Summary

Utility has two distinct definitions. Jeremy Bentham began his “Introduction to the Principles of Morals and Legislation” with these famous words: “Nature has placed mankind under the governance of two sovereign masters – pain and pleasure.” (391) Bentham later apologized for using the term “utility” to his experiences but admitted that he couldn’t think of a better word. Economists have used the word for “wantability” while Kahneman has used the term “decision utility.” He has long been fascinated with the possible difference between experienced utility and decision utility. He and a colleague developed a method of actually measuring the experience of pain. This information will assistant medical professionals in pain management.

It is tricky to distinguish between memories and experiences. For example, a man complained that the long symphony that he listened to was ruined because of a large scratch at the end of...