Showing 1 - 10 of 95
The paper offers a proof that expected utility maximisation with logarithmic utility is a dominant preference in the biological selection process in the sense that a population following any other preference for decision-making under risk will, with a probability that approaches certainty,...
Persistent link: https://www.econbiz.de/10011541191
This research explores the origins of the distribution of time preference across regions. It advances the hypothesis, and establishes empirically that geographical variations in the natural return to agricultural investment have had a persistent effect on the distribution of time preference...
Persistent link: https://www.econbiz.de/10010479924
This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...
Persistent link: https://www.econbiz.de/10011409938
usefulness for counterfactual projections. The objective of this paper is to offer a historical overview of its evolution from an …
Persistent link: https://www.econbiz.de/10012818511
This paper reviews the literature concerning the evolution of cultural traits in general and preferences in particular … effectively the clone of an existing one (either a parent or anyone else), there may be evolution only in the demographic sense … that the share of the population who hold a certain trait increases or decreases. Evolution in the strict sense of new …
Persistent link: https://www.econbiz.de/10012600188
leads to clustering, is crucial for the survival of the Pareto dominant actions. The evolution of leader and crowd …
Persistent link: https://www.econbiz.de/10013285659
preference evolution? We show that it is in a couple's common interest to obey a rule requiring them to give specified amounts of …
Persistent link: https://www.econbiz.de/10012291871
It is a well known fact that economic development and distance to the equator are positively correlated variables in … particular, we develop a dynamic model of economic and physiological development in which households decide upon the number and … economic development during pre-industrial times, yet allow for an early onset of sustained growth. As a result, the theory …
Persistent link: https://www.econbiz.de/10011774936
We consider the evolution of preferences when trade occurs between two countries. We show that if one country is much …
Persistent link: https://www.econbiz.de/10011450172
Persistent link: https://www.econbiz.de/10003641773