The paper explores the distinction between "decision utility" and "experienced utility." Decision utility refers to the weight of an outcome in a decision, while experienced utility is the hedonic quality of an experience, as in Bentham's usage. Experienced utility can be reported in real time (instant utility) or in retrospective evaluations (remembered utility). Psychological research has shown systematic errors in retrospective evaluations, which can lead to preferences for dominated options. The authors propose a normative theory of total experienced utility for temporally extended outcomes (TEOs), which can be measured and tested against utility maximization. The paper discusses the adaptive functions of pleasure and pain, which regulate responses to current situations. Hedonic value must accurately reflect current needs. Instant utility is the hedonic value of a moment, while remembered utility is a retrospective evaluation of a TEO. The paper presents a normative theory of total utility, which integrates instant utilities over time. It also discusses the implications of using experienced utility as a measure of outcome quality, distinct from decision utility. The paper presents experiments showing that remembered utility is determined by the peak and end of an experience, not duration. This challenges the normative assumption that duration affects utility. The results suggest that decisions may not maximize experienced utility, even if they maximize remembered utility. The paper also discusses the measurement of experienced utility, noting that it can be assessed through real-time reports or physiological indicators. The paper concludes that experienced utility is a distinct concept from decision utility and that its study is relevant to economic theory. It highlights the importance of measuring experienced utility to understand decision-making and to develop more accurate models of economic behavior. The paper also discusses the challenges of measuring experienced utility and the need for further research in this area.The paper explores the distinction between "decision utility" and "experienced utility." Decision utility refers to the weight of an outcome in a decision, while experienced utility is the hedonic quality of an experience, as in Bentham's usage. Experienced utility can be reported in real time (instant utility) or in retrospective evaluations (remembered utility). Psychological research has shown systematic errors in retrospective evaluations, which can lead to preferences for dominated options. The authors propose a normative theory of total experienced utility for temporally extended outcomes (TEOs), which can be measured and tested against utility maximization. The paper discusses the adaptive functions of pleasure and pain, which regulate responses to current situations. Hedonic value must accurately reflect current needs. Instant utility is the hedonic value of a moment, while remembered utility is a retrospective evaluation of a TEO. The paper presents a normative theory of total utility, which integrates instant utilities over time. It also discusses the implications of using experienced utility as a measure of outcome quality, distinct from decision utility. The paper presents experiments showing that remembered utility is determined by the peak and end of an experience, not duration. This challenges the normative assumption that duration affects utility. The results suggest that decisions may not maximize experienced utility, even if they maximize remembered utility. The paper also discusses the measurement of experienced utility, noting that it can be assessed through real-time reports or physiological indicators. The paper concludes that experienced utility is a distinct concept from decision utility and that its study is relevant to economic theory. It highlights the importance of measuring experienced utility to understand decision-making and to develop more accurate models of economic behavior. The paper also discusses the challenges of measuring experienced utility and the need for further research in this area.