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Evolution of preferences in an exchange economy

  • Chang, Jannet
  • Stauber, Ronald
Registered author(s):

    We 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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    File URL: http://www.sciencedirect.com/science/article/B6V84-4VXB6YJ-1/2/743bf2dcef322ffcd9ebed604e0bb39e
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    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 103 (2009)
    Issue (Month): 3 (June)
    Pages: 131-134

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    Handle: RePEc:eee:ecolet:v:103:y:2009:i:3:p:131-134
    Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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    1. Samuelson, Larry, 2001. "Analogies, Adaptation, and Anomalies," Journal of Economic Theory, Elsevier, vol. 97(2), pages 320-366, April.
    2. Oded Galor & Omer Moav, 2000. "Natural Selection and the Origin of economic Growth," Working Papers 2000-18, Brown University, Department of Economics.
    3. Jeffrey C. Ely & Okan Yilankaya, 1997. "Nash Equilibrium and the Evolution of Preferences," Discussion Papers 1191, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    4. Galor, Oded, 2004. "From Stagnation to Growth: Unified Growth Theory," CEPR Discussion Papers 4581, C.E.P.R. Discussion Papers.
    5. Oded Galor & David N. Weil, 1998. "Population, Technology, and Growth: From the Malthusian Regime to the Demographic Transition," Working Papers 98-1, Brown University, Department of Economics, revised 19 Aug 1998.
    6. Ok, Efe A. & Vega-Redondo, Fernando, 2001. "On the Evolution of Individualistic Preferences: An Incomplete Information Scenario," Journal of Economic Theory, Elsevier, vol. 97(2), pages 231-254, April.
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