The Biological Basis of Economic Behavior
This paper first considers the implications of biological evolution for economic preferences. It analyzes why utility functions evolved, considers evidence that utility is both hedonic and adaptive, and suggests why such adaptation might have evolved. Time preference and attitudes to risk are treate...
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| Veröffentlicht in: | Journal of economic literature 2001-03, Vol.39 (1), p.11-33 |
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| container_title | Journal of economic literature |
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| creator | Robson, Arthur J. |
| description | This paper first considers the implications of biological evolution for economic preferences. It analyzes why utility functions evolved, considers evidence that utility is both hedonic and adaptive, and suggests why such adaptation might have evolved. Time preference and attitudes to risk are treated—in particular, whether the former is exponential and the latter are selfish. Arguments for another form of interdependence—a concern with status—are treated. The paper then considers the evolution of rationality. One hypothesis examined is that human intelligence and longevity were forged by hunter-gatherer economies; another is that intelligence was spurred by competitive social interactions. |
| doi_str_mv | 10.1257/jel.39.1.11 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0022-0515 |
| ispartof | Journal of economic literature, 2001-03, Vol.39 (1), p.11-33 |
| issn | 0022-0515 2328-8175 |
| language | eng |
| recordid | cdi_proquest_journals_213170971 |
| source | Business Source Complete; Jstor Complete Legacy; American Economic Association Web |
| subjects | Animal feeding behavior Animals Biological evolution Biology Economic models Economic theory Evolution Game theory Humans Hunter gatherers Studies Utility functions |
| title | The Biological Basis of Economic Behavior |
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