On existential declarations of independence in IF Logic

We analyze the behaviour of declarations of independence between existential quantifiers in quantifier prefixes of IF sentences; we give a syntactical criterion for deciding whether a sentence beginning with such prefix exists such that its truth values may be affected by removal of the declaration of independence. We extend the result also to equilibrium semantics values for undetermined IF sentences. The main theorem allows us to describe the behaviour of various particular classes of quantifier prefixes, and to prove as a remarkable corollary that all existential IF sentences are equivalent to first-order sentences. As a further consequence, we prove that the fragment of IF sentences with knowledge memory has only first-order expressive power (up to truth equivalence)

Cooperation in Games and Epistemic Readings of Independence-Friendly Sentences

In the literature on logics of imperfect information it is often stated, incorrectly, that the Game-Theoretical Semantics of Independence-Friendly (IF) quantifiers captures the idea that the players of semantical games are forced to make some moves without knowledge of the moves of other players. We survey here the alternative semantics for IF logic that have been suggested in order to enforce this "epistemic reading" of sentences. We introduce some new proposals, and a more general logical language which distinguishes between "independence from actions" and "independence from strategies". New semantics for IF logic can be obtained by choosing embeddings of the set of IF sentences into this larger language. We compare all the semantics proposed and their purported game-theoretical justifications, and disprove a few claims that have been made in the literature.Peer reviewe

Independence-friendly logic without Henkin quantification

We analyze the expressive resources of IF logic that do not stem from Henkin (partially-ordered) quantification. When one restricts attention to regular IF sentences, this amounts to the study of the fragment of IF logic which is individuated by the game-theoretical property of action recall (AR). We prove that the fragment of prenex AR sentences can express all existential second-order properties. We then show that the same can be achieved in the non-prenex fragment of AR, by using “signalling by disjunction” instead of Henkin or signalling patterns. We also study irregular IF logic (in which requantification of variables is allowed) and analyze its correspondence to regular IF logic. By using new methods, we prove that the game-theoretical property of knowledge memory is a first-order syntactical constraint also for irregular sentences, and we identify another new first-order fragment. Finally we discover that irregular prefixes behave quite differently in finite and infinite models. In particular, we show that, over infinite structures, every irregular prefix is equivalent to a regular one; and we present an irregular prefix which is second order on finite models but collapses to a first-order prefix on infinite models.Peer reviewe

Alternating (In)Dependence-Friendly Logic

Hintikka and Sandu originally proposed Independence Friendly Logic ([Formula presented]) as a first-order logic of imperfect information to describe game-theoretic phenomena underlying the semantics of natural language. The logic allows for expressing independence constraints among quantified variables, in a similar vein to Henkin quantifiers, and has a nice game-theoretic semantics in terms of imperfect information games. However, the [Formula presented] semantics exhibits some limitations, at least from a purely logical perspective. It treats the players asymmetrically, considering only one of the two players as having imperfect information when evaluating truth, resp., falsity, of a sentence. In addition, truth and falsity of sentences coincide with the existence of a uniform winning strategy for one of the two players in the semantic imperfect information game. As a consequence, [Formula presented] does admit undetermined sentences, which are neither true nor false, thus failing the law of excluded middle. These idiosyncrasies limit its expressive power to the existential fragment of Second Order Logic ([Formula presented]). In this paper, we investigate an extension of [Formula presented], called Alternating Dependence/Independence Friendly Logic ([Formula presented]), tailored to overcome these limitations. To this end, we introduce a novel compositional semantics, generalising the one based on trumps proposed by Hodges for [Formula presented]. The new semantics (i) allows for meaningfully restricting both players at the same time, (ii) enjoys the property of game-theoretic determinacy, (iii) recovers the law of excluded middle for sentences, and (iv) grants [Formula presented] the full descriptive power of [Formula presented]. We also provide an equivalent Herbrand-Skolem semantics and a game-theoretic semantics for the prenex fragment of [Formula presented], the latter being defined in terms of a determined infinite-duration game that precisely captures the other two semantics on finite structures

Gordon Unbound: The Heresthetic of Central Bank Independence in Britain

This article combines theory and historical narratives to shed new light on the politics surrounding the making of central bank independence in contemporary Britain. Its central argument is that Gordon Brown’s decision to rewrite the British monetary constitution in May 1997 constituted an act of political manipulation in a Rikerian sense. The institutional change involved can be conceptualized as a heresthetic move, that is, structuring the process of the political game so you can win. The incoming government removed a difficult issue from the realm of party politics in order to signal competence and enforce internal discipline in the context of a government that was moving toward the right. But building on Elster’s constraint theory, the paper argues that the institutional reform was not a case of self-binding in an intentional sense. Rather, Brown adopted a precommitment strategy that was aimed at binding others, including members of his government. The reform had dual consequences: it was not only constraining, it was also enabling. The institutionalization of discipline enabled New Labour to achieve key economic and political goals. By revisiting the political rationality of precommitment, this paper questions the dominant credibility story underlying the choice of monetary and fiscal institutions.

Profit or Purpose: The Dilemma of Social Enterprises

This paper examines the literature and practice in the field of social entrepreneurship. We specifically examine the diverse organisational forms under which Social Enterprises are undertaken and the dilemma they face when these enterprises grow. The literature is ambigious on what constitutes a social enterprise. While each of the definitions talk about solving a problem that has not been hither to examined effectively either by the market or the State, the orientation of the enterprises are not very clear in the literature. We examine the three strands of enterprises that are classified as social enterprises and their organisational form. Each organisational form has its own imperatives on growth and pressures it may have to yield to in an attempt to remain relevant. Using several examples from literature, we examine these pressure points and its implication on the purpose that the organisations are striving to serve. In the process we examine as to how much the motive for profits puts pressure on the purpose of the organisation. Each of these three strands provide interesting counter examples to the economic argument of an organisational form. We finally conclude the paper by emphasising on the importance of [a] hard-coding some elements in the choice of the client group or the ‘purpose’ and [b] having a governance structure that helps the organisations to remain focussed on the ‘purpose’. We also conclude that of the three forms of enterprise, by design, it appears that the co-operative form might be the best form of incorporation for a social enterprise, subject to certain caveats.

How to create a growth-oriented market constellation for South Africa

Post-apartheid South Africa is facing three major economic problems: (1) slack economic growth, (2) high and growing unemployment and (3) among the world's highest income inequality and poverty indices. South Africa is currently caught in a macro-economic straight-jacket of tight monetary, restrictive fiscal and a wage policy stance that raises NAIRU. The persistence of a sub-optimal 'market constellation' is created by an institutional setting of a non-accommodative Reserve Bank, a sectoral-regional and company level noncoordinated collective bargaining system, an austere 'sound finance regime' of public budgeting and the lack of any institution to co-ordinate macro-economic policy. To tailor a better fitting constellation, a social contract involving major reforms in macro-economic governance in South Africa is proposed. --Monetary Policy,fiscal policy,wage policy,macro-economic co-ordination

Unconventional monetary policy in the UK: a modern money critique

The ongoing Global Financial Crisis (GFC) has posed a growing challenge to the implementation of monetary stimulus measures in both sovereign (e.g. US, UK, Japan) and non-sovereign (eurozone) economies. With the policy rate close to the zero nominal bound, the UK has relied on quantitative easing, ostensibly to improve market liquidity and/or stimulate economic activity, despite being freed from the policy constraints of a non-sovereign economy. The evidence regarding the macroeconomic effects of quantitative easing is, however, largely inconclusive. Meanwhile, UK growth forecasts have been revised downwards but, at the time of writing, the government remains committed to its fiscal austerity programme. In this paper we explore the origins of quantitative easing, its underlying objectives, the theoretical arguments for its use and the empirical evidence concerning its impact. Our analysis focuses on the policies of the Bank of England since the advent of the GFC, and is informed by the principles of Modern Monetary Theory