The informational value of incumbency

This paper proposes an argument that explains incumbency advantage without recurring to the collective irresponsibility of legislatures. For that purpose, we exploit the informational value of incumbency: incumbency confers voters information about governing politicians not available from challengers. Because there are many reasons for high reelection rates different from incumbency status, we propose a measure of incumbency advantage that improves the use of pure reelection success. We also study the relationship between incumbency advantage and ideological and selection biases. An important implication of our analysis is that the literature linking incumbency and legislature irresponsibility most likely provides an overestimation of the latter.

State and industry in the 1940s: The Spanish automobile industry

The decade of the 1940s was one of the darkest periods in the country's history, with years of famine, repression, general misery, and impoverishment of all aspects of national life ranging from culture to the economy. During those years plans were made to establish a Spanish motor industry once the Civil War had come to an end in 1939. It seemed a propitious moment for private enterprise and various foreign motor companies presented proposals for manufacturing their entire vehicle range, from cars to trucks. However, the government plans were for a State monopoly, a policy which meant that any private projects which did not contemplate the regime taking management decisions were rejected out of hand. From 1941 onwards, any new initiative was required to meet the plans set by INI. The main argument running through this paper is that one can only understand the development of the modern Spanish motor industry if one grasps the haggling between motor companies and government regarding market entry and the impact of the regime's autarchic policies in the 1940s.

Forward induction and the excess capacity puzzle: An experimental investigation

While the theoretical industrial organization literature has long arguedthat excess capacity can be used to deter entry into markets, there islittle empirical evidence that incumbent firms effectively behave in thisway. Bagwell and Ramey (1996) propose a game with a specific sequence ofmoves and partially-recoverable capacity costs in which forward inductionprovides a theoretical rationalization for firm behavior in the field. Weconduct an experiment with a game inspired by their work. In our data theincumbent tends to keep the market, in contrast to what the forwardinduction argument of Bagwell and Ramey would suggest. The results indicatethat players perceive that the first mover has an advantage without havingto pre-commit capacity. In our game, evolution and learning do not driveout this perception. We back these claims with data analysis, atheoretical framework for dynamics, and simulation results.

Habiter touristique et agencement de l'espace urbain : le cas de Los Angeles : recherche sur le concours des compétences des individus quant à leurs manières de faire avec les épreuves spatiales d'une métapole touristique

Vivre, c'est passer d'un espace à un autre en essayant le plus possible de ne pas se cogner déclamait George Pérec. Cet énoncé poétiquement géographique pourrait résumer d'une certaine façon le défi de connaissance saisi par cette recherche. L'enjeu consiste effectivement à envisager le fait à'habiter, entendu dans son acception du « faire avec de l'espace » de la part des individus, comme n'allant pas de soi, de mettre en exergue le caractère problématique que constitue la pratique d'un lieu pour un individu. A ce titre, l'une des propositions de ce travail est de considérer tout lieu comme un assemblage d'épreuves spatiales face auxquelles les individus sont confrontés. La question se pose alors de savoir comment les individus font avec ces épreuves spatiales. L'hypothèse défendue dans ce travail est celle de la mobilisation, par ces derniers, de compétences - ressortissant d'une « capacité à » telle qu'exprimée par Wittgenstein dans le domaine linguistique, c'est-à-dire d'une « maîtrise technique » - et d'un capital spatial - que l'on peut faire synthétiquement correspondre à l'expérience accumulée par un individu en terme de pratique de lieux. L'argumentation étaye l'hypothèse que les manières d'habiter touristiquement une métropole dépendent notamment de ces deux éléments interdépendants dont dispose tout individu de façon variable et évolutive ; leur importance, sans déterminer aucunement des pratiques spécifiques, participe d'une maîtrise accrue de l'espace, d'une facilité pour faire avec les épreuves spatiales, atténuant le caractère potentiellement contraignant de ces dernières. Il s'agit donc d'une enquête menant une réflexion tout à la fois sur la dimension actorielle des individus, mais également sur le lieu en tant qu'espace habité : travailler sur cette question revient à investir la question de l'agencement urbain d'un lieu, c'est-à-dire d'appréhender la façon dont une configuration urbaine (les épreuves spatiales coïncidant avec les principales caractéristiques de cette dernière) est habitée, et plus particulièrement en l'occurrence ici, est habitée touristiquement. Pour aborder empiriquement cette problématique, l'enquête se focalise donc sur les touristes : d'une part pour leur faible degré de familiarité avec le lieu pratiqué (faire avec cet espace ne relève donc pas d'une routine) et d'autre part parce que leur présence dorénavant massive au sein des métropoles a des effets sur l'agencement de ces lieux qu'il est nécessaire d'envisager. Le laboratoire utilisé est celui de Los Angeles, cette aire urbaine de 18 millions de résidents : son étalement considérable, l'absence d'un centre-ville historiquement important, et la forte prégnance de sa métrique automobile étant des caractéristiques qui font de ce lieu un « exceptionnel normal » aux épreuves spatiales particulièrement proéminentes. La recherche avance à ce titre des arguments permettant d'en souligner un agencement, par les manières d'habiter des touristes, différencié du modèle classique de la métropole touristique : pour exprimer cette singularité, l'enquête étaye l'hypothèse consistant à qualifier ce lieu de métapole touristique. - Living is moving from one space to another while trying not to collide claimed George Pérec. This poetically geographic statement could in a way sum up the challenge seized by this research. The challenge is indeed to consider the fact of dwelling, in the sense of "make do with space" on the part of individuals, as not an evidence but highlighting the problematic characteristics of the practice of a place by people. Accordingly, one of the proposals of this work is to consider each place as a gathering of spatial stakes against which individuals are faced. The question then arises how are individuals facing these spatial stakes. The hypothesis debated in this work is that of the mobilization of skills such as "the ability of' as expressed by Wittgenstein in the linguistic field, i.e. a "technical mastery" - and a spatial capital - that can synthetically correspond to the experience accumulated by one single individual in terms of practice of places. Argument supports the hypothesis that the ways of touristically dwelling a metropolis depend on these two interdependent elements which everyone deal with in a variable and scalable manner; their importance, without determining any specific practices, participates in an increased proficiency of space, easing to make do with the space stakes, moderating the potentially binding character of the latter. It is therefore a survey leading a reflection both on the actorial dimension of individuals, but also on the place as a living space: working on this issue is exploring the question of the urban layout of a place, i.e. to understand how an urban configuration (the space stakes coinciding with the main features of the latter) is inhabited, and in particular in the present case, is touristically dwelled. To empirically address this issue, the inquiry therefore focuses on tourists: on the one hand for their low degree of familiarity with the place (make do with this space is therefore not a routine) and secondly because their now massive presence within the metropolis has effects on the layout of these places that is necessary to consider. The laboratory used is that of Los Angeles, this urban area of 18 million residents: its considerable spread, the absence of an historically important downtown» and high salience of "automobile metric" are features that make this place a "normal exceptional" with particularly prominent space stakes. Hence, research advances the arguments underlining the layout, by the ways of tourists dwelling different from the classical model of the metropolis: to express this uniqueness, the survey supports hypothesis to describe this place as a tourist metapolis.

Neurobiologia, coscienza e neuroetica. Ricerche filosofiche in margine al dialogo tra G.P. CHANGEUX e P. RICOEUR

Le neuroscienze occupano oggi un ruolo essenziale nel dibattito scientifico e filosofico, nonché in quello delle scienze umane. Esse costituiscono la sfida più seria al sapere fin qui elaborato intorno ai fondamenti dell'esperienza di coscienza, poiché si propongono come capaci di rispondere alla domanda di origine e funzionamento della coscienza. Le neuroscienze cognitive stanno, oggi, rivoluzionando la nostra concezione della mente e delle sue funzioni. Ci forniscono nuovi dati sulla natura delle sensazioni, della memoria, della percezione e dei processi di astrazione. L'epistemologia è rientrata così pienamente nell'ambito di una disciplina sperimentale, come diversi filosofi (da Hume a Quine) hanno auspicato. È, alla fine, evoluta nell'esperienza odierna della cosiddetta "epistemologia sperimentale", luogo che coniuga il rigore sperimentale della scienza con la profondità e la sofisticazione argomentativa della tradizione filosofica. Come arriviamo a conoscere? Quali vincoli poniamo a quello che deve essere conosciuto? Perché seguiamo certe vie invece di altre? Come arriviamo a formulare giudizi e a prendere decisioni? Che valore ha la conoscenza già acquisita nell'elaborazione di nuove esperienze? In particolare, che peso hanno le aspettative e i ricordi in questo processo? Qual è il rapporto fra esperienza, conoscenza e memoria? Come si fissano e come si richiamano i ricordi? Qual è il rapporto fra coscienza e memoria? Sono alcune delle domande che l'autore si pone in questa ottica e alle quali cerca di rispondere, a partire dall'analisi e valutazione del dialogo-dibattito fra J.-P. Changeux e P. Ricoeur, per apprenderne il linguaggio, capire i problemi sollevati, adattarsi alla complessità della materia. Nel contesto della filosofia della mente, la "lettura" della discussione ripercorre i relativi percorsi attraverso l'analisi delle loro opere, da un lato quelle dello scienziato (sulla struttura e dinamica del cervello, la teoria dell'epigenesi e stabilizzazione selettiva, le speculazioni sull'uomo neuronale e i rilievi antropologici, le teorie della conoscenza e della coscienza, oltre che sulla conoscenza matematica, gli argomenti di estetica ed etica); dall'altro lato quelle del filosofo (dal Cogito riflessivo alla scoperta dell'ermeneutica, dalle eterogenee riflessioni sul Conflitto delle interpretazioni alla grande teoria sulla creatività del linguaggio, le conclusioni teoriche sull'ermeneutica del sé e l'ontologia dell'agire). Il punto di arrivo è la determinazione delle relative posizioni: quella di Changeux tra i neuroscienziati che si occupano di questioni filosofiche, epistemologiche ed etiche, e quella di Ricoeur tra i filosofi che si occupano di neuroscienze. La conclusione della tesi si svolge in un approfondimento teoretico che dalla nozione di "traccia" porta all'esperienza della "memoria", al fine di intrecciare i fili della discussione ripercorsa ed offrire una sponda non forzata al dibattito più ampio. Il tema della memoria è privilegiato per ragioni intrinseche, poiché si tratta di uno dei temi precipui delle neuroscienze, della filosofia della mente e della fenomenologia. A un primo livello viene instaurato su questo punto un confronto epistemologico tra la proposta della neurofenomenologia (Varala, ad esempio) e la posizione tenuta in particolare da Ricoeur rispetto ad essa e al suo "progetto unificante", posizione defilata e, per certi aspetti, criticamente dubbiosa sul fatto che si possa davvero giungere a un "terzo discorso". Si riferisce poi del largo interesse e dei risultati più significativi della riflessione fenomenologica antica e moderna sulla memoria. A un secondo livello vengono illustrati i programmi di ricerca recenti della neurofenomenologia su questo argomento all'interno delle scienze cognitive e si dà conto dei risultati più significativi. Ad un terzo e conclusivo livello, si approfondisce il significato teologico della memoria. Les neurosciences ont aujourd'hui un rôle essentiel dans le débat scientifique et philosophique, ainsi que dans celui des sciences humaines. Elles constituent le défi le plus sérieux aux savoir qu'on a construit jusqu'ici sur les fondements de l'expérience de conscience, attendu qu'elles-mêmes se considèrent capables de répondre à la demande sur l'origine e le fonctionnement de la conscience. Les neurosciences cognitives sont aujourd'hui en train de révolutionner notre conception de l'esprit et des ses fonctions. Elles nous offrent des nouvelles données au sujet de la nature de nos sensations, mémoire, perception et procédés d'abstraction. Aussi l'épistémologie est rentrée pleinement dans le domaine d'une discipline expérimentale, comme plusieurs philosophes (de Hume à Quine) l'ont souhaité. Elle s'est enfin adressée, dans l'expérience actuelle, vers la soi-disant "épistémologie expérimentale", lieu qui met en accord la rigueur expérimentale de la science avec la profondeur et la sophistiquée finesse argumentative de la tradition philosophique. Comment en arrivons-nous à connaître? Quels liens mettons-nous à ce qu'on doit être connu? Pourquoi suivons-nous certaines vois au lieu d'autres? Comment en arrivons-nous à formuler des opinions et à prendre des décisions? Quelle valeur a la connaissance qu'on a déjà acquise par l'élaboration des nouvelles expériences? En particulier, quelle est l'importance des attentes et des souvenirs dans cette évolution? Quel est le rapport entre expérience, connaissance e mémoire? Comment fixons et rappelons-nous nos souvenirs? Quel est le rapport entre conscience et mémoire? Ces sont quelques-unes des questions que l'auteur se pose dans cette perspective et aux quelles essaie de répondre a partir de l'analyse et l'évaluation du dialogue-débat entre fra J.-P. Changeux et P. Ricoeur, pour en apprendre le langage, comprendre les problèmes soulevés, s'adapter à la complexité du sujet. Dans le contexte de la philosophie du cerveau, la "lecture" du dialogue reparcourt les parcours des deux interlocuteurs par l'analyse de leur ouvrages, d'une part celles du savant (sur la structure et la dynamique du cerveau, la théorie de l'épigenèse et stabilisation sélective; les spéculations sur l'homme neuronal et les commentaires anthropologiques; les théories de la connaissance et de la conscience, de même que sur la connaissance de la mathématique, les sujets d'esthétique et étique; d'autre part celles du philosophe (du Cogito réflexif à la découverte de l'herméneutique, de les hétérogènes réflexions sur le Conflit des interprétations à la grande théorie sur la créativité du langage, les conclusions théoriques sur l'herméneutique du soi et l'ontologie de l'agir). L'issue est la determination des relatives positions: celle de Changeux parmi les neuro-scientifiques qui s'occupent de questions philosophiques, épistémologiques et éthiques, et celle de Ricoeur parmi les philosophes qui s'occupent de neurosciences. La conclusion de la thèse se développe dans un approfondissement théorétique que de la notion de "trace" à l'expérience de la "mémoire", à l'effet de nouer les fils de la discussion passée en revue et d'assurer un appui pas forcé au débat plus vaste. Le thème de la mémoire a été choisi pour des raisons intrinsèques, puisqu'il est un des thèmes principaux des neurosciences, de la philosophie de l'esprit et de la phénoménologie. Sur un premier plan épistémologique il est établi une comparaison entre la proposition de la neurophénoménologie (Varala, par exemple) et la position soutenue en particulier par Ricoeur au sujet de ce courant phénoménologique et de son "projet unifiant", position défilée et, à certains égards, critiquement hésitante sur le fait qu'on puisse vraiment en venir à un "troisième discours". On rend compte du grand intérêt et des résultats les plus significatifs de la réflexion phénoménologique ancienne et moderne sur la mémoire. Sur un second plan neurophénoménologique on illustre des plans de recherche récents sur cet argument au-dedans des sciences cognitives et on rend compte des résultats les plus distinctives. Sur un troisième et conclusif plan on approfondit le sens théologique de la mémoire.

The size and distribution of donations: Effects of numbers of potential recipients

Whereas much literature exists on choice overload, little is known about effects of numbers of alternatives in donation decisions. How do these affect both the size and distribution of donations? We hypothesize that donations are affected by the reputation of recipients and increase with their number, albeit at a decreasing rate. Allocations to recipients reflect different concepts of fairness equity and equality. Both may be employed but, since they differ in cognitive and emotional costs, numbers of recipients are important. Using a cognitive (emotional) argument, distributions become more uniform (skewed) as numbers increase. In a survey, respondents indicated how they would donate lottery winnings of 50 Euros. Results indicated that more was donated to NGO s that respondents knew better. Second, total donations increased with the number of recipients albeit at a decreasing rate. Third, distributions of donations became more skewed as numbers increased. We comment on theoretical and practical implications.

The three strands of intercultural polities: a comprehensive view. A critical review of Bouchard and Cantle recent books on interculturalism

Within the emerging policy debate on interculturalism we critically review two recent books in 2012: Bouchard’s L’interculturalisme: un point de vue quebecois, and Cantle’s Interculturalism: The New Era of Cohesion and Diversity. In my view, both contribute very directly to open a foundational debate on interculturalism. In addressing the point of convergence and the dividing lines of these two contributions, I will claim that in spite of having one core concept of interculturalism, there are, however, at least two basic conceptions that have to be interpreted in complementary ways: Bouchard’s essay represents the contractual strand, Cantle’s book the cohesion strand. At the end I would also suggest that these two strands do not manage to express explicitly that diversity can also be seen as a resource of innovation and creativity, and so can drive individual and social development. This view is based on the diversity advantage literature already informing most of the diversity debate in Europe and elsewhere. This is what I will call the constructivist strand. My ultimate purpose is to defend a comprehensive view, grounded on the argument that no one can have the sole authority to define intercultural policy, since the three strands can be applied at different moments, according to different purposes and policy needs. The challenge now is that policy managers be able to achieve a balance between these three policy drivers.

Ecole et construction du sens

Peut-on continuer à invoquer la neutralité abstentionniste de l'État pour proscrire un enseignement sur la religion à l'école ? Cet argument qui a eu sa légitimité historique vaut-il encore aujourd'hui ? En d'autres termes, l'existence d'un tel enseignement ne pourrait-il pas s'avérer compatible avec un régime de séparation Églises-État ? Qu'en pensent les acteurs directement concernés ? Refusant de rejeter la religion du côté du privé, les enseignants en nombre croissant déplorent le peu de place accordé à la « spiritualité » en classe. Quant aux élèves, reflétant l'attitude incertaine de leurs parents quant aux valeurs à transmettre, ils expriment des besoins plus difficiles à déchiffrer. Mais derrière ce débat relatif à l'inscription d'une case religieuse dans les programmes scolaires, ne s'en cache-t-il pas un autre touchant directement aux objectifs du système éducatif et au rôle des enseignants ?

Peut-on accepter les progrès en sciences biomèdicales sans progrès en éthique ? [Can we take for granted medical progress without progress in ethics ?].

Since the mid 20th century progress in biomedical science has been punctuated by the emergence of bioethics which has fashioned the moral framework of its application to both research and clinical practice. Can we, however, consider the advent of bioethics as a form of progress marking the advances made in biomedical science with an adequate ethical stamp? The argument put forward in this chapter is based on the observation that, far from being a mark of progess, the development of bioethics runs the risk of favouring, like modern science, a dissolution of the links that unite ethics and medicine, and so of depriving the latter of the humanist dimensions that underlie the responsibilities that fall to it. Faced with this possible pitfall, this contribution proposes to envisage as a figure of moral progress, consubstantial with the development of biomedical science, an ethical approach conceived as a means of social intervention which takes the first steps towards an ethics of responsibility integrating the bioethical perspective within a hermeneutic and deliberative approach. By the yardstick of a prudential approach, it would pay particular attention to the diverse sources of normativity in medical acts. It is suggested that this ethical approach is a source of progress insofar as it constitutes an indispensable attitude of watchfulness, which biomedical science can lean on as it advances, with a view to ensuring that the fundamental link uniting ethics and medicine is maintained.

Decrease in the prevalence of hepatitis B and a low prevalence of hepatitis C virus infections in the general population of the Seychelles.

A serological survey of hepatitis B virus (HBV) and hepatitis C virus (HCV) infections was carried out on a random sex- and age-stratified sample of 1006 individuals aged 25-64 years in the Seychelles islands. Anti-HBc and anti-HCV antibodies were detected using commercially available enzyme-linked immunosorbent assays (ELISA), followed by a Western blot assay in the case of a positive result for anti-HCV. The age-adjusted seroprevalence of anti-HBc antibodies was 8.0% (95% CI: 6.5-9.9%) and the percentage prevalence among males/females increased from 7.0/3.1 to 19.1/13.4 in the age groups 25-34 to 55-64 years, respectively. Two men and three women were positive for anti-HCV antibodies, with an age-adjusted seroprevalence of 0.34% (95% CI: 0.1-0.8%). Two out of these five subjects who were positive for anti-HCV also had anti-HBc antibodies. The seroprevalence of anti-HBc was significantly higher in unskilled workers, persons with low education, and heavy drinkers. The age-specific seroprevalence of anti-HBc in this population-based survey, which was conducted in 1994, was approximately three times lower than in a previous patient-based survey carried out in 1979. Although there are methodological differences between the two surveys, it is likely that the substantial decrease in anti-HBc prevalence during the last 15 years may be due to significant socioeconomic development and the systematic screening of blood donors since 1981. Because hepatitis C virus infections are serious and the cost of treatment is high, the fact that the prevalence of anti-HCV antibodies is at present low should not be an argument for not screening blood donors for anti-HCV and eliminating those who are positive.

Lessons From the Swiss Medical Board Recommendation Against Mammography Screening Programs

When the US Preventive Services Task Force (USPSTF) in 2009 recommended against universal breast cancer screening with mammography in women aged 40 to 49 years, some scientists, radiologists, politicians, and patients strongly objected. The controversy has been called the "mammography wars." The latest chapter in these wars comes from the Swiss Medical Board, which is mandated by the Conference of Health Ministers of the Swiss Cantons, the Swiss Medical Association, and the Swiss Academy of Medical Sciences to conduct health technology assessments. In a February 2014 report, the Swiss Medical Board stated that new systematic mammography screening programs should not be introduced, irrespective of the age of the women, and that existing programs should be discontinued. The board's main argument was that the absolute reduction in breast cancer mortality was low and that the adverse consequences of the screening were substantial. The absolute risk reduction in breast cancer mortality has been estimated by the board at 0.16% for women screened during 6.2 years and followed-up over 13 years, based on the results of a recent Cochrane Review. The adverse consequences include falsepositive test results, overdiagnosis and overtreatment of patients, and high costs, including the expense of follow-up testing and procedures.

Two-stage prograde and retrograde Variscan metamorphism of glaucophane-eclogites, blueschists and greenschists from Ile de Groix (Brittany, France)

On Ile de Groix, Variscan metamorphic former tholeiitic and alkaline basalts occur as glaucophane-eclogites, blueschists and greenschists in isolated lenses and layers within metapelites. Whole-rock delta O-18(SMOW) values of the metabasites show limited variations (10.4-12.0 parts per thousand) and no systematic differences among rock types and metamorphic grades. This provides no argument for large-scale blueschist-to-greenschist transformation driven by infiltration of externally derived fluids. Metamorphic mineralogical changes should have been triggered by internal fluids. Element variations in interlayered blue- and greenschists can be attributed to magmatic fractionation. Assemblages with garnet, clinopyroxene and glaucophane of a high-pressure/low-temperature (HP-LT) metamorphism M1, and NaCa-amphiboles (barroisite, magnesiohornblende, actinolite) of a medium-pressure/medium-temperature metamorphism M2 crystallized during deformation Dl. Detailed core-rim zonation profiles display increasing and then decreasing Al-IV in glaucophane of M1. NaCa-amphiboles of M2, mantling glaucophane and crystallized in porphyroblasts, show first increasing, then decreasing, Al-IV and Al-IV. Empirically calibrated thermobarometers allowed P-T path reconstructions. In glaucophane-eclogites of a metamorphic zone I, a prograde evolution to M1 peak conditions at 400-500 degreesC/10-12 kbar was followed by a retrograde P-T path within the glaucophane stability field. The subsequent M2 evolution was again prograde up to > 600 degreesC at 8 kbar and then retrograde. Similarly, in metamorphic zones II and III, prograde and retrograde paths of MI and M2 at lower maximal temperatures and pressures exist. The almost complete metamorphic cycle during M2 signalizes that the HP-LT rocks escaped from an early erosion by a moderate second burial event and explains the longlasting slow uplift with low average cooling rates.

Políticas de dividendos y probabilidad de ruina

En este trabajo introducimos diversas clases de barreras del dividendo en la teoría modelo clásica de la ruina. Estudiamos la influencia de la estrategia de la barrera en probabilidad de la ruina. Un método basado en las ecuaciones de la renovación [Grandell (1991)], alternativa a la discusión diferenciada [Gerber (1975)], utilizado para conseguir las ecuaciones diferenciales parciales para resolver probabilidades de la supervivencia. Finalmente calculamos y comparamos las probabilidades de la supervivencia usando la barrera linear y parabólica del dividendo, con la ayuda de la simulación

"Just stories"

Lectio praecursoria at the public examination of his doctoral thesis Fictions to live in: narration as an argument for fiction in Salman Rushdies's novels, Department of English, University of Tampere, on October the ninth, 1998

Option valuation as an expectation in the complex domain: The Black-Scholes case

It is very well known that the first succesful valuation of a stock option was done by solving a deterministic partial differential equation (PDE) of the parabolic type with some complementary conditions specific for the option. In this approach, the randomness in the option value process is eliminated through a no-arbitrage argument. An alternative approach is to construct a replicating portfolio for the option. From this viewpoint the payoff function for the option is a random process which, under a new probabilistic measure, turns out to be of a special type, a martingale. Accordingly, the value of the replicating portfolio (equivalently, of the option) is calculated as an expectation, with respect to this new measure, of the discounted value of the payoff function. Since the expectation is, by definition, an integral, its calculation can be made simpler by resorting to powerful methods already available in the theory of analytic functions. In this paper we use precisely two of those techniques to find the well-known value of a European call