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Towards a Theory of Revealed Economic Behavior: The Economic-Neurosciences Interface

Author

Listed:
  • Joost Pennings
  • Philip Garcia
  • Eligius Hendrix

Abstract

Based on recent findings from economics and the neurosciences, we present a conceptual decision-making model that provides insight into human decision-making and illustrates how behavioral outcomes are transformed into phenomena. The model may be viewed as a bridge between the seemingly disparate disciplines of neuroscience and economics that may facilitate more integrative research efforts and provide a framework for developing research agendas for scientists interested in human behavior and economic phenomena. Copyright Springer 2005

Suggested Citation

  • Joost Pennings & Philip Garcia & Eligius Hendrix, 2005. "Towards a Theory of Revealed Economic Behavior: The Economic-Neurosciences Interface," Journal of Bioeconomics, Springer, vol. 7(2), pages 113-127, January.
  • Handle: RePEc:kap:jbioec:v:7:y:2005:i:2:p:113-127
    DOI: 10.1007/s10818-005-6417-z
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    References listed on IDEAS

    as
    1. M. James Nichols & William T. Newsome, 1999. "The neurobiology of cognition," Nature, Nature, vol. 402(6761), pages 35-38, December.
    2. Pennings, Joost M.E. & Garcia, Philip, 2005. "The poverty challenge: How individual decision-making behavior influences poverty," Economics Letters, Elsevier, vol. 88(1), pages 115-119, July.
    3. Grether, David M & Plott, Charles R, 1979. "Economic Theory of Choice and the Preference Reversal Phenomenon," American Economic Review, American Economic Association, vol. 69(4), pages 623-638, September.
    4. J. Jay Todd & René Marois, 2004. "Capacity limit of visual short-term memory in human posterior parietal cortex," Nature, Nature, vol. 428(6984), pages 751-754, April.
    5. Safra, Zvi & Segal, Uzi & Spivak, Avia, 1990. "Preference Reversal and Nonexpected Utility Behavior," American Economic Review, American Economic Association, vol. 80(4), pages 923-930, September.
    6. Agor, Weston H., 1984. "Using intuition to manage organizations in the future," Business Horizons, Elsevier, vol. 27(4), pages 49-54.
    7. L. J. Bourgeois, III & Kathleen M. Eisenhardt, 1988. "Strategic Decision Processes in High Velocity Environments: Four Cases in the Microcomputer Industry," Management Science, INFORMS, vol. 34(7), pages 816-835, July.
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    More about this item

    Keywords

    revealed behavior; decision-making model; predicting behavior; understanding behavior; economics; neurosciences; synthesis; A1; D1; E6; G1; M1; Q1;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • D1 - Microeconomics - - Household Behavior
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • G1 - Financial Economics - - General Financial Markets
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture

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