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The felicific calculus is an algorithm formulated by utilitarian philosopher Jeremy Bentham (1748–1832) for calculating the degree or amount of pleasure that a specific action is likely to induce. Bentham, an ethical hedonist , believed the moral rightness or wrongness of an action to be a function of the amount of pleasure or pain that it ...
Bang for buck is a concept in utility maximization which refers to the consumer's desire to get the best value for their money. If Walras's law has been satisfied, the optimal solution of the consumer lies at the point where the budget line and optimal indifference curve intersect, this is called the tangency condition. [3]
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Mill considered Bentham's view "to have done and to be doing very serious evil." [91] In Mill's hands, "Benthamism" became a major element in the liberal conception of state policy objectives. Bentham's critics have claimed that he undermined the foundation of a free society by rejecting natural rights. [92]
Act utilitarianism is based on the principle of utility, which is the basis of all utilitarian theories and is best summed up in Bentham's well-known phrase, "the greatest happiness for the greatest number".
The utility functions may represent their chance of recovery – () is the probability of agent to recover by getting doses of the medication. The utilitarian rule then allocates the medication in a way that maximizes the expected number of survivors.
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An additive agent has a utility function that is an additive set function: for every additive agent i and item j, there is a value ,, such that () =, for every set Z of items. When all agents are additive, welfare maximization can be done by a simple polynomial-time algorithm: give each item j to an agent for whom v i , j {\displaystyle v_{i,j ...