Journal of Natural Philosophy, Chemistry & the Arts.

v. 9 (1804)

Annals of Philosophy.

n.s. v. 12 (1826)

Journal of Natural Philosophy, Chemistry & the Arts.

v. 3 (1800)

Journal of Natural Philosophy, Chemistry & the Arts.

v. 15 (1806)

Journal of Natural Philosophy, Chemistry & the Arts.

v. 4 (1801)

Una universidad donde confluyen la educación, la investigación y la ciudadanía

El projecte de recerca s'ha basat en el projecte Miquel Martí i Pol, que ha consistit en la creació i manteniment d'un jardí dedicat a la memòria del poeta, amb persones en situació d'exclusió social (per motius de malaltia mental, immigració, pobresa) i estudiants de teràpia ocupacional de la Universitat de Vic, des d'una sinergia única entre la Universitat de Vic i institucions públiques, socials i empresarials. La recerca ve a cobrir la falta de coneixement sobre l'impacte terapèutic de la jardineria, com afirmava Sempik al 2003. Així mateix, genera coneixements sobre l'ocupació humana, la ciutadania, les comunitats inclusives, les aliances estratègiques i sobre noves praxis educatives en el marc del nou Espai Europeu d'Educació Superior (EEES). El marc teòric s'ha basat en una visió transdisciplinària, des de l'educació, la filosofia, la psicologia, la sociologia, la teràpia ocupacional, la política, l'ecologia i l'antropologia. S'ha desenvolupat una recerca inspirada per la investigació acció participativa que ha aprofundit en el significat que ha tingut aquesta experiència per a les persones implicades en el procés de creació del jardí: les persones procedents de col•lectius en situació d'exclusió, els estudiants, així com els representants de les institucions públiques, socials, empresarials i la pròpia Universitat de Vic. Així es van desenvolupar una sèrie d'entrevistes a fons i formularis amb 5 jardiners; 2 estudiants; la Consellera d'Acció Social de l'Ajuntament de Vic; el Conseller d'Acció Social del Consell Comarcal d'Osona; el President de Caritas; la terapeuta ocupacional de la Fundació Centre Mèdic Psicopedagògic d'Osona; la Rectora de la Universitat de Vic; la Directora de l'EUCS i el President del Rotary Club. Els temes que han sorgit en la recerca són: La construcció de l'ocupació significativa; la jardineria com a font de benestar; un espai de bellesa; la dignitat de la ciutadania; la creació de comunitats inclusives; una Universitat al servei de la Humanitat: noves praxis educatives; l'art de les aliances estratègiques i de les sinergies. Els coneixements generats tenen relació amb els estudis de teràpia ocupacional, així com per a educació social, infermeria, psicologia i ciències ambientals. A més a més són una aposta per al desenvolupament de noves praxis educatives en el nou EEES. El treball ha estat qualificat com a excel•lent per unanimitat del tribunal.

Three essays on the psychology of investment and financial markets

Préface My thesis consists of three essays where I consider equilibrium asset prices and investment strategies when the market is likely to experience crashes and possibly sharp windfalls. Although each part is written as an independent and self contained article, the papers share a common behavioral approach in representing investors preferences regarding to extremal returns. Investors utility is defined over their relative performance rather than over their final wealth position, a method first proposed by Markowitz (1952b) and by Kahneman and Tversky (1979), that I extend to incorporate preferences over extremal outcomes. With the failure of the traditional expected utility models in reproducing the observed stylized features of financial markets, the Prospect theory of Kahneman and Tversky (1979) offered the first significant alternative to the expected utility paradigm by considering that people focus on gains and losses rather than on final positions. Under this setting, Barberis, Huang, and Santos (2000) and McQueen and Vorkink (2004) were able to build a representative agent optimization model which solution reproduced some of the observed risk premium and excess volatility. The research in behavioral finance is relatively new and its potential still to explore. The three essays composing my thesis propose to use and extend this setting to study investors behavior and investment strategies in a market where crashes and sharp windfalls are likely to occur. In the first paper, the preferences of a representative agent, relative to time varying positive and negative extremal thresholds are modelled and estimated. A new utility function that conciliates between expected utility maximization and tail-related performance measures is proposed. The model estimation shows that the representative agent preferences reveals a significant level of crash aversion and lottery-pursuit. Assuming a single risky asset economy the proposed specification is able to reproduce some of the distributional features exhibited by financial return series. The second part proposes and illustrates a preference-based asset allocation model taking into account investors crash aversion. Using the skewed t distribution, optimal allocations are characterized as a resulting tradeoff between the distribution four moments. The specification highlights the preference for odd moments and the aversion for even moments. Qualitatively, optimal portfolios are analyzed in terms of firm characteristics and in a setting that reflects real-time asset allocation, a systematic over-performance is obtained compared to the aggregate stock market. Finally, in my third article, dynamic option-based investment strategies are derived and illustrated for investors presenting downside loss aversion. The problem is solved in closed form when the stock market exhibits stochastic volatility and jumps. The specification of downside loss averse utility functions allows corresponding terminal wealth profiles to be expressed as options on the stochastic discount factor contingent on the loss aversion level. Therefore dynamic strategies reduce to the replicating portfolio using exchange traded and well selected options, and the risky stock.

An affective approach to moral motivation

Over the last few years, there has been a surge of work in a new field called "moral psychology", which uses experimental methods to test the psychological processes underlying human moral activity. In this paper, I shall follow this line of approach with the aim of working out a model of how people form value judgements and how they are motivated to act morally. I call this model an "affective picture": 'picture' because it remains strictly at the descriptive level and 'affective' because it has an important role for affects and emotions. This affective picture is grounded on a number of plausible and empirically supported hypotheses. The main idea is that we should distinguish between various kinds of value judgements by focusing on the sort of state of mind people find themselves in while uttering a judgement. "Reasoned judgements" are products of rational considerations and are based on preliminary acceptance of norms and values. On the contrary, "basic value judgements" are affective, primitive and non-reflective ways of assessing the world. As we shall see, this analysis has some consequences for the traditional internalism-externalism debate in philosophy; it highlights the fact that motivation is primarily linked to "basic value judgements" and that the judgements we openly defend might not have a particular effect on our actions, unless we are inclined to have an emotional attitude that conforms to them.

Values, Multiculturalism and Representations

The theory of values is underdeveloped within economics with very few theoretical models explaining how values are created and propagated through a population. Those models that do exist are limited in how well they explain the role of values and how they behave. This paper argues that the theory of values needs to be fundamentally rethought, incorporating basic ideas from psychology, anthropology and philosophy that have largely been ignored in the literature. The resulting model is applied to answer some fundamental issues surrounding the notion of multiculturalism.