Cogprints

Decision-Making: A Neuroeconomic Perspective

Hardy-Vallee, Benoit (2007) Decision-Making: A Neuroeconomic Perspective. [Preprint]

Full text available as:

[img]
Preview
PDF
285Kb

Abstract

This article introduces and discusses from a philosophical point of view the nascent field of neuroeconomics, which is the study of neural mechanisms involved in decision-making and their economic significance. Following a survey of the ways in which decision-making is usually construed in philosophy, economics and psychology, I review many important findings in neuroeconomics to show that they suggest a revised picture of decision-making and ourselves as choosing agents. Finally, I outline a neuroeconomic account of irrationality.

Item Type:Preprint
Keywords:rationality, decision, neuroeconomics, philosophy, economics
Subjects:Neuroscience > Neuropsychology
Neuroscience > Computational Neuroscience
Philosophy > Philosophy of Mind
Neuroscience > Behavioral Neuroscience
Psychology > Social Psychology
Philosophy > Decision Theory
Psychology > Cognitive Psychology
Philosophy > Philosophy of Science
ID Code:5623
Deposited By: Hardy-Vallee, Benoit
Deposited On:28 Jul 2007
Last Modified:11 Mar 2011 08:56

References in Article

Select the SEEK icon to attempt to find the referenced article. If it does not appear to be in cogprints you will be forwarded to the paracite service. Poorly formated references will probably not work.

Andreoni, James. ‘Impure Altruism and Donations to Public Goods: A Theory of Warm-Glow Giving.’ The Economic Journal 100.401 (1990): 464-77.

Audi, Robert. The Architecture of Reason : The Structure and Substance of Rationality. Oxford ; New York: Oxford University Press, 2001.

Baron, Jonathan. Thinking and Deciding. 3rd ed. Cambridge, UK ; New York: Cambridge University Press, 2000.

Berridge, Kent. C. ‘Irrational Pursuits: Hyper-Incentives from a Visceral Brain.’ The Psychology of Economic Decisions. Eds. I. Brocas and J. Carrillo. Oxford: Oxford University Press, 2003. 17-40.

Camerer, Colin. F. ‘Psychology and Economics. Strategizing in the Brain.’ Science 300.5626 (2003): 1673-5.

Cheever, John. ‘Journals.’ The New Yorker 1990.

Clark, Andy. Being There : Putting Brain, Body, and World Together Again. Cambridge, Mass.: MIT Press, 1997.

D'Esposito, Mark. ‘Functional imaging of neurocognition.’ Seminars in Neurology 20.4 (2000): 487-98.

Davidson, Donald. Essays on Actions and Events. Oxford: Oxford University Press, 1980.

---. ‘ Paradoxes of Irrationality.’ Problems of Rationality. Oxford: Oxford University Press, 2004. 169-88.

de Quervain, Dominique. J., et al. ‘The Neural Basis of Altruistic Punishment.’ Science 305.5688 (2004): 1254-8.

Delgado, Mauricio. R., Christa. D. Labouliere, and Elizabeth. A. Phelps. ‘Fear of Losing Money? Aversive Conditioning with Secondary Reinforcers.’ Social Cognitive and Affective Neuroscience 1.3 (2006): 250-59.

Egelman, David. M., Christophe Person, and Read Montague. ‘A Computational Role for Dopamine Delivery in Human Decision-Making.’ J Cogn Neurosci 10.5 (1998): 623-30.

Eliasmith, Chris. ‘Computational Neuroscience.’ Philosophy of Psychology and Cognitive Science, Handbook of Philosophy of Science. Ed. Paul Thagard. Vol. 4. Amsterdam: Elsevier, 2007. 313-38.

Gilbert, Daniel. T., and Timothy. D. Wilson. ‘Miswanting: Some Problems in the Forecasting of Future Affective States.’ Feeling and thinking: The role of affect in social cognition (2000): 178–97.

Glimcher, Paul W. Decisions, Uncertainty, and the Brain : The Science of Neuroeconomics. Cambridge, Mass. ; London: MIT Press, 2003.

Glimcher, Paul W., Michael C. Dorris, and Hannah M. Bayer. ‘Physiological Utility Theory and the Neuroeconomics of Choice.’ Games and Economic Behavior 52.2 (2005): 213.

Güth, Werner, Rolf Schmittberger, and Bernd Schwarze. ‘An Experimental Analysis of Ultimatum Bargaining.’ Journal of Economic Behavior and Organization 3.4 (1982): 367-88.

Huettel, Scott A., et al. ‘Neural Signatures of Economic Preferences for Risk and Ambiguity.’ Neuron 49.5 (2006): 765-75.

Kahneman, Daniel. ‘A Perspective on Judgment and Choice: Mapping Bounded Rationality.’ America Psychologist 58.9 (2003): 697-720.

Kahneman, Daniel., et al. ‘Would You Be Happier If You Were Richer? A Focusing Illusion.’ Science 312.5782 (2006): 1908-10.

Kahneman, D., Paul Slovic, and Amos. Tversky, eds. Judgment under Uncertainty : Heuristics and Biases. Cambridge ; New York: Cambridge University Press, 1982.

Kahneman, Daniel, Peter P. Wakker, and Rakesh Sarin. ‘Back to Bentham? Explorations of Experienced Utility.’ The Quarterly Journal of Economics 112.2 (1997): 375-405.

Kim, Hackjin, Shinsuke Shimojo, and John P. Doherty. ‘Is Avoiding an Aversive Outcome Rewarding? Neural Substrates of Avoidance Learning in the Human Brain.’ PLoS Biology 4.8 (2006): e233.

Ledyard, John O. ‘Public Goods: A Survey of Experimental Research.’ Handbook of Experimental Economics. Eds. Jonh H. Kagel and Alvin E. Roth: Princeton University Press, 1995. 111-94.

McCabe, Kevin. ‘Neuroeconomics.’ Encyclopedia of Cognitive Science. Ed. Lynn Nadel. New York, N.Y.: Wiley InterScience, 2005. 294-98.

Moll, Jorge, et al. ‘Human Fronto-Mesolimbic Networks Guide Decisions About Charitable Donation.’ PNAS 103.42 (2006): 15623-28.

Montague, Read., Brooks King-Casas, and Jonathan D. Cohen. ‘Imaging Valuation Models in Human Choice.’ Annual Review of Neuroscience 29 (2006): 417-48.

Montague, Read, and Gregory S. Berns. ‘Neural Economics and the Biological Substrates of Valuation.’ Neuron 36.2 (2002): 265-84.

Montague, P. Read, et al. ‘Bee Foraging in Uncertain Environments Using Predictive Hebbian Learning.’ Nature 377.6551 (1995): 725-28.

Montague, Read. Why Choose This Book? : How We Make Decisions. New York: Penguin Group, 2006.

Naqvi, Nasir, Baba Shiv, and Antoine Bechara. ‘The Role of Emotion in Decision Making: A Cognitive Neuroscience Perspective.’ Current Directions in Psychological Science 15.5 (2006): 260-64.

Niv, Yael., Michale O. Duff, and Peter Dayan. ‘Dopamine, Uncertainty and Td Learning.’ Behavioral ad Brain Functions 1 (2005): 6.

Oosterbeek, Hessel, Randolph Sloof, and Gijs van de Kuilen. ‘Differences in Ultimatum Game Experiments: Evidence from a Meta-Analysis.’ Experimental Economics 7 (2004): 171-88.

Perez-Uribe, Andres. Using a Time-Delay Actor-Critic Neural Architecture with Dopamine-Like Reinforcement Signal for Learning in Autonomous Robots. Lecture Notes in Computer Science, 2001.

Poundstone, William. Prisoner's Dilemma. 1st ed. New York: Doubleday, 1992.

Rilling, James K., et al. ‘The Neural Correlates of Theory of Mind within Interpersonal Interactions.’ Neuroimage 22.4 (2004): 1694-703.

Rilling, James K., et al. ‘A Neural Basis for Social Cooperation.’ Neuron 35.2 (2002): 395-405.

Robbins, Lionel. An Essay on the Nature and Signifiance of Economic Science. London Macmillan, 1932.

Ross, Don. ‘The Economics of the Sub-Personal: Two Research Programs.’ Economics and the Mind. Eds. Barbara Montero and Mark D. White. New York: Routledge, 2007. 41-57.

Ross, Don. Economic Theory and Cognitive Science : Microexplanation. Cambridge, Mass.: MIT Press, 2005.

Sally, David. ‘Conversations and Cooperation in Social Dilemmas: A Meta-Analysis of Experiments from 1958 to 1992.’ Rationality and Society 7 (1995): 58 – 92

Samuelson, Larry. ‘Economic Theory and Experimental Economics.’ Journal of Economic Literature 43 (2005): 65-107.

Sanfey, Alan. G., et al. ‘The Neural Basis of Economic Decision-Making in the Ultimatum Game.’ Science 300.5626 (2003): 1755-8.

Searle, John. Rationality in Action. The Jean Nicod Lectures. Cambridge, Mass.: MIT Press, 2001.

Selten, Reinhard. ‘What Is Bounded Rationality ? .’ Bounded Rationality: The Adaptive Toolbox. Eds. G. Gigerenzer and R. Selten. MIT Press: Cambridge, MA, 2001. 13-36.

Sen, Amartya K. ‘Rational Fools: A Critique of the Behavioral Foundations of Economic Theory.’ Philosophy and Public Affairs 6.4 (1977): 317-44.

Simon, Herbert A. Models of Bounded Rationality. Cambridge, Mass.: MIT Press, 1982.

Sterelny, Kim. ‘Cognitive Load and Human Decision, or, Three Ways of Rolling the Rock up Hill ‘ The Innate Mind : Culture and Cognition. Eds. Peter Carruthers, Stephen Laurence and Stephen P. Stich. New York: Oxford University Press, 2006.

Suri, Roland E., and Wolfram Schultz. ‘Temporal Difference Model Reproduces Anticipatory Neural Activity.’ Neural Computation 13.4 (2001): 841-62.

Suri, Roland E., and Wolfram Schultz. ‘A Neural Network Model with Dopamine-Like Reinforcement Signal That Learns a Spatial Delayed Response Task.’ Neuroscience 91.3 (1999): 871.

Sutton, Richard S., and Andrew G. Barto. ‘A Temporal-Difference Model of Classical Conditioning.’ Ninth Annual Conference of the Cognitive Science Society, 1987. 355-78.

---. Reinforcement Learning : An Introduction. Adaptive Computation and Machine Learning. Cambridge, Mass.: MIT Press, 1998.

Thagard, P. 'Being Interdisciplinary: Trading Zones in Cognitive Science.' Interdisciplinary Collaboration: An Emerging Cognitive Science. Eds. Sharon J. Derry, Christian Schunn, D. and Morton Ann Gernsbacher, 2005. 317-39.

Tom, Sabrina, et al. ‘The Neural Basis of Loss Aversion in Decision-Making under Risk.’ Science 315.5811 (2007): 515-8.

Tversky, Amos. ‘A Critique of Expected Utility Theory: Descriptive and Normative Considerations.’ Erkenntnis V9.2 (1975): 163-73.

Tversky, Amos, and Daniel. Kahneman. ‘Loss Aversion in Riskless Choice: A Reference-Dependent Model.’ The Quarterly Journal of Economics 106.4 (1991): 1039-61.

Zak, Paul. J. ‘Neuroeconomics.’ Philosophical Transactions of the Royal Society of London, Series B, Biological Science 359.1451 (2004): 1737-48.

Metadata

Repository Staff Only: item control page