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http://www.ted.com/talks/ruth_chang_how_to_make_hard_choices?utm_source=newsletter_weekly_2014-06-21&utm_campaign=newsletter_weekly&utm_medium=email&utm_content=talk_of_the_week_button

Philosopher  Ruth Chang gave a brilliant and enlightened 15 minutes TED talk  on the subject,.  Well worth watching.

Note added 6/25/2014: One reader privately questioned me as to why do I think the talk is briliant and insightful. Here I add my explanation: The speaker emphasizes that many real life decisions involves things and values that are not quantitfiable and varies from individual to individual. Actually formal methodology of decision analysis recognizes this difficulty and has created an elaborate theory of Utility to account for such difficulties at least in theory if not in practice. The material consists of many assumptions and analytical development that is beyond most persons except specialists. The speaker was able to articulate the essence using everyday langauge that everybody can understand and do it in 15 minutes.