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Unformatted text preview: Utility is- a numerical measure of good achievement- a numerical measure of “good” Utility isn’t just- pleasure- money- happiness- outcomes that have “usefulness” 3 ways to think about utility- predicted experienced o do people know what will be good for them?- predicted decision o Do people use their hedonic knowledge- decision experienced o do people choose what will be good for them Pascal – decisions are the same as gambles- leading the Christian life is better than not- the values of 100 and -100 cannot do justice to how good or bad hell vs. heaven is- when making a decision with uncertainty, pick the option with the highest utility, regardless of what your 0 point is o You can multiply every value by 1 billion and you will always pick the same option o Temperature is an example of a scale in which the 0 mark is more or less arbitrary Expected utility theory is normatively correct No other policy maximizes utility in the long run- it is implied by certain axioms or principles...
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This note was uploaded on 01/14/2012 for the course PPE 253 taught by Professor Mellers during the Fall '11 term at UPenn.
- Fall '11