Evolution of Time Preferences and Attitudes toward Risk
构建了一个享乐效用演化的通用模型，证明最优效用在选择频繁且决策失误对适应性影响严重的区域会强烈增加，并解释了时间偏好中的动态不一致性和风险态度中的S形价值函数。
This paper explores a general model of the evolution and adaption of hedonic utility. It is shown that optimal utility will be increasing strongly in regions where choices have to be made often and decision mistakes have a severe impact on fitness. Several applications are suggested. In the context of intertemporal preferences, the model offers an evolutionary explanation for the existence of conflicting short- and long-run interests that lead to dynamic inconsistency. Concerning attitudes toward risk, an evolutionary explanation is given for S-shaped value functions that adjust to the decision maker's environment.