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solipsist comments on Certificates of Impact [Paul Christiano; Link] - Less Wrong Discussion
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I did my math wrong. The present value of the billions paid for a Certificate of slightly improving the Orgasmotron is less than the present value of the can of spam, because you have to value these securities against the rest of your portfolio. You will use a high discount rate for the hedonism world, and a negative discount rate for the zombie apocalypse world. (At least that's how I think of it)