Kazuo Fujikawa and Hiroshi Suzuki
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780198529132
- eISBN:
- 9780191712821
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198529132.001.0001
- Subject:
- Physics, Theoretical, Computational, and Statistical Physics
This book provides an introduction to the path integral formulation of quantum field theory and its applications to the analyses of symmetry breaking by the quantization procedure. This symmetry ...
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This book provides an introduction to the path integral formulation of quantum field theory and its applications to the analyses of symmetry breaking by the quantization procedure. This symmetry breaking is commonly called the ‘quantum anomaly’ or simply the ‘anomaly’, and this naming shows that the effect first appeared as an exceptional phenomenon in field theory. However, it is shown that this effect has turned out to be very fundamental in modern field theory. In the path integral formulation, it has been recognized that this effect arises from a non-trivial Jacobian in the change of path integral variables, namely, the path integral measure breaks certain symmetries. The study of the quantum anomaly attempts to bring about a better understanding of the basis of quantum theory and, consequently, it is a basic notion which could influence the entire quantum theory beyond field theory. The quantum anomaly is located at the border of divergence and convergence, though the quantum anomaly itself is perfectly finite, and thus closely related to the presence of an infinite number of degrees of freedom.Less
This book provides an introduction to the path integral formulation of quantum field theory and its applications to the analyses of symmetry breaking by the quantization procedure. This symmetry breaking is commonly called the ‘quantum anomaly’ or simply the ‘anomaly’, and this naming shows that the effect first appeared as an exceptional phenomenon in field theory. However, it is shown that this effect has turned out to be very fundamental in modern field theory. In the path integral formulation, it has been recognized that this effect arises from a non-trivial Jacobian in the change of path integral variables, namely, the path integral measure breaks certain symmetries. The study of the quantum anomaly attempts to bring about a better understanding of the basis of quantum theory and, consequently, it is a basic notion which could influence the entire quantum theory beyond field theory. The quantum anomaly is located at the border of divergence and convergence, though the quantum anomaly itself is perfectly finite, and thus closely related to the presence of an infinite number of degrees of freedom.
Julia Annas
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780195096521
- eISBN:
- 9780199833061
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195096525.003.0015
- Subject:
- Philosophy, Ancient Philosophy
Ancient ethical theories do not, like many modern ethical theories, recognize a gap in the theory between morality and self‐interest. Rather, self‐interest, developed into an appropriate concern with ...
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Ancient ethical theories do not, like many modern ethical theories, recognize a gap in the theory between morality and self‐interest. Rather, self‐interest, developed into an appropriate concern with one's happiness, will already incorporate other‐concern, which in the different theories has different scope.Less
Ancient ethical theories do not, like many modern ethical theories, recognize a gap in the theory between morality and self‐interest. Rather, self‐interest, developed into an appropriate concern with one's happiness, will already incorporate other‐concern, which in the different theories has different scope.
Louis Kaplow
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691158624
- eISBN:
- 9781400846078
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691158624.003.0007
- Subject:
- Economics and Finance, Economic History
This chapter assesses the relationship between modern oligopoly theory and the meaning of the agreement requirement. Because competition law seeks to regulate oligopoly behavior and, moreover, to ...
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This chapter assesses the relationship between modern oligopoly theory and the meaning of the agreement requirement. Because competition law seeks to regulate oligopoly behavior and, moreover, to ground such regulation in modern economic understandings, it would seem to follow that, if the law's notion of agreement reflects economic substance, the agreement requirement would correspond to a core distinction drawn in oligopoly theory. As it turns out, that theory, which is an application of game theory (particularly, that of repeated games), does have an explicit notion of agreement. But this notion refers to binding agreements and thus is irrelevant for present purposes because competition law renders horizontal price-fixing agreements void ab initio.Less
This chapter assesses the relationship between modern oligopoly theory and the meaning of the agreement requirement. Because competition law seeks to regulate oligopoly behavior and, moreover, to ground such regulation in modern economic understandings, it would seem to follow that, if the law's notion of agreement reflects economic substance, the agreement requirement would correspond to a core distinction drawn in oligopoly theory. As it turns out, that theory, which is an application of game theory (particularly, that of repeated games), does have an explicit notion of agreement. But this notion refers to binding agreements and thus is irrelevant for present purposes because competition law renders horizontal price-fixing agreements void ab initio.
Julia Annas
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780195096521
- eISBN:
- 9780199833061
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195096525.003.0001
- Subject:
- Philosophy, Ancient Philosophy
The book's methodology is set out: we must be critically aware of the theoretical assumptions we bring to the study of ancient ethics, or we risk importing anachronism. The limits of the ancient ...
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The book's methodology is set out: we must be critically aware of the theoretical assumptions we bring to the study of ancient ethics, or we risk importing anachronism. The limits of the ancient evidence should also be respected. We must also be aware of the structures of modern ethical theories and prepared to find that ancient theories differ. The ancient traditions and their major sources are listed: Aristotle, Stoics, Sceptics, Cyrenaics, Epicurus and hybrid theories.Less
The book's methodology is set out: we must be critically aware of the theoretical assumptions we bring to the study of ancient ethics, or we risk importing anachronism. The limits of the ancient evidence should also be respected. We must also be aware of the structures of modern ethical theories and prepared to find that ancient theories differ. The ancient traditions and their major sources are listed: Aristotle, Stoics, Sceptics, Cyrenaics, Epicurus and hybrid theories.
Julia Annas
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780195096521
- eISBN:
- 9780199833061
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195096525.003.0023
- Subject:
- Philosophy, Ancient Philosophy
Ancient and modern ethical theories are compared, with renewed warning against reading modern assumptions into ancient texts. The book's discussions of ancient theories supports the position that ...
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Ancient and modern ethical theories are compared, with renewed warning against reading modern assumptions into ancient texts. The book's discussions of ancient theories supports the position that ancient concerns about virtue can reasonably be compared with modern concerns with morality, and that the chief difference is the eudaimonistic structure of ancient theories. Some contrasts with modern theories are briefly drawn.Less
Ancient and modern ethical theories are compared, with renewed warning against reading modern assumptions into ancient texts. The book's discussions of ancient theories supports the position that ancient concerns about virtue can reasonably be compared with modern concerns with morality, and that the chief difference is the eudaimonistic structure of ancient theories. Some contrasts with modern theories are briefly drawn.
Shai Ginsburg, Martin Land, and Jonathan Boyarin (eds)
- Published in print:
- 2018
- Published Online:
- May 2019
- ISBN:
- 9780823282005
- eISBN:
- 9780823284795
- Item type:
- book
- Publisher:
- Fordham University Press
- DOI:
- 10.5422/fordham/9780823282005.001.0001
- Subject:
- Religion, Judaism
Theory has often been coded as “Jewish”—not merely because Jewish intellectuals have been central participants, but also, this book argues, because certain problematics of modern Jewishness enrich ...
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Theory has often been coded as “Jewish”—not merely because Jewish intellectuals have been central participants, but also, this book argues, because certain problematics of modern Jewishness enrich theoretical questions across the humanities. In the range of violence and agency that can attend the appellation “Jew,” Jewishness is revealed as a rhetorical and not just social fact, one tied to profound questions of power, subjectivity, identity, figuration, language, and relation that are also central to modern theory and modern politics. Understanding Jewishness in its fluidity, this book helps articulate theory's potential to mediate pessimistic and utopian impulses, experiences, and realities.Less
Theory has often been coded as “Jewish”—not merely because Jewish intellectuals have been central participants, but also, this book argues, because certain problematics of modern Jewishness enrich theoretical questions across the humanities. In the range of violence and agency that can attend the appellation “Jew,” Jewishness is revealed as a rhetorical and not just social fact, one tied to profound questions of power, subjectivity, identity, figuration, language, and relation that are also central to modern theory and modern politics. Understanding Jewishness in its fluidity, this book helps articulate theory's potential to mediate pessimistic and utopian impulses, experiences, and realities.
Sandy Zabell
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780195137316
- eISBN:
- 9780199867912
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195137316.003.0044
- Subject:
- Philosophy, Logic/Philosophy of Mathematics
This chapter describes the logic of inductive inference as seen through the eyes of the modern theory of personal probability, including a number of its recent refinements and extensions. The ...
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This chapter describes the logic of inductive inference as seen through the eyes of the modern theory of personal probability, including a number of its recent refinements and extensions. The structure of the chapter is as follows. After a brief discussion of mathematical probability, to establish notation and terminology, it recounts the gradual evolution of the probabilistic explication of induction from Bayes to the present. The focus is not in this history per se (fascinating as it is), but in its use to highlight the key assumptions, criticisms, refinements, and achievements of that theory. Along the way, the structure of the modern theory is presented, and its relation to the problem of induction discussed.Less
This chapter describes the logic of inductive inference as seen through the eyes of the modern theory of personal probability, including a number of its recent refinements and extensions. The structure of the chapter is as follows. After a brief discussion of mathematical probability, to establish notation and terminology, it recounts the gradual evolution of the probabilistic explication of induction from Bayes to the present. The focus is not in this history per se (fascinating as it is), but in its use to highlight the key assumptions, criticisms, refinements, and achievements of that theory. Along the way, the structure of the modern theory is presented, and its relation to the problem of induction discussed.
Julia Annas
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780195096521
- eISBN:
- 9780199833061
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195096525.001.0001
- Subject:
- Philosophy, Ancient Philosophy
The book examines the major traditions of ancient ethical theory, showing that they share a common theoretical structure. They are examples of eudaimonism, a type of ethical theory in which the basic ...
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The book examines the major traditions of ancient ethical theory, showing that they share a common theoretical structure. They are examples of eudaimonism, a type of ethical theory in which the basic concepts are those of happiness and virtue. The book looks at the way this type of theory is articulated in Aristotle, and then at the differing versions of it to be found in Epicurus, the Stoics, and Academic and Pyrrhonian Sceptics. We find a common structure: we all implicitly seek a final end in all our actions, but different theories offer rival accounts of what this consists in. To gain a proper understanding of the ancient debates, we have to examine the basic concepts of happiness and virtue, which in modern ethical theories are often subject to misunderstanding. The book first aims to recover the ancient understanding of these basic notions, then examines the role of nature in ancient ethical justification, the role in eudaimonism of other‐concern, and finally the extent to which the ancient theories demand revision and transformation of everyday ethical thought.Less
The book examines the major traditions of ancient ethical theory, showing that they share a common theoretical structure. They are examples of eudaimonism, a type of ethical theory in which the basic concepts are those of happiness and virtue. The book looks at the way this type of theory is articulated in Aristotle, and then at the differing versions of it to be found in Epicurus, the Stoics, and Academic and Pyrrhonian Sceptics. We find a common structure: we all implicitly seek a final end in all our actions, but different theories offer rival accounts of what this consists in. To gain a proper understanding of the ancient debates, we have to examine the basic concepts of happiness and virtue, which in modern ethical theories are often subject to misunderstanding. The book first aims to recover the ancient understanding of these basic notions, then examines the role of nature in ancient ethical justification, the role in eudaimonism of other‐concern, and finally the extent to which the ancient theories demand revision and transformation of everyday ethical thought.
John Hicks
- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198772866
- eISBN:
- 9780191596414
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198772866.003.0004
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Social accounting is concerned only with values; it is not concerned with the quantities which these values represent, nor (in consequence) with price per unit of quantity. Thus, we could deal with ...
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Social accounting is concerned only with values; it is not concerned with the quantities which these values represent, nor (in consequence) with price per unit of quantity. Thus, we could deal with the accounting matters, which were the sole concern in Chapter 3, without making any assumption about physical homogeneity. This chapter attempts to set the economic model to work by introducing the standard simplifications of modern growth theory — taking the price-system, in particular, in the simplest possible terms.Less
Social accounting is concerned only with values; it is not concerned with the quantities which these values represent, nor (in consequence) with price per unit of quantity. Thus, we could deal with the accounting matters, which were the sole concern in Chapter 3, without making any assumption about physical homogeneity. This chapter attempts to set the economic model to work by introducing the standard simplifications of modern growth theory — taking the price-system, in particular, in the simplest possible terms.
Stephen R.L. Clark
- Published in print:
- 1975
- Published Online:
- October 2011
- ISBN:
- 9780198245162
- eISBN:
- 9780191680847
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198245162.003.0003
- Subject:
- Philosophy, Ancient Philosophy
Man is the most natural of living things. This claim, and certain other oddities in the biological works can be explained on the assumption that Aristotle was a believer in devolutionary ...
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Man is the most natural of living things. This claim, and certain other oddities in the biological works can be explained on the assumption that Aristotle was a believer in devolutionary transformism, either in the full sense – that Man is the First Ancestor of all life – or in the modified sense, that the universe is itself, in a way, human. In either case, man, particularly the perfect man, is the telos of the world. Man is the most characteristic, most polar, and most living form of life. The theory of evolutionary transformism, in particular unifocal evolutionary transformism, is frequently presented in this age as a fact quite as certain as that the world is round. This chapter points out that the view attributed to Aristotle is no more mythical in purpose nor much more lacking in unequivocal, concrete evidence than modern theory. Both evolutionary and devolutionary transformism are in large part myths, and the Aristotelian story is almost as likely, even on modern terms, as the other.Less
Man is the most natural of living things. This claim, and certain other oddities in the biological works can be explained on the assumption that Aristotle was a believer in devolutionary transformism, either in the full sense – that Man is the First Ancestor of all life – or in the modified sense, that the universe is itself, in a way, human. In either case, man, particularly the perfect man, is the telos of the world. Man is the most characteristic, most polar, and most living form of life. The theory of evolutionary transformism, in particular unifocal evolutionary transformism, is frequently presented in this age as a fact quite as certain as that the world is round. This chapter points out that the view attributed to Aristotle is no more mythical in purpose nor much more lacking in unequivocal, concrete evidence than modern theory. Both evolutionary and devolutionary transformism are in large part myths, and the Aristotelian story is almost as likely, even on modern terms, as the other.
H. Kent Baker and Greg Filbeck
- Published in print:
- 2013
- Published Online:
- May 2013
- ISBN:
- 9780199829699
- eISBN:
- 9780199979790
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199829699.003.0001
- Subject:
- Economics and Finance, Financial Economics
This chapter provides an overview of portfolio theory and management. It discusses the three major steps in the portfolio management process—planning, execution, and feedback—and the key tasks ...
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This chapter provides an overview of portfolio theory and management. It discusses the three major steps in the portfolio management process—planning, execution, and feedback—and the key tasks involved in each step. Next the chapter examines modern portfolio theory including such topics as asset pricing models, traditional finance models, behavioral finance, alternative investments, performance evaluation and presentation, and the recent financial crisis. Next the chapter describes the purpose of the book, its distinguishing features, and intended audience. The chapter then discusses the structure of the remaining 29 chapters and provides an abstract of each chapter. The final section offers a summary and conclusions. While the theory and practice of portfolio management have been moving ahead at a dizzying pace, this book enables readers to gain a better understanding of the existing state of knowledge and the challenges remaining in this area.Less
This chapter provides an overview of portfolio theory and management. It discusses the three major steps in the portfolio management process—planning, execution, and feedback—and the key tasks involved in each step. Next the chapter examines modern portfolio theory including such topics as asset pricing models, traditional finance models, behavioral finance, alternative investments, performance evaluation and presentation, and the recent financial crisis. Next the chapter describes the purpose of the book, its distinguishing features, and intended audience. The chapter then discusses the structure of the remaining 29 chapters and provides an abstract of each chapter. The final section offers a summary and conclusions. While the theory and practice of portfolio management have been moving ahead at a dizzying pace, this book enables readers to gain a better understanding of the existing state of knowledge and the challenges remaining in this area.
Barbara Ann Naddeo
- Published in print:
- 2011
- Published Online:
- August 2016
- ISBN:
- 9780801449161
- eISBN:
- 9780801460876
- Item type:
- chapter
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9780801449161.003.0005
- Subject:
- History, European Modern History
This introductory chapter provides an overview of this book's inquiry into the intellectual accomplishments of Giambattista Vico (1668—1744), the famed professor of Rhetoric at the University of ...
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This introductory chapter provides an overview of this book's inquiry into the intellectual accomplishments of Giambattista Vico (1668—1744), the famed professor of Rhetoric at the University of Naples. His magnum opus, the Scienza nuova (3rd ed., 1744), has been hailed by many contemporary scholars as the precursor of modern social theory and its disciplinary affiliations. In particular, the chapter identifies the oft-neglected aspects of Vico's social theory as exemplified in his ideals of a metropolis. The second half of the chapter elaborates on the particular subject of Vico's investigations—Naples—and the questions of society and citizenship brought about by its urbanization and expansion during the early eighteenth century.Less
This introductory chapter provides an overview of this book's inquiry into the intellectual accomplishments of Giambattista Vico (1668—1744), the famed professor of Rhetoric at the University of Naples. His magnum opus, the Scienza nuova (3rd ed., 1744), has been hailed by many contemporary scholars as the precursor of modern social theory and its disciplinary affiliations. In particular, the chapter identifies the oft-neglected aspects of Vico's social theory as exemplified in his ideals of a metropolis. The second half of the chapter elaborates on the particular subject of Vico's investigations—Naples—and the questions of society and citizenship brought about by its urbanization and expansion during the early eighteenth century.
Victoria Kahn
- Published in print:
- 2013
- Published Online:
- May 2014
- ISBN:
- 9780226083872
- eISBN:
- 9780226083902
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226083902.001.0001
- Subject:
- Literature, Criticism/Theory
This is a book about the neglected dialogue between several influential twentieth-century theorists of political theology and early modern texts. It focuses on Carl Schmitt, Leo Strauss, Ernst ...
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This is a book about the neglected dialogue between several influential twentieth-century theorists of political theology and early modern texts. It focuses on Carl Schmitt, Leo Strauss, Ernst Kantorowicz, Ernst Cassirer, Walter Benjamin, and Sigmund Freud, and their readings of Shakespeare, Machiavelli, and Spinoza. The book argues that the modern critics find in the early modern period a break with an older form of political theology construed as the theological legitimation of the state, a new emphasis on a secular notion of human agency, and, most important, a new preoccupation with the ways art and fiction reoccupy the terrain of religion. In particular, the book argues that poiesis is the missing third term in both early modern and contemporary debates about politics and religion. Poiesis refers to the principle, first advocated by Hobbes and Vico, that we can only know what we make ourselves. This kind of making encompasses both the art of poetry and the secular sphere of human interaction, the human world of politics and history. Attention to poiesis reconfigures the usual terms of the debate and helps us see that the contemporary debate about political theology is a debate about what Hans Blumenberg called “the legitimacy of the modern age.” Against contemporary critics, who are asserting the “permanence of political theology,” the book proposes a critique of political theology and a defense of poetry broadly conceived.Less
This is a book about the neglected dialogue between several influential twentieth-century theorists of political theology and early modern texts. It focuses on Carl Schmitt, Leo Strauss, Ernst Kantorowicz, Ernst Cassirer, Walter Benjamin, and Sigmund Freud, and their readings of Shakespeare, Machiavelli, and Spinoza. The book argues that the modern critics find in the early modern period a break with an older form of political theology construed as the theological legitimation of the state, a new emphasis on a secular notion of human agency, and, most important, a new preoccupation with the ways art and fiction reoccupy the terrain of religion. In particular, the book argues that poiesis is the missing third term in both early modern and contemporary debates about politics and religion. Poiesis refers to the principle, first advocated by Hobbes and Vico, that we can only know what we make ourselves. This kind of making encompasses both the art of poetry and the secular sphere of human interaction, the human world of politics and history. Attention to poiesis reconfigures the usual terms of the debate and helps us see that the contemporary debate about political theology is a debate about what Hans Blumenberg called “the legitimacy of the modern age.” Against contemporary critics, who are asserting the “permanence of political theology,” the book proposes a critique of political theology and a defense of poetry broadly conceived.
Stephen E. G. Lea
- Published in print:
- 2000
- Published Online:
- March 2012
- ISBN:
- 9780192632593
- eISBN:
- 9780191670497
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780192632593.003.0002
- Subject:
- Psychology, Cognitive Psychology
Among the animal species that share some kind of common ancestor with humans there are many, in addition to the four species of great ape that apparently also share some kind of intelligence. Such ...
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Among the animal species that share some kind of common ancestor with humans there are many, in addition to the four species of great ape that apparently also share some kind of intelligence. Such shared intelligence might be due to common descent in some; in others it might be due to convergence — common evolutionary processes operating on a common inheritance, but independently. The argument of this chapter is that understanding intelligence in these more remote relatives has something to contribute to the understanding of the hominid mind. It outlines a few basic principles of modern evolutionary theory. It also considers what might form the common cognitive inheritance of all mammals, and therefore the foundation on which the extraordinary cognitive evolution of the primates must have been built. The chapter considers where else in the animal kingdom human-like intelligence can be found, so that we can consider what selective pressures might have been critical in recent hominid evolution.Less
Among the animal species that share some kind of common ancestor with humans there are many, in addition to the four species of great ape that apparently also share some kind of intelligence. Such shared intelligence might be due to common descent in some; in others it might be due to convergence — common evolutionary processes operating on a common inheritance, but independently. The argument of this chapter is that understanding intelligence in these more remote relatives has something to contribute to the understanding of the hominid mind. It outlines a few basic principles of modern evolutionary theory. It also considers what might form the common cognitive inheritance of all mammals, and therefore the foundation on which the extraordinary cognitive evolution of the primates must have been built. The chapter considers where else in the animal kingdom human-like intelligence can be found, so that we can consider what selective pressures might have been critical in recent hominid evolution.
Joseph Mali
- Published in print:
- 2008
- Published Online:
- March 2013
- ISBN:
- 9780226036861
- eISBN:
- 9780226036892
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226036892.003.0008
- Subject:
- Philosophy, History of Philosophy
This chapter reevaluates Ernst Cassirer's The Myth of the State and its legacy in modern political theory. It suggests that while Cassirer had contributed to the epochal discovery of myth as a “new ...
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This chapter reevaluates Ernst Cassirer's The Myth of the State and its legacy in modern political theory. It suggests that while Cassirer had contributed to the epochal discovery of myth as a “new force” in political reality, he failed to realize the full meanings and implications of this discovery: myth is crucial to the constitution of modern political communities. The chapter also mentions Cassirer's admission that in The Myth of the State he had sought to rectify the fallacies of his earlier work on myth, fallacies that were typical among the liberal intellectuals.Less
This chapter reevaluates Ernst Cassirer's The Myth of the State and its legacy in modern political theory. It suggests that while Cassirer had contributed to the epochal discovery of myth as a “new force” in political reality, he failed to realize the full meanings and implications of this discovery: myth is crucial to the constitution of modern political communities. The chapter also mentions Cassirer's admission that in The Myth of the State he had sought to rectify the fallacies of his earlier work on myth, fallacies that were typical among the liberal intellectuals.
Patrick L. Anderson
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780804758307
- eISBN:
- 9780804783224
- Item type:
- chapter
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9780804758307.003.0011
- Subject:
- Economics and Finance, Financial Economics
The idea of business investments assembled as part of an investment portfolio is a powerful one with ramifications that extend to the pricing of individual investments. The author describes the ...
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The idea of business investments assembled as part of an investment portfolio is a powerful one with ramifications that extend to the pricing of individual investments. The author describes the mean-variance framework, as outlined by Harvey Markowitz in the 1950s, as establishing the basis for an entire class of Modern Portfolio Theory models. The author then outlines the relationship between portfolio models and the Basic Pricing Equation, the most familiar of the portfolio models, the Capital Asset Pricing Model, including a recursive derivation of the CAPM that is somewhat closer to actual household behavior than the typical presentation, and the Roll critique of CAPM and similar models, and extends that critique noting that equity in 99% of firms do not fit into portfolio models. Portfolio models are then tested to see if they provide a practical basis for valuing three actual firms.Less
The idea of business investments assembled as part of an investment portfolio is a powerful one with ramifications that extend to the pricing of individual investments. The author describes the mean-variance framework, as outlined by Harvey Markowitz in the 1950s, as establishing the basis for an entire class of Modern Portfolio Theory models. The author then outlines the relationship between portfolio models and the Basic Pricing Equation, the most familiar of the portfolio models, the Capital Asset Pricing Model, including a recursive derivation of the CAPM that is somewhat closer to actual household behavior than the typical presentation, and the Roll critique of CAPM and similar models, and extends that critique noting that equity in 99% of firms do not fit into portfolio models. Portfolio models are then tested to see if they provide a practical basis for valuing three actual firms.
Eric Jacquier
- Published in print:
- 2013
- Published Online:
- May 2013
- ISBN:
- 9780199829699
- eISBN:
- 9780199979790
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199829699.003.0002
- Subject:
- Economics and Finance, Financial Economics
This chapter surveys modern portfolio theory, which is one of the most spectacular developments of finance in the last 50 years. It starts with the basic one-period setup under the assumption of ...
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This chapter surveys modern portfolio theory, which is one of the most spectacular developments of finance in the last 50 years. It starts with the basic one-period setup under the assumption of normality with the successive contributions including the basic Markowitz mean-variance framework, the efficient frontier, and the Sharpe-Lintner capital asset pricing model. Utility and risk aversion are also discussed. The chapter then discusses the multiperiod extension and Merton's optimal asset allocation. The second part of the chapter shows how to extend the framework to allow for parameter uncertainty. In that process, the chapter also briefly reviews needed concepts such as the predictive density, shrinkage, and how the Bayesian framework allows the incorporation of prior views to improve on the precision of estimates necessary in the portfolio construction process.Less
This chapter surveys modern portfolio theory, which is one of the most spectacular developments of finance in the last 50 years. It starts with the basic one-period setup under the assumption of normality with the successive contributions including the basic Markowitz mean-variance framework, the efficient frontier, and the Sharpe-Lintner capital asset pricing model. Utility and risk aversion are also discussed. The chapter then discusses the multiperiod extension and Merton's optimal asset allocation. The second part of the chapter shows how to extend the framework to allow for parameter uncertainty. In that process, the chapter also briefly reviews needed concepts such as the predictive density, shrinkage, and how the Bayesian framework allows the incorporation of prior views to improve on the precision of estimates necessary in the portfolio construction process.
Henry Sussman
- Published in print:
- 2010
- Published Online:
- September 2011
- ISBN:
- 9780823232833
- eISBN:
- 9780823241170
- Item type:
- book
- Publisher:
- Fordham University Press
- DOI:
- 10.5422/fordham/9780823232833.001.0001
- Subject:
- Literature, Criticism/Theory
Amid radical transformation and rapid mutation in the nature, transmission, and deployment of information and communications, this book offers a status report and theoretically nuanced update on the ...
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Amid radical transformation and rapid mutation in the nature, transmission, and deployment of information and communications, this book offers a status report and theoretically nuanced update on the traditions and medium of the book. What, it asks, are the book's current prospects? The study highlights the most radical experiments in the book's history as trials in what the author terms the Prevailing Operating System at play within the fields of knowledge, art, critique, and science. The investigations of modern systems theory, as exemplified by Gregory Bateson, Anthony Wilden, and Niklas Luhmann, turn out to be inseparable from theoretically astute inquiry into the nature of the book. The author's primary examples of such radical experiments with the history of the book are Sei Shonagon's Pillow Book (both the text and Peter Greenaway's screen adaptation), Stéphane Mallarmé's Un coup de des jamais n'abolira le hasard, Walter Benjamin's Arcades Project, Jacques Derrida's Glas, Maurice Blanchot's Death Sentence, and Franz Kafka's enduring legacy within the world of the graphic novel. In the author's hands, close reading of these and related works renders definitive proof of the book's persistence and vitality. The book medium, with its inbuilt format and program, continues, he argues, to supply the tablet or screen for cultural notation. The perennial crisis in which the book seems to languish is in fact an occasion for readers to realize fully their role as textual producers, to experience the full range of liberty in expression and articulation embedded in the irreducibly bookish process of textual display.Less
Amid radical transformation and rapid mutation in the nature, transmission, and deployment of information and communications, this book offers a status report and theoretically nuanced update on the traditions and medium of the book. What, it asks, are the book's current prospects? The study highlights the most radical experiments in the book's history as trials in what the author terms the Prevailing Operating System at play within the fields of knowledge, art, critique, and science. The investigations of modern systems theory, as exemplified by Gregory Bateson, Anthony Wilden, and Niklas Luhmann, turn out to be inseparable from theoretically astute inquiry into the nature of the book. The author's primary examples of such radical experiments with the history of the book are Sei Shonagon's Pillow Book (both the text and Peter Greenaway's screen adaptation), Stéphane Mallarmé's Un coup de des jamais n'abolira le hasard, Walter Benjamin's Arcades Project, Jacques Derrida's Glas, Maurice Blanchot's Death Sentence, and Franz Kafka's enduring legacy within the world of the graphic novel. In the author's hands, close reading of these and related works renders definitive proof of the book's persistence and vitality. The book medium, with its inbuilt format and program, continues, he argues, to supply the tablet or screen for cultural notation. The perennial crisis in which the book seems to languish is in fact an occasion for readers to realize fully their role as textual producers, to experience the full range of liberty in expression and articulation embedded in the irreducibly bookish process of textual display.
L. Randall Wray
- Published in print:
- 2016
- Published Online:
- April 2016
- ISBN:
- 9780198704744
- eISBN:
- 9780191774041
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198704744.003.0029
- Subject:
- Law, Legal History
This chapter examines the theoretical building blocks of the Modern Money Theory (MMT), an economic theory that details the procedures and consequences of using government-issued tokens as the unit ...
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This chapter examines the theoretical building blocks of the Modern Money Theory (MMT), an economic theory that details the procedures and consequences of using government-issued tokens as the unit of money. In recent years, MMT has risen to prominence, especially on the internet, largely for two reasons. First, its understanding of the nature of money leads to interesting policy conclusions. Secondly, MMT provides a description of modern fiscal and policy operations that is quite different from orthodox economics. The chapter begins by contrasting the orthodox ‘metallist’ and the heterodox ‘chartalist’ approaches. The metallist approach focuses on money as a medium of exchange, which in the past derived its value through a link to precious metal. In the chartalist approach, the state, or any other authority, imposes a liability in the form of a generalized, social or legal unit of account (a money) used for measuring the obligation. It is the second approach that is more consistent with the “nominalist” and legal traditions that are represented in most of the contributions to this volume, and which forms the basis for the MMT approach.Less
This chapter examines the theoretical building blocks of the Modern Money Theory (MMT), an economic theory that details the procedures and consequences of using government-issued tokens as the unit of money. In recent years, MMT has risen to prominence, especially on the internet, largely for two reasons. First, its understanding of the nature of money leads to interesting policy conclusions. Secondly, MMT provides a description of modern fiscal and policy operations that is quite different from orthodox economics. The chapter begins by contrasting the orthodox ‘metallist’ and the heterodox ‘chartalist’ approaches. The metallist approach focuses on money as a medium of exchange, which in the past derived its value through a link to precious metal. In the chartalist approach, the state, or any other authority, imposes a liability in the form of a generalized, social or legal unit of account (a money) used for measuring the obligation. It is the second approach that is more consistent with the “nominalist” and legal traditions that are represented in most of the contributions to this volume, and which forms the basis for the MMT approach.
Keith M. Murphy and C. Jason Throop
- Published in print:
- 2010
- Published Online:
- June 2013
- ISBN:
- 9780804768870
- eISBN:
- 9780804773775
- Item type:
- chapter
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9780804768870.003.0001
- Subject:
- Anthropology, Anthropology, Theory and Practice
This chapter is concerned with an analysis of the etymology of the English term “will,” which is used to emphasize some possible sedimented assumptions with its meaning in English-speaking European ...
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This chapter is concerned with an analysis of the etymology of the English term “will,” which is used to emphasize some possible sedimented assumptions with its meaning in English-speaking European and North American academic communities. It takes a look at two general philosophical approaches to the will and examines the will in early modern social theory. From here the chapter turns to anthropology to study two of the most generative approaches to willing in modern culture theory: practice theoretical and psychocultural variants of anthropology. Finally, the chapter discusses the preceding chapters in terms of the four different themes that recur throughout the book.Less
This chapter is concerned with an analysis of the etymology of the English term “will,” which is used to emphasize some possible sedimented assumptions with its meaning in English-speaking European and North American academic communities. It takes a look at two general philosophical approaches to the will and examines the will in early modern social theory. From here the chapter turns to anthropology to study two of the most generative approaches to willing in modern culture theory: practice theoretical and psychocultural variants of anthropology. Finally, the chapter discusses the preceding chapters in terms of the four different themes that recur throughout the book.
