Insider Trading in a Globalizing Market: Who Should Regulate What?

As the market for securities becomes increasingly global, the question of whose rules should apply to any particular transaction will arise with increasing frequency. The issue is examined

Tax Fairness

This Article argues that, contrary to the consensus of economists and many legal scholars, the norm of horizontal equity in taxation has independent meaning as a default rule in favor of existing arrangements. Although it has long been said, and widely thought, that tax should be fair in its dealings with individuals who are situated similarly to one another, no one has been able to say convincingly just what that fairness comprises. As a result, the learned referees in the last major dispute over the significance of horizontal equity judged that fairness\u27s critic had decidedly won the day. Since then, there have been ever more critics, but no cogent, comprehensive defense. My defense is both theoretical and practical. First, I argue that horizontal equity is a special aspect of the revenue function in taxation. Because it enshrines the status quo before enactment of a new tax law, horizontal equity can be reconceived as a commitment by the authors of tax legislation to honor the past and future policy choices of others, with whom they are jointly engaged in a project of deliberative democracy. Alternately, horizontal equity may bejustfied by welfare gains from a shared agreement to leave certain controversial questions of distributive justice undecided during the revenue-raisingp rocess. Both oft hese rationalesl eave open-indeed,t hey clear the air for-arguments about the ultimate ends law, and tax law in particular, should serve in society

Feminism, agency and objectivity

In this article I defend the capability approach by focusing on its built-in gender-sensitivity and on its concern with comprehensive outcomes and informationally-rich evaluation of well-being, two elements of Sen's work that are too rarely put together. I then try to show what the capability approach would have to gain by focusing on trans-positional objectivity (as Elizabeth Anderson does) and by leaving behind the narrow confines of states in favor of a more cosmopolitan stance. These preliminary discussions are followed by two more precise applications. At first, I show how a gender-sensitive capability approach that respects the criteria of trans-positional objectivity and cosmopolitanism can enhance the agency of women inhabiting third-world societies. I turn next to show how mainstream feminism can insulate itself against criticisms such as bell hooks' by switching to trans-positional objectivity in public reasoning

On the capacity of MIMO broadcast channels with partial side information

In multiple-antenna broadcast channels, unlike point-to-point multiple-antenna channels, the multiuser capacity depends heavily on whether the transmitter knows the channel coefficients to each user. For instance, in a Gaussian broadcast channel with M transmit antennas and n single-antenna users, the sum rate capacity scales like Mloglogn for large n if perfect channel state information (CSI) is available at the transmitter, yet only logarithmically with M if it is not. In systems with large n, obtaining full CSI from all users may not be feasible. Since lack of CSI does not lead to multiuser gains, it is therefore of interest to investigate transmission schemes that employ only partial CSI. We propose a scheme that constructs M random beams and that transmits information to the users with the highest signal-to-noise-plus-interference ratios (SINRs), which can be made available to the transmitter with very little feedback. For fixed M and n increasing, the throughput of our scheme scales as MloglognN, where N is the number of receive antennas of each user. This is precisely the same scaling obtained with perfect CSI using dirty paper coding. We furthermore show that a linear increase in throughput with M can be obtained provided that M does not not grow faster than logn. We also study the fairness of our scheduling in a heterogeneous network and show that, when M is large enough, the system becomes interference dominated and the probability of transmitting to any user converges to 1/n, irrespective of its path loss. In fact, using M=αlogn transmit antennas emerges as a desirable operating point, both in terms of providing linear scaling of the throughput with M as well as in guaranteeing fairness

Quantitative storytelling in the making of a composite indicator

The reasons for and against composite indicators are briefly reviewed, as well as the available theories for their construction. After noting the strong normative dimension of these measures—which ultimately aim to ‘tell a story’, e.g. to promote the social discovery of a particular phenomenon, we inquire whether a less partisan use of a composite indicator can be proposed by allowing more latitude in the framing of its construction. We thus explore whether a composite indicator can be built to tell ‘more than one story’ and test this in practical contexts. These include measures used in convergence analysis in the field of cohesion policies and a recent case involving the World Bank’s Doing Business Index. Our experiments are built to imagine different constituencies and stakeholders who agree on the use of evidence and of statistical information while differing on the interpretation of what is relevant and vital

Birds of a feather: leader-follower similarity and procedural fairness effects on cooperation

The present paper examines to what extent leader-follower similarity moderates the effect of procedural justice on followers’ cooperation. Using subjective operationalizations of similarity in a vignette study, a field study and an experimental lab study, we demonstrated that the enactment of fair procedures elicits the highest levels of cooperation when followers perceive the leader as similar. This was true when similarity was framed in broad, deep-level terms (Study 1 and 2) or in terms of a single, specific characteristic, i.e., the need to belong (Study 3). In the discussion we elaborate on possible explanatory mechanisms and on the broader context of an integrative approach to leadership research

Rethinking Libertarianism: Elizabeth Anderson's Private Government

In her recent book Private Government, Elizabeth Anderson makes a powerful but pragmatic case against the abuses experienced by employees in conventional corporations. The purpose of this review-essay is to contrast Anderson’s pragmatic critique of many abuses in the employment relation with a principled critique of the employment relationship itself. This principled critique is based on the theory of inalienable rights that descends from the Reformation doctrine of the inalienability of conscience down through the Enlightenment in the abolitionist, democratic, and feminist movements. That theory was the basis for the abolition of the voluntary slavery or self-sale contract, the voluntary non-democratic constitution (pactum subjectionis), and the voluntary coverture marriage contract in today’s democratic countries. When understood in modern terms, that same theory applies as well against the voluntary self-rental or employment contract that is the basis for our current economic system

Equity and economic theory: reflections on methodology and scope

This paper provides an introduction to the recent literature on ordinal distributive justice. Its objetive is to explain the process of the mathematical analysis of fairness and to consider its potential for solving real allocative problems by means of several illustrative examples