Neuroeconomics

I found this article on neuroeconomics of interests.

The article has reviewed two general ways in which the neuroeconomic endeavor can make important contributions to research on decision-making – firstly, the incorporation into neuroscience and psychology of the formal, rigorous economic modeling approach, and secondly, the awareness within the economic community of the evidence for multiple systems involved in decision-making.

One current challenge is to ensure that researchers are communicating productively; often, terms such as ‘choice’, ‘judgment’ and ‘decision’ are used in different ways by different fields.  A useful endeavour would be to arrive at a common language, and perhaps a common set of ‘decision tasks’, to ensure that the hitherto heartening level of collaboration across these diverse fields continue in a productive fashion.

With increasing collaboration among researchers from across the fields of interest, it also seems certain that other interesting avenues of research will open up in the future.

Some of the questions that would be of interest in our decision making include:

How do systems that seem to be focused on immediate decisions and actions interact with systems involved in longer term planning (e.g. making a career decision)?

Under what circumstances do these various systems cooperate or compete?  When there is competition, how and where is it adjudicated?

Psychologists, neuroscientists and behavioural economists all seem to agree that various automatic forms of behavior (including emotional responses) reflect the operation of a  multiplicity of mechanisms.  However, do higher-level deliberate processes rely similarly on multiple mechanisms, or a single, more tightly integrated (unitary) set of mechanisms?

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