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On the Potential of Neuroeconomics: A Critical (but Hopeful) Appraisal

  • B. Douglas Bernheim

This paper attempts to identify and articulate the specific ways in which the emerging field of neuroeconomics might shed light on traditional positive and normative questions in economics, as well as the likely limitations of its potential contributions. It sets forth both reservations and reasons for guarded optimism. (JEL D01, D87)

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/mic.1.2.1
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Article provided by American Economic Association in its journal American Economic Journal: Microeconomics.

Volume (Year): 1 (2009)
Issue (Month): 2 (August)
Pages: 1-41

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Handle: RePEc:aea:aejmic:v:1:y:2009:i:2:p:1-41
Note: DOI: 10.1257/mic.1.2.1
Contact details of provider: Web page: https://www.aeaweb.org/aej-micro
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  1. Sen, Amartya K, 1973. "Behaviour and the Concept of Preference," Economica, London School of Economics and Political Science, vol. 40(159), pages 241-59, August.
  2. Miguel A. Costa-Gomes & Vincent P. Crawford, 2004. "Cognition and Behavior in Two-Person Guessing Games: An Experimental Study," Levine's Bibliography 122247000000000113, UCLA Department of Economics.
  3. John List & Jason Shogren, 2002. "Calibration of willingness-to-accept," Framed Field Experiments 00182, The Field Experiments Website.
  4. Faruk Gul & Wolfgang Pesendorfer, 2005. "The Case for Mindless Economics," Levine's Working Paper Archive 784828000000000581, David K. Levine.
  5. Joseph Tao-yi Wang & Michael Spezio & Colin F. Camerer, 2006. "Pinocchio's Pupil: Using Eyetracking and Pupil Dilation to Understand Truth-telling and Deception in Games," Levine's Bibliography 321307000000000042, UCLA Department of Economics.
  6. Raj Chetty & Adam Looney & Kory Kroft, 2007. "Salience and Taxation: Theory and Evidence," NBER Working Papers 13330, National Bureau of Economic Research, Inc.
  7. B. Douglas Bernheim, 1999. "Taxation and Saving," NBER Working Papers 7061, National Bureau of Economic Research, Inc.
  8. 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.
  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.
  10. Mandler, Michael & Manzini, Paola & Mariotti, Marco, 2008. "A Million Answers to Twenty Questions: Choosing by Checklist," IZA Discussion Papers 3377, Institute for the Study of Labor (IZA).
  11. 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.
  12. 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.
  13. Rabin, Matthew, 1997. "Psychology and Economics," Department of Economics, Working Paper Series qt8jd5z5j2, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  14. Robert Berrens & Alok Bohara & Joe Kerkvliet & John List, 2004. "Examining the Role of Social Isolation on Stated Preferences," Artefactual Field Experiments 00491, The Field Experiments Website.
  15. Sendhil Mullainathan, 2002. "A Memory-Based Model of Bounded Rationality," The Quarterly Journal of Economics, Oxford University Press, vol. 117(3), pages 735-774.
  16. B. Douglas Bernheim & Antonio Rangel, 2009. "Beyond Revealed Preference: Choice-Theoretic Foundations for Behavioral Welfare Economics," The Quarterly Journal of Economics, Oxford University Press, vol. 124(1), pages 51-104.
  17. Dan Ariely & George Loewenstein & Drazen Prelec, 2003. ""Coherent Arbitrariness": Stable Demand Curves Without Stable Preferences," The Quarterly Journal of Economics, Oxford University Press, vol. 118(1), pages 73-106.
  18. Andreoni, James & Scholz, John Karl, 1998. "An Econometric Analysis of Charitable Giving with Interdependent Preferences," Economic Inquiry, Western Economic Association International, vol. 36(3), pages 410-28, July.
  19. Colin F. Camerer & George Loewenstein & Drazen Prelec, 2004. "Neuroeconomics: Why Economics Needs Brains," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(3), pages 555-579, October.
  20. Aldo Rustichini, 2004. "An Economist's view on Neuroeconomics," 2004 Meeting Papers 589, Society for Economic Dynamics.
  21. Rustichini, Aldo, 2005. "Neuroeconomics: Present and future," Games and Economic Behavior, Elsevier, vol. 52(2), pages 201-212, August.
  22. Camelia Kuhnen & Brian Knutson, 2005. "The Neural Basis of Financial Risk Taking," Experimental 0509001, EconWPA.
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