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The word utility is used to mean general well-being or happiness, and Mill's view is that utility is the consequence of a good action. Utility, within the context of utilitarianism, refers to people performing actions for social utility. With social utility, he means the well-being of many people.
One use of the indirect utility concept is the notion of the utility of money. The (indirect) utility function for money is a nonlinear function that is bounded and asymmetric about the origin. The utility function is concave in the positive region, representing the phenomenon of diminishing marginal utility. The boundedness represents the fact ...
His principle of utility regards good as that which produces the greatest amount of pleasure and the minimum amount of pain and evil as that which produces the most pain without the pleasure. This concept of pleasure and pain is defined by Bentham as physical as well as spiritual.
In the second chapter, Mill formulates a single ethical principle, the principle of utility or greatest-happiness principle, from which he says all utilitarian ethical principles are derived: "The creed which accepts as the foundation of morals utility, or the greatest happiness principle, holds that actions are right in proportion as they tend ...
The principle of used and useful also provides a way to place definite limitations on costs charged to utility customers. Not only must it be proven that utility investments and expenditures are used and useful to the ratepayers, the company must show that investments that are out of date technologically or economically are excluded from the ...
It assumes that the target utility is the maximum utility across the population based on adding all the separate utilities of each individual together. The main problem for total utilitarianism is the " mere addition paradox ", which argues that a likely outcome of following total utilitarianism is a future where there is a large number of ...
Act utilitarianism is based on the principle of utility, which is the basis of all utilitarian theories and is best summed up in Bentham's well-known phrase, "the greatest happiness for the greatest number".
The utility functions may represent their chance of recovery – () is the probability of agent to recover by getting doses of the medication. The utilitarian rule then allocates the medication in a way that maximizes the expected number of survivors.