A vision of futures studies

The article looks at futures studies from the point of view of the author who has spent over 30 years in the field, with special reference to the World Futures Studies Federation. It suggests that visions are essential for conducting futures studies and education in futures studies is vital for preparing future oriented new generations. The author points out that around the world women are developing silent alternatives to the present societies geared to conflict and violence; this may lead to non-violent changes of which many are not aware. Futures studies will also benefit from examining futures of cultures as we seem to be developing a new culture of peace.     

Foresight defined as a component of Strategic Management

This paper explores basic theoretical affinities between Foresight and Futures and Strategic Management, arguing that at this point in its development, Foresight can best be understood and deployed as an explicitly managerial discipline.The growth of Foresight and Futures Studies as a discipline has been less robust than the internal logic of the field would predict, potentially indicating an opportunity for theoretical renewal. Foresight is often justified on managerial grounds, with the argument that a discipline is needed to guide decision-making in a technologically aggressive, post-industrial society. Some within Foresight and Futures Studies have argued for the active development of alternatives to these managerial justifications. However, the links between Strategic Management and Futures Studies are robust and the embrace of cross-disciplinary dialogue has proven invigorating in some other disciplines. An evaluation of the goals and logic of Foresight from the standpoint of mainstream Strategic Management gives a novel perspective on the field, highlighting its importance to information processing. Finally, Foresight speaks to well-established normative problems with short-term biases in managerial contexts. For the purposes of this article, the terms “Foresight” and “Futures Studies” are used interchangeably to refer to the general study of futures.     

An examination of the relationship between the disposition effect and gender,age, the traded security,and bull–bear market conditions

We analyze how gender and age, internal characteristics of retail futures traders—one that remains fixed while the other changes over a lifetime—and the security being traded and bull–bear market conditions, two external factors, are related to the disposition effect by separately tracking their trade-by-trade transaction histories over a period of close to six years on the Taiwan Futures Exchange (TAIFEX). We show that women and mature traders, compared with their male and younger counterparts, exhibit a stronger disposition effect. The effect is also stronger among traders who trade financial-sector futures contracts than among those who trade electronic-sector futures contracts. We further demonstrate that a bear market sees a stronger disposition effect.     

A systemic evaluation framework for futures research

Evaluation of futures studies is a topic that has frequently aroused discussion. Futures studies often deal with great societal or strategic business issues, and thus the validity and reliability of the results is of great interest to stakeholders. Existing literature contains discussions of such important issues as ethics of futures studies, the nature of knowledge about the future, and futures methodology, which together contribute to the quality, validity and credibility of futures studies, but discussion on the evaluation of futures studies is more scant.Thus, the main research question that guides our study is: “how should we evaluate futures studies to ensure the reliability and credibility of the results?” We answer the question by deriving a systemic framework for evaluation following the input-process-output schema to ensure that the whole chain from the data to reporting and implementation contributes to the quality and impact of the study.The main contribution is the systemic evaluation framework. The framework will contribute to the evaluation of existing and ongoing studies by offering guidelines for evaluation, and as a net effect, we propose, it will increase the impact of futures studies by making the practices more transparent and thus generating more confidence in the results.     

Memories and methods: conversations with Ashis Nandy, Ziauddin Sardar and Richard Slaughter

The history and development of futures studies is explored in interviews with three leading futurists. Ashis Nandy, Ziauddin Sardar and Richard Slaughter provide a personal perspective on their involvement in the field and the World Futures Studies Federation and reflect on future possibilities.     

Futures studies and the policy sciences

Part of the current evaluation of the work of the Swedish Secretariat for Futures Studies focuses on the practicality and legitimacy of futures studies in relation to the policy sciences. Two crucial issues are focused on, first the justification and relevance of futures studies methodological approaches and their rigorous application to areas of public policy importance and second, the measures by which futures studies can be evaluated in the light of different time frames. Although there are differences between the policy sciences and futures studies approaches which require further analysis, there nevertheless is a symbiotic relationship between the two. The legitimacy of futures studies as a relevant public policy exercise should not be at issue.     

Ethical dilemmas: Teaching futures in schools

Educational policy is implicitly futures oriented, yet in most instances fails to engage learners with explicit futures tools and concepts at a school level. Futures studies in education, or futures education has the potential to reposition learning as purposeful and mobilizes the lives of participants by connecting the curriculum of schools with the multifaceted futures of learners. This is a complex task within the tensions often existing between: the cultural role of a school, the expectations of a society, the expertise of teachers, and the increasingly diverse needs of learners (Bateman, 2012). It is between the tensions of these things that the ‘ethical’ issues of what is taught, or omitted as content in a classroom and the consequences of these choices are evident.This paper highlights ethical and moral dilemmas, as they were apparent in two futures education projects. In the first study, the teachers discuss the inherent limitations of offering a broader and more futures oriented curriculum. In the second study, teachers reflect upon their students’ anxiety with regards to futures images as they are interrogated within a curriculum study. Each of these studies highlights the ethical challenges that arise, when possible, preferable and probable futures are developed as part of learning in school settings, which are culturally and demographically diverse.Tirri and Husu (2002) highlight the ethical dilemmas, which emerge in classrooms around the world, based on conflicts in values and competing intentions between key stakeholders. In the studies which contribute to this discussion, there is evidence to suggest that futures thinking causes conflict within an individual's perception of how the world should be, or their worldview as a result of futures imagining which goes beyond what is taken for granted, or is an assumed future eventuality. In the same way, Carrington, Deppeler, and Moss (2010) argue that all curriculum choices about what is taught (or not taught) in a classroom reflect an ethical decision made by a teacher, with regards to what is foregrounded for learning and what is omitted.It is crucial to re-examine the role of a school in educating students for their futures, as opposed to educating students with an aim of furthering governmental agendas. More significantly, however, as this paper highlights, it is exploring the boundaries of what is acceptable or unacceptable, appropriate or inappropriate to teach in a classroom, given the changing diversities of schools and education systems throughout the world.     

Building the future: Undertaking proactive strategy for national outlook

Future studies should provide the means to forecast potential crisis in order to avoid them or limit their effects [Masini, E. 2006, Rethinking futures studies, Futures 38, 1158-1168]. Recognizing and realizing the future events from past up to the present have been the main concern of the rulers and policy makers from the very beginning of civilization. Future studies are a decisive part of the public decision process which plays a very distinctive role in the desirable future of a society. The role of elites in future studies and scenario building is notable; they design national policies and strategies and have a significant impact in general public. Although future cannot be foretold by anyone, the interactions of advanced nations seem to be counter productive; they try to depict the futures. In this case, the futures are built, not predicted. The interactions of two or more systems at the level of international relations have been discussed in this paper. The imaginations of general public toward the futures are given in each society by using these analogies: railroad, river, sea and game. Therefore, the intervention of advanced nations may confront passive, harmonic, active, proactive and chaotic reaction in the other nations. We have discussed that undertaking proactive strategy is the best way to design national perspective.     

A futures perspective in Dutch geography education

Geography education offers many possibilities for futures education. In The Netherlands, a future perspective is obvious in the vision behind the curriculum for secondary education, but this perspective becomes thinner and less open when elaborated in the syllabus, textbooks and examinations. From an intended ideal curriculum with challenging future relevant issues and a call for scenario thinking, it changes into a presentation of a fixed and often negative future in the perceived implemented curriculum. In a focus group meeting with stakeholders of the geography educators’ community, there is recognition of the importance of a futures perspective. But there is also uncertainty and unfamiliarity, when it comes to implementing a futures perspective in geography education. Moreover, the institutional constraints, with an output testing regime, prevent the geography educators from making substantial room in their implemented curriculum for futures education. To enable geography teachers to implement or improve a futures perspective in their education, more clarity about the function and form is necessary. By researching and supporting good teaching practice, the expertise needed can be built, extended and used to empower a lobby advocating a more supportive national policy.     

The state of future in international relations

This paper elaborates the state of Future in International Relations from a comparative theoretical perspective with regard to the selected methodological tools of Futures Studies. It, first, looks into the development of International Relations and Futures Studies to point out, how their contextual, conceptual and epistemological similarities and dissimilarities emerged in due course. It, then, analyses to what extent the methodological differences between selected Futures Studies techniques (e.g. forecasting, trend analysis, Delphi, backcasting, causal layered analysis and integral futures approach) intersect with the conceptual and normative differences between contemporary theories of International Relations stemming from Realism, Liberalism, Constructivism, Post-structuralism, Normative Theory and Critical Theory. The paper characterizes the relevant futures techniques with reference to the theories of International Relations, and scrutinizes selected futuristic narratives of International Relations from a methodological perspective. It, then, elaborates how Futures Studies and International Relations can benefit from each other’s strengths in terms of their methodologies and assumptions. The article finally explores to what extent the promises of Futures Studies techniques conjure up a convergence between different theories of International Relations.     

Networks and the future: A new methodological approach to envision and create the network society of tomorrow

This paper aims to illustrate how the combination of Network Analysis and Futures Studies becomes a powerful instrument for envisioning and analyzing futures and social change. The study of three cases shows network analysis becoming an analytical tool in futures studies while, at the same time, acquiring the dimension of change and dynamics steaming from the futurist perspective.     

Extending the perimeter of reflexive debate on futures research: An open framework

Theoretical and methodological crossover between the field of Futures Studies and environmental research has proven instrumental in understanding environmental long-term dynamics. However, the scale taken today by studies and research on such dynamics creates a new challenge for futurists and environmental scientists, as many set patterns of thought or research in both communities will have to be re-examined. For futurists, it will be necessary to go beyond attempts to standardize Futures Studies methods. The alternative is to promote theoretical and methodological reflexion within the rapidly expanding life-size (and not workshop size) fora of scholarly and policy debate. It will also mean overcoming the regime of metonymical hustle whereby once and again, a new school of thought tries to redefine the entire field and reduce it to its own purpose, concepts and toolkit. This paper proposes an “open” framework as a guide for each study on futures to make explicit the specific and fundamental choices it rests on. It is meant as an invitation to step back and consider new beginnings in a workspace open to the widest possible diversity and scale of approaches, as will be necessary if studies on futures are to rise to the challenges of research for sustainable development.     

With both feet planted firmly in mid-air: Reflections on thinking about the future

This article reflects on over two decades of one individual's thinking about the future. Of central concern are the epistemological problems raised by futures studies and the role of the values and beliefs of both the producers and consumers (as well as anti-consumers) of futures studies. Increasingly Professor Michael has come to be concerned with the functions futures studies perform rather than the undertaking itself. Futures studies are seen essentially as storytelling-and various methodological injunctions and morals flow from this view.     

Reclaiming the future : Futures studies in Africa

This article considers the status of futures studies and research in Africa. Compared to the position two decades ago, African planning services today represent a real achievement, and can act as the basis for advanced public policy analysis. Futures studies in Africa can act to stimulate and extend the national planning function, and also provide a unified approach at the regional and continental levels. Futures studies can never be value-free—Africans embarking on futures studies must first rediscover their past and assert their present before they are able to ‘reclaim their future’.     

Food in the future: Does futures studies have a role to play?

Futures studies (FS) has not taken up food as a topic to any degree perhaps because of complexity, gender, urban bias, professional bias, cultural diversity, and fear. But there is a need and responsibility for FS scholars and practitioners to consider the growing and preparation of food in our work. Today's movements in food security, organic farming and Slowfood can direct us towards futures based in healthy, diverse, and joyful communities.     

From change to progress: critical spirituality and the futures of futures studies

This paper argues that for futures studies (FS) to have a future that is relevant to current shifts in meaning and consciousness, then it must incorporate into its methods and practices a sense of mystery founded on a critically spiritual sensibility. Critical spirituality redefines rationality and empiricism by including within their framework both the somatic and the meditative as valid and necessary components of any research activity. In the short term this means a shift away from the current Western obsession with change and a stepping back to allow for critical distance in order to understand that it is in the appreciation of progress — a fundamental shift in consciousness to include the spiritual dimensions of human experience — that discourse will emerge to take FS to the heart of civilisational renewal. In allowing for mystery, silence and the meditative empiricism required to access these categories, critical spirituality lessens the gap between thought and action and thus enables truly transformative academic practice to emerge.The idea of progress has been central to the unfolding of the modernist project over the previous century. Yet as the century drew to a close it became increasingly hard to keep faith with the idea in the face of growing disillusionment and the obvious failure of modernism to deliver what people most wanted: happiness born of personal fulfillment. A growing range of voices in the critical futures field have been questioning the assumption that change in material terms equates with progress.These voices fall into four main areas.

• Post modernist and post structuralist thinkers;

• Feminists empowering postmodern discourse with value laden analyses of power;

• Post colonial thinkers with a debt to neo-Marxist and critical theorists;

• Neo-humanist thinkers with an investment in all three of the above, who work from a critically spiritual perspective.

In this paper I am going to argue that a Neo-humanist vision of the futures of Futures Studies is one which will fully engage the human potential by activating a critically spiritual methodology. This is important as many of the tools of futures work are actually intended for use in anticipating and managing change (uncritically) but have little relevance when considering the nature of progress. Those methods and techniques which engage with the less analytic more visionary process of futures are much more relevant to progress because they actively involve the individuals in the act of ‘futures building’ as opposed to ‘futures scanning’.‘Progress’ here is used to mean fundamental change in the consciousness of both the individual and collective mind. It is essentially spiritual and has no clear temporal or spacial restrictions being timeless, or as Joanna Macy would have it, anchored in “deep time” [1]. Change, on the other hand, is very much associated with technical and material movement, having no connection with the inner fabric of the human psyche. There is no appreciation of spirit here, though great attention is paid to gross national product and the latest technical innovation to hit the market.Futures Studies has the potential to be responsive to future human dilemmas. But to be so it will need to make the effort to embrace tools and concepts that lie beyond the narrow pall of academic rationality as it is currently constituted. A greater space is already emerging within the field that not only tolerates but promotes imaginative and creative processes that break down the intellectual prudery of those who are attached to their own discipline and have little capacity to envision beyond narrow and self imposed confines. Thus we find music and song, poetry and story, art and theatre effective vehicles for work on deeper forms of consciousness. Visioning and imaging workshops such as those run by Joanna Macy, Elise Boulding, John Seed and Warren Ziegler (to name but a few) are growing in power and sophistication. Meditation and other reflective practices — the spiritual quest — seeking to plumb the depth of the human soul become relevant when seen within a broadened definition of rationality and research.Clearly futurists need to be able to assess and describe likely changes in the short, medium and long term but their central goal should be to facilitate areas of human endeavor which can benefit from a closer linkage between action, the consciousness that informs and directs the action and the spirit that underwrites the consciousness. Equally clear is the fact that not all futures trends are as relevant to this deeper layer of operation within Futures Studies.     

Futures-Style Options on Euro-deposit Futures: Nihil sub Sole Novi?

Euro-deposit futures play a relevant role among the derivative products traded in official markets. As opposed to most futures contracts, the underlying instrument is not represented by a traded asset but by a linear transformation of an interest rate, the Libor. The options written on Euro-deposit futures that are traded at the London International Financial Futures & Options Exchange (LIFFE) are subject to daily marking to market, as the underlying futures; thus, they are called futures-style options or pure futures options. These options are often priced with the Black (1976) formula, whose use entails several shortcomings. A more realistic alternative is represented by the univariate Cox, Ingersoll and Ross (1985) model. The closed-form solutions for the prices of Euro-deposit futures and futures-style options on Euro-deposit futures obtained in the CIR model are two major original contributions presented in this paper. Other original contributions involve the determination of the relation between futures rates and forward rates and the derivation of the equivalent portfolio for the hedging of futures-style options on Euro-deposit futures.     

Creativity, skepticism, and visioning the future

Members of the World Futures Studies Federation share not only the usual professional goals of advancing and developing their field, but also an extraordinary commitment to envisioning and creating a future world of increasing human freedom and well-being. Both aims, obviously, would be moved forward if futurists could establish more futures studies courses, departments, and research centers than now exist at colleges and universities. To do so requires vigor, creativity, and élan, which futurists seem to have in abundance, but it also demands more logical and empirical rigor, skepticism, and critical capacity in futures work.     

Futures studies and public decision in Sweden

Futures studies are a decisive part of the public decision process in Sweden, where they appeared after World War II and gained momentum from the 1970s on.Based on a series of interviews conducted in Stockholm in December 2003, this paper presents the main players involved in futures studies in Sweden. It focuses especially on the activities of the Institute for Futures Studies, and that of the Lindbeck Commission on the Future of Sweden, which was a resounding success.The paper gives a detailed account of the interplay between this various actors. There is a strong independence between the public decision making system and the producers of futures studies. Nevertheless, futures studies prove an important instrument for public policy in Sweden, as they raise awareness in the public debate, serve as a tool for consultation, and help define scientific and technological priorities.