Suchergebnisse

Happiness and Utility brings together experts on utilitarianism to explore the concept of happiness within the utilitarian tradition, situating it in earlier eighteenth-century thinkers and working through some of its developments at the end of the nineteenth and beginning of the twentieth centuries. Drawing on a range of philosophical and historical approaches to the study of the central idea of utilitarianism, the chapters provide a rich set of insights into a founding component of ethics and modern political and economic thought, as well as political and economic practice. In doing so, the chapters examine the multiple dimensions of utilitarianism and the contested interpretations of this standard for judgement in morality and public policy.

Originally published in 1967. In the past half-century, Utilitarianism has fallen out of favor among professional philosophers, except in such "amended" forms as "Ideal" and "Rule" Utilitarianism. Professor Narveson contends that amendments and qualifications are unnecessary and misguided, and that a careful interpretation and application of the original theory, as advocated by Bentham, the Mills, and Sidgwick, obviates any need for modification. Drawing on the analytical work of such influential recent thinkers as Stevenson, Toulmin, Hare, Nowell-Smith, and Baier, the author attempts to draw a more careful and detailed picture than has previously been offered of the logical status and workings of the Principle of Utility. He then turns to the traditional objections to the theory as developed by such respected thinkers as Ross, Frankena, Hart, and Rawls and attempts to show how Utilitarianism can account for our undoubted obligations in the areas of punishment, promising, distributive justice, and the other principal moral convictions of mankind. He contends that the Principle of Utility implies whatever is recognized to be clearly true in these convictions and that it leaves room to doubt whatever is doubtful in them. Narveson concludes with a rationally forceful proof of the Principle of Utility. In the course of this argument, which draws on the most widely accepted recent findings in analytical ethics, Narveson discovers an essential identity between the ethical outlooks of Kant and of Mill, which are traditionally held to be antithetical. Both thinkers, he shows, center on the principle that the interests of others are to be regarded as equal in value to one's own. A new view of Mill's celebrated "proof of utilitarianism" is developed in the course of the discussion.

Auctions are considered with a (non-symmetric) independent-private-value model of valuations. It shall be demonstrated that a utility equivalence principle holds for an agent if and only if she has constant absolute risk aversion.

AbstractIn expected utility many results have been derived that give necessary and/or sufficient conditions for a multivariate utility function to be decomposable into lower‐dimensional functions. In particular, multilinear, multiplicative and additive decompositions have been widely discussed. These utility functions can be more easily assessed in practical situations.In this paper we present a theory of decomposition in the context of nonadditive expected utility such as anticipated utility or Choquet expected utility. We show that many of the results used in conventional expected utility carry over to these more general frameworks.If preferences over lotteries depend only on the marginal probability distributions, then in expected utility the utility function is additively decomposable. We show that in anticipated utility the marginality condition implies not only that the utility function is additively decomposable but also that the distortion function is the identity function. We further demonstrate that a decision maker who is bivariate risk neutral has a utility function that is additively decomposable and a distortion function q for which q(½) = ½.

AbstractThe construction of a multiattribute utility function is significantly simplified if it is possible to decompose the function into lower‐order utility assessments. When every attribute is utility independent of its complement, we have a powerful property that reduces the functional form into a multilinear combination of single‐attribute functions. We propose a natural extension to the multilinear form requiring the milder set of independence conditions: every attribute is utility independent of a subset of the attributes in its complement. We introduce a graph, which we call the bidirectional utility diagram, to facilitate the elicitation of these utility independence conditions. We also define a class of bidirectional diagrams, which we refer to as the canonical form. We show how this canonical representation leads to tractable functional forms of utility functions that may appeal to the decision analyst and can be used in practice. We also discuss situations where a canonical form does not exist. We then present an iterative approach to determine the lower‐order utility assessments that are required for a given set of utility independence assertions. We conclude with some extensions of this graph‐based approach to independence relations of the form: a subset of the attributes is utility independent of another subset. Copyright © 2010 John Wiley & Sons, Ltd.

This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on utility and probability.

36 pp. Appendices, charts, table. ; This Integrated Resource Plan presents a long-term forecast of the lowest reasonable cost combination of resources necessary to meet the needs of Springfield Utility Board's (SUB) customers. The Plan evaluates SUB's electric resource portfolio based on a very dynamic power-supply marketplace and integrates these options with forecasted energy demands of customers expected to be served by SUB over the next several years. The purpose is aimed at finding the resource portfolio with the best combination of cost and risk for customers. It provides balance between the least expensive power-supply portfolio and the most desirable way to meet all customers' energy needs. Both supply- and demand-side resources were evaluated, including a review of the potential benefits, costs, and risks, along with political and environmental considerations. The Plan expands the focus from specific electric rates to including information about monthly energy bills and customer comfort.