Search

The coronavirus disease (COVID-19) represents a large increase in background risk for individuals. Like the COVID-19 pandemic, extreme events (e.g. financial downturns, natural disasters, and war) have been shown to change attitudes towards risk. Using a risk apportionment approach, we examine whether risk aversion as well as higher order risk attitudes (HORAs) (prudence and temperance) have changed during COVID-19. This methodology allows us to measure model-free HORAs. We include prudence and temperance as higher order measures, as these two have been largely understudied under extreme events but are determinants of decisions related to the health and financial domains. Once we account for socio-demographic characteristics, we find an overall increase in risk aversion during COVID-19. We also find similar results using a hypothetical survey question which measures willingness to take risks. We do not find changes in prudence and temperance using the risk apportionment methodology.

An important societal problem is that people underinsure against risks that are unlikely or occur in the far future, such as natural disasters and long-term care needs. One explanation is that uncertainty about the risk of non-reimbursement induces ambiguity averse and risk prudent decision makers to take out less insurance. We set up an insurance experiment to test this explanation. Consistent with the theoretical predictions, we find that the demand for insurance is lower when the nonperformance risk is ambiguous than when it is known and when decision makers are risk prudent. We cannot attribute the lower take-up of insurance to our measure of ambiguity aversion, probably because ambiguity attitudes are richer than aversion alone.Supplementary Information: The online version contains supplementary material available at 10.1007/s11166-021-09364-7.

As organizations take on grand challenges in gender equality, anti-racism, LGBTQ+ protections and workplace inclusion, many well-intentioned individuals from dominant groups (e.g., cisgender men, Caucasian, heterosexual) are stepping forward as allies toward under-represented or marginalized group members (e.g., cisgender women, People of Color, LGBTQ+ identified employees). Past research and guidance assume an inevitable need for external motivation, reflected in the ‘business case’ for diversity and in top-down policies to drive equity and inclusion efforts. This qualitative study explored internal motivations in the form of morally-motivated virtues of 25 peer-nominated exemplary allies serving in leadership positions. In-depth life/career story interviews were used to identify the virtues that supported their allyship journeys. Findings demonstrated that they tapped into several virtues that served distinct functions in a 4-stage allyship development process: Stage 1 - Energizing psychological investment (compassion, fairness); Stage 2 - Thinking through allyship-relevant complexities (intellectual humility, perspective-taking, wisdom); Stage 3 - Initiating action (prudence, moral courage, honesty); Stage 4 - Commiting to allyship (perseverance, patience). We call this the ‘EThIC model of virtue-based allyship development.’ This study has implications for theory and research on a virtue-based approach to diversity, equity, and inclusion.

International audience; The interest in multivariate and higher-order risk preferences has increased. A growing body of literature has demonstrated the relevance and impact of these preferences, but for health the evidence is lacking. We measure multivariate and higher-order risk preferences for quality of life (QoL) and longevity, the two attributes of the Quality-Adjusted Life Year (QALY) model. We observe preferences for a positive correlation between these attributes and for pooling together a fixed loss in one of the attributes and a mean-zero risk in the other, and for pooling together mean-zero risks in QoL and longevity. The findings indicate that higher-order risk preferences are stronger for health than for money. Furthermore, we test if preferences for a risky treatment for a disease affecting only QoL, depend on life expectancy. We find no such a relation, but there is a positive relation between riskiness of a comorbidity affecting life expectancy and risk aversion for a QoL treatment. We therefore observe no definitive deviation from the QALY model, although the model is more robust when expected longevity is high. Our findings suggest that the current practice of cost-effectiveness analysis should be generalized to account for risk aversion in QoL and longevity, and higher-order preferences.

An intrinsic, but seldom recognized property of greater risk aversion in expected utility theory is its reversibility, viz., utility v=phi(u) is more risk averse than u if and only if the transformation function phi is concave, while equivalently, u=psi(v) is less risk averse than v if and only if psi is convex. Moreover, this reversibility is exactly mirrored in the ranking of utility functions by their Arrow-Pratt measures, which ensures that the rankings are transitive and so capable of yielding meaningful comparative statics predictions for greater and less risk aversion. We extend this reversibility property to the third order concerned with downside risk aversion by deriving a utility measure of third-order risk preference whose relative magnitude, along with that of the Arrow-Pratt measure of risk aversion, yields a strict partial ordering of utility functions by greater downside risk aversion, and when the ranking by these measures is reversed the result is an ordering by less downside risk aversion. A sufficient condition for using this reversible measure is developed in terms of the well-known prudence measure. We also provide applications, particularly one in the context of saving.

This essay examines Dr. Martin Luther King Jr.’s campaign for President John F. Kennedy to issue a second emancipation proclamation, which involved a series of public speeches delivered across the nation from 1961 through 1963 as well as a 60-page Appeal memorandum composed for Kennedy by Southern Christian Leadership Conference lawyers. King challenged Kennedy’s conservative, accommodating understanding of prudence by harnessing the inventional resources of Civil War centennial commemoration, folding together the past and present to offer a vision of audacious presidential leadership. Examination of this historical moment provides insight into how commemoration creates kairotic opportunities for advocates of social change to renegotiate prudence and call forth new, bolder forms of political action.

This paper studies a multi-prize imperfectly discriminatory contest with symmetric risk-averse contestants. Adopting a multi-winner nested Tullock contest model, we first establish the existence and uniqueness of a symmetric pure-strategy equilibrium under plausible conditions. We then investigate the optimal prize allocation in the contest. Our analysis provides a formal account of the incentive effects triggered by a variation in the prevailing prize structure when contestants are risk averse. We demonstrate that contestants' incentive subtly depends not only on the degree of a contestant's risk aversion but also that of his prudence. The former affects the marginal benefit of effort, while the latter affects the marginal cost. We derive sufficient conditions under which a single-(multi-)prize contest would be optimal when the contest designer aims to maximize total effort. We also discuss in depth the roles played by risk aversion and prudence in optimal prize allocation.

When mature minors face a decision with important consequences, such as whether to undergo a risky but potentially life-saving medical procedure, who should decide? Relying on liberal political theory's account of the importance of decisional autonomy for adults, and given the scalar nature of the capacities needed to exercise decisional autonomy, I argue that mature minors with the requisite capacities and commitments have a right to decisional autonomy though they are not yet 18. I argue for this right using a 'balancing of interest' account of rights: the interest mature minors have in decisional autonomy outweighs their parents' interest in shaping their children as a means of 'creative self-extension'. But I propose two limitations on this right: requests for waivers of the rule that one must be at least 18 to decide cannot be so numerous as to make adjudication impractical; and though a competent adult's voluntary decision to refuse medical treatment should generally be respected, the state may reject a mature minor's decision upon review by an indifferent judge of the minor's capacities and reasons. The judge reviews not the substantive merits or prudence of the decision, but whether the decision promotes the interest in decisional autonomy, by asking among other things whether the decision is the minor's own, is tethered to core commitments rather than based on arbitrary preferences, and could be regarded as reasonable to the minor's 'future self'.

In this research article, I seek to expand the conversation regarding moral enhancement by identifying traits or capacities that if enhanced would lead to an increase in moral behaviour. I decided to focus on the three capacities: intelligence, empathy and memory. These abilities do not necessarily lead to moral behaviour on their own; however, building on a study on the relationship of intelligence and morality, I argued that enhancing intelligence and empathy simultaneously allows for moral behaviour as an emergent property. Intelligence alone is not sufficient because even though greater intelligence leads to more prosocial behaviour, prosocial behaviour is not inherently moral. Empathy alone can lead to partiality, especially favouring those who are a part of one’s in-group. The virtue of prudence, practical wisdom, relies on more than intellect or reason; it requires lived experience in order to effectively deliberate. Memory provides intelligence with that information. There are a variety of ways in which human enhancement can be pursued. I chose to focus on three methods in this study: gene editing, training and computer–brain interfaces. Turning to the existing scientific literature, I attempted to find examples or potential ways in which intelligence, empathy and memory could be enhanced through these methods. Genetic examples are difficult given the complexity of multi-gene traits, and that heritability is only a small percentage of overall variance. Training these capacities has had limited success, and there is no consensus in the literature on how effective is the training. Computer–brain interfaces appear to offer potential, but some experiments have only just begun on human subjects, whilst other approaches are still being tested on other animals. Contribution: This article ends with an appeal to prioritise moral enhancements over other forms. Doing so allows for a great impact on society and a safer overall approach to enhancements.&nbsp

This paper explores the significance of the true and fair view, as the main objective of financial reporting to which accounting principles are subordinated, and the relationship between it and all accounting principles, focusing on identifying their contribution to achieving the true and fair view and, simultaneously, the potential conflicts. To address this issue, several interpretations of the true and fair view objective were analyzed together with the way the requirements of each accounting principle contribute to the achievement of this objective. The paper highlights that the true and fair view recipe involves contributions such as aggregating values from different reporting periods, separately reflecting assets and liabilities to prevent hiding part of a company’s wealth or masking the risks that the company is facing, accurate, neutral and free from error/omission representation of transactions, establishing an acceptable materiality level that does not allow information to be over contracted or overcrowded with insignificant details, reflecting the economic substance of the transaction instead of the legal one, a realistic and balanced estimation of the risks and value losses, the presentation of past rights and obligations without being limited by their effective settlement date.

O presente artigo tem como objetivo inicial resgatar noções clássicas da filosofia antiga no campo do currículo. Entre essas noções destacamos as concepções de: ética, comunidade, humanismo e natureza. Desse modo, consideramos que tais noções só fazem sentido quando pensadas no ideal da Paidéia grega (JAEGER, 1994). Por isso, resgatamos passagens da Republica de Platão e da Ética de Aristóteles. Por meio dessas passagens, valendo-se de analise comparativa, compreendemos a diferença entre o saber-fazer do primeiro em detrimento ao saber-agir do segundo. Nesse sentido, a ética, com Aristóteles, recebe um componente pedagógico, a virtude intelectual conhecida por phronesis (prudência). Assim, com prudência e clareza da condição ética política, podemos superar a moralização contemporânea.

Fiscal sustainability refers to the maintenance of public finances within an affordable and serviceable limit by rationalising debt and deficits within tolerable limits. India, since the time of independence has been taking assistance of debt and deficits to meet its shortages in revenue for the purpose of development and growth. For quite a long time, the concept of fiscal prudence was not given due importance of its role in ensuring long-term sustainable growth. It was only after the major economic crisis of 1990s, that several reforms were initiated targeting at longer duration targets. As a part of series of these reforms, FRBM Act was implemented in 2003 to keep a check on the fiscal indicators of the country especially the revenue deficit, fiscal deficit and debt-GDP ratio to contain the situation of growing fiscal indiscipline. The act was implemented both at the Centre and State level. It has almost been a decade and a half since its implementation. In the course of this duration, some states focused more on the growth parameters while other states focused more on the fiscal sustainability which in turn will initiate growth according to the ideology behind it. The present study specifically makes an analysis of the policies adopted by the state of Uttar Pradesh to establish fiscal sustainability. An investigation has been done to evaluate whether fiscal sustainability measures have adversely affected the growth of the state? The study concludes that although Uttar Pradesh is the most populous and one of the largest state, area wise, it could not create an investment atmosphere for investors due to lack of infrastructure and other facilities because of its focus on fiscal sustainability. KEYWORDS: Fiscal Sustainability, FRBM Act, debt-GSDP ratio, fiscal deficit, interest payments.

Did the COVID-19 pandemic promote character growth? Studies using sequential samples suggest that collective life events can result in character growth, but their conclusions have been questioned. This study used three approaches to examine character growth during the first wave of the pandemic: perceived changes in oneself and in a close other, and a longitudinal analysis of changes. In addition, we tested whether character strengths assessed before the pandemic predicted specific instances of growth, that is, engagement in volunteering and compliance with regulations during the pandemic. German-speaking participants ( N = 366, 76.5% female, mean age: 45.33 years) who had completed an assessment of character strengths before the pandemic reported on perceived changes in character strengths, engagement in volunteering, and compliance with regulations. A subsample also completed a second assessment of character strengths. The results showed that (a) participants reported perceived changes for most character strengths in both themselves and close others, while (b) longitudinal increases were only observed for humility and prudence. Pre-pandemic character strengths predicted (c) engagement in volunteering and (d) compliance with regulations. We conclude that actual character growth was smaller than the perceived changes but that the character strengths did predict relevant behaviors related to the COVID-19 pandemic.

The article reveals in detail the understanding of raising children in the context of two pseudo-epigraphic letters of Pythagorean wonan thinkers – Theano and Myia of Crotone. Based on these letters, it was found that pedagogical issues were important in general for the whole Pythagorean tradition. In fact, we can say that this early Greek philosophical school was the first to systematically and comprehensively approach the problem of upbringing and education in ancient society. It is hypothesized that this topic is not accidentally in the center of attention of these philosophers, because their authority was the greatest among all other representatives of this philosophical school. The author’s position is proved that Theano of Crotone letter to Eubule focuses on moderation in education, which is aimed at avoiding luxury, fulfilling all children’s whims, comfort. This is the purpose of hardening in difficult circumstances in order to withstand with dignity all the potential difficulties of adult life. Accordingly, if you do not raise a child in certain restrictions, then, according to Theano, it may well be unprepared for certain trials that may occur. The thesis is substantiated that the key task of upbringing and education, according to Myia of Crotone letter, is moderation, prudence and balance, which is based on both archaic elements and Hellenistic plots, which testifies to the skill of writing this letter. It is revealed that the Pythagorean principles of education, according to both philosophers, have no gender difference. This is because both girls and boys, if they grow up in luxury, comfort and do not know the limitations, can potentially become dangerous both for themselves and for society as a whole. It is emphasized that according to the style of writing, these letters are not so much moral and ethical as paraenetic epistolary genre, ie they act as advice on the upbringing and education of the younger generation. Because of this, these letters are such sources of ancient culture, which are one of the few that are devoted to the philosophical understanding of upbringing and education.

The article offers academic translation into Ukrainian of a number of works by Pythagorean woman philosophers, which reveal the problems of human nature and personality education. The focus is on such pseudo-epigraphs of ancient woman thinkers as two letters by Theano of Crotone, letters of Miya of Crotone and Melissa, as well as treatises by Fintys of Sparta "On a woman prudence", Aesara of Lucania "On human nature" and excerpts from Porphyry’s "Pythagorean music" which contain fragments of the works of Ptolemais of Cyrene. The main themes of the above works and letters are the education of the individual in general, and women in particular. Accordingly, the basis of education should be an element of restraint and prudence in everything. If the child is brought up on this basis, he will be able to be strong and resilient during certain life situations. In the treatises of the Pythagorean women-philosophers it is noted that through the study of our own human nature (namely, the human soul) we can understand the philosophical foundations of natural law and morality. Therefore, a woman should use in her life not fleeting emotions and reactions to a particular event, situation, but also be moderate and prudent. These texts are significant in the context of understanding gender issues in the Hellenistic era. Based on the translated works, we can say that, according to thinkers, a number of virtues are common to both sexes (courage, justice and wisdom), moderation or abstinence are more common in women. At the same time, the limitation of the social role of women reflects an understanding of the nature of the female soul. Accordingly, the normative principle of harmony must be implemented in the context of the specific social roles allowed to women. At the same time, the availability of these texts indicates that philosophy is possible for both men and women, thus emphasizing the importance of involving the latter in knowledge and scientific knowledge.

The COVID 19 pandemic has provoked many reflections. Here we present some of them formulated from a Christian perspective of justice and peace, that is, from the point of view of a Christian committed to building a world of justice and peace following the Social Teaching of the Church. The first group of reflections has to do with being a Christian per se, and therefore the virtues that used to be neglected and those that are currently exercised in the time of pandemic are taken into consideration: hope, humility, prudence, fortitude. The second group of reflections deals directly with the issues of justice and peace. During the pandemic, these issues manifested as closely related: “everything is related, everything is connected.” After a consideration of an existential nature on justice, follow others: on the principles of solidarity, subsidiarity, health as a global public good and on the crucial issues of work and respect for creation. Finally, the Christian proposal is indicated, which is that of the “culture of care” proposed in terms of integral ecology.

The number of fraud cases in Village-Owned Enterprises (BUMDes) necessitates the implementation of accountability in order to reduce the potential for corruption or other forms of fraud within the BUMDes entity. Meanwhile, research on accountability in BUM Desa has received little attention. This paper aims to study an accountability model based on Sustainable Livelihood Assets, which include accountability based on asset potential (natural, physical, financial, human, social and cultural assets) that has been institutionalized in the management of BUMDes. This study uses a descriptive qualitative approach with content analysis method and as theoretical triangulation also uses data in the form of interviews with BUMDes directors and staff, village heads, and the community. The result Legal, policy, and compliance accountability for aspects of governance is the main foundation for complying with the regulations set in BUMDes, which states that BUMDes problems in their management are required elements of prudence that prioritize transparency and accountability. Managerial Accountability that emphasis in the managerial aspect is on how to embed the institutional elements of BUMDes that are patterned on administration, reporting, and accountability. It is possible that the procedural system for managing BUMDes includes several aspects such as social for institutional strengthening, the transformation of the environment into management, and the development of BUMDes.

In a crucial juncture when the whole world has been shattered by the reign of a tiny virus invading the apparently invincible empire of human ‘civilization’, the plaguing pandemic has brought to the fore fundamentally interconnected nature of our collective existence and consequently our shared vulnerability. COVID-19 as essentially a zoonotic disease accentuates the anthropogenic hazards inflicted on the ecosystem resulting in spilling over of such pathogens from animals to humans. It also nudges us to reflect on our fundamentally interconnected existence which we have long remained oblivious about. The prevailing obliviousness seems to have emanated from willful ignorance or selfdeceptive knowledge rooted in over-arching dictates of anthropocentrism; however on the structural front, the roots can be traced back to the capitalistic system perpetuating the ‘homo economicus’ aspirations so as to mark the unflinching triumph of the ‘Capitalocene’. While pushing and pulling ourselves to adapt to the ‘new normal’, it becomes an imperative to go beyond the myopic vision of restricting ourselves to shortterm mitigation measures like border-closure or vaccination; instead time is ripe for taking a critical and broad-based stance on the structural roots of the current pandemic such that restructuration of post-COVID world helps shoving aside such calamitous disaster in days to come. It is in this regard, a radical take on ‘cosmopolitanism’ seems the need of the hour to fill the lacunae in the existing mode of perusing interconnectedness that operates only on the surface level in the name of ‘globalization’ and overlooks the fundamental rubric of ecological integrity. While shedding some light on the nexus that this pandemic shares with the evils of capitalistic enterprise and neoliberal culture of globalized consumerism, this paper, within its limited scope, will make an attempt to find an antidote to the current crisis through endorsing an ‘eco-cosmopolitan’ worldview wherein the rationalized ‘instrumentalization’ of environment and wild animals gets overridden by an eco-centric perspective on our fundamentally interconnected existence.

People often seek advice and social support. One approach for seeking advice is by submitting one’s problems/concerns to an advice columnist. More contemporary forms of advice seeking are seen on d...

We analyze the optimal coverage level for an unreliable insurance contract if a utility-maximizing policyholder can transfer the intrinsic nonperformance risk to several co-insurers. Our discussion starts with an insurance demand model under default risk and the introduction of a multiple risk-sharing instrument called co-insurance policy. Subsequently, we examine the interrelation between the recovery rate and the optimal coverage level, the utility of the policyholder, and the optimal coverage level in the limit. We then consider the monotonicity of the optimal coverage level for a changing number of co-insurers and an increasing default correlation. Our proposed criteria indicate that the policyholders’ preferences for more or less coverage are primarily determined by their degree of prudence. We conclude that more prudent policyholders are more likely to accept the costs for any risk management measure intended to provide a hedge against default rik in insurance contracts.

Fil: Pustilnik, Ruth. Universidad de Buenos Aires. Facultad de Ciencias Económicas. Centro de Investigación de Epistemología de las Ciencias Económicas; Argentina Resumen: En este artículo mostraremos que de acuerdo con Adam Smith, virtud y comercio se estimulan mutuamente de forma mecánica y acumulativa. Aunque podríamos pensar que son cuestiones contrapuestas porque la actividad comercial persigue el lucro y no la virtud, veremos que Smith no solo concilia ambas cuestiones, sino que muestra que son complementarias, que una requiere a la otra y la refuerza. Para demostrarlo comenzaremos por tratar la naturaleza propia de este mecanismo que vincula virtud y comercio, diferenciándolos de otros mecanismos. Para ello trabajaremos la noción de consecuencias no intencionales que propone Merton y los aportes de sus continuadores. Luego, aplicando esta concepción mertoniana, reconstruiremos el mecanismo económico según el cual Adam Smith vincula virtud y comercio. Finalmente, concluiremos haciendo un análisis detallado de la prudencia en tanto virtud que promueve y a la vez es promovida por el comercio. Abstract: In this article we will show that according to Adam Smith, virtue and commerce stimulate each other mechanically and accumulatively. Although we might think that they are opposing questions because commercial activity pursues profit and not virtue, we will see that Smith not only reconciles both question, but also shows that they are complementary, that one requires the other and reinforces it. To demonstrate this, we will begin by treating the own nature of this mechanism that links virtue and commerce, differentiating them from other mechanisms. To show this, we will work on the notion of unintended consequences proposed by Merton and the contributions of his co-workers. Then, applying this mertonian conception, we will reconstruct the economic mechanism according to which Adam Smith links virtue and commerce. Finally, we will conclude by doing a detailed analysis of prudence as a virtue it promotes and the same time is promoted by trade.

This essay investigates Prof. Nigel Biggar’s critique of natural rights and his subsequent reliance upon “prudence” to secure positive rights for citizens. It offers a modest defense of natural rights as explanatory for certain intuitions, while raising questions about whether positive rights are sufficiently stable on Prof. Biggar’s view.

This multidisciplinary pedagogy offers eight allegorical images in support of a visually contextual reading of The Prince. Responding to the pedagogical problem of students treating the text as an ahistorical manual for action addressed to them, our approach resituates The Prince in its visual cultural context. This allows us to specify Machiavelli’s innovations as a theorist in terms of the importance of plurality and particularity in regard to political action. An online supplemental appendix provides access to databases and additional resources. Exploring Machiavelli’s politicized moral concepts of prudence, parsimony, liberality, fortune, and impetuosity using these images, we show his masterful invocation and redeployment of the cultural codes of his time. In presenting a visual history of concepts, we hope to move students beyond common contemporary ideological biases and literal readings and to alert them to the complex stories and relationships evident in the visual history of civic humanism.

We report results from an experiment that contrasts preferences toward the risk of what may happen (outcome risk preferences) with preferences toward the risk of when something may happen (time or delay risk preferences). Just as choices over monetary risks identify utility independently from discounting, choices over uncertain delays of a fixed reward identify discounting independently from utility. We replicate the widespread finding of outcome risk aversion, but—in a perfectly symmetric design—find substantial heterogeneity in delay risk aversion. Going beyond the second order of risk aversion, on the other hand, yields pervasive evidence for delay prudence and outcome prudence alike. This first empirical support for prudent discounting speaks to recent theoretical arguments that prudence may be a more important trait than previously realized.

The classical Aristotelean distinction between moral and intellectual virtues has come to us as one of the first explicit conceptualizations of a realm of knowledge and a realm of action. This paper intends to analyze the meaning of that distinction according to an alternative hypothesis, namely, that the moral and intellectual virtues correspond to a profound understanding of the relation between the philosophical and the political life. The analysis will be guided by the relatively unclear relation between phrónesis and sophía, and by the subtle but remarkable differences that Thomas Aquinas introduces in his systematization of virtues, e.g., his explicit flight from this life as the goal of contemplation. Aquinas’ understanding of theoría or contemplation will shed light on the basis of Aristotle’s concern with virtues—the tension between philosophy and politics that must be mediated by a resourceful prudence.

The deeply prudential nature of James Madison’s statesmanship has frequently been noted but never sufficiently explored. Prudence, for Madison, meant that an individual should support imper...

The re-existence of Islamic economics on the surface of the earth makes a major contribution to the new economic system, with new models and innovations that are applied according to the conditions it goes through without reducing the values that must be implemented in the Islamic economic system. Although it can be understood that this Islamic economic system is not a new thing, but has experienced a new history in the modern era This research aimed to describe the models and applications of sharia-based financial models in the economy, Islamic finance models that are able to promote equitable development, and the impact of the Islamic finance sector on economic development. This was qualitative research with document analysis. The results were financial system in Islam has an impact on economic growth, especially in Indonesia, it can be felt the level of difference between conventional economics and Islamic economics. In addition to the investment factor made by investors, the contract model that is applied bears the risk for both parties, because with a contract like this the level of prudence that must be carried out is more selective compared to other contracts. In addition to Islamic banking, non-bank financial institutions also have a very significant role in increasing economic growth. Among non-bank financial institutions that have an influence on economic growth are zakat, baitul maal wattamwil, waqf and others.

This study aimed to examined the value of environmental education in the novel Anak Rantau by Ahmad Fuadi. This research used descriptive qualitative method. Data collection method used the documentary method using reading and note-taking technique. Data analysis was carried out through several stages, namely data reduction, data presentation, and drawing conclusions. The result of this study indicated that novel Anak Rantau by Ahmad Fuadi contained the value of environmental education, namely establishing a harmonious relationship between humans and nature by maintaining and caring for nature as well as possible. So that human wisdom and prudence will be created in responding to all natural wealth with everything in it for the sake of human survival in the future.

Social decisions are often made under great uncertainty - in situations where political principles, and even standard subjective expected utility, do not apply smoothly. In the first section, we argue that the core of this problem lies in decision theory itself - it is about how to act when we do not have an adequate representation of the context of the action and of its possible consequences. Thus, we distinguish two criteria to complement decision theory under ignorance - Laplace’s principle of insufficient reason and Wald’s maximin criterion. After that, we apply this analysis to political philosophy, by contrasting Harsanyi’s and Rawls’s theories of justice, respectively based on Laplace’s principle of insufficient reason and Wald’s maximin rule - and we end up highlighting the virtues of Rawls’s principle on practical grounds (it is intuitively attractive because of its computational simplicity, so providing a salient point for convergence) - and connect this argument to our moral intuitions and social norms requiring prudence in the case of decisions made for the sake of others.

Higher-order risk preferences are important determinants of economic behavior. We apply insights from behavioral economics: we measure higher-order risk preferences for pure gains and losses. We find a reflection effect not only for second-order risk preferences, as did Kahneman and Tversky (1979), but also for higher-order risk preferences: we find risk aversion, prudence and intemperance for gains and much more risk-loving preferences, imprudence and temperance for losses. These findings are at odds with a universal preference for combining good with bad or good with good, which previous results suggest may underlie higher-order risk preferences. The experiment reported in this paper was partially funded by contributions from the Erasmus Research Institute of Management and the Tinbergen Institute.

The principle of conservatism is the principle of prudence against an uncertain situation to avoid excessive optimism from management and company owners. Consequently, if there is a condition that is likely to cause loss, expense or debt, the loss, cost or debt must be recognized immediately. The variables used in this study include Institutional Ownership, Managerial Ownership, Leverage, Profitability and Accounting Conservatism. This research is a quantitative research conducted on manufacturing companies listed on the Indonesia Stock Exchange for the period 2016-2018. The results of this study are institutional ownership has an effect on accounting conservatism; Managerial ownership affects accounting conservatism, leverage affects accounting conservatism, profitability affects accounting conservatism, and profitability moderates the variables of institutional ownership, managerial ownership, and leverage on accounting conservatism.

The biggest risk of cooperation agreements will be experienced by Banking business actors, the specific nature of banks as credit lenders in the end requires prudence in contracting to avoid losses, payment guarantee instruments or buying back assets can be considered in the agreement system or cooperation contract. to mitigate the risk of loss to the Bank because with the buyback guarantee there is at least a special bond between the Developer and the Bank so that it will provide legal certainty. The instrument payment guarantee or asset repurchase in the deed of the cooperation agreement between the Bank and the Developer is useful for guaranteeing payment and for mitigating the risk of the Bank in the event of a bad debtor in payment, this is because the Bank cannot execute guarantees that have not been bound by the Deed of Mortgage.

Whether prisoner resettlement is framed in terms of public health, safety, economic prudence, recidivism, social justice, or humanitarianism, it is difficult to overstate its importance. This article investigates women’s experiences exiting prison in Canada to deepen understandings of post-carceral trajectories and their implications. It combines feminist work on transcarceration and Bourdieusian theory with qualitative research undertaken in Canada to propose the (trans)carceral habitus as a theoretical innovation. This research illuminates the continuity of criminalized women’s marginalization before and beyond their imprisonment, the embodied nature of these experiences, and the adaptive dispositions that they have demonstrated and depended on throughout their lives. In doing so, this article extends criminological work on carceral habitus which has rarely considered the experiences of women. Implications for resettlement are discussed by tracing the impact of criminalized women’s (trans)carceral habitus (i.e. distrust, skepticism, vigilance about their environments and relationships) on their willingness to access support and services offered by resettlement organizations.

Most agree that, in some special scenarios, prudence can speak against feeling a fitting emotion. Some go further, arguing that the tension between fittingness and prudence afflicts some emotions in a fairly general way. (Perhaps, for instance, it’s best for human well-being that we generally grieve much less than is fitting.) This paper goes even further: it argues that, when it comes to anxiety, the tension between fittingness and prudence is nearly inescapable. On any plausible theory, an enormous array of possible outcomes are both bad and epistemically uncertain in the right way to ground fitting anxiety. What’s more, the fittingness of an emotion is a demanding, not a permissive, normative status. So the norms of fitting emotion demand a great deal of anxiety. For almost any realistic agent, it would be deeply imprudent to feel anxiety in a way that meets the demands set by norms of fitting emotion.

An academic surgeon is one who is extensively involved in clinical, academic and research work in surgical specialities. Of late, a fourth demand is being put on him/her, and that of administration, but not much data is available on this. The academic surgeon is expected to identify new opportunities for improving patient care and develop newer modalities of cure while critically evaluating treatment outcome and innovating and improving techniques with time. He/she is constantly doing the balancing act while riding two fast moving comets of surgical knowledge and surgical technology, and as if that was not enough, he/she is also responsible for mentoring the next generation of surgeons and scientists and assists them in their research. By evaluating and changing teaching programmes with time and designing skill labs and digital learning and teaching tools, the academic surgeon has to be a true team leader. His prudence and judgement at the time of crisis can make or break history and do wonders to the team or shatter the team spirit. Building vertical relationships with mentors and mentees and horizontal relationships with peers across other specialities, the academic surgeon is expected to encourage multidisciplinary collaboration to raise the intellectual quotient of the collaborators, and the resultant quality of the research, which is then validated by publications in journals with a high impact factor. An academic surgeon has the unique ability of surrounding himself/herself with a circle of genius!

This study aims to examine and to analyze the legal protection of exporters and importers in international trade transactions using Letter of Credit (L/C) as a payment system at PT. Bank Maybank Indonesia Tbk branch of Bengkulu. The type of this study was normative legal research with descriptive analytical research design. The result of this study indicated that in an international payment system that used L/C, both exporters and importers were protected, thus exporters did not have to worry about their goods not being paid for, while importers did not need to worry that the goods they bought did not arrive or that they would lose payment, because the bank would guarantee this matters if the required documents were appropriate. PT. Bank Maybank Indonesia Tbk branch of Bengkulu, in protecting its customers, must have considerations both based on the provisions of national banking regulations and based on the applicable banking practices. The efforts made by banks to protect exporters and importers were such as banks have to implement good corporate governance, apply Know Your Customer principles including the principle of prudence in providing L/C facilities, apply the Know Your Employee principle. Moreover, it was necessary to apply optimal sanctions in case of violation of procedures. The L/C arrangements at PT. Bank Maybank Indonesia Tbk branch of Bengkulu adheres to UCP 600 so that it can avoid differences or misinterpretation between the transacting parties as far as possible.

The purpose of this study is to determine the solutions to financial crises based on the perspective of Islamic management. It also discusses the roles of faith and Islamic monotheism in managing the global financial crisis. The qualitative method was used to obtain data from books and articles related to Islamic management based on Qur’an and Hadith. These data were further analyzed and used as a solution to problems related to the global financial crisis by Islamic values. The result showed that the values of faith and monotheism following organizational policy and management tend to minimize financial speculative actions and greed. In addition, these values assist managers in planning, organizing, directing, and supervising their subordinates under Islamic rules and regulations. The application of this value is mainly reflected in the aspects of behavior, organizational aspects, and system aspects through the mechanism of placing the sharia supervisory board and profit-sharing in Islamic financial institutions, simplicity, and avoiding is in organizational management as well as the principle of prudence and avoiding speculative action. This research supports the role of the Islamic management system in winning finances and implementing organizational policies to overcome global financial problems. JELClassification Codes: G01, H12, D46.

There is growing evidence in the consumer behavior literature indicating that culture shapes individuals’ environmental worldviews, which in turn, affect consumption behavior. This paper develops t...

Technology risk arises when the effectiveness of self‐insurance and self‐protection activities depends on exogenous factors or is only imperfectly known. It affects optimal behavior via a preference channel and a technology channel. In this paper, we identify conditions for unambiguous comparative statics with respect to the presence of, as well as various stochastic changes in technology risk. These conditions involve prudence, relative risk aversion, relative prudence, and several new measures of mitigation efficacy. We highlight cases where technology risk raises the optimal level of effort, consistent with the precautionary principle. We discuss several applications of our results.

International audience; This study analyzes the perceptions of individuals on retrospective rail punctuality indicators to determine the most useful indicator according to socio-demographic characteristics, regular trip behavior variables, and railways transportation habits variables. In choice situations, individuals must choose between four punctuality indicators and an out option. Common punctuality indicators have been selected among those proposed by the authority for quality of service in transport, as well as a new punctuality indicator from the financial literature: Delay-at-Risk. Thus, via an online survey and econometric modeling, we show that respondents appreciate the usefulness of punctuality indicators for planning their long-distance rail trips. The usefulness is reinforced by the fact that respondents employ several modes for regular trips and frequent train users. Moreover, they have already experienced missed appointments or connections. The risk attitude and prudence of respondents also play an important role but not totally in the expected direction. Lastly, Delay-at-Risk, although unknown and more complex in its formulation, exhibits some characteristics that are appreciated by users..

We estimate higher order risk preferences of farmers from a water scarce region in West Bengal, India. We then examine correlations across risk aversion, prudence and temperance attitudes of farmers, and explore associations of these preferences with household characteristics. Our experimental findings indicate risk seeking behaviour of farmers. We find that farmers took more prudent and temperate decisions. Risk aversion and prudence have a significant negative correlation, whereas prudence and temperance have a significant positive correlation. Individual characteristics such as age, education, and entrepreneurship, income and value of assets are also correlated with various risk preferences. Increased stated drought resilience of farmers is positively correlated with prudence. Farmers affected by water scarcity in the Kharif make imprudent choices. Farmers with higher cropping intensities exhibit high levels of prudence and temperance. These findings have important theoretical and policy implications which we discuss in the paper.

The basis of lending or financing by banks to debtor customers is trust by implementing the principle of prudence by applying the principle of knowing the customer. Documents and credit guarantees approved and received by the bank will then have several functions and one of them is to secure the repayment of credit if the borrower injured the promise. Fictitious crimes in the provision of credit facilities or working capital financing actually refer to various forgeries. There are 3 (three) types of forgery, namely making fake letters, falsifying letters, intellectual forgery. The criminal liability of banks contained in Law No. 10 of 1998 concerning Amendment to Law No. 7 of 1992 on Banking and Law No. 21 of 2008 on Syariah Banking is cumulative criminalization meaning that in addition to being sentenced to prison or also sentenced simultaneously in accordance with its mistakes.Keywords: Bank, Financing, Fictitious and Criminal Liability

Tomando como hilo de Ariadna el libro de Rocío Orsi, El saber del error. Filosofía y Tragedia en Sófocles, en este trabajo me propongo una reflexión filosófica sobre cómo el carácter moral de un agente es afectado por una lectura trágica del mundo. Una tesis central del libro de Orsi afirma el valor conceptual que los textos trágicos de Sófocles tienen para los filósofos no solo del pasado sino del presente. Por este motivo, reconstruyo algunos de los rasgos conceptuales de las tragedias y conflictos trágicos. Discuto algunas formas que Orsi pone en marcha para encarar el análisis de las tragedias. A continuación, muestro qué solución intenta darle una ética aristotélica de la prudencia. Expongo algunos problemas teóricos que esta propuesta filosófica puede tener. En contra de Steiner y Hertmans, y a favor de la profundidad del libro de Orsi, niego que el género literario de lo trágico esté muerto. También cuestiono que el análisis filosófico de la categoría conceptual “conflicto trágico” carezca de valor en el presente.

This paper argues that the political adage “Be ye prudent as serpents and guileless as doves” involves three different types of relation between prudence and morality, namely: unification (Vereinigung), subordination (Unterordnung), and association (Beigesellung). I maintain that these relations are set up according to the same principle that determines the relationship between mechanical and teleological causality in the third Critique. Thus, I argue that morality and prudence are much more systematically related within the system of critical philosophy than is normally assumed in the literature and that this is made possible by way of an intimate relationship between prudence and teleological judgment.

Since the version of the Conceptual Framework for Financial Reporting is revised, the interest in accounting concepts that are fundamental in financial reporting has been growing. The purpose of this article is to investigate the evolutionary logic of prudence in the definitions and recognition criteria of assets and liabilities, the causes and consequences of new changes in the Conceptual Framework of 2018. As a result, it was obtained that different interpretations of probability and asymmetric asset and liability identification caused the new changes. The reconciliation between the intentions of new asset and liabilities definitions and their correct understanding results has been illustrated. The new complication in defining obligation such as “no practical ability to avoid” was found. In conclusion, we constant the new definitions as the positive consequence from a psychological point of view, simplifying individuals judgments, as from a conceptual point of view, leading to the common understanding and improvements of qualitative characteristics of financial information. The direct evidence of conceptual improvement is symmetric prudence as support of financial statements’ fundamental qualitative characteristics – faithful representation.

Valuating property, plant and equipment after recognition with the purpose of preparing the annual financial statements is an extremely important step in presenting a true and fair view of the entity. Thus, the company must take into account the main valuation methods used and develop appropriate accounting policies and procedures to ensure that the users of financial and accounting information are properly informed and understand every change that occurs. The book value, respectively the carrying amount, of property, plant and equipment is represented abiding by the principle of prudence, according to which every impairment or change from the determined value shall be taken into account. The efficiency with which these assets are valuated brings surplus value to the entity and has a direct impact on the financial statements. The main objective of this article is to present the methods of valuation used to valuate property, plant and equipment. This way, at the end of the research the main applicable accounting treatments and the differences between IAS 16 Property, Plant and Equipment and Order of the Minister of Public Finance No. 1802/2014 for the approval of the Accounting regulations regarding the individual annual financial statements and consolidated annual financial statements, as subsequently amended and supplemented, will be understood.