Title

NEUROECONOMICS: A CRITICAL RECONSIDERATION

Authors

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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