Analysis of the equity premium puzzle has focused on private-sector capital markets. However, the existence of an anomalous equity premium raises important issues in the evaluation of public-sector investment projects. These issues are explored below. We begin by formalizing the argument that an equity premium may arise from uninsurable systematic risk in labour income, and show that, other thi...

In a recent paper, Samir Okasha presented an argument that suggests that there is no rational way to choose among scientific theories. This would seriously undermine the view that science is a rational entreprise. In this paper I show how a suitably nuanced view of what scientific rationality requires allows us to avoid Okasha’s conclusion. I go on to argue that making further assumptions about...

This paper is a response to ‘Why Be Rational?’ by Niko Kolodny. Kolodny argues that we have no reason to satisfy the requirements of rationality. His argument assumes that these requirements have a logically narrow scope. To see what the question of scope turns on, this comment provides a semantics for ‘requirement’. It shows that requirements of rationality have a wide scope, at least under on...

In this brief commentary on Professor Callen's article, I would like to offer a defmition of the logical structure ofthe notion of conditional relevance using two components of argument diagramming technology from argumentation theory. This definition will show how conditional relevance is not only important as a key notion in evidence law, but also represents a structure or pattern that is com...

the edinburgh school of social epistemology is one of the emergent contemporary schools of epistemology which has been systematically put forth and formulated since the late 1960s. theorizing, the edinburgh school specifically deals scientific knowledge (natural sciences) and is chiefly characterized by the fact that it criticizes root and branch the scientific knowledge sociologically. that is...