Commercialism and Universities: An Ethical Analysis

This paper questions the ethicality of commercial relationships between universities and external donors. By examining cases such as technology transfer and the outside funding of research interests, we identify possible conflicts of interest between the external provider of financial support and academic institutions. The reality today is that university administrators, who have significant decision-making powers, proactively seek large corporate sources of funding that may compromise academic values including academic freedom and the ability to make institutional decisions without the influence of commercial interests. For example, Coca-Cola and Pepsi-Cola have provided extensive funding to universities in return for exclusivity rights to market their product on campuses even though such products may not be healthy alternatives to other soft drinks. Pharmaceutical and biotechnology companies may have opposing interests to faculty and universities if the results of research do not meet the expectations of the sponsors. Curricula issues may be slanted to promote the interests of a corporation or other provider of outside funding. Corporate partnerships between universities and companies such as Nike raise ethical questions when students or other members of the campus community object to the acceptance of financial support from a company that allegedly practices anti-social labor practices in developing countries. On the other hand, corporate funding can be used to supplement diminishing financial resources available to academic institutions, especially for public universities. One benefit of external funding is that it supports pharmaceutical and technology-oriented research and development into new products and processes that have the potential to serve the public good. One cost of such funding arrangements is that the acceptance of financial support from commercial interests solely to market their products on campus restricts the choices available to students that should exist in a free market economy such as in the U.S. The ethicality of the relationship between universities and commercial interests is a matter of concern because of the potential influence of providers of external funds to universities that can compromise academic freedom and objective decision making.     

Phantastic objects and the financial market's sense of reality: a psychoanalytic contribution to the understanding of stock market instability

This paper sets out to explore if standard psychoanalytic thinking based on clinical experience can illuminate instability in financial markets and its widespread human consequences. Buying, holding or selling financial assets in conditions of inherent uncertainty and ambiguity, it is argued, necessarily implies an ambivalent emotional and phantasy relationship to them. Based on the evidence of historical accounts, supplemented by some interviewing, the authors suggest a psychoanalytic approach focusing on unconscious phantasy relationships, states of mind, and unconscious group functioning can explain some outstanding questions about financial bubbles which cannot be explained with mainstream economic theories. The authors also suggest some institutional features of financial markets which may ordinarily increase or decrease the likelihood that financial decisions result from splitting off those thoughts which give rise to painful emotions. Splitting would increase the future risk of financial instability and in this respect the theory with which economic agents in such markets approach their work is important. An interdisciplinary theory recognizing and making possible the integration of emotional experience may be more useful to economic agents than the present mainstream theories which contrast rational and irrational decision-making and model them as making consistent decisions on the basis of reasoning alone.     

Information on the Internet: How selective should we be?

Vast amounts of information are available on the Internet, and programs such as Mosaic provide users with easy access to text and multimedia files. Once a user has set up a host system, consideration must be given to what information will be made available. In addition to legal restrictions, the interests of potential users (those accessing the host system) should be considered when determining the kinds of information to be made available. If those maintaining these host systems are somewhat selective when making information availability decisions, the potential information “glut” may be attenuated.     

Morality in Business: disharmony and its consequences

ABSTRACT This paper examines the claim that what is 'really' good for business will in the end harmonize with the requirements of morality. In searching for a plausible interpretation of what might be 'really' good for a business enterprise, the paper explores analogies to traditional philosophical accounts of the 'true good' of man. The conclusion is that while such accounts can make sense of the claim that a person's true good requires a moral commitment, they can suggest no solution applicable to business. The reason is that the analogy between natural persons and business enterprises breaks down at a crucial point. It follows that any radical improvement in the moral quality of business activity cannot come from appealing to a 'true good' of business. And since external means of control are not sufficient, the paper concludes that we must rely on the moral motivation of individuals filling positions in business. What is indicated then is the need for a strengthened consciousness of the range of freedom and responsibility of persons in their work roles.     

Making sense of risk

Although actuarial risk prediction tools are widely used in the American criminal justice system, the lawyers, judges, and correctional workers who consult these products in making decisions often misunderstand fundamental aspects of how they work and what information they provide. This article suggests that the best way to ensure risk assessment tools are being used in ways that are just and equitable is to ensure that those who use them better understand three key aspects of what information they do – and do not – reveal. Doing so requires clarifying what risk is being predicted, explaining what risk levels signify, and enumerating how risk-related information is and is not relevant to specific criminal justice decisions.     

Age differences in financial decision making: The benefits of more experience and less negative emotions

The emerging literature on aging and decision making posits that decision‐making competence changes with age, as a result of age differences in various cognitive and noncognitive individual‐differences characteristics. In a national life‐span sample from the United Kingdom (N = 926), we examined age differences in financial decisions, including performance measures of sunk cost and credit card repayment decisions, and self‐report measures of money management and financial decision outcomes. Participants also completed four individual‐differences characteristics that have been proposed as relevant to financial decision making, including two cognitive ones (numeracy and experience‐based knowledge) and two noncognitive ones (negative emotions about financial decisions). First, we examined how age was related to the four financial decision‐making measures and the four individual‐differences characteristics. Older age was correlated to better scores on each of the four financial decision‐making measures, more experience‐based knowledge, less negative emotions about financial decisions, whereas numeracy and motivation were not significantly correlated with age. Second, we found that considering both the two cognitive and the two noncognitive individual‐differences characteristics increased predictions of financial decision making, as compared with considering either alone. Third, we examined how these four individual‐differences characteristics contributed to age differences in financial decision making. Older adults' higher levels of experience‐based knowledge and lower levels of negative emotions seemed to especially benefit their financial decision making. We discuss implications for theories on aging and decision making, as well as for interventions targeting financial decisions.     

TO LEAD, LAG, OR MATCH: ESTIMATING THE FINANCIAL IMPACT OF PAY LEVEL POLICIES

In this study, the Boudreau and Berger (1985a) retention/acquisition model is modified in order to develop a utility model that can be used to assess the impact of alternative pay level policies. This paper then demonstrates how the model could be used to assess the financial impact of alternative pay level policies for an organization whose current policy is to match the market. In demonstrating this, estimates of the effect of pay level on employee and applicant behaviors are presented. The utility model is then used to translate these effects into financial terms and compare them against the wage costs associated with alternative pay level policies. Finally, break-even analysis is used to suggest how decision makers might use utility results when making decisions about pay level policy. The implications for pay level policy and the role of utility analysis in compensation decision making are discussed.     

When memory fails, intuition reigns: midazolam enhances implicit inference in humans

People often make logically sound decisions using explicit reasoning strategies, but sometimes it pays to rely on more implicit "gut-level" intuition. The transitive inference paradigm has been widely used as a test of explicit logical reasoning in animals and humans, but it can also be solved in a more implicit manner. Some researchers have argued that the hippocampus supports relational memories required for making logical inferences. Here we show that the benzodiazepene midazolam, which inactivates the hippocampus, causes profound explicit memory deficits in healthy participants, but enhances their ability in making implicit transitive inferences. These results are consistent with neurocomputational models of the basal ganglia-dopamine system that learn to make decisions through positive and negative reinforcement. We suggest that disengaging the hippocampal explicit memory system can be advantageous for this more implicit form of learning.     

Influence of motivated reasoning on saving and spending decisions

The decision to save enhances well-being in the long-term but it conflicts with the desire to spend money to gain immediate gratification. In this research, we examine the influence of having single versus multiple accounts on individuals’ savings and spending decisions. We find that individuals save more with a single account than with multiple liquid accounts. Utilizing work on motivated reasoning and fuzzy-trace theory, we suggest that multiple accounts engender fuzzy gist representations, making it easier for people to generate justifications to support their desired spending decisions. However, a single account reduces the latitude for distortion and hinders generation of justifications to support desirable spending decisions. Across four studies that provide participants with the opportunity to earn, spend, and save money, we demonstrate the proposed effect and test the underlying process.     

Ethical decision making in family therapy

In family therapy, effective clinical decisions promote the welfare and interests of the family and its individual members. However, the needs of the family and its individual members are often in conflict. Resolving this conflict is an ethical as well as a therapeutic dilemma. Kitchener has developed a model of ethical decision making that we have found useful in teaching students and supervisees how to resolve conflicts between the family's needs and the needs of its members. The purpose of this article is to discuss this model and show how it can be applied to clinical decision making.     

Deciding to give to charity: a focus group study in the context of the household economy

Research on charitable giving has tended to examine either the individual characteristics of donors, or those of households. However, both approaches overlook the interactive processes that take place within households which may influence charitable donation in a variety of ways. For example, the system of financial organisation adopted by a couple can set limits on the degree of individual financial autonomy, and this in turn can influence the financial decision‐making of each partner. This paper presents the results of a study that examined charitable decision‐making within the context of household financial behaviour. It investigated whether such decisions tend to be individual or joint, and the extent to which they are regarded as an integral part of household financial management. Six focus groups were carried out with people who were currently married or living with a partner. The results suggest that charitable giving is dealt with in accordance with the style of money management of the household, although it occupies a more marginal position than other items of expenditure. Copyright © 2005 John Wiley & Sons, Ltd.     

The influence of number line estimation precision and numeracy on risky financial decision making

This study examined whether different aspects of mathematical proficiency influence one's ability to make adaptive financial decisions. “Numeracy” refers to the ability to process numerical and probabilistic information and is commonly reported as an important factor which contributes to financial decision‐making ability. The precision of mental number representation (MNR), measured with the number line estimation (NLE) task has been reported to be another critical factor. This study aimed to examine the contribution of these mathematical proficiencies while controlling for the influence of fluid intelligence, math anxiety and personality factors. In our decision‐making task, participants chose between two options offering probabilistic monetary gain or loss. Sensitivity to expected value was measured as an index for the ability to discriminate between optimal versus suboptimal options. Partial correlation and hierarchical regression analyses revealed that NLE precision better explained EV sensitivity compared to numeracy, after controlling for all covariates. These results suggest that individuals with more precise MNR are capable of making more rational financial decisions. We also propose that the measurement of “numeracy,” which is commonly used interchangeably with general mathematical proficiency, should include more diverse aspects of mathematical cognition including basic understanding of number magnitude.     

Acute Stress Modulates Risk Taking in Financial Decision Making

ABSTRACT— People's decisions are often susceptible to various demands exerted by the environment, leading to stressful conditions. Although a goal for researchers is to elucidate stress-coping mechanisms to facilitate decision-making processes, it is important to first understand the interaction between the state created by a stressful environment and how decisions are performed in such environments. The objective of this experiment was to probe the impact of exposure to acute stress on financial decision making and examine the particular influence of stress on decisions with a positive or negative valence. Participants' choices exhibited a stronger reflection effect when participants were under stress than when they were in the no-stress control phase. This suggests that stress modulates risk taking, potentially exacerbating behavioral bias in subsequent decision making. Consistent with dual-process approaches, decision makers fall back on automatized reactions to risk under the influence of disruptive stress.     

Intervention principles in pediatric health care: the difference between physicians and the state

Theoretical Medicine and Bioethics - According to various accounts, intervention in pediatric decisions is justified either by the best interests standard or by the harm principle. While...     

Formal and informal referent groups: an exploration of novices and experts in maternity services

Different social groups place varying emphasis on the importance of referent input. While referent groups are recognised as having a significant influence on purchase behaviour, attitude formation and information processing, the extent to which referent groups are a determinant in decision making is yet to be fully explored. Considering novice and expert users of the maternity services, this paper focuses on the significance of referent groups for women during the maternity process. This research produced interesting results, not least that novice and expert users, resident in lower ACORN areas are dependent on informal referent groups while novice users, resident in higher ACORN areas, are influenced by formal referent groups when making decisions regarding their care. Copyright © 2001 Henry Stewart Publications.     

Moral Reasoning about the Environment

ABSTRACT This paper deals in the main with the problem of delimiting the classes of beings to which we have moral duties when making environmental decisions, and of how to balance their interests fairly. The relation between having interests, having desires and having value (intrinsic or other) is discussed, and a distinction made between entities which can themselves value and those which can have value. Its conclusion is that duties are owed directly to, and only to, sentient beings, and that these duties can be ascertained by weighing their interests impartially strength for strength. It ends with some suggestions about procedures for doing this. Examples are taken from proposals to develop a beach commercially, and to construct a new road in an environmentally sensitive area [1].     

Comparing the Financial Literacy of Public School,Christian School,and Homeschooled Students

The 2008 recession underscored public concern that financial illiteracy has costs that are not limited to the individual who makes poor financial decisions. Considering that college students with limited financial experience are making legally binding decisions, this study explored the personal finance literacy and behavior of Christian college students. The research involved administering an objective item financial literacy and behavior survey. Findings showed a significant positive correlation between financial literacy and behavior. Furthermore, there was no significant difference among Christian college students based on their secondary education experience—Christian, public, or home school. This finding implies that students enter college with similar financial literacy levels, and senior students with inadequate financial literacy demonstrate poor personal financial behavior.     

German students’ current choice of profession in the field of psychotherapy

The psychoanalytic societies in Germany as in many other countries are concerned by a decline in the number of candidates for full psychoanalytic training. While this situation is partly attributable to changes both in society and in educational and healthcare systems, it is questionable whether psychoanalytic training institutions have yet found adequate responses to it. Under the banner of ‘evidence‐based treatment’, behaviour therapy has come to be widely disseminated, with major implications for the teaching of different psychotherapy paradigms at universities. To investigate the determinants of this trend in the specific German situation, a large‐scale, multi‐method exploratory study supported by IPA's DPPT programme was undertaken, focusing on the reasons given by a population (N = 679) of German psychology, medical, and education students for embarking on training in psychoanalysis or behaviour therapy. The results suggest that behaviour therapy is more compatible with the prevailing scientific understanding and with current societal and cultural trends, owing in part to inadequacies or bias in university teaching of the various paradigms of psychotherapy. While most of the psychology students expressed a preference for behavioural training, the psychotherapy option proved less attractive for their counterparts in the fields of medicine and education. Semi‐standardized qualitative interviews were used to gain a deeper understanding of the students’ decisions for or against training in a specific paradigm, and led to the identification of seven decision‐making prototypes. Possible reasons for the students’ decisions are discussed, and concrete proposals and recommendations are presented.