An extensive literature overlapping economics, statistical decision theory and finance, contrasts expected utility [EU] with the more recent framework of mean–variance (MV). A basic proposition is that MV follows from EU under the assumption of quadratic utility. A less recognized proposition, first raised by Markowitz, is that MV is fully justified under EU, if and only if utility is quadratic. The existing proof of this proposition relies on an assumption from EU, described here as “Buridan’s axiom” after the French (...) philosopher’s fable of the ass that starved out of indifference between two bales of hay. To satisfy this axiom, MV must represent not only “pure” strategies, but also their probability mixtures, as points in the (σ, μ) plane. Markowitz and others have argued that probability mixtures are represented sufficiently by (σ, μ) only under quadratic utility, and hence that MV, interpreted as a mathematical re-expression of EU, implies quadratic utility. We prove a stronger form of this theorem, not involving or contradicting Buridan’s axiom, nor any more fundamental axiom of utility theory. (shrink)

During the past two decades, opportunities for women's social movement organizations to expand their scope of engagement have often been accompanied by greater vulnerability to donor discipline and scrutiny. Efforts by activists to accommodate the demands for accountability and institutional sustainability by professionalizing their organizations have been instrumental in moving feminist concerns into the political mainstream. However, such institutionalization has frequently contributed to the persistence or creation of social hierarchies within and between women's organizations, as well as to shifts in (...) their social change agendas and action strategies. This article examines the common dilemmas of activists in Latin America and the United States, bringing together two usually separate domains of scholarship to analyze the course, costs, and possibilities of organizational transformation. (shrink)

t. 1. Dialog s V. V. Davydovym -- t. 2. Nereshennye problemy razvivai︠u︡shchego obrazovanii︠a︡.

The purpose of this paper is to critique the main claim of the socially responsible (SR) investment industry: that through strategic investing, investors cantransform corporate power. I argue that businesses often respond to the demand by investors for short-term economic growth by making choices that run counter to the interests of corporate social responsibility; they reduce labor and material costs in ways that disrupt workers, communities, and the environment. I demonstrate my theoretical claims using data from the ten most common (...) stocks selected by SR mutual funds. I call these stocks the SR Big Ten. A simple roll call of the SR Big Ten, as well as a thorough examination of each stock within it, reveals how problematic it is for individuals to rely on investments to transform the corporate world. (shrink)

This paper investigates how social movements generate new and profit-driven organizational forms in the context of Socially Responsible Investment. Building on empirical evidence from previous research, we highlight the transformation of SRI from an activist-driven movement aimed at lobbying corporations for social causes to a profit-driven industry focused on generating revenue for investors. We first show this change as it occurs across time in the US. Then, we discuss the cross-cultural diffusion of this practice from US to two continental European (...) countries. We provide a collective action model framework to account for this process of institutional commodification. (shrink)

Standard models of adolescent risk taking posit that the cognitive abilities of adolescents and adults are equivalent, and that increases in risk taking that occur during adolescence are the result of socio emotional differences in impulsivity, sensation seeking, and lack of self-control. Fuzzy-trace theory incorporates these socio emotional differences. However, it predicts that there are also cognitive differences between adolescents and adults, specifically that there are developmental increases in gist-based intuition that reflects understanding. Gist understanding, as opposed to verbatim-based analysis, (...) generally has been hypothesized to have a protective effect on risk taking in adolescence. Gist understanding is also an essential element of informed consent regarding risks in medical decision- making. Evidence thus supports the argument that adolescents’ status as mature minors should be treated as an exception rather than a presumption, because accuracy in verbatim analysis is not mature gist understanding. Use of the exception should be accompanied by medical experts’ input on the bottom-line gist of risks involved in treatment. (shrink)

Abstract In this chapter, we challenge the presupposed concept of innovation in the responsible innovation literature. As a first step, we raise several questions with regard to the possibility of ‘responsible’ innovation and point at several difficulties which undermine the supposedly responsible character of innovation processes, based on an analysis of the input, throughput and output of innovation processes. It becomes clear that the practical applicability of the concept of responsible innovation is highly problematic and that a more thorough inquiry (...) of the concept is required. As a second step, we analyze the concept of innovation which is self-evidently presupposed in current literature on responsible innovation. It becomes clear that innovation is self-evidently seen as (1) technological innovation, (2) is primarily perceived from an economic perspective, (3) is inherently good and (4) presupposes a symmetry between moral agents and moral addressees. By challenging this narrow and uncritical concept of innovation, we contribute to a second round of theorizing about the concept and provide a research agenda for future research in order to enhance a less naïve concept of responsible innovation. (shrink)

"This book is an augmented and updated translation by the author of Theorie des Subjekts: Subjectiviteat und Identiteat zwischen Moderne und Postmoderne, Teubingen, Francke-UTB, 2010 (3rd ed.)"--Title page verso.

Psychiatry is rapidly changing. The authors review the history of psychiatry in the United States, its gradual integration into medicine and society, and the dialectic between its “biologic” and “mentalist” outlooks. After describing the current state of the profession and its knowledge base, they discuss the likely future of the field: psychiatry's projected mode of practice and economics; its future as a science for understanding human behavior; its expected boundaries with other treatment disciplines; its anticipated relationship with academia and with (...) the community at large; and internal issues for the profession. Unprecedented internal and external pressures on the field are likely to require important reconceptualizations of psychiatry both by its members and by the rest of the American public. (shrink)