Cassandra’s Curse: A second tragedy of the commons
Philippe Colo (ETH Zurich)
GPI Working Paper No. 12 - 2022, published in the Social Science Research Network Research Paper Series
This paper studies why scientific forecasts regarding exceptional or rare events generally fail to trigger adequate public response. I consider a game of contribution to a public bad. Prior to the game, I assume contributors receive non-verifiable expert advice regarding uncertain damages. In addition, I assume that the expert cares only about social welfare. Under mild assumptions, I show that no information transmission can happen at equilibrium when the number of contributors is high or the severity of damages is low. Then, contributors ignore scientific reports and act solely upon their prior belief.
Other working papers
Is Existential Risk Mitigation Uniquely Cost-Effective? Not in Standard Population Models – Gustav Alexandrie (Global Priorities Institute, University of Oxford) and Maya Eden (Brandeis University)
What socially beneficial causes should philanthropists prioritize if they give equal ethical weight to the welfare of current and future generations? Many have argued that, because human extinction would result in a permanent loss of all future generations, extinction risk mitigation should be the top priority given this impartial stance. Using standard models of population dynamics, we challenge this conclusion. We first introduce a theoretical framework for quantifying undiscounted cost-effectiveness over…
High risk, low reward: A challenge to the astronomical value of existential risk mitigation – David Thorstad (Global Priorities Institute, University of Oxford)
Many philosophers defend two claims: the astronomical value thesis that it is astronomically important to mitigate existential risks to humanity, and existential risk pessimism, the claim that humanity faces high levels of existential risk. It is natural to think that existential risk pessimism supports the astronomical value thesis. In this paper, I argue that precisely the opposite is true. Across a range of assumptions, existential risk pessimism significantly reduces the value of existential risk mitigation…
The end of economic growth? Unintended consequences of a declining population – Charles I. Jones (Stanford University)
In many models, economic growth is driven by people discovering new ideas. These models typically assume either a constant or growing population. However, in high income countries today, fertility is already below its replacement rate: women are having fewer than two children on average. It is a distinct possibility — highlighted in the recent book, Empty Planet — that global population will decline rather than stabilize in the long run. …