PHIL224 Chapter Notes -Lexicographic Preferences, Precautionary Principle, Non-Renewable Resource

• School: University of Waterloo
• Department: Philosophy
• Course: PHIL224
• Professor: Heather Douglas

Document Summary

Proposal: reduce levels of ppm in the air. Cost: new technology, high fuel costs, shut down some businesses and jobs. Benefit: health (few expenses, few hospital visits), few lost work days, saving lives, less years of life lost (qualys: quality years of life lost). Benefits will last decades but the cost will only be temporary. Discounting: $ today= $ future / (1+r)^n. 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 = infinity. Compensation for future: tie discount rate to specific epistemic warranty. We should invest on science and technology so the future generation could be prepared. No new technology, stay in your comfort zone and know all the risks.