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Neuroeconomics: A Sober (but Hopeful) Appraisal

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Author Info
B. Douglas Bernheim

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Abstract

This paper evaluates the prospects for the emerging field of neuroeconomics to shed light on traditional positive and normative economic questions. It argues that the potential for meaningful contributions, though often misunderstood and frequently overstated, is nevertheless present.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13954.

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Date of creation: Apr 2008
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Handle: RePEc:nbr:nberwo:13954

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Find related papers by JEL classification:
D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
D60 - Microeconomics - - Welfare Economics - - - General
D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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References listed on IDEAS
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.:
  1. Camelia Kuhnen & Brian Knutson, 2005. "The Neural Basis of Financial Risk Taking," Experimental 0509001, EconWPA. [Downloadable!]
  2. B. Douglas Bernheim & Antonio Rangel, 2008. "Beyond Revealed Preference: Choice Theoretic Foundations for Behavioral Welfare Economics," NBER Working Papers 13737, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March. [Downloadable!] (restricted)
  4. 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)
  5. List, John A. & Shogren, Jason F., 2002. "Calibration of Willingness-to-Accept," Journal of Environmental Economics and Management, Elsevier, vol. 43(2), pages 219-233, March. [Downloadable!] (restricted)
    Other versions:
  6. B. Douglas Bernheim & Antonio Rangel, 2007. "Toward Choice-Theoretic Foundations for Behavioral Welfare Economics," American Economic Review, American Economic Association, vol. 97(2), pages 464-470, May.
  7. Faruk Gul & Wolfgang Pesendorfer, 2005. "The Case for Mindless Economics," Levine's Working Paper Archive 784828000000000581, UCLA Department of Economics. [Downloadable!]
  8. Raj Chetty & Adam Looney & Kory Kroft, 2007. "Salience and Taxation: Theory and Evidence," NBER Working Papers 13330, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Glimcher, Paul W. & Dorris, Michael C. & Bayer, Hannah M., 2005. "Physiological utility theory and the neuroeconomics of choice," Games and Economic Behavior, Elsevier, vol. 52(2), pages 213-256, August. [Downloadable!] (restricted)
  10. John A. List et al., 2004. "Examining the Role of Social Isolation on Stated Preferences," American Economic Review, American Economic Association, vol. 94(3), pages 741-752, June. [Downloadable!] (restricted)
  11. Colin F. Camerer & George Loewenstein & Drazen Prelec, 2004. "Neuroeconomics: Why Economics Needs Brains," Scandinavian Journal of Economics, Blackwell Publishing, vol. 106(3), pages 555-579, October. [Downloadable!] (restricted)
  12. Rustichini, Aldo, 2005. "Neuroeconomics: Present and future," Games and Economic Behavior, Elsevier, vol. 52(2), pages 201-212, August. [Downloadable!] (restricted)
  13. Dan Ariely & George Loewenstein & Drazen Prelec, 2003. ""Coherent Arbitrariness": Stable Demand Curves Without Stable Preferences," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 73-105, February. [Downloadable!] (restricted)
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