Back to Bentham? Explorations of Experienced Utility

Kahneman, Daniel; Wakker, Peter P.; Sarin, Rakesh K.

doi:10.1162/003355397555235

Cited by 2,017 publications

(1,231 citation statements)

References 31 publications

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“…Kahneman et al (1997) understands economic behavior as being driven by hedonistic, utilitarian motives, i.e. by the enjoyment of pleasure and the avoidance of pain.…”

Section: #1203mentioning

confidence: 99%

Impulsive consumption and reflexive thought: Nudging ethical consumer behavior

Lades¹

2014

Journal of Economic Psychology

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The paper deals with impulsive consumption and highlights the roles that cognitive and motivational aspects of reflexive thought (namely self-control and self-image motives, respectively) play in intertemporal decisions. While self-control inhibits individuals from consuming impulsively, self-image motives can induce impulsive consumption. Based on recent neuroscientific findings about 'wanting'-'liking' dissociations, the paper presents a potential motivational mechanism underlying such impulsive consumption decisions. Utilizing the knowledge of this mechanism and acknowledging both cognitive and motivational aspects of reflexive thought, the paper expands on three libertarian paternalistic means to foster an ethical way of impulsive consumption: strengthening willpower, reducing impulsive desires to consume, and guiding impulsive behavior in ethical directions by making salient certain self-images that favor ethical consumption.

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“…Kahneman et al (1997) understands economic behavior as being driven by hedonistic, utilitarian motives, i.e. by the enjoyment of pleasure and the avoidance of pain.…”

Section: #1203mentioning

confidence: 99%

Impulsive consumption and reflexive thought: Nudging ethical consumer behavior

Lades¹

2014

Journal of Economic Psychology

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“…Unless entirely random, the choice of an action is usually contingent on some form of expectations, i.e. more or less rudimentary forms of "predicted utility" (Kahneman et al 1997). Once a specific action has been taken, its outcome has an experience quality that may, of course, differ from the predicted one.…”

Section: The Plural Aspects Of Utilitymentioning

confidence: 99%

“…Montague and Berns (2002, 279) write: "Together, these results suggest that the OFS [orbitofrontal cortex and striatum] circuits act to generate a common internal currency (scale) for the valuation of payoffs, losses …". It may be argued that this internal condensation of a multidimensional profile of the reward record results in the continuous calculation of what Kahneman et al (1997) have called "instant utility". Instant utility is the continuous hedonic evaluation of sensory experience over time in the form of positive or negative valence.…”

Section: Neuroeconomic Insights On Utilitymentioning

confidence: 99%

“…The flow of instantaneous utility may be remembered in ways that differ from what was actually experienced during the episode. The reason for the divergence of instantaneously experienced and ex post remembered utility are cognitive effects that distort an individual's memory (Kahneman et al, 1997;Schreiber and Kahneman, 2000). When looking ahead at the time before or while making a choice, the utility to be derived from a choice is forecast on the basis of the memory of previously experienced similar episodes, or by cognitively constructed inferences.…”

Section: On the Divergence Between Wanting And Likingmentioning

confidence: 99%

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Disentangling motivational and experiential aspects of “utility” – A neuroeconomics perspective

Witt¹,

Binder

2013

Journal of Economic Psychology

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractAlthough decision makers are often reported to have difficulties in making comparisons between multi-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons, this assumption may be warranted. It is claimed that the decision makers' difficulties can be explained once the motivational aspects of utility ("wanting") are disentangled from the experiential ones ("liking") and the features of the different psychological processes involved are recognized.

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“…For example, many philosophers thought of utility as sensation of momentary pleasure (and pain), rather than a number used to index choices of commodit y bundles. Reopening t he explor ation o f these distinctions among t ypes of ut ility is the goal of resear ch o n hedo nics , or the Bent hamite pr ogram begu n by Daniel Kahneman in various collaborations (e.g., Kahneman, Sarin and Wakker, 1997).…”

Section: Hedonicsmentioning

confidence: 99%