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Mark E Walton - One of the best experts on this subject based on the ideXlab platform.
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Neuroeconomics decision making and the brain
Neuron, 2009Co-Authors: Matthew F S Rushworth, Mark E WaltonAbstract:Neuroeconomics is currently one of the fastest moving bandwagons in systems neuroscience. If you are a neuroscientist trying to decide whether or not to clamber aboard, or, if on board already, whether to jump off, or if you are just trying to work out where the bandwagon is going and whether it might be about to hit you, then a couple of weeks with Neuroeconomics: Decision making and the Brain might enable you to make a decision. For neuroeconomists, behavior consists of decisions and learning how best to make decisions.
Colin F Camerer - One of the best experts on this subject based on the ideXlab platform.
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goals methods and progress in Neuroeconomics
Annual Review of Economics, 2013Co-Authors: Colin F CamererAbstract:Neuroeconomics shares the main goals of microeconomics: to understand what causes choices, and the welfare properties of choice. The novel goal is linking mathematical constructs and observable behavior to mechanistic details of neural circuitry. Several complementary methods are used. An initial insight from neuroscience is that distinct systems guide choice: Pavlovian and instrumental conditioning (learning) of state-value and response-value associations, overlearned habits, and model- (or goal-) directed value that requires deliberation. These systems can differ economically from rational choice—for example, habitual choices have low utility and price elasticities, whereas model-directed values are often constructed preferences. Neuroeconomics also provides evidence of situations in which utility maximization either works well (in simple binary choice) or benefits from the introduction of behavioral constructs. Neuroeconomics is well equipped to guide the theory of how choices depend on mental states, ...
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Neuroeconomics decision making and the brain
Published in 2009 in Amsterdam London by Elsevier Academic Press, 2009Co-Authors: Paul W. Glimcher, Colin F Camerer, Ernst Fehr, Russell A PoldrackAbstract:In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of Neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in Neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies-each written by leading experts-lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, "The Neural Mechanisms for Choice, integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in Neuroeconomics in particular or decision making in general. * Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for Neuroeconomics* Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers* Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field* Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference * Published in association with the Society for Neuroeconomics-www.Neuroeconomics.org* Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts
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introduction a brief history of Neuroeconomics
Neuroeconomics (Second Edition)#R##N#Decision Making and the Brain, 2009Co-Authors: Paul W. Glimcher, Colin F Camerer, Ernst Fehr, Russell A PoldrackAbstract:Publisher Summary This chapter explores historical facts associated with Neuroeconomics. The birth of Economics is often traced back to Adam Smith's publication The Wealth of Nations in 1776. With this publication began the classical period of economic theory. Smith described a number of phenomena critical for understanding choice behavior and the aggregation of choices into market activity. These were, in essence, psychological insights. They were relatively ad hoc rules that explained how features of the environment influenced the behavior of a nation of consumers and producers. Despite these impressive accomplishments, “Neuroeconomics” is at best a decade old and has yet to demonstrate a critical role in neuroscience, psychology, or economics. Indeed, scholars within Neuroeconomics are still debating whether neuroscientific data will provide theory for economists or whether economic theory will provide structure for neuroscience. We hope that both the goals will be accomplished, but the exact form of this contribution is not yet clear. However, there are also skeptical voices. For example, Pareto and Friedman came up with the arguments that economics is only about choices that still lives in the form of fundamentalist critique, whereas Gul and Pesendorfer argued further that neuroscientific data and neuroscientific theories should, in principle, be unwelcome in economics.
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Neuroeconomics decision making and the brain
Neuroeconomics: decision making and the brain. Edited by: Glimcher Paul W; Camerer Colin; Fehr Ernst; Poldrack Russell (2008). Amsterdam: Elsevier., 2008Co-Authors: Paul W. Glimcher, Colin F Camerer, Ernst Fehr, Russell A PoldrackAbstract:Neuroeconomics is a new highly promising approach to understanding the neurobiology of decision making and how it affects cognitive social interactions between humans and societies/economies. This book is the first edited reference to examine the science behind Neuroeconomics, including how it influences human behavior and societal decision making from a behavioral economics point of view. Presenting a truly interdisciplinary approach, Neuroeconomics presents research from neuroscience, psychology, and behavioral economics, and includes chapters by all the major figures in the field, including two Economics nobel laureates. Carefully edited for a cohesive presentation of the material, the book is also a great textbook to be used in the many newly emerging graduate courses on Neuroeconomics in Neuroscience, Psychology, and Economics graduate schools. This groundbreaking work is sure to become the standard reference source for this growing area of research.
Scott A Huettel - One of the best experts on this subject based on the ideXlab platform.
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translating upwards linking the neural and social sciences via Neuroeconomics
Nature Reviews Neuroscience, 2012Co-Authors: Clement Levallois, John A. Clithero, Paul Wouters, Ale Smidts, Scott A HuettelAbstract:The social and neural sciences share a common interest in understanding the mechanisms that underlie human behaviour. However, interactions between neuroscience and social science disciplines remain strikingly narrow and tenuous. We illustrate the scope and challenges for such interactions using the paradigmatic example of Neuroeconomics. Using quantitative analyses of both its scientific literature and the social networks in its intellectual community, we show that Neuroeconomics now reflects a true disciplinary integration, such that research topics and scientific communities with interdisciplinary span exert greater influence on the field. However, our analyses also reveal key structural and intellectual challenges in balancing the goals of neuroscience with those of the social sciences. To address these challenges, we offer a set of prescriptive recommendations for directing future research in Neuroeconomics.
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decision neuroscience Neuroeconomics
Wiley Interdisciplinary Reviews: Cognitive Science, 2010Co-Authors: David V Smith, Scott A HuettelAbstract:Few aspects of human cognition are more personal than the choices we make. Our decisions—from the mundane to the impossibly complex—continually shape the courses of our lives. In recent years, researchers have applied the tools of neuroscience to understand the mechanisms that underlie decision making, as part of the new discipline of decision neuroscience. A primary goal of this emerging field has been to identify the processes that underlie specific decision variables, including the value of rewards, the uncertainty associated with particular outcomes, and the consequences of social interactions. Recent work suggests potential neural substrates that integrate these variables, potentially reflecting a common neural currency for value, to facilitate value comparisons. Despite the successes of decision neuroscience research for elucidating brain mechanisms, significant challenges remain. These include building new conceptual frameworks for decision making, integrating research findings across disparate techniques and species, and extending results from neuroscience to shape economic theory. To overcome these challenges, future research will likely focus on interpersonal variability in decision making, with the eventual goal of creating biologically plausible models for individual choice. WIREs Cogn Sci 2010 1 854–871 For further resources related to this article, please visit the WIREs website
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foundations of Neuroeconomics from philosophy to practice
PLOS Biology, 2008Co-Authors: John A. Clithero, Dharol Tankersley, Scott A HuettelAbstract:Evidence that neuroscience improves our understanding of economic phenomena [1–4] comes from a broad array of novel experimental findings, including demonstrations of brain regions that guide responses to fair [5,6] and unfair [7] social interactions, that resolve uncertainty during decision making [8], that track loss aversion [9] and subjective value [10], and that encode willingness to pay [11,12] and reward error signals [13,14]. Yet, Neuroeconomics has been characterized as a faddish juxtaposition, not an integration, of disparate domains [15]. More damningly, critics have charged that neuroscience and economics are fundamentally incompatible [16], an argument that resonates with many social scientists. Economics thrived for centuries in the absence of neuroscience and some economists argue that existing Neuroeconomics research is not useful to mainstream economics [17,18]. We reject the fundamental charge that neuroscience cannot influence economic modeling, even in principle, and focus on two criticisms of integrating these fields, which we label the Behavioral Sufficiency and Emergent Phenomenon arguments. We show here that these arguments contain hidden assumptions that render them unsound within the practical constraints of science. We go on to explore two interrelated questions: is there a unique niche for a field of Neuroeconomics, and, if so, what are its proper foundational principles? We do not rely on the recent demonstrations of brain systems that support economic behavior nor recount the valid concerns about potential technological constraints of neuroscience. Rather, we attempt to clarify the necessary foundations for Neuroeconomics research [19–21], for which we identify two core principles, Mechanistic Convergence and Biological Plausibility. We then ask how information about neural mechanisms improves the predictive and explanatory power of economic models. Importantly, the points we raise here recapitulate both the cognitive revolution [22] and the subsequent intertwining of cognitive psychology and cognitive neuroscience [23,24]. We believe that the seemingly disparate neural and social sciences have much to gain from each other.
Jack Vromen - One of the best experts on this subject based on the ideXlab platform.
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Introduction: ‘Neuroeconomics: Hype or Hope?’
2020Co-Authors: Jack Vromen, Caterina MarchionniAbstract:This Special Issue of the Journal of Economic Methodology brings together a selection of papers presented at the Conference Neuroeconomics: Hype or Hope?, which was hosted by the Erasmus Institute for Philosophy and Economics (EIPE) in November 2008 in Rotterdam. The conference speakers comprised ardent advocates and practitioners of Neuroeconomics, outspoken critics and skeptics, and philosophers and methodologists taking a stance somewhere in between these extremes. The central question was whether Neuroeconomics is a flimsy fad that is likely to pass without leaving a discernible trace in economics, or a promising new field with the potential to enrich and improve economic theory.
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Neuroeconomics two camps gradually converging what can economics gain from it
International Review of Economics, 2011Co-Authors: Jack VromenAbstract:Neuroeconomics started off as a hybrid project. Two camps, behavioral economics in the scanner (BES) and Glimcher’s economics of neural activity (ENA), could be clearly distinguished. The camps disagreed not only about substantive issues but also about what Neuroeconomics ultimately aims to accomplish. Recent developments suggest that the gap between the two camps is closing, however. There is a growing consensus, it seems, about the brain areas in which the final stages of individual decision-making occur and about relevant features of brain activity in these areas. BES and Glimcher’s ENA also seem to converge on the view that the Neuroeconomics’ ultimate aim is to contribute to the construction of a new utility theory with stronger predictive power than standard expected utility theory. While the potential importance of an improved utility theory for economic theory cannot be denied, however, it remains to be seen whether an improved utility theory is something economic theory needs most badly or most urgently. Especially if economic theory is not ultimately interested in individual decisions, but in how aggregate behavior responds to incentives, attention should not be limited to what happens inside the skulls of individuals. What happens outside the individuals’ skulls, in the environments of individuals and in their interactions patterns, should also receive due attention.
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Neuroeconomics: hype or hope?
Journal of Economic Methodology, 2010Co-Authors: Caterina Marchionni, Jack VromenAbstract:1. Introduction Caterina Marchionni and Jack Vromen 2. When economics meet neuroscience: Hype and hope Uskali Maki 3. The disunity of Neuroeconomics: a methodological approach Roberto Fumagalli 4. Inductive modeling using causal studies in Neuroeconomics: brains on drugs Moana Vercoe and Paul J. Zak 5. The philosopher in the scanner (or: How can neuroscience contribute to social ontology?) Francesco Guala and Tim Hodgson 6. Why Neuroeconomics is relevant for economics, despite different questions, abstractions and all that Emarh Aydinonat 7. Where economics and neuroscience might meet Jack Vromen 8. The methodologies of Neuroeconomics Glenn Harrison and Don Ross 9. Neuroeconomics: a radical replacement of economics? Michiru Nagatsu 10. Do neurobiological data help us to understand economic decisions better? Alessandro Antonietti 11. Explanatory relevance across disciplinary boundaries - the case of Neuroeconomics Jaakko Kuorikoski and Petri Ylikoski
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Neuroeconomics as a natural extension of bioeconomics the shifting scope of standard economic theory
Journal of Bioeconomics, 2007Co-Authors: Jack VromenAbstract:Neuroeconomics rightly has been claimed to be a natural extension of bioeconomics. One of the things bioeconomics investigates is what behavioral dispositions and what behavioral patterns evolutionary processes have produced. Neuroeconomics extends this to the study of evolved mechanisms that are at work in decision-making at the neural level of the brain. The paper argues that in another respect Neuroeconomics and bioeconomics are discontinuous, however. Bioeconomics maintains that the applicability of standard economic theory’s constrained maximization framework is not confined to human behavior. The constrained maximization framework is believed to be suitable to describe behavior throughout the animal kingdom. By contrast, despite some minor internal disagreements all neuroeconomists seem to agree that human behavior is predicted poorly by standard economic theory in several social and economic situations. Neuroscience is believed to hold out the hope of an advanced understanding of when and why this is the case.
Matthew F S Rushworth - One of the best experts on this subject based on the ideXlab platform.
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Neuroeconomics decision making and the brain
Neuron, 2009Co-Authors: Matthew F S Rushworth, Mark E WaltonAbstract:Neuroeconomics is currently one of the fastest moving bandwagons in systems neuroscience. If you are a neuroscientist trying to decide whether or not to clamber aboard, or, if on board already, whether to jump off, or if you are just trying to work out where the bandwagon is going and whether it might be about to hit you, then a couple of weeks with Neuroeconomics: Decision making and the Brain might enable you to make a decision. For neuroeconomists, behavior consists of decisions and learning how best to make decisions.