Evolution of preferences in an exchange economy

Jannet Chang*, Ronald Stauber

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

8 Scopus citations

Abstract

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.

Original languageEnglish (US)
Pages (from-to)131-134
Number of pages4
JournalEconomics Letters
Volume103
Issue number3
DOIs
StatePublished - Jun 2009

Keywords

  • Endogenous preferences
  • Evolution
  • Heterogeneity

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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