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Evolution of Non-Expected Utility Preferences [electronic resource] /by Sven Widekind.

by Widekind, Sven [author.]; SpringerLink (Online service).
Material type: materialTypeLabelBookSeries: Lecture Notes in Economics and Mathematical Systems: 606Publisher: Berlin, Heidelberg : Springer Berlin Heidelberg, 2008.Description: online resource.ISBN: 9783540768456.Subject(s): Economics | Microeconomics | Economics, Mathematical | Economics/Management Science | Economic Theory | Game Theory/Mathematical Methods | Operations Research/Decision Theory | MicroeconomicsDDC classification: 330.1 Online resources: Click here to access online
Contents:
The Model and a General Existence Result -- Examples: Properties of the Model -- Evolutionary Extinction of Expected Utility Preferences -- Evolution with More Sophisticated Types -- A Model with Two Populations -- Conclusions.
In: Springer eBooksSummary: The theory on the evolution of preferences deals with the endogenous formation of preference relations in strategic situations. It is related to the field of evolutionary game theory. Models are based on the 'indirect evolutionary approach' according to which preferences determine choice behavior which in turn determines evolutionary success. The latter eventually governs the evolution of preferences. Literature usually considers a class of preferences which admit an expected utility representation. In this book we analyze the role and the influence of general, possibly non-expected utility preferences in such an evolutionary setup. In particular, we demonstrate that preferences which diverge from von Neumann-Morgenstern expected utility may potentially prove to be successful under evolutionary pressures. Furthermore, we contribute to the research into existence issues for so-called stable populations. In particular, we show that such a stable population exists for any specification of the fitness values.
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The Model and a General Existence Result -- Examples: Properties of the Model -- Evolutionary Extinction of Expected Utility Preferences -- Evolution with More Sophisticated Types -- A Model with Two Populations -- Conclusions.

The theory on the evolution of preferences deals with the endogenous formation of preference relations in strategic situations. It is related to the field of evolutionary game theory. Models are based on the 'indirect evolutionary approach' according to which preferences determine choice behavior which in turn determines evolutionary success. The latter eventually governs the evolution of preferences. Literature usually considers a class of preferences which admit an expected utility representation. In this book we analyze the role and the influence of general, possibly non-expected utility preferences in such an evolutionary setup. In particular, we demonstrate that preferences which diverge from von Neumann-Morgenstern expected utility may potentially prove to be successful under evolutionary pressures. Furthermore, we contribute to the research into existence issues for so-called stable populations. In particular, we show that such a stable population exists for any specification of the fitness values.

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