The ‘adjustment strategy’ currently seems to be the most common approach to incorporating objective elements into one's theory of well‐being. These theories face a certain problem, however, which can be avoided by a different approach – namely, that employed by ‘partially objective multi‐component theories.’ Several such theories have recently been proposed, but the question of how to understand their mathematical structure has not been adequately addressed. I argue that the most mathematically simple of these multi‐component theories fails, so I proceed (...) to investigate more sophisticated ways to formulate such a theory. I conclude that one of these – the Discount/Inflation Theory – is particularly promising. (shrink)

Hausman and McPherson defend welfare economics by claiming that even if welfare does not consist in preference satisfaction, preferences still provide good, if fallible, evidence of welfare. I argue that this strategy does not yet fully solve the problems for welfare economics stemming from the preference satisfaction theory of welfare. More work is needed to show that our self-interested preferences are sufficiently reliable, or in some other sense our best, evidence of well-being. Thus, my aim is to identify the challenges (...) that remain and clarify what additional work is needed before Hausman and McPherson's defence of welfare economics succeeds. (shrink)

This dissertation is structured in such a way as to gradually home in on the true theory of welfare. I start with the whole field of possible theories of welfare and then proceed by narrowing down the options in a series of steps. The first step, undertaken in chapter 2, is to argue that the true theory of welfare must be what I call a partly response independent theory. First I reject the entirely response independent theories because there are widely-shared (...) intuitions suggesting that some psychological responses are indeed relevant to welfare. Then I reject the entirely response dependent theories because there are other central intuitions suggesting that our welfare is not determined solely by our psychological responses. Thus I reach the preliminary conclusion that welfare must involve some response independent (or objective) component. The next step is to consider the most promising theories in the partly response independent category. In particular, I formulate, refine and ultimately reject what seem to be the main monistic theories that have been proposed in this category. In chapter 4, I reject the Adjusted-Enjoyment Theories of Welfare because they cannot account for the claim that a life containing no pleasure or pain can still contain a positive amount of welfare (e.g. if it’s a particularly successful life). Then in chapters 5-7, I discuss Desire Satisfaction theories of welfare. I argue that even the most promising of these theories – e.g. Worthiness Adjusted Desire Satisfactionism – are problematic because they cannot accommodate the claim that a life containing no success with respect to worthwhile projects can still contain a positive amount of welfare (e.g. if it’s a particularly pleasant life). Finally, I suggest that in order to accommodate the intuitions that led to the rejection of all these other theories of welfare, what is needed is a multi-component theory. In the final chapter, I formulate a multi-component theory that is particularly promising. Not only does it avoid the problems of the monistic theories discussed earlier, but, by incorporating a number of novel mathematical devices, it avoids problems that undermine several other initially promising multi-component theories of welfare. (shrink)