tl;dr: Tarsney's model updates me towards thinking reducing non-extinction existential risks should be a little less of a priority than I previously thought.
Here's a quote from Tarsney (which makes more sense after reading the rest of the paper):
The potentially enormous impact that the long-term rate of ENEs [events which nullify the intended effect of a longtermist intervention, e.g. a later extinction event] has on the expected value of longtermist interventions has implications for “intra-longtermist” prioritization: We have strong pro tanto reason to focus on bringing about states such that both they and their complements are highly stable, since it is these interventions whose effects are likely to persist for a very long time (and thus to affect our civilization when it is more widespread and resource-rich). This suggests, in particular, that interventions focused on reducing existential risk may have higher expected value than, say, interventions aimed at reforming institutions or changing social values: Intuitively, the intended effects of these interventions are relatively easy to undo, or to achieve at some later date even if we fail to achieve them now. So the long-term rate of ENEs (i.e., value of r) may be significantly higher for these interventions than for existential risk mitigation.
See also Greaves and MacAskill's concept of "attractor states".
This indeed seems like an interesting implication of Tarsney's model, and indeed updates me towards placing a bit less emphasis on reducing non-extinction existential risks - e.g., reducing the chance of lock-in of a bad governmental system or set of values.
(I already considered this a lower priority from longtermists as a whole than reducing extinction risks. But I also thought that longtermists should prioritise investigating this potential priority more than they currently do. I still think that, but now with a bit lower confidence.)
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That said, I also think Tarsney's phrasing is a bit misleading. He compares "interventions focused on reducing existential risk" to "interventions aimed at reforming institutions or changing social values". But interventions may be aimed at doing the latter as a means to doing the former; one could try to change institutions or social values with the primary goal of ultimately reducing existential risk (or extinction risk specifically). And Tarsney's model doesn't seem to push against those interventions relative to other means of reducing existential risk.
I think Tarsney really wants to compare interventions aimed at reducing extinction risk to interventions ultimately aimed at changing aspects of the long-term future other than whether humanity goes extinct - e.g., again, reducing the chance of lock-in of a bad governmental system or set of values.
This highlights another way in which Tarsney's phrasing seems a bit misleading: existential risk itself already includes non-extinction existential risk. So I think Tarsney should use the term "extinction risk" here.
In case anyone is interested, Rob Wiblin will be interviewing Tarsney on the 80,000 Hours podcast next week. Rob is accepting question suggestions on Facebook (I think you can submit questions to Rob on Twitter or by email too).