Financial wellbeing is an emerging variable in business psychology that is expected to measure overall financial status and future financial trajectories. Financial intelligence and wellbeing have been key determining factors for the financial performance of entrepreneurs. The present study aimed to examine the crucial financial determinants and social capital factors for the entrepreneurial intentions and their financial performances among the 326 entrepreneurs in China. The study's findings showed that the key financial (...) indicators and social capital are significantly related to entrepreneurial intentions, which considerably predict the entrepreneurial financial performance. The mediating relationships also reported that entrepreneurial intentions and financial intelligence significantly mediate the relationship among social capital, financial wellbeing, and entrepreneurial financial performance. The present study has highlighted the implications for potential entrepreneurs for improving their financial performance through sustainable social capital, financial wellbeing, and financial intelligence. This study will also help the strategists in screening the individuals registering as entrepreneurs based on their financial intelligence quotient. The present study enriches the literature by offering an integrated model on financial wellbeing and entrepreneurial financial performance. (shrink)

This study was an attempt to examine the using intelligent systems to manage risks and reduce financial risks using artificial intelligence in large companies. The data collected from the data is collected from the stock organization and the stock Securities of Iran. Moreover, the data is collected from 17 companies for ten years and the data was collected through the variance formula and then the results were examined using the SSPS method. Variance formula is σ µ 2= xi- (...) 2 /n ( ( )) ∧ ∧ ∑. The data is completely obtained from a reliable and correct source, which is related to the Department of Statistics of Iran’s Stocks and Securities. After categorizing and classifying the collected information and data, it is processed and analyzed, and the results and findings of this study are stated. In order to examine the research questions, appropriate tests (Shefe tests) were used to analyze the data. The analysis of data revealed that the findings of this study reveal that Shatran, Arya, Shebandar, Famili are profitable among other stocks. Other stocks are loss because of high cost of raw materials and sanction of Iran. Moreover, companies could not export their products. Plus, the purchase power of the people in the country decreases because of the inflation of the country, so the companies could not buy anything. On the one hand, liquidity power of people, on the other hand, less export lead to the decrease of cash flow, liquidity power of companies and firms and could not sell their products. It can be concluded that those stocks are loss and have high risk. (shrink)

Integrated design of financial self-service terminal based on artificial intelligence voice interaction with the rapid development of science and technology, artificial intelligence technology is deepening in the field of intelligence and automation. The financial industry is the lifeblood of a country’s economy, with great growth potential and high growth rate. The integrated design of intelligent financial self-service terminal has become an important topic in the field of rapid development of social economy and science and (...) technology. Therefore, this paper designs the integration of financial self-service terminal based on artificial intelligence voice interaction. First, this paper introduces the meaning and composition of financial self-service terminal integration, then studies the voice interaction principle based on artificial intelligence technology, and designs the integrated structure of financial self-service terminal with voice interaction. After that, this paper makes a series of tests on voice interaction technology, user experience, and the performance of financial self-service terminal. Finally, the test results of voice interaction are as follows: the delay estimation results of voice interaction of the terminal are relatively accurate, and the error points are basically within five sampling points, which indicate that the delay estimation algorithm is practical. The endpoint detection method based on CO complexity can effectively overcome the impact of noise environment on speech endpoint detection system and is suitable for the requirements of robust speech recognition system. Considering that the actual application scenario of voice positioning can judge the speaker’s position and turn to the speaker’s direction during human–computer interaction, the azimuth error is acceptable within a few degrees to meet the application requirements. The direction angle error is acceptable within a few degrees to meet the application requirements. The accuracy of the improved algorithm is improved in intercepting effective speech signals. The terminal has short running time and delay time, small memory, and central processing unit occupation and can meet the needs of users. The speech recognition accuracy of the financial self-service terminal basically reaches more than 80%, which can basically meet the daily needs. (shrink)

Financial and prosocial biases in favor of attractive adults have been documented in the labor market, in social transactions in everyday life, and in studies involving experimental economic games. According to the taste-based discrimination model developed by economists, attractiveness-related financial and prosocial biases are the result of preferences or prejudices similar to those displayed toward members of a particular sex, racial, ethnic, or religious group. Other explanations proposed by economists and social psychologists maintain that attractiveness is a marker (...) of personality, intelligence, trustworthiness, professional competence, or productivity. Evolutionary psychologists have argued that attractive adults are favored because they are preferred sexual partners. Evidence that stereotypes about attractive people are causally related to financial or prosocial biases toward them is weak or nonexistent. Consistent with evolutionary explanations, biases in favor of attractive women appear to be more consistent or stronger than those in favor of attractive men, and biases are more consistently reported in interactions between opposite-sex than same-sex individuals. Evolutionary explanations also account for increased prosocial behavior in situations in which attractive individuals are simply bystanders. Finally, evolutionary explanations are consistent with the psychological, physiological, and behavioral changes that occur when individuals are exposed to potential mates, which facilitate the expression of courtship behavior and increase the probability of occurrence of mating. Therefore, multiple lines of evidence suggest that mating motives play a more important role in driving financial and prosocial biases toward attractive adults than previously recognized. (shrink)

Monetary intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the dark side of monetary Intelligence and behavioral economics—dishonesty. Dishonesty, a risky prospect, involves cost–benefit analysis of self-interest. We frame good or bad barrels in the environmental context as a proxy of high or low probability of getting caught for dishonesty, respectively. We theorize: The magnitude (...) and intensity of the relationship between love of money and dishonest prospect may reveal how individuals frame dishonesty in the context of two levels of subjective norm—perceived corporate ethical values at the micro-level and Corruption Perceptions Index at the macro-level, collected from multiple sources. Based on 6382 managers in 31 geopolitical entities across six continents, our cross-level three-way interaction effect illustrates: As expected, managers in good barrels, mixed barrels, and bad barrels display low, medium, and high magnitude of dishonesty, respectively. With high CEV, the intensity is the same across cultures. With low CEV, the intensity of dishonesty is the highest in high CPI entities —the Enron Effect, but the lowest in low CPI entities. CPI has a strong impact on the magnitude of dishonesty, whereas CEV has a strong impact on the intensity of dishonesty. We demonstrate dishonesty in light of monetary values and two frames of social norm, revealing critical implications to the field of behavioral economics and business ethics. (shrink)

Monetary Intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the bright side of Monetary Intelligence and behavioral economics, frames money attitude in the context of pay and life satisfaction, and controls money at the macro-level and micro-level. We theorize: Managers with low love of money motive but high stewardship behavior will have high subjective well-being: (...) pay satisfaction and quality of life. Data collected from 6586 managers in 32 cultures across six continents support our theory. Interestingly, GDP per capita is related to life satisfaction, but not to pay satisfaction. Individual income is related to both life and pay satisfaction. Neither GDP nor income is related to Happiness. Our theoretical model across three GDP groups offers new discoveries: In high GDP entities, “high income” not only reduces aspirations—“Rich, Motivator, and Power,” but also promotes stewardship behavior—“Budget, Give/Donate, and Contribute” and appreciation of “Achievement.” After controlling income, we demonstrate the bright side of Monetary Intelligence: Low love of money motive but high stewardship behavior define Monetary Intelligence. “Good apples enjoy good quality of life in good barrels.” This notion adds another explanation to managers’ low magnitude of dishonesty in entities with high Corruption Perceptions Index. In low GDP entities, high income is related to poor Budgeting skills and escalated Happiness. These managers experience equal satisfaction with pay and life. We add a new vocabulary to the conversation of monetary intelligence, income, GDP, happiness, subjective well-being, good and bad apples and barrels, corruption, and behavioral ethics. (shrink)

The financial crisis that began in the US real-estate market in 2007 and culminated in a global economic slump showed bluntly how wrong financial risk models can be. This state of affairs has triggered a number of reactions and observations at the level of the specification and use of models and at a more conceptual/fundamental level. This article focuses on the epistemic features of such models – namely the nature, source, conditions of validity, structure and limits of the (...) knowledge that ‘well-specified’ models generate – so as to assess models in a balanced way, giving due weight to the fundamental determinants of their output and warning against overestimation of their possibilities; clarify the conditions under which models can be validly applied to economic and social relationships; render intelligible why the degree of accuracy that successful models would require is intrinsically unattainable; better understand models’ failure as evidenced by the crisis; and comment on the policy steps being undertaken to prevent similar financial crisis in the future. The analysis applies the principal tenets of critical realism to the daily preoccupations of risk management professionals and financial regulators alike. It is not intended as an intervention into critical realism. It draws on the works of Tony Lawson and Roy Bhaskar, and revisits relevant aspects of John Maynard Keynes’s work, connecting dots amongst them and marrying economic and philosophical analysis with day-to-day financial risk management and regulatory issues. Content Type Journal Article Category Article Pages 462-486 DOI 10.1558/jcr.v11i4.462 Authors Mattia L. Rattaggi, UBS/Cambridge Social Ontology Group Journal Journal of Critical Realism Online ISSN 1572-5138 Print ISSN 1476-7430 Journal Volume Volume 11 Journal Issue Volume 11, Number 4 / 2012. (shrink)

In this paper we introduce a new generation of language trainers: intelligent virtual agents (IVAs) with human appearance and the capability to teach foreign language vocabulary. We report results from studies that we have conducted with Billie, an IVA employed as a vocabulary trainer, as well as research findings on the acceptance of the agent as a trainer by adults and children. The results show that Billie can train humans as well as a human teacher can and that both adults (...) and children accept the IVA as a trainer. The advantages of IVAs are multiple. First, their teaching methods can be based on neuropsychological research findings concerning memory and learning practice. Second, virtual teachers can provide individualized training. Third, they coach users during training, are always supportive, and motivate learners to train. Fourth, agents will reside in the user's mobile devices and thus be at the user's disposal everywhere and anytime. Agents in apps will make foreign language training accessible to anybody at low cost. This will enable people around the world, including physically, financially, and geographically disadvantaged persons, to learn a foreign language and help to facilitate multilingualism. (shrink)

Artificial Neural Networks have reached “grandmaster” and even “super-human” performance across a variety of games, from those involving perfect information, such as Go, to those involving imperfect information, such as “Starcraft”. Such technological developments from artificial intelligence (AI) labs have ushered concomitant applications across the world of business, where an “AI” brand-tag is quickly becoming ubiquitous. A corollary of such widespread commercial deployment is that when AI gets things wrong—an autonomous vehicle crashes, a chatbot exhibits “racist” behavior, automated credit-scoring (...) processes “discriminate” on gender, etc.—there are often significant financial, legal, and brand consequences, and the incident becomes major news. As Judea Pearl sees it, the underlying reason for such mistakes is that “... all the impressive achievements of deep learning amount to just curve fitting.” The key, as Pearl suggests, is to replace “reasoning by association” with “causal reasoning” —the ability to infer causes from observed phenomena. It is a point that was echoed by Gary Marcus and Ernest Davis in a recent piece for theNew York Times: “we need to stop building computer systems that merely get better and better at detecting statistical patterns in data sets—often using an approach known as ‘Deep Learning’—and start building computer systems that from the moment of their assembly innately grasp three basic concepts: time, space, and causality.” In this paper, foregrounding what in 1949 Gilbert Ryle termed “a category mistake”, I will offer an alternative explanation for AI errors; it is not so much that AI machinery cannot “grasp” causality, but that AI machinery (qua computation) cannot understand anything at all. (shrink)

The financial market is a highly complex and dynamic system that has great commercial value; thus, many financial elite are drawn to research on the subject. Recent studies show that machine learning methods perform better than traditional statistical ones. In our study, based on the characteristics of financial sequence data, we propose a wrapped ensemble approach using a supervised learning algorithm to predict stock price volatility of China’s stock markets. To check our new approach, we developed an (...) intelligent financial forecast system and used the Hushen 300 index data to test our model; it proves that our model performs better than a single algorithm. We also compared our model with the famous ensemble approach of bagging, and the result shows that our model is better. (shrink)

An increasing number of financial services (FS) companies are adopting solutions driven by artificial intelligence (AI) to gain operational efficiencies, derive strategic insights, and improve customer engagement. However, the rate of adoption has been low, in part due to the apprehension around its complexity and self-learning capability, which makes auditability a challenge in a highly regulated industry. There is limited literature on how FS companies can implement the governance and controls specific to AI-driven solutions. AI auditing cannot be (...) performed in a vacuum; the risks are not confined to the algorithm itself, but rather permeates the entire organization. Using the risk of unfairness as an example, this paper will introduce the overarching governance strategy and control framework to address the practical challenges in mitigating risks AI introduces. With regulatory implications and industry use cases, this framework will enable leaders to innovate with confidence. (shrink)

To have enough financial literacy, an investor must be able to make intelligent investment choices, and on the other hand, the heuristic bias, the framing effect, cognitive illusions, and herd mentality are all variables that contribute to the formation of behavioral biases, also known as illogical conduct, in the decision-making process. The current research looks specifically at behavioral biases and financial literacy influence investment choices, particularly on stock market investment. For the research, a representative sample of 450 individual (...) investors was evaluated. A structured questionnaire was designed using the Likert’s scale method to elicit the research variables, and the data acquired were analyzed using the SEM method. According to the findings, there was a statistically significant link between heuristic bias and the development of behavioral bias in decision-making. Nevertheless, cognitive illusions, the herd mentality, and the framing effect all have a deleterious impact on behavioral biases. In addition, investors often adhere to heuristic biases rather than other irrational strategies when making investment judgments. Therefore, individual investors’ financial literacy level greatly influences the choices made about investments in the stock market. (shrink)

Like earthquakes and volcanic eruptions, the current international monetary crisis—bank failures and a collapse of markets worldwide—was not sufficiently predictable to preempt with defensive action. One would think that history's experiences with sudden breakdowns in global economics would have taught the modern world enough lessons to assure that economic intelligence would have tightened the reins of investors and speculators over the last decade of runaway optimism. But history has never been a good teacher—better said, people have rarely been good (...) students of history's lessons in cause and effect. Still, it makes sense, as with this essay, that we look back on such financial follies of the past, as epitomized by Holland's tulipmania, and take comfort in finding that our follies are just enough different from historical ones to at least claim them as our very own. (shrink)

This study explores the effect of a short ethics intervention—a chapter of business ethics in a business course—on perceptions of business courses and personal values toward making money and making ethical decisions and Monetary Intelligence. Since attitudes predict intentions and behaviors, Monetary Intelligence, a form of social intelligence, is defined as the extent to which individuals monitor their own monetary motive, behavior, and cognition; apply the information to evaluate critical concerns and options; select strategies to achieve (...) class='Hi'>financial goals; and reach ultimate success and subjective well-being. I theorize that the affective aspect of MI is unrelated to perceptions of “course work,” yet it is positively related to their “personal values” toward making money, but negatively related to making ethical decisions. Individuals with high MI have low interests in making money, but high levels of intrinsic religiosity and recall of the Ten Commandments and high interests in making ethical decisions and making the grade. Based on data from multiple panels and multiple sources, this study provides the following discoveries. Contrary to expectations, there are no differences in students’ perceptions of course work and their personal values toward making money and making ethical decisions between two measures—before and after the ethics intervention. Results of this study not only provide empirical supports for the bright side of theory of Monetary Intelligence but also reveal a new paradox—recall of the Ten Commandments is positively related to making ethical decisions, but negatively related to making money. Results illustrate important theoretical, empirical, and practical implications to the literature of money attitudes, religiosity, intrinsic motivation, and business ethics. (shrink)

This article analyses the limits of legal norms and institutions in holding to account the emerging power of Artificial Intelligence (AI) and Machine Learning. It demonstrates how a symbiosis of capitalism and new forms of digital power is mutating to produce novel and dangerous styles of organised irresponsibility that go beyond the reach of conventional legal mechanisms. It draws on the work of Pashukanis, Baudrillard, and Alain Supiot to show how this transformation is taking place. Referring to the role (...) of AI in the spread of Financial Technologies, it introduces a new term – ‘venture legalism’ – to describe how unprecedented risks are currently being created. It concludes by observing how ethical and democratic registers are equally implausible modes of accountability. (shrink)

The paper investigates the moderating effect of CEO race on the relationship between CEO masculinity and company performance. The sample includes 260 companies listed on the Bursa Malaysia for the period from 2009 to 2019. Data extracted for 405 unique CEOs from different races (Malay, Chinese, Indian, and others). The paper uses two indicators of CEO masculinity, facial width-to-height ratio (fWHR) and testosterone level (Tsh). The fWHR of CEOs is measured using artificial intelligence (Python code/c). In addition, a contemporary (...) model is applied to estimate Tsh based on face measures and CEO age. The results indicate that CEO race moderates the relationship between masculinity and company performance. The findings reveal that high masculinity is positively associated with company performance only among the non-Bumiputera group, however, there is no significant evidence among the Bumiputera group. This study uniquely links CEO characteristics and financial performance with neuro finance and biological aspects. Therefore, this study offers novel contributions to literature and implications for investors, board members, policymakers, and academicians. (shrink)

We show that the fundamental legal structure of a well-written financial contract follows a state-transition logic that can be formalized mathematically as a finite-state machine (specifically, a deterministic finite automaton or DFA). The automaton defines the states that a financial relationship can be in, such as “default,” “delinquency,” “performing,” etc., and it defines an “alphabet” of events that can trigger state transitions, such as “payment arrives,” “due date passes,” etc. The core of a contract describes the rules by (...) which different sequences of events trigger particular sequences of state transitions in the relationship between the counterparties. By conceptualizing and representing the legal structure of a contract in this way, we expose it to a range of powerful tools and results from the theory of computation. These allow, for example, automated reasoning to determine whether a contract is internally coherent and whether it is complete relative to a particular event alphabet. We illustrate the process by representing a simple loan agreement as an automaton. (shrink)

Current attention directed at ethical dimensions of data and Artificial Intelligence have led to increasing recognition of the need to secure and maintain public support for uses of people’s data. This is essential to establish a “Social Licence” for current and future practices. The notion of a “Social Licence” recognises that there can be meaningful differences between what is legally permissible and what is socially acceptable. Establishing a Social Licence entails public engagement to build relationships of trust and ensure (...) that practices align with public values. While the concept of the Social Licence is well-established in other sectors – notably in relation to extractive industries – it has only very recently begun to be discussed in relation to digital innovation and data-intensive industries. This article therefore draws on existing literature relating to the Social Licence in extractive industries to explore the potential approaches needed to establish a Social Licence for emerging data-intensive industries. Additionally, it draws on well-established literature relating to trust to examine the relevance of trust, and trustworthiness, for emerging practices in data-intensive industries. In doing so the article considers the extent to which pursuing a Social Licence might complement regulation and inform codes of practice to place ethical and social considerations at the heart of industry practice. We focus on one key industry: Financial Technology. We demonstrate the importance of combining technical and social approaches to address ethical challenges in data-intensive innovation and to establish relationships of trust to underpin a Social Licence for Financial Technology. Such approaches are needed across all areas and industries of data-intensive innovation to complement regulation and inform the development of ethical codes of practice. This is important to underpin culture change and to move beyond rhetorical commitments to develop best practice putting ethics at the heart of innovation. (shrink)

A shortage or backlog of inventory can easily occur due to the backward forecasting method typically used, which will affect the normal flow of funds in pharmacies. This paper proposes a replenishment decision model with back propagation neural network multivariate regression analysis methods. With the regular pattern between sales and individual variables, supplemented with the safety stock empirical formula, an accurate replenishment quantity can be obtained. In the case analysis, this paper takes the sales situation of a pharmacy as an (...) example and tests the accuracy and stability of the model. The results show that the model has good prediction accuracy which can be introduced into the intelligent pharmacy system and used in the replenishment of the intelligent pharmacy to prevent overstocking or a shortage of stock, thus improving the financial situation, reducing the manpower burden of typical retail pharmacy, and helping residents buy medicines. (shrink)

Whether causing flash crashes in financial markets, purchasing illegal drugs, or running over pedestrians, AI is increasingly engaging in activity that would be criminal for a natural person, or even an artificial person like a corporation. We argue that criminal law falls short in cases where an AI causes certain types of harm and there are no practically or legally identifiable upstream criminal actors. This Article explores potential solutions to this problem, focusing on holding AI directly criminally liable where (...) it is acting autonomously and irreducibly. Conventional wisdom holds that punishing AI is incongruous with basic criminal law principles such as the capacity for culpability and the requirement of a guilty mind. -/- Drawing on analogies to corporate and strict criminal liability, as well as familiar imputation principles, we show how a coherent theoretical case can be constructed for AI punishment. AI punishment could result in general deterrence and expressive benefits, and it need not run afoul of negative limitations such as punishing in excess of culpability. Ultimately, however, punishing AI is not justified, because it might entail significant costs and it would certainly require radical legal changes. Modest changes to existing criminal laws that target persons, together with potentially expanded civil liability, are a better solution to AI crime. (shrink)

The average annual profits before fees of the $10 billion plus Renaissance Technologies’ hybrid Medallion “Leveraged, High Frequency, Artificial Intelligence ” trading hedge fund between 1988 and 2019 were about 66 percent. Total trading profits during this period were over $100 billion. The fund has never had a losing year. The fund is not open to the general public. First, distinctions among, in more or less historical order, the traditional market-maker trading model, the hedge fund trading model, the artificial (...) intelligence trading model, and the hybrid LHFAI trading model are discussed. Second, the micro components of the LHFAI trading model are explained in the context of Renaissance Technologies’ Medallion Fund. Third, key positive contributions of the model with respect to profitability, low annual volatility, market liquidity, and intellectual property development; negative ethical issues concerning exclusive access, tax fairness, financial transparency, shared responsibility for losses and systemic risk, and short vs. long-term capital allocation are discussed. Potential reforms that retain the positives, reduce the negatives, and that could positively transform the model are discussed. Fourth, potential impacts that the potential reforms might have on the macro LHFAI form of finance capitalism and the larger finance capitalism political-economic system are considered. Fifth, conclusions are offered and discussed. (shrink)

The amount of information that is produced on a daily basis in the financial markets is vast and complex; consequently, the development of systems that simplify decision-making is an essential endeavor. In this article, several intelligent systems are proposed and tested to predict the closing price of the IBEX 35 index using more than ten years of historical data and five distinct architectures for neural networks. A multi-layer perceptron was the first step, followed by a simple recurrent neural network, (...) a gated recurrent unit network and two long-short-term memory (LSTM) networks. The results of the analyses performed on these models have demonstrated a powerful capacity for prediction. Additionally, the findings of this research point to the fact that the application of intelligent systems can simplify the decision-making process in financial markets, which is a substantial advantage. Furthermore, by comparing the predicted outcome errors between the models, the LSTM presents the lowest error with a higher computational time in the training phase. The LSTM was able to accurately forecast the closing price of the day as well as the price for the following one and two days in advance. In conclusion, the empirical results demonstrated that these models could accurately predict financial data for trading purposes and that the application of intelligent systems, such as the LSTM network, represents a promising advancement in financial technology. (shrink)

Financial risks are among the most important risks in the construction industry projects, which significantly impact project objectives, including project cost. Besides, financial risks have many interactions with each other and project parameters, which must be taken into account to analyze risks correctly. In addition, a source of financial risks in a project is the contract, which is the most important project document. Identifying terms related to financial risks in a contract and considering their effects on (...) the risk management process is an essential issue that has been neglected. Hence, an integrated model for evaluating financial risks and their related contractual clauses were presented. To this end, the effect of financial risks on the project cost was simulated using a system dynamics model. Moreover, terms related to financial risks in a contract text were identified and extracted using text mining, and their effect was included in the system dynamics model. The model was implemented in a hospital construction project in Tehran as a case study, and its results were analyzed. The innovation of the research is integrating text mining and the system dynamics model to investigate the effect of financial risks and related contractual clauses on the project cost. (shrink)

The construction of a financial risk prediction model has become the need of the hour due to long-term and short-term violations in the financial market. To reduce the default risk of peer-to-peer companies and promote the healthy and sustainable development of the P2P industry, this article uses a model based on the LightGBM algorithm to analyze a large number of sample data from Renrendai, which is a representative platform of the P2P industry. This article explores the base LightGBM (...) model along with the integration of linear blending to build an optimal default risk identification model. The proposed approach is applicable for a large number of multi-dimensional data samples. The results show that the prediction accuracy rate of the LightGBM algorithm model on the test set reaches 80.25%, which can accurately identify more than 80% of users, and the model has the best prediction performance in terms of different performance evaluation indicators. The integration of LightGBM and the linear blending approach yield a precision value of 91.36%, a recall of 75.90%, and an accuracy of 84.36%. The established LightGBM algorithm can efficiently identify the default of the loan business on the P2P platform compared to the traditional machine learning models, such as logistic regression and support vector machine. For a large number of multi-dimensional data samples, the LightGBM algorithm can effectively judge the default risk of users on P2P platforms. (shrink)

This document discusses the status of research on detection and prevention of financial fraud undertaken as part of the IST European Commission funded FF POIROT (Financial Fraud Prevention Oriented Information Resources Using Ontology Technology) project. A first task has been the specification of the user requirements that define the functionality of the financial fraud ontology to be designed by the FF POIROT partners. It is claimed here that modeling fraudulent activity involves a mixture of law and facts (...) as well as inferences about facts present, facts presumed or facts missing. The purpose of this paper is to explain this abstract model and to specify the set of user requirements. (shrink)

Given the importance of data safety for psychology, the present study investigated the influence of data leaking scandal on campus customers’ financial consumption behaviors at intelligent tourism platforms in China, and explored the roles that individual characteristics play in this process by focusing on a set of participants from colleges. Data were collected through sending out an online questionnaire, where respondents were asked to finish a series of questions about their background information, their trust, future consuming intention, and defensive (...) behaviors toward intelligent platforms. After they finished these questions, a short description about an online tourism platform leaking customers’ personal information was presented to the respondents, following which they were asked to report about their future consuming intentions and defensive behaviors again. In total, 236 participants of college students and teachers were recruited. Paired samples mean comparison showed that after the stimulus was presented, the respondents had a significant decrease in future financial consumption intention, and a significant increase in defensive behaviors toward online tourism platforms due to risks perceived. Multiple regression analysis was conducted subsequently to investigate individual characteristics that may account for part of the decrease in consuming intention. Results showed that, customers with higher level of trust and monthly income, as well as older customers, tend to experience higher level of decrease in consuming intention, and increase in defensive behaviors. These findings highlighted the importance of online tourism platforms guaranteeing data security of their customers. (shrink)

Michelle’s thesis explores the extent to which a researcher could contribute to change by engaging leaders in conversations that might intensify commitment to or the direction of their actions around socio-environmental decline in Bermuda as a country historically organised in the tradition of an entrepreneurial for-profit enterprise. The framing of a space to reflect on highlighted the significance of time that led to the bricolage design of a heuristic device called a moon gate. Time, the keystone of the moon gate, (...) created a prism lighting up the twists and turns of kaleidoscopic images of the chaos of the markets and the creative diversity of human and nonhuman participants. She undertook a philosophical approach with her study of the contested space of time around sensitivity to maintaining a fulcrum point based on the wellbeing of people and planet. (shrink)

The demand for meat and dairy products is expected to rise significantly in the current demographic and economic growth context. Concurrently, various factors, including financial crises and reduced profitability, have decreased the number of livestock farms. Consequently, the livestock industry is undergoing intensification, with an increased number of cows per farm. This shift makes the management of animals increasingly complex. Amid these challenges, the society’s growing concern for animal health and welfare and the quality of consumed products underscores the (...) importance of systems that aid in the individual and herd-level monitoring and control within livestock operations. In this scenario, precision livestock farming has become essential with the emergence of new sensors and technologies and the evolution of artificial intelligence. Against this backdrop, this paper reviews systems and techniques used in precision livestock farming to detect anomalies caused by reproductive processes and diseases in dairy and beef cattle. The article analyzes sensors and technologies employed, presents key studies conducted, and discusses the most commonly used artificial intelligence techniques in detecting prevalent anomalies. (shrink)

BackgroundPostgraduates usually face more life challenges than undergraduate students, including social, emotional and financial issues, and the prevalence of mental health problems in postgraduates is higher than undergraduates. Therefore, the attention on postgraduates’ mental health status is needed.ObjectivesThe current study explored the relationship between postgraduates’ emotional intelligence and well-being by investigating the mediating effects of social support and psychological resilience and the relationship between them through the construction of a chain mediation model.Method1,228 postgraduates completed the Emotional Intelligence (...) Scale, the Social Support Rate Scale, the Psychological Resilience Scale, and the Subject Well-being Scale.ResultsThere is a chain effect between postgraduates’ social support and psychological resilience mediated by their emotional intelligence and well-being, with a total effect value of 0.049.ConclusionEmotional intelligence has a predictive effect on postgraduates’ well-being. The mechanism of this effect includes the indirect effects of social support and psychological resilience. Study results revealed the relationship mechanism between emotional intelligence and postgraduates’ well-being, and provide reference for explorations of how to development postgraduates’ emotional intelligence and further improving their abilities to strengthen their emotional resilience. (shrink)

Consumers’ inclinations towards materialism and compulsive buying are influenced by a variety of factors. Materialistic consumers face maladies that cause stress and lower subjective well-being and are unable to control their buying behaviour that in turn leads to social and financial issues. This paper aims to investigate the effect of emotional intelligence training on consumers’ materialism and compulsive buying. The experimental design involves 36 respondents across both groups. Findings confirm the hypothesis that ability-based training programmes can help consumers (...) improve their emotional intelligence whilst also lowering their levels of materialism and compulsive buying. In sum, the results extend the existing literature on consumer materialism by providing an explanation on how specific emotional ability-based training can diminish materialistic and excessive buying inclinations. The development of emotional intelligence skills-based training programmes contributes to more sustainable consumer behaviour, mitigating the vulnerability to materialism and related addictive behavioural consequences. (shrink)

ABSTRACT Human-technology interactions are omnipresent in daily life, a reality that must be faced to enact positive change without uprooting the technological systems that have come to define us. The present study develops a collective intelligence model for human-technology interaction design that aims to promote peace, prosperity, and happiness through design intentionality informed by utopian targets of radical improvement in society. Participants generated ideas, clarified and consolidated them, and then developed an interpretive structure model of the most important affordances (...) identified during the idea generation phase. Coupled with a two-pass thematic analysis of the original idea set, what emerged is a model that is informed by stakeholder users of the technologies of tomorrow. Affordance themes centered on the importance of promoting world peace through technological means, identifying and rectifying material and financial inequalities, addressing negative well-being effects in current technologies, and increasing global collaboration and eventual expansion into the cosmos. (shrink)

In recent years, after various scandals, the role of auditors has been called into question, even casting doubt on whether their reports reliably reflect the true financial situation of the auditee, especially when this situation is not good. Normative changes in the way auditors have to rate certain questions provide a good opportunity to study this problem. These changes have acquired great relevance among the factors involved in studying audit quality. Thus, the present study analyzed the effect of the (...) normative change that took place in Spain in December 2010, related to opinions modified for going-concern uncertainties. Until that date, the auditor’s uncertainty about the company’s going-concern status led to a qualified opinion. However, under the new regulation, it became an opinion that included an explanatory paragraph stating the reasons for concern, which was considered less serious. In all, 152 small- and medium-sized enterprises that had begun bankruptcy proceedings were studied. Expert systems were used for their analysis, based on classification trees assembled through boosting and bagging. In addition, the logistic regression was used as baseline to compare previous methods. The main result obtained was that a change in the norm that catalogs the going-concern issue as less serious made auditors more likely to report this situation, thus questioning the audit quality. (shrink)

In recent years, sports have achieved rapid development worldwide, and the global economy has been significantly improved and improved. With the in-depth development of the two, the connection between sports and the economy has also become closer. Sports economy is a new type of economic form bred by specialization of sports organization, participation in consumerization, and profit-oriented operation under the condition of market economy. And the development of sports economy cannot be developed at once; it needs healthy and sustainable development. (...) In order to find a better way to study the healthy and sustainable development of sports economy, this paper uses deep learning network algorithm and supports vector machine learning algorithm to build a mental model. It then uses the model to analyze various indicators of the sports industry in a province in China. This article is looking for information and summarizes the province’s sports data from 2017 to 2021. The sports indicators of this experiment include regional GDP, total output of sports industry, sports practitioners, local financial sports expenditures, the number of policies, the number of people participating in physical exercise, and fitness venues and facilities. The realization results show that these variables develop at a relatively small rate under normal conditions, and then predict the data in the next few years under the healthy and sustainable development of the next few years through the mental model. The growth rates of various indicators of the sports economy have increased significantly, and they have been optimized by about 20% compared with the normal development. (shrink)

This article argues that no AI Godzilla will enslave us. We should focus on the real challenges.

Computers are already approving financial transactions, controlling electrical supplies, and driving trains. Soon, service robots will be taking care of the elderly in their homes, and military robots will have their own targeting and firing protocols. Colin Allen and Wendell Wallach argue that as robots take on more and more responsibility, they must be programmed with moral decision-making abilities, for our own safety. Taking a fast paced tour through the latest thinking about philosophical ethics and artificial intelligence, the (...) authors argue that even if full moral agency for machines is a long way off, it is already necessary to start building a kind of functional morality, in which artificial moral agents have some basic ethical sensitivity. But the standard ethical theories don't seem adequate, and more socially engaged and engaging robots will be needed. As the authors show, the quest to build machines that are capable of telling right from wrong has begun. -/- Moral Machines is the first book to examine the challenge of building artificial moral agents, probing deeply into the nature of human decision making and ethics. (shrink)

With the intensifying shortage of care-providers and mounting financial burden of an aging population in Japan, artificial intelligence (AI) offers a potential solution through AI-driven robots, chatbots, smartphone apps, and other AI medical services. Yet Japanese acceptance of medical AI, especially patient care, largely depends on the degree of ‘humanness’ that can be integrated into intelligent technologies. As empathy is considered a core value in the practice of healthcare workers, artificially intelligent agents must have the ability to perceive (...) human emotions and respond in an affective, human-like manner. This paper presents the results of a nationwide survey in Japan 2023 about the public perception of the use of emotionalized AI (EAI) in healthcare. The sample included 2000 Japanese citizens from 20 to 69 years old with an average age of 45 years. The questionnaire included 65 items in six categories: demographic, perception of the existing healthcare system, attitude towards the use of AI, and EAI in healthcare, trust and privacy concerns and fear of AI, and seeking literacy on new technologies. The analysis of the responses demonstrates that overall, the Japanese population has a limited knowledge of AI, EAI, and smart technologies but trusts the healthcare system, physicians, and staff to use it properly, with little worries over the potential pitfalls related to data security and safety. However, they prefer the use of more human resources and are concerned about privacy and the high cost of new technology, and believe little information is being provided to them through government and media. (shrink)

Common mental health disorders are rising globally, creating a strain on public healthcare systems. This has led to a renewed interest in the role that digital technologies may have for improving mental health outcomes. One result of this interest is the development and use of artificial intelligence for assessing, diagnosing, and treating mental health issues, which we refer to as ‘digital psychiatry’. This article focuses on the increasing use of digital psychiatry outside of clinical settings, in the following sectors: (...) education, employment, financial services, social media, and the digital well-being industry. We analyse the ethical risks of deploying digital psychiatry in these sectors, emphasising key problems and opportunities for public health, and offer recommendations for protecting and promoting public health and well-being in information societies. (shrink)

Executives in business and government seek to leverage artificial intelligence (AI), the biggest driver of technological change, to inform decision-making. The intelligence behind AI comes from machine learning (ML) algorithms applied to large datasets. The goal of this research is to investigate the adage that while humans are fallible, computers are impartial with no implicit bias. Toward this purpose, the author used the Delphi research technique to achieve these three objectives: (1) identify and categorize the sources of flaws (...) in algorithm design; (2) validate a framework for auditing AI-powered systems; and (3) propose strategies for resolving the sources and mitigating the flaws in algorithm design. The paper begins with a concise theoretical framework for algorithm design to familiarize the readers with the science of ML algorithms. Next, the author describes the research methodology including population and sample of the study. The findings of the Delphi study are presented in three sections that correspond with the three objectives of this investigation. A discussion of the findings is enhanced with supporting evidence from existing literature of unintended undesirable societal impacts of flaws in algorithm design in fields like education, healthcare, criminal justice, human resource management, and financial services. The expected outcome is cautious use of AI by decision-makers—employing AI while being aware of its limitations and shortcomings. (shrink)

Artificial Intelligence (AI) is a technology widely used to support human decision-making. Current areas of application include financial services, engineering, and management. A number of attempts to introduce AI decision support systems into areas which more obviously include moral judgement have been made. These include systems that give advice on patient care, on social benefit entitlement, and even ethical advice for medical professionals. Responding to these developments raises a complex set of moral questions. This paper proposes a clearer (...) replacement question to them. The replacement question asks under what circumstances, if any, people would accept a moral judgement made by some sort of machine. Since, it is argued, the answer to this replacement question is positive, urgent practical moral problems are raised. (shrink)

As we move our social institutions from paper and ink based operations to the electronic medium, we invisibly create a type of surveillance society, a panopticon society. It is not the traditional surveillance society in which government officials follow citizens around because they are concerned about threats to the political order. Instead it is piecemeal surveillance by public and private organizations. Piecemeal though it is, It creates the potential for the old kind of surveillance on an even grander scale. The (...) panopticon is the prison environment described by Foucault in which prison cells are arranged in a large circle with the side facing the inside of the circle open to view. The guard tower is placed in the middle of the circle so that guards can see everything that goes on in every cell. When we contemplate all the electronic data that is now gathered about each of us as we move through our everyday lives --- intelligent highway systems, consumer transactions, traffic patterns on the internet, medical records, financial records, and so on --- there seems little doubt that we are moving into a panopticon. The social issues that arise from this are too numerous to detail here, but data retention is an important part of it. In the paper-and-ink world, documents are filed, files are boxed, boxes are put away or thrown away. The capacity for data retrieval and manipulation is, thereby, limited by the sheer difficulty and cost of storing, finding, searching, and manipulating large numbers of paper files. This inconvenience functions as a mechanism whereby the system forgets past information, not unlike the way we ourselves forget. However, the story is very different in the digital world; digital information is easy to store, easy to search and manipulate, and inexpensive to keep over extensive periods of time. Digitalized information systems tend, therefore, to collect extensive ancillary information and to retain this information indefinitely. Such lack of forgetfulness is likely to hamper the ability of individuals to shed their past, and start over with a clean slate. Concerns about data retention were expressed in the early literature on the social impact of computing, but for the most part the issue has dropped from sight. Rarely, has the social good of discarding accumulated personal data been addressed. In this paper, we want to make the case by examining diverse cases in which retention of information by either business or governmental institutions hinders the ability of individuals to start over or to act autonomously. We hope our argument for the good of forgetfulness will challenge the standard framework in which such issues have traditionally been debated. The privacy debate exemplifies the traditional framework insofar as it has been characterized as involving an inherent tension between, on the one hand, the needs of organizations and institutions for more accurate and efficient information systems so as to further their goals and, on the other hand, the desire of individuals to have information about them kept private. Regan argues against this framing of the privacy issue in favor of one that recognizes the social importance of personal privacy. We will examine the non-forgetfulness of information systems as a problem threatening not just individual interests but social good as well. Cryptography is often cited as the technology that will give us privacy and mediate against surveillance. One of the uses of cryptography, encryption, will allow us, some hope, to create confidentiality and relationships of trust that will facilitate many of the social arrangements we now have and perhaps make them even more secure than they are now. Electronic cash, for example, could be created in such a form that it would have the anonymity associated now with hard cash Others are less optimistic of the potential for cryptography to re-create relationships of trust in the new medium. One important point that already seems clear is that even if encryption technology will protect the confidentiality and integrity of electronic transactions and data, it will NOT stop the observation of traffic patterns on networks. This seems an important distinction to put on the table. Our patterns of communication will continue to be available, no matter what is encrypted, and an amazing amount of information can be gleaned from this data. In a sense, it means content integrity but no anonymity. This will indubitably impact how we interact and with whom we interact. (shrink)

Multi-level institutional designs with distributed power and authority arrangements among federal, state, regional, and local government agencies could lead to the emergence of differential patterns of socioeconomic and infrastructure development pathways in complex social–ecological systems. Both exogenous drivers and endogenous processes in social–ecological systems can lead to changes in the number of “basins of attraction,” changes in the positions of the basins within the state space, and changes in the positions of the thresholds between basins. In an effort to advance (...) the theory and practice of the governance of policy systems, this study addresses a narrower empirical question: how do intergovernmental institutional rules set by federal, state, and regional government agencies generate and sustain basins of attraction in funding infrastructure projects? A pattern-oriented, agent-based model (ABM) of an intergovernmental network has been developed to simulate real-world transportation policy implementation processes across the federal, the state of Vermont, regional, and local governments for prioritizing transportation projects. The ABM simulates baseline and alternative intergovernmental institutional rule structures and assesses their impacts on financial investment flows. The ABM was calibrated with data from multiple focus groups, individual interviews, and analysis of federal, state, and regional scale transportation projects and programs. The results from experimental simulations are presented to test system-wide effects of alternative multi-level institutional designs, in particular different power and authority arrangements between state and regional governments, on the emergence of roadway project prioritization patterns and funding allocations across regions and towns. (shrink)

This paper is addressed to recent theoretical discussions of the Anthropocene, in particular Bernard Stiegler’s Neganthropocene (Open Universities Press, 2018), which argues: “As we drift past tipping points that put future biota at risk, while a post-truth regime institutes the denial of ‘climate change’ (as fake news), and as Silicon Valley assistants snatch decision and memory, and as gene-editing and a financially-engineered bifurcation advances over the rising hum of extinction events and the innumerable toxins and conceptual opiates that Anthropocene Talk (...) fascinated itself with—in short, as ‘the Anthropocene’ discloses itself as a dead-end trap…”. The objective of this paper is therefore twofold: (1) to discuss how the Anthropocene is appropriated to certain ideological discourses (paradoxically) to maintain the hegemony of precisely those systems of production that have most accelerated climate change etc.; (2) to consider how the factography of the Anthropocene is exploited in this process to mask the ideological character of industry-aligned “technocratic” environmental management. The paper is not concerned with specific case studies in terms of government and industry policy, or climate science, but rather with the ways in which the discourse of the Anthropocene has been inflected within the humanities and the broader cultural field—that is to say, ideologically, as a system or logic of meaning. How the Anthropocene “means” is, in this respect, a question of some importance. This paper does not attempt to address all the facets of this question, but focuses upon a central “apocalyptic” strain in the discourse of the Anthropocene drawn particularly from Francis Fukuyama’s millennial posthumanism and centred in the question of “sustainability” as catastrophe management—with the risk that real environmental degradation will become an alibi for a revived neoliberalism. In other words, that the critical Earth system transformations that characterise the Anthropocene are themselves commodities, and that the project of their amelioration is in process of defining a future (opportunistic) “crisis” rhetoric with a global political franchise. The ideological import of the Anthropocene stems precisely from the fact that it is planetary and, while catalysed by human agency, independent in its specific behaviour from it. The Anthropocene objectively presents as the contemporary counterpart of the Cold War doctrine of Mutually Assured Destruction and the most compelling argument for a new kind of technological “arms race.” But it also presents as the condition of an emerging ideological discourse which will determine how this race is run. From the discourse on “energy security” to the widespread “security crackdown” on environmental activists across the so-called developed & developing world, the Anthropocene has come to represent the co-option of a scientific factography for the thinly disguised resurgence of “ideological science” of the Fukuyamaesque variety (post-history, post-human). For Fukuyama, the true meaning of “posthuman” is thus the accomplishment of humanity’s historical mission. As the “End of History” designates an end of ideological struggle, so too the dénouement of the Anthropocene and the “ends of man” represent the accomplished purpose of species warfare: dominion, not simply over the world, but over all possible worlds. According to this narrative, science—like technology—must be uniquely at the service of the maintenance of the global order, organised around a universal appeal to “crisis management.” It is precisely for this reason that what calls itself post-human masks the return of an ever-more-apocalyptic Humanism. (shrink)

October 14, 2007: Studying how a broker's brain works. swissinfo. "To help maintain its competitive edge, the Swiss banking industry is investing heavily in financial engineering. Its latest recruit is economist Peter Bossaerts. swissinfo talked to Bossaerts, a leading expert in neuroeconomics – the study of how we make financial choices - about his recent appointment as professor at the Federal Institute of Technology in Lausanne.... swissinfo: So what exactly is neuroeconomics? Peter Bossaerts: It's a mixture of decisional (...) theory - mathematical theories applied in risk-based decision-making - and neuroscience.... Neurofinance, therefore, tries to understand how choices are made in a risky world. It looks closely at the workings of the brain while taking into account human emotions.... swissinfo: What is the aim of your work? P.B.: Firstly, to make progress on how people make choices when dealing with risk.... Neuroeconomics should also help improve decisional theory, which doesn't work in the real world where rules are vague and probabilities are unknown. The aim is to build up artificial intelligence based on a theory where decision-making is repeated." >>> Neuroscience, Cognitive Science, Finance & Investing, Applications. (shrink)

Celebrated as a courtesan and poet, and as a woman of great intelligence and wit, Tullia d'Aragona entered the debate about the morality of love that engaged the best and most famous male intellects of sixteenth-century Italy. First published in Venice in 1547, but never before published in English, _Dialogue on the Infinity of Love_ casts a woman rather than a man as the main disputant on the ethics of love. Sexually liberated and financially independent, Tullia d'Aragona dared to (...) argue that the only moral form of love between woman and man is one that recognizes both the sensual and the spiritual needs of humankind. Declaring sexual drives to be fundamentally irrepressible and blameless, she challenged the Platonic and religious orthodoxy of her time, which condemned all forms of sensual experience, denied the rationality of women, and relegated femininity to the realm of physicality and sin. Human beings, she argued, consist of body and soul, sense and intellect, and honorable love must be based on this real nature. By exposing the intrinsic misogyny of prevailing theories of love, Aragona vindicates all women, proposing a morality of love that restores them to intellectual and sexual parity with men. Through Aragona's sharp reasoning, her sense of irony and humor, and her renowned linguistic skill, a rare picture unfolds of an intelligent and thoughtful woman fighting sixteenth-century stereotypes of women and sexuality. (shrink)

L'auteur de cet essai tente de circonscrire l'aventure philosophique de la "quête de la vérité", en s'inspirant des recherches les plus récentes de l'épistémologie et de la logique, essayant de trouver dans la praxis des pierres d'achoppement pour un discours au moins tendanciellement vrai. Dans la confusion politique et culturelle de ce siècle, des vérités multiples prétendent avoir droit à l'expression. On parle d'intelligence digitalisée et artificielle, de désinformation, d'infox, d'intox, de propagande, de mensonges, de vérités alternatives. Ça caquète (...) et ça rugit de toutes parts, voulant soutenir la véracité par la force ou la répétition. Surtout dans ce qui se vante comme l'extrême conquête de notre civilisation occidentale, la démocratie, les harangues et les verbiages sont souvent vides de contenus, des baudruches regorgeant de promesses vaines et de captations factices. De gros intérêts financiers ou des déformations idéologiques se cachent derrière un discours qui se prétend précis et neutre. Il n'est pas étonnant de voir maint citoyen perdu dans cette cacophonie ambiante, de le voir découragé devant son manque d'information fiable et d'action cohérente. Pourtant les choses qu'il vit et qu'il sent sont dures et réelles. Elles ont des angles qui parfois font mal. La vérité existe... quelque part et de quelque façon."--Page 4 of cover. (shrink)

A few years back, well-known skeptic Michael Shermer and I were speakers at Baylor’s The Nature of Nature conference. During evening refreshments, we discussed how we could generate funds for our respective causes—he to promote skepticism and debunk people like me, and me to promote intelligent design and debunk Darwinism (which underwrites Shermer’s brand of skepticism). We agreed that we should start a highly visible campaign against each other in which we argue the dangers of the other’s position. Having escalated (...) the conflict between us, we could then go to our natural constituencies and urge them to fund each of us against the other. Of course, nothing ever came of that conversation. But we had a chuckle. And both our causes have since done quite well financially. (shrink)

This article critically examines the emergent phenomena of AI-generated and NFT art through the lens of Georg Lukács’ theory of reification and its existential implications. Lukács argued that under capitalism, social relations and human experiences are transformed into objective, quantifiable commodities, leading to a fragmented and alienated consciousness. Applying this framework to AI and NFT art, these technologies can be said to represent extreme examples of the reification of art and creativity in the digital age. AI art generators reduce artistic (...) production to abstract, computable properties divorced from lived experience, while NFTs transform digital art into speculative commodities, imposing the logic of private property and exchange value onto the previously open domain of online culture. The existential dimension of this reification is explored, raising questions about the nature of creativity, originality, and the value of art in an increasingly financialized and automated world. The article suggests that a Lukácsian critique must not only diagnose the reified character of these cultural forms but also identify their potential for resistance and transformation, pointing toward a re-humanized and emancipatory vision of art in the digital age. Contemporary theorists such as Tiziana Terranova, Nick Dyer-Witheford, and Benjamin Noys are invoked to further elucidate these issues. (shrink)

In a wide-ranging, provocative anatomy of modern society and its origins, novelist and historian John Ralston Saul explores the reason for our deepening sense of crisis and confusion. Throughout the Western world we talk endlessly of individual freedom, yet Saul shows that there has never before been such pressure for conformity. Our business leaders describe themselves as capitalists, yet most are corporate employees and financial speculators. We are obsessed with competition, yet the single largest item of international trade is (...) a subsidized market in armaments. We call our governments democracies, yet few of us participate in politics. We complain about "invasive government," yet our legal, educational, financial, social, cultural and legislative systems are breaking down. While most observers view these problems separately, Saul demonstrates that they are largely manifestations of our blind faith in the value of reason. Over the last 400 years, our "rational elites" have gradually instituted reforms in every phase of social life. But Saul shows that they have also been responsible for most of the difficulties and violence of the same period. This paradox arises from a simple truth which our elites deny: far from being a moral force, reason is no more than an administrative method. Their denial has helped to turn the modern West into a vast, incomprehensible, directionless machine, run by process-minded experts - "Voltaire's bastards"--Whose cult of scientific management is bereft of both sense and morality. Whether in politics, art, business, the military, entertainment, science, finance, academia or journalism, these experts share the same outlook and methods. The result, Saul maintains, is a civilization of immense technological power whose peoples increasingly dwell in a world of illusion. Already known to millions of readers as the author of novels which portray the overwhelming effects of this power on the modern individual by weaving together international finance, the oil and arms business, guerrilla warfare, drug traffic, and the world of art, here Saul lays aside the mask of fiction to speak in his own voice. Only by withdrawing from our addiction to "solutions," he argues, reclaiming the citizens' right to question and participate in public life, and recovering a common sense capacity for intelligent panic, can we find a way out of our permanent crisis. (shrink)