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On An Evolutionary Foundation Of Neuroeconomics

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  • Schipper, Burkhard C.

Abstract

Neuroeconomics focuses on brain imaging studies mapping neural responses to choice behaviour. Economic theory is concerned with choice behaviour but it is silent on neural activities. We present a game theoretic model in which players are endowed with an additional structure – a simple “nervous system” – and interact repeatedly in changing games. The nervous system constrains information processing functions and behavioural functions. By reinterpreting results from evolutionary game theory (Germano 2007), we suggest that nervous systems can develop to “function well” in exogenously changing strategic environments. We present an example indicating that an analogous conclusion fails if players can influence endogenously their environment.

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  • Schipper, Burkhard C., 2008. "On An Evolutionary Foundation Of Neuroeconomics," Economics and Philosophy, Cambridge University Press, vol. 24(3), pages 495-513, November.
    • Handle: RePEc:cup:ecnphi:v:24:y:2008:i:03:p:495-513_00
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    Cited by:

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    2. Franco Ruzzenenti & Andreas A. Papandreou, 2015. "Effects of fossil fuel prices on the transition to a low-carbon economy," Working papers wpaper89, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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