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Comments on Neuroeconomics

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  • Ariel Rubinstein

Abstract

Neuroeconomics is examined critically using data on the response times of subjects who were asked to express their preferences in the context of the Allais Paradox. Different patterns of choice are found among the fast and slow responders. This suggests that we try to identify types of economic agents by the time they take to make their choices. Nevertheless, it is argued that it is far from clear if and how Neuroeconomics will change Economics.
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  • Ariel Rubinstein, 2008. "Comments on Neuroeconomics," Levine's Working Paper Archive 122247000000001984, David K. Levine.
    • Handle: RePEc:cla:levarc:122247000000001984
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    File URL: http://www.dklevine.com/archive/refs4122247000000001984.pdf
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    References listed on IDEAS

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    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    2. Harrison, Glenn W., 2008. "Neuroeconomics: A Critical Reconsideration," Economics and Philosophy, Cambridge University Press, vol. 24(3), pages 303-344, November.
    3. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: A Study of Response Times," Economic Journal, Royal Economic Society, vol. 117(523), pages 1243-1259, October.
    4. Yuval Salant & Ariel Rubinstein, 2008. "(A, f): Choice with Frames -super-1," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 75(4), pages 1287-1296.
    5. McCabe, Kevin A., 2008. "Neuroeconomics And The Economic Sciences," Economics and Philosophy, Cambridge University Press, vol. 24(3), pages 345-368, November.
    6. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: Response Times Study," Levine's Bibliography 321307000000001011, UCLA Department of Economics.
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    Cited by:

    1. Catalin DUMITRESCU & Matei DUMITRESCU, 2021. "Neuromarketing - A Scientific Tool To Handle Consumer Brain Information," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 61(1), pages 39-53, March.
    2. Lory Barile & John Cullis & Philip Jones, 2024. "“Optimal Honesty” in the Context of Fiscal Crimes," Economies, MDPI, vol. 12(9), pages 1-11, September.
    3. Gianna Lotito & Matteo Migheli & Guido Ortona, 2013. "Is cooperation instinctive? Evidence from the response times in a public goods game," Journal of Bioeconomics, Springer, vol. 15(2), pages 123-133, July.
    4. Elizabeth Goodyear-Grant & Erin Tolley & Jeffrey Penney, 2016. "Race And Gender Affinities In Voting: Experimental Evidence," Working Paper 1370, Economics Department, Queen's University.
    5. Lester, Bijou Yang, 2011. "An exploratory analysis of composite choices: Weighing rationality versus irrationality," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(6), pages 949-958.
    6. Pablo Brañas-Garza & Debrah Meloso & Luis Miller, 2017. "Strategic risk and response time across games," International Journal of Game Theory, Springer;Game Theory Society, vol. 46(2), pages 511-523, May.
    7. Andrew Schotter & Isabel Trevino, 2021. "Is response time predictive of choice? An experimental study of threshold strategies," Experimental Economics, Springer;Economic Science Association, vol. 24(1), pages 87-117, March.
    8. Gilles Grolleau & Angela Sutan & Sana El Harbi & Marwa Jedidi, 2018. "Do We Need More Time To Give Less? Experimental Evidence From Tunisia," Bulletin of Economic Research, Wiley Blackwell, vol. 70(4), pages 400-409, October.
    9. Kfir Eliaz & Ariel Rubinstein, 2014. "A model of boundedly rational “neuro” agents," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 57(3), pages 515-528, November.
    10. Grafton, R. Quentin & Kompas, Tom & Long, Ngo Van, 2017. "A brave new world? Kantian–Nashian interaction and the dynamics of global climate change mitigation," European Economic Review, Elsevier, vol. 99(C), pages 31-42.
    11. Chorus, Caspar G., 2015. "Models of moral decision making: Literature review and research agenda for discrete choice analysis," Journal of choice modelling, Elsevier, vol. 16(C), pages 69-85.
    12. Daniel Serra, 2021. "Decision-making: from neuroscience to neuroeconomics—an overview," Theory and Decision, Springer, vol. 91(1), pages 1-80, July.
    13. Daniel Serra, 2019. "Neuroeconomics and modern neuroscience," CEE-M Working Papers halshs-02160907, CEE-M, Universtiy of Montpellier, CNRS, INRA, Montpellier SupAgro.
    14. Pablo Brañas-Garza & Debrah Meloso & Luis M. Miller, 2008. "Instinctive Response in the Ultimatum Game," ThE Papers 08/08, Department of Economic Theory and Economic History of the University of Granada..

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