SolveIt comments on What's the right way to think about how much to give to charity? - Less Wrong
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The problem with this is that you have to be extremely honest about just how much more you value yourself than a random African. In absolute terms, a dollar can do so much good in Africa that you'd go rather broke even if you "only" considered yourself as valuable as a hundred Africans. If you lie to yourself about your preferences, as people tend to do, you'll quickly see your true preferences reveal themselves.