Chapter

Neuroeconomics and decision-making

Edmund T. Rolls

in Emotion and Decision-making Explained

Published in print October 2013 | ISBN: 9780199659890
Published online January 2014 | e-ISBN: 9780191772078 | DOI: https://dx.doi.org/10.1093/acprof:oso/9780199659890.003.0009
Neuroeconomics and decision-making

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Classical microeconomics is reviewed to provide a background to neuroeconomics, which is then considered in terms of how expected value and outcome value are represented in the brain and used as inputs to a value-based decision-making mechanism. It is argued that evolution sets the value coded for by different genes in such a way that they compete appropriately for behaviour using a common scale but without conversion into a common currency. Classical microeconomics with its emphasis on a few axioms and rules may be replaced by a different type of understanding based in the behavioural and neuroeconomics approach, which shows how evolution has identified many different types of value and heuristics about how to manage decision-making,

Keywords: economics; microeconomics; neuroeconomics; prospect theory; behavioural economics; value; common scale of value; orbitofrontal cortex

Chapter.  16229 words.  Illustrated.

Subjects: Neuroscience

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