Fraser highlights an unattractive feature of Mohist ethics: the Mohists, while criticizing their Confucian contemporaries, restrict one’s pursuits to the most basic sorts of goods. Fraser suggests that the Mohists assume the perpetuity of scarce resources, which leads to a commitment to austerity, which in turn leads them to deny a plausible third way between austerity and excess. In their defence, I argue that the Mohists do not assume perpetuity of scarce resources but rather the hedonic treadmill. And (...) instead of begging the question by assuming austerity and then denying a moderate alternative to excess, the Mohists take the hedonic treadmill to preclude a principled stopgap between austerity and excess, leaving austerity as the only acceptable option. Finally, these dynamics illuminate a feature that should make us wary of parallels to Millian utilitarianism: the maximization principle of the latter is absent from Mohism, and this goes hand-in-hand with austerity. (shrink)

Stephen Kershnar (2004) recently argues that under its most plausible interpretation, equality of opportunity is simply not something worth pursuing; at least, not for itself. In this paper I try to show that even if we accept Kershnar's characterisation of equality of opportunity in terms of weighted aggregate chances, none of his objections succeed. Opportunities, not outcomes, are the appropriate focus of EO advocates; hedonic treadmills are irrelevant to the issue; we do not need to assume general equality in (...) some attribute to ground equality of opportunity; finally, it is possible to show that it is permissible to promote EO at some cost to other independent values. (shrink)

In the last few decades psychologists have gained a clearer picture of the notion of happiness and a more sophisticated account of its explanation. Their research has serious consequences for any ethic based on the maximization of happiness, especially John Stuart Mill’s classical eudaimonistic utilitarianism. In the most general terms, the research indicates that a congenital basis for homeostatic levels of happiness in populations, the hedonic treadmill effect, and other personality factors, contribute to maintain a satisfactory level of (...) happiness over the long run for a large percentage of any population, and relatively independently of the circumstances of the population. Consequently, although there are certainly ethical reasons to address the conditions of persons and populations, it is of marginal value to base such decisions on improvements in their levels of happiness. The happiness of others is not a sensible criterion for ethical decision-making. (shrink)

This chapter contains sections titled: From Metaphysics to Psychology Shackled by Social Pressure Shackled by Self‐Deception Shackled by Discontent Solutions Shackled by the Dearth of Shackles Discussion Acknowledgments.

Philosophical counseling is a helping profession that relates to the ancient concept of philosophy as a discipline with therapeutic potential. Unfortunately, there is no empirical evidence supporting the claim of therapeutic effects philosophy is supposed to have. Philosophical counselors do not have any exclusive methods – distinctive from the procedures used in psychotherapy – that we could find as sources of therapeutic effects. Philosophical counselors often do not understand the processes that generate therapeutic effects and mistakenly attribute these effects to (...) the usage of their philosophical “methods”. Lack of knowledge in the fields of psychology and psychiatry that philosophical counselors show begs the question whether philosophical counseling is not harmful in some cases. There is no reason to solve the issue of relationship between philosophy and psychotherapy by establishing separate field of philosophical counseling. Instead, the aim should be to help psychologists and prospective psychotherapists acquire proper philosophical competences – in terms of philosophical skills and knowledge. (shrink)

Youth materialism excites adolescents’ unethical consumer beliefs (UCB-dishonesty). We develop a second-stage moderated mediation model, investigate the relationships between materialism and Generation Z teenagers’ consumer ethics (UCB-dishonesty), and treat two self-concept mechanisms (power and self-esteem) as dual mediators and culture as a moderator (China vs. France). We theorize that materialism enhances power (public self) and reduces self-esteem (private self). French adolescents’ sense of power increases UCB more than their Chinese counterparts. Chinese teenagers’ self-esteem reduces UCB more than their French counterparts. (...) We challenge the assumption that the interaction effects between consumers’ self-concepts and UCB are the same across cultures. We offer the following discoveries based on 1,005 (409 Chinese and 596 French) adolescents. First, the measurement model of consumer ethics with four subconstructs is superior to the model with one overall construct. Second, a sense of power and self-esteem mediate the relationships between youth materialism and consumer ethics, creating two positive and negative paths for power and self-esteem, respectively. Third, French adolescents display a higher magnitude and positive intensity between adolescents’ power (public self) and UCB-dishonesty than their Chinese counterparts across all four subconstructs. Chinese teenagers illustrate a lower magnitude but a higher negative intensity between self-esteem and UCB than their French counterparts across three subconstructs, with one exception: Adolescents’ self-esteem has no impact on “no harm, no foul” across cultures. Neither buyers nor sellers experience substantial financial gains or losses. Finally, cultures moderate the second-stage mediation effects. Scholars must enhance adolescents’ self-esteem and curb their power to promote honesty. We offer implications for materialism, consumer ethics, self-concepts, and culture for consumers and retailers. (shrink)

It has widely been assumed, by philosophers, that our first-person preferences regarding pleasurable and painful experiences exhibit a bias toward the future (positive and negative hedonic future-bias), and that our preferences regarding non-hedonic events (both positive and negative) exhibit no such bias (non-hedonic time-neutrality). Further, it has been assumed that our third-person preferences are always time-neutral. Some have attempted to use these (presumed) differential patterns of future-bias—different across kinds of events and perspectives—to argue for the irrationality of (...) hedonic future-bias. This paper experimentally tests these descriptive hypotheses. While as predicted we found first-person hedonic future-bias, we did not find that participants were time-neutral in all other conditions. Hence, the presumed asymmetry of hedonic/non-hedonic and first/third-person preferences cannot be used to argue for the irrationality of future-bias, since no such asymmetries exist. Instead, we develop a more fine-grained approach, according to which three factors—positive/negative valence, first/third-person, and hedonic/non-hedonic—each independently influence, but do not determine, whether an event is treated in a future-biased or time-neutral way. We discuss the upshots of these results for the debate over the rationality of future-bias. (shrink)

Some philosophers have claimed that pleasures and pains are characterized by their particular or . Most contemporary writers reject this view: they hold that hedonic states have nothing in common except being liked or disliked (alternatively: pursued or avoided) for their own sake. In this article, I argue that the hedonic tone view has been dismissed too quickly: there is no clear introspective or scientific evidence that pleasures do not share a phenomenal quality. I also argue that analysing (...) hedonic states in terms of liking or wanting is implausible. If it is correct that pleasures and pains are not united by any particular hedonic tone, we should instead simply conclude that there are several different hedonic tones. This pluralistic understanding of the hedonic tone view has generally been overlooked in the literature, but appears to be fairly plausible as a philosophical account of pleasure and pain. (shrink)

Hedonic pluralism is the thesis that 'pleasure' cannot be given a single, all-embracing definition. In this paper I criticize the reasoning people use to support this thesis and suggest some plausible all-encompassing analyses that easily avoid the kinds of objections people raise to all-encompassing analyses.

Which beings have moral status? I argue that moral status requires some capacity for hedonic feelings of pleasure or displeasure. David Chalmers rejects this view on the grounds that it denies moral status to Vulcans, which are defined as conscious creatures with no capacity for hedonic feelings. On his more inclusive view, all conscious beings have moral status. We agree that only conscious beings have moral status, but we disagree about how to explain this. I argue that we (...) cannot explain why consciousness is necessary for moral status without denying that it is sufficient for moral status. Hence, we cannot exclude unconscious zombies without excluding conscious Vulcans too. (shrink)

We conducted an integrative data analysis to examine the hedonic character of nostalgia. We combined positive and negative affect measures from 41 experiments manipulating nostalgia. Overall, nostalgia inductions increased positive and ambivalent affect, but did not significantly alter negative affect. The magnitude of nostalgia’s effects varied markedly across different experimental inductions of the emotion. The hedonic character of nostalgia, then, depends on how the emotion is elicited and the benchmark to which it is compared. We discuss implications for (...) theory and research on nostalgia and emotions in general. (shrink)

Intentional inhibition refers to stopping oneself from performing an action at the last moment, a vital component of self-control. It has been suggested that intentional inhibition is associated with negative hedonic value, perhaps due to the frustration of cancelling an intended action. Here we investigate hedonic implications of the free choice to act or inhibit. Participants gave aesthetic ratings of arbitrary visual stimuli that immediately followed voluntary decisions to act or to inhibit action. We found that participants for (...) whom decisions to act produced a strong positive hedonic value for the immediately following visual stimulus made more choices to act than those with weaker hedonic value for action. This finding is consistent with reinforcement learning of action decisions. However, participants who experienced inhibition as generating more positive hedonic value did not choose to inhibit more than other participants. Thus, voluntary inhibition of action did not act as reinforcement for future inhibitory behaviour. Our finding that inhibition of action lacks motivational capacity may explain why self-control is both difficult and limited. (shrink)

What constitutes the nature of pleasure? According to hedonic phenomenalism, pleasant experiences are pleasant in virtue of some phenomenological features. According to hedonic attitudinalism, pleasure involves an attitude—a class of mental states that necessarily have an object. Consequently, pleasures are always _about_ something. We argue that hedonic attitudinalism is not able to accommodate pleasant moods. We first consider this argument more generally, and then consider what we call _the globalist strategy response_ to the possible objectless of moods, (...) namely that pleasant moods have general, or undetermined, objects. We then discuss the case of blissful meditative states, and argue that the globalist strategy is not able to accommodate all pleasant states. (shrink)

The impact of incidental emotions on decision making is well established. Incidental emotions can be differentiated on several appraisal dimensions, including certainty-uncertainty. The present research investigates the effect of certainty-uncertainty of incidental emotions on hedonic forecasting. The results of four experimental studies indicate that uncertainty associated incidental emotions, such as fear and hope, compared with certainty emotions, such as anger and happiness, amplify predicted utility. This amplification effect is confirmed for opposite utility types; uncertainty associated emotions, when compared with (...) their certainty counterparts, lead to an overprediction of positive utilities and to an underprediction of negative utilities. In line with the Appraisal-Tendency Framework (Lerner and Keltner, 2000; 2001), this effect is mediated by the prediction task uncertainty, providing evidence for a carryover process of the incidental emotion. The effect of task uncertainty on predicted utility is, in turn, partly mediated by attention to the task, suggesting that an affective adaptation process (AREA model; Wilson & Gilbert, 2008) lies behind the amplification of forecasts. Taken together, these findings extend the impact of certainty-uncertainty to the context of hedonic forecasting and further corroborate the impact of incidental emotions in judgement and decision making. (shrink)

In this essay I support, develop and apply a theory of hedonic value. These tasks are interwoven, but principally, I support the theory in chapters 1-4, develop it in chapters 5 and 6, and apply it to a challenging cluster of problems in chapter 7. ;Sentient experience, I suggest in chapter 1, provides key evidence for founding ethics: a severely painful experience gives its subject evidence that it's bad in some way. Moreover, similar considerations, as well as analogies, support (...) thinking that all unpleasures are bad in some way and all pleasures are good in some way. But what type of value and disvalue do they have ? ;Experiences that are pleasant or unpleasant are intrinsically so . so, their normative import doesn't derive from extrinsic motivational or affective conditions that their pleasantness or unpleasantless might be thought to consist in. In chapter 3 I extend my argument in chapter 1 to the conclusion that pleasures and unpleasures have agent-neutral moral significance. Hence, I have just as much basic reason to promote your hedonic well-being as mine. And even the pleasure of potential persons matters, I argue in chapter 4; the fact that a person would feel pleasure is a reason to create her. ;In chapter 5 I argue that being hedonically better than is not a transitive relation. With this result in hand, I offer several snippets of advice and a host of principles in chapter 6 for assessing the hedonic value of states of affairs. Along the way I argue against a higher/lower distinction for pleasures and for the thesis that pleasures have value when undeserved or taken in bad objects. Finally. in chapter 7 I show that the theory of hedonic value I've developed entails a viable set of solutions to the problems Derek Parfit poses for moral theory in Reasons and Persons. ;Pleasures, I conclude, are intrinsically good and unpleasures are intrinsically bad. (shrink)

Three studies are presented to validate the Spanish version of Oliver and Raney’s eudaimonic and hedonic motivations scale. In Study 1, 132 university students watched a dramatic film, filling out the scales to evaluate motivations regarding cinema consumption and reception processes. Eudaimonic motivation was associated with deeper cognitive processes during the reception and stronger identification with the protagonist. Study 2 evaluated the test-retest reliability of the eudaimonic and hedonic motivations scale. In Study 3, statistically significant age differences were (...) observed in hedonic and eudaimonic motivations. Furthermore, convergent correlations were detected between hedonic and eudaimonic motivations and preferences of different film genres. These results allow us to conclude that the Spanish version of the hedonic and eudaimonic motivations scale presents adequate psychometric properties, thus being convergent with those obtained by Oliver and Raney. (shrink)

Several influential psychologists have attempted to estimate to what extent human happiness levels are directly controlled by genes by comparing the happiness levels of identical twins raised apart. If we discover that the happiness levels of identical twins raised apart tend to be closer than the happiness levels of fraternal twins raised apart, this is taken as evidence that average happiness levels are largely controlled by genes. However, if it turns out that identical twins' happiness levels tend to be substantially (...) different, as different as fraternal twins raised apart, it has been argued that this implies that the environment largely determines happiness levels. I contend that this interpretation of the data rests on a set of questionable, closely related assumptions: a) that pairs of identical twins raised apart are raised in substantially different environments; b) that genetically identical twins aren't identical in other pertinent ways; and c) that average levels of affect that are correlated with certain sets of genes in the environments the twin studies were conducted in will be correlated with those genes in other relevant environments because those genes govern average affect levels. In this paper, I will show that these assumptions are false and explain how to properly go about investigating the contingent causal links between genes and happiness. In the end, I argue that there is no good evidence that our genes delimit our hedonic potential and that the fact that this misinterpretation of the data has been widely disseminated is potentially harmful to human well-being. (shrink)

Our thesis is that there is a notion of justification, corresponding to the active exercise of a competence in order to attain truth, whose value is explained neither by reliabilism, nor by the usual versions of credit theory.

Research on the neurobiology and psychosocial features of Major Depressive Disorder has the ability to extend our understanding of affiliative behavior. In depression, decreased hedonic capacity and hypoactivity in dopaminergic and prefrontal circuitries may decrease the ability to experience affiliative relationships as rewarding. We suggest that neurobiological research on depression can provide a test case for theoretical models of affiliation.

The contrast between the nostalgic pictures on maple syrup packaging and sophisticated technologies actually used in the sugarbush and sugarhouse suggests disjunctures between image and practice in the contemporary North American maple syrup industry. This paper argues that although evidence of a “technological treadmill” exists within the maple syrup industry, as it does in other rural production sectors, such a trend is incomplete due to the increasing importance of consumption-based activities and concerns in the countryside. In response to the (...) interests of tourists, second home owners and other increasingly influential non-producer groups, “traditional” maple enterprises persist, demonstrating a logic and appeal unaccounted for by treadmill theory. By addressing growing consumer concern about the appearance of the rural landscape, the health of the environment, and the quality of food, these “traditional” maple practices can provide distinct advantages for producers over technological modernization. The tension between technology use and tourism in the maple syrup industry offers insights about the role of small-scale specialty agriculture for sustainability in rural areas of advanced industrial countries undergoing social and economic change. (shrink)

A large part of our daily activities involves judging the psychological value of time. This study tested a previously less explored aspect about whether people are loss averse for time – i.e. do losses of time loom larger than corresponding gains? Using comparative hedonic judgments, the impact of prospective gains versus losses of time was examined for common contexts like waiting and local travel based on suggestions by typical navigation apps. The magnitude of time was varied without an explicit (...) reference point (experiment 1) and with a clear reference without any overt consequence (experiment 2). The contextual nature of outcome along with magnitude was also manipulated (experiment 3). Prospective gains loomed as larger or equal to losses for low magnitudes while there was a trend of losses to loom larger than gains only for high magnitudes of time. These results weaken the empirical evidence for loss aversion and highlight its magnitude-dependent nature thus presenting a nuanced perspective to the affective psychology of time. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:The Infertility Treadmill: Feminist Ethics, Personal Choice, and the Use of Reproductive Technologies by Karey HarwoodKathryn Lilla CoxThe Infertility Treadmill: Feminist Ethics, Personal Choice, and the Use of Reproductive Technologies Karey Harwood Chapel Hill, NC: University of North Carolina Press, 2007. 221pp. $22.00Karey Harwood’s The Infertility Treadmill, published in the University of North Carolina’s Studies in Social Medicine series, fills a lacuna in the infertility (...) literature. Harwood takes an interdisciplinary approach examining “assisted reproductive technologies” (ART) using current scientific, philosophical, theological, and—most importantly—her own ethnographic research. By way of a thick description of women’s experiences of infertility, she draws the reader into a rich ethical conversation regarding ARTs.Harwood “seeks first and foremost to offer an interpretation of the ethical significance of the increasing use of ART by bringing a particular set of normative or evaluative lenses to bear on a particular set of descriptive data” (8). She engaged in this study because of her desire to explore the connections between decisions to use ART and such factors as paid employment, delayed childbirth, and the ongoing balancing of work and family life. Harwood gathered her descriptive data by spending a year with the Atlanta chapter of RESOLVE (The National Infertility Association): attending monthly meetings and listening to speakers and participants as well as appraising RESOLVE’s national and local literature. She also conducted nine interviews with eight women and one man. Focusing on work and family conflicts in light of questions related to gender justice and the interplay between social and communal norms theories, on the one hand, and private and individual choice, on the other, Harwood teases out the ethical complexity surrounding ARTs.After surveying philosophical and theological literature relevant to her topic, Harwood names and examines existential concerns that emerged from her observations, conversations, and interviews with RESOLVE members. Clustered thematically, these concerns include the painful isolation of infertility, the stigma attached to using ARTs, people’s moralizing, how much treatment to pursue, what is the value in trying one more thing, socioeconomic status, and emotional awareness (62–97). Throughout her discussion of these concerns, [End Page 209] Harwood reminds ethicists of the importance of personal narratives for any treatment of an ethical issue like this.Moreover, her research leads Harwood to deduce that RESOLVE helps people with meaning-making, questions of purpose, language clarification, and various options surrounding infertility and ARTs. She asserts that the infertility experience can be a transformative one for the infertile. The decision-making process regarding the use of ARTs functioned as a type of ritual—albeit “a consumeristic ritual”—that aided people in working through the grief of infertility (157). Religious institutions have not always helped the infertile in these areas. Nonetheless, Harwood’s study leads her to conclude that RESOLVE members and leaders tend to be deficient in their capacities for challenging and critically examining how individual decisions intertwine with larger social contexts.Harwood acknowledges that her methodological decision to focus on one RESOLVE chapter limited her demographics (63–64). Moreover, although for the most part balanced, Harwood’s assessment of her findings is at times partial, even bordering on advocacy. For example, she clearly seeks to make the case that ethical analyses of infertility need to be more nuanced—incorporating more personal narrative—and that RESOLVE needs to be more open to critical self-reflection, especially the critical questioning of the “treadmill of infertility” (133). In her analysis of her findings, Harwood demonstrates how personal narratives help nuance ethical analysis. Less clear is whether RESOLVE can be or wants to be more self-critical and more questioning of its own core premises. Nonetheless, these limitations do not detract from Harwood’s important insights regarding “the infertility treadmill” and the host of issues related to ARTs—including consumerism, the role of rituals, meaning-making, suffering and grief, and gender justice, among others.Those struggling with infertility or considering ARTs will find Harwood to be an empathetic dialogue partner. Others will gain a deeper understanding of infertility’s toll by reading this book. Graduate and advanced undergraduate students will benefit from Harwood’s analysis of how personal decisions have wide-ranging... (shrink)

Sharing economy platforms mediate exchanges between service providers and consumers. The experiences of service providers in the sharing economy have been extensively studied. Nevertheless, our knowledge in regard to the extent to which providers’ participation influences their wellbeing remains incomplete. This study focuses on the peer-to-peer accommodation platform Airbnb and explores why and how different aspects involved in hosting can contribute to or hinder hosts’ hedonic and eudaimonic wellbeing. To that end, I conducted a netnography and depth interviews with (...) Airbnb hosts. Based on a qualitative analysis of the overall dataset, I identify three sources of positive affect associated with hosting, namely, the sociability involved in the host-guest interaction, the act of providing hospitality, and positive feedback from guests. However, I also identify four conditions, which can turn hosting into a source of negative affect, namely, customer misbehavior, high volumes of guests, negative reviews, and income dependency. In addition, I elaborate on the relationship between hosting and life satisfaction in regard to the income that hosts generate through hosting and the working conditions of Airbnb hosts. Last but not least, I show that being a provider on Airbnb can contribute to eudaimonic wellbeing, focusing on four dimensions of eudaimonia, namely, self-realization, personal growth, a sense of purpose and meaning, and relationships. Theoretical and managerial implications for service providers and sharing economy platforms are discussed. (shrink)

Business Ethics, the Environment & Responsibility, EarlyView.

Business Ethics, the Environment & Responsibility, Volume 31, Issue 1, Page 224-238, January 2022.

Amidst broad debates about the “New Green Revolution” in Africa, input-intensive agriculture is on the rise in some parts of Africa. This paper examines the underlying drivers of the recent and rapid adoption of herbicides and genetically modified seeds in the Burkina Faso cotton sector. Drawing on 8 months of ethnographic fieldwork in the Houndé region, this article contends that economic and cultural dynamics—often considered separately in analyses of technology adoption—have co-produced a self-reinforcing technological treadmill. On the one hand, (...) male farmers seek to increase cotton production in response to an economic squeeze. At the same time, broader cultural shifts toward individualism have created labor shortages as a result of families splitting apart, parents putting their children in school, and some women and young men refusing to provide free labor. Male cotton farmers thus increase production by turning to labor-saving inputs like herbicides, but these inputs create more debt, further locking farmers into intensive production. This article thus expands on the classic concept of the technological treadmill, demonstrating how economic and cultural processes intersect within a process of agrarian change to drive labor-saving agricultural technology adoption in the Burkinabè cotton sector. This expanded treadmill concept illuminates the complex dynamics compelling farmers’ choices to opt into input-intensive agriculture, and also helps explain rising farmer differentiation, as poorer farmers struggle to stay afloat and wealthier farmers expand. (shrink)

Over the years, researchers have enriched the postulation that hedonic products generate deeper emotional reactions and feelings in the consumer than functional products. However, recent research empirically proves that hedonic products are more affect-rich only for some consumers segments or for specific consumption contexts. We argue that such inconsistency may derive from the nature of the emotions assessed, that is strictly dependent on their empirical measurement, and not from the mere existence of emotions themselves. Self-reported methods of evaluating (...) consumer experience, on which prior studies are grounded, only assess conscious emotions the consumer can recognize and report, but not unconscious feelings, happening without individual awareness. The present work takes this challenge by conducting a laboratory experiment in which subjects are exposed to both a utilitarian product and a hedonic product. Physiological measures have been adopted to investigate unconscious emotional responses and self-reported measures to assess conscious emotions toward the products. Specifically, physiological data regarding the subjects' cardiac activity, respiratory activity, electrodermal activity, and cerebral activity have been collected and complemented with a survey. Results confirm that both functional and hedonic products generate emotional responses in consumers. Further, findings show that when a consumer is exposed to a functional product, the physiological emotional responses are disassociated from the self-reported ones. A diverse pattern is depicted for hedonic products. We suggest an alternative explanation for the apparent lack of affect-rich experiences elicited by functional products and the need to re-consider emotional responses for these products. (shrink)

Recent studies have suggested that while both adults and children hold past-future hedonic preferences – preferring painful experiences to be in the past and pleasurable experiences to lie in the future – these preferences are abandoned when the quantity of pain or pleasure under consideration is greater in the past than in the future. We examined whether such preferences might be affected by the utility people assign to experiential memories, since the recollection of events can itself be pleasurable or (...) aversive, and we examined the developmental trajectory of the value that people assign to experiential memories of past painful experiences. Using a task in which we manipulated hypothetical memory loss in a series of brief vignettes, we found that for some adults, but not for children, the disutility attached to the recollection of painful past events outweighed the disutility of living through future painful events. Between middle childhood and adulthood, experiential memory appears to assume a more important role in determining the value that people assign to past experiences and in mitigating bias toward the future. (shrink)

This paper presents a novel framework for selecting socially responsible investment (SRI) portfolios. The Hedonic Price Method (HPM) is applied to obtain an evaluation of SRI criteria that is integrated into a multi-objective mathematical programming model. The HPM breaks away from the traditional view that goods are the direct object of utility; on the contrary, it assumes that utility is derived from the properties or characteristics of the goods themselves. As far as the investment decision is concerned, we assume (...) that socially responsible investmentmutual funds (SRI funds) constitute heterogeneous goods. Our approach allows us to obtain a portfolio, the financial performance of which is similar to that which the investor would have reached if he or she had not taken into account social, ethical, and environmental considerations when making his or her investment decisions. This is achieved by designing a two-stage multi-objective mathematical programming procedure. In the first stage, we achieve the maximum level of financial satisfaction that the investor can receive. In the second stage, the portfolio with the best financial–social behavior is built. For the purpose of this second stage, the first stage portfolio is used as a benchmark for the financial performance of a socially responsible portfolio. To apply this methodology, we use portfolios composed of socially responsible and conventional mutual funds domiciled in Spain. (shrink)