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Neuroeconomics: more than inspiration, less than revolution

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  • N. Emrah Aydinonat

Abstract

Gul and Pesendorfer (2008) argue that neuroeconomics is evidentially and explanatorily irrelevant to economics, because neuroeconomics and economics ask different questions and utilize different abstractions. They suggest neuroeconomics is only relevant as a source of inspiration for economists. The present paper accepts their basic premise and asks whether the fact that neuroeconomics and economics ask different questions implies that neuroeconomics is irrelevant. The paper argues that Gul and Pesendorfer overlook some important respects in which neuroeconomics is relevant for economics. First, neuroeconomics can improve singular explanations in economics. Second, and more importantly, it improves our understanding of economic phenomena. And finally, it helps us assess the plausibility of our conjectures concerning economic phenomena. It may be true that neuroeconomics will not revolutionize economics (at least in the short run), but it is more than a source of inspiration.

Suggested Citation

  • N. Emrah Aydinonat, 2010. "Neuroeconomics: more than inspiration, less than revolution," Journal of Economic Methodology, Taylor & Francis Journals, vol. 17(2), pages 159-169.
    • Handle: RePEc:taf:jecmet:v:17:y:2010:i:2:p:159-169
    DOI: 10.1080/13501781003756444
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    References listed on IDEAS

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    1. N. Emrah Aydinonat, 2007. "Models, conjectures and exploration: an analysis of Schelling's checkerboard model of residential segregation," Journal of Economic Methodology, Taylor & Francis Journals, vol. 14(4), pages 429-454.
    2. Jaakko Kuorikoski & Petri Ylikoski, 2010. "Explanatory relevance across disciplinary boundaries: the case of neuroeconomics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 17(2), pages 219-228.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Neuroeconomics?
      by N. Emrah Aydınonat in N. Emrah Aydınonat (English) on 2011-04-04 22:27:01

    Citations

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    Cited by:

    1. Daniel Serra, 2019. "La neuroéconomie en question : débats et controverses," Working Papers halshs-02160911, HAL.
    2. Daniel Serra, 2020. "Neuroeconomics: reliable, scientifically legitimate and useful knowledge for economists?," Working Papers hal-02956441, HAL.

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