Quantities of Lifetime Wellbeing

Abstract

Abstract This chapter defines a quantitative notion of a person’s lifetime wellbeing. It does so on the basis of betterness among uncertain prospects, using expected utility theory (which the chapter explains) and a theorem of John Harsanyi. It adopts the assumption of Daniel Bernoulli that wellbeing is risk-neutral. It gives an account of interpersonal comparisons of wellbeing.

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