Martingálmértékek és a várható diszkontált jelenérték szabály (Martingale measures and the law of the discounted present value)

A dolgozatban a legegyszerűbb kérdést feszegetjük: Hogyan kell az árakat meghatározni véletlen jövőbeli kifizetések esetén. A tárgyalás némiképpen absztrakt, de a funkcionálanalízis néhány közismert tételén kívül semmilyen más mélyebb matematikai területre nem kell hivatkozni. A dolgozat kérdése, hogy miként indokolható a várható jelenérték szabálya, vagyis hogy minden jövőbeli kifizetés jelen időpontban érvényes ára a jövőbeli kifizetés diszkontált várható értéke. A dologban az egyetlen csavar az, hogy a várható értékhez tartozó valószínűségi mértékről nem tudunk semmit. Csak annyit tudunk, hogy létezik a matematikai pénzügyek legtöbbet hivatkozott fogalma, a misztikus Q mérték. A dolgozat megírásának legfontosabb indoka az volt, hogy megpróbáltam kiiktatni a megengedett portfólió fogalmát a származtatott termékek árazásának elméletéből. Miként közismert, a származtatott termékek árazásának elmélete a fedezés fogalmára épül. (...) ____ In the article the author discusses some problems of the existence of the martingale measure. In continuous time models one should restrict the set of self financing portfolios and introduce the concept of the admissible portfolios. But to define the admissible portfolios one should either define them under the martingale measure or to turn the set of admissible portfolios to a cone which makes the interpretation of the pricing formula difficult.

The principle of non-refoulement under international law: Its inception and evolution in a nutshell

The article first gives an overview of the formation and the evolution of the principle of non-refoulement under international law. The different meanings of the concept in the asylum and human rights contexts are then discussed and compared, with due regard to the convergences that arose in the course of legal developments. In doing so, this short piece also draws attention to certain controversial issues and blurred lines, which have surfaced through the practical application of the prohibition of refoulement. Identifying the contours of the concept and clarifying its content and its effects may help in appreciating the implications that stem, in the current extraordinary times of migratory movements, from the fundamental humanitarian legal principles of which the imperative of non-refoulement forms part.

A phenomenological exploration of Black male law enforcement officers' perspectives of racial profiling and their law enforcement career exploration and commitment

This phenomenological study explored Black male law enforcement officers' perspectives of how racial profiling shaped their decisions to explore and commit to a law enforcement career. Criterion and snow ball sampling was used to obtain the 17 participants for this study. Super's (1990) archway model was used as the theoretical framework. The archway model "is designed to bring out the segmented but unified and developmental nature of career development, to highlight the segments, and to make their origin clear" (Super, 1990, p. 201). Interview data were analyzed using inductive, deductive, and comparative analyses. Three themes emerged from the inductive analysis of the data: (a) color and/or race does matter, (b) putting on the badge, and (c) too black to be blue and too blue to be black. The deductive analysis used a priori coding that was based on Super's (1990) archway model. The deductive analysis revealed the participants' career exploration was influenced by their knowledge of racial profiling and how others view them. The comparative analysis between the inductive themes and deductive findings found the theme "color and/or race does matter" was present in the relationships between and within all segments of Super's (1990) model. The comparative analysis also revealed an expanded notion of self-concept for Black males – marginalized and/or oppressed individuals. Self-concepts, "such as self-efficacy, self-esteem, and role self-concepts, being combinations of traits ascribed to oneself" (Super, 1990, p. 202) do not completely address the self-concept of marginalized and/or oppressed individuals. The self-concept of marginalized and/or oppressed individuals is self-efficacy, self-esteem, traits ascribed to oneself expanded by their awareness of how others view them. (DuBois, 1995; Freire, 1970; Sheared, 1990; Super, 1990; Young, 1990). Ultimately, self-concept is utilized to make career and life decisions. Current human resource policies and practices do not take into consideration that negative police contact could be the result of racial profiling. Current human resource hiring guidelines penalize individuals who have had negative police contact. Therefore, racial profiling is a discriminatory act that can effectively circumvent U.S. Equal Employment Opportunities Commission laws and serve as a boundary mechanism to employment (Rocco & Gallagher, 2004).

Cybergriping: Violating the Law while E-Complaining

The emergence of Web communications has given rise to complaint sites which serve as central forums for both consumers and employees to share their bad experiences. These complaint sites provide for cybergriping in various forms. This paper explores the concept of cybergriping and its relevance to the hospitality and tourism industry from employee and customer perspectives. Court cases in which cybergriping played a key role are reviewed, and recommendations are offered on how hospitality and tourism businesses can address the problem of cybergriping.

Treason and trial : consuetudines and law in the romances of Chrétien de Troyes and the lais of Marie de France

Treason, in the romances of Chrdtien de Troyes and the lais of Marie de France, is explored more often as afin' amor problem than as a legal issue with its concomitant sociopolitical ramifications. It is precisely the historical function of literature within the ambit of court culture that appears to have shaped the legal context of the poems of Chrdtien de Troyes and the lais of Marie de France. Counterpoising the literary treatment of treason in Le Chevalier au Lion and Lanval with actions and definitions of treachery by contemporary, twelfth-century chronicle and customary law sources reveals that the conceptualized, fictional world of Chrdtien's Yvain closely reflects the workings of the Capetian society Chretien experienced. Marie's Lanval reflects as well the historical impressions of the Angevin court with which she had familiarity, a court whose concept of treason leaned more toward the maiestas concept found in Roman jurisprudence tradition.

Acting on impulse: using the neuroscience of impulse control to improve the law

This thesis investigates the potential legal utility of neurotechnologies which measure correlates of impulsive behaviors. Chapter 1 explains my philosophical position and how this position compares to others in the field. Chapter 2 explores some of the technical concepts which must be understood for the discussion of neurotechnologies and their applications to be fruitful. These chapters will be important for both explaining the capabilities of a neuroscientific approach to neural abnormalities as well as how they relate to the kind of regulation in which the law is engaged. The purpose of Chapter 3 will be a descriptive account of Canadian law where I will begin to explore how to apply ideas and experiments from neuroscience to specific areas of law. Chapter 3 will look at actual examples of Canadian criminal law and will span topics from the creation of law to the construction of appropriate sentences. Chapter 4 will debate if and how we should apply the neuroscientific perspective to the law given the ethical concerns surrounding the applications described in Chapter 3. The thrust of the chapter is that the development of the law does not occur in a vacuum and any alteration either to the laws themselves, how they are interpreted, or the technologies used to provide evidence, must have an ethical justification, that is, a way in which the proposed change will better meet the needs of society and the ethical objectives of the law. Sometimes these justifications can be drawn directly from constitutional documents, such as the Charter, or from the Criminal Code, while at other times these justifications depend upon arguments about furthering meaningful responsibility and therapeutic outcomes.

La synthèse philosophico-juridique de V.S. Soloviev : élaboration et mise en œuvre d’un cadre théorique

Vladimir S. Soloviev (1853-1900) était un philosophe russe, poète et dissident de la période prérévolutionnaire. Comme celle de beaucoup de ses contemporains prérévolutionnaires russes, la pensée de Soloviev fut constamment sollicitée par la réfection imminente de l’État russe dans un futur très proche. Dans le contexte de cette époque, un examen des fondements théoriques du système juridique était peut-être inévitable. Néanmoins, dans la pensée russe, c’est seulement avec Soloviev que le droit cessa d’être un sujet spécialisé dans le domaine de l’administration, ne concernant guère les grands enjeux de société, et devint intimement lié au développement même de la philosophie morale et sociale. Au sein du projet philosophique systématique que propose Soloviev, le concept de l’unitotalité est envahissant, en termes épistémologique et social. Une pierre d’assise également fondamentale est le concept philosophico-religieux de la divino-humanité, à travers lequel la source de la dignité humaine est ultimement exprimée. La philosophie juridique de Soloviev, contenue pour l’essentiel dans un traité intitulé La Justification du bien : essai de philosophie morale (1897), a pour principal objet l’interaction entre le droit et la morale. Alors que l’objet et la portée du droit peuvent être directement déduits de principes moraux, le droit ne peut pas coïncider exactement avec la morale, compte tenu de son caractère plus limité, fini et coercitif. Pour Soloviev, le droit doit imposer un niveau minimum du bien en fournissant les conditions de base (par ex. la primauté du droit, le droit à une existence digne, la liberté de conscience) pour le libre développement des facultés humaines sans transposer directement en lui la plénitude complète du bien. La principale motivation de Soloviev réside dans la prémisse théologique sous-jacente que le bien ne peut jamais être complètement subsumé sauf par un acte conscient de liberté personnelle. En tandem, Soloviev souligne le rôle progressiste de l’État pour favoriser le libre perfectionnement humain. En tant que tel, Soloviev nous fournit certaines voies innovatrices dans le façonnement de la relation tant théorique que pratique entre le droit et la religion. À l’encontre d’un compromis entre objets, c’est-à-dire un arrangement de type interculturel situé entre fragmentation culturelle (multiculturalisme idéologique) et assimilation antireligieuse (laïcité militante), l’analyse de Soloviev présente la nécessité d’une conciliation temporelle, dans une perspective historique beaucoup plus large, où la laïcité est considérée non pas comme une finalité ontologique en soi, figée dans le temps, mais comme un moyen au service d’une destinée humaine en cours d’actualisation. Le cadre philosophico-juridique de Soloviev peut être utilement mis en dialogue avec des auteurs contemporains comme Stephen L. Carter, Charles Taylor, John Witte Jr, Ronald Dworkin et Jürgen Habermas. La contribution potentielle de Soloviev sur la place de la religion dans la société russe contemporaine est également mentionnée, avec un accent particulier sur le réexamen critique de l’héritage durable de la notion byzantine de la symphonie entre l’Église et l’État. Enfin, une théorie du fédéralisme inspirée par Soloviev est développée en appliquant, sur une base comparative, des avancées théoriques dans le domaine de l’histoire juridique global à l’évolution constitutionnelle du Canada et d’Israël.

Statelessness as a Human Rights Issue: A Concept Whose Time Has Come?

The protection of stateless persons has long been understood as a challenge for the international community, yet for many of the past sixty years a prioritised focus on refugees has dominated, indeed arguably eclipsed, the plight and protection needs of stateless persons. Guy Goodwin-Gill has long argued for a refocus of international attention and effort on the plight, predicament and protection needs of stateless persons. In a seminal contribution over two decades ago he observed that at that time, statelessness was perceived by many as a mere ‘technical problem,’ yet ‘statelessness is indeed a broad human rights issue, even as it retains a distinct technical dimension.’ In this contribution, we examine the challenge set by Goodwin-Gill for the international community, namely, the need for greater recognition and protection of stateless persons, in light of developments over the more than two decades that have passed since his incisive analysis. We celebrate the positive developments and identify areas of ongoing challenge. We focus on the key initiatives he identified as requiring attention, and assess progress that has been made in relation to each, while concentrating predominantly on the need for closer attention to the relevance of developments in human rights law.

Summary and Risks of ABS Transactions Under EU and US Law

This chapter examines the legal concept of summary in terms of its potential legal liability and other types of risks under EU and US disclosure laws.

Disclosures Of ABS Transaction Structure Under EU And US Law

This chapter examines the legal concept of transaction structures under EU and US law for asset-backed securities

Servicing Disclosures for ABS Transactions Under US and EU Law

This chapter examines the legal concept of servicing disclosures under EU and US law for asset-backed securities.

Law, Rights and Reproduction: Reproductive Autonomy in Ethical Rationalism

As medical technology has advanced, so too have our attitudes towards the level of control we can expect to hold over our procreative capacities. This creates a multi-dimensional problem for the law in terms of access to services which prevent conception, access to services which terminate a pregnancy and recompensing those whose choices to avoid procreating are frustrated. These developments go to the heart of our perception of autonomy. In order to evaluate these three issues in relation to reproductive autonomy, I set out to investigate how the Gewirthian theory of ethical rationalism can be used to understanding the intersection between law, rights, and autonomy. As such, I assert that it is because of agents’ ability to engage in practical reason that the concept of legal enterprise should be grounded in rationality. Therefore, any attempt to understand notions of autonomy must be based on the categorical imperative derived from the Principle of Generic Consistency (PGC). As a result, I claim that (a) a theory of legal rights must be framed around the indirect application of the PGC and (b) a model of autonomy must account for the limitations drawn by the rational exercise of reason. This requires support for institutional policies which genuinely uphold the rights of agents. In so doing, a greater level of respect for and protection of reproductive autonomy is possible. This exhibits the full conceptual metamorphosis of the PGC from a rational moral principle, through an ethical collective principle, a constitutional principle of legal reason, a basis for rights discourse, and to a model of autonomy. Consequently, the law must be reformed to reflect the rights of agents in these situations and develop an approach which demonstrates a meaningful respect of autonomy. I suggest that this requires rights of access to services, rights to reparation and duties on the State to empower productive agency.

Metaphysics of love in the religious philosophy of Pável Florensky

This article focuses on the analysis of the concept of love in the religious philosophy of Pavel Florensky, who shares the ontological approach to the consideration of love with other representatives of Russian religious philosophy (N. berdyaev and S. bulgakov). We pay more careful attention to the understanding of love-άγαπαν by Florensky. We have drawn the conclusion that, in the philosophy of P. Florensky, Love, closely connected with truth and beauty, is considered an ontological basis existence of personality. We develop the ideas of Pavel Florensky, and accordingly assume that it is possible to synthesise love-agape and love-eros around the idea of sacrificial love. Agapelogical and erotical ‘bezels’ of one jewel of love is aspects of united love, which is given by God. this gift of God, the gift of united love, is kept by humans through prayer and deeds of love.

Law and Original Contract in the Republican Thought of Immanuel Kant

This article discusses the concept of right and its identification with the power to coerce, to show a reciprocity between the original contract and the right, as a manifestation of the reciprocity between moral law and freedom, as Kant states in its Second Critique. The demonstration of this view will allow a republican stance evident in the legal and political thought of Kant, since the right of a people can only exist while the town itself is unified to enact.

Commentary on Locke's Second Treatise on Government (1690)

Extracts from a treatise in which Locke sets out his labour theory of property.
Locke's writings on the labour theory of property provided eighteenth century proponents of the concept of copyright at common law (that is, copyright as a natural authorial property right) with a philosophical basis upon which to develop their arguments. The commentary explores the significance of a series of correspondence between John Locke and Edward Clarke, then MP for Taunton, concerning the lapse of the Licensing Act 1662 (uk_1662), and in the run up to the passing of the Statute of Anne 1710 (uk_1710). The commentary argues that, regardless of how Locke's writings on property were subsequently co-opted in the mid-eighteenth century debates as to the nature of copyright, it is doubtful whether Locke himself considered that copyright existed at common law.