Evolutionarily stable preferences

Abstract

The 50-year old concept of an evolutionarily stable strategy provided a key tool for theorists to model ultimate drivers of behaviour in social interactions. For decades, economists ignored ultimate drivers and used models in which individuals choose strategies based on their preferences - a proximate mechanism for behaviour - and the distribution of preferences in the population was taken to be fixed and given. This article summarizes some key findings in the literature on evolutionarily stable preferences, which in the past three decades has proposed models that combine the two approaches: individuals inherit their preferences, the preferences determine their strategy choices, which in turn determine evolutionary success. One objective is to highlight complementarities and potential avenues for future collaboration between biologists and economists. This article is part of the theme issue 'Half a century of evolutionary games: a synthesis of theory, application and future directions'.