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

Author

Listed:
  • Stennek, Johan

    (Department of Economics, School of Business, Economics and Law, Göteborg University)

Abstract

As 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.

Suggested Citation

  • Stennek, Johan, 2022. "Why known unknowns may be better than knowns, and how that matters for the evolution of happiness," Working Papers in Economics 829, University of Gothenburg, Department of Economics, revised 20 Sep 2024.
    • Handle: RePEc:hhs:gunwpe:0829
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    More about this item

    Keywords

    Indirect evolutionary approach; utility function;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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