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On an Evolutionary Foundation of Neuroeconomics

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Author Info
Schipper, Burkhard (U of California, Davis)

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Abstract

Neuroeconomics focuses on brain imaging studies mapping neural responses to choice behavior. Economic theory is concerned with choice behavior but it is silent on neural activities. We present a game theoretic model in which players are endowed with an additional structure--a simple 'nervous system'--and interact repeatedly in changing games. The nervous system constrains information processing functions and behavioral functions. By reinterpreting results from evolutionary game theory (Germano, 2007), we suggest that nervous systems can develop to 'function well' in exogenously changing strategic environments. We present an example indicating that an analogous conclusion fails if players can influence endogenously their environment.

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Paper provided by University of California at Davis, Department of Economics in its series Working Papers with number 08-4.

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Date of creation: Apr 2008
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Handle: RePEc:ecl:ucdeco:08-4

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C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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  1. B. Douglas Bernheim & Antonio Rangel, 2004. "Addiction and Cue-Triggered Decision Processes," American Economic Review, American Economic Association, vol. 94(5), pages 1558-1590, December. [Downloadable!]
  2. 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)
  3. Drew Fudenberg & David K. Levine, 2006. "A Dual Self Model of Impulse Control," Harvard Institute of Economic Research Working Papers 2112, Harvard - Institute of Economic Research. [Downloadable!]
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  4. Fabrizio Germano, 2007. "Stochastic Evolution of Rules for Playing Finite Normal Form Games," Theory and Decision, Springer, vol. 62(4), pages 311-333, May. [Downloadable!] (restricted)
  5. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215.
  6. Benhabib, Jess & Bisin, Alberto, 2005. "Modeling internal commitment mechanisms and self-control: A neuroeconomics approach to consumption-saving decisions," Games and Economic Behavior, Elsevier, vol. 52(2), pages 460-492, August. [Downloadable!] (restricted)
  7. Cabrales, Antonio & Sobel, Joel, 1992. "On the limit points of discrete selection dynamics," Journal of Economic Theory, Elsevier, vol. 57(2), pages 407-419, August. [Downloadable!] (restricted)
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  8. Arthur J. Robson & Hillard S. Kaplan, 2003. "The Evolution of Human Life Expectancy and Intelligence in Hunter-Gatherer Economies," American Economic Review, American Economic Association, vol. 93(1), pages 150-169, March. [Downloadable!]
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