The Evolutionary Foundations of Preferences

Preferences are the point of departure for economic analysis. Despite myriad experiments designed to characterize preferences, no consensus has been reached. In The Evolutionary Foundation of Preferences Arthur J. Robson and Larry Samuelson examine how economic preferences might be shaped by biological evolution. Theorizing that each of us is descended from a line of ancestors who were able to survive and to reproduce, they analyze how this fact may have affected modern preferences. Drawing on demographic models, they explain how different preferences induce different behaviors which lead toe different growth rates among respective subpopulations. People characterized by inducing the highest growth rate eventually comprise the overwhelming proportion of the population. Examining neuroscientific evidence that points to a cardinal or hedonic interpretation of utility, the authors discuss the implications of these interpretations and the challenges raised for welfare economics.