Evolution of preferences in an exchange economy
AbstractWe propose an evolutionary theory of how economic environments shape individual preferences. Consumption is assumed to have both a standard utilitarian payoff, and a biological payoff which determines long-term survival. We show that heterogeneous preference types can co-exist in equilibrium.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 103 (2009)
Issue (Month): 3 (June)
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Endogenous preferences Evolution Heterogeneity;
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