I'm pleased to announce Existential Risk and Existential Hope: Definitions, a short new FHI technical report.
We look at the strengths and weaknesses of two existing definitions of existential risk, and suggest a new definition based on expected value. This leads to a parallel concept: ‘existential hope’, the chance of something extremely good happening.
Exactly how to cash out objective probabilities is a tricky problem which is the subject of a substantial literature. We didn't want to tie our definition to any particular version, believing that it's better to parcel off that problem. But my personal view is that roughly speaking you can get an objective probability by taking something like an average of subjective probabilities of many hypothetical observers.
Sorry, still not making any sense to me. "Taking something like an average of subjective probabilities of many hypothetical observers" looks precisely like GIGO and I don't understand how do you get something objective out of subjective perceptions of hypotheticals(!).