This book presents a theory of choice grounded in two distinct processes. The first is a long-term evolutionary process that links survival-enhancing behaviors with positive emotional responses, forming "primary preferences." These preferences are inherited and reflect conditions under which early humans thrived. The second process is short-term and adaptive, allowing individuals to adjust their preferences in response to changes in their environment. These adjustments form revised preferences, which can override inherited tendencies when they no longer serve a beneficial purpose.
The chapters trace the origins of human preferences, explore how decisions evolve, and introduce a propensity for exploration (PEX) as a mechanism driving curiosity and growth. The book also examines the role of biased perceptions in sustaining exploratory behavior when inherited incentives are insufficient. By connecting psychology, economics, adaptation, and decision science, the text provides a clear framework for understanding how preferences form, why they shift, and how they can be realigned. This practical approach equips readers with tools to improve personal choices, enhance well-being, and achieve long-term growth.
CHAPTER 1: INTRODUCTION.- CHAPTER 2: PRIMARY PREFERENCES.- CHAPTER 3:
BORN TO EXPLORE.- CHAPTER 4: POSITIVE ILLUSIONS.- CHAPTER 5: RANDOMIZATION.-
CHAPTER 6: SOCIAL EXPLORATION.- CHAPTER 7: EXPLORATION THROUGH SIMULATION.-
CHAPTER 8: EXPLORATION THROUGH DELEGATION.- CHAPTER 9: DEEP EXPLORATION.-
CHAPTER 10: EVOLVING PREFERENCES.- CHAPTER 11: COLLECTIVE EXPLORATION.-
CHAPTER 12: EXPLORATION AND SOCIAL CHOICE.- CHAPTER 13: THE EXPLORING HUMAN.-
CHAPTER 14: THE EXPLORING GENE.- CHAPTER 15: EXPLORATION AND INTELLIGENCE.-
CHAPTER 16: EPILOGUE.
Christo A. Pirinsky is Professor of Financial Economics, Truist Fellow, and Director of the FinTech Program at the University of Central Florida College of Business Administration in Orlando, Florida. Before joining the University, he was an economist at the US Securities and Exchange Commission in Washington, DC. He has been a full-time faculty member at several academic institutions, including Texas A&M University, Rutgers University, and George Washington University. His work appears in The Journal of Finance, Journal of Financial Economics, Research Policy, The Accounting Review, and elsewhere. During the 20222023 school year, he was the recipient of UCF Dean's Research Productivity Award. Pirinsky is a behavioral economics and finance expert. His research integrates culture and fintech with decision-making fundamentals.
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