Skip to main content Accessibility help
×
Hostname: page-component-7479d7b7d-fwgfc Total loading time: 0 Render date: 2024-07-10T02:25:24.238Z Has data issue: false hasContentIssue false

2 - Intrinsic Utility Analysis

Published online by Cambridge University Press:  28 July 2009

Paul Weirich
Affiliation:
University of Missouri, Columbia
Get access

Summary

One traditional form of utility analysis assesses an option's utility by tallying the utility derived from the option's realization or frustration of the agent's goals. For example, reading War and Peace may achieve the goal of absorbing Tolstoy's great novel but frustrate the goal of painting the house. Each goal's weight depends on its realization's utility. The utility of reading the classic is then a sum of weights positive for goals it realizes and negative for goals it frustrates. This chapter refines and elaborates the method of utility analysis, which I call intrinsic utility analysis.

Section 1.1 applied intrinsic utility analysis to the social utility of a new safety standard. The analysis used some of society's goals: health, security, and prosperity. Such goals form a dimension of analysis for utilities. Intrinsic utility analysis relies on the dimension of goals – that is, considerations appealing directly to goals. Other forms of analysis rely on other dimensions, or types of consideration. This chapter explains how intrinsic utility analysis uses goals to calculate utilities. Later chapters introduce additional methods of utility analysis.

Intrinsic utility analysis is named after its elements. It reduces utilities to intrinsic utilities. Intrinsic utility is a new, noncomprehensive type of utility, so named because it assesses only the intrinsic features of objects of desire and aversion. Section 2.2.1 introduces intrinsic utility as part of an explanation of intrinsic utility analysis.

Type
Chapter
Information
Decision Space
Multidimensional Utility Analysis
, pp. 41 - 74
Publisher: Cambridge University Press
Print publication year: 2001

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×