80,000 Hours Podcast With Rob Wiblin

A casino offers you a game. A coin will be tossed. If it comes up heads on the first flip you win $2. If it comes up on the second flip you win $4. If it comes up on the third you win $8, the fourth you win $16, and so on. How much should you be willing to pay to play?The standard way of analysing gambling problems, ‘expected value’ — in which you multiply probabilities by the value of each outcome and then sum them up — says your expected earnings are infinite. You have a 50% chance of winning $2, for '0.5 * $2 = $1' in expected earnings. A 25% chance of winning $4, for '0.25 * $4 = $1' in expected earnings, and on and on. A never-ending series of $1s added together comes to infinity. And that's despite the fact that you know with certainty you can only ever win a finite amount!Today's guest — philosopher Alan Hájek of the Australian National University — thinks of much of philosophy as “the demolition of common sense followed by damage control” and is an expert on paradoxes related to probability and decisi