Yes, absolutely right about 0 being possible and reaonably likely. Maybe I’d say “average welfare conditional on having any welfare at all”. I only added that so that X% likely to be negative meant (100-X)% likely to be positive, in order to simplify the argument.
Yes, absolutely right about 0 being possible and reaonably likely. Maybe I’d say “average welfare conditional on having any welfare at all”. I only added that so that X% likely to be negative meant (100-X)% likely to be positive, in order to simplify the argument.