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Experienced Utility and Objective Happiness: A Moment-Based Approach

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Decision-Making and Behavioral Economics Psychological Well-being and Life Satisfaction Economic and Environmental Valuation

Abstract

Abstract The concept of utility has carried two different meanings in its long history. As Bentham (1789) used it, utility refers to the experiences of pleasure and pain, the ‘sovereign masters’ that ‘point out what we ought to do, as well as determine what we shall do.’ In modern decision research, however, the utility of outcomes refers to their weight in decisions: utility is inferred from observed choices and is in turn used to explain choices.

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