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Evolutionary Models of Preference Formation

Alger, Ingela and Weibull, Jörgen W. (2019) Evolutionary Models of Preference Formation. Annual Review of Economics, 11. pp. 329-354.

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Official URL: http://tse-fr.eu/pub/123666

Abstract

The literature on the evolution of preferences of individuals in strategic interactions is vast and diverse. We organize the discussion around the following question: Supposing that material outcomes drive evolutionary success, under what circumstances does evolution promote Homo economicus, defined as material self-interest, and when does it instead lead to other preferences? The literature suggests that Homo economicus is favored by evolution only when individuals’ preferences are their private information and the population is large and well-mixed, so that individuals with rare mutant preferences almost never get to interact with each other. If rare mutants instead interact more often (say, due to local dispersion), then evolution instead favors a certain generalization of Homo economicus including a Kantian concern. If individuals interact under complete information about preferences, then evolution destabilizes Homo economicus in virtually all games.

Item Type: Article
Language: English
Date: August 2019
Refereed: Yes
Subjects: B- ECONOMIE ET FINANCE
Divisions: TSE-R (Toulouse)
Site: UT1
Date Deposited: 08 Nov 2019 09:22
Last Modified: 08 Nov 2019 09:22
["eprint_fieldname_oai_identifier" not defined]: oai:tse-fr.eu:123666
URI: http://publications.ut-capitole.fr/id/eprint/32890

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