Back to Bentham? Explorations of Experienced Utility


Two core meanings of " utility " are distinguished. " Decision utility " is the weight of an outcome in a decision. " Experienced utility " is hedonic quality, as in Bentham's usage. Experienced utility can be reported in real time (instant utility), or in retrospective evaluations of past episodes (remembered utility). Psychological research has documented systematic errors in retrospective evaluations, which can induce a preference for dominated options. We propose a formal norma-tive theory of the total experienced utility of temporally extended outcomes. Measuring the experienced utility of outcomes permits tests of utility maximization and opens other lines of empirical research.

Extracted Key Phrases

Showing 1-10 of 40 references

Accounting for Tastes

  • G S Becker
  • 1996
1 Excerpt

Beyond the Peak and End Hypothesis: Exploring the Relation between Real-Time Displeasure and Retrospective Evaluation

  • C A Schreiber, D Kahneman
  • 1996
1 Excerpt

Improving the Memory of a Colonoscopy Working Paper

  • D Redelmeier, D Kahneman
  • 1996
2 Excerpts

A Bias in the Prediction of Tastes

  • G Loewenstein, D Adler
  • 1995

Intuitive Hedonics: Consumer Beliefs about the Dynamics of Liking

  • J Snell, B J Gibbs, C Varey
  • 1995
1 Excerpt

New Challenges to the Rationality Assumption

  • D Kahneman
  • 1994
1 Excerpt

Unhappiness and Unemployment

  • A E Clark, A J Oswald
  • 1994

An Inquiry into Well-Being and Destitution

  • P Dasgupta
  • 1993
Showing 1-10 of 391 extracted citations
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