How Does Bentham Think That His Method for Calculating the Value

question 992

Multiple Choice

How does Bentham think that his method for calculating the value of a pleasure or pain compares to the way people normally calculate the value of something?

• A) His method is an innovation that will replace the misguided way that people have previously used to calculate the value of anything.
• B) His method is the application to ethics of the new methods being developed by the early economists of Bentham's day.
• C) His method is one among many existing methods for calculating values, each of which is useful for certain purposes.
• D) His method is essentially the same as the method people use to calculate the value of anything.

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Definitions:

Deductible Amount

The portion of a claim that a policyholder must pay out of pocket before the insurance covers the remaining costs.

Adverse Selection

A situation where asymmetric information leads to the selection of undesirable participants in a transaction or contract, often seen in insurance markets.

Consumer Surplus

The divergence between the total sum consumers are inclined and able to disburse for a merchandise or service, and the total sum they actually disburse.