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The word utility is used to mean general well-being or happiness, and Mill's view is that utility is the consequence of a good action. Utility, within the context of utilitarianism, refers to people performing actions for social utility. By social utility, he means the well-being of many people.
This principle is so well established that economists call it the "law of diminishing marginal utility" and it is reflected in the concave shape of most utility functions. [13] This concept is fundamental to understanding a variety of economic phenomena, such as time preference and the value of goods .
In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function.
Principle of utility. The principle of utility, or "greatest happiness principle", forms the cornerstone of all Bentham's thought. By "happiness", he understood a predominance of "pleasure" over "pain". He wrote in An Introduction to the Principles of Morals and Legislation: [86]
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".
Other versions of negative utilitarianism differ in how much weight they give to negative well-being ('disutility') compared to positive well-being (positive utility), as well as the different conceptions of what well-being (utility) is. For example, negative preference utilitarianism says that the well-being in an outcome depends on frustrated ...
The felicific calculus could in principle, at least, determine the moral status of any considered act. The algorithm is also known as the utility calculus, the hedonistic calculus and the hedonic calculus. To be included in this calculation are several variables (or vectors), which Bentham called "circumstances". These are:
For example, Rawls' maximin considers a group's utility to be the same as the utility of the member who is worst off. The "happy" utility monster of total utilitarianism is ineffective against maximin, because as soon as a monster has received enough utility to no longer be the worst-off in the group, there's no need to accommodate it.