scholarly journals An Axiomatization of the Proportional Rule in Financial Networks

2020 ◽  
Author(s):  
Péter Csóka ◽  
P. Jean-Jacques Herings

The most important rule to determine payments in real-life bankruptcy problems is the proportional rule. Many such bankruptcy problems are characterized by network aspects, and the values of the agents’ assets are endogenous as they depend on the extent to which claims on other agents can be collected. These network aspects make an axiomatic analysis challenging. This paper is the first to provide an axiomatization of the proportional rule in financial networks. Our main axiom is invariance to mitosis. The other axioms are claims boundedness, limited liability, priority of creditors, continuity, and impartiality. This paper was accepted by Manel Baucells, decision analysis.

1988 ◽  
Vol 2 (3) ◽  
pp. 45-50 ◽  
Author(s):  
Hayne Leland ◽  
Mark Rubinstein

Six months after the market crash of October 1987, we are still sifting through the debris searching for its cause. Two theories of the crash sound plausible -- one based on a market panic and the other based on large trader transactions -- though there is other evidence that is difficult to reconcile. If we are to believe the market panic theory or the Brady Commission's theory that the crash was primarily caused by a few large traders, we must strongly reject the standard model. We need to build models of financial equilibrium which are more sensitive to real life trading mechanisms, which account more realistically for the formation of expectations, and which recognize that, at any one time, there is a limited pool of investors available with the ability to evaluate stocks and take appropriate action in the market.


2010 ◽  
Vol 44-47 ◽  
pp. 794-798 ◽  
Author(s):  
Xin Ma

The stability of cooperation contract is the result of abandon opportunistic behavior in the process of repeated games among the enterprise and the other subjects in the supply chain from long-term interests, and is also the foundation of healthy development for the whole supply chain. But in real life cooperation contract instability everywhere for a variety of reasons, such as ethical considerations, institutional factors, cultural factors and special reasons during the transition period and so on. From the perspective of information economics and game theory, the main game process of cooperation between enterprise and the other subjects in supply chain is not only the game of information, but also the game of interests. Information structure and the interesting structure are the important factors for the subjects of the game of the implementation of decisions and the basic contractual constraints for cooperative game equilibrium. Cooperation behaviors among the enterprise and the other subjects in the supply chain were studied on the basis of game theory, and the stability of cooperation contract is also being discussed in this paper.


2021 ◽  
Author(s):  
Ahmad B. Hassanat ◽  
Ghada A. Altarawneh ◽  
Ahmad S. Tarawneh

Abstract The classic win-win has a key flaw in that it cannot offer the parties with right amounts of winning because each party believes they are winners. In reality, one party may win more than the other. This strategy is not limited to a single product or negotiation; it may be applied to a variety of situations in life. We present a novel way to measure the win-win situation in this paper. The proposed method employs the Fuzzy logic to create a mathematical model that aids negotiators in quantifying their winning percentages. The model is put to the test on real-life negotiation scenarios such as the Iranian uranium enrichment negotiations, the Iraqi-Jordanian oil deal, and the iron ore negotiation (2005-2009). The presented model has shown to be a useful tool in practice and can be easily generalized to be utilized in other domains as well.


ALQALAM ◽  
2019 ◽  
Vol 36 (01) ◽  
pp. 67
Author(s):  
A. ILYAS ISMAIL

Theofogicaffy, Islam is one and absolutely correct. However, historicaffy, after being understood and translated into the real life, Islam is not single, but various or plural that manifests at feast in three schools of thoughts: Traditional Islam, Revivalist Islam (fundamentalism), and Liberal Islam (Progressive). The group of Jaringan Islam Liberal (JIL) represents the fast school of thoughts. Even though it is stiff young (ten years), JIL becomes populer because it frequentfy proposes the new thoughts that often evoke controversions in the community. The reformation of thoughts proposed by JIL covers four areas: first, reformation in politics. In this context, JIL gives a priority to the idea of secularism; Second, reformation in socio-religion. Dealing with this, JIL proposes the concept of pluralism; Third, reformation in individual freedom. In this case, JIL gives a priority to the idea of liberalism both in thoughts and actions;fourth, reformation in women. Regarding this, JIL proposes the idea of gender equaliry. This reformation thought of JIL receives pro and con in the community. On the one hand,some of them panne and fulminate it; on the other hand, the other ones support and give appreciation. In such situation, JIL grows as a thought and Islamic progressive movement in Indonesia. Key Words: Islamic Thought, JIL, Secularism, Pluralism, Liberalism, and Gender Equality.


2017 ◽  
Vol 8 (7) ◽  
pp. 816-826 ◽  
Author(s):  
Gilad Feldman ◽  
Huiwen Lian ◽  
Michal Kosinski ◽  
David Stillwell

There are two conflicting perspectives regarding the relationship between profanity and dishonesty. These two forms of norm-violating behavior share common causes and are often considered to be positively related. On the other hand, however, profanity is often used to express one’s genuine feelings and could therefore be negatively related to dishonesty. In three studies, we explored the relationship between profanity and honesty. We examined profanity and honesty first with profanity behavior and lying on a scale in the lab (Study 1; N = 276), then with a linguistic analysis of real-life social interactions on Facebook (Study 2; N = 73,789), and finally with profanity and integrity indexes for the aggregate level of U.S. states (Study 3; N = 50 states). We found a consistent positive relationship between profanity and honesty; profanity was associated with less lying and deception at the individual level and with higher integrity at the society level.


Author(s):  
Edward Lamberti

Chapter 5 considers Barbet Schroeder’s English-language American true-life drama Reversal of Fortune (1990) and his French-language political documentary Terror’s Advocate (2007), two films about lawyers and legal systems. Desmond Manderson refers in his collection Essays on Levinas and Law: A Mosaic (2009) to the ‘mosaic’ of a Levinasian approach to the law, as, sceptical of legal systems but devoted to justice, Emmanuel Levinas posits an ethics that refuses to crystallise into a prescriptive view of how the law should work in respect of the Other. I argue that these two Schroeder films, with their multi-faceted, ‘mosaic-like’ styles and structures, perform this fractured Levinasian refusal to settle on a fixed, simplistic definition of the law’s purpose. I analyse Reversal of Fortune for its multiple story strands and the different visual styles Schroeder deploys to delineate them, along with elements of performance – especially from Jeremy Irons as Claus von Bülow – that complicate questions of otherness. In discussing the documentary Terror’s Advocate, I draw on Stella Bruzzi’s work on performative documentary (2006) to explore how Schroeder uses film style to perform both the bravado of the film’s protagonist, the real-life criminal lawyer Jacques Vergès, and the Levinasian ‘mosaic’ of the legal situations he surveys.


Author(s):  
Richard T. Hughes

The Great American Myths are the commonly accepted stories that, along with the American Creed, convey to most Americans the meaning of their nation. The first edition of Myths America Lives By identified five of those myths: the Chosen Nation, Nature’s Nation, the Christian Nation, the Millennial Nation, and the Innocent Nation. The second edition adds a sixth: the myth of White Supremacy. This chapter introduces the two primary arguments of this book—first, that the myth of White Supremacy is the primal American myth that informs all the others and, second, that one of the chief functions of the other five myths is to protect and obscure the myth of White Supremacy and assure us that we remain innocent after all. Most blacks understand that white supremacy is the primal American myth since they live with its real-life consequences. But those in positions of power are not forced to live with the consequences of this myth. As a result, for most American whites the myth of White Supremacy is like the air they breathe: it envelops and shapes them but does so in ways they seldom discern.


Author(s):  
Xinghua Fan

Text categorization (TC) is a task of assigning one or multiple predefined category labels to natural language texts. To deal with this sophisticated task, a variety of statistical classification methods and machine learning techniques have been exploited intensively (Sebastiani, 2002), including the Naïve Bayesian (NB) classifier (Lewis, 1998), the Vector Space Model (VSM)-based classifier (Salton, 1989), the example-based classifier (Mitchell, 1996), and the Support Vector Machine (Yang & Liu, 1999). Text filtering is a basic type of text categorization (two-class TC). There are many real-life applications (Fan, 2004), a typical one of which is the ill information filtering, such as erotic information and garbage information filtering on the web, in e-mails and in short messages of mobile phones. It is obvious that this sort of information should be carefully controlled. On the other hand, the filtering performance using the existing methodologies is still not satisfactory in general. The reason lies in that there exist a number of documents with high degree of ambiguity, from the TC point of view, in a document collection, that is, there is a fuzzy area across the border of two classes (for the sake of expression, we call the class consisting of the ill information- related texts, or, the negative samples, the category of TARGET, and, the class consisting of the ill information-not-related texts, or, the positive samples, the category of Non-TARGET). Some documents in one category may have great similarities with some other documents in the other category, for example, a lot of words concerning love story and sex are likely appear in both negative samples and positive samples if the filtering target is erotic information.


Author(s):  
Brian Bayly

As in Chapter 2, so again here the intention is to review ideas that are already familiar, rather than to introduce the unfamiliar; to build a springboard, but not yet to leap off into space. The familiar idea is of flow down a gradient—water running downhill. Parallels are electric current in a wire, salt diffusing inland from the sea, heat flowing from the fevered brow into the cool windowpane, and helium diffusing through the membrane of a helium balloon. For any of these, we can imagine a linear relation: . . . Flow rate across a unit area = (conductivity) x (driving gradient) . . . where the conductivity retains a constant value, and if the other two quantities change, they do so in a strictly proportional way. Real life is not always so simple, but this relation serves to introduce the right quantities, some suitable units and some orders of magnitude. For present purposes, the second and fourth of the examples listed are the most relevant. To make comparison easier we imagine a barrier through which salt can diffuse and through which water can percolate, but we imagine circumstances such that only one process occurs at a time. Specifically, imagine a lagoon separated from the ocean by a manmade dike of gravel and sand 4 m thick, as in Figure 3.1. If the lagoon is full of seawater but the water levels on the two sides of the dike are unequal, water will percolate through the dike, whereas if the levels are the same and the dike is saturated but the lagoon is fresh water, salt will diffuse through but there will be no bulk flow of water. (More correctly, because seawater and fresh water have different densities, and because of other complications, the condition of no net water flow would be achieved in circumstances a little different from what was just stated. For present purposes all we need is the idea that conditions exist where water does not percolate but salt does diffuse.) For flow of water driven by a pressure gradient, suitable units are shown in the upper part of Table 3.1 and for diffusion of salt driven by a concentration gradient, suitable units are shown in the lower part.


2020 ◽  
pp. 85-101
Author(s):  
Jonathan Gilmore

This chapter characterizes a set of parallel assumptions. One, shared by many otherwise different contemporary philosophical treatments of the emotions, is that our affective responses are susceptible to assessments of rationality, fittingness, or some other notion of aptness. The other is that analogous norms of fittingness apply to those emotions directed at what is only fictional, or what is only imagined to be the case. This chapter identifies the relevant concept of emotional aptness that is at play in both kinds of assumptions, and which is at the core of the disagreement between the theses of normative continuity and normative discontinuity. The chapter then develops and assesses arguments in favor of the continuity thesis: the claim that the criteria determining such aptness of responses to contents of artistic representations apply invariantly to responses to analogous states of affairs in real life.


Sign in / Sign up

Export Citation Format

Share Document