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| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Neuroeconomic foundations of economic choice – recent advances |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Journal of Economic Perspectives |
| Publisher | American Economic Association |
| Geographical Reach | international |
| ISSN | 0895-3309 |
| Volume | 25 |
| Number | 4 |
| Page Range | 3 - 30 |
| Date | 2011 |
| Abstract Text | Neuroeconomics combines methods and theories from neuroscience psychology, economics, and computer science in an effort to produce detailed computational and neurobiological accounts of the decision-making process that can serve as a common foundation for understanding human behavior across the natural and social sciences. Because neuroeconomics is a young discipline, a sufficiently sound structural model of how the brain makes choices is not yet available. However, the contours of such a computational model are beginning to arise; and, given the rapid progress, there is reason to be hopeful that the field will eventually put together a satisfactory structural model. This paper has two goals: First, we provide an overview of what has been learned about how the brain makes choices in two types of situations: simple choices among small numbers of familiar stimuli (like choosing between an apple or an orange), and more complex choices involving tradeoffs between immediate and future consequences (like eating a healthy apple or a less-healthy chocolate cake). Second, we show that, even at this early stage, insights with important implications for economics have already been gained. |
| Free access at | Related URL |
| Related URLs | |
| Digital Object Identifier | 10.1257/jep.25.4.3 |
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