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Seeking Ambiguity: a Review on Neuroimaing Studies on Decision Making under Ambiguity

Author

Listed:
  • Fumihiko TAYA

    (National University of Singapore, Singapore Institute for Neurotechnolgy)

Abstract

Recent developments of neuroimaging technology enable us to investigate the brain network implicated in economical decision making (Glimcher et al. 2004; Camerer 2008). One of the fascinating topic is “ambiguity aversion” where people tend to avoid unknown options as demonstrated by Ellsberg paradox. Although “ambiguity aversion” has been consistently observed in a variety of situations, uncertainty due to incomplete knowledge can be resolved by obtaining missing information, and people explore the ambiguous options as well. Here, we review a number of neuroimaging studies on “ambiguity aversion” and associated works. It has been shown that the affective OFC and the cognitive prefrontal cortex play a crucial role in decision making under uncertainty. We discuss what kinds of cognitive function are involved in the decision making process by overviewing neuroimaging studies on higher cognitive processes in general including exploratory behavior.

Suggested Citation

  • Fumihiko TAYA, 2012. "Seeking Ambiguity: a Review on Neuroimaing Studies on Decision Making under Ambiguity," Discussion Papers (REL - Recherches Economiques de Louvain) 2012036, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:2012036
    Note: Special Issue : Trust and Decision through Neuro-Economics
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    File URL: http://www.jstor.org/stable/41714323
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    Citations

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    Cited by:

    1. Daniel Serra, 2021. "Decision-making: from neuroscience to neuroeconomics—an overview," Theory and Decision, Springer, vol. 91(1), pages 1-80, July.
    2. Daniel Serra, 2019. "La neuroéconomie en question : débats et controverses," Working Papers halshs-02160911, HAL.
    3. Daniel Serra, 2019. "Neuroeconomics and modern neuroscience," CEE-M Working Papers halshs-02160907, CEE-M, Universtiy of Montpellier, CNRS, INRA, Montpellier SupAgro.

    More about this item

    Keywords

    Ambiguity aversion; Exploration; FMRI;
    All these keywords.

    JEL classification:

    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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