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Neuroeconomic and Behavioral Aspects of Decision Making

Author: Kesra Nermend

Publisher: Springer

Published: 2017-10-06

Total Pages: 419

ISBN-13: 3319629387

This proceedings volume presents the latest scientific research and trends in experimental economics, with particular focus on neuroeconomics. Derived from the 2016 Computational Methods in Experimental Economics (CMEE) conference held in Szczecin, Poland, this book features research and analysis of novel computational methods in neuroeconomics. Neuroeconomics is an interdisciplinary field that combines neuroscience, psychology and economics to build a comprehensive theory of decision making. At its core, neuroeconomics analyzes the decision-making process not only in terms of external conditions or psychological aspects, but also from the neuronal point of view by examining the cerebral conditions of decision making. The application of IT enhances the possibilities of conducting such analyses. Such studies are now performed by software that provides interaction among all the participants and possibilities to register their reactions more accurately. This book examines some of these applications and methods. Featuring contributions on both theory and application, this book is of interest to researchers, students, academics and professionals interested in experimental economics, neuroeconomics and behavioral economics.

Neuroeconomics

Author: Paul W. Glimcher

Publisher: Academic Press

Published: 2008-10-10

Total Pages: 557

ISBN-13: 008092106X

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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

Neuroeconomics

Author: Paul W. Glimcher

Publisher: Academic Press

Published: 2013-08-13

Total Pages: 606

ISBN-13: 0123914698

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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

Neuroeconomics and the Decision-Making Process

Author: Christiansen, Bryan

Publisher: IGI Global

Published: 2016-03-17

Total Pages: 377

ISBN-13: 1466699906

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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.

Neuroeconomics

Author: Peter Politser

Publisher: Oxford University Press

Published: 2008-03-12

Total Pages: 240

ISBN-13: 0190294221

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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

Author: Eric J. Johnson

Publisher: Elsevier Inc. Chapters

Published: 2013-08-13

Total Pages: 33

ISBN-13: 0128073101

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This chapter reviews models of choice on two levels: The first concerns the descriptions of choice and their evolution from normative models of how choices should be make to more behaviorally realistic models, more consistent with data showing that choice depends heavily on context. We present brief overviews of risky and riskless choice models and data and for choice over time. We then turn to computational process models, a more recent class of models that make prediction for multiple properties of the decision process beyond simply what is chosen, including predicting the distribution of errors and decision times.These models are typically applied to simpler choices, but have found great use in contemporary neuroscience.

Neuroeconomics

Author: Martin Reuter

Publisher: Springer

Published: 2016-10-06

Total Pages: 500

ISBN-13: 364235923X

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This book represents one of the cornerstones of the series Studies in Neuroscience, Psychology and Behavioral Economics. It is divided into eight sections, starting with an introduction to neuroeconomics followed by an overview of frequently applied experimental paradigms (games) in neuroeconomics research. Furthermore, it addresses the molecular basis of human decision making, environmental/situational factors and social contexts influencing human decision making, as well as translational and developmental/clinical approaches to neuroeconomics. In closing, a paper on neuro-marketing demonstrates how knowledge from neuroeconomics research can be applied in “real life.” Culminating in an extensive methods section, in which eight different neuroscience techniques are introduced, the book offers an essential resource for researchers and practitioners, and may also be beneficial for graduate students.

Neuroeconomics, Judgment, and Decision Making

Author: Evan A. Wilhelms

Publisher: Psychology Press

Published: 2014-07-11

Total Pages: 310

ISBN-13: 1317652746

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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.

Neuroeconomics

Author: Daniel Houser

Publisher: Emerald Group Publishing

Published: 2008-12-01

Total Pages: 280

ISBN-13: 1848553056

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Considers the various topics in health economics including the production of and demand for health; the demand for medical care services; the financing of these services; the markets for physicians, nurses, dentists, hospitals, and drugs; the economics of substance use; health in developing countries; and, the economics of medical technology.

Decisions, Uncertainty, and the Brain

Author: Paul W. Glimcher

Publisher: MIT Press

Published: 2004-09-17

Total Pages: 404

ISBN-13: 9780262572279

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In this provocative book, Paul Glimcher argues that economic theory may provide an alternative to the classical Cartesian model of the brain and behavior. Glimcher argues that Cartesian dualism operates from the false premise that the reflex is able to describe behavior in the real world that animals inhabit. A mathematically rich cognitive theory, he claims, could solve the most difficult problems that any environment could present, eliminating the need for dualism by eliminating the need for a reflex theory. Such a mathematically rigorous description of the neural processes that connect sensation and action, he explains, will have its roots in microeconomic theory. Economic theory allows physiologists to define both the optimal course of action that an animal might select and a mathematical route by which that optimal solution can be derived. Glimcher outlines what an economics-based cognitive model might look like and how one would begin to test it empirically. Along the way, he presents a fascinating history of neuroscience. He also discusses related questions about determinism, free will, and the stochastic nature of complex behavior.