Neuroeconomics

Neuroeconomics: the concept

Neuroeconomics is the study of the neural mechanisms of decision-making and their economic significance.

• "an emerging transdisciplinary field that uses neuroscientific measurement techniques to identify the neural substrates associated with economic decisions” (Zak, 2004, p. 1737)
• “Economics, psychology and neuroscience are converging today in to a single unified discipline with the ultimate aim of providing a single, general theory of human behavior. (…) The goal of this discipline is thus to understand the processes that connect sensation and action by revealing the neurobiological mechanisms by which decisions are made". (Glimcher & Rustichini, 2004, p. 447)
• “the program for understanding the neural basis of the behavioral response to scarcity” (Ross, 2005, p. 330)

The word "neuroeconomics" was among the candidate for the Webster’s Dictionary Word of the Year for 2006 (but was beaten by “CrackBerry”)

First conferences

• Neurobehavioral economics (Carnegie-Mellon University, 1997)
• Neural economics (Princeton University, 2000)
• Neuroeconomics (University of Minnesota, 2002)
• NeuroPsychoEconomics Conference (Muenster, Germany, 2005)

Societies

• The Society For Neuroeconomics (incorporated in 2005)
• Association for NeuroPsychoEconomics (2004)

Journals

• NeuroPsychoEconomics, ISSN 1861-4523 (2006)
• Games and Economic Behavior, Volume 52, Issue 2, (2005) Special Issue on Neuroeconomics Edited by A. Rustichini
• Brain Research Bulletin, Volume 67, Issue 5, November 2005
• Neuron, Special Review Issue on Reward and Decision, October 2002

Research Labs

• Center for the Study of Neuroeconomics, George Mason University (2004)
• Stanford Necon Lab (2004)
• Camerer Lab, Caltech
• Center for the Study of Neuroeconomics (P.J. Zak)
• Duke Center for Neuroeconomic Studies
• Glimcher Lab (1994)

Encyclopedia entries

• McCabe, Kevin, 2003, "Neuroeconomics," Encyclopedia of Cognitive Science.

Books

• Glimcher, P. W. (2003). Decisions, uncertainty, and the brain : The science of neuroeconomics. Cambridge, Mass. ; London: MIT Press.

References

• Proceedings of the 2nd conference on neuroeconomics. May 25-27, 2004. Munster, germany. (2005). Brain Res Bull, 67(5), 341-442.
• Barraclough, D. J., Conroy, M. L., & Lee, D. (2004). Prefrontal cortex and decision making in a mixed-strategy game. Nat Neurosci, 7(4), 410.
• Baumgartner, T., Lutz, K., Schmidt, C. F., & Jancke, L. (2006). The emotional power of music: How music enhances the feeling of affective pictures. Brain Res, 1075(1), 151-164.
• Baumgartner, T., Valko, L., Esslen, M., & Jancke, L. (2006). Neural correlate of spatial presence in an arousing and noninteractive virtual reality: An eeg and psychophysiology study. Cyberpsychol Behav, 9(1), 30-45.
• Bechara, A., & Damasio, A. (2005). The somatic marker hypothesis: A neural theory of economic decision. Games and Economic Behavior, In Press, Corrected Proof.
• Benhabib, J., & Bisin, A. (2005). Modeling internal commitment mechanisms and self-control: A neuroeconomics approach to consumption-saving decisions. Games and Economic Behavior, In Press, Corrected Proof.
• Braeutigam, S. (2005). Neuroeconomics--from neural systems to economic behaviour. Brain Res Bull, 67(5), 355-360.
• Camerer, C. F., Loewenstein, G., & Prelec, D. (2004). Neuroeconomics: Why economics needs brains. Scandinavian Journal of Economics, 106(3), 555-579.
• Dickhaut, J., McCabe, K., Nagode, J., Rustichini, A., Smith, K., & Pardo, J. (2003). From the cover: The impact of the certainty context on the process of choice. Proceedings of the National Academy of Sciences, 100(6), 3536.
• Dorris, M. C., & Glimcher, P. W. (2004). Activity in posterior parietal cortex is correlated with the relative subjective desirability of action. Neuron, 44(2), 378.
• Glimcher, P. W. (2003). Decisions, uncertainty, and the brain : The science of neuroeconomics. Cambridge, Mass. ; London: MIT Press.
• Glimcher, P. W., Dorris, M. C., & Bayer, H. M. (2005). Physiological utility theory and the neuroeconomics of choice. Games Econ Behav, 52(2), 213-256.
• Glimcher, P. W., & Rustichini, A. (2004). Neuroeconomics: The consilience of brain and decision. Science, 306(5695), 447-452.
• Gutnik, L. A., Hakimzada, A. F., Yoskowitz, N. A., & Patel, V. L. (2006). The role of emotion in decision-making: A cognitive neuroeconomic approach towards understanding sexual risk behavior. J Biomed Inform.
• Hakimzada, F. A., Gutnik, L. A., Yoskowitz, N. A., & Patel, V. L. (2005). Cognitive neuroeconomics: New solutions to old problems. AMIA Annu Symp Proc, 974.
• Inukai, K., & Takahashi, T. (2006). Distinct neuropsychological processes may mediate decision-making under uncertainty with known and unknown probability in gain and loss frames. Med Hypotheses, 67(2), 283-286.
• Kenning, P., & Plassmann, H. (2005). Neuroeconomics: An overview from an economic perspective. Brain Res Bull, 67(5), 343-354.
• Kording, K. P., Fukunaga, I., Howard, I. S., Ingram, J. N., & Wolpert, D. M. (2004). A neuroeconomics approach to inferring utility functions in sensorimotor control. PLoS Biol, 2(10), e330.
• Körding, K. P., Fukunaga, I., Howard, I. S., Ingram, J. N., & Wolpert, D. M. (2004). A neuroeconomics approach to inferring utility functions in sensorimotor control. PLoS Biology, 2(10), e330.
• Lee, D. (2005). Neuroeconomics: Making risky choices in the brain. Nat Neurosci, 8(9), 1129-1130.
• Lee, D. (2006). Neuroeconomics: Best to go with what you know? Nature, 441(7095), 822-823.
• Lee, N., Broderick, A. J., & Chamberlain, L. (2006). What is 'neuromarketing'? A discussion and agenda for future research. Int J Psychophysiol.
• Lee, N., Broderick, A. J., & Chamberlain, L. (2007). What is `neuromarketing'? A discussion and agenda for future research. International Journal of Psychophysiology, 63(2), 199-204.
• Marschner, A., Mell, T., Wartenburger, I., Villringer, A., Reischies, F. M., & Heekeren, H. R. (2005). Reward-based decision-making and aging. Brain Res Bull, 67(5), 382-390.
• McCoy, A. N., & Platt, M. L. (2004). Expectations and outcomes: Decision-making in the primate brain. J Comp Physiol A Neuroethol Sens Neural Behav Physiol.
• Oullier, O., & Kelso, J. A. (2006). Neuroeconomics and the metastable brain. Trends Cogn Sci, 10(8), 353-354.
• Platt, M. L., & Glimcher, P. W. (1999). Neural correlates of decision variables in parietal cortex. Nature, 400(6741), 238.
• Rustichini, A. (2005). Neuroeconomics: Present and future. Games and Economic Behavior, 52(2), 201.
• Rustichini, A., Dickhaut, J., Ghirardato, P., Smith, K., & Pardo, J. (2005). A brain imaging study of the choice procedure. Games and Economic Behavior, In Press, Corrected Proof.
• Sanfey, A. G., Loewenstein, G., McClure, S. M., & Cohen, J. D. (2006). Neuroeconomics: Cross-currents in research on decision-making. Trends Cogn Sci, 10(3), 108-116.
• Sanfey, A. G., Rilling, J. K., Aronson, J. A., Nystrom, L. E., & Cohen, J. D. (2003). The neural basis of economic decision-making in the ultimatum game. Science, 300(5626), 1755-1758.
• Schultz, W. (2004). Neural coding of basic reward terms of animal learning theory, game theory, microeconomics and behavioural ecology. Curr Opin Neurobiol, 14(2), 147.
• Smith, K., & Dickhaut, J. (2005). Economics and emotion: Institutions matter. Games and Economic Behavior, In Press, Corrected Proof.
• Spinella, M., Lester, D., & Yang, B. (2004). Gambling and delaying rewards as a function of frontal system dysfunction: A study in neuroeconomics. Percept Mot Skills, 99(3 Pt 1), 993-994.
• Spinella, M., Lester, D., & Yang, B. (2005). Predicting credit card behavior: A study in neuroeconomics. Percept Mot Skills, 100(3 Pt 1), 777-778.
• Spinella, M., Lester, D., & Yang, B. (2006). Prefrontal cortex dysfunction and income: A study in neuroeconomics. Psychol Rep, 98(1), 37-38.
• Stuphorn, V. (2005). Neuroeconomics: The shadow of the future. Curr Biol, 15(7), R247-249.
• Stuphorn, V. (2006). Neuroeconomics: Cardinal utility in the orbitofrontal cortex? Curr Biol, 16(15), R591-593.
• Sugrue, L. P., Corrado, G. S., & Newsome, W. T. (2005). Choosing the greater of two goods: Neural currencies for valuation and decision making. Nat Rev Neurosci, 6(5), 363-375.
• Takahashi, T. (2005). Loss of self-control in intertemporal choice may be attributable to logarithmic time-perception. Med Hypotheses, 65(4), 691-693.
• Takahashi, T. (2006). Time-estimation error following weber-fechner law may explain subadditive time-discounting. Med Hypotheses.
• Takahashi, T. (2006). Non-reciprocal altruism may be attributable to hyperbolicity in social discounting function. Med Hypotheses.
• Takahashi, T. (2006). Queuing theory under competitive social foraging may explain a mathematical equivalence of delay and probability in impulsive decision-making. Med Hypotheses, 67(2), 276-279.
• Takahashi, T. (2006). A mathematical framework for probabilistic choice based on information theory and psychophysics. Med Hypotheses, 67(1), 183-186.
• Takahashi, T., Sakaguchi, K., Oki, M., Homma, S., & Hasegawa, T. (2006). Testosterone levels and discounting delayed monetary gains and losses in male humans. Neuro Endocrinol Lett, 27(4).
• Tobler, P., Fiorillo, C., & Schultz, W. (2005). Adaptive coding of reward value by dopamine neurons. Science, 307(5715), 1645.
• van 't Wout, M., Kahn, R. S., Sanfey, A. G., & Aleman, A. (2006). Affective state and decision-making in the ultimatum game. Exp Brain Res, 169(4), 564-568.
• Walter, H., Abler, B., Ciaramidaro, A., & Erk, S. (2005). Motivating forces of human actions. Neuroimaging reward and social interaction. Brain Res Bull, 67(5), 368-381.
• Wolpert, D. M., Ingram, J. N., Howard, I. S., Fukunaga, I., & Körding, K. P. (2004). A neuroeconomics approach to inferring utility functions in sensorimotor control. PLoS Biology, 2(10), e330.
• Yang, B., Lester, D., & Spinella, M. (2006). Neurotransmitter-related personality traits and money attitudes: A study in neuroeconomics. Psychol Rep, 98(1), 21-22.
• Yang, B., Spinella, M., & Lester, D. (2004). Credit card use and prefrontal cortex dysfunction: A study in neuroeconomics. Psychol Rep, 94(3 Pt 2), 1267-1268.
• Zak, P. J. (2004). Neuroeconomics. Philos Trans R Soc Lond B Biol Sci, 359(1451), 1737-1748.
• Zak, P. J., & Fakhar, A. (2006). Neuroactive hormones and interpersonal trust: International evidence. Econ Hum Biol.
• Zak, P. J., Kurzban, R., & Matzner, W. T. (2004). The neurobiology of trust. Ann N Y Acad Sci, 1032, 224-227.
• Zak, P. J., Kurzban, R., & Matzner, W. T. (2005). Oxytocin is associated with human trustworthiness. Horm Behav, 48(5), 522-527.