In an asset market where agents have heterogeneous information, asset prices not only depend their expectations of the true fundamentals but also depend on their expectations of the expectations of others. Iterations of such expectations lead to the so-called “infinite regress” problem, which makes the analysis of asset pricing under heterogenous information challenging. In this paper, we solve...

In this Chapter, we tie together the design principles and mechanisms ~hich we have introduced in the preceding chapters. This synthesis quantIfies a developmental sequence in which obligatory saccadic reactions to flashing or moving lights on the retina are supplemented by attentionally mediated movements towards motivationally interesting or intermodal sensory cues. These movements are supple...

SUMMARY Jon Elster has argued that (a) the optimal collection of information creates an infinite regress (we have to collect information about how much information to collect about how much information to collect …) and (b) it is often very difficult to estimate the net value of more information because we have to make decisions in situations that are fast changing, unique or novel. Taken toget...

The article is devoted to the question of whether unknowable obligations are possible. According popular view (known as Access), an act obligatory only if its agent can know that this obligatory. Sorensen (1995) argues against Access, and Sider Wieland both defend Access by suggesting (S) – For any obligation O, individual X must refrain from making O unknowable. We consider various difficultie...

We report a new visual illusion, where a global shape appears to continually move away from fixation, even though it remains a fixed distance from fixation. The illusion occurs because local motion signals within the object indicate motion away from fixation, and are incorrectly attributed by the visual system to the motion trajectory of the global object. A simple weighted vector summation of ...

Philosophical analysis is of vital importance for addressing the controversies in science and theology. This article evaluates analyses concerning God beginning universe offered by a number philosophers. It shown that, while Linford correct that establishing physical reality has finite past not sufficient had beginning, objections which Linford, Schmid, Oberle, Wielenberg have against Cosmologi...

Ontologies need to introduce some primitive symbols used for the definition of more complex ones. These primitive symbols have no formal definitions in the ontology, and as ontologies usually are incomplete axiomatizations, the semantics of the primitives remain ambiguous (Guarino 1998). This shifts the problem of semantic interoperability to the problem of how to ground such primitives. Ground...

The argument is re-examined that the program of deriving the rule of state reduction from the Schrödinger equation holding for the object-apparatus composite system falls into a vicious circle or an infinite regress called the von Neumann chain. It is shown that this argument suffers from a serious physical inconsistency concerning the causality between the reading of the outcome and the state ...