Tomas Björk
- Published in print:
- 2004
- Published Online:
- October 2005
- ISBN:
- 9780199271269
- eISBN:
- 9780191602849
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271267.003.0001
- Subject:
- Economics and Finance, Financial Economics
This introductory chapter starts off the discussion on financial derivatives by explaining the European call option. It formulates the two main problems that will be the focus of the entire volume: ...
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This introductory chapter starts off the discussion on financial derivatives by explaining the European call option. It formulates the two main problems that will be the focus of the entire volume: What is a “fair” price for the contract? How does one protect (hedge) against the financial risks resulting from the sale of a derivative? The definition of financial derivative is then presented.Less
This introductory chapter starts off the discussion on financial derivatives by explaining the European call option. It formulates the two main problems that will be the focus of the entire volume: What is a “fair” price for the contract? How does one protect (hedge) against the financial risks resulting from the sale of a derivative? The definition of financial derivative is then presented.
Han Smit and Thras Moraitis
- Published in print:
- 2015
- Published Online:
- October 2017
- ISBN:
- 9780691140001
- eISBN:
- 9781400852178
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691140001.003.0006
- Subject:
- Business and Management, Knowledge Management
Valuing uncertainty in strategy requires the development of quantitative models reflecting the conceptual options games view on strategy. The application of fresh ideas based on two major strands in ...
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Valuing uncertainty in strategy requires the development of quantitative models reflecting the conceptual options games view on strategy. The application of fresh ideas based on two major strands in the existing literature—real options and game theory—has attracted increased interest, both to academia and to acquisition strategy practitioners. Despite the mathematical elegance of option game models, the key metrics and tools for implementation have not yet been fully developed, especially with regard to providing relevant managerial guidance. This chapter presents an in-depth examination of Xstrata's Falconbridge acquisition through option and game lenses in order to provide insights into the implementation of these new and effective quantitative real option models in practice, as well as pointing out their limitations.Less
Valuing uncertainty in strategy requires the development of quantitative models reflecting the conceptual options games view on strategy. The application of fresh ideas based on two major strands in the existing literature—real options and game theory—has attracted increased interest, both to academia and to acquisition strategy practitioners. Despite the mathematical elegance of option game models, the key metrics and tools for implementation have not yet been fully developed, especially with regard to providing relevant managerial guidance. This chapter presents an in-depth examination of Xstrata's Falconbridge acquisition through option and game lenses in order to provide insights into the implementation of these new and effective quantitative real option models in practice, as well as pointing out their limitations.
Sharan Jagpal and Shireen Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.001.0001
- Subject:
- Business and Management, Marketing
This book shows how to fuse marketing, finance, and other disciplines to improve performance for the corporation or organization. Specifically, it shows decision makers at different levels in the ...
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This book shows how to fuse marketing, finance, and other disciplines to improve performance for the corporation or organization. Specifically, it shows decision makers at different levels in the organization and in different functional areas (e.g., marketing, finance, new product development, and human resources management) how to overcome the problems resulting from function- and discipline-based “silos.” The book has several novel features. All concepts are presented in a simple and easily accessible question-and-answer format. The book provides an in-depth analysis of a broad spectrum of important managerial topics (e.g., how to allocate advertising funds between Internet and conventional advertising, how to evaluate brand equity for mergers and acquisitions, and how to coordinate product design, marketing strategy, and production). In addition, because of its fusion-based methodology, the book provides decision makers with new tools to address familiar managerial problems (e.g., resource allocation and the design of managerial contracts in multiproduct or multidivisional firms). Throughout the book, the focus is on providing managers with actionable theories and metrics that are rigorous yet practical, and that allow the firm or organization to fuse — not merely interface — different functional areas.Less
This book shows how to fuse marketing, finance, and other disciplines to improve performance for the corporation or organization. Specifically, it shows decision makers at different levels in the organization and in different functional areas (e.g., marketing, finance, new product development, and human resources management) how to overcome the problems resulting from function- and discipline-based “silos.” The book has several novel features. All concepts are presented in a simple and easily accessible question-and-answer format. The book provides an in-depth analysis of a broad spectrum of important managerial topics (e.g., how to allocate advertising funds between Internet and conventional advertising, how to evaluate brand equity for mergers and acquisitions, and how to coordinate product design, marketing strategy, and production). In addition, because of its fusion-based methodology, the book provides decision makers with new tools to address familiar managerial problems (e.g., resource allocation and the design of managerial contracts in multiproduct or multidivisional firms). Throughout the book, the focus is on providing managers with actionable theories and metrics that are rigorous yet practical, and that allow the firm or organization to fuse — not merely interface — different functional areas.
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0018
- Subject:
- Business and Management, Marketing
This chapter shows how the firm can make optimal marketing decisions after allowing for the effects of competitive reaction. It considers multiproduct firms, explicitly allow for cost and demand ...
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This chapter shows how the firm can make optimal marketing decisions after allowing for the effects of competitive reaction. It considers multiproduct firms, explicitly allow for cost and demand uncertainty, distinguish between different behavioral modes for the firm, and show how the firm should adapt its marketing decisions when new information becomes available to it or to its competitors in the future. In particular, it shows how the firm can use marketing-finance fusion to make optimal decisions after simultaneously allowing for competitive reaction and the arrival of new information.Less
This chapter shows how the firm can make optimal marketing decisions after allowing for the effects of competitive reaction. It considers multiproduct firms, explicitly allow for cost and demand uncertainty, distinguish between different behavioral modes for the firm, and show how the firm should adapt its marketing decisions when new information becomes available to it or to its competitors in the future. In particular, it shows how the firm can use marketing-finance fusion to make optimal decisions after simultaneously allowing for competitive reaction and the arrival of new information.
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0023
- Subject:
- Business and Management, Marketing
This chapter shows how multinational firms can use marketing-finance fusion to choose international strategies. It discusses the pros and cons of international diversification to privately and ...
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This chapter shows how multinational firms can use marketing-finance fusion to choose international strategies. It discusses the pros and cons of international diversification to privately and publicly held firms, whether or not the firm should choose country-specific product designs, how the firm should measure and reward the performances of its country managers, what type of organizational structure the firm should use, how the firm should choose an outsourcing strategy, and what performance metrics the firm should use to measure and reward managerial performance in its outsourcing centers.Less
This chapter shows how multinational firms can use marketing-finance fusion to choose international strategies. It discusses the pros and cons of international diversification to privately and publicly held firms, whether or not the firm should choose country-specific product designs, how the firm should measure and reward the performances of its country managers, what type of organizational structure the firm should use, how the firm should choose an outsourcing strategy, and what performance metrics the firm should use to measure and reward managerial performance in its outsourcing centers.
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0002
- Subject:
- Business and Management, Marketing
This chapter introduces key financial tools necessary for measuring the long-run effects of marketing policy under uncertainty. It distinguishes the cases where the firm sells multiple products or ...
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This chapter introduces key financial tools necessary for measuring the long-run effects of marketing policy under uncertainty. It distinguishes the cases where the firm sells multiple products or has multiple divisions. Specifically, it analyzes how the firm can evaluate the effects of strategic flexibility in decision making; in particular, it shows how the firm can use the real options methodology to measure and reward managers so that they focus on long-run performance.Less
This chapter introduces key financial tools necessary for measuring the long-run effects of marketing policy under uncertainty. It distinguishes the cases where the firm sells multiple products or has multiple divisions. Specifically, it analyzes how the firm can evaluate the effects of strategic flexibility in decision making; in particular, it shows how the firm can use the real options methodology to measure and reward managers so that they focus on long-run performance.
Shelly Kagan
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198239161
- eISBN:
- 9780191597848
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198239165.001.0001
- Subject:
- Philosophy, Moral Philosophy
This book is a sustained attack on two of the most fundamental features of ‘ordinary morality’, the common‐sense moral view that most of us accept. According to this view, morality involves two ...
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This book is a sustained attack on two of the most fundamental features of ‘ordinary morality’, the common‐sense moral view that most of us accept. According to this view, morality involves two different kinds of limits. First, morality imposes certain limits on our actions, ruling out various kinds of acts – for example, harming the innocent – even if more good might be brought about by performing an act of this kind. Second, there are limits imposed on morality, limits to what morality can demand of us; in particular, we are not required to make our greatest possible contribution to the overall good. I argue that despite their intuitive appeal, neither sort of limit can be adequately defended.Less
This book is a sustained attack on two of the most fundamental features of ‘ordinary morality’, the common‐sense moral view that most of us accept. According to this view, morality involves two different kinds of limits. First, morality imposes certain limits on our actions, ruling out various kinds of acts – for example, harming the innocent – even if more good might be brought about by performing an act of this kind. Second, there are limits imposed on morality, limits to what morality can demand of us; in particular, we are not required to make our greatest possible contribution to the overall good. I argue that despite their intuitive appeal, neither sort of limit can be adequately defended.
John S. Dryzek, David Downes, Christian Hunold, David Schlosberg, and Hans‐Kristian Hernes
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199249022
- eISBN:
- 9780191599095
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199249024.003.0003
- Subject:
- Political Science, Environmental Politics
Sometimes the inclusion of the environmental movement in the state that has occurred has been genuine, and sometimes it has involved co‐option, i.e. access without real influence. We argue that ...
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Sometimes the inclusion of the environmental movement in the state that has occurred has been genuine, and sometimes it has involved co‐option, i.e. access without real influence. We argue that inclusion can be genuine when the movement's defining interest can be attached to one of the core state imperatives; this explains why the US alone could prove such an environmental success story around 1970. Later in the 1970s, energy crisis meant that environmentalism was kept away from the state's core in all four countries, though there was substantial variation in how this was played out. More recent history reveals environmentalism generally kept away from the core, though there are exceptions (especially in Norway and, later, Germany).Less
Sometimes the inclusion of the environmental movement in the state that has occurred has been genuine, and sometimes it has involved co‐option, i.e. access without real influence. We argue that inclusion can be genuine when the movement's defining interest can be attached to one of the core state imperatives; this explains why the US alone could prove such an environmental success story around 1970. Later in the 1970s, energy crisis meant that environmentalism was kept away from the state's core in all four countries, though there was substantial variation in how this was played out. More recent history reveals environmentalism generally kept away from the core, though there are exceptions (especially in Norway and, later, Germany).
Edward A. Parson
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780195155495
- eISBN:
- 9780199833955
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195155491.003.0001
- Subject:
- Political Science, American Politics
An introduction is given to the ozone layer issue, and the goals, context, and contributions of the book are described. The three main empirical arguments put forward in the book are summarised; ...
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An introduction is given to the ozone layer issue, and the goals, context, and contributions of the book are described. The three main empirical arguments put forward in the book are summarised; these are threaded throughout the book and are developed in detail in the final chapter. The first argument concerns the factors accounting for the rapid formation of the ozone protection regime between 1986 and 1988 after ten years of deadlock (scientific assessment, institutional support for international negotiations and proposals, and leadership). The second argument concerns the strategy of conducting scientific assessment that allowed the two crucial assessments of 1986 and 1988 to achieve such a decisive influence in contrast with many previous assessments that did not. The third argument concerns the effects of technological options to reduce emissions of the offending chemicals (principally chlorofluorohydrocarbons, or CFCs), and the distribution of knowledge on the availability, cost, and other characteristics of these options among the policy actors.Less
An introduction is given to the ozone layer issue, and the goals, context, and contributions of the book are described. The three main empirical arguments put forward in the book are summarised; these are threaded throughout the book and are developed in detail in the final chapter. The first argument concerns the factors accounting for the rapid formation of the ozone protection regime between 1986 and 1988 after ten years of deadlock (scientific assessment, institutional support for international negotiations and proposals, and leadership). The second argument concerns the strategy of conducting scientific assessment that allowed the two crucial assessments of 1986 and 1988 to achieve such a decisive influence in contrast with many previous assessments that did not. The third argument concerns the effects of technological options to reduce emissions of the offending chemicals (principally chlorofluorohydrocarbons, or CFCs), and the distribution of knowledge on the availability, cost, and other characteristics of these options among the policy actors.
Christopher Lake
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199241743
- eISBN:
- 9780191599743
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241740.003.0006
- Subject:
- Political Science, Political Theory
Ch. 5 tests the egalitarian intuition—the intuition that it is objectionable for some to be worse off than others through no fault of their own. It does this by examining how claims about the ...
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Ch. 5 tests the egalitarian intuition—the intuition that it is objectionable for some to be worse off than others through no fault of their own. It does this by examining how claims about the background conditions facing an individual bear upon claims about the legitimacy of his foreground holdings. It argues that it is simply careless to suppose that responsibility for foreground holdings necessarily requires equality of background conditions and it points to the ways in which the commitment of egalitarians to the claims of responsibility is compromised by their focus on the elimination of differential chances, opportunities, or luck.Less
Ch. 5 tests the egalitarian intuition—the intuition that it is objectionable for some to be worse off than others through no fault of their own. It does this by examining how claims about the background conditions facing an individual bear upon claims about the legitimacy of his foreground holdings. It argues that it is simply careless to suppose that responsibility for foreground holdings necessarily requires equality of background conditions and it points to the ways in which the commitment of egalitarians to the claims of responsibility is compromised by their focus on the elimination of differential chances, opportunities, or luck.
Hendrik S. Houthakker and Peter J. Williamson
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780195044072
- eISBN:
- 9780199832958
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019504407X.003.0008
- Subject:
- Economics and Finance, Financial Economics
The first section of this chapter discusses the basic features of option contracts, with special reference to stock options, including the way in which the contractual elements of an option (such as ...
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The first section of this chapter discusses the basic features of option contracts, with special reference to stock options, including the way in which the contractual elements of an option (such as the maturity or exercise price) have been standardized to facilitate trading. The second section examines various methods of valuing options contracts and how the value of a option will be influenced by its maturity, striking price, market interest rates and the price of the underlying security; it also explores the ways in which call and put options may be combined to form various types of ‘spreads’ and ‘straddles’. The last three sections are quite short: the third briefly analyzes the way in which options might be used to hedge a portfolio of stocks, and hence their role as a risk management tool; the fourth explains how the shares in a levered firm can themselves be viewed as a type of option, and the implications of this for the pricing of stocks; and the last discusses options on objects other than stocks. The examples given refer to the USA and Europe.Less
The first section of this chapter discusses the basic features of option contracts, with special reference to stock options, including the way in which the contractual elements of an option (such as the maturity or exercise price) have been standardized to facilitate trading. The second section examines various methods of valuing options contracts and how the value of a option will be influenced by its maturity, striking price, market interest rates and the price of the underlying security; it also explores the ways in which call and put options may be combined to form various types of ‘spreads’ and ‘straddles’. The last three sections are quite short: the third briefly analyzes the way in which options might be used to hedge a portfolio of stocks, and hence their role as a risk management tool; the fourth explains how the shares in a levered firm can themselves be viewed as a type of option, and the implications of this for the pricing of stocks; and the last discusses options on objects other than stocks. The examples given refer to the USA and Europe.
Richard Johnston
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199253135
- eISBN:
- 9780191599675
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199253137.003.0006
- Subject:
- Political Science, Comparative Politics
For the case of elections since 1988, this chapter looks at the suggestion made by Andre Siegfried in 1907 that Canadian elections are peculiarly vulnerable to leader effects. It begins by outlining ...
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For the case of elections since 1988, this chapter looks at the suggestion made by Andre Siegfried in 1907 that Canadian elections are peculiarly vulnerable to leader effects. It begins by outlining the specifically Canadian arguments for taking leadership seriously and the evidence said to back them; the arguments are found to refer mainly to ‘indirect’ effects in the sense used by King in Chapter 1 (so that leaders are treated as embodied preferences), with the actual evidence largely silent on the content – personality or otherwise – of Canadian judgments on leaders, at least in so far as those judgments are linked to the vote. Likewise, most accounts control for competing explanations weakly, if at all, and none considers personality for its net, election–day effect. Working through each argument also reveals that each is highly contingent, generally applying more to certain parties or party sizes than others, and more to periods of flux and to new parties than to stable periods and old parties. Filling the gaps requires an account of the personality factors worth taking seriously (the analysis looks at competence and character), a basic estimation strategy setting these attributes into proper context (which is given), and based on this estimation strategy, an accounting for net aggregate effects (also given). The last two sections of the chapter discuss whether perceptions of personality can be modified over the course of a campaign, and give an account of a special sort of ‘indirect’ effect: the case where perceptions of a leader’s personality can be cashed in on perceptions of a policy option (here the proposal for a commercial union between Canada and the United States in 1988).Less
For the case of elections since 1988, this chapter looks at the suggestion made by Andre Siegfried in 1907 that Canadian elections are peculiarly vulnerable to leader effects. It begins by outlining the specifically Canadian arguments for taking leadership seriously and the evidence said to back them; the arguments are found to refer mainly to ‘indirect’ effects in the sense used by King in Chapter 1 (so that leaders are treated as embodied preferences), with the actual evidence largely silent on the content – personality or otherwise – of Canadian judgments on leaders, at least in so far as those judgments are linked to the vote. Likewise, most accounts control for competing explanations weakly, if at all, and none considers personality for its net, election–day effect. Working through each argument also reveals that each is highly contingent, generally applying more to certain parties or party sizes than others, and more to periods of flux and to new parties than to stable periods and old parties. Filling the gaps requires an account of the personality factors worth taking seriously (the analysis looks at competence and character), a basic estimation strategy setting these attributes into proper context (which is given), and based on this estimation strategy, an accounting for net aggregate effects (also given). The last two sections of the chapter discuss whether perceptions of personality can be modified over the course of a campaign, and give an account of a special sort of ‘indirect’ effect: the case where perceptions of a leader’s personality can be cashed in on perceptions of a policy option (here the proposal for a commercial union between Canada and the United States in 1988).
Rex Martin
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198292937
- eISBN:
- 9780191599811
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292937.003.0007
- Subject:
- Political Science, Political Theory
It was argued earlier that active civil rights require agencies to formulate, maintain, and harmonize them; the question arises then, whether there are any kinds of governmental agencies that would ...
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It was argued earlier that active civil rights require agencies to formulate, maintain, and harmonize them; the question arises then, whether there are any kinds of governmental agencies that would be apt to produce and enforce rights. It could plausibly be argued that democratic institutions—universal franchise (on a one‐person, one‐vote basis), regular and contested voting operating at two distinct levels (the level of parliament and the level of general elections), and majority rule—can effectively perform this job and thus provide the setting required by civil rights. Democratic procedures are a stable and relatively reliable way of identifying, and then implementing, laws and policies that serve interests common to the voters or to a large number of them, presumably, at least a majority.This key argument is deeply ambiguous; it covers several disparate options. We do not want to eliminate any of them from the list altogether; the best solution, then, would be to try to rank these options in some definite order. The chapter concludes by laying out the idea of a ranking procedure that would be acceptable to all the voters: the theme advanced here is that we should go to the basic practice itself (as outlined in the three democratic institutions and their various rationales, as found in Condorcet and Duncan Black and others) to try to establish an internal ground, one that can be located in the practice itself, for deciding on a ranking; the resultant ranking of options, if it could successfully be achieved, would thereby become part of the very justification for having and relying on democratic institutions.Less
It was argued earlier that active civil rights require agencies to formulate, maintain, and harmonize them; the question arises then, whether there are any kinds of governmental agencies that would be apt to produce and enforce rights. It could plausibly be argued that democratic institutions—universal franchise (on a one‐person, one‐vote basis), regular and contested voting operating at two distinct levels (the level of parliament and the level of general elections), and majority rule—can effectively perform this job and thus provide the setting required by civil rights. Democratic procedures are a stable and relatively reliable way of identifying, and then implementing, laws and policies that serve interests common to the voters or to a large number of them, presumably, at least a majority.
This key argument is deeply ambiguous; it covers several disparate options. We do not want to eliminate any of them from the list altogether; the best solution, then, would be to try to rank these options in some definite order. The chapter concludes by laying out the idea of a ranking procedure that would be acceptable to all the voters: the theme advanced here is that we should go to the basic practice itself (as outlined in the three democratic institutions and their various rationales, as found in Condorcet and Duncan Black and others) to try to establish an internal ground, one that can be located in the practice itself, for deciding on a ranking; the resultant ranking of options, if it could successfully be achieved, would thereby become part of the very justification for having and relying on democratic institutions.
Anne Phillips
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198294153
- eISBN:
- 9780191600098
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198294158.003.0002
- Subject:
- Political Science, Political Theory
Considers whether a case for ensuring the equal representation of women and men or proportionate representation of ethnic minority groups can be extracted from the twin democratic principles of ...
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Considers whether a case for ensuring the equal representation of women and men or proportionate representation of ethnic minority groups can be extracted from the twin democratic principles of political equality and popular control. It argues that it is necessary to move beyond these to an alternative justification grounded in existing structures of political exclusion. Four key arguments are explored: the importance of symbolic representation; the need to tackle the exclusions inherent in the party‐political packaging of ideas; the need for more vigorous advocacy on behalf of disadvantaged groups; and the importance of a politics of presence in opening up a wider range of policy options.Less
Considers whether a case for ensuring the equal representation of women and men or proportionate representation of ethnic minority groups can be extracted from the twin democratic principles of political equality and popular control. It argues that it is necessary to move beyond these to an alternative justification grounded in existing structures of political exclusion. Four key arguments are explored: the importance of symbolic representation; the need to tackle the exclusions inherent in the party‐political packaging of ideas; the need for more vigorous advocacy on behalf of disadvantaged groups; and the importance of a politics of presence in opening up a wider range of policy options.
Robert E. Goodin
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199256174
- eISBN:
- 9780191599354
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199256179.003.0005
- Subject:
- Political Science, Political Theory
It is a long‐standing debate within political philosophy generally whether we want our political outcomes to be right or whether we want them to be fair; while democratic theory has traditionally ...
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It is a long‐standing debate within political philosophy generally whether we want our political outcomes to be right or whether we want them to be fair; while democratic theory has traditionally taken the latter focus, democracy can be defended in the former way as well; how that can be done is the subject of this chapter and the next. For epistemic democrats, the aim of democracy is to ‘track the truth’, while for procedural democrats, the aim is to embody certain procedural virtues. When voters are choosing between only two options, both epistemic and procedural standards point in the same direction, and in that case, Condorcet's jury theorem reassures both epistemic and procedural democrats that the correct outcome is most likely to win a majority of votes; however, where there are three or more options on the table, recommendations of the different strands of democratic theory diverge. In these cases, plurality voting is arguably the simplest and possibly the most frequently used voting rule, and this chapter demonstrates that the Condorcet jury theorem can indeed be generalized from majority voting over two options to plurality voting over many options; other decision rules, Condorcet pairwise criteria, Borda count procedures, and the Hare and Coombs systems have also been shown to have considerable truth‐seeking powers. This chapter addresses the question of which of these alternative possible democratic decision rules are the most reliable truth‐tracker in the more general ‘many‐option’ case.Less
It is a long‐standing debate within political philosophy generally whether we want our political outcomes to be right or whether we want them to be fair; while democratic theory has traditionally taken the latter focus, democracy can be defended in the former way as well; how that can be done is the subject of this chapter and the next. For epistemic democrats, the aim of democracy is to ‘track the truth’, while for procedural democrats, the aim is to embody certain procedural virtues. When voters are choosing between only two options, both epistemic and procedural standards point in the same direction, and in that case, Condorcet's jury theorem reassures both epistemic and procedural democrats that the correct outcome is most likely to win a majority of votes; however, where there are three or more options on the table, recommendations of the different strands of democratic theory diverge. In these cases, plurality voting is arguably the simplest and possibly the most frequently used voting rule, and this chapter demonstrates that the Condorcet jury theorem can indeed be generalized from majority voting over two options to plurality voting over many options; other decision rules, Condorcet pairwise criteria, Borda count procedures, and the Hare and Coombs systems have also been shown to have considerable truth‐seeking powers. This chapter addresses the question of which of these alternative possible democratic decision rules are the most reliable truth‐tracker in the more general ‘many‐option’ case.
Han Smit and Thras Moraitis
- Published in print:
- 2015
- Published Online:
- October 2017
- ISBN:
- 9780691140001
- eISBN:
- 9781400852178
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691140001.001.0001
- Subject:
- Business and Management, Knowledge Management
It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new ...
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It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new competitors, are further complicating the task of valuing acquisitions. Too often, managers rely on flawed valuation models or their intuition and experience when making risky investment decisions, exposing their companies to potentially costly pitfalls. This book provides managers with a powerful methodology for designing and executing successful acquisition strategies. The book tackles the myriad executive biases that infect decision making at every stage of the acquisition process, and the inadequacy of current valuation approaches to help mitigate these biases and more realistically represent value in uncertain environments. Bringing together the latest advances in behavioral finance, real option valuation, and game theory, this book explains how to express acquisition strategies as sets of real options, explicitly introducing uncertainty and future optionality into acquisition strategy design. It shows how to incorporate the competitive dynamics that exist in different acquisition contexts, acknowledge and even embrace uncertainty, identify the value of the real options embedded in targets, and more. Rooted in economic theory and featuring numerous real-world case studies, the book will enhance the ability of CEOs and their teams to derive value from their acquisition strategies, and is also an ideal resource for researchers and MBAs.Less
It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new competitors, are further complicating the task of valuing acquisitions. Too often, managers rely on flawed valuation models or their intuition and experience when making risky investment decisions, exposing their companies to potentially costly pitfalls. This book provides managers with a powerful methodology for designing and executing successful acquisition strategies. The book tackles the myriad executive biases that infect decision making at every stage of the acquisition process, and the inadequacy of current valuation approaches to help mitigate these biases and more realistically represent value in uncertain environments. Bringing together the latest advances in behavioral finance, real option valuation, and game theory, this book explains how to express acquisition strategies as sets of real options, explicitly introducing uncertainty and future optionality into acquisition strategy design. It shows how to incorporate the competitive dynamics that exist in different acquisition contexts, acknowledge and even embrace uncertainty, identify the value of the real options embedded in targets, and more. Rooted in economic theory and featuring numerous real-world case studies, the book will enhance the ability of CEOs and their teams to derive value from their acquisition strategies, and is also an ideal resource for researchers and MBAs.
Colin M. Macleod
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198293972
- eISBN:
- 9780191599798
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293976.003.0003
- Subject:
- Political Science, Political Theory
Examines Dworkin's use of the market to track how considerations of individual responsibility should affect entitlement to resources over time. Liberals should favour a responsibility sensitive ...
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Examines Dworkin's use of the market to track how considerations of individual responsibility should affect entitlement to resources over time. Liberals should favour a responsibility sensitive theory of income and resource distribution, but the account offered by Dworkin's theory of equality of resources does accurately track the relationship between entitlement and choice.Less
Examines Dworkin's use of the market to track how considerations of individual responsibility should affect entitlement to resources over time. Liberals should favour a responsibility sensitive theory of income and resource distribution, but the account offered by Dworkin's theory of equality of resources does accurately track the relationship between entitlement and choice.
Colin M. Macleod
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198293972
- eISBN:
- 9780191599798
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293976.003.0004
- Subject:
- Political Science, Political Theory
Critically evaluates Dworkin's use of a hypothetical insurance market scheme to illuminate the degree to which justice requires the provision of compensation to persons with significant physical or ...
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Critically evaluates Dworkin's use of a hypothetical insurance market scheme to illuminate the degree to which justice requires the provision of compensation to persons with significant physical or mental disabilities. The chapter argues that the hypothetical insurance market scheme is procedurally unfair, is plagued by epistemic difficulties, and is insufficiently sensitive to the importance of addressing features of the social environment in virtue of which persons with disabilities are disadvantaged.Less
Critically evaluates Dworkin's use of a hypothetical insurance market scheme to illuminate the degree to which justice requires the provision of compensation to persons with significant physical or mental disabilities. The chapter argues that the hypothetical insurance market scheme is procedurally unfair, is plagued by epistemic difficulties, and is insufficiently sensitive to the importance of addressing features of the social environment in virtue of which persons with disabilities are disadvantaged.
Andrew Green
- Published in print:
- 2007
- Published Online:
- September 2009
- ISBN:
- 9780198571346
- eISBN:
- 9780191724138
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198571346.001.0001
- Subject:
- Public Health and Epidemiology, Public Health, Epidemiology
This text, the latest edition, explains the importance of health planning in both developing regions such as Africa, and those in transition, such as Central and Eastern Europe. It stresses the ...
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This text, the latest edition, explains the importance of health planning in both developing regions such as Africa, and those in transition, such as Central and Eastern Europe. It stresses the importance of understanding the national and international context in which planning occurs, and provides an up to date analysis of the major current policy issues, including health reforms. Separate chapters are dedicated to the distinct issues of finance for health care and human resource planning. The book explains the various techniques used at each stage of the planning process, looking first at the situational analysis and then looking in turn at priority-setting, option appraisal, programming, implementation, monitoring, and evaluation. The book ends by examining the challenges facing planners in the 21st century, particularly in the light of growing globalization. A major theme of the book is the need to recognise and reconcile the inevitable tension that lies between value judgements and ‘rational’ decision-making. As such, in addition to introducing techniques such as costing and economic appraisal, it also outlines techniques such as stakeholder analysis for understanding the relative attitudes and power of different groups in planning decisions. Each chapter includes a comprehensive bibliography (including key websites), a summary, and exercises to help with practise of techniques and understanding the content. The book argues that all health professionals and community groups should be involved in the planning process for it to be effective.Less
This text, the latest edition, explains the importance of health planning in both developing regions such as Africa, and those in transition, such as Central and Eastern Europe. It stresses the importance of understanding the national and international context in which planning occurs, and provides an up to date analysis of the major current policy issues, including health reforms. Separate chapters are dedicated to the distinct issues of finance for health care and human resource planning. The book explains the various techniques used at each stage of the planning process, looking first at the situational analysis and then looking in turn at priority-setting, option appraisal, programming, implementation, monitoring, and evaluation. The book ends by examining the challenges facing planners in the 21st century, particularly in the light of growing globalization. A major theme of the book is the need to recognise and reconcile the inevitable tension that lies between value judgements and ‘rational’ decision-making. As such, in addition to introducing techniques such as costing and economic appraisal, it also outlines techniques such as stakeholder analysis for understanding the relative attitudes and power of different groups in planning decisions. Each chapter includes a comprehensive bibliography (including key websites), a summary, and exercises to help with practise of techniques and understanding the content. The book argues that all health professionals and community groups should be involved in the planning process for it to be effective.
Duncan Pritchard
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199557912
- eISBN:
- 9780191743290
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199557912.003.0013
- Subject:
- Philosophy, Metaphysics/Epistemology
This chapter identifies a distinction between the kind of epistemic support provided by favouring evidence, and the kind of epistemic support provided by discriminatory capacities, since one can have ...
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This chapter identifies a distinction between the kind of epistemic support provided by favouring evidence, and the kind of epistemic support provided by discriminatory capacities, since one can have knowledge-supporting favouring evidence even while lacking the relevant discriminatory capacities. In failing to recognize this distinction, the participants in this debate have unduly limited their dialectical options.Less
This chapter identifies a distinction between the kind of epistemic support provided by favouring evidence, and the kind of epistemic support provided by discriminatory capacities, since one can have knowledge-supporting favouring evidence even while lacking the relevant discriminatory capacities. In failing to recognize this distinction, the participants in this debate have unduly limited their dialectical options.
