Michalos and the Theory of Ethical Theory

The paper replies to Professor Alex Michalos' keynote address, "Ethics Counsellors as a New Priesthood". Michalos argues that an intractable diversity of opinion about fundamental issues in ethical theory precludes substantive, well-founded ethical counselling. However, Michalos has inappropriately modelled his understanding of an acceptable structure and application for ethical theory on natural scientific theory. For we may countenance a less severe understanding of theory for ethical theory than in the hard sciences. In particular, instructive moral reasoning may tolerate a degree of disagreement across human beings in their conception of moral good. On condition that such variance is not so considerable as to undermine a necessary commonality of language on ethical matters, there will be an adequate basis for warranted theory-construction in ethics and effective moral counselling underwritten by such theory. And, on the available historical evidence, such a condition can be met.     

The location of public services considering the mode of travel

By reason of their generally longer travel times, transit users are not so well-served by many public facilities as are automobile drivers. This paper investigates the implications of this fact for the location of a specific type of service, public child day care. A location-allocation model is employed to determine the most accessible locations for a set of centres in Edmonton, Canada, for users of both modes. Transit is found to be capable of providing only 51% of the accessibility of the automobile, at 2.4 times the average travel time. The argument is advanced that in order to reduce the inequality of service to a minimum, public facilities should be located with the accessibilities of transit users in mind. The optimal systems are compared with Edmonton's present system which is found to be spatially inefficient and quite discriminatory in its inefficiency against transit users. This is attributed to the city's piecemeal planning policy and an inadequate understanding of the notion of accessibility. The paper concludes by recommending improvements which would improve our simple diagnostic model to the level of a useful planning device.     

Asset pricing theory and the valuation of Canadian paintings

Abstract.  The valuation of Canadian paintings is analysed empirically. Using a sample of auction prices for major Canadian painters for the period 1968–2001, we run hedonic regressions to analyse the influence of various factors, including painter identity, on auction prices, as well as to construct a market price index. This index is used in a second‐stage analysis in which we analyse the properties of Canadian art viewed as an investment asset. We apply standard asset pricing theory, as incorporated in the capital asset pricing model (CAPM), to the analysis of price movements in the market for Canadian paintings.     

The emergence of property rights enforcement in early trade: A behavioral model without reputational effects

The present article focuses on the conditions that allow governments to increase property rights protection because they expect enough income from such action. We develop a behavioral explanation, according to which the answer lies in the growth in the importance, size and wealth of merchant guilds in the medieval era in Western Europe as well as a somewhat surprising effect of volatile price structures. We add to prior research by showing that even uncoordinated embargo pressures among multiple guilds could get medieval rulers to offer high levels of property rights protection.     

Time series analysis of residuals from the St. Louis model

The residuals of the equations of the St. Louis model are analyzed individually and in pairs, using time series techniques in an attempt to discover mis-specifications in the model, in the form of incorrect lags or missing variables. The relationships discovered are,checked both inside and outside the sample. A variety of mis-specifications are apparent, and a much improved specification should be possible. The assumption made in the model that money supply is exogenous does not agree with the data.     

Diffusion of Minimally Invasive Procedures across Hospitals and Traits of Fast Adopting Hospitals

The quality and cost of hospital care depends not only on what technologies have been developed, but on how quickly the most promising and cost-effective technologies diffuse across hospitals. Some technologies are high-cost when they are first introduced into the health care system, but improve in cost-effectiveness as doctors use the technologies and innovate. Some such examples are minimally invasive procedures, which have become more common in recent years. We sought to better understand what hospital characteristics are associated with fast adoption of four minimally invasive procedures (appendectomy, lobectomy, hysterectomy and colectomy). Our findings show that a hospital’s adoption of minimally invasive procedures in one type of procedure (e.g., lobectomy) is not predictive of that hospital’s probability of adopting minimally invasive procedures in another procedure type (e.g., zero appendectomies). The only hospital characteristic consistently correlated with adoption for three of the four procedure types was the extent that the hospital’s geographic neighbors had adopted minimally invasive technology for that particular procedure. These findings regarding peer effects fall in line with conclusions about diffusion from the development literature.