Fuzzy portfolio allocation models through a new risk measure and fuzzy sharpe ratio

A new portfolio risk measure that is the uncertainty of portfolio fuzzy return is introduced in this paper. Beyond the well-known Sharpe ratio (i.e., the reward-to-variability ratio) in modern portfolio theory, we initiate the so-called fuzzy Sharpe ratio in the fuzzy modeling context. In addition to the introduction of the new risk measure, we also put forward the reward-to-uncertainty ratio to assess the portfolio performance in fuzzy modeling. Corresponding to two approaches based on TM and TW fuzzy arithmetic, two portfolio optimization models are formulated in which the uncertainty of portfolio fuzzy returns is minimized, while the fuzzy Sharpe ratio is maximized. These models are solved by the fuzzy approach or by the genetic algorithm (GA). Solutions of the two proposed models are shown to be dominant in terms of portfolio return uncertainty compared with those of the conventional mean-variance optimization (MVO) model used prevalently in the financial literature. In terms of portfolio performance evaluated by the fuzzy Sharpe ratio and the reward-to-uncertainty ratio, the model using TW fuzzy arithmetic results in higher performance portfolios than those obtained by both the MVO and the fuzzy model, which employs TM fuzzy arithmetic. We also find that using the fuzzy approach for solving multiobjective problems appears to achieve more optimal solutions than using GA, although GA can offer a series of well-diversified portfolio solutions diagrammed in a Pareto frontier.

Slavoj Zizek: a little piece of the real

Contents: Introduction : locating Zizek as critical theorist -- 1. On Zizek's expanded notion of ideology -- 2. Western (European) modernity and its discontents -- 3. Lack in the other -- 4. Zizek's ticklish subject -- 5. Does Zizek have a critical social theory of contemporary capitalism? -- 6. Taking sides : what is left in Zizek? (the abyss of freedom?)

Mustering consent: government-sponsored virtual communities and the incentives for buy-in

The global trend to electronic service delivery (ESD) by governments can include the sponsorship of virtual communities that create value and become places where people, content, and communication come together around a need, enabling government agencies to extend their traditional service-provision role. Implementation is sometimes problematic, however, and understanding the implementation process is crucial to the success of such virtual communities. This paper reports a case study of a virtual community (an on-line export-documentation system) that links government and business. The study employs Bijker's framework to conceptualize the process of defining the technical standard and implementing the documentation system. Diffusion effects shaped the implementation and influenced participant responses, illustrating Bijker's argument that an artifact or product demonstrates interpretive flexibility before it stabilizes.

Critique as technology of the self

This inquiry is situated at the intersection of two enigmas. The first is the enigma of the status of Kant's practice of critique, which has been the subject of heated debate since shortly after the publication of the first edition of The Critique of Pure Reason. The second enigma is that of Foucault's apparent later 'turn' to Kant, and the label of 'critique', to describe his own theoretical practice. I argue that Kant's practice of 'critique' should be read, after Foucault, as a distinctly modern practice in the care of the self, governed by Kant's famous rubric of the 'primacy of practical reason'. In this way, too, Foucault's later interest in Kant - one which in fact takes up a line present in his work from his complementary thesis on Kant's Anthropology - is cast into distinct relief. Against Habermas and others, I propose that this interest does not represent any 'break' or 'turn' in Foucault's work. In line with Foucault's repeated denials that he was interested after 1976 in a 'return to the ancients', I argue that Foucault's writings on critique represent instead both a deepening theoretical self-consciousness, and part of his project to forge an ethics adequate to the historical present.

A few good men: psychoanalysis, Abu ghraib and (the) American right

This essay proffers a psychoanalytic reading of the events of Abu Ghraib as deeply symptomatic of changes in American foreign policy and political culture. The paper examines the Lacanian understanding of group formation developed by Slavoj Zizek in his work on politics and culture (in Part I), and then applies this understanding to the Abu Ghraib scandal (Part II). In Part III, implications of the analysis are elaborated, in terms of Zizek's contention that the contemporary "permissive society" engenders in subjects the desire for new forms of mastery or "moral clarity".