Manual Neuroeconomics (Advances in Health Economics and Health Services Research)

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Findings - When contrasting brain activation from more familiar sources with those from less familiar ones, regions appearing to be more active include the putamen, medial frontal cortex, and superior temporal gyrus. ROI analysis showed that the activation patterns in the familiar-unfamiliar and unfamiliar-familiar contrasts are similar to those in the risk-ambiguity and ambiguity-risk contrasts reported by Hsu et al. This supports the conjecture that the risk-ambiguity distinction can be subsumed by the source preference hypothesis.

Our finding supports the implications of the Chew-Sagi model and rejects models based on global probabilistic sophistication, including rank-dependent models derived from non-additive probabilities, e. The finding in Hsu et al.

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Our finding also supports the Levy et al. Fingerprint Publication fingerprints text Bayesian statistics Social Sciences. Chew, S. Source preference and ambiguity aversion: models and evidence from behavioral and neuroimaging experiments. In humans, a reduction in cortisol , released by the hypothalamus in response to stress, is correlated with a higher degree of impulsivity in intertemporal choice tasks. While most research on decision making tends to focus on individuals making choices outside of a social context, it is also important to consider decisions that involve social interactions.

The types of situations that decision theorists study are as diverse as altruism, cooperation, punishment, and retribution. One of the most frequently utilized tasks in social decision making is the prisoner's dilemma. In this situation, the payoff for a particular choice is dependent not only on the decision of the individual but also on that of another individual playing the game. An individual can choose to either cooperate with his partner or defect against the partner. Over the course of a typical game, individuals tend to prefer mutual cooperation even though defection would lead to a higher overall payout.

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This suggests that individuals are motivated not only by monetary gains but also by some reward derived from cooperating in social situations. This idea is supported by neural imaging studies demonstrating a high degree of activation in the ventral striatum when individuals cooperate with another person but that this is not the case when people play the same prisoner's dilemma against a computer. Further support for this idea comes from research demonstrating that activation in the striatum and the ventral tegmental area show similar patterns of activation when receiving money and when donating money to charity.

In both cases, the level of activation increases as the amount of money increases, suggesting that both giving and receiving money results in neural reward. An important aspect of social interactions such as the prisoner's dilemma is trust. The likelihood of one individual cooperating with another is directly related to how much the first individual trusts the second to cooperate; if the other individual is expected to defect, there is no reason to cooperate with them. Trust behavior may be related to the presence of oxytocin , a hormone involved in maternal behavior and pair bonding in many species.

When oxytocin levels were increased in humans, they were more trusting of other individuals than a control group even though their overall levels of risk-taking were unaffected suggesting that oxytocin is specifically implicated in the social aspects of risk taking. One more important paradigm for neuroeconomic studies is ultimatum game. In this game Player 1 gets a sum of money and makes decision how much he wants to split with Player 2.

Player 2 either accepts or rejects the offer. If he accepts both players get the amount as proposed by Player 1, if he rejects nobody gets anything. Rational strategy for Player 2 would be to accept any offer because it has more value than zero. However, it has been shown that people often reject offers that they consider as unfair. Neuroimaging studies indicated several brain regions that are activated in response to unfairness in ultimatum game.

Another issue in the field of neuroeconomics is represented by role of reputation acquisition in social decision making. Social exchange theory claims that prosocial behavior originates from the intention to maximize social rewards and minimize social costs.

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In this case approval from others may be viewed as a significant positive reinforcer - i. Neuroimaging studies have provided evidence supporting this idea — it was shown that processing of social rewards activates striatum, especially left putamen and left caudate nucleus, in the same fashion these areas are activated during the processing of monetary rewards. Regarding the choice of sexual partner , research studies have been conducted on humans and on nonhuman primates.

The neurobiological basis for this preference includes neurons of the lateral intraparietal cortex LIP , which is related to eye movement , and which is operative in situations of two-alternative forced choices. Behavioral economics experiments record the subject's decision over various design parameters and use the data to generate formal models that predict performance.

Neuroeconomics extends this approach by adding features of the nervous system to the set of explanatory variables. The goal of neuroeconomics is to help explain decisions and to enrich the data sets available for testing predictions. Furthermore, neuroeconomic research is being used to understand and explain aspects of human behavior that do not conform to traditional economic models.

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While these behavior patterns are generally dismissed as 'fallacious' or 'illogical' by economists, neuroeconomic researchers are trying to determine the biological reasons for these behaviors. By using this approach, we may be able to find valid reasons for the presence of these seemingly sub-optimal behaviors. There are several different techniques that can be utilized to understand the biological basis of economic behavior. Neural imaging is used in human subjects to determine which areas of the brain are most active during particular tasks. Some of these techniques, such as fMRI [11] [12] [13] or PET are best suited to giving detailed pictures of the brain which can give information about specific structures involved in a task.

Other techniques, such as ERP event-related potentials [42] and oscillatory brain activity [43] are used to gain detailed knowledge of the time course of events within a more general area of the brain. In addition to studying areas of the brain, some studies are aimed at understanding the functions of different brain chemicals in relation to behavior. This can be done by either correlating existing chemical levels with different behavior patterns or by changing the amount of the chemical in the brain and noting any resulting behavioral changes.

For example, the neurotransmitter serotonin seems to be involved in making decisions involving intertemporal choice [29] while dopamine is utilized when individuals make judgments involving uncertainty. In addition to studying the behavior of normal individuals in decision making tasks, some research involves comparing the behavior of normal individuals to that of others with damage to areas of the brain expected to be involved in certain behaviors.

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In humans, this means finding individuals with specific types of neural impairment. For example, people with amygdala damage seem to exhibit less loss aversion than normal controls. Previous studies investigated the behavioral patterns of patients with psychiatric disorders, such as schizophrenia , [44] autism, depression, or addiction, to get the insights of their pathophysiology. In animal studies, highly controlled experiments can get more specific information about the importance of brain areas to economic behavior.

This can involve either lesioning entire brain areas and measuring resulting behavior changes [16] or using electrodes to measure the firing of individual neurons in response to particular stimuli. In a typical behavioral economics experiment, a subject is asked to make a series of economic decisions. The experimenter will then measure different variables in order to determine what is going on in the subject's brain as they make the decision. Some authors have demonstrated that neuroeconomics may be useful not only to describe experiments involving rewarding but may also be applied in order to describe the psychological behavior of common psychiatric syndromes involving addiction as well as delusion.

Glenn W. Harris and Emanuel Donchin have criticized the emerging field. A critical argument of traditional economists against the neuroeconomic approach, is that the use of non-choice data, such as response times, eye-tracking and neural signals that people generate during decision making, should be excluded from any economic analysis. Neuromarketing is a distinct discipline closely related to neuroeconomics. While neuroeconomics has more academic aims, since it studies the basic mechanisms of decision-making, neuromarketing is an applied field which uses neuroimaging tools for market investigations.

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Vernon L. Daniel Kahneman. George Loewenstein. David Laibson. Nature Reviews Neuroscience. Annual Reviews. Current Opinion in Neurobiology. Journal of Socio-Economics. Journal of Neuroscience. Prospect Theory: For Risk and Ambiguity. Internal and external attributions of uncertainty dissociated by fMRI".

Bibcode : Sci BMC Neuroscience. Coates; Mark Gurnell; Aldo Rustichini Proceedings of the National Academy of Sciences. Bibcode : PNAS.. Journal of Behavioral Decision Making. Psychological Bulletin. R Bibcode : Natur. Critical review of research".

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