neuroeconomics decision making and the brain

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Neuroeconomics

Author : Paul W. Glimcher
ISBN : 008092106X
Genre : Medical
File Size : 22. 47 MB
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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. * An authoritative reference written and edited by acknowledged experts and founders of the field * Presents an interdisciplinary view of the approaches, concepts, and results of the emerging field of neuroeconomics relevant for anyone interested in this area of research * Full-color presentation throughout with carefully selected illustrations to highlight key concepts

Foundations Of Neuroeconomic Analysis

Author : Paul W. Glimcher
ISBN : 0199780633
Genre : Medical
File Size : 21. 8 MB
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A new academic field, neuroeconomics, has emerged at the border of the social and natural sciences. In Foundations of Neuroeconomic Analysis, Paul Glimcher argues that a meaningful interdisciplinary synthesis of the study of human and animal choice is not only desirable, but also well underway, and so it is time to formally develop a foundational approach for the field. He does so by laying the philosophical and empirical groundwork and integrating the theory of choice and valuation with the relevant physical constraints and mechanisms. While there has been an intense debate about the value and prospects of neuroeconomics, Glimcher argues that existing data from neuroeconomics' three parent fields, neuroscience, psychology and economics, already specify the basic features of the primate choice mechanism at all three levels of analysis. His central argument is that combining these three disciplines gives us enough insight to define many of the fundamental features of decision making that have previously eluded scholars working within each individual field. With this in mind, Glimcher provides a comprehensive overview of the neuroscience, psychology, and economics of choice behavior, which will help readers from many disciplines to grasp the rich interconnections between these fields and see how their data and theory can interact to produce new insights, constraints, and questions. The book is divided into four main sections that address key barriers to interdisciplinary cohesion. The first section defines the central philosophical issues that neuroeconomics must engage. The theory of knowledge already tells us much about how different disciplines interact, and in this section, Glimcher reviews those constraints and lays a philosophical foundation for future neuroeconomic discourse. This section concludes with both a defense of neoclassical economics and a spirited attack on Milton Friedman's insistence that economics must not be constrained by the study of mechanism. Glimcher argues instead for the development of "hard-economic theories", which postulate that choosers behave the way they do because of the underlying representations that occur in their brains. The second section describes what is known about the primate choice mechanism-the physical structures in our brains that actively select among the options available to the chooser. By reviewing and integrating economic theory of choice, neurobiological studies of the frontal and parietal cortices, and psychological models of selection, Glimcher creates an interdisciplinary structure for understanding how we choose. This interdisciplinary synthesis leads to several novel insights into the causes of human irrational behavior and recasts many of these so-called irrationalities as neurobiological optimizations in the face of physical constraints. The third section describes the neural circuits for valuation-the physical mechanisms by which we learn, store, and represent the values of the many options from which we choose. In this section, Glimcher combines studies from computer science and neuroscience with representational frameworks from economics to provide novel assessments of both the strengths and weaknesses of modern economic theory. The section ends with a discussion of behavioral neuroeconomics and the ultimate limits of the neoclassical economic program. The book concludes with a description of a new model for human choice behavior that harvests constraints from each of neuroeconomics' parent disciplines and encapsulates the key insights from current research, as well as a review of the major accomplishments and opportunities that await the new field of neuroeconomics.

Neuroeconomics And The Decision Making Process

Author : Christiansen, Bryan
ISBN : 9781466699908
Genre : Psychology
File Size : 20. 63 MB
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Neuroeconomics has emerged as a field of study with the goal of understanding the human decision-making process and the mental consideration of multiple outcomes based on a selected action. In particular, neuroeconomics emphasizes how economic conditions can impact and influence the decision-making process and alternately, how human actions have the power to impact economic conditions. Neuroeconomics and the Decision-Making Process presents the latest research on the relationship between neuroscience, economics, and human decision-making, including theoretical foundations, real-world applications, and models for implementation. Taking a cross-disciplinary approach to neuroeconomic theory and study, this publication is an essential reference source for economists, psychologists, business professionals, and graduate-level students across disciplines.

Economics Management And Sustainability

Author : Partha Ray
ISBN : 9789811318948
Genre :
File Size : 67. 55 MB
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Neuroeconomics Hype Or Hope

Author : Caterina Marchionni
ISBN : 9781317977360
Genre : Business & Economics
File Size : 55. 47 MB
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Is neuroeconomics a flimsy fad likely to pass without leaving a discernible trace in economics? Or is it a promising new field with the potential to enrich and improve economic theory? Neuroeconomics brings together a unique mix of perspectives ranging from philosophy of science to neuroeconomics practice to reflect on the promises and limitations of neuroeconomics for the future of economics. The analyses collected in the volume suggest that although neuroeconomics raises methodological worries that ought to be dealt with, it might contribute to economics in various ways, some perhaps more promising than others. One thing comes out clearly, though: a complete insulation of economics from neuroscience and psychology is likely to do economics more harm than good. This book was originally published as a special issue of Journal of Economic Methodology.

The Neuroeconomics Of Environmental Decision Making

Author : Nik Sawe
ISBN : OCLC:944735137
Genre :
File Size : 71. 37 MB
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Mobilizing to effectively respond to climate change and other major environmental challenges requires a new way of thinking and new approaches to decision-making. This dissertation combines econometric surveys with behavioral economics and neuroimaging experiments to examine environmental decisions in two contexts: how individuals assign value to natural resources and donate to protect them, and how consumers make appliance purchases with energy-efficient options. Neuroeconomics allows us to identify the brain regions that predict behavior, and understand how neural activity in these regions may be influenced by key elements of the decision process, such as the presence of eco-labels. Part I enumerates some of the difficulties with current survey methods for obtaining the value that individuals place on natural resources and ecosystem services, and explains how neuroeconomic methods may complement these surveys. A pair of studies, one behavioral and one using functional magnetic resonance imaging (fMRI), elicited real donations from individuals to protect natural resources under threat of destructive land uses. Individuals' willingness-to-pay (WTP) was determined more by negative affect toward the destructiveness of the land use than by positive affect toward the park land under threat. Activity in the anterior insula, a brain region associated with negative affect, positively predicted donation and was increased when viewing destructive land uses, particularly in individuals with strong pro-environmental attitudes. Activity in the medial prefrontal cortex, associated with cost-benefit assessments, actually negatively predicted donation, suggesting that the region may encode the value of money withheld for one's self, rather than the donation's value in environmental benefits. Part II examines the individual drivers of consumer purchases of appliances with energy-efficient options through a national survey of 1,550 homeowners as well as an fMRI purchasing task. Individuals respond heterogeneously to the presence of the Energy Star eco-label. Moreover, when comparing consumer decisions in the national survey to an economically-rational benchmark of what individuals should be willing to pay for reductions in energy consumption, two individual differences were associated with large departures from rationality. High numeracy, or mathematical aptitude, was associated with significant underestimation of the value of energy consumption savings, while strong pro-environmental attitudes were associated with overvaluation. In the fMRI task, subjects chose whether to purchase CFL light bulbs with varying annual energy costs, some of which featured an Energy Star label, at different prices. The nucleus accumbens and caudate, both regions within the ventral striatum that are responsive to positive affect, increased activity in response to low prices and the presence of the Energy Star label. Nucleus accumbens activation also positively predicted purchase, while medial prefrontal cortex activity negatively predicted purchase. Neural response to the CFL bulbs' attributes also differed based on individuals' environmental attitudes, numeracy, and temporal discount rates. I propose that combining methods from behavioral economics and neuroeconomics can inform environmental policy and education by providing a more nuanced view of the roles of individual characteristics and information processing during environmental decision-making. These insights can then shape the design of behavioral interventions to best benefit both the individual and the environment.

Emotion And Decision Making Explained

Author : Edmund T. Rolls
ISBN : 9780191635151
Genre : Medical
File Size : 68. 30 MB
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What produces emotions? Why do we have emotions? How do we have emotions? Why do emotional states feel like something? What is the relation between emotion, and reward value, and subjective feelings of pleasure? How is the value of a good represented in the brain? Will neuroeconomics replace classical microeconomics? How does the brain implement decision-making? Are gene-defined rewards and emotions in the interests of the genes, and does rational multistep planning enable us to go beyond selfish genes to long-term plans and social contracts in the interests of the individual? This book seeks explanations of emotion and decision-making by considering these questions. The topics covered include: The nature of emotion, and a theory of emotion The functions of emotion, including a Darwinian theory of the adaptive value of emotion, which helps to illuminate many aspects of brain design and behaviour The brain mechanisms of emotion Affective states and motivated behaviour: hunger and sexual behaviour The pharmacology of emotion, and brain mechanisms for action Neuroeconomics, and the foundation of economic value Decision-making Emotional feelings, and consciousness Neural networks involved in emotion The book will be valuable for those in the fields of neuroscience and neurology, psychology, psychiatry, and philosophy

Neuroeconomics

Author : Peter Politser
ISBN : 0198041683
Genre : Psychology
File Size : 75. 31 MB
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As technology has opened new windows into the brain, it has clarified what happens there when people make decisions about money. This clarity has produced a new science called neuroeconomics, which addresses diverse questions, such as why people save, buy stocks, steal, and overspend. The many different methods used in neuroeconomics have, however, often yielded unclear findings about the quality of these decisions, primarily because the field has lacked both guidelines for categorizing the different aspects of quality, and guidelines for selecting methods to study these aspects. Before this book, in which Peter Politser guides the reader through the different regions of study, there was no scientific guide for those interested in neuroeconomics. Politser shows how to evaluate specific elements of choice, such as regret, expectation, risk, ambiguity, time preference, and learning, and surveys economic and behavioral models of decision making skills. He reviews the neural correlates of decisional impairments and inconsistenciesclarifying, for example, why we do not recall what we experience, experience what we expect, or like what we want, and provides detailed tables of decision-making skills, their neural correlates, and possible impairments. Politser also considers what the field of neuroeconomics may add to future conceptions of decision making, and outlines the limitations of various studies of different capacities. He then introduces a broader field for the design and interpretation of neuroeconomic studiesa neuroepidemiology of decision making. Everyone who wants to understand the research in neuroeconomics or use its methods should read this book. Its accessible text, along with an extensive glossary, will guide those with little economic or neuroscience background, and make the book an excellent supplement for courses on neuroscience and decision making.

Neuroeconomics Judgment And Decision Making

Author : Evan A. Wilhelms
ISBN : 9781317652748
Genre : Psychology
File Size : 32. 89 MB
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This volume explores how and why people make judgments and decisions that have economic consequences, and what the implications are for human well-being. It provides an integrated review of the latest research from many different disciplines, including social, cognitive, and developmental psychology; neuroscience and neurobiology; and economics and business. The book has six areas of focus: historical foundations; cognitive consistency and inconsistency; heuristics and biases; neuroeconomics and neurobiology; developmental and individual differences; and improving decisions. Throughout, the contributors draw out implications from traditional behavioral research as well as evidence from neuroscience. In recent years, neuroscientific methods have matured, beyond being simply correlational and descriptive, into theoretical prediction and explanation, and this has opened up many new areas of discovery about economic behavior that are reviewed in the book. In the final part, there are applications of the research to cognitive development, individual differences, and the improving of decisions. The book takes a broad perspective and is written in an accessible way so as to reach a wide audience of advanced students and researchers interested in behavioral economics and related areas. This includes neuroscientists, neuropsychologists, clinicians, psychologists (developmental, social, and cognitive), economists and other social scientists; legal scholars and criminologists; professionals in public health and medicine; educators; evidence-based practitioners; and policy-makers.

Your Money And Your Brain

Author : Jason Zweig
ISBN : 9780743276689
Genre : Business & Economics
File Size : 32. 97 MB
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A senior Money magazine writer draws on up-to-date findings to reveal how money can have the same effect on the mind as sex and drugs, explaining how to use the emerging science of neuroeconomics to make profitable investment choices while avoiding key mistakes. 60,000 first printing.

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