In light of recent doctrinal changes, we examine the confused state of U.S. insider trading law, identifying gaps that permit certain market participants to trade on the basis of material nonpublic information, and contrast U.S. insider trading doctrine with the European approach. We then explore the ethical implications of the status quo in the U.S., explaining why the dominant legal justifications for prohibiting classical insider trading and misappropriation—the fiduciary duty and property rights theories—fail to account for the wrongfulness of insider (...) trading by eavesdroppers and certain tippees. We refute common arguments for legalizing insider trading, including arguments that insider trading is a victimless crime and that the practice promotes efficiency. We explain why insider trading constitutes the moral wrong of cheating, grounding our theory in the legitimate expectations of market participants. Having considered Kantian deontology in other work, we find that virtue ethics theory offers a helpful albeit rough framework for assessing the morality of insider trading independent of its legality. We also find that social contract theories, with norms of equality of opportunity and moral desert, provide a compelling ethical basis for retaining, clarifying and broadening current legal prohibitions against insider trading. (shrink)

Several eminent philosophers – including Saint Augustine, Sir Francis Bacon, and Roderick Chisholm – have done important work on what lies are and how they can be used to deceive us. It is less well known that Mark Twain also made important contributions to this area of applied epistemology. In addition to writing two notable essays on lying, he created one of the most quintessential and versatile liars in all of literature, Tom Sawyer. Episodes from the novels (and films) featuring (...) this character provide evidence in support of Twain’s theses that lying is more common and more varied than we tend to think. Twain’s insights often anticipate the subsequent work of contemporary philosophers and are applicable to the fake news, deepfakes, and disinformation of the twenty-first-century. (shrink)

In this study, we explore the relationship between perceived CEO greed and workplace safety. Drawing on insights from the social psychology literature, we theorize that CEOs are cognizant that their perceived greed has implications for how observers respond to failures in workplace safety. Our theorizing points to a somewhat counterintuitive positive relationship between perceived CEO greed and workplace safety. Consistent with our theorizing, we find that the relationship is attenuated when the CEO is insulated from how observers respond to firm (...) conduct and is amplified when the CEO’s characteristics have a larger impact on how observers respond to adverse firm-level events. We contribute to business ethics research on executive greed, on the relationship between CEO traits and (ir)responsible corporate conduct, and on the antecedents of workplace safety. (shrink)

To be uninterested in an issue is to not care about it one way or the other. To be disinterested in an issue is to devote attention to deciding on it, but to do so in a way that tries to discount one’s personal stake in the outcome.

AbstractIn this extended case study, we examine how business leaders translate a responsible leadership mindset into practice. By studying the leadership team and stakeholders of a large US college dining provider, we found that organization executives leverage the lenient market category of local food to successfully connect with and satisfy the interests of different stakeholder groups. We show that lenient categories, those with ambiguity and unclear boundaries, could be used by organizations as strategic devices to integrate the diverse needs of (...) their stakeholders and foster positive stakeholder relationships. Based on our findings, we develop a theoretical model to illustrate how responsible leaders take advantage of meaning structures of the market category they have adopted to achieve both financial and social benefits for a broad range of stakeholders. (shrink)

The Asian financial crisis, which devastated many of the newly industrializing countries, is said to have demonstrated the inherent fragility of economies built upon laissez‐faire principles. However, it appears that the major sources of disruption have come from policies that deviate from laissez faire, such as government‐guaranteed bailouts and international monetary policy. That capitalist economies were afflicted by the crisis does not constitute an indictment of free markets.

_Expanding Hermeneutics_ examines the development of interpretation theory, emphasizing how science in practice involves and implicates interpretive processes. Ihde argues that the sciences have developed a sophisticated visual hermeneutics that produces evidence by means of imaging, visual displays, and visualizations. From this vantage point, Ihde demonstrates how interpretation is built into technologies and instruments.

We consider the potential contribution of economics to an interdisciplinary research partnership between sociology and neuroscience. We correct a misunderstanding in previous literature over the understanding of humans as ‘social animals’, which has in turn led to misidentification of the potential relevance of game theory and the economics of networks to the social neuroscience project. Specifically, it has been suggested that these can be used to model mindreading. We argue that mindreading is at best a derivative and special basis for (...) social coordination, whereas the general and pervasive phenomenon on which it depends is mindshaping. We then outline the foundations of Conditional Game Theory as a mathematical model of mindshaping, which extends game theory without displacing its classic solution concepts, and which exploits economists’ experience in modeling networks. (shrink)

We want to keep hackers in the dark about our passwords and our credit card numbers. We want to keep potential eavesdroppers in the dark about our private communications with friends and business associates. This need for secrecy raises important questions in epistemology (how do we do it?) and in ethics (should we do it?). In order to answer these questions, it would be useful to have a good understanding of the concept of keeping someone in the dark. Several philosophers (...) (e.g., Bok, 1983; Carson, 2010; Mahon, 2009; Scheppele, 1988) have analyzed this concept (or, equivalently, the concept of keeping secrets) in terms of concealing and/or withholding information. However, their analyses incorrectly exclude clear instances of keeping someone in the dark. And more important, they incorrectly focus on possible means of keeping someone in the dark rather than on what it is to keep someone in the dark. In this paper, I argue that you keep X in the dark about a proposition P if and only if you intentionally cause X not to have a true belief that P. In addition, I show how this analysis of keeping someone in the dark can be extended from a categorical belief model of epistemic states to a credence (or degree of belief) model. (shrink)

_Postures of the Mind _was first published in 1985. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions. Annette Baier develops, in these essays, a posture in philosophy of mind and in ethics that grows out of her reading of Hume and the later Wittgenstein, and that challenges several Kantian or analytic articles of faith. She questions the assumption that intellect has authority over all (...) human feelings and traditions; that to recognize order we must recognize universal laws—descriptive or prescriptive; that the essential mental activity is representing; and that mental acts can be analyzed into discrete basic elements, combined according to statable rules of synthesis. In the first group of essays—"Varieties of Mental Postures"—Baier evaluates the positions taken by philosophers ranging from Descartes to Dennett and Davidson. Among her topics are remembering, intending, realizing, caring, representing, changing one's mind, justifying one's actions and feelings, and having conflicting reasons for them. The second group of essays—"Varieties of Moral Postures" - explores the sort of morality we get when all of these capacities become reflective and self-corrective. Some deal with particular moral issues—our treatment of animals, our policies regarding risk to human life, our contractual obligations; others, with more general questions on the role of moral philosophers and the place of moral theory. These essays respond to the theories of Hobbes, Kant, Rawls, and MacIntyre, but Baier's most positive reaction is to David Hume; _Postures of the Mind _ affirms and cultivates his version of a moral reflection that employs feeling and tradition as well as reason. (shrink)

1 INTRODUCTION Above the other titles he might justly have claimed, Charles S. Peirce prized the title 'logician'. He expressed in several places his ...

Stefanie Rocknak's stimulating, challenging, and highly original new book, Imagined Causes: Hume's Conception of Objects, is helpfully summarized on its back cover as follows: This book provides the first comprehensive account of Hume's conception of objects in Book I of A Treatise of Human Nature. What, according to Hume, are objects? Ideas? Impressions? Mind-independent objects? All three? None of the above? Through a close textual analysis, Rocknak shows that Hume thought that objects are imagined ideas. But, she argues, he struggled (...) with two accounts of how and when we imagine such ideas. On the one hand, Hume believes that we always and universally imagine that objects are the causes of our perceptions. On... (shrink)

In this study, Don Ross explores the relationship of economics to other branches of behavioral science, asking, in the course of his analysis, under what interpretation economics is a sound empirical science. The book explores the relationships between economic theory and the theoretical foundations of related disciplines that are relevant to the day-to-day work of economics -- the cognitive and behavioral sciences. It asks whether the increasingly sophisticated techniques of microeconomic analysis have revealed any deep empirical regularities -- whether technical (...) improvement represents improvement in any other sense. Casting Daniel Dennett and Kenneth Binmore as its intellectual heroes, the book proposes a comprehensive model of economic theory that, Ross argues, does not supplant, but recovers the core neoclassical insights, and counters the caricaturish conception of neoclassicism so derided by advocates of behavioral or evolutionary economics. Because he approaches his topic from the viewpoint of the philosophy of science, Ross devotes one chapter to the philosophical theory and terminology on which his argument depends and another to related philosophical issues. Two chapters provide the theoretical background in economics, one covering developments in neoclassical microeconomics and the other treating behavioral and experimental economics and evolutionary game theory. The three chapters at the heart of the argument then apply theses from the philosophy of cognitive science to foundational problems for economic theory. In these chapters, economists will find a genuinely new way of thinking about the implications of cognitive science for economics, and cognitive scientists will find in economic behavior, a new testing site for the explanations of cognitive science. (shrink)

In this well-researched, comprehensive study of J.S. Mill, Professor Habibi argues that the persistent, dominant theme of Mill's life and work was his passionate belief in human improvement and progress. Several Mill scholars recognize this; however, numerous writers overlook his 'growth ethic', and this has led to misunderstandings about his value system. This study defines and establishes the importance of Mill's growth ethic and clears up misinterpretations surrounding his notions of higher and lower pleasures, positive and negative freedom, the status (...) of children, the legitimacy of authority, and support for British colonialism. Drawing from the entire corpus of Mill's writings, as well as the extensive secondary literature, Habibi has written the most focused, sustained analysis of Mill's grand, leading principle. This book will be useful to college students in philosophy and intellectual history as well as specialists in these fields. (shrink)

Donation after cardiac death protocols are widely accepted, so arguments for them have apparently been persuasive. But this does not mean they are sound.