For the past four years, a group of leading neuroeconomists and neuroscientists has met to refine questions about the brain and economic behaviour. Researchers trained in both neuroscience and economics are entering the field.
Daniel Kahneman, a Princeton University psychologist who in 2002 won the Nobel prize in economics for his contribution to behavioural economics, is an enthusiastic supporter of the new field. “In many areas of economics, it will dominate, because it works,” says Mr Kahneman.
Interesting read...
Daniel Kahneman, a Princeton University psychologist who in 2002 won the Nobel prize in economics for his contribution to behavioural economics, is an enthusiastic supporter of the new field. “In many areas of economics, it will dominate, because it works,” says Mr Kahneman.
Interesting read...
A new school of economists is controversially turning to neuroscience to improve the dismal science In 1996 Mr LeDoux, who by day is a professor of neuroscience at New York University, published a book, “The Emotional Brain: The Mysterious Underpinnings of Emotional Life”, that helped to inspire what is today one of the liveliest and most controversial areas of economic research: neuroeconomics. These new neuroeconomists saw that it might be possible to move economics away from its simplified model of rational, self-interested, utility-maximising decision-making. Instead of hypothesising about Homo economicus, they could base their research on what actually goes on inside the head of Homo sapiens. The dismal science had already been edging in that direction thanks to behavioural economics. Early successes for neuroeconomists came from using neuroscience to shed light on some of the apparent flaws in H. economicus noted by the behaviouralists.
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