Deriving individual obligations from collective obligations

A collective obligation is an obligation directed to a group of agents so that the group, as a whole, is obliged to achieve a given task. The problem investigated here is the impact of collective obligations on individual obligations,i.e. obligations directed to single agents of the group. In this case, we claim that the derivation of individual obligations from collective obligations depends on several parameters among which the ability of the agents (i.e. what they can do) and their own personal commitments (i.e. what they are determined to do). As for checking if these obligations are fulfilled or not, we need to know what are the actual actions performed by the agents

The Content of the Psychological Work Contract for Frontline Police Officers

Adding to the field of knowledge on the content of the psychological work contract, structured interviews with 35 frontline police officers generated 662 responses relating to the content of the psychological work contract for this employment sector. Analysis of these responses resulted in the development of an initial two-component measure of the contract. One component (17 items) reflected the obligations arising from the promises officers believed the organisation had made to them. The other component (19 items) reflected the obligations arising from the promises officers believed they had made to the organisation. The measure was included in a survey completed by 84 frontline police officers. Factor analysis revealed two factors in each component. For the organisation's obligations component, one factor reflected obligations related more to the organisational environment, whereas the other factor reflected obligations related more to the job environment. For the employee's obligations component, one factor reflected obligations related more to behaviours on the job, whereas the other factor reflected obligations related more to the pursuit of development opportunities. The nature of the relationships that emerged between the psychological contract and the nomological network variables included in the study provide strong support for the validity of this measure of the psychological contract

On pricing risky loans and collateralized fund obligations

Loan spreads are analyzed for two types of loans. The first type takes losses at maturity only; the second follows the formulation of collateralized fund obligations, with losses registered over the lifetime of the contract. In both cases, the implementation requires the choice of a process for the underlying asset value and the identification of the parameters. The parameters of the process are inferred from the option volatility surface by treating equity options as compound options with equity itself being viewed as an option on the asset value with a strike set at the debt level following Merton. Using data on the stock of General Motors during 2002-3, we show that the use of spectrally negative Lévy processes is capable of delivering realistic spreads without inflating debt levels, deflating debt maturities or deviating from the estimated probability laws

On individual and shared obligations: in defense of the activist’s perspective

We naturally attribute obligations to groups, and take such obligations to have consequences for the obligations of group members. The threat posed by anthropogenic climate change provides an urgent case. It seems that we, together, have an obligation to prevent climate catastrophe, and that we, as individuals, have an obligation to contribute. However, understood strictly, attributions of obligations to groups might seem illegitimate. On the one hand, the groups in question—the people alive today, say—are rarely fully-fledged moral agents, making it unclear how they can be subjects of obligations. On the other, the attributions can rarely be understood distributively, as concerned with members’ obligations, because obligations to do something require a capacity to do it, and individual members often lack the relevant capacities. Moreover, even if groups can have obligations, it is unclear why that would be relevant for members, exactly because members often lack control over whether group obligations are fulfilled. In previous work, I have argued that a general understanding of individual obligations extends non-mysteriously to irreducibly shared obligations, rendering attributions of obligations to groups legitimate. In this paper, I spell out how the proposed account also helps us understand the relation between individual and shared obligations. Even though few individual human agents have any significant control over whether we will be successful in preventing climate catastrophe, our collective capacity to prevent catastrophe and shared preventative obligation to do so can give rise to significant individual obligations to contribute to its fulfillment

Changing Perceptions into Reality: Fiduciary Standards to Match the American Directors’ Monitoring Function

This paper describes the historical fiduciary obligations of the American outside director and contrasts those obligations with prevailing obligations in today’s environment of the monitoring director. Special attention is devoted to the role of outside directors when their firm is the target of a takeover. In no other context are the demands on the outside director greater and more strain placed on the monitoring model than in the context of a corporate takeover. The final section of this paper examines the relief modern statutory provisions provide to the director and the monitoring functio

World Bank policies and the obligation of its members to respect, protect and fulfil the right to health

The majority of World Bank donors are States parties to the main inter-national human rights conventions. This article uses the right to health as a lens for examining the obligations of donor States parties with re-spect to their involvement in the World Bank's development activities, which use the Poverty Reduction Strategy Paper (PRSP) process as their framework. The article uses the concept of core obligations to examine and assess public expenditure budgeting in the health care sectors of Mozambique, Rwanda, and Uganda, as provided for in the PRSP process. It argues that the current PRSPs make it impossible to fund public health care at a level that satisfies the requirements of core obligations. It concludes by calling on donor countries to comply with their interna-tional human rights obligations

Other Post Employment Benefits-The Other Elephant in the Room

The governments of the fifty states of the United States have made promises to past and present employees regarding retirement benefits-predominately pensions and healthcare coverage. The issues surrounding the pension obligations made to these employees have been well examined but the obligations due to promises of healthcare coverage have not received as much attention. There is great variance among the OPEB liability reported by the states. This study examines reasons for the variance. The future payment of healthcare obligations, like pensions, will put extreme stress on states in the future if the impact of these promises is not understood now. Understanding the influence healthcare assumptions have on the reported liabilitites is an important step to understanding these liabilities