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Neuroeconomics: Using Neuroscience to Make Economic Predictions

Camerer, Colin F. (2007) Neuroeconomics: Using Neuroscience to Make Economic Predictions. Economic Journal, 117 (519). C26-C42. ISSN 0013-0133. doi:10.1111/j.1468-0297.2007.02033.x.

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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.

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Camerer, Colin F.0000-0003-4049-1871
Additional Information:© The Author(s). Journal compilation © Royal Economic Society 2007. Submitted: 3 May 2006; Accepted: 20 September 2006 This article was prepared for the Hahn Lecture, Royal Economic Society, Nottingham UK, April 20, 2006. Thanks to all my collaborators whose joint work is reported (Ralph Adolphs, Meghana Bhatt, Ming Hsu, Michael Spezio, Dan Tranel, Joseph Wang), to RA’s Min Kang and Alex Brown, to sceptics for forcing us to think harder and write more clearly about the enterprise, and to many neuroscientists (especially Ralph Adolf, John Allman, Paul Glimcher, John O’Doherty and Read Montague) for tutoring and advice over the last few years.
Issue or Number:519
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:8351
Deposited By: Archive Administrator
Deposited On:02 Aug 2007
Last Modified:08 Nov 2021 20:49

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