Exceeding expectations: stochastic dominance as a general decision theory
Christian Tarsney (Global Priorities Institute, Oxford University)
GPI Working Paper No. 3-2020
The principle that rational agents should maximize expected utility or choiceworthiness is intuitively plausible in many ordinary cases of decision-making under uncertainty. But it is less plausible in cases of extreme, low-probability risk (like Pascal’s Mugging), and intolerably paradoxical in cases like the St. Petersburg and Pasadena games. In this paper I show that, under certain conditions, stochastic dominance reasoning can capture most of the plausible implications of expectational reasoning while avoiding most of its pitfalls. Specifically, given sufficient background uncertainty about the choiceworthiness of one’s options, many expectation-maximizing gambles that do not stochastically dominate their alternatives ‘in a vacuum’ become stochastically dominant in virtue of that background uncertainty. But, even under these conditions, stochastic dominance will not require agents to accept options whose expectational superiority depends on sufficiently small probabilities of extreme payoffs. The sort of background uncertainty on which these results depend looks unavoidable for any agent who measures the choiceworthiness of her options in part by the total amount of value in the resulting world. At least for such agents, then, stochastic dominance offers a plausible general principle of choice under uncertainty that can explain more of the apparent rational constraints on such choices than has previously been recognized.
Other working papers
Crying wolf: Warning about societal risks can be reputationally risky – Lucius Caviola (Global Priorities Institute, University of Oxford) et al.
Society relies on expert warnings about large-scale risks like pandemics and natural disasters. Across ten studies (N = 5,342), we demonstrate people’s reluctance to warn about unlikely but large-scale risks because they are concerned about being blamed for being wrong. In particular, warners anticipate that if the risk doesn’t occur, they will be perceived as overly alarmist and responsible for wasting societal resources. This phenomenon appears in the context of natural, technological, and financial risks…
Once More, Without Feeling – Andreas Mogensen (Global Priorities Institute, University of Oxford)
I argue for a pluralist theory of moral standing, on which both welfare subjectivity and autonomy can confer moral status. I argue that autonomy doesn’t entail welfare subjectivity, but can ground moral standing in its absence. Although I highlight the existence of plausible views on which autonomy entails phenomenal consciousness, I primarily emphasize the need for philosophical debates about the relationship between phenomenal consciousness and moral standing to engage with neglected questions about the nature…
What power-seeking theorems do not show – David Thorstad (Vanderbilt University)
Recent years have seen increasing concern that artificial intelligence may soon pose an existential risk to humanity. One leading ground for concern is that artificial agents may be power-seeking, aiming to acquire power and in the process disempowering humanity. A range of power-seeking theorems seek to give formal articulation to the idea that artificial agents are likely to be power-seeking. I argue that leading theorems face five challenges, then draw lessons from this result.