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Presents an investigation into the existence of information processing heuristics in two commercial bank lender types that provide investment and construction loans…
Presents an investigation into the existence of information processing heuristics in two commercial bank lender types that provide investment and construction loans secured by real estate. Expert real estate banking lenders and expert private banking lenders evidenced different, systematic group specific heuristic usage. Heuristics constrained information cue relevancy and affected the lending decision. Expert private banking lenders mitigated real estate risk by using non‐collateral specific information cues. Real estate lending experts did not mitigate real estate market risk and required favourable collateral specific information cues in order to approve a loan. Concludes that access to credit for real estate investment may be limited by lender expertise because the development of expertise mandates restrictive task interpretation and cue relevance.
Despite the existence of a variety of approaches to the understanding of behavioral and managerial ethics in organizations and business relationships generally, knowledge…
Despite the existence of a variety of approaches to the understanding of behavioral and managerial ethics in organizations and business relationships generally, knowledge of organizing systems for fidelity remains in its infancy. We use halakha, or Jewish law, as a model, together with the literature in sociology, economic anthropology, and economics on what it termed “middleman minorities,” and on what we have termed the Landa Problem, the problem of identifying a trustworthy economic exchange partner, to explore this issue.
The article contrasts the differing explanations for trustworthy behavior in these literatures, focusing on the widely referenced work of Avner Greif on the Jewish Maghribi merchants of the eleventh century. We challenge Greif’s argument that cheating among the Magribi was managed chiefly via a rational, self-interested reputational sanctioning system in the closed group of traders. Greif largely ignores a more compelling if potentially complementary argument, which we believe also finds support among the documentary evidence of the Cairo Geniza as reported by Goitein: that the behavior of the Maghribi reflected their deep beliefs and commitment to Jewish law, halakha.
Applying insights from this analysis, we present an explicit theory of heroic marginality, the production of extreme precautionary behaviors to ensure service to the principal.
Generalizing from the case of halakha, the article proposes the construct of a deep code, identifying five defining characteristics of such a code, and suggests that deep codes may act as facilitators of compliance. We also offer speculation on design features employing deep codes that may increase the likelihood of production of behaviors consistent with terminal values of the community.
This chapter explores the ways in which cybernetics influenced the works of F. A. Hayek from the late 1940s onward. It shows that the concept of negative feedback…
This chapter explores the ways in which cybernetics influenced the works of F. A. Hayek from the late 1940s onward. It shows that the concept of negative feedback, borrowed from cybernetics, was central to Hayek’s attempt to explain the principle of the emergence of human purposive behavior. Next, the chapter discusses Hayek’s later uses of cybernetic ideas in his works on the spontaneous formation of social orders. Finally, Hayek’s view on the appropriate scope of the use of cybernetics is considered.
There is no exaggeration in the claim that abstract-deductive political economy in pre-Tractarian Oxford was driven by Richard Whately and hence centred at Oriel College…
There is no exaggeration in the claim that abstract-deductive political economy in pre-Tractarian Oxford was driven by Richard Whately and hence centred at Oriel College. At this time Oriel was defined by a group of intellectuals now commonly referred to as the Oriel Noetics, of whom Whately was one, and the nature of Oxford political economy in the opening decades of the nineteenth century (including William F. Lloyd's contribution to it) cannot be understood outside the context of the intellectual tradition established by the Oriel Noetics. The Noetics were unconventional reformist clerics (one could not use the slippery mid-Victorian word ‘liberal’, as they were predominantly conservative Whigs or reform-minded Tories of the Pitt mould, in which order and tradition were maintained through moderate, but not radical, change); admired rational thought and absent-mindedly tested social conventions with their speech; were unafraid to question religious shibboleths if they deemed them bereft of scriptural foundation (such as Sabbatarianism); deployed logical processes to bolster their religious beliefs, which they held in an unsentimental fashion, and thereby to some extent practised that most contradictory of creeds, a logical faith; and, most importantly for this chapter, constructed a Christian Political Economy by dichotomising knowledge into a theological domain, in which they inferred from scriptural evidence that individuals should pursue the ends of attaining specific virtues (not utility!), and a scientific domain, in which they deduced scientific laws that would enable individuals to achieve the ends of attaining these virtues. They looked upon the rising Romantic Movement in general and the spiritualist yearnings of the Oxford Tractarians in particular with simple incomprehension, if not disgust. They deplored with equal measure the Evangelicals' enthusiasms, willing incogitency and lack of institutional anchor, yet sought to establish a broader national church that included dissenters (but not Catholics). They were most prominent in the 1810s and 1820s before colliding violently in the 1830s with, and being sidelined by, the Tractarians, many of whom they had, ironically enough, mentored and promoted.2
Few thoughtful men or women will deny, as we enter the last two decades of the twentieth century, that ours is truly an Age of Anxiety. Even in an America still uniquely…
Few thoughtful men or women will deny, as we enter the last two decades of the twentieth century, that ours is truly an Age of Anxiety. Even in an America still uniquely stable and prosperous relative to much of the rest of the world, the general mood is no longer an optimistic one. For many of us the future appears clouded at best, perhaps laden with catastrophes. Clearly all of us are witnesses to, and in some cases participants in, a great turning point in human affairs. We thus find ourselves living in the end of one epoch while at the same time the rough outlines of a new civilisation come into view. Such momentous transformations of the social structure, economy and political landscape are invariably accompanied by, and often preceded by, major shifts of intellectual commitment. In other words, as our world has changed drastically in the twentieth century, basic patterns of thought and philosophical orientation have either reflected, or in some cases even helped to initiate, these changes. In the brief space allotted to us, we will attempt to present a sketch of the most important of these shifts in thought, always keeping in mind that because of the fact that we find ourselves in media res, these observations can be little more than fragmentary perceptions of a reality that has itself not yet been finalised.
Climate change is a global threat to social, economic, and environmental sustainability. In an increasingly urbanized world, homeowners play an important role in climate…
Climate change is a global threat to social, economic, and environmental sustainability. In an increasingly urbanized world, homeowners play an important role in climate adaptation and environmental sustainability through decisions to landscape and manage their residential properties.
In this chapter, we review the potential impacts of climate change on environmental sustainability in urban ecosystems and highlight the role of urban and suburban residents in conserving biodiversity. We focus extensively on the interactions of homeowners and residential landscapes in urban coastal and desert environments.
Understanding how human-environment interactions are linked with a changing climate is especially relevant for coastal and desert cities in the United States, which are already experiencing visible impacts of climate change. In fact, many homeowners are already making decisions in response to environmental change, and these decisions will ultimately shape the future structure, function and sustainability of these critically important ecosystems.
Considering the close relationship between biodiversity and the health and well-being of human societies, understanding how climate change and other social motivations affect the landscaping decisions of urban residents will be critical for predicting and enhancing sustainability in these social-ecological systems.
The first community college, Joliet Junior College, was founded in 1901 by William Rainey Harper, an early president of the University of Chicago as a means of providing…
The first community college, Joliet Junior College, was founded in 1901 by William Rainey Harper, an early president of the University of Chicago as a means of providing an associate degree for students (Geller, 2001). As with many higher education institutions of that period, enrollment was limited to a select group. With the introduction of the G. I. Bill after World War II, community colleges began to thrive in the United States as more servicemen began to pursue training. Researchers suggest that community colleges have evolved through various stages: extension of secondary schools, junior colleges, community colleges, comprehensive community colleges, and now learning community colleges (O'Banion, 1997; Tillery & Deegan, 1985). Consistently, the public community college has at the core of its mission a focus on access – open admission regardless of ethnicity, gender, or social economic status. This open admission policy contributes to the attractiveness of community colleges for many students, particularly adults and women. They were designed to meet students at their individual point of entry and help to prepare them for the workforce or transfer to a Baccalaureate degree granting institution (Lanni, 1997). They offer flexible course scheduling, lower educational costs, smaller classroom settings, and more intimate contact with faculty and staff members than many of the larger universities (Lundberg, 2003; Ness, 2003). Additionally, they provide occupational training for individuals seeking to increase employability skills, as well as educational opportunities for underprepared students in a diverse environment.