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On an Evolutionary Foundation of Neuroeconomics

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  • Schipper, Burkhard C

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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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8884.

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Date of creation: 16 Apr 2008
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Handle: RePEc:pra:mprapa:8884

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Keywords: Neuroeconomic theory; Evolutionary game theory; Learning in games;

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  1. Fudenberg, Drew & Levine, David, 2006. "A Dual-Self Model of Impulse Control," Scholarly Articles 3196335, Harvard University Department of Economics.
  2. 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.
  3. McCabe, Kevin A., 2008. "Neuroeconomics And The Economic Sciences," Economics and Philosophy, Cambridge University Press, vol. 24(03), pages 345-368, November.
  4. 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.
  5. 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.
  6. 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.
  7. Andrew Caplin & Mark Dean, 2008. "Dopamine, Reward Prediction Error, and Economics," The Quarterly Journal of Economics, MIT Press, vol. 123(2), pages 663-701, 05.
  8. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215, January.
  9. Fabrizio Germano, 2007. "Stochastic Evolution of Rules for Playing Finite Normal Form Games," Theory and Decision, Springer, vol. 62(4), pages 311-333, May.
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