IDEAS home Printed from https://ideas.repec.org/a/eee/joepsy/v96y2023ics0167487023000211.html
   My bibliography  Save this article

Endocrine state is the physical manifestation of subjective beliefs

Author

Listed:
  • Smith, Trenton G.

Abstract

Over the past two decades, economists have begun to incorporate evidence from neuroscience into applied economic research. While some progress has been made, the wider economics profession has yet to embrace the new field of “neuroeconomics.” I argue here that a broad reconciliation of emerging evidence from neuroscience with conventional economic decision theory can be achieved by emphasizing the critical role of neuroendocrine signaling molecules and their receptors. Many of these molecules are amenable to measurement and manipulation in laboratory settings, and most have – when viewed in light of their natural history – a parsimonious interpretation as representing what economists refer to as subjective beliefs.

Suggested Citation

  • Smith, Trenton G., 2023. "Endocrine state is the physical manifestation of subjective beliefs," Journal of Economic Psychology, Elsevier, vol. 96(C).
  • Handle: RePEc:eee:joepsy:v:96:y:2023:i:c:s0167487023000211
    DOI: 10.1016/j.joep.2023.102620
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0167487023000211
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.joep.2023.102620?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Michael Grossman, 1972. "The Demand for Health: A Theoretical and Empirical Investigation," NBER Books, National Bureau of Economic Research, Inc, number gros72-1, February.
    2. Schipper, Burkhard C., 2023. "Sex hormones and choice under risk," Journal of Economic Psychology, Elsevier, vol. 96(C).
    3. Harrison, Glenn W., 2008. "Neuroeconomics: A Critical Reconsideration," Economics and Philosophy, Cambridge University Press, vol. 24(3), pages 303-344, November.
    4. Smith, Trenton G. & Tasnadi, Attila, 2007. "A theory of natural addiction," Games and Economic Behavior, Elsevier, vol. 59(2), pages 316-344, May.
    5. Shingo Tanaka & John P. O’Doherty & Masamichi Sakagami, 2019. "The cost of obtaining rewards enhances the reward prediction error signal of midbrain dopamine neurons," Nature Communications, Nature, vol. 10(1), pages 1-13, December.
    6. Alec Smith & B. Douglas Bernheim & Colin F. Camerer & Antonio Rangel, 2014. "Neural Activity Reveals Preferences without Choices," American Economic Journal: Microeconomics, American Economic Association, vol. 6(2), pages 1-36, May.
    7. Trenton Smith, 2009. "Reconciling psychology with economics: Obesity, behavioral biology, and rational overeating," Journal of Bioeconomics, Springer, vol. 11(3), pages 249-282, December.
    8. Faruk Gul & Wolfgang Pesendorfer, 2009. "A Comment on Bernheim's Appraisal of Neuroeconomics," American Economic Journal: Microeconomics, American Economic Association, vol. 1(2), pages 42-47, August.
    9. Michael Kosfeld & Markus Heinrichs & Paul J. Zak & Urs Fischbacher & Ernst Fehr, 2005. "Oxytocin increases trust in humans," Nature, Nature, vol. 435(7042), pages 673-676, June.
    10. Nathan Berg & Gerd Gigerenzer, 2010. "As-if behavioral economics: neoclassical economics in disguise?," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(1), pages 133-166.
    11. Young H. Lee & Trenton G. Smith, 2008. "Why Are Americans Addicted To Baseball? An Empirical Analysis Of Fandom In Korea And The United States," Contemporary Economic Policy, Western Economic Association International, vol. 26(1), pages 32-48, January.
    12. B. Douglas Bernheim, 2009. "On the Potential of Neuroeconomics: A Critical (but Hopeful) Appraisal," American Economic Journal: Microeconomics, American Economic Association, vol. 1(2), pages 1-41, August.
    13. George Loewenstein, 2000. "Emotions in Economic Theory and Economic Behavior," American Economic Review, American Economic Association, vol. 90(2), pages 426-432, May.
    14. Pascale Waelti & Anthony Dickinson & Wolfram Schultz, 2001. "Dopamine responses comply with basic assumptions of formal learning theory," Nature, Nature, vol. 412(6842), pages 43-48, July.
    15. Giannelis, Alexandros & Willoughby, Emily A. & Corley, Robin & Hopfer, Christian & Hewitt, John K. & Iacono, William G. & Anderson, Jacob & Rustichini, Aldo & Vrieze, Scott I. & McGue, Matt & Lee, Jam, 2023. "The association between saving disposition and financial distress: A genetically informed approach," Journal of Economic Psychology, Elsevier, vol. 96(C).
    16. Colin F. Camerer, 2013. "Goals, Methods, and Progress in Neuroeconomics," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 425-455, May.
    17. Trenton G. Smith, 2004. "The McDonald’s Equilibrium. Advertising, empty calories, and the endogenous determination of dietary preferences," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 23(3), pages 383-413, December.
    18. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August.
    19. Jared Diamond, 2003. "The double puzzle of diabetes," Nature, Nature, vol. 423(6940), pages 599-602, June.
    20. David Laibson, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(2), pages 443-478.
    21. B. Douglas Bernheim & Antonio Rangel, 2004. "Addiction and Cue-Triggered Decision Processes," American Economic Review, American Economic Association, vol. 94(5), pages 1558-1590, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fišar, Miloš & Cingl, Lubomír & Reggiani, Tommaso & Kundtová Klocová, Eva & Kundt, Radek & Krátký, Jan & Kostolanská, Katarína & Bencúrová, Petra & Pešková, Marie Kudličková & Marečková, Klára, 2023. "Ovulatory shift, hormonal changes, and no effects on incentivized decision-making," Journal of Economic Psychology, Elsevier, vol. 98(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Daniel Serra, 2021. "Decision-making: from neuroscience to neuroeconomics—an overview," Theory and Decision, Springer, vol. 91(1), pages 1-80, July.
    2. Alexandre Truc, 2023. "Neuroeconomics: Hype or Hope? An Answer," Post-Print hal-04719266, HAL.
    3. Smith, Trenton G. & Tasnadi, Attila, 2007. "A theory of natural addiction," Games and Economic Behavior, Elsevier, vol. 59(2), pages 316-344, May.
    4. Trenton Smith, 2009. "Reconciling psychology with economics: Obesity, behavioral biology, and rational overeating," Journal of Bioeconomics, Springer, vol. 11(3), pages 249-282, December.
    5. Maria Alessandra Antonelli & Valeria De Bonis & Angelo Castaldo & Alessandrao Gandolfo, 2022. "Sin goods taxation: an encompassing model," Public Finance Research Papers 52, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    6. Deiana, C & Dragone, D & Giua, L, 2024. "Addictive Consumption, Imperfect Substitutes and Self Control: A Model and an Application to Slot Machines," Health, Econometrics and Data Group (HEDG) Working Papers 24/21, HEDG, c/o Department of Economics, University of York.
    7. Smith Trenton G. & Stoddard Christiana & Barnes Michael G, 2009. "Why the Poor Get Fat: Weight Gain and Economic Insecurity," Forum for Health Economics & Policy, De Gruyter, vol. 12(2), pages 1-31, June.
    8. Frank Sloan & Lindsey Eldred, 2015. "Do preferences of drinker-drivers differ?," International Journal of Health Economics and Management, Springer, vol. 15(2), pages 241-268, June.
    9. Brocas, Isabelle & Carrillo, Juan D., 2021. "Value computation and modulation: A neuroeconomic theory of self-control as constrained optimization," Journal of Economic Theory, Elsevier, vol. 198(C).
    10. Ciccarelli, Carlo & Giamboni, Luigi & Waldmann, Robert, 2007. "Cigarette smoking, pregnancy, forward looking behavior and dynamic inconsistency," MPRA Paper 8878, University Library of Munich, Germany.
    11. Huseynov, Samir & Palma, Marco A. & Ahmad, Ghufran, 2021. "Does the magnitude of relative calorie distance affect food consumption?," Journal of Economic Behavior & Organization, Elsevier, vol. 188(C), pages 530-551.
    12. Gary Charness & Uri Gneezy, 2009. "Incentives to Exercise," Econometrica, Econometric Society, vol. 77(3), pages 909-931, May.
    13. Joaquin Gómez-Miñambres & Eric Schniter, 2017. "Emotions and Behavior Regulation in Decision Dilemmas," Games, MDPI, vol. 8(2), pages 1-25, May.
    14. Perez Truglia, Ricardo Nicolas, 2009. "On the genesis of Hedonic Adaptation," MPRA Paper 19929, University Library of Munich, Germany.
    15. Mezza, Alvaro & Buchinsky, Moshe, 2021. "Illegal drugs, education, and labor market outcomes," Journal of Econometrics, Elsevier, vol. 223(2), pages 454-484.
    16. Marysia Ogrodnik, 2015. "An Economic Model of the Stages of Addictive Consumption," Post-Print halshs-01224553, HAL.
    17. Ian Irvine, 2015. "Graphic Warning Labels on Cigarette Packaging in Canada: A Targeted Commentary on our Limited State of Knowledge," Working Papers 15002, Concordia University, Department of Economics.
    18. Leonhard K. Lades, 2012. "Impulsive Consumption and Reflexive Thought: Nudging Ethical Consumer Behavior," Papers on Economics and Evolution 2012-03, Philipps University Marburg, Department of Geography.
    19. Jacobs Martin, 2016. "Accounting for Changing Tastes: Approaches to Explaining Unstable Individual Preferences," Review of Economics, De Gruyter, vol. 67(2), pages 121-183, August.
    20. Bogliacino, Francesco & Codagnone, Cristiano, 2021. "Microfoundations, behaviour, and evolution: Evidence from experiments," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 372-385.

    More about this item

    Keywords

    Evolutionary mismatch; Hormones;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:joepsy:v:96:y:2023:i:c:s0167487023000211. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/joep .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.