On the surprising finding that expected utility is literally computed in the brain

Journal of Economic Methodology

Volumn 17, Issue 1, 2010, Pages 17-36

  Vromen, Jack ^a  

^a ERASMUS UNIVERSITY ROTTERDAM   (Netherlands)

Author keywords

Expected utility theory; Neuroeconomics

Indexed keywords

EID: 77949565638     PISSN: 1350178X     EISSN: 14699427     Source Type: Journal    
DOI: 10.1080/13501780903528945     Document Type: Article

References (39)

1. Bernheim, B.D. (2008), 'Neuroeconomics: A Sober (but Hopeful) Appraisal', NBER Working Paper Series 13954.
2. Bernouilli, D. (1954), 'Exposition of a New Theory on the Measurement of Risk', Econometrica, 22, 23-36 (reprinted from 1738).
3. Bruni, L., and Sugden, R. (2007), 'The Road Not Taken: How Psychology Was Removed From Economics, and How It Might Be Brought Back', The Economic Journal, 117, 146-173.
4. Camerer, C.F. (2007), 'Neuroeconomics: Using Neuroscience to Make Economic Predictions', The Economic Journal, 117(519), C26-C42.
5. Camerer, C.F. (2008), 'The Potential of Neuroeconomics', Economics and Philosophy, 24(3), 369-380.
6. Camerer, C., Loewenstein, G., and Rabin, M. (2003), Advances in Behavioral Economics, Princeton: Princeton University Press.
7. Camerer, C., Loewenstein, G., and Prelec, D. (2005), 'Neuroeconomics: How Neuroscience Can Inform Economics', Journal of Economic Literature, XLIII(3), 9-64.
8. Clark, A. (1997), Being There, Cambridge: MIT Press/Bradford.
9. Colander, D. (2007), 'Retrospectives: Edgeworth's Hedonimeter and the Quest to Measure Utility', Journal of Economic Perspectives, 21(1), 215-226.
10. Craver, C.F., and Alexandrova, A. (2008), 'No Revolution Necessary: Neural Mechanisms for Economics', Economics and Philosophy, 24(3), 381-406.
11. Dorris, M.C., and Glimcher, P.W. (2004), 'Activity in Posterior Parietal Cortex Is Correlated With the Relative Subjective Desirability of Action', Neuron, 44, 365-378.
12. Glimcher, P.W. (2003), Decisions, Uncertainty, and the Brain: The Science of Neuroeconomics, Cambridge: MIT Press.
13. Glimcher, P.W., Dorris, M.C., and Bayer, H.M. (2005), 'Psychological Utility Theory and the Neuroeconomics of Choice', Games and Economic Behavior, 52, 213-256.
14. Glimcher, P.W., Kable, J., and Louie, K. (2007), 'Neuroeconomic Studies of Impulsivity: Now or Just as Soon as Possible?', American Economic Review, 97(2), 142-147.
15. Gul, F., and Pesendorfer, W. (2008), 'The Case for Mindless Economics', in The Foundations of Positive and Normative Economics: A Handbook, eds. A. Caplin and A. Schotter, Oxford and New York: Oxford University Press, pp. 3-39.
16. Harrison, G.W. (2008), 'Neuroeconomics: A Critical Reconsideration', Economics and Philosophy, 24(3),303-344.
17. Hutchins, E.L. (1995), Cognition in the Wild, Cambridge, MA: MIT Press.
18. Kreps, D.M. (1990), A Course in Microeconomic Theory, Princeton, NJ: Princeton University Press.
19. Laibson, D. (1997), 'Golden Eggs and Hyperbolic Discounting', Quarterly Journal of Economics, 112(2),443-477.
20. Markowitz, H. (1952), 'Portfolio Selection', Journal of Finance, 7, 77-91.
21. Marr, D. (1982), Vision: A Computational Investigation Into the Human Representation and Processing of Visual Information, San Francisco: Freeman.
22. McCabe, K.A. (2008), 'Neuroeconomics and the Economic Sciences', Economics and Philosophy, 24(3),345-368.
23. McClure, S.M., Laibson, D.I., Loewenstein, G., and Cohen, J.D. (2004), 'Separate Neural Systems Value Immediate and Delayed Monetary Rewards', Science, 306, 503-507.
24. McClure, S.M., Ericson, K.M., Laibson, D.I., Loewenstein, G., and Cohen, J.D. (2007), 'Time Discounting for Primary Rewards', Journal of Neuroscience, 27, 5796-5804.
25. Montague, P.R., and Berns, G.S. (2002), 'Neural Economics and the Biological Substrates of Valuation', Neuron, 36, 265-284.
26. Montague, R. (2007), Your Brain Is (Almost) Perfect: How We Make Decisions, New York: Penguin.
27. Park, J.W., and Zak, P.J. (2007), 'Neuroeconomics Studies', Analyse und Kritik, 29, 47-59.
28. Platt, M.L., and Glimcher, P.W. (1997), 'Responses of Intra-Parietal Neurons to Saccadic Targets and Visual Distractors', Journal of Neurophysiology, 78, 1574-1589.
29. Platt, M.L., and Glimcher, P.W. (1999), 'Neural Correlates of Decision Variables in Parietal Cortex', Nature, 400, 233-238.
30. Preuschoff, K., Quartz, S., and Bossaerts, P.L. (2006), 'Neural Differentiation of Expected Reward and Risk in Human Subcortical Structures', Neuron, 51, 381-390.
31. Quartz, S.R. (2008), 'From Cognitive Science to Cognitive Neuroscience to Neuroeconomics', Economics and Philosophy, 24(3), 459-472.
32. Ross, D. (2005), Economic Theory and Cognitive Science: Microexplanation, Cambridge: MIT Press.
33. Ross, D. (2008), 'Two Styles of Neuroeconomics', Economics and Philosophy, 24(3), 473-484.
34. Ross, D. (2009), 'Integrating the Dynamics of Multiscale Economic Agency', in The Oxford Handbook of Philosophy of Economics, eds. H. Kincaid and D. Ross, Oxford: Oxford University Press, pp. 245-279.
35. Sanfey, G.S., Loewenstein, G., McClure, S.M., and Cohen, J.D. (2006), 'Neuroeconomics: Cross-Currents in Research on Decision-Making', Trends in Cognitive Sciences, 10(3), 108-116.
36. Sherrington, C.S. (1906), The Integrative Action of the Nervous System, New York: Charles Scribner's Sons.
37. Simon, H.A. (1978), 'Rationality as a Process and as Product of Thought', American Economic Review, 68, 1-16.
38. Vromen, J.J. (2007), 'Neuroeconomics as a Natural Extension of Bioeconomics: The Shifting Scope of Standard Economic Theory', Journal of Bioeconomics, 9, 145-167.
39. Wilcox, N.T. (2008), 'Against Simplicity and Cognitive Individualism', Economics and Philosophy, 24(3), 523-532.