Why known unknowns may be better than knowns, and how that matters for the evolution of perception and happiness

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dc.contributor.authorStennek, Johan
dc.contributor.organizationDepartment of Economics, University of Gothenburgen
dc.date.accessioned2022-10-25T15:15:25Z
dc.date.available2022-10-25T15:15:25Z
dc.date.issued2022-10
dc.descriptionJEL: B52; D91; I31en
dc.description.abstractAs humans have a limited range of feelings and limited perception, we can’t rank all possible actions in order of preference. However, we can use this inability to rank some actions, to infer rankings of other actions. Surprisingly, having less precise sensory information improves our ability to draw such inferences. Therefore, if nature selected a “Reasoning Man” with perfect inferential abilities, this person would have muted feelings and blurred perception. Behavior would nevertheless maximize happiness and evolutionary fitness, and not be merely satisficing. These results might help explain why the human sensory system has its well-documented limitations.en
dc.format.extent10en
dc.identifier.issn1403-2465
dc.identifier.urihttps://hdl.handle.net/2077/73999
dc.language.isoengen
dc.publisherUniversity of Gothenburgen
dc.relation.ispartofseriesWorking Papers in Economicsen
dc.relation.ispartofseries829en
dc.subjectIndirect evolutionary approachen
dc.subjectutility functionen
dc.titleWhy known unknowns may be better than knowns, and how that matters for the evolution of perception and happinessen
dc.typeTexten
dc.type.svepreporten

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