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作者：ROGERS, AR
摘要：This paper entertains the hypothesis that human time preferences are in evolutionary equilibrium (i.e. that no mutation changing time preferences could be favored by natural selection). This hypothesis implies that the marginal rate of substitution (MRS) holding Darwinian fitness constant must equal the MRS holding utility constant. Furthermore, in a market economy the latter must equal the MRS in exchange. Exploiting these principles, I find that the long-term real interest rate should equal ...
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作者：CAPLIN, A; LEAHY, J
作者单位：Harvard University
摘要：We present a three-stage model of market dynamics. In the first stage, routine behavior tends to keep information of common interest trapped in private hands. In the second stage, private information reaches a threshold that triggers some agents to alter their behavior; these actions release information to the market. The final stage involves the market's response to this news as other participants react to the initial departure from routine behavior. We present an application to industry inve...
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作者：WALDMAN, M
摘要：This paper derives two main results. First, in a world where inheritance is sexual as opposed to asexual ''second-best'' adaptations can be evolutionarily stable. That is, the adaptation selected need not be the optimal solution to the evolutionary problem at hand. Second, I apply this result to show that natural selection provides a potential explanation for why in many settings humans commit errors that are systematic in nature.
