Achievement Bias in the Evolution of Preferences |
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Authors: | Edward Castronova |
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Institution: | (1) Indiana University, Bloomington, IN 47405, USA |
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Abstract: | Currently, economists' models of the evolutionary selection of utility function parameters are generally based on two assumptions.
First, it is assumed that utility parameters must serve Darwinian fitness, in the sense that individuals who maximize utility
are also maximizing their biological survivability. Second, it is assumed that utility parameters accurately reflect well-being,
in the sense that individuals who maximize utility also maximize their happiness. However, there is a large literature in
anthropology, biology, and psychology suggesting that these two assumptions may not be warranted. Focusing on utility and
happiness, the paper uses models of cultural selection to show that there is no guarantee that our evolved preference must
be the preferences that maximize our happiness. Instead, there are plausible mechanisms of cultural selection that will allow
immiserating preferences to persist in steady state equilibrium. These mechanisms are generally related to the concept of
social achievement: those who achieve more in society will have a greater influence on the utility parameters of the next
generation, and this influence is independent of the achievers' well-being. Thus, a preference is more likely to survive if
it satisfies some mix of achievement goals and happiness goals, rather than just happiness goals alone.
This revised version was published online in July 2006 with corrections to the Cover Date. |
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Keywords: | cultural theories of economic development economics of happiness |
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