FREE ESSAY ON ETHICS - RISK TAKING

ETHICS - RISK TAKING

The paper is about risk taking and self-command. It was written for a 
philosophy class in ethics. 
The title of the paper is Risk Taking. It recieved 95 points out of a 
possible 100. 
Risk Taking 
In our lives, it is important to exercise self-command. However, 
we should not be so concerned with the future that we stifle the present. 
The question becomes what balance should we strike between self-command 
and risks? What kinds of risks are acceptable or unacceptable? In this 
essay, we will use two examples of risks to show the distinction between 
the two and arrive at a conclusion as to the balance one should have 
between risk and self command. The first example we will use is of a 
person who spends his life savings on a lottery ticket and does not win 
the lottery. The second is of a person who spends his life savings on a 
hunch regarding a cure for AIDS, a hunch that is false. Before we make 
this distinction, however, it is necessary to define the terms acceptable 
and unacceptable risks. 
Acceptable and Unacceptable Risks 
There are several ways in which one could define which risks are 
acceptable. One could say, for example, that the only acceptable risk is 
one for which the odds of success are greater than the odds of failure. 
Another definition of acceptable risk might be a risk that does not harm 
one's future. We might also say that the only acceptable risk is one 
where the aggregate happiness is increased, thus increasing the moral good 
of the risk, an idea which is based on John Stuart Mill's Utilitarianism. 
Finally, we might define a morally good risk in a Kantian way by saying 
that the only acceptable risk is one which is rationally thought out 
(Thomas, lecture). 
Now that we have several definitions of acceptable risks, we may 
ask how these definitions, which seem piecemeal and unrelated, can all 
combine to form one definition of acceptable risk. The best way to do 
this is to examine the two cases that lie before us and relate the 
definitions to them. In the process of doing so, we will determine which 
risk is acceptable and which is not. 
Risks in the example: the lottery and the AIDS cure 
If the average person on the street were presented with the case 
of spending one's life savings on a lottery ticket and losing or spending 
the same sum on a false hunch regarding an AIDS cure, he or she would 
probably come up with several answers. For the most part though, all the 
answers would be consistent with one idea: the AIDS cure is simply 
worth more and thus is a more acceptable risk. There might be several 
reasons for this. One could assume, for example, that the only person who 
would attempt to cure AIDS would be a doctor with sufficient experience in 
the field. It would follow, then, that the odds of finding a cure for 
AIDS would be much greater than the odds of winning the lottery. To win 
the lottery, one has to draw 6 numbers out of 46 (a probability that is 
very low). However, curing AIDS with medical experience is a less risky 
endeavor. In this instance, trying to cure AIDS would be a greater moral 
good because it is less risk involved in it than in trying to win the 
lottery. This case, although quite valid, is not very interesting. In 
fact, we have solved it rather rapidly. The more interesting case, and 
the one we will consider in depth here, is the case in which one has no 
medical experience whatsoever, but still attempts to find a cure. 
Furthermore, we will set the odds such that one has a better chance of 
winning the lottery than finding a cure for AIDS. Yet, I will still 
show that, regardless of the greater chance of failure, the attempt at an 
AIDS cure is still has more moral worth than the purchase of the lottery 
ticket, even though both result in failure. 
Why does the spending one's life savings on an AIDS cure have more 
moral worth (which makes it a more acceptable risk) than spending the same 
sum on a lottery ticket, when the numerical odds of being successful are 
the same? Why bother, since in the end, the result is the same? The 
answer lies in Mill's definition of a moral good, that which is done to 
increase the common happiness (Mill, Utilitarianism). 
The AIDS cure is something that will increase the common happiness, while 
a person winning the lottery generally will only increase his or her 
happiness. This is almost obvious. Certainly, if I was to win the 
lottery, I would increase my happiness greatly, but the increase in the 
general happiness would be negligible. However, if I were to find a cure 
for AIDS, it would greatly increase the general happiness. Masses of 
suffering people and their loved ones would be much happier. Even though 
my attempt was unsuccessful, it would still be greatly appreciated. Just 
the thought of a cure would have given hope to what could otherwise be a 
bleak existence. The mere possibility of being saved from an almost 
certain death would increase several victims' happiness. We see this 
today, when, each time a new drug that delays the progression of AIDS is 
approved, people flock to it. That such things are not cures and that 
some of them do not offer guarantees (indeed, many are experimental) is 
almost insignificant. People still try them. Why? Because they offer a 
hope of continuing what humans treasure most: life. Similarly, my AIDS 
cure would offer some hope to patients who are assured an eventual long, 
painful death. Maybe the cure might work for them. If not, that it did 
not would be almost insignificant. Spending my life's savings on an AIDS 
cure would almost certainly increase the general happiness, as it would 
provide hope. That, in the end, it is a failure is of little, if any, 
significance.