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Costanza comments on Scott Sumner on Utility vs Happiness [Link] - Less Wrong Discussion
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I think the literature on this point is complicated. Wikipedia defines utility as " a measure of relative satisfaction ." A hypothetical crack addict might maximize his consumption of crack without much "satisfaction" or "happiness." Or maybe not, depending on the definitions used.
Hmm. http://en.wikipedia.org/wiki/Revealed_preference would conclude that they had some kind of preference for consuming crack - but yes, defining utility in subjective terms is pretty vague - and it allows all kinds of positions to be argued.