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Evolution of preferences in an exchange economy

Chang, Jannet; Stauber, Ronald

Description

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.

CollectionsANU Research Publications
Date published: 2009
Type: Journal article
URI: http://hdl.handle.net/1885/27955
Source: Economics Letters
DOI: 10.1016/j.econlet.2009.03.013

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