ST5 - Decision-making: from neuroscience to neuroeconomics Flashcards
What is neuroeconomics?
integrating economics, psychology and neuroscience for decision-making in economic environments.
What is neuroscience?
the study and visualization of what happens in the brain during actions and decision-making
What is cognitive neuroscience?
the study of neural mechanisms of mental and behavioral activities (relationship between brain mind and action)
What is neuroeconomics?
the study of the influence of the brain and nervous system on economic behaviors
What are the two categories of tools/methods to study the brain?
- Measurement techniques
- Manipulation techniques
What are some measurement techniques?
EEG, Positron Emission tomography (PET), functional magnetic resonance imaging (fMRI)
What are some manipulation techniques?
TMS, tDCS
What is the most frequently used tool in neuroeconomic experiments?
fMRI
How does fMRI work?
fMRI measures changes in blood flow to map brain activity in response to tasks or stimuli.
What are some pros of fMRI?
- Widely available
- non-invasive
- high spatial resolution (detailed visualization of activity in specific regions)
What are some cons of fMRI?
- Expensive
- Uses blood flow as a proxy for neural activity, no direct observation
What are the two contrasting perspectives on neuroeconomics?
- the purpose of neuroeconomics is to study influence of the brain on economic behavior
- the purpose is to use standard economic theory for analyzing brain functioning
What is the mostly accepted version of the purpose of neuroeconomics?
the final goal of neuroeconomics is first and foremost improving the predictive power of economic theory
What are ‘perceptual decisions’?
- processes by which a subject is reacting to a sensorial input
- People have different internal experience from the same stimulus
What are ‘value-based’ decisions?
- Assign value to options and compare values
- Not psychological, only analytical
- Choices maximize values
