Utility : Anticipated , Experienced , and Remembered

  title={Utility : Anticipated , Experienced , and Remembered},
  author={Carey K. Morewedge},
Modern conceptions of utility are rooted in the system that Jeremy Bentham proposed to determine which actions and laws most benefit the most people. Bentham believed that the value of every action could be quantified in terms of its utility – the intensity of pleasure or pain that it caused, as well as the duration of its influence, its uncertainty, and its propinquity or remoteness. The value of every action was thus a function of the total pleasure and pain it elicited, weighted by its… CONTINUE READING