Derek Parfit outlines three theories of self-interest and well-being:
1) Hedonic well-being - Happiness comes from pleasure and lack of pain regardless of external facts
2) Desire fulfillment - Well-being comes from fulfilling one's desires about subjective states and objective facts
3) Objective list - Certain objective things are good/bad for people like knowledge, relationships, regardless of desires/feelings
Each theory is criticized - Hedonism ignores facts, Desire fulfillment ignores bad preferences, the Objective list is unclear on what makes the list.