Individuals and businesses make numerous payments every day. They sometimes have choices about what forms of payment to make or accept, and at other times are effectively forced to use a particular form. Often there is an asymmetric power relationship between payer and payee that raises the issue of whether one side unfairly exploits the other. Is it unethical exploitation for an employer to pay employees with a fee-laden payroll card over other more convenient forms of payment? Does the fee (...) structure of payment networks such as Visa and MasterCard unfairly exploit merchants? The bitcoin payment system is an ethical as well as technological evolution as it was designed to be an electronic payment system that does not rely upon trust. Can an entire payment system like bitcoin be “evil,” as charged by Krugman? Payment tools as such are ethically neutral, but can be used in an ethical or unethical manner. (shrink)

Recently there has been an outpouring of consumer frustration over rising food and energy prices. Many politicians railed against “speculators” who allegedly drove up the prices of key necessities. Is speculation unethical? This article reviews the traditional arguments against speculation. Many of the standard criticisms confuse speculation with gambling. In much the same way as ethicists now draw distinctions between usury and normal business interest, we draw a distinction between socially useful speculation and gambling. Gambling involves taking on risk with (...) no plausible expectation of making a profit. Gambling may provide entertainment value to some people, but like other addictive activities causes grave harm to a subset of users. Speculation involves taking on a business risk with a plausible expectation that a profit will result. Speculators provide an important risk bearing service by taking on risks that others do not want. They help markets to function better by helping to incorporate information into prices as well as providing liquidity. Speculators may actually reduce shortages by causing quicker price increases that motivate producers to increase production and consumers to conserve. But even socially useful speculation may have an ethical dark side. Does such speculation cause damage by adding excess volatility to prices? Speculators may contribute to price bubbles. At what point does legitimate speculation become odious “price gouging?” We also draw an ethical distinction between speculation, which seeks to benefit from changing prices, and manipulation, actions taken to push prices away from their economically appropriate levels. (shrink)

This paper examines the ethics of contemporary managerial compensation in the context of executive stock options. Economic considerations would dictate that executive stock options should be adjusted to eliminate the effect of overall stock market movements which are beyond the control of the executive. However, in practice, most executive stock options are not adjusted to control for these outside factors. Agency considerations are the most likely culprit. Adjusting for the influence of outside factors, such as a generally rising stock market, (...) from executive stock options sets a higher bar for managers to reach. Furthermore, traditional accounting standards permitted firms that did not adjust options to avoid reporting options as expenses. This presents CEOs and boards of directors with a major ethical dilemma. On the one hand, their duty to their shareholders and stakeholders dictates that executive stock options should be adjusted to eliminate outside noise from unrelated movements in the overall stock market. However, financial statements are presented in the language of accounting. If the overwhelming majority of the users of a language define a particular item in one way, then to deviate from the norm implies that the recipient of such a deviant statement may not properly interpret the statement. Likewise, if the standard practice is for firms to use unadjusted options and thus under-report expenses, to deviate from this industry norm risks that users of financial statements would not properly interpret the financial statements, with perhaps negative consequences for the shareholders. In short, if "everyone else does it," then it could be wrong for an individual firm to deviate from the norm as that would harm the shareholders. (shrink)

The controversy over short selling has continued unabated from the introduction of modern equity trading in Amsterdam in 1610 to the present day. Nevertheless, the business ethics literature has not really addressed short selling. Short sellers not only profit from the misery of others, they also create it through their selling activities. However, they also provide a socially useful service by making prices better reflect true values, protecting other investors from purchasing overpriced securities. Short sellers can also help to provide (...) liquidity in the markets. Recently, there has been a hue and cry against so called "naked" short selling, which involves not delivering the shares that have been sold. This gives manipulators a tool for depressing stock prices and deprives purchasers of voting rights and potential stock lending revenue. Naked short selling creates ethical issues for short sellers, buyers, brokers, market makers, and regulators. Is it ethical to exploit a legal loophole that permits sellers to sell stock and delay delivering shares indefinitely? (shrink)

Earl Conee has argued that the metaphysics of personal identity is irrelevant to the morality of abortion. He claims that doing all the substantial work in abortion arguments are moral principles and they garner no support from rival metaphysics theories. Conee argues that not only can both immaterialist and materialist theories of the self posit our origins at fertilization, but positing such a beginning doesn’t even have any significant impact on the permissibility of abortion. We argue that this thesis is (...) wrong on both accounts. We do so, in part, by relying on a hylomorphic rather than a Cartesian conception of the soul. There are good reasons for believing such a soul theory can favor an earlier origin than the leading materialist accounts. We also show that the theological metaphysics of hylomorphism provide greater support for a pro-life position than the Cartesian position Conee discusses. However, we argue that even on a materialistic account of personal identity, metaphysics has substantial bearing upon the morality of early abortions. (shrink)

Recent concern over “high frequency trading” (HFT) has called into question the fairness of the practice. What does it mean for a financial market to be “fair”? We first examine how high frequency trading is actually used. High frequency traders often implement traditional beneficial strategies such as market making and arbitrage, although computers can also be used for manipulative strategies as well. We then examine different notions of fairness. Procedural fairness can be viewed from the perspective of equal opportunity, in (...) which all market participants are treated alike. The same rules apply to HFT as to other traders. Another approach to fairness is in the equality of outcomes. Many HFT strategies are beneficial to other market participants, so one cannot categorically denounce the practice as unfair. Other strategies, for both high and low frequency trading, are not. It is thus important to distinguish between the technology and the use of the technology to make judgments on fairness. (shrink)

Our contention is that all of the major arguments for abortion are also arguments for permitting infanticide. One cannot distinguish the fetus from the infant in terms of a morally significant intrinsic property, nor are they morally discernible in terms of standing in different relationships to others. The logic of our position is that if such arguments justify abortion, then they also justify infanticide. If we are right that infanticide is not justified, then such arguments will fail to justify abortion. (...) We respond to those philosophers who accept infanticide by putting forth a novel account of how the mindless can be wronged which serves to distinguish morally significant potential from morally irrelevant potential. This allows our account to avoid the standard objection that many entities possess a potential for personhood which we are intuitively under no obligation to further or protect. (shrink)

What are the ethical obligations of the sellers of financial products to their customers? Stockbrokers in the U.S. have a legal and ethical requirement to recommend only “suitable” investments to their customers. This is a fairly weak standard. Currently, there are proposals to raise the standard to a fiduciary one in which the recommendations would have to be in the best interests of the clients. Brokers sell solutions to financial problems. Similar to an auto mechanic or a doctor, the product (...) often consists of both the professional advice and its implementation. There are numerous conflicts of interest between brokerage firms and their customers in that the products that pay the highest commissions may not be the best ones for the customers. The societal perspective adds complications, however. Society depends on modern financial markets to raise capital for productive enterprises and to spread risk. Issuers of financial products need distribution channels for their products just like the producers of any other products. Commissions create powerful incentives for the distribution channels, but at the same time produce conflicts of interest—a type of ethical pollution. Just as our society tolerates some pollution as a byproduct of other useful activities, it may be useful to tolerate some of these financial conflicts of interest. The nature of the relationship should govern the ethical standard. Those selling advice, regardless of how they label themselves, should adhere to a best-interest fiduciary standard. More limited relationships should be limited to the mandate involved in the relationship. (shrink)

Catholic opponents of abortion and embryonic stem cell research usually base their position on a hylomorphic account of ensoulment at fertilization. They maintain that we each started out as one-cell ensouled organisms. Critics of this position argue that it is plagued by a number of intractable problems due to fission (twinning) and fusion. We're unconvinced that such objections to early ensoulment provide any reason to doubt the coherence of the hylomorphic account. However, we do maintain that a defense of ensoulment (...) at fertilization must deny that we're essentially organisms. (shrink)

In the remainder of this article, we will disarm an important motivation for epistemic contextualism and interest-relative invariantism. We will accomplish this by presenting a stringent test of whether there is a stakes effect on ordinary knowledge ascription. Having shown that, even on a stringent way of testing, stakes fail to impact ordinary knowledge ascription, we will conclude that we should take another look at classical invariantism. Here is how we will proceed. Section 1 lays out some limitations of previous (...) research on stakes. Section 2 presents our study and concludes that there is little evidence for a substantial stakes effect. Section 3 responds to objections. The conclusion clears the way for classical invariantism. (shrink)

Three eminent scientists analyze the scientific, social, and political roots of biological determinism.

Does the Ship of Theseus present a genuine puzzle about persistence due to conflicting intuitions based on “continuity of form” and “continuity of matter” pulling in opposite directions? Philosophers are divided. Some claim that it presents a genuine puzzle but disagree over whether there is a solution. Others claim that there is no puzzle at all since the case has an obvious solution. To assess these proposals, we conducted a cross-cultural study involving nearly 3,000 people across twenty-two countries, speaking eighteen (...) different languages. Our results speak against the proposal that there is no puzzle at all and against the proposal that there is a puzzle but one that has no solution. Our results suggest that there are two criteria—“continuity of form” and “continuity of matter”— that constitute our concept of persistence and these two criteria receive different weightings in settling matters concerning persistence. (shrink)

Is behavioral integration (i.e., which occurs when a subjects assertion that p matches her non-verbal behavior) a necessary feature of belief in folk psychology? Our data from nearly 6,000 people across twenty-six samples, spanning twenty-two countries suggests that it is not. Given the surprising cross-cultural robustness of our findings, we suggest that the types of evidence for the ascription of a belief are, at least in some circumstances, lexicographically ordered: assertions are first taken into account, and when an agent sincerely (...) asserts that p, non-linguistic behavioral evidence is disregarded. In light of this, we take ourselves to have discovered a universal principle governing the ascription of beliefs in folk psychology. (shrink)

Is behavioral integration a necessary feature of belief in folk psychology? Our data from over 5,000 people across 26 samples, spanning 22 countries suggests that it is not. Given the surprising cross-cultural robustness of our findings, we argue that the types of evidence for the ascription of a belief are, at least in some circumstances, lexicographically ordered: assertions are first taken into account, and when an agent sincerely asserts that p, nonlinguistic behavioral evidence is disregarded. In light of this, we (...) take ourselves to have discovered a universal principle governing the ascription of beliefs in folk psychology. (shrink)

This article examines whether people share the Gettier intuition (viz. that someone who has a true justified belief that p may nonetheless fail to know that p) in 24 sites, located in 23 countries (counting Hong Kong as a distinct country) and across 17 languages. We also consider the possible influence of gender and personality on this intuition with a very large sample size. Finally, we examine whether the Gettier intuition varies across people as a function of their disposition to (...) engage in “reflective” thinking. (shrink)

The recent global pandemic has led to a shift to online conferences in philosophy. In this paper we argue that online conferences, more than a temporary replacement, should be considered a sustainable alternative to in-person conferences well into the future. We present three arguments for more online conferences, including their reduced impact on the environment, their enhanced accessibility for groups that are minorities in philosophy, and their lower financial burdens, especially important given likely future reductions in university budgets. We also (...) present results from two surveys of participants who attended one large and three small online philosophy conferences this year. We show that participants were in general very satisfied with presentations and discussions at the conferences, and that they reported greater accessibility. This indicates that online conferences can serve as a good alternative to in-person conferences. We also find that networking was less satisfactory in online conferences, indicating a point for improvement and further research. In general, we conclude that philosophers should continue to organize online conferences after the pandemic. We also provide some advice for those wishing to organize online conferences. (shrink)

This volume answers the question: Why do we believe what we believe? It examines current research on the concept of beliefs, and the development in our understanding of the process of believing. It takes into account empirical findings in the field of neuroscience regarding the processes that underlie beliefs, and discusses the notion that beyond the interactive exploratory analysis of sensory information from the complex outside world, humans engage in an evaluative analysis by which they attribute personal meaning and relevance (...) to the probabilistic representations of objects and events. Beliefs exert a strong influence on behaviour, decision-making, and identifying and solving problems. Despite their importance, beliefs have until recently not been at the centre of scientific interest. In fact, "belief" is an ill-defined phenomenon. From a transdisciplinary perspective the actual approaches to understanding belief seem incompatible as they attempt to highlight such different topics as "belief - religion", "belief - spirituality", "belief - faith", "belief - knowledge", "belief - attitude", "belief - disbelief", "belief - illusion", and "believing - brain function". This situation contradicts the idea that belief is close to pathological phenomena and that it should be eliminated from scientific discussions. Rather, believing is fundamental for understanding the many problems of every-day life. In fact, the book shows that beliefs are relevant for politics, international affairs, economy, law, or religions also in modern societies. This book presents the increasing scientific interest in beliefs and believing, and reflects the change in focus from the content aspect of belief towards the fluid nature of believing. (shrink)