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Multiple-self models in neuroeconomics. A methodological critique

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  • Marco Stimolo

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    Abstract

    The idea of multiple-self models in economics is that individual identity is the equilibrium result of the strategic interaction between sub-personal selves. These models fill the gap of standard rational choice theory in explaining inter-temporal inconsistency of choices. This modelling procedure requires an extension of revealed preference theory to the sub-personal level. This extension is grounded in the assumption that sub-personal selves are economic agents to whom analytical tools of microeconomics apply. I claim that this assumption is false and entails the empirical methodology of functional localization that fails to provide robust results.

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    File URL: http://www.icer.it/docs/wp2012/ICERwp07-12.pdf
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    Bibliographic Info

    Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 07-2012.

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    Length: 20 pages
    Date of creation: Sep 2012
    Date of revision:
    Handle: RePEc:icr:wpicer:07-2012

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    Keywords: Multiple-self; rationality; as if; functional localization; robustness;

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    1. Berg, Nathan & Gigerenzer, Gerd, 2010. "As-if behavioral economics: Neoclassical economics in disguise?," MPRA Paper 26586, University Library of Munich, Germany.
    2. Guala,Francesco, 2005. "The Methodology of Experimental Economics," Cambridge Books, Cambridge University Press, number 9780521618618, April.
    3. Aldo Rustichini, 2009. "Is There a Method of Neuroeconomics?," American Economic Journal: Microeconomics, American Economic Association, vol. 1(2), pages 48-59, August.
    4. Marieke van Rooij & Guy Van Orden, 2011. "It's about Space, It's about Time, Neuroeconomics and the Brain Sublime," Journal of Economic Perspectives, American Economic Association, vol. 25(4), pages 31-56, Fall.
    5. Paul William Glimcher & Kenway Louie & Joseph Kable, 2007. "Neuroeconomic Studies of Impulsivity: Now or Just as Soon as Possible?," American Economic Review, American Economic Association, vol. 97(2), pages 142-147, May.
    6. Don Ross, 2007. "Economic Theory and Cognitive Science: Microexplanation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262681684, December.
    7. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    8. Gary S. Becker & Kevin M. Murphy, 1986. "A Theory of Rational Addiction," University of Chicago - George G. Stigler Center for Study of Economy and State 41, Chicago - Center for Study of Economy and State.
    9. Don Ross & Carla Sharp & Rudy E. Vuchinich & David Spurrett, 2008. "Midbrain Mutiny: The Picoeconomics and Neuroeconomics of Disordered Gambling: Economic Theory and Cognitive Science," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262182653, December.
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