The Price equation and reproductive value.

The Price equation is widely recognized as capturing conceptually important properties of natural selection, and is often used to derive versions of Fisher's fundamental theorem of natural selection, the secondary theorems of natural selection and other significant results. However, class structure is not usually incorporated into these arguments. From the starting point of Fisher's original connection between fitness and reproductive value, a principled way of incorporating reproductive value and structured populations into the Price equation is explained, with its implications for precise meanings of (two distinct kinds of) reproductive value and of fitness. Once the Price equation applies to structured populations, then the other equations follow. The fundamental theorem itself has a special place among these equations, not only because it always incorporated class structure (and its method is followed for general class structures), but also because that is the result that justifies the important idea that these equations identify the effect of natural selection. The precise definitions of reproductive value and fitness have striking and unexpected features. However, a theoretical challenge emerges from the articulation of Fisher's structure: is it possible to retain the ecological properties of fitness as well as its evolutionary out-of-equilibrium properties? This article is part of the theme issue 'Fifty years of the Price equation'.