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A neuroeconomic theory of memory retrieval

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  • Brocas, Isabelle
  • Carrillo, Juan D.

Abstract

We propose a theory of “optimal memory management” that unveils causal relationships between memory systems and the characteristics of the information retrieved. Our model shows that if the declarative memory is more accurate but also more costly than the procedural memory, then it is optimal to retrieve exceptional experiences with the former and average experiences with the latter. The theory provides other testable predictions: (i) decisions are closer to original experiences when the declarative memory is invoked, and (ii) the declarative memory is more likely to be invoked when the importance of recalling information accurately increases.

Suggested Citation

  • Brocas, Isabelle & Carrillo, Juan D., 2016. "A neuroeconomic theory of memory retrieval," Journal of Economic Behavior & Organization, Elsevier, vol. 130(C), pages 198-205.
  • Handle: RePEc:eee:jeborg:v:130:y:2016:i:c:p:198-205
    DOI: 10.1016/j.jebo.2016.07.009
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    References listed on IDEAS

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    1. Monte, Daniel, 2014. "Learning with bounded memory in games," Games and Economic Behavior, Elsevier, vol. 87(C), pages 204-223.
    2. Bruno Frey, 2005. "‘‘Just forget it.’’ Memory distortions as bounded rationality," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 4(1), pages 13-25, June.
    3. Piccione, Michele & Rubinstein, Ariel, 1997. "On the Interpretation of Decision Problems with Imperfect Recall," Games and Economic Behavior, Elsevier, vol. 20(1), pages 3-24, July.
    4. Samuelson, Larry & Swinkels, Jeroen M., 2006. "Information, evolution and utility," Theoretical Economics, Econometric Society, vol. 1(1), pages 119-142, March.
    5. Roland Bénabou & Jean Tirole, 2002. "Self-Confidence and Personal Motivation," The Quarterly Journal of Economics, Oxford University Press, vol. 117(3), pages 871-915.
    6. B. Douglas Bernheim & Raphael Thomadsen, 2005. "Memory and Anticipation," Economic Journal, Royal Economic Society, vol. 115(503), pages 271-304, April.
    7. Brocas, Isabelle & Carrillo, Juan D., 2012. "From perception to action: An economic model of brain processes," Games and Economic Behavior, Elsevier, vol. 75(1), pages 81-103.
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    More about this item

    Keywords

    Memory systems; Memory management; Declarative; Procedural; Neuroeconomic theory;

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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