My town, with more than 1001 voters in each ward, had around twenty elections last year and two of them were decided by one vote. Your model says that this should happen somewhere in America much less than once in a billion years. The fact of the matter is, voters are not binomially distributed (sometimes this lowers the probabilities further, but sometimes it raises them a lot)
Also, elected officials change their behavior based on margins, and on the size and habits of the population of voters. Politicians pay a lot more attention to vote-giving populations than non-vote-giving populations, for instance. The number of minor thresholds that can have some impact is large.
And that's before you multiply the impact of your reasoning by the population who might follow it.
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I'd think 'ethical' in review board has noting to do with ethics. It's more of PR-vary review board. Limiting science to status-quo-bordering questions doesn't seem most efficient, but a reasonable safety precaution. However, typical view of the board might be skewed from real estimates of safety. For example, genetic modification of humans is probably minimally disruptive biological research (compared, to, say, biological weapons), though it is considered controversial.