Neuroeconomics
Using Neuroscience to Make Economic Predictions
Bibliographic Data
| ID | 23629201 |
|---|---|
| Authors | Colin F Camerer (0000-0003-4049-1871, corresponding author) |
| Year | 2007 |
| Pages | 356-377 |
| Publication date | 2007-12-17 |
| Open Access | Yes |
| Type | CHAPTER |
| Venue | Philosophy of Economics (SOURCE_BOOK) |
| Publisher | Cambridge University Press (PUBLISHER • US) |
| DOI | 10.1017/cbo9780511819025.024 |
| OpenAlex | W1604180285 |
| ISBN | 9780511819025 |
| Language | EN |
| References cited | 38 |
Colin F. Camerer (1959–) was educated at Johns Hopkins and the University of Chicago and since 1994 has been a professor of economics at the California Institute of Technology. Camerer's research lies at the boundaries between cognitive psychology, neurophysiology, and economics. He is deeply involved in experimental economics, and his book, Behavioral Game Theory , is the most comprehensive recent survey of experimentation in economics. Neuroeconomics seeks to ground economic theory in detailed neural mechanisms which are expressed mathematically and make behavioural predictions. One finding is that simple kinds of economising for life-and-death decisions (food, sex and danger) do occur in the brain as rational theories assume. Another set of findings appears to support the neural basis of constructs posited in behavioural economics, such as a preference for immediacy and nonlinear weighting of small and large probabilities. A third direction shows how understanding neural circuitry permits predictions and causal experiments which show state-dependence of revealed preference – except that states are biological and neural variables. Neuroeconomics seeks to ground microeconomic theory in details about how the brain works (Zak, 2004; Camerer et al., 2004; Chorvat and McCabe, 2005; Sanfey et al., 2006). Neuroeconomics is a subfield of behavioural economics-behavioural economics which uses empirical evidence of limits on computation, willpower and greed to inspire new theories; see Mullainathan and Thaler, (2000); Camerer, (2005). It is also a subfield of experimental economics because neuroeconomics requires mastery of difficult experimental tools which are new to economists (discussed in further detail in Section 1 below).
Behavioral economics · Cognitive psychology · Cognitive science · Economics · Microeconomics · Neuroeconomics · Positive economics · Decision-Making and Behavioral Economics · Economic theories and models · Experimental Behavioral Economics Studies · Psychology
The Methodology of Positive Economics
Diminishing Reciprocal Fairness by Disrupting the Right Prefrontal Cortex
The Probability Weighting Function
A Cognitive Hierarchy Model of Games
Separate Neural Systems Value Immediate and Delayed Monetary Rewards
Doing It Now or Later
The Behavioral Life‐cycle Hypothesis
Oxytocin increases trust in humans
Temptation and Self-Control
The Neural Basis of Economic Decision-Making in the Ultimatum Game
Golden Eggs and Hyperbolic Discounting
Prospect Theory
How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior
The Road not Taken
A Psychological Perspective on Economics
The Hyperbolic Consumption Model
The Theory of Political Economy
| Highly cited | No |
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