Artikel
The evolution of decision and experienced utilities
Psychologists report that people make choices on the basis of "decision utilities'' that routinely overestimate the "experienced utility'' consequences of these choices. This paper argues that this dichotomy between decision and experienced utilities may be the solution to an evolutionary design problem. We examine a setting in which evolution designs agents with utility functions that must mediate intertemporal choices, and in which there is an incentive to condition current utilities on the agent's previous experience. Anticipating future utility adjustments can distort intertemporal incentives, a conflict that is attenuated by separating decision and experienced utilities.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 6 ; Year: 2011 ; Issue: 3 ; Pages: 311-339 ; New Haven, CT: The Econometric Society
- Klassifikation
-
Wirtschaft
Consumer Economics: Theory
- Thema
-
Evolution
decision utility
experienced utility
focusing illusion
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Robson, Arthur J.
Samuelson, Larry
- Ereignis
-
Veröffentlichung
- (wer)
-
The Econometric Society
- (wo)
-
New Haven, CT
- (wann)
-
2011
- DOI
-
doi:10.3982/TE800
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Robson, Arthur J.
- Samuelson, Larry
- The Econometric Society
Entstanden
- 2011
Ähnliche Objekte (12)
Do Private Utilities Outperform Local Government-Owned Utilities? Evidence from German Retail Electricity
"Private utilities are no more efficient than public utilities": Six questions to Astrid Cullmann
When venture capitalists are attracted by the experienced
Best experienced payoff dynamics and cooperation in the centipede game
No differences in efficiency between public and private utilities
The Nature of Women's Studies as Experienced in Feminist Research in Korea
Spatiality of Social Stress Experienced by Refugee Women in Initial Reception Centers
The perceived value and perceived benefits experienced by customers using travel agents
A (re)municipalization trend among energy utilities: Truth or myth?
Material Girls : Sexual Perceptions of Korean Teenage Girls who have experienced 'Compensated Dates'
On the surjectivity of the mapping between utilities and choice probabilities
Can entrepreneurs who experienced business closure bring their new start-up to a successful M&A?
Do Private Utilities Outperform Local Government-Owned Utilities? Evidence from German Retail Electricity
"Private utilities are no more efficient than public utilities": Six questions to Astrid Cullmann
When venture capitalists are attracted by the experienced
Best experienced payoff dynamics and cooperation in the centipede game
No differences in efficiency between public and private utilities
The Nature of Women's Studies as Experienced in Feminist Research in Korea
Spatiality of Social Stress Experienced by Refugee Women in Initial Reception Centers
The perceived value and perceived benefits experienced by customers using travel agents
A (re)municipalization trend among energy utilities: Truth or myth?
Material Girls : Sexual Perceptions of Korean Teenage Girls who have experienced 'Compensated Dates'
On the surjectivity of the mapping between utilities and choice probabilities
Can entrepreneurs who experienced business closure bring their new start-up to a successful M&A?
Do Private Utilities Outperform Local Government-Owned Utilities? Evidence from German Retail Electricity
"Private utilities are no more efficient than public utilities": Six questions to Astrid Cullmann
When venture capitalists are attracted by the experienced
Best experienced payoff dynamics and cooperation in the centipede game
No differences in efficiency between public and private utilities
The Nature of Women's Studies as Experienced in Feminist Research in Korea
Spatiality of Social Stress Experienced by Refugee Women in Initial Reception Centers
The perceived value and perceived benefits experienced by customers using travel agents
A (re)municipalization trend among energy utilities: Truth or myth?
Material Girls : Sexual Perceptions of Korean Teenage Girls who have experienced 'Compensated Dates'
On the surjectivity of the mapping between utilities and choice probabilities