The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Neuroeconomics

  • John Dickhaut
  • Aldo Rustichini
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2511

Abstract

Neuroeconomics aims at improving the science of major economic phenomena such as the formation of prices and the design and performance of institutions. A revised model of choice is expected, based on the behaviour of the neuronal structures of the brain. Researchers are tackling issues such as determining how fundamental constructs like probabilities and payoffs are reflected in neuronal activity; disentangling the processing of inputs to choice from the act of choice; isolating learning, impulsive and analytic components of neuronal behaviour; and distinguishing how context affects the processing of the brain and subsequent levels of trust and cooperation in exchange.

Keywords

Allais paradox Choice Ellsberg paradox Experimental economics Learning Mixed strategy equilibrium Neuroeconomics Preference reversals Prisoner’s Dilemma Probability Regret Reputation Trust Ultimatum game 

JEL Classifications

C9 
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Notes

Acknowledgment

This material is based upon work supported by the National Science Foundation under Grant No. 0452477.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • John Dickhaut
    • 1
  • Aldo Rustichini
    • 1
  1. 1.