Monday, March 22, 2010

“Class snapshot: 'Philosophy of Risk' - Princeton University” plus 3 more

“Class snapshot: 'Philosophy of Risk' - Princeton University” plus 3 more

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Class snapshot: 'Philosophy of Risk' - Princeton University

Posted: 22 Mar 2010 12:08 PM PDT

 Elga teaching

Adam Elga, an associate professor of philosophy, is co-teaching a class this semester on "Philosophy of Randomness and Extreme Risk." An expert in the philosophy of probability, he wanted to create a course where students could discuss the kinds of contemporary risk-management issues that confront policymakers. (Photo: Brian Wilson)

 

Class snapshot: 'Philosophy of Risk'

Posted March 22, 2010; 09:00 a.m.
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by Kitta MacPherson

Class: "Philosophy of Randomness and Extreme Risk

Cloud teaching

Daniel Cloud, a Perkins-Cotsen Fellow and lecturer in philosophy and in the Council of Humanities, is combining the knowledge gleaned from his first career in finance with his present work as a philosopher to challenge some of the basic assumptions of today's economic system in the class. (Photo: Brian Wilson)

Instructors: Adam Elga, an associate professor of philosophy, and Daniel Cloud, a Perkins-Cotsen Fellow and lecturer in philosophy and in the Council of Humanities. Elga, who received an A.B. in philosophy from Princeton in 1996, returned to join the faculty in 2001 after earning his Ph.D. in philosophy from the Massachusetts Institute of Technology. An expert in the philosophy of probability, Elga is concerned with the analysis of random phenomena and has made distinguished contributions to various puzzles in epistemology -- the theory of knowledge -- such as his work on what is known as "The Sleeping Beauty Problem." After founding and running a successful hedge fund in the 1990s, Cloud ventured into the academic world, earning a Ph.D. in philosophy from Columbia University for his exploration of Erwin Schrodinger's theory of the nature of life. Before coming to Princeton in 2007, he studied cancer stem cells at the University of Calgary. He said he wanted that experience, which included many failed experiments, because he hoped it would make him a better philosopher of science.

Description: Pooling their talents -- from the knowledge of economic theories and the philosophy of science, to insights gained from real-life experiences on Wall Street and games of chance like coin spinning -- Elga and Cloud worked over a year to develop this course, their efforts supported in part by the 250th Anniversary Fund. Students are learning the philosophical foundations of methods designed to manage and "tame" extreme risks. In doing so, they are immersed in classical traditions that embrace skepticism and meld humanities, mathematics and the sciences. They are being exposed to modern thinkers who challenge standard economic models and are discussing contemporary risk-management issues that confront policymakers and others who must make safe decisions in risky situations. They are reading selections from an eclectic list, including Manfred Schroeder, a German physicist known for contributions to acoustics and computer graphics; William Poundstone, a popular American business author and skeptic; and Nelson Goodman, the late American philosopher who focused on logic and induction

students laughing

Elga believes many undergraduates arrive at college thinking that there is little place in philosophy for mathematical reasoning. Using "hard edges," such as high-level mathematical analysis, he wanted to draw students with strong quantitative skills to the course. (Photo: Denise Applewhite)

Inspiration: Many undergraduates arrive at college thinking that there is little place in philosophy for mathematical reasoning, Elga believes. Using "hard edges," such as high-level mathematical analysis, he wanted to draw students with strong quantitative skills to the course who, he said, "would actually be very interested in philosophy if they knew the degree to which that kind of thinking played a role in philosophy." Recent financial instabilities in worldwide markets, as well as cascading failures in electrical power grids, prompted him to start thinking about a course that would guide students on how to assess such large problems -- and avoid them in the future. Reflecting on the queries of David Hume, the 18th-century philosopher, Elga said, "It's really about probabilities and about predicting the future -- when you can predict the future and when you can't." Cloud agreed with Elga that, in light of present worldwide financial difficulties, it might make sense to ask, as philosophers have, what is wrong with present societal assumptions. So much of economics, Cloud said, depends on what is meant by words like "rational" and "risk," which are philosophical questions. The two would like to help prepare their students for when they ultimately are in the workforce, likely in leadership positions. "If we teach them to be skeptical about models in some way so that they make a better decision at some point in the future, it may help them and other people," Cloud said. "We hope to produce people who create less risk for the world in doing their jobs."

Elga and student spin coins

Some of the lectures take a more whimsical approach. Elga, shown with senior Zachary Slepian, spins coins as part of a demonstration of how small departures from perfect randomness can get magnified over time. A tiny bit of unfairness in a single spin can, over many spins, be magnified to produce massive unfairness, he said, skewing the odds and producing, for example, an inordinate amount of "heads" over "tails." (Photo: Brian Wilson)

Students say: "Princeton has an excellent program in finance, including very strong research in behavioral finance, which does question some of the assumptions of traditional research," said Joshua Harris, a junior majoring in philosophy and pursuing a certificate in finance. "But, by nature, the courses rarely examine or question the most basic elements of the theory: What is risk and how can it be modeled, what is the rational response to risk and so forth."

By focusing on basic questions rather than the development of models, this course, Harris said, "provides a unique and valuable perspective on the strengths and weaknesses of existing approaches. That is one of the most important reasons that I was drawn to philosophy in the first place: the emphasis it puts on analyzing, clarifying and critiquing basic assumptions, techniques and goals. Furthermore, the questions addressed by the course -- of the nature of risk and our response to it -- have wide applications beyond finance: We live in a world rife with risk and uncertainty, and finding sensible and rational ways to think about and deal with these uncertainties is one of the most important goals that we, as individuals and as a society, ought to have."

Sophomore Michael Weylandt is interested in a number of subjects, such as mathematics, philosophy and religion, and was drawn to the course after reading a description online.

"I like a lot of things," he said, so reviewing the universe of course listings offered for any given semester is one of his favorite times of the year. He suspected the class might be fascinating and he has not been disappointed. "This is the sort of philosophy class that I find interesting and rewarding," Weylandt said. "It's focused on real life; not what you might expect from a philosophy class. In this class, we are not asking, 'What does it mean for something to be random?' It's more about how anyone can live in a world of randomness."

Elga in front of class

Recent financial instabilities in worldwide markets and some other system failures inspired Cloud and Elga to devise a class that would guide students on how to assess such large problems. (Photo: Brian Wilson)

 

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Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Donal O’Reardon - Mediate.com

Posted: 22 Mar 2010 11:46 AM PDT

Dethlefs-Pykosh Law Group, LLC Expands with Addition of ... - PRWeb

Posted: 22 Mar 2010 12:58 PM PDT

Full-service law firm, based in Camp Hill, welcomes team of new attorneys with particular expertise in areas of estate planning, family law and criminal law

Camp Hill, PA (PRWEB) March 22, 2010 -- Dethlefs-Pykosh Law Group, LLC, a full-service law firm that has been serving the legal needs of clients in Pennsylvania since 1993, has significantly expanded its depth with the recent hiring of new associate attorneys.

The law firm is based in Camp Hill, Penn. and has additional offices in York, Penn. Lancaster, Penn. and West Chester, Penn. The firm's primary areas of practice include real estate law, bankruptcy law, workers' compensation law, personal injury law, family law, aviation law and criminal law.

The five recent additions to the firm include:


"Our recent growth made it essential for us to expand the size of our team and the addition of these talented attorneys will significantly improve our ability to serve our clients' diverse legal needs," said Darrell Dethlefs, founding partner of Dethlefs-Pykosh Law Group. "For nearly two decades, our firm has thrived by staying true to a very simple business principle: be honest and work hard. These new lawyers in our firm will help us extend this philosophy to a wider range of clients in Pennsylvania."

Dethlefs-Pykosh Law Group, LLC is a full-service law firm. The law office opened on January 1, 1993 and recently relocated its headquarters to a new office building in Camp Hill, Penn. For more information, please go to www.dcdlaw.net or call toll-free 800.287.1202.

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Supreme Court Battle Quietly Brews Over Possible Future ... - ABC News

Posted: 22 Mar 2010 11:53 AM PDT

There is a Supreme Court battle brewing on Capitol Hill -- despite the fact that there are currently no vacancies on the high court.

On Wednesday, the Senate Judiciary Committee will hold hearings to consider the nomination of Berkeley law professor Goodwin Liu to the Ninth Circuit Court of Appeals.

The hearing is expected to be contentious, showcasing the differences in judicial philosophy between the parties, with conservative senators arguing that Liu's record on divisive issues puts him outside the mainstream of judicial thinking.

Some believe Republicans are opposed to Liu's nomination because they fear President Obama may be grooming Liu for a future Supreme Court vacancy.

"His nomination seems to me to represent the apex of judicial activist philosophy," said Sen. Jeff Sessions, R-Ala., the ranking member of the Senate Judiciary Committee. "His views represent a fundamental change in our understanding of the role in society of the court."

"As a constitutional law professor, Liu has an unusually long record of public statements that Republicans will attempt to paint as outside the mainstream," said professor Stephen I. Vladeck of American University.

"But given Liu's young age and ethnicity, I suspect the Republicans are also worried that he will be a tantalizing prospect for the Supreme Court in a few years, a possibility that would only be bolstered by a stint on the Court of Appeals."

Liu, 39, is the son of Taiwanese immigrants.

For the first time in Supreme Court history, all the current sitting justices have previously served as federal circuit judges.

"This is a test case," said Vladek. "Most of the early Obama nominees were tried-and-true moderate judges with extensive experience on district courts. While Liu is not the first non-judge to be nominated by the president, he is probably the most prominent liberal academic."

Jennifer Meinig, legislative counsel for the liberal group Alliance for Justice, says Republicans are nervous because "Liu will appeal to a wide audience because he has spent his career advocating for the right of equal justice for all, not a select, privileged few."

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