Spacing abstraction: capitalism, law and the metropolis

In considering contemporary accounts of the interrelations of economic, legal and urban forms of social relations in the emergence of a global capitalist modernity, this paper argues that politico-juridical imaginaries of new forms of transnational universality have tended to be limited by virtue of both an anachronistic recourse to spatial models of the polis and a failure to confront the ineliminability of abstraction to any idea of global social interconnectivity. In such terms, it argues, Lefebvre’s famous call for a ‘right to the city’ needs to be reinscribed as a properly modern right to the metropolis; one that would allow us to conceive of the possibility of new kinds of relation between individual and collective subjectivity and the development of abstract social forms.

Higher-order moments in the theory of diversifying and portfolio composition

This paper examines the role of higher-order moments in portfolio choice within an expected-utility framework. We consider two-, three-, four- and five-parameter density functions for portfolio returns and derive exact conditions under which investors would all be optimally plungers rather than diversifiers. Through comparative statics we show the importance of higher-order risk preference properties, such as riskiness, prudence and temperance, in determining plunging behaviour. Empirical estimates for the S&P500 provide evidence for the optimality of diversification.