Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.

BackgroundDecision-making in out-of-hospital cardiac arrest should ideally include clinical and ethical factors. Little is known about the extent of ethical considerations and their influence on prehospital resuscitation. We aimed to determine the transparency in medical records regarding decision-making in prehospital resuscitation with a specific focus on ethically relevant information and consideration in resuscitation providers’ documentation.MethodsThis was a Danish nationwide retrospective observational study of out-of-hospital cardiac arrests from 2016 through 2018. After an initial screening using broadly defined inclusion criteria, two experienced (...) philosophers performed a qualitative content analysis of the included medical records according to a preliminary codebook. We identified ethically relevant content in free-text fields and categorised the information according to Beauchamp and Childress’ four basic bioethical principles: autonomy, non-maleficence, beneficence, and justice. ResultsOf 16,495 medical records, we identified 759 (4.6%) with potentially relevant information; 710 records (4.3%) contained ethically relevant information, whereas 49 did not. In general, the documentation was vague and unclear. We identified four kinds of ethically relevant information: patients’ wishes and perspectives on life; relatives’ wishes and perspectives on patients’ life; healthcare professionals’ opinions and perspectives on resuscitation; and do-not-resuscitate orders. We identified some “best practice” examples that included all perspectives of decision-making. ConclusionsThere is sparse and unclear evidence on ethically relevant information in the medical records documenting resuscitation after out-of-hospital cardiac arrests. However, the “best practice” examples show that providing sufficient documentation of decision-making is, in fact, feasible. To ensure transparency surrounding prehospital decisions in cardiac arrests, we believe that it is necessary to ensure more systematic documentation of decision-making in prehospital resuscitation. (shrink)

A principle claiming equal entitlement to continued life has been strongly defended in the literature as a fundamental social value. We refer to this principle as ‘equal value of life'. In this paper we argue that there is a general incompatibility between the equal value of life principle and the weak Pareto principle and provide proof of this under mild structural assumptions. Moreover we demonstrate that a weaker, age-dependent version of the equal value of life principle is also incompatible with (...) the weak Pareto principle. However, both principles can be satisfied if transitivity of social preference is relaxed to quasi-transitivity. Footnotes1 The authors are grateful to Luc Bovens, Kristian Schultz Hansen, Søren Holm, Franz Huber, Wiebke Kuklys, Gabriella Pigozzi, and two anonymous referees for detailed and very helpful comments on earlier versions of this paper. Any errors and shortcomings are the responsibility of the authors alone. (shrink)

The purpose of this paper is to present an algebraic generalization of the traditional two-valued logic. This involves introducing a theory of automorphism algebras, which is an algebraic theory of many-valued logic having a complete lattice as the set of truth values. Two generalizations of the two-valued case will be considered, viz., the finite chain and the Boolean lattice. In the case of the Boolean lattice, on choosing a designated lattice value, this algebra has binary retracts that have the usual (...) axiomatic theory of the propositional calculus as suitable theory. This suitability applies to the Boolean algebra of formalized token models [2] where the truth values are, for example, vocabularies. Finally, as the actual motivation for this paper, we indicate how the theory of formalized token models [2] is an example of a many-valued predicate calculus. (shrink)

Machine learning models are becoming increasingly prevalent in algorithmic trading and investment management. The spread of machine learning in finance challenges existing practices of modelling and model use and creates a demand for practical solutions for how to manage the complexity pertaining to these techniques. Drawing on interviews with quants applying machine learning techniques to financial problems, the article examines how these people manage model complexity in the process of devising machine learning-powered trading algorithms. The analysis shows that machine learning (...) quants use Ockham’s razor – things should not be multiplied without necessity – as a heuristic tool to prevent excess model complexity and secure a certain level of human control and interpretability in the modelling process. I argue that understanding the way quants handle the complexity of learning models is a key to grasping the transformation of the human’s role in contemporary data and model-driven finance. The study contributes to social studies of finance research on the human–model interplay by exploring it in the context of machine learning model use. (shrink)

This paper explores how calculative cultures shape perceptions of models and practices of model use in the financial industry. A calculative culture comprises a specific set of practices and norms concerning data and model use in an organizational setting. Drawing on interviews with model users working in algorithmic securities trading, I argue that the introduction of complex machine-learning models changes the dynamics in calculative cultures, which leads to a displacement of human judgment in quantitative finance. In this paper, I distinguish (...) between three calculative cultures: an idealistic culture of undivided trust in models, a pragmatic culture of skepticism toward model accuracy, and a pragmatic idealist culture of early stage skepticism and implementation and production-phase idealism. Based on the empirical material, the analysis engages with examples of each of the three calculative cultures. The study contributes to the social studies of finance and science and technology studies more broadly by showing how perceptions of models shape and are shaped through model work in data-intensive, computerized finance. (shrink)

Since its inception in the late 1970s, behavioural economics has gone from being an outlier to a widely recognized yet still contested subset of the economic sciences. One of the basic arguments in behavioural economics is that a more realistic psychology ought to inform economic theories. While the history of behavioural economics is often portrayed and articulated as spanning no more than a few decades, the practice of utilizing ideas from psychology to rethink theories of economics is over a century (...) old. In the first three decades of the 20th century, several mostly American economists made efforts to refine fundamental economic assumptions by introducing ideas from psychology into economic thinking. In an echo of contemporary discussions in behavioural economics, the ambition of these psychology-keen economists was to strengthen the empirical accuracy of the fundamental assumptions of economic theory. In this article, we trace, examine, and discuss arguments for and against complementing economic theorizing with insights from psychology, as found in economic literature published between 1900 and 1930. The historical analysis sheds light on issues and challenges associated with the endeavour to improve one discipline’s theories by introducing ideas from another, and we argue that these are issues and challenges that behavioural economists continue to face today. (shrink)

The critical and polemic receptions of the work of Loïc Wacquant has been extensive, but to a large extent focused on specific works and colored by professional specialty, that is, in a word: fragmented. In counteracting that fragmented response, the article sheds light on the undercurrents in Wacquant’s works by stressing four prominent and consistent features: his heritage from (and updating of) Bourdieu; his emphasis on and constant practice of theory (implicit as well as explicit); the distinct ethos with which (...) he addresses political sociology (in the dual form of a sociology analyzing the effects of the political productions of populations categories and a so-called ‘civic sociology’); and finally, the persistent and ubiquitous critique of everything in existence – a thematic indicator permeating each and every one of his works. Thus the article proposes a unifying reading of Wacquant as an interpretation advocating revitalization of a critical social science. (shrink)

In this paper we argue that transnational as well as national political demands and expectations on the educational field are contributing to produce four ideological-based educational leadership discourses in the literature. In order to conceptualize these discourses, we turn to the work of Schmidt and Zizek. On that basis we identify four dominant educational leadership discourses: a personhood-based discourse, a profession-based discourse, a standard-based discourse, and a resource-based discourse. These discourses have—as we will show—various consequences for the way we think (...) and talk about education and educational leadership in our age. Using examples that stem from a project about educational leadership in Danish upper secondary school, we will illustrate how educational leaders’ beings and doings are ‘regulated’ by these discourses, which place them in a tension field where different and conflicting fantasies seem to be played out. Then, we will discuss how these fantasies can be challenged and how we can think and speak more intellectually about education and educational leadership. By using the term intellectual we are referring to educational leaders’ ability as human beings to critically reflect on their contemporary doings and beings within and beyond the existing social order. Hopefully this can help them to establish new ways for discussing not only what educational leadership is and should be about, but also what it could be about. (shrink)

Employing the theory of Birkhoff polarities as a model of model theory yields an inductively defined dual structure which is a formalization of semantics and which allows for simple proofs of some new results for model theory.

Unilateral spatial neglect is a disorder characterized by the failure to report, respond to, or orient toward the contralateral side of space to a brain lesion. Current assessment methods often fail to discover milder forms, cannot differentiate between unilateral spatial neglect subtypes and lack ecological validity. There is also a need for treatment methods that target subtypes. Immersive virtual reality systems in combination with eye-tracking have the potential to overcome these shortcomings, by providing more naturalistic environments and tasks, with sensitive (...) and detailed measures. This systematic review examines the state of the art of research on these technologies as applied in the assessment and treatment of USN. As we found no studies that combined immersive VR and ET, we reviewed these approaches individually. The review of VR included seven articles, the ET review twelve. The reviews revealed promising results. All included studies found significant group-level differences for several USN measures. In addition, several studies found asymmetric behavior in VR and ET tasks for patients who did not show signs of USN in conventional tests. Particularly promising features were multitasking in complex VR environments and detailed eye-movement analysis. No VR and only a few ET studies attempted to differentiate USN subtypes, although the technologies appeared appropriate. One ET study grouped USN participants using individual heatmaps, and another differentiated between subtypes on drawing tasks. Regarding ecological validity, although no studies tested the prognostic validity of their assessment methods, VR and ET studies utilized naturalistic tasks and stimuli reflecting everyday situations. Technological characteristics, such as the field of view and refresh rate of the head-mounted displays, could be improved, though, to improve ecological validity. We found no studies that utilized VR or ET technologies for USN treatment up until the search date of the 26th of February 2020. In conclusion, VR-ET-based systems show great potential for USN assessment. VR-ET holds great promise for treatment, for example, by monitoring behavior and adapting and tailoring to the individual person’s needs and abilities. Future research should consider developing methods for individual subtypes and differential diagnostics to inform individual treatment programs. (shrink)

This paper has been published in 2015 in Environment and Planning D, 33 : p. 1080–1097. It is freely available from Copenhagen Business School. We thank the authors for the permission to reproduce it here.: This paper explores the relationship between bodily rhythms and market rhythms in two distinctly different financial market configurations, namely the open-outcry pit and present-day high-frequency trading. Drawing on Henri - Management et Business – Nouvel article.

Policy discussions and corporate strategies on machine learning are increasingly championing data reuse as a key element in digital transformations. These aspirations are often coupled with a focus on responsibility, ethics and transparency, as well as emergent forms of regulation that seek to set demands for corporate conduct and the protection of civic rights. And the Protective measures include methods of traceability and assessments of ‘good’ and ‘bad’ datasets and algorithms that are considered to be traceable, stable and contained. However, (...) these ways of thinking about both technology and ethics obscure a fundamental issue, namely that machine learning systems entangle data, algorithms and more-than-human environments in ways that challenge a well-defined separation. This article investigates the fundamental fallacy of most data reuse strategies as well as their regulation and mitigation strategies that data can somehow be followed, contained and controlled in machine learning processes. Instead, the article argues that we need to understand the reuse of data as an inherently entangled phenomenon. To examine this tension between the discursive regimes and the realities of data reuse, we advance the notion of reuse entanglements as an analytical lens. The main contribution of the article is the conceptualization of reuse that places entanglements at its core and the articulation of its relevance using empirical illustrations. This is important, we argue, for our understanding of the nature of data and algorithms, for the practical uses of data and algorithms and our attitudes regarding ethics, responsibility and regulation. (shrink)

This is a set of three volumes containing edited versions of papers and commentaries presented in invited symposium sessions of the Eighth World Congress of the Econometric Society. The papers summarize and interpret recent key developments and discuss future directions in a wide range of topics in economics and econometrics. The papers cover both theory and applications. Written by leading specialists in their fields, these volumes provide a unique survey of progress in the discipline.

The heart has a high‐metabolic rate, and its “around‐the‐clock” vital role to sustain life sets it apart in a regenerative setting from other organs and appendages. The landscape of vertebrate species known to perform intrinsic heart regeneration is strongly biased toward ectotherms—for example, fish, salamanders, and embryonic/neonatal ectothermic mammals. It is hypothesized that intrinsic heart regeneration is exclusively limited to the low‐metabolic hearts of ectotherms. The biomedical field of regenerative medicine seeks to devise biologically inspired regenerative therapies to diseased human (...) hearts. Falsification of the ectothermy dependency for heart regeneration hypothesis may be a crucial prerequisite to meaningfully seek inspiration in established ectothermic regenerative animal models. Otherwise, engineering approaches to construct artificial heart components may constitute a more viable path toward regenerative therapies. A more strict definition of regenerative phenomena is generated and several testable sub‐hypotheses and experimental avenues are put forward to elucidate the link between heart regeneration and metabolism. Also see the video abstract here https://youtu.be/fZcanaOT5z8. (shrink)

This article examines the historically contentious relationship between the financial market and the public as discussed in academic literature, financial journalism and prescriptive how-to invest handbooks during the late 19th and early 20th centuries. Although financial markets thrive off active public participation, speculating at stock and commodity exchanges has been a sanctioned ritual reserved for a privileged minority. We argue that the financial establishment’s intent to control market access through financial entry-barriers (such as exchange membership fees and margin requirements) has (...) been part of a bigger story we need to understand: a history of delegitimating uninitiated ‘lay speculators’ through the construction of exclusionary narratives about unfit amateur investors and morally corrupt publics. We conceptualize this process as an ongoing and delicate boundary-making exercise contributing to a market participation discourse that has been characterized by a set of reductive binaries, such as those of insider–outsider, professional–amateur and speculator–gambler. We show, however, that attempts to delineate popular participation in financial markets through these binaries have been complicated by the idea that besides being a force of market instability and collective irrationality, the public was a largely untapped source of liquidity. We argue that today’s discourse on public participation in financial markets resuscitates these simplified narratives and propose a more nuanced view of non-professional market participants being both destabilizers and liquidity-providers. (shrink)

This is the second of three volumes containing edited versions of papers and commentaries presented in invited symposium sessions of the Eighth World Congress of the Econometric Society. The papers summarize and interpret key developments and discuss future directions in a wide range of topics in economics and econometrics. The papers cover both theory and applications. Written by leading specialists in their fields, these volumes provide a unique survey of progress in the discipline.

This is the third of three volumes containing edited versions of papers and commentaries presented in invited symposium sessions of the Eighth World Congress of the Econometric Society. The papers summarize and interpret recent developments and discuss future directions in a wide range of topics in economics and econometrics. The papers cover both theory and applications. Written by leading specialists in their fields, these volumes provide a unique survey of progress in the discipline.

Social media commentary, satellite imagery and GPS data are a part of ‘alternative data’, that is, data that originate outside of the standard repertoire of market data but are considered useful for predicting stock prices, detecting different risk exposures and discovering new price movement indicators. With the availability of sophisticated machine-learning analytics tools, alternative data are gaining traction within the investment management and algorithmic trading industries. Drawing on interviews with people working in investment management and algorithmic trading firms utilizing alternative (...) data, as well as firms providing and sourcing such data, we emphasize social media-based sentiment analytics as one manifestation of how alternative data are deployed for stock price prediction purposes. This demonstrates both how sentiment analytics are developed and subsequently utilized by investment management firms. We argue that ‘alternative data’ are an open-ended placeholder for every data source potentially relevant for investment management purposes and harnessing these disparate data sources requires certain standardization efforts by different market participants. Besides showing how market participants understand and use alternative data, we demonstrate that alternative data often undergo processes of prospecting and assetization. We further contend that the widespread embracement of alternative data in investment management and trading encourages a financialization process at the data level which raises new governance issues. (shrink)

Principles of justice, David Estlund argues, cannot be falsified by people’s unwillingness to satisfy them. In his Utopophobia, Estlund rejects the view that justice must bend to human motivation to deliver practical implications for how institutions ought to function. In this paper, I argue that a substantive argument against such bending of justice principles must challenge the reasons for making these principles sensitive to motivational limitations. Estlund, however, provides no such challenge. His dispute with benders of justice is therefore a (...) verbal one over the true meaning of justice, which need not worry those with the intuition that justice should perform a function that requires bending. By focusing on John Rawls’s reasons for bending his justice principles, I point towards a substantive critique of bent justice. (shrink)

Aggregating individuals’ consistent attitudes might produce inconsistent collective attitudes. Some groups therefore need the capacity to form attitudes that are irreducible to those of their members. Such groups, group-agent realists argue, are agents in control of their own attitude formation. In this paper, however, I show how group-agent realism overlooks the important fact that groups consist of strategically interacting agents. Only by eliminating group agency from our social explanations can we see how individuals vote strategically to gain control of their (...) groups and produce collective attitudes we cannot make sense of if we treat groups as agents. (shrink)

This paper gives an overview of the present state of Swedish agriculture and discusses some problems and experiences of general interest. After an introductory section on the characteristics of Swedish agriculture, a number of problems are described, such as social problems, market imbalances, environmental damage, changes in landscape amenities, and animal health. Possible causes of these problems are discussed. Recent attempts to solve the problems as well as the current Swedish debate on more radical changes in agricultural policy are also (...) discussed. The main components of a suggested program are subsidies to farmers based on their acreage of grazed land or grassland and elimination of the present price supports and market regulations. (shrink)

Computerized medical personal registers are created for administrative purposes but are frequently used in research. It can be shown that this divergence of aims deeply affects the validity of the diagnosis in register research. The diagnostic process is embedded within the process of creating the data base. This process is guided by the aims for making diagnosis.Five different aims for making diagnosis in clinical practice have been analysed and eight suggestions for validity control are proposed on the basis of the (...) study. (shrink)