The unexpected value of the future
Hayden Wilkinson (Global Priorities Institute, University of Oxford)
GPI Working Paper No. 17-2022, forthcoming in Ergo
Various philosophers accept moral views that are impartial, additive, and risk-neutral with respect to betterness. But, if that risk neutrality is spelt out according to expected value theory alone, such views face a dire reductio ad absurdum. If the expected sum of value in humanity’s future is undefined—if, e.g., the probability distribution over possible values of the future resembles the Pasadena game, or a Cauchy distribution—then those views say that no real-world option is ever better than any other. And, as I argue, our evidence plausibly supports such a probability distribution. Indeed, it supports a probability distribution that cannot be evaluated even if we extend expected value theory according to one of several extensions proposed in the literature. Must we therefore reject all impartial, additive, risk-neutral moral theories? It turns out that we need not. I provide a potential solution: by adopting a strong enough extension of expected value theory, we can evaluate that problematic distribution and potentially salvage those moral views.
Other working papers
Time Bias and Altruism – Leora Urim Sung (University College London)
We are typically near-future biased, being more concerned with our near future than our distant future. This near-future bias can be directed at others too, being more concerned with their near future than their distant future. In this paper, I argue that, because we discount the future in this way, beyond a certain point in time, we morally ought to be more concerned with the present well- being of others than with the well-being of our distant future selves. It follows that we morally ought to sacrifice…
The Hinge of History Hypothesis: Reply to MacAskill – Andreas Mogensen (Global Priorities Institute, University of Oxford)
Some believe that the current era is uniquely important with respect to how well the rest of human history goes. Following Parfit, call this the Hinge of History Hypothesis. Recently, MacAskill has argued that our era is actually very unlikely to be especially influential in the way asserted by the Hinge of History Hypothesis. I respond to MacAskill, pointing to important unresolved ambiguities in his proposed definition of what it means for a time to be influential and criticizing the two arguments…
‘The only ethical argument for positive 𝛿’? – Andreas Mogensen (Global Priorities Institute, Oxford University)
I consider whether a positive rate of pure intergenerational time preference is justifiable in terms of agent-relative moral reasons relating to partiality between generations, an idea I call discounting for kinship. I respond to Parfit’s objections to discounting for kinship, but then highlight a number of apparent limitations of this…