Abstract

This chapter discusses one of the main subjects: the structure of good. It aims to establish one point about all of the general relation and the individual relations: they all conform to the axioms of expected utility theory. The theory proves that, if a relation satisfies the axioms, it can be represented by an expectational utility function. The details of the representation and its significance are spelt out. The chapter also aims to show that individual and general betterness relations satisfy the axioms of expected utility theory: they are coherent. It extends the defence to betterness relations. The most straightforward way of showing the coherence of betterness would be to show first the coherence of rational preference relations, and then identify each betterness relation with some rational preference relation. The chapter explores that route, and explains that it cannot be completely successful.