In general, there is no reason to expect the Atlas’ founders to spend money needlessly. Nobody is suspecting that they are spending it on themselves (excepting the alleged expensive table), and just like enterprises I expect them to be at least trying to use their resources in the most efficient way possible.
You raise imho valid arguments. To address some of your points:
I guess the Atlas Foundation is going off a model where impact is heavy tailed, in which it makes sense to spend what seems disproportionate resources on attracting the most talented. In such a model, attracting a fellow from the 99th “potential impact” percentile rather than 10 fellows from the 95th percentile would still be worth spending some marginal 45k for, even though it sounds excessive.
“From friends who are Atlas Fellows, they said many Atlas Fellows do not require the scholarship as their parents earn a lot and can already pay for college.”
If true, this is evidence in favor of offering them such a ludicrous amount of money. They do not really need the money, so the marginal value is reduced and you need to offer more money to entice such potential students (or think of other benefits). And an unfortunate fact of life seems to be that a person’s financial earnings are highly correlated with those of their parents. Taking earnings as a proxy for potential impact means that a program like the Atlas Fellowship should also consider privileged students as people worth attracting.
And maybe that’s just me, but some of the phrasing comes off as somewhat combative (on the other hand I am aware that many people here think we should state our opinions more directly). As an example, the question in the title: “why do high schoolers need $50k each?” is not really truthful and sounds rhetorical, because nobody has claimed that the applicants need that money, just like high frequency traders do not need high compensation but still firms pay that amount to hire them.
I would usually not go around tone-policing, but I think it would be beneficial in controversial times like this to remember that as **a community we wanted to move away **from evaluating charitable initiatives based on how they sound and instead evaluate them on their results. In that vein, I do not think that it is helpful to quote rumoured single sentences by founders without any context (“not believing in budgets”) and without actually engaging with that sentence. The founders do not owe us accountability of private sentences that they might have uttered at some point.
Hits based giving means that Open Phil should not police the furniture of their grantees, and I am also unsure whether the way they manage inventory is indeed of public interest, as they are not soliciting donations from the public at the moment.
In general, there is no reason to expect the Atlas’ founders to spend money needlessly. Nobody is suspecting that they are spending it on themselves (excepting the alleged expensive table), and just like enterprises I expect them to be at least trying to use their resources in the most efficient way possible.
You raise imho valid arguments. To address some of your points:
I guess the Atlas Foundation is going off a model where impact is heavy tailed, in which it makes sense to spend what seems disproportionate resources on attracting the most talented. In such a model, attracting a fellow from the 99th “potential impact” percentile rather than 10 fellows from the 95th percentile would still be worth spending some marginal 45k for, even though it sounds excessive.
“From friends who are Atlas Fellows, they said many Atlas Fellows do not require the scholarship as their parents earn a lot and can already pay for college.” If true, this is evidence in favor of offering them such a ludicrous amount of money. They do not really need the money, so the marginal value is reduced and you need to offer more money to entice such potential students (or think of other benefits). And an unfortunate fact of life seems to be that a person’s financial earnings are highly correlated with those of their parents. Taking earnings as a proxy for potential impact means that a program like the Atlas Fellowship should also consider privileged students as people worth attracting.
And maybe that’s just me, but some of the phrasing comes off as somewhat combative (on the other hand I am aware that many people here think we should state our opinions more directly). As an example, the question in the title: “why do high schoolers need $50k each?” is not really truthful and sounds rhetorical, because nobody has claimed that the applicants need that money, just like high frequency traders do not need high compensation but still firms pay that amount to hire them.
I would usually not go around tone-policing, but I think it would be beneficial in controversial times like this to remember that as **a community we wanted to move away **from evaluating charitable initiatives based on how they sound and instead evaluate them on their results. In that vein, I do not think that it is helpful to quote rumoured single sentences by founders without any context (“not believing in budgets”) and without actually engaging with that sentence. The founders do not owe us accountability of private sentences that they might have uttered at some point.
Hits based giving means that Open Phil should not police the furniture of their grantees, and I am also unsure whether the way they manage inventory is indeed of public interest, as they are not soliciting donations from the public at the moment.