gwern comments on Constructing fictional eugenics (LW edition) - Less Wrong Discussion
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You can get a lot of pressure. Steve Hsu in one of his slides on BGI (which I can't be arsed to look up) gives a quick estimate that you can get maybe half a standard deviation per generation at ordinary embryo fertilization numbers.
This is plausible if you think about it in a very rough sort of way.
We know IQ is something like 50% genetic, right? If I make 5 embryos for a couple, that's like them having 5 kids; if you saw a normal family of 5 kids, how much smarter than the average of the 5 will the smartest of the 5 be? At a guess, 20 points sounds too much to often happen, but 5 points sounds way too little, so maybe 15 points; we said half the variance was genetic, so that suggests the underlying genes can claim credit for 7-8 of the excess points. If the couple has only 1 kid and the embryo with the best genetic scores is picked, then the genetic base will go up by ~7 points. And as it happens, one standard deviation is often 15 points so 7/15=0.5 standard deviations. Rinse and repeat for the next generation.
EDIT: http://duende.uoregon.edu/~hsu/talks/ggenomics.pdf Gives an example of selection on 100 alleles etc for an estimate of ~0.2SD per generation in that scenario; the more alleles you select on, presumably the higher you get per cycle.