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Neuroeconomics > Module 1: Introduction to Neuroeconomics > Flashcards

Module 1: Introduction to Neuroeconomics Flashcards

1
Q

Goal neuroeconomics

A

Measuring brain processes to better understand and predict economic choices

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2
Q

Temporal resolution

A

The accuracy with which one can measure when an event is occuring

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3
Q

Spatial resolution

A

The accuracy with which one can measure where an event is occuring

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4
Q

Invasiveness

A

Whether the equipment is located internally or externally

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5
Q

What is the difference in brain density between non-primates and primates?

A

For non-primates the correlation between brain size and neuron count is almosy perfect (bigger brain = more neurons). For primates you see more neurons than expected on brain size.

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6
Q

In which lobes is the cerebel cortex divided? (4) And what are their main functions.

A
  1. Frontal lobe (planning & choice)
  2. Parietal lobe (attention)
  3. Occipital lobe (seeing)
  4. Temporal lobe (hearing)
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7
Q

Why is the brain folded?

A

By folding you can put more matter into a small space

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8
Q

Corpus callosum

A

Structure that connects the two hemispheres (left and right), the nerves cross over in this structure

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9
Q

What is the main difference between the left and right hemisphere?

A
  • The left hemisphere is more focused and involved in details.
  • The right hemisphere is more involved in the bigger picture.
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10
Q

Where is the Ventromedial prefrontal cortex located?

A
  • Behind the eyes and nose
  • It is the most frontal part (prefrontal) of the frontal cortex and the most bottom part in the middle (ventromedial)
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11
Q

Name the functions of the Ventromedial Prefrontal Cortex (vmPFC)

A
  • (long term) planning
  • (social) decision making
  • processing value
  • integrating costs and benefits
  • comparing different types of rewards
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12
Q

Why was Phineas Gage important for neuroscience?

A
  • He was an example of someone with lesion damage, which learned us a lot about the vmPFC
  • He had an accident where he ended up with a large iron rod through his head
  • The brain damage led to changes of personality
  • The lesion learned us that the damaged area was involved in planning, complex behavior, delaying gratification, decision making and moderating correct social behavior
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13
Q

What percentage of our brain do we actually use?

A

100%

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14
Q

Where is the Anterior Cingulate Cortex (ACC) located?

A
  • Beneath the cortex
  • On top of the Cortex Colosum
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15
Q

What are the functions of the Anterior Cingulate Cortex (ACC)?

A
  • Involved in processing pain (therefore strong role in learning)
  • Involved in losses (costs)
  • Acts against negative feelings of taking risks (increased activity = increased risk taking)
  • Computing negative expected value
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16
Q

Where is the Insula located?

A

Underneath the Temproal, Frontal and Parietal lobes

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17
Q

What are the functions of the Insula?

A
  • Processing negative feedback from the body
  • Aversive emotions (disgust)
  • Perceiving risk (increased activity in aINS = decreased risk taking)
  • Costs (regret, losses, risk, effort, pain)
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18
Q

What is the main function of the hippocampus?

A

Formation of new memories

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19
Q

Why was Henry Molaison (H.M.) important for neuroscience?

A

His hippocampus was removed to control his seizures, after the surgery he lost most of his memories and the ability to form new ones.

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20
Q

What is the difference between declarative and procedural memory?

A
  • Declarative memory: remembering names, dates and facts (hippocampus)
  • Procedural memory: remembering the physical process of how to do something (cerrebelum)
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21
Q

Where is the Amygdala located?

A

At the anterior end of the hippocampus on both sides

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22
Q

What are the functions of the amygdala?

A
  • involved in emotions (fear, aggression)
  • role in positive emotions and motivation
  • involved in recognizing emotions in other people
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23
Q

How can an amygdala lesion manifest itself in someone’s behavior?

A
  • Someone could have problems with experiencing fear
  • It is also possible that people have problems in recognizing other people’s feelings
  • People can show inappropriate behavior regarding the emotions of someone else
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24
Q

What does the basal ganglia consist of?

A
  1. Striatum (!)
  2. Globus Pallidus
  3. Substantia Nigra
  4. Subthalamic nucleus
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25
Q

What does the striatum consist of?

A
  1. Caudate
  2. Putamen
  3. Nucleus Accumbens (!)
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26
Q

What are the most important functions of the Striatum?

A
  • Involved in reward processing and what is valuable to you
  • Preferences
  • Learning from positive events
  • Detecting motivating properties of stimuli
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27
Q

Broca’s Aphasia

A

Problems with language production (vocal)

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28
Q

Wernickers Aphasia

A

Problems with language comprehension

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29
Q

Transcranial magnetic stimulation (TMS)

A
  • Noninvasive stimulation of the brain caused by magnetic induction from a rapidly changing electrical current in a coil held over the scalp
  • A temporarily virtual lesion
  • By generating a magnetic field, the area underneath the device is disrupted
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30
Q

Dendrites

A

Part of the neuron that receives communication from other neurons, there are many dendrites on a single neuron

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31
Q

Axon

A

Part of the neuron that sends communication to other neurons, there is only one axon on a single neuron

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32
Q

Synapse

A

Small gap between neurons in which neurotransmitters are released, permitting signaling between neurons

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33
Q

Describe how communication between neurons work

A
  1. A presynaptic neuron (neuron before synapse) that is active, propagates an action potential down the length of the (presynaptic) axon
  2. The action potential reaches the axon terminal, leading to release of neurotransmitters into the synapse
  3. The neurotransmitters bind to the receptors of the (postsynaptic) dendrite or cell body and cause a synaptic potential (this potential is conducted passively)
  4. An action potential (active electrical current) will be triggered in the postsynaptic neuron when the summed passive synaptic potentials exceed a certain threshold
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34
Q

Cell recordings

A

By inserting a recording electrode in or on individual neurons, it is possible to measure action potentials in specific neurons

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35
Q

Electroencephalography (EEG)

A

Measurements of electrical signals generated by the brain through electrodes placed on different points on the scalp

36
Q

Inverse problem

A

Infinite number of possible charge distributions in the brain could lead to same pattern on the surface
- further limits the ability to spatially pinpoint EEG

37
Q

Volume conduction

A

The electrical activity has to travel through the brain and the skull and only then you can pick it up, this smears out the activity and makes it difficult to relocate
- further limits the ability to spatially pinpoint EEG

38
Q

functional Magnetic Resonance Imaging (fMRI) working

A

fMRI measures the local blood flow in the brain, makes use of the fact that red blood cells with oxygen and without oxygen have different magnetic properties

39
Q

BOLD response working

A
  • When neurons become active they need more oxygen which is supplied by blood
  • When the blood is consumed you can see a small drop of the BOLD signal (less oxygen in blood) (1)
  • The loss of regional oxygen triggers an influx of oxygen-rich blood to that region (2)
  • The BOLD signal dramatically increases (2) and later normalizes (3)
  • Undershoot (4)
40
Q

Voxel

A
  • Volumetric pixel
  • Representation of a volume in 3D space
  • The smaller the voxel, the higher the spatial resolution
41
Q

Reversed inference problem

A

The use of reasoning from brain activation to mental functions does not always take into account how selectively the area is activated by the mental process in question
- often brain areas are involved in several mental processes

42
Q

Grandmother cell

A

A hypothetical neuron that just responds to one particular stimulus
- Example of Jennifer Aniston neuron&raquo_space; responds maximally to Jennifer Aniston but also to her co-actors, by responding to multiple stimuli it couldn’t be a grandmother cellc

43
Q

Structural imaging

A

Different types of tissue have different physical properties
- Static maps (physical structure of the brain)
- CT & MRI

44
Q

Functional imaging

A

Neural activity produces local physiological changes in that region of the brain
- Dynamic maps (moment to moment activity)
- FNIRS, fMRI

45
Q

Gyri

A

Raised folds of the cortex

46
Q

Sulci

A

Buried grooves of the cortex

47
Q

Limbic system

A

Cingulate cortex
Hippocampus
Amygdala

48
Q

Rationality

A

The best possible way to act, with good reason for our actions

49
Q

Expected Utility Theory

A

Theory of the rational decision maker, describes how people should make decisions by means of rational computations based on objective outcomes and probabilities, without cognitive limitations and emotions

50
Q

Hyper rationality

A

People always make highly rational choices (not representable)

51
Q

Bounded rationality

A

An uncertain future, bound to rationality, including cognitive and information processing constraints as well as imperfect information, will mean that people, at best, are able to act in a broadly reasonable rather than strictly rational way.

52
Q

Substantive rationality

A

Rationality based on underlying mathematical process, but allows for subjective probabilities

53
Q

Procedural rationality

A

Rationality of the processes used in arriving at decisions (as opposed to the decision itself)

54
Q

Ecological rationality

A

Rationality is determined by the ecology of the environment in which decisions take place

55
Q

Heuristics

A

Devices to reduce complexity of tasks and to form intuitive judgements of probability

56
Q

Biases

A

Systematic mistakes that follow out of heuristics

57
Q

Availability heuristic

A

We judge events to be more likely if occurrences of the event can be more easily retrieved
- Retrieves in biases: Retrievability bias, effectiveness of search, imaginability bias, illusory correlation and attention bias

58
Q

Imaginability bias

A
  • Follows out of availability heuristic
  • Events that can be imagined easier are judged more likely
59
Q

Retrievability bias

A
  • Follows out of availability heuristic
  • Events that can be recalled (retrieved) easier are judged more likely
60
Q

Effectiveness of search

A

Identifying events quickly and easily leads to an upward bias in probability

61
Q

Priming

A

increase the availability in one’s mind

62
Q

Narrative persuasion

A

The power of narratives to change beliefs, attitude and behavior

63
Q

Narrative transportation

A

Story receivers’ affective and cognitive responses, beliefs, attitudes and intentions from being swept away by a story and transported into a narrative world that modifies their perception of the world of origin

64
Q

Representativeness

A

People judge the similarity between events and processes to judge probability

65
Q

Regression to the mean

A

more extreme observations tend to be less extreme on the next occasion (mean reversion)
- Follows from representativeness

66
Q

Illusion of validity

A

if data tells a story, we overestimate our ability to predict an outcome

67
Q

Anchoring

A

The tendency to rely heavily on the firs piece of information offered (the anchor) when making decisions
- Assessment biases, confirmation bias, insufficient adjustment

68
Q

Insufficient adjustment

A

Probability judgements are anchored to prior information or events and are not adjusted as information or context change

69
Q

Assessment biases

A

Applying the anchoring heuristic on irrelevant information (the wheel of fortune)

70
Q

Confirmation bias

A

Depending on the question (anchor) people can seek different information, to confirm the question

71
Q

Associative activation

A

Ideas that are evoked together trigger many other ideas

72
Q

Diminishing marginal utility

A

The same amount of money is less useful to an already wealthy person than it would be to a poor person

73
Q

Underlying principles EUT (von Neumann & Morgenstern)

A
  1. Completeness (knowing what to prefer)
  2. Transitivity (liking A more than B, B more than C, A more than C)
  3. Continuity (measurement of utility)
  4. Independence (preference is independent of scaling of probability and adding of common outcome)
74
Q

Two EUT failings

A
  1. Violations independence axiom
    • Allais paradox (common consequence effect): if the
      preference between two lotteries changes if the same
      probability mass is shifted from one common outcome to a
      different one
    • Common ratio effect
  2. Effect of framing
    • Formulation of choice problems matters (Asian disease ex.)
75
Q

Rabin’s critique on EUT

A

Plausible risk aversion for large outcomes implies near risk-neutrality for small and medium outcomes, which is not what is generally observed

76
Q

Prospect theory (Tversky and Kahneman)

A

A framework which captures how people choose between different risky prospects
- Risk aversion for gains, risk seeking for losses

77
Q

Certainty effect

A

A reduction of the probability of an outcome by a constant factor has more impact on the decision weight when the outcome was initial certain than when it was merely probable

78
Q

Advantages of prospect theory

A

Explains:
1. Violations of independence (Allais paradox)
2. Violations of description invariance (framing effects)
3. Preferences for small and large gambles (Rabin)

79
Q

Break-even effect

A

After losses, people tend to take more risk to achieve their reference point

80
Q

House-money effect

A

after large gains, people are willing to take more risk, because losing “house money” does not hurt as much as losing “own money”

81
Q

St Petersburg paradox

A
82
Q

Isolation effect

A

People disregard common components in alternatives, whether those common components are the payoff or the probabilities

83
Q

Dominant strategy

A

Strategy that is optimal no matter what the opponent does

84
Q

Nash equilibrium

A

Optimal collective strategy in a game involving two or more players, where no player has anything to gain changing only their own strategy

85
Q

Classical game theory

A

Predicts that a group of rational, self-interested players will make decisions to reach outcomes (NE) from which no player can increase their own payoff unilaterally

86
Q

Types of tasks in game theory

A
  1. Bargaining tasks: the intial endowment provided varies across studies, and the proposer/investor are free to offer any amount of this investment
  2. Competitive games: two players generally make simultaneous decisions, with the monetary payoffs also varying across studies though they broadly correspond to the outcomes shown
87
Q

Bargaining behavior

A

Examining responses to equality and inequality
- Dictator game (measuring pure altruism) and ultimatum game (examines strategic thinking)

Neuroeconomics (4 decks)

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