NEUROECONOMICS: A CRITICAL RECONSIDERATION

    Authors

    G. W. Harrison

    Comments

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    Abbreviated Journal Title

    Econ. Philos.

    Keywords

    QUANTAL RESPONSE EQUILIBRIUM; UTILITY-THEORY; 1ST-PRICE AUCTIONS; EXPECTED UTILITY; NEURAL RESPONSES; DECISION-MAKING; CHOICE; ECONOMICS; BEHAVIOR; BRAIN; Economics; Ethics

    Abstract

    Understanding more about how the brain functions should help us understand economic behaviour. But some would have us believe that it has done this already, and that insights from neuroscience have already provided insights in economics that we would not otherwise have. Much of this is just academic marketing hype, and to get down to substantive issues we need to identify that fluff for what it is. After we clear away the distractions, what is left? The answer is that a lot is left, but it is still all potential. That is not a bad thing, or a reason to stop the effort, but it does point to the need for a serious reconsideration of what neuroeconomics is and what passes for explanation in this literature. I argue that neuroeconomics can be a valuable field, but not the way it is being developed and "sold" now. The same is true more generally of behavioural economics, which shares many of the methodological flaws of neuroeconomics.

    Journal Title

    Economics and Philosophy

    Volume

    24

    Issue/Number

    3

    Publication Date

    1-1-2008

    Document Type

    Review

    Language

    English

    First Page

    303

    Last Page

    344

    WOS Identifier

    WOS:000261295000002

    ISSN

    0266-2671

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