The article explicates a notion of prudence according to which an agent acts prudently if he acts so as to satisfy not only his present preferences, but his past and future preferences as well. A simplified decision-theoretic framework is developed within which three analyses of prudence are presented and compared. That analysis is defended which can best handle cases in which an agent's present act will affect his future preferences.

This chapter discusses desire theory and how the temporal gap between desires and the states of affairs that satisfy them affects this theory. Satisfaction is not that important in desire theory because even if getting what we want fails to satisfy, we are better off for having got it. The rationale for rejecting hedonistic accounts of well-being in favor of desire theories is the intuition that states of affairs that are not “like” anything for us can harm and benefit us. (...) Sumner, however, suggests that even if we grant the desire theorist’s fundamental assumption that they can make a difference to our well-being, the prospective character of desire, which opens a temporal gap between desires and the states of affairs that satisfy them, undermines the account. (shrink)

What distinguishes preference utilitarianism from other utilitarian positions is the axiological component: the view concerning what is intrinsically valuable. According to PU, intrinsic value is based on preferences. Intrinsically valuable states are connected to our preferences being satisfied.

It has become commonplace to distinguish enumerative theories of welfare, which tell us which things are good for us, from explanatory theories, which tell us why the things that are good for us have that status. It has also been claimed that while hedonism and objective list theories are enumerative but not explanatory, desire satisfactionism is explanatory but not enumerative. In this paper, I argue that this is mistaken. When properly understood, every major theory of welfare is both enumerative and (...) explanatory. (shrink)

The desire-satisfaction theory of welfare says, roughly, that one's life goes well to the extent that one's desires are satisfied. On standard 'actualist' versions of the theory, it doesn't matter what you desire. So long as you are getting what you actually want – whatever it is – things are going well for you. There is widespread agreement that these standard versions are incorrect, because we can desire things that are bad for us -– in other words, because there are (...) 'defective desires'. The aim of this paper is to defend the actualist desire-satisfaction theory against the problem of defective desires. I aim to show how the theory can accommodate the obvious fact that we can desire things that are bad for us. Admittedly, there are kinds of allegedly defective desire the theory cannot accommodate, but these desires, I argue, turn out not to be defective in the relevant way. (shrink)

Most of us display a bias toward the near: we prefer pleasurable experiences to be in our near future and painful experiences to be in our distant future. We also display a bias toward the future: we prefer pleasurable experiences to be in our future and painful experiences to be in our past. While philosophers have tended to think that near bias is a rational defect, almost no one finds future bias objectionable. In this essay, we argue that this hybrid (...) position is untenable. We conclude that those who reject near bias should instead endorse complete temporal neutrality. (shrink)

Subjectivism about well-being holds that ϕ is intrinsically good for x if and only if, and to the extent that, ϕ is valued, under the proper conditions, by x. Given this statement of the view, there is room for intramural dissent among subjectivists. One important source of dispute is the phrase “under the proper conditions”: Should the proper conditions of valuing be actual or idealized? What sort of idealization is appropriate? And so forth. Though these concerns are of the first (...) importance, this essay focuses on a second source of dispute. As stated, subjectivists must account for what it means for an individual x to value ϕ under any conditions. Though there has been some disagreement, most subjectivists hold that x values ϕ if and only if x desires ϕ. This essay argues that subjectivists have erred in accepting a desiderative theory of valuing. Instead, it argues that subjectivists should hold that x values ϕ to the extent that x judges or believes that ϕ is good for x. The resulting “judgment subjectivism” is intuitively superior to, and maintains important structural advantages over, its desiderative rival. (shrink)

An important platitude about prudential rationality is that I should not refuse to sacrifice a smaller amount of present welfare for the sake of larger future benefits. I ought, in other words, to treat my present and future as of equal prudential significance. The demands of prudence are less clear, however, when it comes to one’s past selves. In this paper, I argue that past benefits are possible in two ways, and that this fact cannot be easily accommodated by traditional (...) approaches to prudential rationality. Against univocal accounts of prudential rationality, I hold that the possibility of past benefits suggests that a bias toward the present and future is defensible when it comes to some welfare goods, but that prudential reasons are temporally neutral between when it comes to the success or failure of one’s long-term projects. (shrink)

Welfare is at least occasionally a temporal phenomenon: welfare benefits befall me at certain times. But this fact seems to present a problem for a desire-satisfaction view. Assume that I desire, at 10am, January 12th, 2010, to climb Mount Everest sometime during 2012. Also assume, however, that during 2011, my desires undergo a shift: I no longer desire to climb Mount Everest during 2012. In fact, I develop an aversion to so doing. Imagine, however, that despite my aversion, I am (...) forced to climb Mount Everest. Does climbing Mount Everest benefit me? If so, when? A natural answer seems to be that if in fact it does benefit me, it benefits me at no particular time, and hence the desire-satisfaction view cannot accommodate the phenomenon of temporal welfare. In this paper, I argue, first, that a desire-satisfaction view can accommodate the phenomenon of temporal welfare only by accepting what I call the “time-of-desire” view: that p benefits x at t only if x desires p at t . Second, I argue that this view can be defended from important objections. (shrink)

The purpose of this paper is to present a new argument against so-called fitting attitude analyses of intrinsic value, according to which, roughly, for something to be intrinsically good is for there to be reasons to want it for its own sake. The argument is indirect. First, I submit that advocates of a fitting-attitude analysis of value should, for the sake of theoretical unity, also endorse a fitting-attitude analysis of a closely related but distinct concept: the concept of intrinsic value (...) for a person, i.e., the concept of welfare. Then I argue directly against fitting-attitude analyses of welfare. This argument, which is the focus of the paper, is based on the idea that whereas whether an event is good or bad for a person doesn’t change over time, the attitudes there is reason to have towards such an event can change over time. Therefore, one cannot explain the former in terms of the latter, as fitting-attitude analyses of welfare attempt to do. (shrink)

Nearly everyone prefers pain to be in the past rather than the future. This seems like a rationally permissible preference. But I argue that appearances are misleading, and that future-biased preferences are in fact irrational. My argument appeals to trade-offs between hedonic experiences and other goods. I argue that we are rationally required to adopt an exchange rate between a hedonic experience and another type of good that stays fixed, regardless of whether the hedonic experience is in the past or (...) future. (shrink)