Making economic sense of brain models: a survey and interpretation of the literature

Abstract

Neuroeconomics, Economic model of brain processes, Processes of decision-making in the brain, Neuroscientific basis of economic behavior, A12, D01, D87,

Is Economics in Genes?

“…Economic agents are not only risk averse, but also exhibit ambiguity aversion, lack self-control, follow rules of thumb, reference dependent, have hyberbolic discounting, have addiction and beliefs, and are often irrational decision maker. The neuroeconomics studies show that a complex brain evaluation processes of the stimulus-response system is employed by the neural system, and when a particular response is selected by the brain, it becomes the decision or choice (Neu, 2008;Camerer, 2008;Camerer, Loewenstein and Prelec, 2005;Bernheim, 2009a;Rustichini, 2009;Glimcher, 2010;.…”