Evolution of preferences in an exchange economy

Jannet Chang; Ronald Stauber

doi:10.1016/j.econlet.2009.03.013

Evolution of preferences in an exchange economy

Jannet Chang^*
, Ronald Stauber

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

9 Citations (Scopus)

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 language	English
Pages (from-to)	131-134
Number of pages	4
Journal	Economics Letters
Volume	103
Issue number	3
DOIs	https://doi.org/10.1016/j.econlet.2009.03.013
Publication status	Published - Jun 2009

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title = "Evolution of preferences in an exchange economy",

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.",

keywords = "Endogenous preferences, Evolution, Heterogeneity",

author = "Jannet Chang and Ronald Stauber",

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AU - Stauber, Ronald

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AB - 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.

KW - Endogenous preferences

KW - Evolution

KW - Heterogeneity

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U2 - 10.1016/j.econlet.2009.03.013

DO - 10.1016/j.econlet.2009.03.013

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VL - 103

SP - 131

EP - 134

JO - Economics Letters

JF - Economics Letters

IS - 3

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Evolution of preferences in an exchange economy

Abstract

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