Lec 3 Flashcards
What is effective altruism?
Philosophy and social movement which applies evidence and reason to working out the most effective ways to improve the world
What are the five key questions often used in effective altruism and other decision-making frameworks to evaluate the impact and effectiveness of actions, projects, or interventions?
- How many people will benefit, and by how much?
- Is this the most effective thing you can do?
- Is this area neglected?
- What would have happened otherwise?
- What are the chances of success, and how good would success be?
Explain the 100x Multiplier
100x multiplier is a concept in effective altruism that suggests certain charitable actions or interventions can be up to 100 times more effective than others in terms of their impact. This idea encourages individuals and organizations to focus their resources on the most cost-effective and impactful opportunities available.
What is marginal utility?
Refers to the additional satisfaction or benefit that a person gains from consuming one more unit of a good or service.
What is diminishing marginal utility?
Is an economic principle that states that as a person consumes more units of a good or service, the additional satisfaction (marginal utility) obtained from each subsequent unit tends to decrease.
What is opportunity cost?
Refers to the value of the next best alternative that is foregone when a decision is made to choose one option over another. It represents the benefits that could have been obtained by taking a different decision
What is Quality-Adjusted Life Years (QALYs)?
Is a measure used in health economics to assess the value of medical interventions. It combines both the quantity and quality of life generated by healthcare treatments. One QALY equates to one year of life in perfect health.
What is the general guide for question 3: is this area neglected?
If a specific area has already received a great deal of funding and attention, then we should expect it to be difficult for us to do a lot of good by devoting additional resources to that area. If a cause is neglected, this is more likely not to be the case.
What is expected value?
is a statistical concept that calculates the average outcome of a random event based on the probabilities and values of all possible outcomes. It is used in decision-making to determine the most advantageous option when outcomes are uncertain.
Expected value looks at each possible outcome, and multiplies the gain (or loss) by the probability of that outcome occurring.
Expected Value = probability of outcome x value of outcome
What is the effective altruist view about Expected Value?
Most effective altruists think we should (usually) try to maximize expected value. This means being sensitive to both the likelihood of success and the value of success.
