Value without absolute convergence

We address how the value of risky options should be assessed in the case where the sum of the probability-weighted payoffs is not absolutely convergent and thus dependent on the order in which the terms are summed (e.g., as in the Pasadena Paradox). We develop and partially defend a proposal according to which options should be evaluated on the basis of agreement among admissible (e.g., convex and quasi-symmetric) covering sequences of the constituents of value (i.e., probabilities and payoffs).

Tradable Substitution Rights: Simulation of the Cost-Efficiency of a Nitrogen Reduction in the Pig Finishing Sector

To comply with the European Nitrate Directive, the Flemish manure policy has been elaborated mainly on the base of command and control measures (maximum fertilisation limits etc.). In literature, however, tradable permits are described as a cost efficient and effective instrument. Applied to nutrient emission they might offer an alternative for the current, expensive manure policy. In this publication both policy instruments are compared by means of simulation models. Based on accountacy data from 190 pig finishing farms, it is shown that tradable rights may result in cost savings of over 88%, compared to the most cost efficient command and control model. This result indicates that tradable permits at least need to be considered as a plausible policy instrument for the agricultural sector.tradable permits, agriculture, command and control, nitrogen, linear programming, Livestock Production/Industries, C61, D23, H23, Q58, Q52,

Infinite Utilitarianism: More Is Always Better

http://web.missouri.edu/~umcasklinechair/on-line%20papers/Infinite%20Utilitarianism%20-%20More%20Is%20Always%20Better.docWe address the question of how finitely additive moral value theories (such as utilitarianism) should rank worlds when there are an infinite number of locations of value (people, times, etc.). In a recent contribution, Hamkins and Montero have argued that Weak Pareto is implausible in the infinite case and defended alternative principles. We here defend Weak Pareto against their criticisms and argue against an isomorphism principle that they defend. Where locations are the same in both worlds but have no natural order, our argument leads to an endorsement, and strengthening, of a principle defended by Vallentyne and Kagan, and to an endorsement of a weakened version of the catching-up criterion developed by Atsumi and by von Weizsäcker