Cost-utility analysis

One of the justifications behind using cost-effectiveness analysis is that the procedure allows for easier comparison by quantifying the costs of benefits of each treatment (Lecture 1/21/2016). However, in Jonathan Wolff’s article, Making the World Safe for Utilitarianism, he argues that the way in which these costs and benefits are quantified can be problematic and up for contestation due to the way in which the manipulator creates valuations that represent certain costs and benefits (5). Another justification for using cost-effective analysis is that it is useful for identifying interventions most likely to yield greatest net benefit (Lecture 1/21/2015). This is true in the Oregon Medicaid case where treatments were given priority rankings based on how high the expected net benefit from a certain type of treatment was (Hadorn 2219). However, the way in which each treatment was listed based on its priority ranking brought some concerns related to flexibility of moral obligations. Hadorn presents this concern during his explanation of the term, “Rule of Rescue,” (2219). The initial analysis conducted did not take into account human nature where duty-based…

According to Rittenberg and Tregarthen (2009), economics is “a study of choice”. This simple assumption is the most basic definition of the general economic thought because if there is a scarcity present, then there is a choice to be made about this scarce resource. Moreover, Rittenberg and Tregarthen (2009) also point out that what distinguishes economic approach from any other science, whether social or not, is that economists study this “choices” assuming that people try to maximize their…

summarized by stating the interest of private founders, who are encouraged by a free enterprise economy that serves the interest in society as a whole. In doing so, this maximizes their outcome satisfying the consumption in the goods and service market. An example of the neoclassical hard-core is utility maximization. This theory cannot be altered or abandoned without fully rejecting the whole research. According to Lakatos, scientific research program consists of hard-core, that surrounds it in…

and analysis of readings on public policy creation, Hay provides us with a strong case on the reasons why Rational Choice Theory does not account for the true nature of human beings. He argues this theory is hidden under the idea of acting altruistically, however it serves only human self-interest, which fails to adhere to the morals of altruism. He uses examples of environmental degradation and the ‘tragedy of the commons’ to prove that “individual rationality translates into collective…

The future The potential future benefit from completing my degree and finding employment in information architecture based on an annual salary of $100,000 per year over the next 10 years, taking into account paying off my student loans, and starting as an entry level e-commerce specialist starting at $77,000 and working my way up to an average of $115,000 per year. (My Footpath, 2013). The theory of expected utility takes into account there being three types of individuals-risk neutral, risk…

These tastes and preferences play an important role in decision making. Acquiring these utilities or preferences is the highest interest. Therefore, as postulated by the rational choice theory, any decision made with the view of maximizing these utilities after evaluating the available alternatives based on the perfect information provided is considered rational. While the rational choice theory provides a plausible explanation for human behavior as individuals or collectively as a society or…

“philanthropic” initiative by leading shoe brands such as, TOMS and Sketchers. In this critical analysis, I would first focus on the term corporate philanthropy, and then discuss the overall effects and success of this “one for one” initiative. First I would discuss corporate philanthropy. To regard such programs solely aimed at ameliorating underdeveloped communities would be naïve at best. We have to remember that businesses are still profit maximizing entities, thus such philanthropy exists…

happiness is intended pleasure, and the absence of pain”. (Mill 1990, 172). Essentially, Mill stated in his article that Utilitarianism defines a morally correct action to be one that produces the maximum amount of utility or pleasure within an act. In addition to the positive thesis of Utilitarianism, each unit of pleasure can be expressed as a “hodon” and each unit…

As media strategist it is extremely important for us to know the flow of content strategy. Each content on a website, social media, or any other platform is planned out before hand. However, content is not published on the spot if you’re a media strategist, perhaps, it will run through a phase of strategy in order to maximize its value. As a matter of fact, the Lynda UX: Content Strategy course is a useful tool to understand how content strategy works and how to begin the process. With that…

Journal Article Summary Adults express preferential biases towards individuals with similar commonalities, and infants share these ideologies as well. Psychological Science published an article, which discussed the concept of selectivity among infants in their first year of life. The article instated that infants perceptually distinguished individuals based on common relations and they elaborated on the correlation between the infants’ likings and shared similarities and dissimilarities by…