If there is a more effective yet equally costly option O, but the total benefit of O+Vegetarian is still greater than the total cost of O+Vegetarian, then Vegetarian is still worth it (as is O).
You've got to consider opportunity cost and marginal utility. If you valued reducing carbon emissions above all else then your best course of action would probably be suicide. Assuming some upper limit on the cost you're willing to pay to reduce carbon emissions, your best strategy is to choose the option that provides the greatest reduction for the least personal cost. If given your preferences and available options, buying some carbon offsets is your most cost effective option and becoming vegetarian is your second most cost effective option, it does not follow that you should do both.
While the benefits can be seen as fixed for the purposes of your decision (since whatever you do will have such little impact that you can sum them without worrying about diminishing marginal utility) the costs cannot, if they are significant relative to your total resources. This is more easily seen when you're talking about choices that can directly be represented with money but is still true when the costs are not purely financial. Assuming the costs can simply be summed you would have to conclude that you should spend all your money on carbon offsets if you thought it was wise to spend any of your money on them (since if the benefit of O is greater than the cost of O then the benefit of 100xO should be greater than the cost of 100xO).
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I guess I wasn't sufficiently clear there. My point is that you need to do a cost-benefit analysis, pick your best choice and then do a new cost-benefit analysis rather than just follow through with your 2nd and 3rd best choice from your original analysis. You can't assume that your 2nd best choice becomes your new best choice after taking your best choice.
If you're hungry and you decide your first choice is to buy a mars bar and your second choice a snickers and you buy and eat the mars bar you can't assume that your next action should be to buy and eat the snickers - the situation has changed and you need to re-evaluate.
Not a fixed upper bound, just a limit. Anyone who cares about reducing their carbon footprint will reach a point where they are not currently willing to make any further sacrifices for a further carbon emissions reduction because to do so would conflict with their other goals. What I'm saying is that each choice you make changes the calculation a little when considering future choices.
Not exactly no. The thing is that one might be willing to pay more than one currently does to continue eating meat. If the cost of meat doubled for example I would not reduce my consumption by 50%, I'd cut back elsewhere. I choose to spend a certain amount of money on meat because it represents better value than my next best opportunity. The reason I currently spend money on meat is that I value the meat more than the money (or other alternate uses of the money). You have to take that into account when considering the opportunity cost of becoming vegetarian.
No, the benefits can be denominated in (general) human welfare. The costs are denominated in your own personal welfare. Money can serve as a convenient proxy for that to aid in calculation but I'm not sure you can give any direct measure, the best you can do may be a preference ordering.
I think we're pretty much in agreement. Any remaining differences are either trivial, semantic, or (at the risk of angering the Aumann Gods) "things reasonable people can disagree about".