“…Far from validating informal evolutionary arguments for payoff-maximizing behavior, this work shows that many different systematic departures from payoff maximization may survive evolutionary pressures in various models. Individuals in these models may have preferences that differ from their true material payoffs due, for example, to concerns about fairness Yaari 1992, Huck andOechssler 1998), social status Weiss 1997, 1998), altruism (Bester and Güth 1998), spite (Possajennikov 2000, Bolle 2000, envy (Bergman and Bergman, 2000), relative rather than absolute success (Koçkesen, Ok, andSethi 2000a, 2000b), or overconfidence (Kyle andWang 1997, Benos 1998). The main results in these papers show that such biases or dispositions may be evolutionarily stable in particular models, and thus immune to the appearance of rational "mutants" who maximize their actual material payoffs.…”