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Individual Utility in a Context of Asymetric Sensitivity to Pleasure and Pain: An Interpretation of Bentham's Felicific Calculus

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  • André Lapidus

    (PHARE - Pôle d'Histoire de l'Analyse et des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne - UPN - Université Paris Nanterre)

  • Nathalie Sigot

    (PHARE - Pôle d'Histoire de l'Analyse et des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne - UPN - Université Paris Nanterre)

Abstract

This paper aims at exploring, in a formal way, Bentham's statement that "the pleasure of gaining is not equal to the evil of losing", which belongs to those aspects of the principle of utility left aside by Jevon's reconstruction. Consequently, the agent's preference order will be viewed as depending on his initial situation, and on asymmetric sensitivity to gains and losses, relative to this situation. This leads i) to discuss the coexistence of multiple preference orders, illustrated by Bentham's analysis of the optimal labour contract, and ii) to introduce true deliberation as a consequence of the gap between positive choice and rival assessments of utility.

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  • André Lapidus & Nathalie Sigot, 2000. "Individual Utility in a Context of Asymetric Sensitivity to Pleasure and Pain: An Interpretation of Bentham's Felicific Calculus," Post-Print hal-00344899, HAL.
    • Handle: RePEc:hal:journl:hal-00344899
    Note: View the original document on HAL open archive server: https://paris1.hal.science/hal-00344899
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    References listed on IDEAS

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    1. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-824, December.
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    4. Nathalie Sigot, 1993. "« Be quiet », mais modérément : le rôle de l'État dans la pensée économique de Jeremy Bentham," Revue Économique, Programme National Persée, vol. 44(1), pages 23-50.
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    Cited by:

    1. A. Baujard, 2006. "From moral welfarism to technical non-welfarism : A step back to Bentham’s felicific calculus of its members," Economics Working Paper Archive (University of Rennes & University of Caen) 200606, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    2. André Lapidus, 2000. "La rationalité du choix passionnel : En quête de l'héritage de David Hume," Post-Print hal-00343939, HAL.
    3. Zhihua Li & Kirsten I. M. Rohde & Peter P. Wakker, 2017. "Improving one’s choices by putting oneself in others’ shoes – An experimental analysis," Journal of Risk and Uncertainty, Springer, vol. 54(1), pages 1-13, February.

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