Internal Controls After Sarbanes-Oxley: Revisiting Corporate Law\u27s Duty of Care as Responsibility for Systems

Revisiting section 3.4.2 of Clark\u27s Corporate Law (\u27Duty of Care as Responsibility for Systems ) reminds us, however, that the internal controls story actually goes back many decades, and that many of the strategic issues that are at the heart of section 404 have long been contentious. My Article will briefly update Clark\u27s account through the late 1980s and 1990s before returning to Sarbanes-Oxley and rulemaking thereunder by the SEC and the newly created Public Company Accounting Oversight Board ( PCAOB ). My main point builds on one of Clark\u27s but digs deeper. Internal controls requirements, whether federal or state, are incoherent unless and until one articulates clearly for whose benefit they exist, and to what end. There are, in fact, a number of competing articulations. The failure to identify a single and coherent rationale creates significant uncertainty, which has been exploited by players in the legal, accounting, consulting, and information technology fields. Companies are probably spending more time and resources on 404 compliance than a reasonable reading of the legislation and the rules necessarily requires, heavily influenced by those who gain from issuer over-compliance. This rent-seeking compromises the political viability and substantive quality of what is at the heart a beneficial statutory reform

Theories of Fairness and Reciprocity

Most economic models are based on the self-interest hypothesis that assumes that all people are exclusively motivated by their material self-interest. In recent years experimental economists have gathered overwhelming evidence that systematically refutes the self-interest hypothesis and suggests that many people are strongly motivated by concerns for fairness and reciprocity. Moreover, several theoretical papers have been written showing that the observed phenomena can be explained in a rigorous and tractable manner. These theories in turn induced a new wave of experimental research offering additional exciting insights into the nature of preferences and into the relative performance of competing theories of fairness. The purpose of this paper is to review these recent developments, to point out open questions, and to suggest avenues for future research

The CHREST architecture of cognition : the role of perception in general intelligence

Original paper can be found at: http://www.atlantis-press.com/publications/aisr/AGI-10/ Copyright Atlantis Press. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits non-commercial use, distribution and reproduction in any medium, provided the original work is properly cited.This paper argues that the CHREST architecture of cognition can shed important light on developing artificial general intelligence. The key theme is that "cognition is perception." The description of the main components and mechanisms of the architecture is followed by a discussion of several domains where CHREST has already been successfully applied, such as the psychology of expert behaviour, the acquisition of language by children, and the learning of multiple representations in physics. The characteristics of CHREST that enable it to account for empirical data include: self-organisation, an emphasis on cognitive limitations, the presence of a perception-learning cycle, and the use of naturalistic data as input for learning. We argue that some of these characteristics can help shed light on the hard questions facing theorists developing artificial general intelligence, such as intuition, the acquisition and use of concepts and the role of embodiment

Davies-trees in infinite combinatorics

This short note, prepared for the Logic Colloquium 2014, provides an introduction to Davies-trees and presents new applications in infinite combinatorics. In particular, we give new and simple proofs to the following theorems of P. Komj\'ath: every $n$-almost disjoint family of sets is essentially disjoint for any $n\in \mathbb N$; $\mathbb R^2$ is the union of $n+2$ clouds if the continuum is at most $\aleph_n$ for any $n\in \mathbb N$; every uncountably chromatic graph contains $n$-connected uncountably chromatic subgraphs for every $n\in \mathbb N$.Comment: 8 pages, prepared for the Logic Colloquium 201