A lot of rationalist thinking about ethics and economy assumes we have very well defined utility functions - knowing exactly our preferences between states and events, not only being able to compare them (I prefer X to Y), but assigning precise numbers to every combinations of them (p% chance of X equals q% chance of Y). Because everyone wants more money, you should theoretically even be able to assign exact numerical values to positive outcomes in your life.
I did a small experiment of making a list of things I wanted, and giving them point value. I must say this experiment ended up in a failure - thinking "If I had X, would I take Y instead", and "If I had Y, would I take X instead" very often resulted in a pair of "No"s. Even thinking about multiple Xs/Ys for one Y/X usually led me to deciding they're really incomparable. Outcomes related to similar subject were relatively comparable, those in different areas in life were usually not.
I finally decided on some vague numbers and evaluated the results two months later. My success on some fields was really big, on other fields not at all, and the only thing that was clear was that numbers I assigned were completely wrong.
This leads me to two possible conclusions:
- I don't know how to draw utility functions, but they are a good model of my preferences, and I could learn how to do it.
- Utility functions are really bad match for human preferences, and one of the major premises we accept is wrong.
Anybody else tried assigning numeric values to different outcomes outside very narrow subject matter? Have you succeeded and want to share some pointers? Or failed and want to share some thought on that?
I understand that details of many utility functions will be highly personal, but if you can share your successful ones, that would be great.
Interesting exercise. After trying for a while I completely failed; I ended up with terms that are completely vague (e.g. "comfort"), and actually didn't even begin to scratch the surface of a real (hypothesized) utility function. If it exists it is either extremely complicated (too complicated to write down perhaps) or needs "scientific" breakthroughs to uncover its simple form.
The result was also laughably self-serving, more like "here's roughly what I'd like the result to be" than an accurate depiction of what I do.
The real heresy is that this result does not particularly frighten or upset me. I probably can't be a "rationalist" when my utility function doesn't place much weight on understanding my utility function.
Can you write your own utility fuinction or adopt the one you think you should have? Is that sort of wholesale tampering wise?