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Neuroeconomics: Why Economics Needs Brains

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Author Info
Colin F. Camerer
George Loewenstein
Drazen Prelec

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Abstract

Neuroeconomics uses knowledge about brain mechanisms to inform economic theory. It opens up the "black box" of the brain, much as organizational economics opened up the theory of the firm. Neuroscientists use many tools-including brain imaging, behavior of patients with brain damage, animal behavior and recording single neuron activity. The key insight for economics is that the brain is composed of multiple systems which interact. Controlled systems ("executive function") interrupt automatic ones. Brain evidence complicates standard assumptions about basic preference, to include homeostasis and other kinds of state-dependence, and shows emotional activation in ambiguous choice and strategic interaction. Copyright The editors of the "Scandinavian Journal of Economics", 2004 .

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Publisher Info
Article provided by Blackwell Publishing in its journal The Scandinavian Journal of Economics.

Volume (Year): 106 (2004)
Issue (Month): 3 (October)
Pages: 555-579
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Handle: RePEc:bla:scandj:v:106:y:2004:i:3:p:555-579

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  1. Isabelle Brocas & Juan D. Carrillo, 2005. "The Brain as a Hierarchical Organization," Levine's Bibliography 172782000000000073, UCLA Department of Economics. [Downloadable!]
  2. Isabelle Brocas & Juan D. Carrillo, 2005. "The Brain as a Hierarchical Organization," Levine's Bibliography 784828000000000205, UCLA Department of Economics. [Downloadable!]
  3. Jack Vromen, 2007. "Neuroeconomics as a Natural Extension of Bioeconomics: The Shifting Scope of Standard Economic Theory," Journal of Bioeconomics, Springer, vol. 9(2), pages 145-167, August. [Downloadable!] (restricted)
  4. Michael Daly & Liam Delaney & Colm Harmon, 2008. "Psychological and Biological Foundations of Time Preference - Evidence from a Day Reconstruction Study with Biological Tracking," Working Papers 200819, School Of Economics, University College Dublin. [Downloadable!]
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  5. Faruk Gul & Wolfgang Pesendorfer, 2007. "Welfare without Happiness," American Economic Review, American Economic Association, vol. 97(2), pages 471-476, May. [Downloadable!]
  6. Isabelle Brocas & Juan D Carrillo, 2007. "The Brain as a Hierarchical Organization," Levine's Bibliography 122247000000001587, UCLA Department of Economics. [Downloadable!]
  7. Anat Bracha & Donald J. Brown, 2008. "Affective Decision Making and the Ellsberg Paradox," Cowles Foundation Discussion Papers 1667R, Cowles Foundation, Yale University, revised Aug 2008. [Downloadable!]
  8. Stanton, Angela A., 2008. "Neuroeconomics: A Critique of 'Neuroeconomics: A Critical Reconsideration'," MPRA Paper 7928, University Library of Munich, Germany. [Downloadable!]
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  9. Faruk Gul & Wolfgang Pesendorfer, 2005. "The Case for Mindless Economics," Levine's Working Paper Archive 784828000000000581, David K. Levine. [Downloadable!]
  10. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2005. "Trusting the Stock Market," NBER Working Papers 11648, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Isabelle Brocas & Juan D. Carillo, 2006. "The Brain as a Hierarchical Organization," IEPR Working Papers 06.48, Institute of Economic Policy Research (IEPR). [Downloadable!]
  12. Vinod Mishra & Russell Smyth, 2008. "An Examination Of The Impact Of India'S Performance In One-Day Cricket Internationals On The Indian Stock Market," Monash Economics Working Papers 09/08, Monash University, Department of Economics. [Downloadable!]
  13. Liam Delaney & Caroline Rawdon & Kevin Denny & Wen Zhang & Richard A.P. Roche, 2008. "Event-Related Potentials Reveal Differential Brain Regions Implicated in Discounting in Two Tasks," Working Papers 200811, Geary Institute, University College Dublin. [Downloadable!]
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  14. Glenn W Harrison, 2008. "Neuroeconomics: A Critical Reconsideration," Levine's Working Paper Archive 122247000000001915, David K. Levine. [Downloadable!]
  15. Anat Bracha & Donald J. Brown, 2007. "Affective Decision Making: A Behavioral Theory of Choice," Cowles Foundation Discussion Papers 1633R, Cowles Foundation, Yale University, revised Apr 2009. [Downloadable!]
  16. B. Douglas Bernheim, 2008. "On the Potential of Neuroeconomics: A Critical (but Hopeful) Appraisal," NBER Working Papers 13954, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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