An important objection to preference-satisfaction theories of well-being is that these theories cannot make sense of interpersonal comparisons of well-being. A tradition dating back to Harsanyi () attempts to respond to this objection by appeal to so-called extended preferences: very roughly, preferences over situations whose description includes agents’ preferences. This paper examines the prospects for defending the preference-satisfaction theory via this extended preferences program. We argue that making conceptual sense of extended preferences is less problematic than others have supposed, but (...) that even so extended preferences do not provide a promising way for the preference satisfaction theorist to make interpersonal well-being comparisons. Our main objection takes the form of a trilemma: depending on how the theory based on extended preferences is developed, either the result will be inconsistent with ordinary preference-satisfaction theory, or it will fail to recover sufficiently rich interpersonal well-being comparisons, or it will take on a number of other arguably odd and undesirable commitments. (shrink)

An important objection to preference-satisfaction theories of well-being is that they cannot make sense of interpersonal comparisons. A tradition dating back to Harsanyi :434, 1953) attempts to solve this problem by appeal to people’s so-called extended preferences. This paper presents a new problem for the extended preferences program, related to Arrow’s celebrated impossibility theorem. We consider three ways in which the extended-preference theorist might avoid this problem, and recommend that she pursue one: developing aggregation rules that violate Arrow’s Independence of (...) Irrelevant Alternatives condition. (shrink)

Economic policy decisions require comparisons of the gains and losses from policy choices to different people. If those gains can be valued in monetary terms, than all that is needed is a comparison of the value of income to different persons, which can be weights in cost-benefit analysis. An objective comparison of the value of income to different people has been long sought but never found. I propose that when money to be allocated is controlled by a group of people (...) with equal control over that money, then a hypothetical auction for transfers of income between people can produce a collective judgment about the value of income that provides suitable weights, and is morally defensible in cases where the decision is made by the group collectively, e.g. when making government policy choices. I provide a method for calculating such weights from observed choices about distributing income, and discuss several desirable properties that they have. (shrink)