PHIL224 Lecture Notes - Lecture 4: Lexicographic Preferences, Precautionary Principle, Non-Renewable Resource
18 Mar 2016
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Proposal: reduce levels of ppm in the air. Cost: new technology, high fuel costs, shut down some businesses and jobs. Beneit: health (few expenses, few hospital visits), few lost work days, saving lives, less years of life lost (qualys: quality years of life lost). Beneits will last decades but the cost will only be temporary. I will give you n for n head. Expected value = sum of pay ( )n = 2( ) + 4( ) + 8( ) Expected value = sum of pay ( )n = 1+ 1 + 1 . Expected value = sum of pay ( )n = ininity. Compensaion for future: tie discount rate to speciic epistemic warranty. We should invest on science and technology so the future generaion could be prepared. No new technology, stay in your comfort zone and know all the risks. This assumes that what we"re doing now is risk-free but that"s not true.
