caa a22 4500 605483531 CHVBK 20210128100431.0 cr unu---uuuuu 210128e20150901xx s 000 0 eng 10.1007/s10551-014-2257-x doi (NATIONALLICENCE)springer-10.1007/s10551-014-2257-x Johnson Timothy Maxwell Institute for Mathematical Sciences and Department of Actuarial Mathematics and Statistics, Heriot-Watt University, EH14 4AS, Edinburgh, UK aut Reciprocity as a Foundation of Financial Economics [Elektronische Daten] [Timothy Johnson] This paper argues that the subsistence of the fundamental theorem of contemporary financial mathematics is the ethical concept ‘reciprocity'. The argument is based on identifying an equivalence between the contemporary, and ostensibly ‘value neutral', Fundamental Theory of Asset Pricing with theories of mathematical probability that emerged in the seventeenth century in the context of the ethical assessment of commercial contracts in a framework of Aristotelian ethics. This observation, the main claim of the paper, is justified on the basis of results from the Ultimatum Game and is analysed within a framework of Pragmatic philosophy. The analysis leads to the explanatory hypothesis that markets are centres of communicative action with reciprocity as a rule of discourse. The purpose of the paper is to reorientate financial economics to emphasise the objectives of cooperation and social cohesion and to this end, we offer specific policy advice. The Author(s), 2014 Financial economics nationallicence Reciprocity nationallicence Communicative action nationallicence Pragmatism nationallicence Journal of Business Ethics Springer Netherlands 131/1(2015-09-01), 43-67 0167-4544 131:1<43 2015 131 10551 https://doi.org/10.1007/s10551-014-2257-x text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10551-014-2257-x text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Johnson Timothy Maxwell Institute for Mathematical Sciences and Department of Actuarial Mathematics and Statistics, Heriot-Watt University, EH14 4AS, Edinburgh, UK aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 131/1(2015-09-01), 43-67 0167-4544 131:1<43 2015 131 10551