bluuebunny/crossref_metadata_2025 huggingface dataset:
From Death to Resurrection: Classical Islam
Authors: Smith Jane Idleman , Haddad Yvonne Yazbeck
Published: October 2003

The Qur’an has little direct commentary on what will happen to individuals from the moment of death to the end of time and the bodily resurrection. The classical literature of theologians, Qur’an commentators, collectors of traditions, and others, however, has speculated about the various postdeath states. Among the topics discussed are the modalities of death, punishments, and rewards in the grave itself, potential locations of the deceased, different degrees of consciousness of those awaiting resurrection, and possible interaction between the living and the dead.
From Death to Resurrection: Modern Islam
Authors: Smith Jane Idleman , Haddad Yvonne Yazbeck
Published: October 2003

Contemporary (twentieth century) Muslim exegetes and interpreters have taken the classical materials of scripture and tradition and recast them in the light of modern understanding. In this chapter, the events proposed by classical writers to pertain to the period between death and resurrection are reexamined and either rejected or accepted, sometimes with new twists. Modern science and new theories of psychology are drawn on as they consider the state of the soul after death. Particular attention is given to contemporary Muslim spiritualist interpretations.
The Eschaton, the Judgment, and the Final Dispensation: Modern Islam
Authors: Smith Jane Idleman , Haddad Yvonne Yazbeck
Published: October 2003

Here again modern interpreters seek to provide deeper understanding of, or give new meanings to, the modalities of the day of resurrection. Consideration is given to attempts to reconcile the Qur’an with modern scientific findings, to the strongly ethical dimensions of the Qur’anic presentation of judgment and recompense, and to the physical and spiritual dimensions of the rewards of the Garden and the punishments of the Fire. A prominent theme in contemporary interpretation is the relationship between divine justice and human responsibility.
Republicanism Black and White
Authors: Saillant John
Published: October 2003

During the American Revolution and in the early national years, republican ideology was claimed by both the supporters and the critics of American slavery. For some, black men seemed to lack the civic virtue necessary to defend liberty, while the African American population at large undermined the political security of the USA insofar as conflicts between the majority white population and the minority black population seemed inevitable. The solution favored by leading republicans such as Thomas Jefferson and James Madison was colonization, the expatriation of African Americans to Africa. Sierra Leone and Liberia were settled by black people sent from North America; some migrated to Haiti. For others, like Lemuel Haynes, black men had already demonstrated their civic virtue by supporting the patriot cause in the Revolution as well as by participating in the economic and religious life of the U.S. He countered colonizationist thought with arguments for the integration of blacks and whites in the republic.
The Divine Providence of Slavery and Freedom
Authors: Saillant John
Published: October 2003

Lemuel Haynes was schooled in the New Divinity, the Calvinist theology of the students of Jonathan Edwards. Haynes declared himself a follower of Samuel Hopkins, the leading interpreter of Edwardsean theology in the last third of the eighteenth century. Hopkins favored colonization, the expatriation of African Americans, but he also developed at length a claim that whites should exhibit disinterested benevolence in their relations with blacks. Edwardsean ethics cast disinterested benevolence as the highest moral state. Haynes argued that disinterested benevolence could unite black and white and, in fact, according to the scriptural covenant between God and Abraham, mandated the manumission of slaves and their acceptance into free society.
Making and Breaking the Revolutionary Covenant
Authors: Saillant John
Published: October 2003

Support of the Federalist Party and opposition to the Democratic‐Republicans afforded Lemuel Haynes his first engagement with a public sphere beyond church congregations and revival audiences. He supported Federalists George Washington and John Adams, both of whom had some reputation in the early republic as enemies of slaveholding. New Englanders Ezra Stiles and Timothy Dwight, each man a president of Yale College, articulated a vision of blacks and whites united in a Christian postslavery society. This was a patrician vision that Haynes and black contemporaries like Richard Allen, leader of the African Methodist Episcopal Church, found convincing insofar as it suggested that a class of social and religious leaders would act to protect black rights. However, Jeffersonian ideology spread even into western Vermont; in 1818, Haynes was dismissed from his pulpit because of his Federalism and his criticism of the War of 1812.
Why Do Global Public Goods Matter Today?
Authors: Kaul Inge , Conceição Pedro , Le Goulven Katell , Mendoza Ronald U.
Published: October 2003

Explains the general character of the critical link between globalization and global public goods, in order to set the context for the specific analyses in the four main parts of the book, and to highlight the need for a proper theoretical basis to guide public policy‐making. Without such a basis, globalization will be shaped by disjointed political pressures and jurisdictions, which are likely to favour the emergence of public bads and hinder the development of public goods.
Assessing the Optimal Provision of Public Goods: In Search of the Holy Grail
Authors: Sandler Todd
Published: October 2003

Develops two typologies of global public goods, and explains how issues of publicness relate to issues of production level and efficiency. It begins by examining the main classes of public goods from the viewpoint of how the nature of their benefits could affect the prognosis for their provision. It shows that judging provision efficiency becomes more complex when technologies of supply aggregation are taken into account. It then discusses two additional, special classes of public goods—club goods and joint products. On the basis of this analysis, the chapter suggests a few measures that could be employed in judging optimal provision, a discussion that leads to the two typologies, and is useful for supply prognoses. Finally, it searches for the Holy Grail: an empirical measure of optimality.
Assessing the Provision Status of Global Public Goods
Authors: Conceição Pedro
Published: October 2003

Focuses on assessing the provision status of global public goods, proposing as assessment methodology, which an appendix applies to seven global public goods, presenting a provision profile for each. The methodology and the profiles are first steps toward establishing a consolidated, quantitative picture of how global public goods are provided
The Governance of the International Monetary Fund
Authors: Buira Ariel
Published: October 2003

In view of its influence, it is of interest to consider to what extent the IMF's (International Monetary Fund) own governance meets the standards of transparency and accountability required to ensure the ownership of programmes by member countries, and the prudent and effective use of international public resources. This chapter takes up that question, and begins with an analysis of the IMF's power structure and of the issues raised by its current patterns of decision‐making.
Institutional Options for Producing Global Public Goods
Authors: Kaul Inge , Le Goulven Katell
Published: October 2003

Explores the production process for global public goods. The main issue is what happens after international agreements have been made to enhance the provision of public goods. How is the follow‐up managed? Key factors are the extent of compatibility between the institutions and organizations involved, the extent to which national structures allow transnational decisions to filter back into national policy‐making, and the extent to which international public management structures are themselves designed to carry out follow‐up tasks.
Conserving Biodiversity: Reconciling Local and Global Public Benefits
Authors: Perrings Charles , Gadgil Madhav
Published: October 2003

While species conservation (bio‐diversity) is a global public good, it can be frustrated by populations living at subsistence level whose condition of life precludes such environmental concern. However, this apparent trade‐off between poverty reduction and bio‐diversity conservation is largely false. Moreover, it could be avoided, or at least much reduced, by the introduction of some basic policy reforms relating to land management and conservation.
Problems of Publicness and Access Rights: Perspectives from the Water Domain
Authors: Mehta Lyla
Published: October 2003

Evaluates the concept of global public goods in terms of its usefulness for guiding debates on people's access to freshwater resources, and argues that more attention needs to be paid to two issues—first, the divergence of perception of the nature of the good and of how it should be accessed and delivered; second, the disparity of power of different actors in determining its distribution. These issues involve questions of realpolitik, which are inconsistent with the definition of water as a public good. The essential question is whether water is a contested or a common resource, global or local.
Corruption and Global Public Goods
Authors: Eigen Peter , Eigen‐Zucchi Christian
Published: October 2003

Explains how corruption is a major hindrance to the provision of global public goods, and how international attempts to control corruption, while not always necessarily successful, constitute a global public good in themselves. Explores the difficult incentives surrounding the production of the global public good of corruption control. It also provides a case study showing how an international civil society organization, Transparency International, has helped to build coalitions between governments and private corporations to control corruption in the international arena.
Supreme Injustice
Authors: Dershowitz Alan M.
Published: October 2003

Millions of Americans were mystified by, and outraged, by the US Supreme Court's role in deciding the presidential election of 2000. The Court had held a unique place in the system of checks and balances, seen as the embodiment of fairness and principle, precisely because it was perceived to be above the political fray. How could it now issue a decision that reeked of partisan politics, and send to the White House a candidate who may have actually lost the election? Addresses these questions head‐on, and demystifies Bush vs Gore for those who are still angered by the court's decision but unclear about its meaning. Digs deeply into the Court's earlier writings and rulings, and proves beyond a reasonable doubt that the justices who gave George W. Bush the presidency contradicted their previous positions to do so. Shows how the use by the five majority justices of the equal‐protection clause to halt the Florida recount was utterly irreconcilable with their previous jurisprudence, and how each violated his or her own judicial philosophy in crafting a monstrous opinion that cannot be squared with their prior opinions.
Introduction
Authors: Dershowitz Alan M.
Published: October 2003

Presents the author's strong opinions on the ending of the 2000 US presidential election. Starts by pointing out that the five justices who ended the 2000 election by stopping the Florida hand recount have damaged the credibility of the US Supreme Court, and that their lawless decision in Bush vs Gore promises to have a more enduring impact on Americans than the outcome of the election itself. The USA accepted the election of George W. Bush, as it must under the rule of law, but the unprecedented decision of the five justices to substitute their political judgement for that of the people threatens to undermine the moral authority of the high court for generations to come — for the Supreme Court consists of only nine relatively unknown justices with small staffs, and it has wielded an enormous influence on US history. The majority ruling in Bush vs Gore has marked a number of significant firsts in American history; these are outlined and it is noted that there is now a widespread loss of confidence that reaches to the highest part of the judiciary, that the Supreme Court decision may well have violated Article II of the Constitution, and, furthermore, determined a presidential election on doubtful equal protection grounds. Attempts to explain the Court's decision and the justices concerned, and establish how the USA has reached the point where five unelected judges could have had so much influence on the political destiny of a nation.
Would the Majority Have Stopped the Hand Count if Gore Had Been Ahead?
Authors: Dershowitz Alan M.
Published: October 2003

Aims to demonstrate that, during the (Bush vs Gore) US presidential election of 2000, by any reasonable standard of evaluation, the majority justices of the US Supreme Court failed to test the US constitutional system in ways that it had never been tested before, and did so not because of incompetence, but because of malice aforethought. The author states that he is convinced that if it had been Bush rather than Gore who needed the Florida recount in order to have any chance of winning the election, that at least some of the five justices who voted to stop the recount would instead have voted to allow it to proceed. The main sections of the chapter are: Judicial Impropriety; Hypothetical Cases Involving a Supreme Court Decision Regarding a Presidential Election; The Difficulty of Proving an Improper Motive; Academic Defenders of the Majority Justices; Ad Hominem Arguments and Analysis of Motive; and Analysing the Justices’ Motives in Bush vs Gore: A Prelude.
The Importance of Bush v.Gore to All Americans
Authors: Dershowitz Alan M.
Published: October 2003

Aims to demonstrate that, during the (Bush vs Gore) US presidential election of 2000, by any reasonable standard of evaluation, the majority justices of the US Supreme Court failed to test the US constitutional system in ways that it had never been tested before, and did so not because of incompetence, but because of malice aforethought. Discusses the importance of Bush vs Gore to all Americans, and starts by noting that Bush vs Gore is certainly not the first bad Supreme Court ruling. It looks at some of the other evil, immoral, and even dangerous, decisions made, most of which have been overturned by later courts and condemned by the verdict of history. However, for the most part, the justices who wrote or joined the majority opinions for these terrible decisions were acting consistently with their own judicial philosophies; Bush vs Gore was different because the majority justices violated their own previously declared judicial principles, and in this respect, the decision in the Florida election (recount) case may be ranked as the single most corrupt decision in Supreme Court history. The different sections of the chapter discuss why criticism and accountability are important, some lessons to be learned from Bush vs Gore, the wages of Roe vs Wade (a controversial abortion case that helped to secure the presidency for Ronald Reagan), and changing how justices are selected.
St.Francis and the Leper
Authors: Wolf Kenneth Baxter
Published: October 2003

One of the ways in which Francis dramatized his conversion was by kissing a leper, an act that symbolized his desire to detach himself from the worldly life of the urban elite and embrace a life apart, the life of a spiritual leper. The power of this gesture lay in the deep‐rooted disdain that people living during that time felt for the victims of leprosy. Though the biographies indicate that Francis and his brothers spent time in the company of lepers, the point for the early Franciscans seems to have been less to alleviate the suffering of the lepers through acts of charity than to draw attention to their own status as voluntary lepers.
St.Francis and His Poverty
Authors: Wolf Kenneth Baxter
Published: October 2003

To a degree, Francis modeled his voluntary poverty on the poverty of the involuntary poor, who served as the most immediate “visual aids” for what his artificial poverty might look like. But aside from appearances (Francis owned nothing, wore a rough tunic, and resorted to begging for his food), Francis's poverty was utterly different from that of the ordinary poor, in that Francis regarded his poverty as something to be sought after and protected, as if it were a form of wealth; as something to be exaggerated, in order to assure that he would receive his heavenly recompense. Francis's aversion to money and possessions prevented him from alleviating the poverty of the ordinary poor, for fear of compromising his own “perfect poverty,” a form of poverty that was, ironically enough, out of the reach of those whose poverty prevented them from making the same kind of voluntary sacrifices.
St.Francis and Lady Poverty
Authors: Wolf Kenneth Baxter
Published: October 2003

Francis's fascination with poverty as a spiritual discipline is nowhere better illustrated than in the allegory, the Sacred Commerce of St. Francis and Lady Poverty, which appears to have been written about a decade after the saint's death. In the Sacred Commerce, Francis is depicted as a suitor to Lady Poverty, the personification of the perfect poverty that Francis spent his life pursuing. Borrowing tropes from the biblical books of the Song of Songs, Proverbs, and Wisdom, as well as from chivalric romance, the author used the courtship of Francis and Lady Poverty as a way of underscoring the threats posed to religious orders like the Franciscans by the enticements of Lady Poverty's rival, Greed.
St.Francis and Jesus
Authors: Wolf Kenneth Baxter
Published: October 2003

Francis's decision to live a life of poverty was inspired by his sense of the perfect poverty of Jesus. On the basis of his understanding of the New Testament themes, Francis seems to have focused his attention on Paul's idea that the Incarnation itself was the quintessential form of voluntary poverty, because Jesus gave up the “riches” of heaven to assume the life of a mere man, and a poor man at that. Francis's own imitatio Christi was designed, therefore, first and foremost, as an imitation of the Incarnation. This connection seems to have contributed to Francis's decision to prioritize imitating Jesus's “poverty” over alleviating the poverty of the ordinary poor.
St.Francis and Early Christian Sanctity
Authors: Wolf Kenneth Baxter
Published: October 2003

Francis's decision to put his energy into imitating the poverty of Jesus and the apostles rather than alleviating the poverty of the poor was a decision that many saints before him had made. This chapter offers a history of Christian sanctity up to the time of Francis, with special emphasis on the two paths toward Christian perfection: the vita passiva of the monks and the vita activa of the bishops. This survey shows that the vita activa, with its emphasis on serving the physical and spiritual needs of other Christians, inevitably played second fiddle to the vita passiva, with its emphasis on ascetic withdrawal and the perfection of one's self. The early hagiographers of Francis relied on the techniques pioneered by Sulpicius Severus and Gregory I to vindicate the vita activa, but ultimately still presented Francis as a devotee of the vita passiva.
St.Francis and St.Raymond
Authors: Wolf Kenneth Baxter
Published: October 2003

Francis's particular experiment in poverty must be considered within the context of other contemporary Christian efforts to embrace “holy poverty” as a form of imitatio Christi. Late twelfth‐ and early thirteenth‐century Italy was brimming with such experiments, many of which involved urban laymen of means who, like Francis, renounced their former lives in the world but, unlike Francis, used their resources to assist the poor, typically by establishing hospices. This chapter reviews the so‐called “civic saints” whose lives overlapped that of Francis, with particular attention to Raymond of Piacenza (d. 1200). A former shoemaker, Raymond dedicated his life to a form of voluntary poverty that revolved around helping the poor and sick and advocating for the outcasts of his native town in explicit imitatio Christi.
Political Economy
Authors: de Dios Emmanuel S. , Hutchcroft Paul D.
Published: October 2003

Provides a brief account of major historical trends in the Philippine political economy. It begins by examining the character of the economic elite that emerged during the country's integration into the world economy in the nineteenth century. It focuses particular attention on the period since 1986 and argues that political and institutional factors are central to understanding the uneven and often lagging character of Philippine economic performance. Four political regimes have been surveyed, each with its notable strengths and weaknesses: (1) Aquino's “modest revolution;” (2) Ramos administration characterized as one of “building reform momentum;” (3) the “flawed experiment” of the Estrada administration; and (4) the “dilemma of normalcy” under the Macapagal–Arroyo administration.
Public Finance
Authors: Sicat Gerardo P. , Abdula Rahimaisa D.
Published: October 2003

Reviews the Philippine public finance experience over two decades from 1980 to 2000. It notes that in some years, the government's dominant fiscal problems were caused, at least initially, by external economic shocks, with domestic adjustments to them – including political upheavals – resulting in a unique trajectory of development experience. Its review of public finance history covers operational deficits and fiscal stabilization, public expenditure, revenue mobilization, and “hidden” deficits from quasi‐fiscal activities. The study first asserts that the country's fiscal strategy has been influenced for the most part by the need to rein in domestic expenditure to match the level of available fiscal resources. Next, it argues that the growth in public expenditure has largely been constrained by the scarcity of fiscal resources. Finally, it shows that the strengthening tax administration remains a sticking point, as nontax revenues are only temporary measures to bridge the expenditure gap.
International Dimensions
Authors: Bautista Romeo , Tecson Gwendolyn
Published: October 2003

This chapter is an interpretive essay examining the related influences of foreign trade and trade policy on income growth and distribution in the Philippines based on existing studies and findings. It also analyzes other types of international economic transactions – foreign investment and remittances – to determine their contribution to advancing the twin objectives of economic growth and equity. The chapter begins by describing the evolution of Philippine trade and exchange rate policies since the early 1970s and examining their effects on sectoral incentives. It then discusses the growth and changing structure of Philippine foreign trade, relating them to the nature of domestic policies adopted. Further repercussions of trade and exchange rate policies on overall income growth and distribution are presented, as are the roles of other international transactions in the promotion of economic growth with equity and how they have been influenced by government policies. Finally, the chapter addresses relevant issues concerning recent domestic and international developments that bear directly on the country's trade regime.
Services
Authors: Abrenica Ma. Joy V. , Llanto Gilberto M.
Published: October 2003

This chapter documents the changing face of the services industry over the past three decades (1970–2000). It makes a special reference to two case studies – telecommunications and banking. Both are largely positive cases of reform leading to a more efficient provision of a range of services. There are other cases of successful reforms in the sector, including domestic shipping and civil aviation. This chapter also closely examines regulations that distort trade in services.
Population, Human Resources, and Employment
Authors: Herrin Alejandro N. , Pernia Ernesto M.
Published: October 2003

Reviews critical aspects of population growth, fertility, human resource development, and employment. It identifies key issues and suggests suitable policy directions. A framework is offered for the design of a national population policy based on an analysis of the potential sources of population growth. This underscores the called‐for multiple policy responses.
Socrates, Pleasure, and Value
Authors: Rudebusch George
Published: October 2003

This book argues that the Socrates of the Apology, Crito, Protagoras, Gorgias, and Republic 1 can consistently and compellingly speak of pleasure and virtue as the good for human beings by identifying pleasant with virtuous activity for a human being (ch. 10). The argument is as follows: Socrates (in the Protagoras and Gorgias) can consistently and compellingly speak of pleasure as the good for human beings (chs. 3–5). Socrates’ hedonism can be interpreted to be a compelling theory of modal, not sensate pleasure (chs. 6 and 7). Socrates (in the Apology, Crito, Gorgias, and Republic 1) can consistently and compellingly speak of virtue as the good for human beings (chs. 8 and 9). Chapter 2 defends the method of interpretation used throughout the book.
Ethical Protagoreanism
Authors: Rudebusch George
Published: October 2003

The Gorgias seems to attack hedonism; the Protagoras seems to defend it. The resolution to this apparent inconsistency is to deny that the Gorgias attacks hedonism, in general. I argue that the target attacked in the Gorgias is hedonism of apparent pleasure: an ethical Protagoreanism.
Callicles Refuted
Authors: Rudebusch George
Published: October 2003

It is of the highest importance to Plato to refute Callicles’ hedonist thesis, and for the purposes of such a refutation, he gives two arguments, which I call the argument from opposites (495e–497d) and the argument from pleased cowards (497d–499a). I give a new interpretation of these arguments and show that both arguments are defensible.
Death Is One of Two Things
Authors: Rudebusch George
Published: October 2003

Socrates argues at Apology 40c–41d that death is either migration of the soul or nothingness, and is in either case something good. I defend the argument from the stock objections, and find in it an account of pleasure as modal rather than sensate.
Does Socrates Consistently Hold the Sufficiency Thesis?
Authors: Rudebusch George
Published: October 2003

Although Socrates gives a compelling argument in Republic book 1 that virtue is sufficient for happiness, in other passages he seems to hold that it is insufficient. Brickhouse and Smith resolve the apparent inconsistency by attributing an insufficiency thesis to Socrates. I argue, against their interpretation, that Socrates can consistently hold the sufficiency thesis.
How Socrates Can Make Both Pleasure and Virtue the Chief Good
Authors: Rudebusch George
Published: October 2003

The Socrates of early Platonic dialogs defends both the following claims about human good: (i) Pleasure is the good (in the Protagoras); (ii) Virtue is the good (in the Apology and Crito). I reconcile these claims by showing how Socrates can identify virtuous activity with pleasant activity for a human being. The key is to interpret pleasure as modal, not sensate.
The American Colossus
Authors: Nye Joseph S.
Published: October 2003

The U.S. security policy needs to be based on a proper appreciation of the roots of the nation's superpower status, which recognizes the contribution of “soft” (economic and cultural) power to the defense of a balanced world system, which would preclude the formation of peer competitors or an anti‐U.S. consensus. This chapter assesses the potential of China, Japan, Russia, India and the European Union to challenge U.S. hegemony, or to contribute to such a challenge.
The Information Revolution
Authors: Nye Joseph S.
Published: October 2003

The information revolution, which is now transforming societies around the world, is also changing the nature of governments and sovereignty, increasing the role of non‐state actors, and enhancing the importance of “soft” power in foreign policy. The U.S. foreign policy needs to anticipate its effects in shaping interstate relations at three levels that affect the utility of “soft” power: first, in terms of the distribution of information management skills; second, in terms of competitive economic advantage; third, in terms of strategic intelligence‐gathering. These levels do not lie in the narrow domain of government action, but reflect broad arenas of societal capability in which “hard” power is merely tangential.
Globalization
Authors: Nye Joseph S.
Published: October 2003

The internationalization of the world has been proceeding for centuries, though not with the “thickness” of pace and intensity of globalization today. The notion that globalization is tantamount to Americanization is commonplace but simplistic. While the spread of U.S. economic and cultural influence is an important feature of globalization, the latter is a very much wider phenomenon that is affecting U.S. society itself. While U.S. preponderance is engendering centers of resistance in some cultures, the globalization being resisted is actively assisting socioeconomic development – and it is the changes being induced by this modernization, rather than by the American presence in it, which informs the antimodernism that presents itself as anti‐Americanism. What U.S. foreign economic policy needs to guard against is the emergence of patterns of economic inequality, which foment hatred, and this will require U.S. assistance in the creation of global networks through which preventive governance can be exercised.
The Home Front
Authors: Nye Joseph S.
Published: October 2003

A key concern in U.S. security policy planning must be to identify the risks of moral and cultural decay from within, that could erode and destroy the sources of U.S. “soft” power, and thereby conduce toward a repetition of the fall of the Roman empire. This concern essentially involves U.S. self‐confidence in its values and institutions, and the preservation of America's social capital.
Redefining the National Interest
Authors: Nye Joseph S.
Published: October 2003

The issues raised in the foregoing chapters demonstrate the importance, insufficiently appreciated by the current administration of President George. W. Bush, of defining the U.S. national interest in a manner, which addresses the wider concerns of world order and stability, and which aims to defend the humanitarian values on which such order and stability depend. It is necessary for U.S. foreign policy to recalibrate its sense of priorities, and to recognize that there is a U.S. interest in preserving the “public good” of a stable international social and economic order.
Understanding and Misunderstanding Trust
Authors: Solomon Robert C. , Flores Fernando
Published: October 2003

How we think about trust (confusing it, for example, with total control, with “blind” or “simple” trust, or with reliance, risk and probability) makes trust possible or more difficult or even impossible. Simple trust is naïve trust. Blind trust is self‐deceived trust. Both are much less than authentic trust.
Authentic Trust
Authors: Solomon Robert C. , Flores Fernando
Published: October 2003

Authentic trust involves moods and emotions. It is based on relationships. It is well aware of the possibility of betrayal. It involves self‐trust as well as the trust of others. It encourages forgiveness. It is the key to successful leadership.
Sentimental Journey: The Illusion of Validity
Authors: Shefrin Hersh
Published: October 2003

Many investors believe they can make money by betting against the market predictions contained in advisory newsletters. Yet, they are wrong. Investors are wrong about advisory newsletters, and they hold fast to mistaken beliefs. And the issue goes beyond the predictions of newsletter writers. The general question, the core issue of the chapter, is why people hold views that fly in the face of empirical evidence. The general explanation centers on overconfidence, overconfidence that stems from the tendency to overlook disconfirming evidence. Consequently, overconfident investors come to hold invalid beliefs. They succumb to what psychologists Robin Hogarth and the late Hillel Einhorn call the illusion of validity.
Picking Stocks to Beat the Market
Authors: Shefrin Hersh
Published: October 2003

The third theme of behavioral finance is inefficient markets. In recent years scholars have produced considerable evidence that heuristic‐driven bias and frame dependence cause markets to be inefficient. Scholars use the term “anomalies” to describe specific market inefficiencies. For this reason, Eugene Fama characterizes behavioral finance as “anomalies dredging.” This chapter discusses what behavioral finance implies about picking stocks and beating the market. Market efficiency is a direct challenge to active money managers, because it implies that trying to beat the market is a waste of time. Why? Because no security is mispriced in an efficient market, at least relative to information that is publicly available. Inside information may be another story. The chapter discusses whether the stock recommendations made by brokerage houses have beaten the market, and a series of effects discussed in the literature: the winner–loser effect, momentum, the size effect, the book‐to‐market effect, the effect of a change in analysts' recommendations.
Biased Reactions to Earnings Announcements
Authors: Shefrin Hersh
Published: October 2003

Mispricing is complicated. Sometimes mispricing results in reversals, while at other times it results in momentum. Momentum and reversals co‐exist, despite lying at diametrically opposite ends of the spectrum. The academic scholars participating in the market efficiency debate have been grappling with what this co‐existence means. Proponents of market efficiency view these phenomena as nothing more than random deviations from efficient prices. Proponents of behavioral finance view them as systematic departures from efficient prices. To shed additional light on the co‐existence issue, this chapter is devoted to post‐earnings‐announcement drift, a phenomenon that involves both reversals and momentum.
Portfolios, Pyramids, Emotions, and Biases
Authors: Shefrin Hersh
Published: October 2003

Harry Markowitz, the pioneer of modern portfolio theory, developed the theory of mean‐variance portfolios, one of the pillars of standard finance. But he also developed the basic ideas that underlie frame dependence and loss aversion. So, when it came time to choose his own retirement portfolio, which way did he play it? He played it the behavioral way. Most investors play it the behavioral way. Playing it the behavioral way means that they base their portfolio choices, not on mean‐variance principles, but on frame dependence, heuristic‐driven bias, and something called the emotional timeline. In this chapter I describe how these three elements together shape (1) the kinds of portfolios that investors choose; (2) the types of securities investors find attractive; (3) the relationship that investors form with financial advisors; and (4) the biases to which investors are subject. The combination of emotion and framing induces many investors to structure their portfolios as “layered pyramids.” This structure is especially important for issues of security design. A well‐designed security must fit naturally into a layered pyramid. In this respect, the emotion of regret lies at the heart of the investor–advisor relationship. Notably, heuristic‐driven bias inhibits investors from diversifying fully, and induces them to trade too frequently.
The Money Management Industry: Framing Effects, Style “Diversification,” and Regret
Authors: Shefrin Hersh
Published: October 2003

Placing funds with an active money manager is typically a bad bet. Yet, institutions continue to hire active money managers. Why? The short answer is that the individuals who serve on institutional investment committees exhibit frame dependence and heuristic‐driven bias. When it comes to framing, committee members tend to think of portfolios as a series of mental accounts, with associated reference points known as benchmarks. Therefore, they tend to mistake variety in manager “styles” for true diversification. In addition, reference point thinking tends to make people give opportunity costs less weight than out‐of‐pocket costs of the same magnitude. In addition to frame dependence, members of institutional investment committees bear responsibility for the performance of the portfolio. Consequently, they are vulnerable to regret. Choosing active managers enables committee members to shift some of the responsibility for performance onto the managers, thereby reducing their own exposure to regret. Heuristic‐driven bias stems mostly from reliance on representativeness. Specifically, representativeness underlies the mistaken belief in a “hot hand,” an effect that leads sponsors to believe, mistakenly, that they have the ability to pick managers who can beat the market.
Optimism in Analysts' Earnings Predictions and Stock Recommendations
Authors: Shefrin Hersh
Published: October 2003

Investors are slow to learn that security analysts do not always mean what they say. What investors hear is not always what analysts mean. This is partly because analysts do not always mean what they say. They frequently say “hold” but mean “sell, ” or say “buy” when they believe “hold. ” As a result, Wall Street analysts came under fire after the collapse of the 1990s technology bubble. Major brokerage firms were fined. Individual security analysts were barred from the industry for life. Moreover, analysts are prone to bias and error. And some managers and investors appear to exhibit frame dependence as well, with reference point effects in the earnings game. However, the main behavioral bias seems to be excessive optimism.
Options: How They're Used, How They're Priced, and How They Reflect Sentiment
Authors: Shefrin Hersh
Published: October 2003

Option markets reflect all three behavioral themes. The chapter is organized around the way options are (1) used; (2) priced; and (3) reflect investor sentiment. The chapter begins with the popular ways investors use options, where frame dependence figures prominently. The focus is on covered call writing, but also discusses how employees make decisions about exercising company stock options. In discussing pricing, the discussion emphasizes the relationship between investors' expectations about future volatility, so called “implied volatility,” and actual volatility. The point here is that heuristic‐driven bias moves implied volatility away from its objective counterpart. In other words, heuristic‐driven bias causes option markets to be inefficient. The chapter discusses two related phenomena that stem from the effect the 1987 stock market crash had on implied volatility. One is known as “crashophobia,” and the other is known as the “crash premium.” The chapter ends with a discussion about the influence investor sentiment has had on patterns of option trading.
The Politics of Emotion
Authors: Solomon Robert C.
Published: October 2003

The passions are political. Not only do they play an important role in social movements and interpersonal dynamics but also their status and understanding is itself highly politicized, from the ancient idea that emotions should be servile to reason to contemporary theories of the emotions. What is often ignored is the purposiveness of the emotions.
The Tragic Sense of Life
Authors: Solomon Robert C.
Published: October 2003

The concept of the tragic sense of life has dropped out of contemporary sensibility, but tragedy, of course, continues. We deny tragedy by blaming, often the victim. The problem is traced back to St Augustine's “Problem of Evil” that challenges the goodness and power of God in the face of apparently meaningless human suffering. The search for meaning is the ultimate problem of tragedy. Fate and fatalism are attempts to give meaning to the world, to see the world in a certain kind of order, and to give it a meaning.
Thinking Death in the Face
Authors: Solomon Robert C.
Published: October 2003

Death has always been an obvious part of life, but we find it easy to deny death because it touches most of us so rarely. But there are many ways of denying death, including philosophical postures that evade the real issues in favor of logical puzzles. Epicurus introduced one such puzzle many years ago when he declared, “death is nothing.” But death is also fetished in contemporary culture. What is missing from most philosophical accounts is a sense of the social dimension of death.
Recovering Personal Identity
Authors: Solomon Robert C.
Published: October 2003

The self or soul has always been one of the central concerns of both philosophy and religion, but self and soul have always been evasive. Descartes defines the modern dilemma of selfhood and raised “the mind–body problem,” but there are alternative perspectives on the self or soul that do not raise any such problem. The self or soul is ultimately social and “socially constructed” and not individual. The chapter also examines virtue ethics and the notion of character.
Tone
Authors: Scruton Roger
Published: October 2003

An account of the primary elements of the musical experience, arguing that rhythm, accent, melody, harmony, and movement are all features of the intentional object of musical perception (‘tone’) but not features of the material object (‘sound’) in which that intentional object is heard. Musical perception involves an act of metaphorical transfer, which orders sounds according to concepts that do not literally apply to them.
Representation
Authors: Scruton Roger
Published: October 2003

Develops a Fregean theory of representation, and argues that music is not a representational art, and that any attempt to treat it as such involves a fundamental mistake about the nature of musical understanding.
Value
Authors: Scruton Roger
Published: October 2003

Develops an account of aesthetic value and shows that there really is such a thing, that there are legitimate ways of arguing about it, and that the fundamental insights contained in Kant's Critique of Judgement – concerning the connection between aesthetic values and experience on the one hand and universalizing judgement on the other – are both valid and fertile.
Analysis
Authors: Scruton Roger
Published: October 2003

Explores the various approaches to the analysis of music, and the kinds of questions they are designed to answer. Analysis is relevant only if it explores the intentional order of a piece of music rather than its acoustical order; this means that theories of analysis are ultimately theories of what is or can be heard, and are best understood as attempting the ‘emendation of the ear’. Vindicates motivic and related forms of musical analysis against the charge that they are indifferent to musical meaning.
The Number of Agents: Entry, Barriers to Entry and Collusion
Authors: Gabszewicz Jean J.
Published: October 2003

Examines how the market solution is affected when the assumption of a large number of buyers and sellers is relaxed. After analysing market contexts involving a very small number of strategic agents (monopoly and duopoly), we consider the consequences of entry on the market solution when entry barriers are absent. Then we extend the analysis to the case when incumbent firms anticipate the entry of potential competitors. Finally, the effects of collusion are analysed at the end of this chapter.
Imperfect Competition and General Equilibrium
Authors: Gabszewicz Jean J.
Published: October 2003

Extends the analysis of strategic competition when competition takes place simultaneously in several markets, as in the exchange process among several goods and several agents. First, the barter mechanism underlying the game‐theoretic concept of core is applied to strategic exchange. Finally, using the same framework of an exchange economy, we illustrate how the notion of Cournot equilibrium can be extended to general equilibrium analysis.
Nature's Capacities and Their Measurement
Authors: Cartwright Nancy
Published: October 2003

This book on the philosophy of science argues for an empiricism, opposed to the tradition of David Hume, in which singular rather than general causal claims are primary; causal laws express facts about singular causes whereas the general causal claims of science are ascriptions of capacities or causal powers, capacities to make things happen. Taking science as measurement, Cartwright argues that capacities are necessary for science and that these can be measured, provided suitable conditions are met. There are case studies from both econometrics and quantum mechanics.
How to Get Causes from Probabilities
Authors: Cartwright Nancy
Published: October 2003

In the context of linear causal systems, ‘How to Get Causes from Probabilities’ shows that given correct background information about other causal facts, certain probabilistic relations (like correlations and partial correlations) are both necessary and sufficient for the truth of new causal facts. This is done by showing how simple structural models from econometrics can be read causally if the conditions for identification of the model are met, and a generalized version of Reichenbach's principle of the common cause is assumed.
Singular Causes First
Authors: Cartwright Nancy
Published: October 2003

‘Singular Causes First’ rejects Hume's thesis that singular causal facts are reducible to generic ones, adopting a reverse position, taking singular causes as basic. Using idealized examples, Cartwright shows that strategies to establish causal claims without using singular causal facts as inputs all fail, including probabilistic theories of causality. Not only is singular causal input necessary if probabilities are to imply causal connections, the resulting causal output is also at base singular.
Abstract and Concrete
Authors: Cartwright Nancy
Published: October 2003

Modern science relies heavily on Galilean idealization, which establishes ceteris paribus laws—laws about what happens when a factor operates unimpeded. But these laws are of little direct use since factors seldom do operate unimpeded. The follow‐up to Galilean idealization is abstraction—we talk simply of what the factor does. The best way to understand this abstraction is as an ascription of a capacity, not in terms of any kind of laws. Even the process of ‘de‐idealization’ or of ‘concretization’ that results in a concrete phenomenological law inevitably involves further concepts in the capacity family.
A Nominalist Theory of Musical Works
Authors: Goehr Lydia
Published: October 2003

Lays the foundation for an investigation into the concept of a musical work according to the terms of analytic philosophy. It considers a range of analytic positions, but focuses ultimately on Nelson Goodman's influential nominalist and extensionalist account of musical works and performance compliance. Goodman's view that the musical score is a uniquely specified character in a notational system generates strict theoretical criteria to distinguish between constitutive and contingent features of works and compliant and non‐compliant performances. The critical examination of Goodman's theory is used to prepare the ground for a more general argument against the possibility of reaching a satisfactory account of the complex relation between philosophical theory and musical practice while working within the parameters of analytic philosophy.