Neuroeconomics, Judgment, and Decision Making:
Neuroeconomics, Judgment, and Decision Making:
Neuroeconomics and the Decision-Making Process:
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
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.
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 Carolyn Declerck is currently a professor at the Department of Economic Sciences at the University of Antwerp where she teaches psychology and conducts research on cooperation and social dilemmas. C. Declerck obtained her PhD in Ecology at the University of California Davis (1991) and subsequently taught various classes in ecology and biodiversity at Portland State University, Oregon (1992-1998). She conducted post-doctoral research in the neuroscience of choice behavior and economic decision making at the University of Antwerp (1999-2006) and joined the Faculty there in 2006. Together with Christophe Boone they started a research program in neuroeconomics where they and their graduate students combine principles of psychology, behavioral economics, and the tools of neurosciences to try to unravel the different motives underlying social decision-making. Carolyn Declerck is also the author of a Dutch book (Who is the Homo economics?, Leuven: ACCO Press) with the purpose of introducing the principles of psychology to undergraduate students in Economic Sciences.