Credit Risk Analysis and Security Design* This Paper considers the potential cost of subjective judgement and discretion in credit decisions. We show that subjectivity and discretion in the evaluation of borrowers create an incentive problem on the part of the lender. The lender’s incentives to accept or reject a borrower depend only on the value of their own claims, not on the total value of t...

abstract “wisdom of islamic art” is relatively a full of application, prevalent and concurrently ambiguous combination, that, despite the studies conducted on it, still no clear meaning of it is at hand. due to the existence of this confusion in the meaning, sometimes the wisdom of islamic art, despite the distinction that exists, is considered equal to “philosophy of islamic art.” as the appli...

— This paper challenges the conventional wisdom that ethnic diversity negatively influences public goods provision through a longitudinal study of the Indian state of Kerala, which has attained exceptional levels of social development despite high fragmentation along religious and caste lines. This paper argues that it is not objective diversity but a subjective sense of “we-ness,” which is the...

The separation of ownership and control in corporations opens up the potential for moral hazard. Thus it is conventional wisdom that managers who are not closely monitored pursue personal goals rather than maximize shareholder wealth. Yet little is known about what these goals are, despite the importance of understanding manager behavior when designing corporate governance rules. This paper pro...

The paper describes present condition in education system in regard to current social circumstances, both national and foreign ones. Also, the issue of unpreparedness (at all possible levels) regarding the impact of foreign “interested parties” is treated. Specific interest exists for the possible innovation of university teaching and the active engagement of both academics and students. Resear...

HOwdoes our inherited world of meaning relate to our fundamental experience of ourselves as persons? Is there a core of self-consciousness that is sequestered from the constitutive reach of culture and language? Can we speak of an unmediated basis for personal identity? These are the questions I will explore in this chapter. My method will be analytic, not comparative or ethnographic. Psycholog...

The fast development and increasing use of 3D video technology increases the need for standardization and certification processes when it comes to quality of video experience. Due to the specific conditions necessary for high-quality 3D video reproduction, an important role in evaluating the quality of 3D video plays the human experience factor. In order to find the best mechanisms for 3D video...

We develop a microscopic analysis of superconducting and dissipative currents in junctions between superconductors with d-wave symmetry of the order parameter. We study the proximity effect in such superconductors and show that for certain crystal orientations the superconducting order parameter can be essentially suppressed in the vicinity of a nontransparent specularly reflecting boundary. Th...

This paper aims to present a theoretical survey of the capability approach in an interdisciplinary and accessible way. It focuses on the main conceptual and theoretical aspects of the capability approach, as developed by Amartya Sen, Martha Nussbaum, and others. The capability approach is a broad normative framework for the evaluation and assessment of individual well-being and social arrangeme...

Objective: Although human aging is characterized by loss of fertility and progressive decline in physical abilities, later life is associated with better psychological health and well-being. Furthermore, there has been an unprecedented increase in average lifespan over the past century without corresponding extensions of fertile and healthy age spans. We propose a possible explanation for these...