In Reasons and Persons, Derek Parfit cannot find a theory of well-being that solves the Non-Identity Problem, the Repugnant Conclusion, the Absurd Conclusion, and all forms of the Mere Addition Paradox. I describe a “Quasi-Maximizing” theory that solves them. This theory includes (i) the denial that being better than is transitive and (ii) the “Conflation Principle,” according to which alternative B is hedonically better than alternative C if it would be better for someone to have all the B-experiences. (i) entails (...) that Quasi-Maximization is not a maximizing theory, but (ii) ensures that its evaluations will often coincide with such theories. (shrink)