Back to Bentham? Explorations of Experienced Utility

S-Tier
Journal: Quarterly Journal of Economics
Year: 1997
Volume: 112
Issue: 2
Pages: 375-406

Score contribution per author:

2.681 = (α=2.01 / 3 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

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 normative theory of the total experienced utility of temporally extended outcomes. Measuring the experienced utility of outcomes permits tests of utility maximization and opens other Unes of empirical research.

Technical Details

RePEc Handle
repec:oup:qjecon:v:112:y:1997:i:2:p:375-406.
Journal Field
General
Author Count
3
Added to Database
2026-01-25