German open ended funds: was there a valuation problem?

In late 2005, a number of German open ended funds suffered significant withdrawals by unit holders. The crisis was precipitated by a long term bear market in German property investment and the fact that these funds offered short term liquidity to unit holders but had low levels of liquidity in the fund. A more controversial suggestion was that the crisis was exacerbated by a perception that the valuations of the fund were too infrequent and inaccurate. As units are priced by reference to these valuations with no secondary market, the valuation process is central to the process. There is no direct evidence that these funds were over-valued but there is circumstantial evidence and this paper examines the indirect evidence of the process to see whether the hypothesis that valuation is an issue for the German funds holds any credibility. It also discusses whether there is a wider issue for other funds of this nature or whether it is a parochial problem confined to Germany. The conclusions are that there is reason to believe that German valuation processes make over-valuation in a recession more likely than in other countries and that more direct research into the German valuation system is required to identify the issues which need to be addressed to make the valuation system more trusted.

‘Souvenirs, souvenirs': the role of memory in the work of Annie Saumont

The work of nouvelliste Annie Saumont constantly explores the phenomenon of memory, and of memories. This article identifies and nuances the various forms that this exploration takes. An introductory contextualization of author and theme is followed by the presentation of a short story, ‘Méandres’, which embodies the first quality of memory to be examined: its capacity not only to recall but also to re-evaluate a past which is thus shown to be as hypothetical as the future. Memory as guilt that moulds or puts its indelible stamp on lives is then evoked by means of examples from other stories, illustrating the gradations Saumont achieves in her investigation of the power of this complex faculty. The next section turns to her portrayal of involuntary memory. Unlike for Proust, the instances of spontaneous remembering that are experienced by her characters lunge at them down the years almost exclusively to wound or disorientate. Depictions of the memory which conserves, and is thus burdened by, secrets are then considered, and finally Saumont's evocation of characters who have different reasons to analyse the way their own and other people's memories work. The conclusion to be drawn is that for Saumont, we are our memories; the ability to master a ‘judicious interpretation’ of memory – or indeed, to forget – is, in her stories, overwhelmingly a quality to be envied.

Epic Sea Battle at Night: a Revolutionary Play with the Economic Thinking of Milton Friedman

The play Epic Sea Battle at Night was originally staged in 1967, to commemorate two of China’s People’s Liberation Army’s military triumphs over the Taiwanese navy two years previously. Produced at the height of the Chinese Cultural Revolution, the play is an example of the exploitation of the arts as an ideological instrument, celebrating military heroism and political conviction. Stills from the play were included in, China Pictorial 11, an English language propaganda pamphlet that was distributed to Western Imperialists in order to educate them in Maoist policy. Today, these images are clear representations of ideology. More than forty years after the Cultural Revolution, the ideology under which we live, neo-liberal late-capitalism, deliberately shirks from such blatant displays of propaganda. We have supposedly the freedom to believe whatever we like in a post-ideological age, and yet core beliefs about meritocracy, individualism and competitiveness frequently go unchallenged. By juxtaposing the visual language of ideology with the text of the capitalist manifesto, the re-enactment of a scene from Epic Sea Battle at Night harnesses the aesthetics of the past so as to allow us to reconsider the alleged neutrality of the present. The design of the stage, the positioning of the actors, costumes and props of the current production closely resembled those documented in China Pictorial 11, yet the actors’ monologues belong to a completely different context. No less heroic and utopian in tone than the speech given by the political instructor of gunboat 874 in the original play, the capitalist manifesto was an attempt to give a concrete language to the shapeless ideology of the present, and to force the invisible currents that govern life today, in China as in the West, to the surface. Neither a lecture on neo-liberal economics, nor a theatrical performance of a narrative, the piece appropriated the format of the propaganda play to re-evaluate the relationship between art and politics now.

Choices, chance and change: luck egalitarianism over time

The family of theories dubbed ‘luck egalitarianism’ represent an attempt to infuse egalitarian thinking with a concern for personal responsibility, arguing that inequalities are just when they result from, or the extent to which they result from, choice, but are unjust when they result from, or the extent to which they result from, luck. In this essay I argue that luck egalitarians should sometimes seek to limit inequalities, even when they have a fully choice-based pedigree (i.e., result only from the choices of agents). I grant that the broad approach is correct but argue that the temporal standpoint from which we judge whether the person can be held responsible, or the extent to which they can be held responsible, should be radically altered. Instead of asking, as Standard (or Static) Luck Egalitarianism seems to, whether or not, or to what extent, a person was responsible for the choice at the time of choosing, and asking the question of responsibility only once, we should ask whether, or to what extent, they are responsible for the choice at the point at which we are seeking to discover whether, or to what extent, the inequality is just, and so the question of responsibility is not settled but constantly under review. Such an approach will differ from Standard Luck Egalitarianism only if responsibility for a choice is not set in stone – if responsibility can weaken then we should not see the boundary between luck and responsibility within a particular action as static. Drawing on Derek Parfit’s illuminating discussions of personal identity, and contemporary literature on moral responsibility, I suggest there are good reasons to think that responsibility can weaken – that we are not necessarily fully responsible for a choice for ever, even if we were fully responsible at the time of choosing. I call the variant of luck egalitarianism that recognises this shift in temporal standpoint and that responsibility can weaken Dynamic Luck Egalitarianism (DLE). In conclusion I offer a preliminary discussion of what kind of policies DLE would support.

J. L. Austin and literal meaning

Alice Crary has recently developed a radical reading of J. L. Austin's philosophy of language. The central contention of Crary's reading is that Austin gives convincing reasons to reject the idea that sentences have context-invariant literal meaning. While I am in sympathy with Crary about the continuing importance of Austin's work, and I think Crary's reading is deep and interesting, I do not think literal sentence meaning is one of Austin's targets, and the arguments that Crary attributes to Austin or finds Austinian in spirit do not provide convincing reasons to reject literal sentence meaning. In this paper, I challenge Crary's reading of Austin and defend the idea of literal sentence meaning.

‘Purpose’ as a way of helping white trainee history teachers engage with diversity issues

Based on a three year action research project, this study examines one strand of that research, namely the impact that ‘purpose’, i.e. exploring the range of rationales for studying a subject, has in helping white trainee teachers embrace cultural and ethnic diversity within their teaching. Through ‘purpose’ trainees explored different reasons why history should be taught (and by implication what content should be taught and how it should be taught) and the relationship of these reasons to diversity. Focusing on ‘purpose’ appears to have a positive impact on many trainees from white, mono-ethnic backgrounds, enabling them to bring diversity into the school curriculum, in this case history teaching. It offers one way to counter concerns about issues of ‘whiteness’ in the teaching profession and by teaching a more relevant curriculum has a potential positive impact on the achievement of students from minority ethnic backgrounds.

Unwritten law in Hobbesian political thought

In Hobbesian terminology, ‘unwritten laws’ are natural laws enforced within a polity, by a non-sovereign judge, without some previous public promulgation. This article discusses the idea in the light of successive Hobbesian accounts of ‘law’ and ‘obligation’. Between De Cive and Leviathan, Hobbes dropped the idea that natural law is strictly speaking law, but he continued to believe unwritten laws must form a part of any legal system. He was unable to explain how such a law could claim a legal status. His loyalty to the notion, in spite of all the trouble that it caused, is a sign of his belief that moral knowledge is readily accessible to all.

Gene expression changes in phosphorus deficient potato (Solanum tuberosum L.) leaves and the potential for diagnostic gene expression markers

Background: There are compelling economic and environmental reasons to reduce our reliance on inorganic phosphate (Pi) fertilisers. Better management of Pi fertiliser applications is one option to improve the efficiency of Pi fertiliser use, whilst maintaining crop yields. Application rates of Pi fertilisers are traditionally determined from analyses of soil or plant tissues. Alternatively, diagnostic genes with altered expression under Pi limiting conditions that suggest a physiological requirement for Pi fertilisation, could be used to manage Pifertiliser applications, and might be more precise than indirect measurements of soil or tissue samples. Results: We grew potato (Solanum tuberosum L.) plants hydroponically, under glasshouse conditions, to control their nutrient status accurately. Samples of total leaf RNA taken periodically after Pi was removed from the nutrient solution were labelled and hybridised to potato oligonucleotide arrays. A total of 1,659 genes were significantly differentially expressed following Pi withdrawal. These included genes that encode proteins involved in lipid, protein, and carbohydrate metabolism, characteristic of Pi deficient leaves and included potential novel roles for genes encoding patatin like proteins in potatoes. The array data were analysed using a support vector machine algorithm to identify groups of genes that could predict the Pi status of the crop. These groups of diagnostic genes were tested using field grown potatoes that had either been fertilised or unfertilised. A group of 200 genes could correctly predict the Pi status of field grown potatoes. Conclusions: This paper provides a proof-of-concept demonstration for using microarrays and class prediction tools to predict the Pi status of a field grown potato crop. There is potential to develop this technology for other biotic and abiotic stresses in field grown crops. Ultimately, a better understanding of crop stresses may improve our management of the crop, improving the sustainability of agriculture.

Workaround motivation model (WAMM): an adaptation of the Theory of Interpersonal Behaviour

The study of workarounds (WA) has increased in importance due to their impact on patient safety and efficiency. However, there are no adequate theories to explain the motivation to create and use a workaround in a healthcare sitting. Although theories of technology acceptance help to understand the reasons to accept or reject technology, they fail to explain drivers for alternatives. Also workarounds involve creators and performers that have different motivations. Models such as Theory of Planned Behaviour (TPB) or Theory of Reasoned Action (TRA) can help to explain the role of workaround users, but lack explanation of workaround creators’ dynamics. Our aim is to develop a theoretical foundation to explain workaround motivation behaviour models with norms that relate to sanctions to provide an integrated Workaround Motivation Model; WAMM. The development of WAMM model is explained in this paper based on workaround cases as part of further research to establish the model.

Contrasting cases

This paper concerns the philosophical significance of a choice about how to design the context-shifting experiments used by contextualists and anti-intellectualists: Should contexts be judged jointly, with contrast, or separately, without contrast? Findings in experimental psychology suggest (1) that certain contextual features are difficult to evaluate when considered separately, and there are reasons to think that one feature that interests contextualists and anti- intellectualists—stakes or importance—is such a difficult to evaluate attribute, and (2) that joint evaluation of contexts can yield judgments that are more reflective and rational in certain respects. With those two points in mind, a question is raised about what source of evidence provides better support for philosophical theories of how contextual features affect knowledge ascriptions and evidence: Should we prefer evidence consisting of "ordinary" judgments, or more reflective, perhaps more rational judgments? That question is answered in relation to different accounts of what such theories aim to explain, and it is concluded that evidence from contexts evaluated jointly should be an important source of evidence for contextualist and anti-intellectualist theories, a conclusion that is at odds with the methodology of some recent studies in experimental epistemology.

The sexual constitution of political authority: the 'trials' of same sex desire

The Sexual Constitution of Political Authority argues that there are good reasons to suppose that our understandings of state power quiver with erotic undercurrents. Through a series of case studies where a statesman's same sex desire was put on trial (either literally or metaphorically) as a problem for the good exercise of public powers, the book shows the resilience and adaptability of cultural beliefs in the incompatibility between public office and male same-sex desire.

Neural emotion regulation circuitry underlying anxiolytic effects of perceived control over pain.

Anxiolytic effects of perceived control have been observed across species. In humans, neuroimaging studies have suggested that perceived control and cognitive reappraisal reduce negative affect through similar mechanisms. An important limitation of extant neuroimaging studies of perceived control in terms of directly testing this hypothesis, however, is the use of within-subject designs, which confound participants' affective response to controllable and uncontrollable stress. To compare neural and affective responses when participants were exposed to either uncontrollable or controllable stress, two groups of participants received an identical series of stressors (thermal pain stimuli). One group ("controllable") was led to believe they had behavioral control over the pain stimuli, whereas another ("uncontrollable") believed they had no control. Controllable pain was associated with decreased state anxiety, decreased activation in amygdala, and increased activation in nucleus accumbens. In participants who perceived control over the pain, reduced state anxiety was associated with increased functional connectivity between each of these regions and ventral lateral/ventral medial pFC. The location of pFC findings is consistent with regions found to be critical for the anxiolytic effects of perceived control in rodents. Furthermore, interactions observed between pFC and both amygdala and nucleus accumbens are remarkably similar to neural mechanisms of emotion regulation through reappraisal in humans. These results suggest that perceived control reduces negative affect through a general mechanism involved in the cognitive regulation of emotion.

Colour relationalism and the real deliverances of introspection

Colour relationalism holds that the colours are constituted by relations to subjects. Anti-relationalists have claimed that this view stands in stark contrast to our phenomenally-informed, pre-theoretic intuitions. Is this claim right? Cohen and Nichols’ recent empirical study suggests not, as about half of their participants seemed to be relationalists about colour. Despite Cohen and Nichols’ study, we think that the anti-relationalist’s claim is correct. We explain why there are good reasons to suspect that Cohen and Nichols’ experimental design skewed their results in favour of relationalism. We then run an improved study and find that most of our participants seem to be anti-relationalists. We find some other interesting things too. Our results suggest that the majority of ordinary people find it no less intuitive that colours are objective than that shapes are objective. We also find some evidence that when those with little philosophical training are asked about the colours of objects, their intuitions about colour and shape cases are similar, but when asked about people’s colour ascriptions, their intuitions about colour and shape cases differ.

Qualitative tools & experimental philosophy

Experimental philosophy brings empirical methods to philosophy. These methods are used to probe how people think about philosophically interesting things such as knowledge, morality, freedom, etc. This paper explores the contribution that qualitative methods have to make in this enterprise. I argue that qualitative methods have the potential to make a much greater contribution than they have so far. Along the way, I acknowledge a few types of resistance that proponents of qualitative methods in experimental philosophy might encounter, and provide reasons to think they are ill-founded.

Civilian casualties – do we really care? The failure of the revolution in military affairs of non-lethal weapons in the U.S., Russia and Israel

Causing civilian casualties during military operations has become a much politicised topic in international relations since the Second World War. Since the last decade of the 20th century, different scholars and political analysts have claimed that human life is valued more and more among the general international community. This argument has led many researchers to assume that democratic culture and traditions, modern ethical and moral issues have created a desire for a world without war or, at least, a demand that contemporary armed conflicts, if unavoidable, at least have to be far less lethal forcing the military to seek new technologies that can minimise civilian casualties and collateral damage. Non-Lethal Weapons (NLW) – weapons that are intended to minimise civilian casualties and collateral damage – are based on the technology that, during the 1990s, was expected to revolutionise the conduct of warfare making it significantly less deadly. The rapid rise of interest in NLW, ignited by the American military twenty five years ago, sparked off an entirely new military, as well as an academic, discourse concerning their potential contribution to military success on the 21st century battlefields. It seems, however, that except for this debate, very little has been done within the military forces themselves. This research suggests that the roots of this situation are much deeper than the simple professional misconduct of the military establishment, or the poor political behaviour of political leaders, who had sent them to fight. Following the story of NLW in the U.S., Russia and Israel this research focuses on the political and cultural aspects that have been supposed to force the military organisations of these countries to adopt new technologies and operational and organisational concepts regarding NLW in an attempt to minimise enemy civilian casualties during their military operations. This research finds that while American, Russian and Israeli national characters are, undoubtedly, products of the unique historical experience of each one of these nations, all of three pay very little regard to foreigners’ lives. Moreover, while it is generally argued that the international political pressure is a crucial factor that leads to the significant reduction of harmed civilians and destroyed civilian infrastructure, the findings of this research suggest that the American, Russian and Israeli governments are well prepared and politically equipped to fend off international criticism. As the analyses of the American, Russian and Israeli cases reveal, the political-military leaderships of these countries have very little external or domestic reasons to minimise enemy civilian casualties through fundamental-revolutionary change in their conduct of war. In other words, this research finds that employment of NLW have failed because the political leadership asks the militaries to reduce the enemy civilian casualties to a politically acceptable level, rather than to the technologically possible minimum; as in the socio-cultural-political context of each country, support for the former appears to be significantly higher than for the latter.