Measuring Beliefs and Rewards: A Neuroeconomic Approach
AbstractThe neurotransmitter dopamine is central to the emerging discipline of neuroeconomics; it is hypothesized to encode the difference between expected and realized rewards and thereby to mediate belief formation and choice. We develop the first formal tests of this theory of dopaminergic function, based on a recent axiomatization by Caplin and Dean (Quarterly Journal of Economics, 123 (2008), 663-702). These tests are satisfied by neural activity in the nucleus accumbens, an area rich in dopamine receptors. We find evidence for separate positive and negative reward prediction error signals, suggesting that behavioral asymmetries in responses to losses and gains may parallel asymmetries in nucleus accumbens activity. (c) 2010 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology..
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Bibliographic InfoArticle provided by MIT Press in its journal Quarterly Journal of Economics.
Volume (Year): 125 (2010)
Issue (Month): 3 (August)
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- Jack Vromen, 2011. "Neuroeconomics: two camps gradually converging: what can economics gain from it?," International Review of Economics, Springer, vol. 58(3), pages 267-285, September.
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