How genes make up your mind: Individual biological differences and value-based decisions
AbstractNeuroeconomics is the multidisciplinary study of value-based decision-making. One of the core topics is how emotions affect decision-making. Developments in economic models of decision-making have been influenced by technological innovations and empirical findings in cognitive neuroscience. Now, a recent approach in cognitive neuroscience, often referred to as "imaging genetics", promises to make significant contributions to our understanding of both behavioral and neural aspects of value-based decision-making. Recent work has demonstrated the role of neurotransmitter alterations in clinical states such as Parkinson's disease, depression and anxiety, and how this may affect decision behavior. However, these insights are limited through their focus on extreme neuropathology, which sheds little light on similar functions in healthy individuals. Here, we present and discuss studies of the role of drug-induced and genetically driven changes in neurotransmitter levels, and their effects on value-based decision-making. Following this, we argue that in healthy subjects, individual variance in decision behavior can be explained by such genetic factors, and gene-environment interactions. We suggest that this development should be used in neuroeconomic research in order to both improve behavioral models, by stressing the biological nature of individual variance, and through the improvement of our general understanding of the brain basis of value-based decision-making.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Psychology.
Volume (Year): 31 (2010)
Issue (Month): 5 (October)
Contact details of provider:
Web page: http://www.elsevier.com/locate/joep
Value-based decision making Emotions Imaging genetics Neuroeconomics;
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.:
- Zak, Paul J. & Fakhar, Ahlam, 2006. "Neuroactive hormones and interpersonal trust: International evidence," Economics & Human Biology, Elsevier, vol. 4(3), pages 412-429, December.
- Bechara, Antoine & Damasio, Antonio R., 2005. "The somatic marker hypothesis: A neural theory of economic decision," Games and Economic Behavior, Elsevier, vol. 52(2), pages 336-372, August.
- Kahneman, Daniel & Wakker, Peter P & Sarin, Rakesh, 1997. "Back to Bentham? Explorations of Experienced Utility," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 375-405, May.
- Kahneman, Daniel & Tversky, Amos, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Econometric Society, vol. 47(2), pages 263-91, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Camelia Kuhnen & Brian Knutson, 2005. "The Neural Basis of Financial Risk Taking," Experimental 0509001, EconWPA.
- Witt, Ulrich & Binder, Martin, 2013.
"Disentangling motivational and experiential aspects of “utility” – A neuroeconomics perspective,"
Journal of Economic Psychology,
Elsevier, vol. 36(C), pages 27-40.
- Ulrich Witt & Martin Binder, 2011. "Disentangling Motivational and Experiential Aspects of "Utility" - A Neuroeconomics Perspective," Papers on Economics and Evolution 2011-20, Philipps University Marburg, Department of Geography.
- Solnais, Céline & Andreu-Perez, Javier & Sánchez-Fernández, Juan & Andréu-Abela, Jaime, 2013. "The contribution of neuroscience to consumer research: A conceptual framework and empirical review," Journal of Economic Psychology, Elsevier, vol. 36(C), pages 68-81.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.