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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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References listed on IDEAS
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  1. 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.
  2. Matthew Rabin., 1997. "Psychology and Economics," Economics Working Papers 97-251, University of California at Berkeley.
  3. 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.
  4. B. Douglas Bernheim, 1999. "Taxation and Saving," Working Papers 99007, Stanford University, Department of Economics.
  5. 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.
  6. Faruk Gul & Wolfgang Pesendorfer, 2005. "The Case for Mindless Economics," Levine's Working Paper Archive 784828000000000581, David K. Levine.
  7. John A. List & Robert P. Berrens & Alok K. Bohara & Joe Kerkvliet, 2004. "Examining the Role of Social Isolation on Stated Preferences," American Economic Review, American Economic Association, vol. 94(3), pages 741-752, June.
  8. 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.
  9. Miguel A. Costa-Gomes & Vincent P. Crawford, 2004. "Cognition and Behavior in Two-Person Guessing Games: An Experimental Study," ISER Discussion Paper 0613, Institute of Social and Economic Research, Osaka University.
  10. Raj Chetty & Adam Looney & Kory Kroft, 2007. "Salience and Taxation: Theory and Evidence," NBER Working Papers 13330, National Bureau of Economic Research, Inc.
  11. Sendhil Mullainathan, 2002. "A Memory-Based Model Of Bounded Rationality," The Quarterly Journal of Economics, MIT Press, vol. 117(3), pages 735-774, August.
  12. 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).
  13. 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.
  14. 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.
  15. Rustichini, Aldo, 2005. "Neuroeconomics: Present and future," Games and Economic Behavior, Elsevier, vol. 52(2), pages 201-212, August.
  16. Camelia Kuhnen & Brian Knutson, 2005. "The Neural Basis of Financial Risk Taking," Experimental 0509001, EconWPA.
  17. 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.
  18. 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.
  19. Aldo Rustichini, 2004. "An Economist's view on Neuroeconomics," 2004 Meeting Papers 589, Society for Economic Dynamics.
  20. 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.
  21. 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.
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