The origin of bounded rationality and intelligence.

  • Andrew W. Lo
  • Published 2013 in Proceedings of the American Philosophical Society
Rational economic behavior in which individuals maximize their own self-interest is only one of many possible types of behavior that arise from natural selection. Given an initial population of individuals, each assigned a purely arbitrary behavior with respect to a binary choice problem, and assuming that offspring behave identically to their parents, only… (More)