The unexpected value of the future
Hayden Wilkinson (Global Priorities Institute, University of Oxford)
GPI Working Paper No. 17-2022
Consider longtermism: the view that the morally best options available to us, in many important practical decisions, are those that provide the greatest improvements in the (ex ante) value of the far future. Many who accept longtermism do so because they accept an impartial, aggregative theory of moral betterness in conjunction with expected value theory. But such a combination of views implies absurdity if the (impartial, aggregated) value of 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. In this paper, I argue that our evidence requires us to adopt such a probability distribution—indeed, a distribution that cannot be evaluated even by the extensions of expected value theory that have so far been proposed. I propose a new method of extending expected value theory, which allows us to deal with this distribution and to salvage the case for longtermism. I also consider how risk-averse decision theories might deal with such a case, and offer a surprising argument in favour of risk aversion in moral decision-making.
Other working papers
AI takeover and human disempowerment – Adam Bales (Global Priorities Institute, University of Oxford)
Some take seriously the possibility of AI takeover, where AI systems seize power in a way that leads to human disempowerment. Assessing the likelihood of takeover requires answering empirical questions about the future of AI technologies and the context in which AI will operate. In many cases, philosophers are poorly placed to answer these questions. However, some prior questions are more amenable to philosophical techniques. What does it mean to speak of AI empowerment and human disempowerment? …
Longtermism in an Infinite World – Christian J. Tarsney (Population Wellbeing Initiative, University of Texas at Austin) and Hayden Wilkinson (Global Priorities Institute, University of Oxford)
The case for longtermism depends on the vast potential scale of the future. But that same vastness also threatens to undermine the case for longtermism: If the future contains infinite value, then many theories of value that support longtermism (e.g., risk-neutral total utilitarianism) seem to imply that no available action is better than any other. And some strategies for avoiding this conclusion (e.g., exponential time discounting) yield views that…
The cross-sectional implications of the social discount rate – Maya Eden (Brandeis University)
How should policy discount future returns? The standard approach to this normative question is to ask how much society should care about future generations relative to people alive today. This paper establishes an alternative approach, based on the social desirability of redistributing from the current old to the current young. …