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dc.contributor.authorBrennan, Thomas J.
dc.contributor.authorLo, Andrew W.
dc.date.accessioned2012-12-10T20:27:10Z
dc.date.available2012-12-10T20:27:10Z
dc.date.issued2011-03
dc.identifier.issn2010-1392
dc.identifier.urihttp://hdl.handle.net/1721.1/75346
dc.description.abstractWe propose a single evolutionary explanation for the origin of several behaviors that have been observed in organisms ranging from ants to human subjects, including risk-sensitive foraging, risk aversion, loss aversion, probability matching, randomization, and diversification. 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 those behaviors linked to reproductive success will survive, and less reproductively successful behaviors will disappear at exponential rates. When the uncertainty in reproductive success is systematic, natural selection yields behaviors that may be individually sub-optimal but are optimal from the population perspective; when reproductive uncertainty is idiosyncratic, the individual and population perspectives coincide. This framework generates a surprisingly rich set of behaviors, and the simplicity and generality of our model suggest that these derived behaviors are primitive and nearly universal within and across species.en_US
dc.language.isoen_US
dc.publisherWorld Scientificen_US
dc.relation.isversionofhttp://dx.doi.org/10.1142/S201013921100002Xen_US
dc.rightsCreative Commons Attribution-Noncommercial-Share Alike 3.0en_US
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/3.0/en_US
dc.sourceMIT web domainen_US
dc.titleThe Origin of Behavioren_US
dc.typeArticleen_US
dc.identifier.citationBrennan, Thomas J., and Andrew W. Lo. “The Origin of Behavior.” Quarterly Journal of Finance 01.01 (2011): 55–108.en_US
dc.contributor.departmentSloan School of Managementen_US
dc.contributor.mitauthorLo, Andrew W.
dc.relation.journalQuarterly Journal of Financeen_US
dc.eprint.versionAuthor's final manuscripten_US
dc.type.urihttp://purl.org/eprint/type/JournalArticleen_US
eprint.statushttp://purl.org/eprint/status/PeerRevieweden_US
dspace.orderedauthorsBrennan, Thomas J.; Lo, Andrew W.en
dc.identifier.orcidhttps://orcid.org/0000-0003-2944-7773
mit.licenseOPEN_ACCESS_POLICYen_US
mit.metadata.statusComplete


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