Assertion, action, and context

A common objection to both contextualism and relativism about knowledge ascriptions is that they threaten knowledge norms of assertion and action. Consequently, if there is good reason to accept knowledge norms of assertion or action, there is good reason to reject both contextualism and relativism. In this paper we argue that neither contextualism nor relativism threaten knowledge norms of assertion or action

Financing New Investments under Asymmetric Information: A General Approach

We study the efficiency of credit market equilibria when financial intermediaries cannot observe the riskiness or the returns of potential investment projects. With loan financing, there is over-investment in high-return, high-risk projects and under-investment in low-return, low-risk projects relative to the social optimum. If firms have the choice of equity finance, there is unambiguously over-investment under reasonable conditions. The well-known cases of Stiglitz and Weiss and of de Meza and Webb emerge as special cases. The results are extended to allow for signaling and screening equilibria.Credit Markets, Asymmetric Information

Financing New Investments under Asymmetric Information: a General Approach

We study the efficiency of credit market equilibria when financial intermediaries cannot observe the riskiness or the returns of potential investment projects. With loan financing, there is over-instrument in high-return, high-risk projects and under-investment in low-return, low-risk projects relative to the social optimum. If firms have the choice of equity finance, there is unambiguously over-investment under reasonable conditions. The well-known cases of Stiglitz and Weiss and of de Meza and Webb emerge as special cases. Policy implications are considered, and the results are extended to allow for signaling and screening equilibria.Credit Markets, Asymmetric Information

Theoretical Perspectives on Resource Tax Design

The importance and complexity of petroleum and hard minerals operations is matched by the importance and complexity of finding effective ways to tax them. Many of these challenges arise in other activities too (exhaustibility of deposits being the main exception), but they take such extreme form in relation to resources as to have led to a proliferation of creative instruments and analytical methods. This paper reviews the challenges for tax policy in dealing with the resource sector, the principal instruments used, and some of the central design issues.natural resources, resource taxation, non-renewable resources

Recovery, Renewal, and Resiliency: Gulf Coast Small Businesses Two Years Later

Presents findings from a survey of small business owners about the state of the local economy immediately following and in the two years since Katrina made landfall

College Students\u27 Attitudes on Neighborhood Integration: From the Classroom to the Community and Back Again

I grew up in an all white suburb, well, almost all white. There were two black families that literally lived on the wrong side of the tracks. Two large run-down old houses sat within five feet of the rumbling trains. Sometimes my family drove past those houses in our old station wagon. On days that our drive was interrupted by a crossing train, I would watch the barefoot black children playing by the street. I never thought of our suburb as being segregated, at least not until I was in high school

Authorizing Tolkien: Control, Adaptation, and Dissemination of J.R.R. Tolkien\u27s Works

This article is the introduction to the special theme issue consisting of four essays on Authorizing Tolkien. Reid and Elam discuss medieval and postmodern theories of adaptation and interpretation and introduce the essays in the issue