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Published online by Cambridge University Press: 09 March 2023
This is a book on advice, its importance for decision making, and its influence on the evolution of conventions of behavior. The idea is simple. As societies progress, old generations of social agents die and are replaced by new ones. We are interested in what happens in this transition as the old guard instructs the new arrivals about the wisdom of their ways. Do new entrants listen to and follow the advice of their elders or dismiss it? Is intergenerational advice welfare-improving or can it be destructive? Many times wise advice is rejected only to have new generations repeat the mistakes of their parents instead of learning from them. The advice offered from one generation to the next allows for a type of social learning that leads to the creation of conventions of behavior.
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