Downside risk aversion (downside RA) and decreasing absolute risk aversion (DARA) are different concepts that describe preferences for which the harm from bearing risk is lessened by an increase in wealth. This note presents some intuitive explanations of the difference between the two concepts using simple lotteries and graphical analysis. All risk-averse utility functions exhibit downside risk aversion, except those that exhibit sufficiently strong increasing absolute risk aversion. In a sense, downside RA is to be expected: adding downside risk to (...) a baseline lottery is analogous to increasing risk while adding upside risk is analogous to decreasing risk. The difference between the two concepts can be attributed to the use of different measures of the harm from risk bearing: downside RA measures harm using the utility premium and DARA measures harm using the risk premium. The two premia can change at different rates and even in different directions as wealth increases. (shrink)

The relationship between willingness to pay to reduce the probability of an adverse event and the degree of risk aversion is ambiguous. The ambiguity arises because paying for protection worsens the outcome in the event the adverse event occurs, which influences the expected marginal utility of wealth. Using the concept of downside risk aversion or prudence, we characterize the marginal WTP to reduce the probability of the adverse event as the product of WTP in the case of risk neutrality and (...) an adjustment factor. For the univariate case, the adjustment factor depends on risk aversion and prudence with respect to wealth. For the bivariate case, the adjustment factor depends on risk aversion and cross-prudence in wealth. (shrink)

The past several decades have seen a renaissance in Christian philosophy, led by the work of Alvin Plantinga, Nicholas Wolterstorff, William Alston, Eleonore Stump, and others. In the spirit of Plantinga s famous manifesto, Advice to Christian Philosophers, James K. A. Smith here offers not only advice to Pentecostal philosophers but also some Pentecostal advice to Christian philosophers. In this inaugural Pentecostal Manifestos volume Smith begins from the conviction that implicit in Pentecostal and charismatic spirituality is a tacit worldview (...) or social imaginary. Thinking in Tongues unpacks and articulates the key elements of this Pentecostal worldview and then explores their implications for philosophical reflection on ontology, epistemology, aesthetics, language, science, and philosophy of religion. In each case, Smith demonstrates how the implicit wisdom of Pentecostal spirituality makes unique contributions to current conversations in Christian philosophy. (shrink)

2013 Word Guild Award (Academic) How does worship work? How exactly does liturgical formation shape us? What are the dynamics of such transformation? In the second of James K. A. Smith's three-volume theology of culture, the author expands and deepens the analysis of cultural liturgies and Christian worship he developed in his well-received Desiring the Kingdom. He helps us understand and appreciate the bodily basis of habit formation and how liturgical formation--both "secular" and Christian--affects our fundamental orientation to the (...) world. Worship "works" by leveraging our bodies to transform our imagination, and it does this through stories we understand on a register that is closer to body than mind. This has critical implications for how we think about Christian formation. Professors and students will welcome this work as will pastors, worship leaders, and Christian educators. The book includes analyses of popular films, novels, and other cultural phenomena, such as The King's Speech, Rise of the Planet of the Apes, David Foster Wallace's Infinite Jest, and Facebook. (shrink)

In this, the first book to address the ongoing debate, Plantinga presents his influential thesis and responds to critiques by distinguished philosophers from a ...

This important contribution to the ground-breaking Radical Orthodoxy series revisits the works of Husserl, Heidegger, Augustine and Derrida to reconsider the challenge of speaking of God through predication, silence, confession and praise. James K. A. Smith argues for God's own refusal to avoid speaking as well as for our urgent need of words to make Him visible to us. This leads to a radical new "incarnational phenomenology" in which God's love endows imperfect signs with the means to indicate true (...) states of infinitude, and in which we may ultimately discover a new theology of the arts. (shrink)

Our tendency is not to read Romantic poetry as alluding to the texts it reminds us of. We think of the Augustans as the author of what Reuben Brower calls "the poetry of allusion."5 We envision Romantic poets carrying on their work in reaction to these Augustans and in mysterious awe, whether fearful or admiring, of most other poets—sometimes even of each other. No self-respecting Romantic, it is usually assumed, will deliberately send his reader elsewhere for a meaning to complement (...) the effect of his own words. If a reader's mind wanders to an earlier poem, that is not the Romantic poet's fault but a matter of accident or perhaps of cruel destiny. The Romantic wants to keep the poem an intimate affair—just the two of us—and does what he can to keep his reader's attention on himself.[…]What follows is an effort to test the applicability of Wasserman's Augustan hypothesis to the poetic mode of high Romanticism. This effort should not be taken to imply either that the Romantics simply continue in the allusive mode of the Augustans or that the assumptions that lead Bloom and others to read Romantic poetry as they do are utterly mistaken. I will in fact be arguing quite otherwise. Nor must there be any confusion about Wasserman's conception of the Augustan mode. Some of the language of his summary, for example where he speaks of "the rich interplay between the author's text and the full contexts it allusively arouses," might lead one to liken his work to the criticism now associated with the notion of "intertextuality." For the practitioners of this criticism, as Jonathan Culler explains, "to read is to place a work in a discursive space, relating it to other texts and to other codes of that space, and writing is a similar activity."8 Writing and reading a poem are in this account both acts of "intertextual location," if you will, but the reader of the poem need not concern himself with the aims and circumstances of its writer's "similar activity." The decisive difference between this view and the one Wasserman offers for the Augustans is that Wasserman's is intentionalist and historicist. This shows plainly in his exegetical commentary on the Rape, where his characteristic claim follows the formula: "Pope [expects, invites, prods, wants] his reader to [discover, exercise his wit on, recognize, see] X in his allusion to such-and-such a text." And to support his claim he repeatedly brings his historicist scholarship to bear on questions about "the kind of ready knowledge Pope demands of his reader" and what "facts [were] known to any serious reader" of the time.95. See Reuben Brower, Alexander Pope: The Poetry of Allusion , esp. pp. 1-14.8. Jonathan Culler, "Presupposition and Intertextuality," MLN 91 : 1382-3; Culler refers primarily to the work of Roland Barthes and Julia Kristeva but notes that Bloom himself occasionally sounds curiously like an intertextualist critic.9. Wasserman, "Limits of Allusion," pp. 427, 429. For a response to Wasserman less sympathetic than mine, see Irvin Ehrenpreis, Literary Meaning and Augustan Values , pp. 12-15.James K. Chandler, an assistant professor of English at the University of Chicago, has published work on Wordsworth's poetry and politics and is currently completing a book on the subject. (shrink)

Neither income nor wealth should be too highly unequal. But there is a fundamental distinction between pay for work and the ownership of capital assets. The reasons to moderate these inequalities therefore differ, and the arguments are best considered separately.

What are international codes of conduct for? The broad support for such codes masks fundamental differences about their purpose. Corporations see codes of conduct as regimes for regulating their relations with their suppliers in developing countries and—not least—to counter negative publicity. For labor and human rights activists, on the other hand, codes of conduct are levers for forcing positive change in global labor and environmental standards. Here I consider two areas typically covered by codes of conduct—wages and child labor—and identify (...) some of the dangers of using codes to force change. If low wages or child labor are the result of poverty, and can’t be fixed by enlightened corporate policies, then codes will at best leave the underlying problems untouched and at worst will aggravate them. I conclude that we should be cautious about using codes to force higher standards. (shrink)

Professor Quine in recent articles has raised an old question, an ontological one, concerning the status of universals. It is interesting to note that the same positions recur in symbolic logic that have appeared so often in the past in less exact language. There can be little doubt that the question he raises is crucial; and if the issue is not yet settled, there is at least some hope that it may be clarified. Propositions are required to make propositions clear.

Of recent years there have appeared in the literature several attempts to apply to the subject matter of chemistry mathematical theories which had not thitherto found any use in that field. With the spirit and purpose of such attempts, the author of this paper is thoroughly in sympathy. But some of the investigators who have undertaken this kind of pioneer work in applied mathematics have apparently entered upon their tasks without appreciating the difficulties involved, and have hence produced results more (...) likely to obscure than to clarify their subjects. (shrink)

Science is a comparatively recent affair, but the alternatives at our command in philosophy are old ones. The range of Greek philosophy seems to have an astonishing stability. The philosophy of religion was used for centuries to bolster religion. It is some indication of the rapid growth of the prestige of science that now the philosophy of science is used to bolster philosophy.