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On the Potential of Neuroeconomics: A Critical (but Hopeful) Appraisal

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Author Info
B. Douglas Bernheim

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Abstract

This paper attempts to identify and articulate the specific ways in which the emerging field of neuroeconomics might shed light on traditional positive and normative questions in economics, as well as the likely limitations of its potential contributions. It sets forth both reservations and reasons for guarded optimism. (JEL D01, D87)

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File URL: http://hdl.handle.net/10.1257/mic.1.2.1
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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/mic.1.2.1
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Publisher Info
Article provided by American Economic Association in its journal American Economic Journal: Microeconomics.

Volume (Year): 1 (2009)
Issue (Month): 2 (August)
Pages: 1-41
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Handle: RePEc:aea:aejmic:v:1:y:2009:i:2:p:1-41

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Camelia Kuhnen & Brian Knutson, 2005. "The Neural Basis of Financial Risk Taking," Experimental 0509001, EconWPA. [Downloadable!]
  2. Glimcher, Paul W. & Dorris, Michael C. & Bayer, Hannah M., 2005. "Physiological utility theory and the neuroeconomics of choice," Games and Economic Behavior, Elsevier, vol. 52(2), pages 213-256, August. [Downloadable!] (restricted)
  3. John A. List & Robert P. Berrens & Alok K. Bohara & Joe Kerkvliet, 2004. "Examining the Role of Social Isolation on Stated Preferences," American Economic Review, American Economic Association, vol. 94(3), pages 741-752, June. [Downloadable!]
  4. John A. List & Jay Shogren, 2002. "Calibration of Willingness-to-Accept," Framed Field Experiments 0054, The Field Experiments Website. [Downloadable!]
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  5. Colin F. Camerer & George Loewenstein & Drazen Prelec, 2004. "Neuroeconomics: Why Economics Needs Brains," Scandinavian Journal of Economics, Blackwell Publishing, vol. 106(3), pages 555-579, October. [Downloadable!] (restricted)
  6. B. Douglas Bernheim & Antonio Rangel, 2008. "Beyond Revealed Preference: Choice Theoretic Foundations for Behavioral Welfare Economics," NBER Working Papers 13737, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Bernheim, B. Douglas, 2002. "Taxation and saving," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 18, pages 1173-1249 Elsevier. [Downloadable!] (restricted)
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  8. Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March. [Downloadable!] (restricted)
  9. Colin Camerer & George Loewenstein & Drazen Prelec, 2005. "Neuroeconomics: How Neuroscience Can Inform Economics," Journal of Economic Literature, American Economic Association, vol. 43(1), pages 9-64, March. [Downloadable!] (restricted)
  10. Rustichini, Aldo, 2005. "Neuroeconomics: Present and future," Games and Economic Behavior, Elsevier, vol. 52(2), pages 201-212, August. [Downloadable!] (restricted)
  11. Andreoni, James & Scholz, John Karl, 1998. "An Econometric Analysis of Charitable Giving with Interdependent Preferences," Economic Inquiry, Oxford University Press, vol. 36(3), pages 410-28, July.
  12. B. Douglas Bernheim & Antonio Rangel, 2007. "Toward Choice-Theoretic Foundations for Behavioral Welfare Economics," American Economic Review, American Economic Association, vol. 97(2), pages 464-470, May. [Downloadable!]
  13. Faruk Gul & Wolfgang Pesendorfer, 2005. "The Case for Mindless Economics," Levine's Working Paper Archive 784828000000000581, David K. Levine. [Downloadable!]
  14. Dan Ariely & George Loewenstein & Drazen Prelec, 2003. ""Coherent Arbitrariness": Stable Demand Curves Without Stable Preferences," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 73-105, February. [Downloadable!] (restricted)
  15. Joseph Tao-yi Wang & Michael Spezio & Colin F. Camerer, 2006. "Pinocchio's Pupil: Using Eyetracking and Pupil Dilation to Understand Truth-telling and Deception in Games," Levine's Bibliography 321307000000000042, UCLA Department of Economics. [Downloadable!]
  16. Raj Chetty & Adam Looney & Kory Kroft, 2007. "Salience and Taxation: Theory and Evidence," NBER Working Papers 13330, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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