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> Economists strongly disagree What do economists have to do with it, seeing as its a philosophical position, and not one that attempts to predict the economy
by lofenfew 2y ago
> Economists strongly disagree
What do economists have to do with it, seeing as its a philosophical position, and not one that attempts to predict the economy (badly)?
Mathematically, we can deal with it by taking the pth power of whichever metric of utility per individual, then maximizing the expected value. When p->inf, then we maximize E(utility^p) by maximizing the maximal utility. When p->0, we maximize E(utility^p) by maximizing minimal utility, ie rawls position.
- Vecr 2y agoWhy would a rational actor want to do that though? Show me a single decision theory that does reasonably well in game theory simulations (I mean R-CDT/UDT tier), that also supports maximin, and I'll write a 1000 word article in the praise of John Rawls.