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Neuroeconomics

Neuroeconomics Book
Author : Paul W. Glimcher,Ernst Fehr
Publisher : Academic Press
Release : 2013-08-13
ISBN : 0123914698
Language : En, Es, Fr & De

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Book Description :

In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies—each written by leading experts—lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, “The Neural Mechanisms for Choice, integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in neuroeconomics in particular or decision making in general. Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for neuroeconomics Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference Published in association with the Society for Neuroeconomics—www.neuroeconomics.org Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts

Your Money and Your Brain

Your Money and Your Brain Book
Author : Jason Zweig
Publisher : Simon and Schuster
Release : 2007
ISBN : 074327668X
Language : En, Es, Fr & De

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Book Description :

A senior Money magazine writer draws on up-to-date findings to reveal how money can have the same effect on the mind as sex and drugs, explaining how to use the emerging science of neuroeconomics to make profitable investment choices while avoiding key mistakes. 60,000 first printing.

Neuroeconomics

Neuroeconomics Book
Author : Peter Politser
Publisher : OUP USA
Release : 2008
ISBN : 0195305825
Language : En, Es, Fr & De

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Book Description :

An introduction to the burgeoning field of neuroeconomics, this book brings together the essential concepts the discipline draws on from psychology, neuroscience and economics.

Foundations of Neuroeconomic Analysis

Foundations of Neuroeconomic Analysis Book
Author : Paul W. Glimcher
Publisher : Oxford University Press
Release : 2010-11-24
ISBN : 9780199780631
Language : En, Es, Fr & De

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Book Description :

A new academic field, neuroeconomics, has emerged at the border of the social and natural sciences. In Foundations of Neuroeconomic Analysis, Paul Glimcher argues that a meaningful interdisciplinary synthesis of the study of human and animal choice is not only desirable, but also well underway, and so it is time to formally develop a foundational approach for the field. He does so by laying the philosophical and empirical groundwork and integrating the theory of choice and valuation with the relevant physical constraints and mechanisms. While there has been an intense debate about the value and prospects of neuroeconomics, Glimcher argues that existing data from neuroeconomics' three parent fields, neuroscience, psychology and economics, already specify the basic features of the primate choice mechanism at all three levels of analysis. His central argument is that combining these three disciplines gives us enough insight to define many of the fundamental features of decision making that have previously eluded scholars working within each individual field. With this in mind, Glimcher provides a comprehensive overview of the neuroscience, psychology, and economics of choice behavior, which will help readers from many disciplines to grasp the rich interconnections between these fields and see how their data and theory can interact to produce new insights, constraints, and questions. The book is divided into four main sections that address key barriers to interdisciplinary cohesion. The first section defines the central philosophical issues that neuroeconomics must engage. The theory of knowledge already tells us much about how different disciplines interact, and in this section, Glimcher reviews those constraints and lays a philosophical foundation for future neuroeconomic discourse. This section concludes with both a defense of neoclassical economics and a spirited attack on Milton Friedman's insistence that economics must not be constrained by the study of mechanism. Glimcher argues instead for the development of "hard-economic theories", which postulate that choosers behave the way they do because of the underlying representations that occur in their brains. The second section describes what is known about the primate choice mechanism-the physical structures in our brains that actively select among the options available to the chooser. By reviewing and integrating economic theory of choice, neurobiological studies of the frontal and parietal cortices, and psychological models of selection, Glimcher creates an interdisciplinary structure for understanding how we choose. This interdisciplinary synthesis leads to several novel insights into the causes of human irrational behavior and recasts many of these so-called irrationalities as neurobiological optimizations in the face of physical constraints. The third section describes the neural circuits for valuation-the physical mechanisms by which we learn, store, and represent the values of the many options from which we choose. In this section, Glimcher combines studies from computer science and neuroscience with representational frameworks from economics to provide novel assessments of both the strengths and weaknesses of modern economic theory. The section ends with a discussion of behavioral neuroeconomics and the ultimate limits of the neoclassical economic program. The book concludes with a description of a new model for human choice behavior that harvests constraints from each of neuroeconomics' parent disciplines and encapsulates the key insights from current research, as well as a review of the major accomplishments and opportunities that await the new field of neuroeconomics.

Neuroeconomics

Neuroeconomics Book
Author : Martin Reuter,Christian Montag
Publisher : Springer
Release : 2016-10-06
ISBN : 364235923X
Language : En, Es, Fr & De

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Book Description :

This book represents one of the cornerstones of the series Studies in Neuroscience, Psychology and Behavioral Economics. It is divided into eight sections, starting with an introduction to neuroeconomics followed by an overview of frequently applied experimental paradigms (games) in neuroeconomics research. Furthermore, it addresses the molecular basis of human decision making, environmental/situational factors and social contexts influencing human decision making, as well as translational and developmental/clinical approaches to neuroeconomics. In closing, a paper on neuro-marketing demonstrates how knowledge from neuroeconomics research can be applied in “real life.” Culminating in an extensive methods section, in which eight different neuroscience techniques are introduced, the book offers an essential resource for researchers and practitioners, and may also be beneficial for graduate students.

Neuroeconomics of Prosocial Behavior

Neuroeconomics of Prosocial Behavior Book
Author : Carolyn Declerck,Christophe Boone
Publisher : Academic Press
Release : 2015-08-21
ISBN : 0128014415
Language : En, Es, Fr & De

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Book Description :

This summary of recent research in neuroeconomics aims to explain how and why a person can sometimes be generous, helpful, and cooperative, yet other times behave in a self-interested and/or exploitative manner. The book explains a dual process of analysis measuring immediate needs of the individual, relative to long term gains possible through prosocial behavior (e.g. synergy, accumulating profits, (in)direct reciprocity) with the output further mitigated by the motivation of the individual at that moment and any special circumstances of the environment. Ultimately it can be shown that prosocial behavior can be economically rational. Yet even when individuals are intrinsically motivated to act prosocially, they are also able to reverse this behavior when they sense it is no longer adaptive. The book will further explore individual differences in prosocial behavior, the development of prosocial behavior, and how a personal neural signature forms that facilitates or hampers cooperation. The book includes game theory research, neuroimaging studies, and research in traditional cognitive psychology to better understand human decision-making re prosocial behavior. This will be of interest to cognitive, developmental, and social psychologists, as well as neuroscientists, and behavioral economists. Explores: Individual differences in prosocial behavior, The development of prosocial behavior, How a personal neural signature forms that facilitates or hampers cooperation Includes: Game theory research, Neuroimaging studies, Research in traditional cognitive psychology

Neuroeconomics

Neuroeconomics Book
Author : Daniel Houser,Kevin McCabe
Publisher : Emerald Group Publishing
Release : 2008-12-01
ISBN : 1848553048
Language : En, Es, Fr & De

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Book Description :

Considers the various topics in health economics including the production of and demand for health; the demand for medical care services; the financing of these services; the markets for physicians, nurses, dentists, hospitals, and drugs; the economics of substance use; health in developing countries; and, the economics of medical technology.

Neuroeconomics

Neuroeconomics Book
Author : Paul W. Glimcher,Ernst Fehr,Colin Camerer,Russell Alan Poldrack
Publisher : Academic Press
Release : 2008-10-10
ISBN : 9780080921068
Language : En, Es, Fr & De

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Book Description :

Neuroeconomics is a new highly promising approach to understanding the neurobiology of decision making and how it affects cognitive social interactions between humans and societies/economies. This book is the first edited reference to examine the science behind neuroeconomics, including how it influences human behavior and societal decision making from a behavioral economics point of view. Presenting a truly interdisciplinary approach, Neuroeconomics presents research from neuroscience, psychology, and behavioral economics, and includes chapters by all the major figures in the field, including two Economics Nobel laureates. * An authoritative reference written and edited by acknowledged experts and founders of the field * Presents an interdisciplinary view of the approaches, concepts, and results of the emerging field of neuroeconomics relevant for anyone interested in this area of research * Full-color presentation throughout with carefully selected illustrations to highlight key concepts

Neuroeconomics the Odyssey

Neuroeconomics  the Odyssey Book
Author : Varoozh Sahakian
Publisher : Xlibris Corporation
Release : 2012-08-06
ISBN : 1477155201
Language : En, Es, Fr & De

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Book Description :

Armenian origin neuroeconomist, Varoozh Sahakian, holds D.B.A., Ph.D degrees in Economics & a Ph.D in Sociology. His disappointment with thetraditional neoclassical economic theory top-down"macho-biased" approach to homo-economicus, alongwith his belief that homo-sapines choicebehavior & decision-making is limited mainly by his/her biology, or in other words, economics actually is apart of biology science, motivated him to gather deepknowledge about human bilology, brain & nervoussystem, gender differences, genetic and hormonal &chemical functions. The "Female brain unearths the neoclassicaleconomic theory biases/ anomalies, " book is the first oftwo books the author has written about this newborn, yet, burgeoning field of "Neuro-economics, " a highlypromising human science approach to understandingthe neurobiological bases of human choice behaviorand decision-making processes. The author presents a very promising andblossoming scientific field, which portrays a moreaccurate and real & candid picture of human naturethan neoclassical reductionist economic theory.In many aspects, neuroeconomics approach is apositive, constructive one, helping to explain thehuman capacity for kindness and cooperation andthe centrality of fairness to social emotions, morality &norms (by-passed by many Walrasian and neoclassicaladvocates). The book, after all, introduces an economicagent who is not necessarily acquisitive automationconditioned always to narrow self-interest, likeneoclassical economic theory's unisex (macho)or unsex, but can be a female &male, young & olddecision maker. In other words, it introduces a morereal, "whole human:" A 'Homo-Neuro-Economicus.'The most outstanding initiative of the bookis the introduction of a feminist economic theory, its critical approach to the neoclassical economictheory, supported interestingly not only by sociocultural/historical insights but by neuro-biological, psychological, gender, chemical & hormonal evidence, too. The author envisions, that this challengingdiscipline is likely, once for all, to realize Adam Smith & David Hume's dream by providing;"A unified theory of human choice behaviorand decision-making in the forthcoming future."

Neuroeconomics and the Firm

Neuroeconomics and the Firm Book
Author : Angela A. Stanton,Mellani Day,Isabell M. Welpe
Publisher : Edward Elgar Publishing
Release : 2010-01-01
ISBN : 1849805601
Language : En, Es, Fr & De

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Book Description :

Do people with high testosterone levels make decisions the same way as people with lower testosterone? Do men change their behavior when a pretty woman enters the office? Do women change their behavior when a handsome man enters the office? Do men and women affect each other within the firm to the detriment or the benefit of the firm? In some ways, the questions this edited volume addresses are questions that we are all familiar with and have asked for many years. It suggests looking for answers in places that that we have never thought of before. Some of the chapters will surprise you with their ingenious, simple answers and propositions; some will perhaps make you feel awkward with their straight-forward way of presenting what we all suspected but felt uncomfortable to talk about. From the foreword by David B. Audretsch This volume brings together leading researchers from a variety of fields to investigate the concept of the firm from new perspectives arising from neuroeconomics. The traditional theory of the firm has focused on the strategic, operational and resource management objectives of the firm as an organization. This timely and informative book explores new horizons in the biology of human decision-making and behavior, including uncertainty, entrepreneurship and ethics as it affects the functioning of the organization. The fascinating chapters cover a wide range of research fields, drawing on both the conscious and the unconscious mind, and how common hormonal cycles in the female and testosterone variations in the male affect each other in the workplace and its affect on the firm as an organization. The topics of entrepreneurship and the recent global financial crisis are discussed from the perspective of hormonal forces and the implications of those forces in the future. It is an enlightening selection of articles that scholars, students, business leaders, and managers will find a valuable read. Vernon L. Smith, 2002 Nobel Laureate in Economics The ideal firm has been studied over several centuries, yet little is known about what makes one successful and another fail. This pioneering book brings together leading researchers investigating the concept of the firm from a neuroscientific perspective. From the viewpoint of economics, the firm's purpose is to maximize shareholders' wealth; resources are commodities, each with its particular supply and demand curve that can be manipulated by the firm to its own benefit. Traditionally, the firm is focused on the strategic, operational and resource management objectives. The editors instead suggest that the objective of the firm is equal to the objectives of its workers. The definition and function of risk in decision-making, ethics, trust and the global financial crisis are all discussed. They are analyzed from the perspective of human bio-physiology, using scanning and hormonal analysis tools, with a focus on the implications for the bottom line of the firm. With experimental as well as theoretical and applied contributions, this book will benefit scholars and students of economics, business management, finance, organizational behavior, entrepreneurship, psychology, neuroscience and law. Practitioners of management, entrepreneurship and law firms will also find this book to be a captivating read.

Neuroeconomics

Neuroeconomics Book
Author : Peter Politser
Publisher : Oxford University Press
Release : 2008-03-12
ISBN : 9780198041689
Language : En, Es, Fr & De

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Book Description :

As technology has opened new windows into the brain, it has clarified what happens there when people make decisions about money. This clarity has produced a new science called neuroeconomics, which addresses diverse questions, such as why people save, buy stocks, steal, and overspend. The many different methods used in neuroeconomics have, however, often yielded unclear findings about the quality of these decisions, primarily because the field has lacked both guidelines for categorizing the different aspects of quality, and guidelines for selecting methods to study these aspects. Before this book, in which Peter Politser guides the reader through the different regions of study, there was no scientific guide for those interested in neuroeconomics. Politser shows how to evaluate specific elements of choice, such as regret, expectation, risk, ambiguity, time preference, and learning, and surveys economic and behavioral models of decision making skills. He reviews the neural correlates of decisional impairments and inconsistenciesclarifying, for example, why we do not recall what we experience, experience what we expect, or like what we want, and provides detailed tables of decision-making skills, their neural correlates, and possible impairments. Politser also considers what the field of neuroeconomics may add to future conceptions of decision making, and outlines the limitations of various studies of different capacities. He then introduces a broader field for the design and interpretation of neuroeconomic studiesa neuroepidemiology of decision making. Everyone who wants to understand the research in neuroeconomics or use its methods should read this book. Its accessible text, along with an extensive glossary, will guide those with little economic or neuroscience background, and make the book an excellent supplement for courses on neuroscience and decision making.

Neuroeconomics Third Edition

Neuroeconomics Third Edition Book
Author : Gerardus Blokdyk
Publisher : 5starcooks
Release : 2018-04-05
ISBN : 9780655175797
Language : En, Es, Fr & De

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Book Description :

What vendors make products that address the Neuroeconomics needs? How will variation in the actual durations of each activity be dealt with to ensure that the expected Neuroeconomics results are met? What other organizational variables, such as reward systems or communication systems, affect the performance of this Neuroeconomics process? How will we insure seamless interoperability of Neuroeconomics moving forward? How do you select, collect, align, and integrate Neuroeconomics data and information for tracking daily operations and overall organizational performance, including progress relative to strategic objectives and action plans? Defining, designing, creating, and implementing a process to solve a challenge or meet an objective is the most valuable role... In EVERY group, company, organization and department. Unless you are talking a one-time, single-use project, there should be a process. Whether that process is managed and implemented by humans, AI, or a combination of the two, it needs to be designed by someone with a complex enough perspective to ask the right questions. Someone capable of asking the right questions and step back and say, 'What are we really trying to accomplish here? And is there a different way to look at it?' This Self-Assessment empowers people to do just that - whether their title is entrepreneur, manager, consultant, (Vice-)President, CxO etc... - they are the people who rule the future. They are the person who asks the right questions to make Neuroeconomics investments work better. This Neuroeconomics All-Inclusive Self-Assessment enables You to be that person. All the tools you need to an in-depth Neuroeconomics Self-Assessment. Featuring 697 new and updated case-based questions, organized into seven core areas of process design, this Self-Assessment will help you identify areas in which Neuroeconomics improvements can be made. In using the questions you will be better able to: - diagnose Neuroeconomics projects, initiatives, organizations, businesses and processes using accepted diagnostic standards and practices - implement evidence-based best practice strategies aligned with overall goals - integrate recent advances in Neuroeconomics and process design strategies into practice according to best practice guidelines Using a Self-Assessment tool known as the Neuroeconomics Scorecard, you will develop a clear picture of which Neuroeconomics areas need attention. Your purchase includes access details to the Neuroeconomics self-assessment dashboard download which gives you your dynamically prioritized projects-ready tool and shows your organization exactly what to do next. Your exclusive instant access details can be found in your book.

Neuroeconomics

Neuroeconomics Book
Author : Karolina M. Lempert,Elizabeth A. Phelps
Publisher : Elsevier Inc. Chapters
Release : 2013-08-13
ISBN : 0128073195
Language : En, Es, Fr & De

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Book Description :

The premise that emotions influence decisions is widely accepted, but relatively few studies have directly measured or manipulated emotional variables during decision making. This chapter surveys the current literature on this topic. Emotion modulates choices through two main routes. The first is through incidental affect, in which a baseline affective state can shift choices, although it is unrelated to the decision. This can be assessed through techniques such as stress or mood induction, and affective priming. The second way emotion can influence decisions is by being directly incorporated into the value computation during choice. For example, it has been shown that physiological arousal responses to the choice options or outcomes are linked to decisions. If we can characterize how emotion modulates choices, then we should also be able to alter choices by changing emotional states. We discuss how techniques such as emotion regulation and targeting memory reconsolidation might flexibly modulate choice.

Neuroeconomics Hype or Hope

Neuroeconomics  Hype or Hope  Book
Author : Caterina Marchionni,Jack Vromen
Publisher : Routledge
Release : 2014-06-11
ISBN : 131797736X
Language : En, Es, Fr & De

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Book Description :

Is neuroeconomics a flimsy fad likely to pass without leaving a discernible trace in economics? Or is it a promising new field with the potential to enrich and improve economic theory? Neuroeconomics brings together a unique mix of perspectives ranging from philosophy of science to neuroeconomics practice to reflect on the promises and limitations of neuroeconomics for the future of economics. The analyses collected in the volume suggest that although neuroeconomics raises methodological worries that ought to be dealt with, it might contribute to economics in various ways, some perhaps more promising than others. One thing comes out clearly, though: a complete insulation of economics from neuroscience and psychology is likely to do economics more harm than good. This book was originally published as a special issue of Journal of Economic Methodology.

Social Neuroeconomics

Social Neuroeconomics Book
Author : Jens Harbecke,Carsten Herrmann-Pillath
Publisher : Routledge
Release : 2020-09-24
ISBN : 1000097560
Language : En, Es, Fr & De

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Book Description :

Neuroeconomics has emerged as a paradigmatic field where neuroscience and the social sciences are integrated in one analytical and empirical approach. However, the different disciplines involved often only relate to each other via the shared object of research, and less through the constructing of precise models of integrative mechanisms. Social Neuroeconomics explores the potential of philosophical and methodological reflections in the neurosciences and the social sciences to inform those efforts at cross-disciplinary integration, with a special focus on recent contributions to mechanistic explanations. The collected essays are drawn from the fields of neuroscience, psychology, economics, sociology and philosophy, and examine the ways and methods of constructing unified conceptual frameworks that can guide empirical work and hypothesis building. This is demonstrated in a range of applications, particularly regarding finance and consumer behavior. The concept of the ‘social brain’ is also explored; a multilevel framework in which complex analytical categories such as emotions or socially mediated cognitive processes connect neuronal and social phenomena in specific mechanisms that generate behavior. This book addresses a wide audience across the various disciplines, reaching from the neurosciences to the social sciences and philosophy.

Social Neuroeconomics

Social Neuroeconomics Book
Author : Jens Harbecke,Carsten Herrmann-Pillath
Publisher : Routledge
Release : 2020-09-23
ISBN : 1000097501
Language : En, Es, Fr & De

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Book Description :

Neuroeconomics has emerged as a paradigmatic field where neuroscience and the social sciences are integrated in one analytical and empirical approach. However, the different disciplines involved often only relate to each other via the shared object of research, and less through the constructing of precise models of integrative mechanisms. Social Neuroeconomics explores the potential of philosophical and methodological reflections in the neurosciences and the social sciences to inform those efforts at cross-disciplinary integration, with a special focus on recent contributions to mechanistic explanations. The collected essays are drawn from the fields of neuroscience, psychology, economics, sociology and philosophy, and examine the ways and methods of constructing unified conceptual frameworks that can guide empirical work and hypothesis building. This is demonstrated in a range of applications, particularly regarding finance and consumer behavior. The concept of the ‘social brain’ is also explored; a multilevel framework in which complex analytical categories such as emotions or socially mediated cognitive processes connect neuronal and social phenomena in specific mechanisms that generate behavior. This book addresses a wide audience across the various disciplines, reaching from the neurosciences to the social sciences and philosophy.

Midbrain Mutiny

Midbrain Mutiny Book
Author : Don Ross,Carla Sharp,Rudy E. Vuchinich,David Spurrett
Publisher : MIT Press
Release : 2012-01-13
ISBN : 0262264455
Language : En, Es, Fr & De

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Book Description :

An analysis of how economic theories can be used to understand disordered and pathological gambling that calls on empirical evidence about behavior and the brain and argues that addictive gambling is the basic form of all addiction. The explanatory power of economic theory is tested by the phenomenon of irrational consumption, examples of which include such addictive behaviors as disordered and pathological gambling. Midbrain Mutiny examines different economic models of disordered gambling, using the frameworks of neuroeconomics (which analyzes decision making in the brain) and picoeconomics (which analyzes patterns of consumption behavior), and drawing on empirical evidence about behavior and the brain. The book describes addiction in neuroeconomic terms as chronic disruption of the balance between the midbrain dopamine system and the prefrontal and frontal serotonergic system, and reviews recent evidence from trials testing the effectiveness of antiaddiction drugs. The authors argue that the best way to understand disordered and addictive gambling is with a hybrid picoeconomic-neuroeconomic model.

Decisions Uncertainty and the Brain

Decisions  Uncertainty  and the Brain Book
Author : Paul W. Glimcher
Publisher : MIT Press
Release : 2004-09-17
ISBN : 0262303620
Language : En, Es, Fr & De

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Book Description :

In this provocative book, Paul Glimcher argues that economic theory may provide an alternative to the classical Cartesian model of the brain and behavior. Glimcher argues that Cartesian dualism operates from the false premise that the reflex is able to describe behavior in the real world that animals inhabit. A mathematically rich cognitive theory, he claims, could solve the most difficult problems that any environment could present, eliminating the need for dualism by eliminating the need for a reflex theory. Such a mathematically rigorous description of the neural processes that connect sensation and action, he explains, will have its roots in microeconomic theory. Economic theory allows physiologists to define both the optimal course of action that an animal might select and a mathematical route by which that optimal solution can be derived. Glimcher outlines what an economics-based cognitive model might look like and how one would begin to test it empirically. Along the way, he presents a fascinating history of neuroscience. He also discusses related questions about determinism, free will, and the stochastic nature of complex behavior.

Neuroeconomics

Neuroeconomics Book
Author : Philippe N. Tobler,Elke U. Weber
Publisher : Elsevier Inc. Chapters
Release : 2013-08-13
ISBN : 0128073160
Language : En, Es, Fr & De

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Book Description :

In this chapter, we describe how risk and ambiguity impact the value of choice options, how this impact can be modelled formally and how it is implemented in the brain. In particular, we give an overview of two distinct ways of how risky choice options can be decomposed – either into outcomes and probabilities as proposed in economics or into statistical moments of the probability distribution like mean, variance, or skewness, as proposed in finance theory. The components of either approach appear to be represented in common and, at least to some extent, in separate brain regions, which include the dopaminergic midbrain, striatum and the orbitofrontal cortex. Activity in different (prefrontal and striatal) brain regions also supports the distinction between decisions from experience, when knowledge about risk is learned through trial and error versus decisions from description, when it is described symbolically. The fact that the principal components of formal models from economics and finance theory and their behavioral versions that provide better descriptive fit are represented in the brain provides converging support for these models.

Neuroeconomics

Neuroeconomics Book
Author : Kenji Doya,Minoru Kimura
Publisher : Elsevier Inc. Chapters
Release : 2013-08-13
ISBN : 0128073241
Language : En, Es, Fr & De

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Book Description :

In this chapter we ask a number of questions regarding the brain’s realization of reward-based decision making: 1) What is the right mathematical framework to capture the actual choice learning sequences of animals? 2) How are the crucial variables for multi-step decision making, such as the action value, the history of choice, strategy for multi-step behavior and the reward prediction errors processed in the brain? 3) What is the brain’s mechanism for the decision to pursue a delayed reward or to abandon it? We first show that some extension to the standard reinforcement learning framework is necessary for capturing the actual choice sequences of animals, which often include episodes of the win-stay-lose-shift strategy as well as history of choices and their value. In a multi-step choice task of monkeys, the neurons in the striatum encode the action values and the putamen plays a critical role in history-based action selection. Furthermore, the midbrain dopamine neurons represent the sum of the immediate and expected multiple future rewards and its prediction errors. In a delayed reward task in rats, waiting for delayed reward was associated with both higher level of serotonin release and sustained higher firing of serotonin neurons in the dorsal raphe nucleus.