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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Evolution of time preferences and attitudes toward risk |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | American Economic Review |
| Publisher | American Economic Association |
| Geographical Reach | international |
| ISSN | 0002-8282 |
| Volume | 99 |
| Number | 3 |
| Page Range | 937 - 955 |
| Date | 2009 |
| Abstract Text | This paper explores a general model of the evolution and adaption of hedonic utility. It is shown that optimal utility will be increasing strongly in regions where choices have to be made often and decision mistakes have a severe impact on fitness. Several applications are suggested. In the context of intertemporal preferences, the model offers an evolutionary explanation for the existence of conflicting short- and long-run interests that lead to dynamic inconsistency. Concerning attitudes toward risk, an evolutionary explanation is given for S-shaped value functions that adjust to the decision maker’s environment. |
| Digital Object Identifier | 10.1257/aer.99.3.937 |
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| Additional Information | "Permission to make digital or hard copies of part or all of American Economic Association publications for personal or classroom use is granted without fee provided that copies are not distributed for profit or direct commercial advantage and that copies show this notice on the first page or initial screen of a display along with the full citation, including the name of the author. The author has the right to republish, post on servers, redistribute to lists and use any component of this work in other works." |