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The question of the good life (well-being, or quality of life) is one of the classical questions in philosophy. This question has been formulated in somewhat different ways, for example, What makes a life good for the person who lives it? or What ultimately makes a life worth living?

To clarify this question, philosophers have formally defined the notion of well-being (quality of life) in terms of what has final value for a person. There are three important aspects of this formal definition. First, to claim that a certain life is good, or of high quality, is to evaluate it in a positive way. The question of the good life is an evaluative question, not an empirical question that can be answered by empirical methods. Second, the type of value that is of relevance in this context is value for (prudential value). When we say that someone has a good life, we do not mean that her life is, for example, morally good but prudentially good or good for her. The question of the good life is about what kind of life is good for the person who lives it. And third, the relevant prudential values are final rather than instrumental. Not everything that makes a life good for a person belongs to her quality of life as such, for example, having a decent income. The reason for this is that money is only good for us as means, that is, instrumentally valuable. However, a person's quality of life is constituted by those things (states of affairs) that are good as ends, that is, have final value. To have a good life is to have a lot of positive final value (and little negative final value) in one's life.

Parfit's Three Theories

The different answers to this question can be classified in somewhat different ways. Most of the modern discussion of well-being is based on Derek Parfit's distinction between three kinds of conceptions of the good life, namely, hedonistic theories, desire-fulfillment theories, and objective list theories.

On the hedonistic theory, the good life is identical with the pleasant life. The only thing that has positive final value for a person is pleasant experience (to feel good), and the only thing that has negative final value for a person is to feel bad. The prudential value of a life is a function of how much pleasure and displeasure it contains.

According to the desire-fulfillment theory (desire theory, preferentialism), someone has a good life only if she has the kind of life that she herself wants to have. The only thing that has positive final value for a person is that her intrinsic desires are fulfilled, and the only thing that has negative final value for a person is that her intrinsic aversions are fulfilled, that she gets what she does not want. The desire theory is commonly regarded as a formal rather than a substantive theory of well-being. Instead of making substantive claims about what is good for us, it specifies a formal criterion that helps us determine what is good for us, namely, that something has final value for a person if and only if (and because) she desires it intrinsically, as an end. (It is worth noting that even though hedonism is almost always regarded as a substantive theory, it has also been conceived of as formal, e.g., by various economists. On the formal interpretation of hedonism, prudential value is not attributed to the pleasant experiences themselves but to the different objects in which the subject takes pleasure.)

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