I am happy to announce a new paper I co-wrote with Anders Sandberg, which is now a public preprint (PDF). This is a link-post for that paper, and to a post on Lesswrong that contains a summary of some of the arguments.
Abstract: How much value can our decisions create? We argue that unless our current understanding of physics is wrong in fairly fundamental ways, there exists an upper limit of value relevant to our decisions. First, due to the speed of light and the definition and conception of economic growth, the limit to economic growth is a restrictive one. Additionally, a related far larger but still finite limit exists for value in a much broader sense due to the physics of information and the ability of physical beings to place value on outcomes. We discuss how this argument can handle lexicographic preferences, probabilities, and the implications for infinite ethics and ethical uncertainty.
Thank you so much for this paper! I literally made a similar argument to someone last weekend (in the context of economic growth), glad to have a canonical/detailed source to look at so I can present more informed views/have an easy thing to link to.
I will read the rest of the paper later, but just flagging that I don't find your response to "incomplete understanding of physics" particularly persuasive:
I think the strongest version of the "we don't understand physics" argument is that we (or at least I) have nonzero credence in physics as we know it to be mistaken in a way that allows for infinities. This results in an infinite expected value.
Now, perhaps we can exclude arbitrarily exclude sufficiently small probabilities ("Pascal's mugging"). But at least for me, my inside-view credence in misunderstanding the finitude of physics is >0.1%, and I don't think Pascal's mugging exceptions should be applicable to probabilities at anywhere near that level.
Michael Dickens has a different issue where finite distributions can still have infinite expected value, but I have not read enough of your paper to know if it addresses this objection.
Thanks. I agree that we should have non-infinitesimal credence that physics is wrong, but to change the conclusion, we would need to "insist that modern physics is incorrect in very specific ways." Given the strength of evidence about the existence of many of the limits, regardless of their actual form or value, that is a higher bar. I also advise looking closely at the discussion of the "Pessimistic Meta-induction," and why we think that it's reasonable to be at least incredibly confident that these limits exist.
That doesn't guarantee their existence. But... (read more)