This chapter defines a quantitative notion of a person’s lifetime wellbeing. It does so on the basis of betterness among uncertain prospects, using expected utility theory (which the chapter explains) and a theorem of John Harsanyi. It adopts the assumption of Daniel Bernoulli that wellbeing is risk-neutral. It gives an account of interpersonal comparisons of wellbeing.
Keywords: quantities of wellbeing, Harsanyi, Bernoulli, risk neutrality, interpersonal comparisons, expected utility theory