Neural Activity Reveals Preferences Without Choices
AbstractWe investigate the feasibility of inferring the choices people would make (if given the opportunity) based on their neural responses to the pertinent prospects when they are not engaged in actual decision making. The ability to make such inferences is of potential value when choice data are unavailable, or limited in ways that render standard methods of estimating choice mappings problematic. We formulate prediction models relating choices to “non-choice” neural responses and use them to predict out-of-sample choices for new items and for new groups of individuals. The predictions are sufficiently accurate to establish the feasibility of our approach.
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Date of creation: Aug 2013
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Find related papers by JEL classification:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-05 (All new papers)
- NEP-EXP-2013-08-05 (Experimental Economics)
- NEP-FOR-2013-08-05 (Forecasting)
- NEP-NEU-2013-08-05 (Neuroeconomics)
- NEP-UPT-2013-08-05 (Utility Models & Prospect Theory)
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