуттєвості, образу, мислення відносно індивіда, а також досвіду, мистецтва, науки відносно становлення культури взагалі як суспільних форм діяльності індивідів. У зв’язку з нерівномірністю складу самого суспільства, поглибленням розподілу праці у ньому, ми маємо і розчленованість, різноманітність чуттєвості, образності мислення в різних прошарках суспільства, що і призводить до появи інституцій цензури як зовнішнього закону стосовно громадян. Ця проблематика дає нам змогу виявити суспільну сутність чуттєвості індивіда, а цензуру – як спробу зовнішнього утримання цілісності світобачення індивіда всередині держави. (shrink)

One of the theoretical developments associated with the law of the European Union has been the flourishing of legal and constitutional theories that extol the virtues of pluralism. Pluralism in constitutional theory is offered in particular as a novel argument for the denial of unity within a framework of constitutional government. This paper argues that pluralism fails to respect the value of integrity. It also shows that at least one pluralist theory seeks to overcome the incoherence of pluralism by implicitly (...) endorsing monism. The integrity and coherence of European law is best preserved by considering that both the national legal order and the international or European legal orders adopt sophisticated views of their own limits. (shrink)

This paper presents a new decision theory for modelling choice under risk. The new theory is a two-parameter generalization of expected utility theory. The proposed theory assumes that a decision maker: behaves as if maximizing expected utility; but may experience disappointment when the utility of a lottery’s outcome falls short of the expected utility of the lottery; and may have a preference for gambling. The proposed theory can rationalize the fourfold pattern of risk attitudes; the common ratio effect and the (...) reverse thereof ; the Allais paradox in classical common consequence problems and the reverse Allais paradox—in common consequence problems with an even split of a probability mass; violations of the betweenness axiom; switching behavior in the Samuelson’s example; violations of ordinal, upper and lower cumulative independence ; and preference reversals between valuations and choice. In application to insurance, the theory can rationalize full insurance with an actuarially unfair premium and aversion to probabilistic insurance. In application to optimal portfolio investment, the theory can rationalize the equity premium puzzle. (shrink)

Standard models of portfolio investment rely on various statistical measures of dispersion. Such measures favor returns smoothed over all states of the world and penalize abnormally low as well as abnormally high returns. A model of portfolio investment based on the tradeoff between expected return and expected loss considers only abnormally low returns as undesirable. Such a model has a comparative advantage over other existing models in that a first-order stochastically dominant portfolio always has a higher expected return and a (...) lower expected loss. Expected return—expected loss model of portfolio investment can rationalize the equity premium puzzle. Two random variables are not comoving if there is at least one state of the world in which one random variable yields a positive return and the other—a negative return. Such random variables provide hedging benefits from diversification in portfolio investment according to the expected return—expected loss model. A special case of this model, when an investor linearly trade-offs expected returns and expected losses, is also a special case of the prospect theory when a decision-maker has a piece-wise linear value function without any probability weighting. (shrink)

Risk preferences of Australian academics are elicited by analyzing the aggregate distribution of their retirement funds across available investment options. Not more than 10 % of retirement funds are invested as if their owners maximize expected utility under the assumption of constant relative risk aversion with an empirically plausible level of risk aversion. An implausibly high level of risk aversion is required to rationalize any investment into bonds when stocks are available. Not more than 36.54 % of all investments can (...) be rationalized by a model of loss averse preferences. Moreover, the levels of loss aversion typically reported in the experimental studies imply overinvestment in bonds, which is not observed in the data. Up to 67.18 % of all investments can be rationalized by rank-dependent utility or Yaari’s dual model with empirically plausible parameters. A median Australian academic behaves as if maximizing rank-dependent utility with parameter γ∈[0.76,0.79]\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$\gamma \in [0.76, 0.79]$$\end{document} in a Tversky and Kahneman probability weighting function. (shrink)