Why Would Nature Give Individuals Utility Functions

Datos Bibliográficos

ID10171818
AutoresArthur J Robson (Western University, autor de correspondencia)
Año2001
Volumen109
Número4
Páginas900-914
Fecha de publicación2001-08-01
Open AccessNo
TipoARTICLE
RevistaJournal of Political Economy (JOURNAL)
Identificadores de la revistaISSN: 0022-3808 • E-ISSN: 1537-534X
EditorialUniversity of Chicago Press (PUBLISHER • US)
DOI10.1086/322083
OpenAlexW2029650935
IdiomaEN
Citas recibidas13
Referencias citadas10

Consider the possible biological origin of the expected utility criterion. On the one hand, if individuals possess a utility function stemming from the rate of production of expected offspring, they can rapidly adapt to arbitrary unknown distributions in a bandit problem. Embedding such a utility function in a simple rule of thumb involving no beliefs about probabilities leads to evolutionary optimality. On the other hand, if any rule whatever yields evolutionary optimality for all distributions, this precise utility function must be implicit, in a revealed preference sense

Algorithm · Biology · Embedding · Evolutionary biology · Expected utility hypothesis · Function (biology · Isoelastic utility · Mathematical economics · Mathematical optimization · Preference · Rule of thumb · Simple (philosophy · Statistics · Subjective expected utility · Artificial Intelligence · Computer Science · Decision-Making and Behavioral Economics · Evolutionary Game Theory and Cooperation · Experimental Behavioral Economics Studies · Mathematics

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