Longtermists claim that what we ought to do is mainly determined by how our actions might affect the very long-run future. A natural objection to longtermism is that these effects may be nearly impossible to predict— perhaps so close to impossible that, despite the astronomical importance of the far future, the expected value of our present actions is mainly determined by near-term considerations. This paper aims to precisify and evaluate one version of this epistemic objection to longtermism. To that end, I develop two simple models for comparing ‘longtermist’ and ‘neartermist’ interventions, incorporating the idea that it is harder to make a predictable difference to the further future. These models yield mixed conclusions: if we simply aim to maximize expected value, and don’t mind premising our choices on minuscule probabilities of astronomical payoffs, the case for longtermism looks robust. But on some prima facie plausible empirical worldviews, the expectational superiority of longtermist interventions depends heavily on these ‘Pascalian’ probabilities. So the case for longtermism may depend either on plausible but non-obvious empirical claims or on a tolerance for Pascalian fanaticism.

Other working papers

Numbers Tell, Words Sell – Michael Thaler (University College London), Mattie Toma (University of Warwick) and Victor Yaneng Wang (Massachusetts Institute of Technology)

When communicating numeric estimates with policymakers, journalists, or the general public, experts must choose between using numbers or natural language. We run two experiments to study whether experts strategically use language to communicate numeric estimates in order to persuade receivers. In Study 1, senders communicate probabilities of abstract events to receivers on Prolific, and in Study 2 academic researchers communicate the effect sizes in research papers to government policymakers. When…

A paradox for tiny probabilities and enormous values – Nick Beckstead (Open Philanthropy Project) and Teruji Thomas (Global Priorities Institute, Oxford University)

We show that every theory of the value of uncertain prospects must have one of three unpalatable properties. Reckless theories recommend risking arbitrarily great gains at arbitrarily long odds for the sake of enormous potential; timid theories recommend passing up arbitrarily great gains to prevent a tiny increase in risk; nontransitive theories deny the principle that, if A is better than B and B is better than C, then A must be better than C.

Estimating long-term treatment effects without long-term outcome data – David Rhys Bernard (Rethink Priorities), Jojo Lee and Victor Yaneng Wang (Global Priorities Institute, University of Oxford)

The surrogate index method allows policymakers to estimate long-run treatment effects before long-run outcomes are observable. We meta-analyse this approach over nine long-run RCTs in development economics, comparing surrogate estimates to estimates from actual long-run RCT outcomes. We introduce the M-lasso algorithm for constructing the surrogate approach’s first-stage predictive model and compare its performance with other surrogate estimation methods. …