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Sniffnoy comments on Open Thread: May 2010 - Less Wrong
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The problem with this is that it assumes we only care about the end state.
Is it rational for a decision procedure to place great value on the the interim state, if the end state contains absolutely no utility?
This is a philosophical question, not a rational one. Terminal values are not generated by rational processes; that's why they're terminal values. The metaethics sequence, especially existential angst factory and the moral void, should expand on this sufficiently.
Does caring about interim states leave you open to Dutch books?