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A neuroeconomic theory of memory retrieval

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  • Brocas, Isabelle
  • Carrillo, Juan D.

Abstract

We propose a theory of “optimal memory management” that unveils causal relationships between memory systems and the characteristics of the information retrieved. Our model shows that if the declarative memory is more accurate but also more costly than the procedural memory, then it is optimal to retrieve exceptional experiences with the former and average experiences with the latter. The theory provides other testable predictions: (i) decisions are closer to original experiences when the declarative memory is invoked, and (ii) the declarative memory is more likely to be invoked when the importance of recalling information accurately increases.

Suggested Citation

  • Brocas, Isabelle & Carrillo, Juan D., 2016. "A neuroeconomic theory of memory retrieval," Journal of Economic Behavior & Organization, Elsevier, vol. 130(C), pages 198-205.
    • Handle: RePEc:eee:jeborg:v:130:y:2016:i:c:p:198-205
    DOI: 10.1016/j.jebo.2016.07.009
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    References listed on IDEAS

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    1. Peter J. Bayley & Jennifer C. Frascino & Larry R. Squire, 2005. "Robust habit learning in the absence of awareness and independent of the medial temporal lobe," Nature, Nature, vol. 436(7050), pages 550-553, July.
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    8. Brocas, Isabelle & Carrillo, Juan D., 2012. "From perception to action: An economic model of brain processes," Games and Economic Behavior, Elsevier, vol. 75(1), pages 81-103.
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    Cited by:

    1. Neligh, Nathaniel, 2024. "Rational memory with decay," Journal of Economic Behavior & Organization, Elsevier, vol. 223(C), pages 120-145.

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    More about this item

    Keywords

    Memory systems; Memory management; Declarative; Procedural; Neuroeconomic theory;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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