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by renewiltord
1509 days ago
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It's just a distributed market problem, right? As an agent in the market, if you correctly model tail risk you will still be out-competed by someone who does not model tail risk, since they can allocate resources somewhere other than tail risk mitigation. Given non-catastrophic events, this ends up being okay for the market system. After all, society doesn't care if Google is the search engine or Bing so long as they provide similar functionality. For catastrophic events, though, we'd like to keep things operational rather than have someone else pop in. But that's okay. I think the right model is that the state steps in for true catastrophes and mitigates the effects (like we did in the pandemic). And, to be honest, I don't see climate change as an extinction level risk. A few hundred million will die in the top end of what we expect, but that's acceptable. And this is clearly the position of most people, so I'm comfortably in the majority here. |
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Citation, please? I'd love to see the polls saying that several hundred million deaths are ok with most people.
From what I've seen, increased government action on climate change polls very well among the public, e.g., https://www.pewresearch.org/science/2020/06/23/two-thirds-of...