ABSTRACT Though accused by critics of helping to cause the current financial crisis, credit‐default swaps are blameless. The accusation is understandable, however, given misunderstandings about how a credit‐default swap actually works. A careful look into its mechanism shows that it is not only simpler than thought, but that it is also vital to keeping the financial system strong by enabling financial institutions to better manage their risks. The risk taken on in a credit‐default swap (CDS) is no different (...) from the risk of making the underlying loan. CDSs allow risks to be spread more widely instead of being concentrated at vulnerable points, but they do not add to the total amount of risk. (shrink)

With the rise of live streaming commerce, the relationship between consumers and content creators on the short-video platforms has become closer, forming a peculiar culture and language in each consumer community, which promotes the short-video platforms to become a natural breeding ground for forming consumer communities. While such communities give birth to its own language and culture from the interaction between content creators and consumers, this kind of co-creation can not only enhance the consumers’ trust to improve commodity premium (...) space, but also strengthen the ties within the community and spread the information outside the communities, and consequently, expand community scale. Based on the view of the value co-creation from the language and culture among content creators and consumers in the communities, this study starts from the point of product type, employs consumers’ Willingness to pay premium as a proxy variable of brand advocacy in the co-creation of cultural and language values in consumer communities, and conducts three single-factor experiments between two groups. By analyzing the experimental results, this study identified the influence under the potential relationship mechanism, social comparison, and found another variable that can moderate the relationship, consumer trust, portrays the relationship between the product types of the live streaming commerce and the consumers’ WoPP, and explores the mediating effect of social comparison and the moderate effect of consumer trust effect. This paper also analyzes and discusses the WoPP caused by the co-creation of cultural and language values co-created by creators and consumer communities. (shrink)

This paper shows that temperance is the highest order risk preference condition for which spreading N independent and unfair risks provides the highest level of welfare than any other possible allocations of risks. These results are also interpreted through the concept of N-superadditivity of the utility premium. This paper provides a novel application of temperance, not in terms of two risks as it is common, but in terms of N risks.

John Danaher and Sven Nyholm have argued that automation, especially of the sort powered by artificial intelligence, poses a threat to meaningful work by diminishing the chances for meaning-conferring workplace achievement, what they call “achievement gaps”. In this paper, I argue that Danaher and Nyholm’s achievement gap thesis suffers from an ambiguity. The weak version of the thesis holds that automation may result in the appearance of achievement gaps, whereas the strong version holds that automation may result on balance loss (...) in possibilities for workplace achievements, i.e., in the appearance of an overall gappier work landscape. Against the strong version of the achievement gap thesis, I characterize situations where automation may result in boons to meaning-conferring workplace achievements: the appearance of what I call achievement spread and achievement swaps. Nevertheless, Danaher and Nyholm are right to worry about some uses of automation whereby human workers become subservient to AI. But these situations are better framed, I argue, as autonomy gaps rather than achievement gaps. (shrink)

The use of algorithmic prediction in insurance is regarded as the beginning of a new era, because it promises to personalise insurance policies and premiums on the basis of individual behaviour and level of risk. The core idea is that the price of the policy would no longer refer to the calculated uncertainty of a pool of policyholders, with the consequence that everyone would have to pay only for her real exposure to risk. For insurance, however, uncertainty is not only (...) a problem – shared uncertainty is a resource. The availability of individual risk information could undermine the principle of risk-pooling and risk-spreading on which insurance is based. The article examines this disruptive change first by exploring the possible consequences of the use of predictive algorithms to set insurance premiums. Will it endanger the principle of mutualisation of risks, producing new forms of discrimination and exclusion from coverage? In a second step, we analyse how the relationship between the insurer and the policyholder changes when the customer knows that the company has voluminous, and continuously updated, data about her real behaviour. (shrink)

This is a translation of the afterword of Legality and Legitimacy, rewritten by Carl Schmitt in 1958 for his collection Verfassungsrechtliche Aufsätze aus den Jahren 1924–1954. In the afterword, Schmitt once again describes the situation in Germany in the early 1930’s, and argues against the influential German lawyers who rejected his interpretation of the Weimar Constitution. He rejects the wide-spread opinion that he wanted a state of emergency in Germany to be introduced, and insists that this book was his (...) final attempt to rescue the presidential republic of Weimar Germany. Schmitt then demonstrates the weakness of legal positivism and specifically stops at the several key points in his argument. First, according to Schmitt, the positivists did not know that legality, an unopposed form of the manifestation of legitimacy, had originally been an essential part of Western rationalism. Second, it is necessary to distinguish between the law and the sanctions because of their different legal statuses. This distinguishing is important because the legislative state was gradually becoming the administrative state. As a result, the governing institutions are more powerful than the parliamentary laws. Any parliamentary decision providing executive bodies relevant authority cannot be executed without an effective parliamentary majority. Thirdly, Schmitt explores the question of the so-called “premiums” for the legal possession of power. The afterword concludes with a brief overview of the situation at the end of the January 1933. The Publication includes the translator’s preface providing an overview of the main provisions of Schmitt's book, Legality and Legitimacy. (shrink)

Ordinarily, people take themselves to know a lot. I know where I was born, I know that I have two hands, I know that two plus two equals four, and I also think I know a lot of other stuff too. However, the project of trying to provide a philosophically satisfying account of knowledge, one that holds up against skeptical challenges, has proven surprisingly difficult. Either one aims for an account of justification (and knowledge) that is epistemologically demanding, in an (...) effort to offer an account that satisfactorily addresses skepticism, or one aims for an account of justification (and knowledge) that makes sense of our ordinary knowledge claims. However, the history of contemporary epistemology tells us that you cannot have both: the former results in skepticism, the latter in an unsatisfying response to skepticism. -/- What we find, in the array of contemporary attempts to give accounts of knowledge and justification, are numerous views spread across the internalism/externalism spectrum that deal with the dilemma of the previous paragraph in different ways. Most of them are guided by the goal of accommodating our ordinary knowledge claims. This is especially true of externalist accounts, but many internalist accounts are guided by this same goal, though perhaps to a lesser degree. One kind of internalist view stands out for its insistence on providing philosophically satisfying accounts of knowledge and justification, even if doing so has skeptical implications. This is the traditional, old-fashioned, Cartesian-style internalism that was so prominent in the early 20th century and is now a minority position. -/- Unlike competing versions of epistemic internalism, the guiding principle of traditional, Cartesian-style internalism (what I will henceforth call ‘traditional internalism’) is not to accommodate our commonsense views about the rationality of our ordinary beliefs. Instead, traditional internalism emphasizes rationality’s demand for philosophical assurance, on the basis of evidence that can withstand the strongest skeptical challenges, that our ordinary beliefs (perceptual and otherwise) are true. According to the traditional internalist, the philosopher, qua philosopher, ought to begin the epistemological project from the inside, placing a premium on satisfying our philosophical curiosity. -/- Despite the relative unpopularity of traditional internalism the view can be taken to be worthy of attention for a variety of reasons. First, traditional internalism has great historical importance. Significant portions of the history of contemporary epistemology, and to a lesser degree philosophy in the modern era (roughly, Descartes to Kant), are grounded in a number of the intuitions that drive traditional internalism. Second, and perhaps even more importantly, traditional internalism serves as the source of a wide variety of criticisms for other, more prominent, contemporary epistemological views. In a number of debates the views of the traditional internalist are used to play a kind of Devil’s advocate. Finally, some of the ideas that ground traditional internalism have had a bit of resurgence of late.1 To put it simply, traditional internalism refuses to go away. In this introduction, I will do three things. First, I will situate traditional internalism among other competing versions of internalism by highlighting the ways in which traditional internalism differs from them (in particular, evidentialism and conservatism). Second, I will explain more carefully some of the central tenets of traditional internalism and what motivates them. Third, I will highlight some of the difficulties that threaten traditional internalism, and I will explain how the contributions to this volume interact with those difficulties. -/- The goal of this volume is to test again the staying power of traditional internalism, to see if this once historically prominent view deserves another look, to see if traditional internalism is a legitimate contender providing useful criticisms of more prominent views, or, if instead it is time for traditional internalism to be left by the wayside. (shrink)

The question of whether corporate social responsibility (CSR) has a positive impact on firm value has been almost exclusively analysed from the perspective of the stock market. We have therefore investigated the relationship between the valuation of Euro corporate bonds and the standards of CSR of mainly European companies for the first time in this article. Generally, the debt market exhibits a considerable weight for corporate finance, for which reason creditors should basically play a significant role in the transmission of (...) CSR into the valuation of financial instruments. Given that socially responsible firms are often regarded as economically more successful and less risky, they should have lower risk premia. The results of the empirical analysis, however, reveal that based on an extensive data panel the risk premium for socially responsible firms – according to the classification by SAM Group – was ceterius paribus higher than for non-socially responsible companies. However, only one case of the models investigated was weakly significant. Thus, largely the relationship has to be classified as marginal; so CSR has apparently not yet been incorporated into the pricing of corporate bonds. (shrink)

In 1988, J. Ivlev proposed some (non-normal) modal systems which are semantically characterized by four-valued non-deterministic matrices in the sense of A. Avron and I. Lev. Swap structures are multialgebras (a.k.a. hyperalgebras) of a special kind, which were introduced in 2016 by W. Carnielli and M. Coniglio in order to give a non-deterministic semantical account for several paraconsistent logics known as logics of formal inconsistency, which are not algebraizable by means of the standard techniques. Each swap structure induces (...) naturally a non-deterministic matrix. The aim of this paper is to obtain a swap structures semantics for some Ivlev-like modal systems proposed in 2015 by M. Coniglio, L. Fariñas del Cerro and N. Peron. Completeness results will be stated by means of the notion of Lindenbaum–Tarski swap structures, which constitute a natural generalization to multialgebras of the concept of Lindenbaum–Tarski algebras. (shrink)

The aim of this paper is to combine several Ivlev-like modal systems characterized by 4-valued non-deterministic matrices (Nmatrices) with $$\mathcal {IDM}4$$, a 4-valued expansion of Belnap–Dunn’s logic $$FDE$$ with an implication introduced by Pynko in 1999. In order to do this, we introduce a new methodology for combining logics which are characterized by means of swap structures, based on what we call superposition of snapshots. In particular, the combination of $$\mathcal {IDM}4$$ with $$Tm$$, the 4-valued Ivlev’s version of KT, (...) will be analyzed with more details. From the semantical perspective, the idea is to combine the 4-valued swap structures (Nmatrices) for $$Tm$$ (and several of its extensions) with the 4-valued twist structure (logical matrix) for $$\mathcal {IDM}4$$. This superposition produces a universe of 6 snapshots, with 3 of them being designated. The multioperators over the new universe are defined by combining the specifications of the given swap and twist structures. This gives rise to 6 different paradefinite Ivlev-like modal logics, each one of them characterized by a 6-valued Nmatrix, and conservatively extending the original modal logic and $$\mathcal {IDM}4$$. This important feature allows to consider the proposed construction as a genuine technique for combining logics. In addition, it is possible to define in the combined logics a classicality operator in the sense of logics of evidence and truth (LETs). A sound and complete Hilbert-style axiomatization is also presented for the 6 combined systems, as well as a Prolog program which implements the swap structures semantics for the 6 systems, producing a decision procedure for satisfiability, refutability and validity of formulas in these logics. (shrink)

A 2015 experiment by Hanson and Delft colleagues provided further confirmation that the quantum world violates the Bell inequalities, being the first Bell test to close two known experimental loopholes simultaneously. The experiment was also taken to provide new evidence of ‘spooky action at a distance’. Here we argue for caution about the latter claim. The Delft experiment relies on entanglement swapping, and our main claim is that this geometry introduces an additional loophole in the argument from violation of the (...) Bell inequalities to action at a distance: the apparent action at a distance may be an artifact of ‘collider bias’. In the absence of retrocausality, the sensitivity of such experiments to this ‘Collider Loophole’ depends on the temporal relation between the entanglement swapping measurement C and the two measurements A and B between which we seek to infer a causal connection. CL looms large if the C is in the future of A and B, but not if C is in the past. The Delft experiment itself is the intermediate case, in which the separation is spacelike. We argue that this leaves it vulnerable to CL, unable to establish conclusively that it avoids it. (shrink)

Since the transparency approach to introspection need not posit a dedicated mechanism specialized for detecting one’s own mental states, its economy is often viewed as a major advantage by both proponents and opponents. But sometimes economy comes at the cost of relying on controversial views of the natures of mental states. Perceptual experience is a case in point. For example, Alex Byrne’s account relies on the view that experience constitutively involves belief, and Matthew Boyle’s account relies on the view that (...) experience constitutively involves a form of implicit consciousness of experience. In this paper, I develop a transparency account of our access to our experiences that retains the benefit of economy while avoiding the cost of relying on controversial views of the nature of experience. I start by discussing Byrne’s and Boyle’s accounts. I focus on the problems that lead them to hold the controversial views they do, and raise some challenges to their solutions. I then develop my own account. I argue that when you attend to an object, your experience gives you justification to believe that you see the object (under some descriptions). I close by highlighting some advantages of my account. I argue that it (1) can solve the problems facing Byrne and Boyle without relying on controversial views of the nature of experience; (2) respects the idea that there is something special about our access to our minds; and (3) can be generalized to other cases of introspection. (shrink)

The logics of formal inconsistency (LFIs, for short) are paraconsistent logics (that is, logics containing contradictory but non-trivial theories) having a consistency connective which allows to recover the ex falso quodlibet principle in a controlled way. The aim of this paper is considering a novel semantical approach to first-order LFIs based on Tarskian structures defined over swap structures, a special class of multialgebras. The proposed semantical framework generalizes previous aproaches to quantified LFIs presented in the literature. The case of (...) QmbC, the simpler quantified LFI expanding classical logic, will be analyzed in detail. An axiomatic extension of QmbC called QLFI1o is also studied, which is equivalent to the quantified version of da Costa and D'Ottaviano 3-valued logic J3. The semantical structures for this logic turn out to be Tarkian structures based on twist structures. The expansion of QmbC and QLFI1o with a standard equality predicate is also considered. (shrink)

Is it socially responsible to price at a premium, company branded generic pharmaceuticals in emerging economies? Building toward an answer to this question, the study first describes the role of the branded generic sector in the economic success of the global pharmaceutical industry. Second, the concept of “shared value,” i.e., the link between competitive advantage and corporate social responsibility, is introduced and applied to the global pharmaceutical industry’s position on marketing generic pharmaceuticals. Third, an empirical evaluation ascertains whether there (...) is sufficient shared value for this company branded generics pricing strategy to be considered “socially responsible.” Fourth, after concluding there is sufficient shared value, a discussion section offers a public/private framework that will help ensure that safe and effective pharmaceuticals are sold to consumers in developing economies. Lastly, a summary and conclusion section completes the article. (shrink)

In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only in (...) some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

One of the major benefits of interdisciplinary research is the chance to swap tools between fields, to save having to reinvent the wheel. The fields of language evolution and evolutionary biology have been swapping tools for centuries to the enrichment of both. Here I will discuss three categories of tool swapping: conceptual tools, where analogies are drawn between hypotheses, patterns or processes, so that one field can take advantage of the path cut through the intellectual jungle by the other; (...) theoretical tools, where the machinery developed to process the data in one field is adapted to be applied to the data of the other; and analytical tools, where common problems encountered in both fields can be solved using useful tricks developed by one or the other. I will argue that conceptual tools borrowed from linguistics contributed to the Darwinian revolution in biology; that theoretical tools of evolutionary change can in some cases be applied to both genetic and linguistic data without having to assume the underlying evolutionary processes are exactly the same; and that there are practical problems that have long been recognised in historical linguistics that may be solved by borrowing some useful analytical tools from evolutionary biology. (shrink)

Experiments demonstrating entanglement swapping have been alleged to challenge realism about entanglement. Seevinck claims that entangle- ment “cannot be considered ontologically robust” while Healey claims that entanglement swapping “undermines the idea that ascribing an entangled state to quantum systems is a way of representing some new, non-classical, physical relation between them.” My aim in this paper is to show that realism is not threatened by the possibility of entanglement swapping, but rather, it should be informed by the phenomenon. I argue—expanding (...) the argument of Timpson and Brown —that ordinary entanglement swapping cases present no new challenges for the realist. With respect to the delayed-choice variant discussed by Healey, I claim that there are two options available to the realist: deny these are cases of genuine swapping ) or allow for existence of entanglement between timelike separated regions. This latter option, while radical, is not incoherent and has been suggested in quite different contexts. While I stop short of claiming that the realist must take this option, doing so allows one to avoid certain costs associated with Egg’s “orthodox” account. I conclude by noting several important implication of entanglement swapping for how one thinks of entanglement generally. (shrink)

Localist models of spreading activation (SA) and models assuming distributed representations offer very different takes on semantic priming, a widely investigated paradigm in word recognition and semantic memory research. In this study, we implemented SA in an attractor neural network model with distributed representations and created a unified framework for the two approaches. Our models assume a synaptic depression mechanism leading to autonomous transitions between encoded memory patterns (latching dynamics), which account for the major characteristics of automatic semantic priming in (...) humans. Using computer simulations, we demonstrated how findings that challenged attractor‐based networks in the past, such as mediated and asymmetric priming, are a natural consequence of our present model’s dynamics. Puzzling results regarding backward priming were also given a straightforward explanation. In addition, the current model addresses some of the differences between semantic and associative relatedness and explains how these differences interact with stimulus onset asynchrony in priming experiments. (shrink)

Triviality arguments against the computational theory of mind claim that computational implementation is trivial and thus does not serve as an adequate metaphysical basis for mental states. It is common to take computational implementation to consist in a mapping from physical states to abstract computational states. In this paper, I propose a novel constraint on the kinds of physical states that can implement computational states, which helps to specify what it is for two physical states to non-trivially implement the same (...) computational state. (shrink)

Mainstream epistemologists have recently made a few isolated attempts to demonstrate the particular ways, in which specific types of knowledge are partly social. Two promising cases in point are Lackey’s dualism in the epistemology of testimony and Goldberg’s process reliabilist treatment of testimonial and coverage-support justification. What seems to be missing from the literature, however, is a general approach to knowledge that could reveal the partly social nature of the latter anytime this may be the case. Indicatively, even though Lackey (...) :345–361, 2007) has recently launched an attack against the Credit Account of Knowledge on the basis of testimony, she has not classified her view of testimonial knowledge into any of the alternative, general approaches to knowledge. Similarly, even if Goldberg’s attempt to provide a process reliabilist explanation of the social nature of testimonial knowledge is deemed satisfactory, his attempt to do the same in the case of coverage-support justification does not deliver the requisite result. This paper demonstrates that CAK can in fact provide, pace Lackey’s renunciation of the view, a promising account of the social nature of both testimonial and coverage-supported knowledge. Additionally, however, it can display further explanatory power by also revealing the social nature of knowledge produced on the basis of epistemic artifacts. Despite their disparities, all these types of knowledge count as partly social in nature, because in all these cases, according to CAK, the epistemic credit for the individual agent’s true belief must spread between the individual agent and certain parts of her epistemic community. Accordingly, CAK is a promising candidate for providing a unified approach to several and, perhaps all possible, instances of what we may call ‘weak epistemic anti-individualism’ within mainstream epistemology: i.e., the claim that the nature of knowledge can occasionally be both social and individual at the same time. (shrink)

Correct chromosome segregation in mitosis relies on chromosome biorientation, in which sister kinetochores attach to microtubules from opposite spindle poles prior to segregation. To establish biorientation, aberrant kinetochore–microtubule interactions must be resolved through the error correction process. During error correction, kinetochore–microtubule interactions are exchanged (swapped) if aberrant, but the exchange must stop when biorientation is established. In this article, we discuss recent findings in budding yeast, which have revealed fundamental molecular mechanisms promoting this “swap and stop” process for error (...) correction. Where relevant, we also compare the findings in budding yeast with mechanisms in higher eukaryotes. Evidence suggests that Aurora B kinase differentially regulates kinetochore attachments to the microtubule end and its lateral side and switches relative strength of the two kinetochore–microtubule attachment modes, which drives the exchange of kinetochore–microtubule interactions to resolve aberrant interactions. However, Aurora B kinase, recruited to centromeres and inner kinetochores, cannot reach its targets at kinetochore–microtubule interface when tension causes kinetochore stretching, which stops the kinetochore–microtubule exchange once biorientation is established. (shrink)

This chapter on Mozart’s opera Così fan tutte (“Thus Do They All”) offers a discussion of a number of topics covered by other chapters—the portrayal of fictional characters, mixed motivation, promise keeping, the influence of character, and situational variables, respectively, in determining behavior and individual differences among people. Così’s libretto is about two couples who swap partners. Così is typically seen as a character-swapping farce, with one-dimensional characters. The chapter quotes Peter Kivy, according to whom the heroes and heroines (...) are not even real characters—rather, they are voices: the soprano, the mezzo-soprano, the heroic tenor, and so on. The chapter, however, makes a compelling case that this is not so. The opera has a moral seriousness often overlooked by interpreters due to lack of attention to the individual differences among the characters and to character development. (shrink)

If phenomenal experience is a physical phenomenon, it must occur at some spatial and temporal location. Can consciousness be situated in such a strong sense? Although the importance of embodiment and situatedness is often mentioned, most neuroscientists and philosophers alike consider phenomenal experience as an outcome of neural activity. In this paper, the question I would raise is whether the physical underpinnings of conscious experience may be identical with processes temporally and spatially extended beyond the boundary of the skull and (...) the skin. The resulting model of situated consciousness is dubbed the Spread Mind. The hypothesis is verifiable empirically. The model outlines a form of vehicle phenomenal externalism more radical than Clark’s extended mind or Dretske’s content phenomenal externalism. (shrink)

The relationship between self- and informant reports of personality using psychometric instruments is constantly the focus of attention for researchers in the field of clinical assessment in psychology. The research shows weak agreement between clinicians and patients’ assessments of personality disorders (PDs). The current study aimed at the convergence of measurement of PDs using the Shedler-Westen Assessment Procedure (SWAP-200), the self-report Character Styles Questionnaire-R (CSQ-R) and Borderline Personality Inventory (BPI). Paper-pencil questionnaires were administered to 102 inpatients (88.2% female, aged (...) 18-64, M = 38.4) in a voivodeship hospital and outpatient health care centre. The SWAP-200 allowed us to gather expert (clinician) personality ratings basing on the intensive contact with patients. Results show that only a few SWAP-200 PD scales showed low positive correlations with corresponding self-reported PD scales from the CSQ-R. With the canonical correlation analysis, we identified two functions (borderline and internalising) that described similarities between the SWAP-200 and CSQ-R. SWAP-200 Obsessive-Compulsive PD correlated negatively with BPI scales. Consistent with previous studies, the self-report and the clinical assessment were only marginally convergent. Furthermore, OCPD stands out from other disorders in that it correlates positively with health indicators and negatively with some of the other personality disorders. The highest agreement was observed in the description of Borderline PD. (shrink)

Often in insurance decision making, there are risk factors on which the insurer has an informational advantage over the consumer. But when the insurer sets and posts a premium for the consumer to consider, the consumer can potentially use the premium as an informational cue for the loss probability, and thereby to reduce the insurer’s informational advantage. We study, by means of a behavioral model, how consumers would use the premium as an informational cue in such contexts. (...) The belief formation process in our model assumes that both prior knowledge and the premium might have an impact on the consumer’s estimate of the loss probability. Moreover, the premium impacts the estimate through an anchoring-and-adjustment process. The model potentially leads to violations of rational expectations, with which the consumer overestimates the loss probability beyond what could be inferred from the premium, given the premise that the insurer must seek to break even or earn an expected profit. Our model analysis moreover implies that the frequency of such violations is non-increasing as the premium increases. Last, the model implies a generally inverted-U relationship between insurance demand and the premium so that the demand is upward sloping at low premium levels and downward sloping at high premium levels. A pilot field study and a laboratory experiment provide robust evidence for our model implications and calibrations for its parameters. (shrink)

The paper deals with Forward exchange contracts and Swap exchange contracts, These two types of contracts are among the most prominent types of financial derivative contracts that arose after the collapse of the Bretton Woods system in 1971 or the so-called Nixon shock, where the convertibility of the dollar into gold was stoped, which led to turmoil in the exchange rates of the currencies of many countries and the emergence of the need to stabilize the exchange rate Currencies in (...) transactions where the delivery of the two exchanges is delayed. This research has studied forward exchange contracts and swap exchange contracts in four sections. The first section defines the Forward exchange contract, which is a contract in which the two parties commit to exchange a specified amount of foreign currencies on a forward date, at a price agreed upon in advance. The elements and elements that must be mentioned in this contract, such as the seller and buyer, the size of the contract, the date of delivery and the forward exchange rate, were mentioned in this section, with an illustrative example of the mechanism of conducting this contract. In addition to addressing the differences between forward exchange contracts and future exchange contracts, the characteristics of forward exchange contracts and the purposes of those dealing with them from hedging and speculation are mentioned in this section. The second section has been devoted to the definition of swap exchange contracts, it is for the two parties to the contract to agree that one of them buys from the other a specific amount of a currency in exchange for a specific amount of another currency and at the current exchange rate, provided that the two exchanges are delivered immediately, and in the same contract, the two parties agree to make a forward reverse exchange contract, at a price determined within Contract, and to clarify the picture of swap exchange contracts, an example has been given to illustrate the mechanism for conducting this type of contract. In the third section, the views of contemporaries scholars regarding the İslamic law of the forward exchange contract were discussed, where the opinion of the objectors was mentioned at all and the evidence they inferred from it. And then the opinion of those who advocate the permissibility of forward exchange contracts that are in the form of a dating that is not binding on both parties together, provided that there is nothing in the dating that indicates that it is a contract of sale and provided that a new contract is delivered independent of the dating. Then I discussed the opinion and evidence of the impediments in four points, and I concluded that the most correct opinion at the first is the impermissibility of the forward exchange contract in the form such as the traditional banks do it because of the deception it contains. But I recanted and permitted this type of contract in two cases, the first: the case of need with the absence of an alternative, and the second: the case that transaction is not binding dating for both parties and on some terms. Some contemporary scholars suggested conducting buying and selling operations in the same currency as an alternative to forward exchange contracts, and some of them suggested that Islamic banks should have a common unit of account to settle accounts between the parties to commercial transactions. But in my opinion two solutions are often not feasible. As for the fourth section, I dealt with the opinions of contemporary scholars in the swap exchange contract. it seems likely to me that swap currency exchange contracts are nothing but a usurious loan that is prohibited by Sharia. Because when examining the mechanism of conducting this type of contract, it turns out that one of the parties lent the other an amount in one currency in exchange for the other lending him an amount in another currency under the name of the spot exchange contract. Since one of the two parties requires the other to increase what he lent - if the exchange rate of the Forward exchange contract is different from the Spot exchange rate, which is predominant - under the name of the Forward exchange contract, then this process is nothing but a usurious loan. I supported the proposal to exchange loans in different currencies as a İslamic alternative to transaction contracts, provided that there is no preference for one party over another, and there is no usurious increase. And in order to solve the problem of the high rate of currency inflation of one of the two loans more than the other, the researcher suggested adding the inflation rate to the two loans when they are performed. (shrink)

The four experiments presented support Boyer's theory that counterintuitive concepts have transmission advantages that account for the commonness and ease of communicating many non-natural cultural concepts. In Experiment 1, 48 American college students recalled expectation-violating items from culturally unfamiliar folk stories better than more mundane items in the stories. In Experiment 2, 52 American college students in a modified serial reproduction task transmitted expectation-violating items in a written narrative more successfully than bizarre or common items. In Experiments 3 and 4, (...) these findings were replicated with orally presented and transmitted stimuli, and found to persist even after three months. To sum, concepts with single expectation-violating features were more successfully transmitted than concepts that were entirely congruent with category-level expectations, even if they were highly unusual or bizarre. This transmission advantage for counterintuitive concepts may explain, in part, why such concepts are so prevalent across cultures and so readily spread. (shrink)

In this study, we examine the equity premium of seventeen nonfinancial sectors covering sample 306 firms using monthly data from January 2002 to December 2018. Two-stage least square method is applied to estimate the macro-based multifactor model. It is found that the market premium and the interest rate factors are significantly affecting the industry equity premium of all the nonfinancial sectors. However, there exists a positive effect of other macroeconomic variables such as money supply, foreign direct investment, (...) and industrial production which is different for the different sectors based on its nature of product and services they offered. The industries based on their product development which are linked to particular macroeconomic variables have more effect than others such as increase in money supply which cannot increase the sale of pharmaceutical products until needed. Similarly, an interesting insight reveals that industries producing seasonal goods, e.g., food producing, are not very much affected by macroeconomic variables but the change in seasons and similar results also revealed for tobacco industry. (shrink)

In the so-called “international credit market crisis,” which started in the second half of 2007 in the US subprime mortgage market, financial derivatives, most notably credit default swaps (CDS), have been publically blamed for having caused, or at least aggravated, the economic and monetary debacle. However, sound economic [...].

Education can be seen as an investment that brings higher incomes to individuals. People with higher levels of education collect important earnings premium in the labour market. On the other hand, the expansion of education is a major trend that characterizes evolution of societies, with important positive effects at the level of social and economic development. This paper aims to explore the influence of educational attainment on subjective incomes of individuals, while taking into account other relevant personal factors, as (...) well as the phenomenon of education expansion at national level. We build our analysis on data from the World Values Survey Wave 7 collected from individuals around the world in various national settings. Our results are useful for better understand the influences of increasing participation to education on the earnings structure at both individual and national levels. (shrink)

Some transplant centers are making use of a four‐person organ exchange to encourage live donor kidney transplantation. Although no money changes hands, it is a quasi‐contractual arrangement and a step toward for‐profit transactions, and it threatens to undermine the organ donor system.

Multialgebras have been much studied in mathematics and in computer science. In 2016 Carnielli and Coniglio introduced a class of multialgebras called swap structures, as a semantic framework for dealing with several Logics of Formal Inconsistency that cannot be semantically characterized by a single finite matrix. In particular, these LFIs are not algebraizable by the standard tools of abstract algebraic logic. In this paper, the first steps towards a theory of non-deterministic algebraization of logics by swap structures are (...) given. Specifically, a formal study of swap structures for LFIs is developed, by adapting concepts of universal algebra to multialgebras in a suitable way. A decomposition theorem similar to Birkhoff’s representation theorem is obtained for each class of swap structures. Moreover, when applied to the 3-valued algebraizable logics J3 and Ciore, their classes of algebraic models are retrieved, and the swap structures semantics become twist structures semantics. This fact, together with the existence of a functor from the category of Boolean algebras to the category of swap structures for each LFI, suggests that swap structures can be seen as non-deterministic twist structures. This opens new avenues for dealing with non-algebraizable logics by the more general methodology of multialgebraic semantics. (shrink)

Within cognitive psychology it is widely accepted that the human visual system represents the numerical sameness of objects. However, the relation of visual sameness itself has not attracted as much attention and no detailed description of this relation is yet available. One of the most important questions is whether this relation can be understood as classical identity, and thus whether it is an equivalence relation. Despite this research gap, I intend to show that results of some psychological works can be (...) interpreted as having a high relevance for the question of equivalence. I demonstrate this by analyzing a study by Drew et al. (2013). (shrink)

Eco-labels emphasize information disclosure as a tool to induce environmentally friendly behaviors by both firms and consumers. The goal of eco-labels is to reduce information asymmetry between producers and consumers over the environmental attributes of a product or service. However, by focusing on this information asymmetry, rather than on how the label meets consumer needs, eco-labels may send irrelevant, confusing, or even detrimental messages to consumers. In this article, the authors investigate how the environmental signal of eco-labels interacts with product (...) characteristics such as brand, quality, and price. In a discrete choice experiment, the authors examine consumer response to two similar eco-labels for wine, one associated with a quality reduction and the other not. The results show that respondents preferred both eco-labeled wines over otherwise identical conventional counterparts when the price was lower and the wine was from a lower quality region. However, they preferred conventional, more expensive wine from a high-quality region. This preference indicates that respondents not only obtain some warm glow value from eco-labeled wine but also possibly interpret eco-labeling as a signal of lower quality. This relationship held across both types of eco-labels, meaning that consumers did not understand the difference between them. This research contributes to the literature on information disclosure policies by highlighting important elements for effective eco-labels. These elements include consumer awareness and understanding of the eco-label, and consumer willingness to pay for an eco-labeled product. The results emphasize the need to create eco-labels that communicate clearly both the environmental attributes and the private benefits associated with them. (shrink)

This commentary sides with Pessoa and his colleagues in arguing that some types of perceptual filling-in are linked with a spread of cortical activity, a hypothesis that has often been rejected on philosophical grounds. Some recent data are discussed that strengthen this linking hypothesis and indicate that a spread of cortical activity may be essential for normal surface perception.

Integration within constructive, especially intuitionistic mathematics in the sense of L. E. J. Brouwer, slightly differs from formal integration theories: Some classical results, especially Lebesgue's dominated convergence theorem, have tobe substituted by appropriate alternatives. Although there exist sophisticated, but rather laborious proposals, e.g. by E. Bishop and D. S. Bridges , the reference to partitions and the Riemann-integral, also with regard to the results obtained by R. Henstock and J. Kurzweil , seems to give a better direction. Especially, convergence theorems (...) can be proved by introducing the concept of “equi-integrability”. (shrink)

Why and under what conditions are individuals altruistic to family and friends in their social networks? Evolutionary psychology suggests that such behaviour is primarily the product of adaptations for kin- and reciprocal altruism, dependent on the degree of genetic relatedness and exchange of benefits, respectively. For this reason, individuals are expected to be more altruistic to family members than to friends: whereas family members can be the recipients of kin and reciprocal altruism, friends can be the recipients of reciprocal altruism (...) only. However, there is a question about how the effect of kinship is implemented at the proximate psychological level. One possibility is that kinship contributes to some general measure of relationship quality (such as ‘emotional closeness’), which in turn explains altruism. Another possibility is that the effect of kinship is independent of relationship quality. The present study tests between these two possibilities. Participants (N= 111) completed a self-report questionnaire about their willingness to be altruistic, and their emotional closeness, to 12 family members and friends at different positions in their extended social networks. As expected, altruism was greater for family than friends, and greater for more central layers of the network. Crucially, the results showed that kinship made a significant unique contribution to altruism, even when controlling for the effects of emotional closeness. Thus, participants were more altruistic towards kin than would be expected if altruism was dependent on emotional closeness alone – a phenomenon we label a ‘kinship premium’. These results have implications for the ongoing debate about the extent to which kin relations and friendships are distinct kinds of social relationships, and how to measure the ‘strength of ties’ in social networks. (shrink)

With its origin-centric value proposition, the specialty coffee industry seeks to educate consumers about the value of the origin of coffee and how the relationship with farmers ensures quality and makes coffee a premium product. While the industry has widely used stories and visual cues to communicate this added value, research studying whether and how these efforts influence consumers' experiences is scarce. Through three experiments, we explored the effect of images that evoke the terroir of coffee on the perception (...) of premiumness. Our results revealed that online images that resembled the broad origin of coffee could influence premiumness expectations of coffee. Similarly, a virtual reality environment that depicted this broad origin could enhance the perception of coffee premiumness for non-expert consumers and the enjoyment of the experience for coffee professionals. Importantly, we found that congruence between the coffee and the virtual reality atmospheres mediated how much non-experts enjoyed the experience. VR atmospheres also influenced expectations of sweetness and acidity for non-experts. These findings serve as a steppingstone for further exploration of the effects of congruence between visual cues and product/brand attributes on premiumness expectations and perception, and more generally on consumer experience. From a practical standpoint, this study provides insights into key aspects for the development of immersive virtual product experiences. (shrink)

The issue of climate change poses an important problem that requires immediate collaboration from everyone, including individuals, governments, and businesses. While consumption culture constitutes a significant proportion of greenhouse gas emissions, most of these emissions are caused by the consumption of the wealthiest. In this article, we will explore the challenges that consumer culture has exacerbated regarding climate change and propose that transitioning to a simpler and more sustainable lifestyle could be an effective solution in the fight against climate change. (...) Such transitions can be leveraged through the inspiration of celebrities (e.g., Keanu Reeves, Chow Yun-fat, Kristen Bell, Leonardo DiCaprio) that pursue simple, non-glamorous lifestyles that do not promote excessive consumerism. (shrink)