Utility theory based on human nature and its implications to economics

点击翻译按钮获取中文摘要

This study provides biological foundations of human tendencies to discount future and to care about social status, and demonstrates that, incorporating these tendencies into economic models, we can explain demographic and economic phenomena such as the modern fertility transition. Then, focusing on similarities in biological and economic models, this study presents an economic framework that is consistent with the biological framework. These results indicate that we can rebuild utility theory using the biological framework.