Glimcher, Paul W.
Neuroeconomics : Decision Making and the Brain. - 2nd ed. - 1 online resource (606 pages)
Front Cover -- Neuroeconomics: Decision Making and the Brain -- Copyright Page -- Contents -- Preface -- Acknowledgments -- List of Contributors -- Introduction: A Brief History of Neuroeconomics -- Neoclassical Economics -- Cognitive Neuroscience -- Setting the Stage for Neuroeconomics -- Two Trends, One Goal -- Consolidation -- Summary -- References -- I: The Fundamental Tools of Neuroeconomics -- 1. Basic Methods from Neoclassical Economics -- Introduction -- Rational Choice and Utility Theory: Some Beginnings -- Early Price Theory and the Marginal Revolution -- Early Decision Theory and Utility Maximization -- The Ordinal Revolution and the Logic of Choice -- Quantitative Tests of Qualitative Theories: Revealed Preference -- GARP -- Understanding Rationality -- Axiomatic Approaches: Strengths -- Axiomatic Approaches: Weaknesses -- Expected Utility Theory -- Defining the Objects of Choice: Probabilistic Outcomes -- Continuity Axiom -- Independence -- The Expected Utility Theorem -- Axioms and Axiomatic Reasoning -- Using Axioms: The Neoclassical Approach In Neuroeconomics -- The Reward Prediction Error Hypothesis -- The DRPE Axioms and the Ideal Data Set -- Concluding Remarks -- References -- 2. Experimental Economics and Experimental Game Theory -- Introduction -- Game Theory Described -- Normal and Extensive Form Games -- Game Theory Experiments -- Design and Practice -- Instructions -- Randomization -- Anonymity -- Incentives -- Deception -- Experiments with Normal Form Games -- Prisoner's Dilemma and Public Goods Games -- Coordination Games -- Experiments with Extensive Form Games -- Ultimatum Games -- Trust Games -- Neuroeconomics experiments -- Design and Practice -- Overview -- Design -- Analysis -- Practice -- Neuroeconomics Experiments with the Trust Game -- Neuroeconomics Experiments with the Ultimatum Game. Towards a Neuroeconomic Theory of Game Playing -- References -- 3. Computational and Process Models of Decision Making in Psychology and Behavioral Economics -- Introduction -- History -- Models of Risky Choice -- Normative Origins -- Descriptive Modifications -- Heuristic Models of Risky Choice -- Models of Riskless Choice -- Multi Attribute Utility Theory -- Cognitive Limitations and Context Effects -- Heuristic Models of Riskless Choice -- Models of Choice Over Time -- Computational Process Models -- Diffusion Models of Rapid Decisions -- Non-Decision Component -- Boundaries, Speed-Accuracy, and Bias Effects -- Across-Trial Variability -- Model Constraints -- Model Fitting -- Mapping from Accuracy and RT to Drift Rate -- Applications -- Competing Models -- Multichoice Decision Making, Confidence, and Simple RT -- Use in Neuroscience -- Judgment -- Conclusion -- References -- 4. Estimation and Testing of Computational Psychological Models -- Introduction -- Example Application -- Behavioral Data to be Modeled -- Methods for Estimating Parameters -- Weighted Sum of Squared Error -- Log Likelihood Method -- Minimizing Objective Functions: Searching for the "Best" Phi -- Bayesian Estimation -- Hierarchical Bayesian analysis -- Comparison of Estimation Methods -- Model Comparisons -- R-Square -- Chi-Square Tests -- AIC and BIC Methods -- Bayes' Factor -- Generalization and Cross-Validation Methods -- Conclusions -- Acknowledgments -- References -- 5. Introduction to Neuroscience -- Introduction -- The Cellular Structure of Information Encoding in the Brain -- The Large-Scale Anatomical Structure of the Brain -- Organizing Principles of Representation in the Brain -- Neuronal Stochasticity -- Plasticity and Memory -- Summary and Conclusions -- References -- 6. Experimental Methods in Cognitive Neuroscience -- Introduction. Measurement Versus Manipulation -- Strengths and Limitations of Different Methods -- Measurement Techniques -- Invasive Neurophysiology: Single-Unit Recording -- How Single-Unit Recording Works -- Technology -- Procedures -- Advantages and Limitations -- Non-Invasive Neurophysiology -- Electroencephalography (EEG) -- How EEG Works -- Technology -- Procedures -- Advantages and Limitations -- Magnetoencephalography (MEG) -- How MEG Works -- Technology -- Procedures -- Advantages and Limitations -- Metabolic Neuroimaging -- Positron Emission Tomography (PET) -- How PET Works -- Technology -- Procedures -- Advantages and Limitations -- Functional Magnetic Resonance Imaging (fMRI) -- How fMRI Works -- Technology -- Procedures in a Typical fMRI Experiment -- Advantages and Limitations -- Manipulation Techniques -- Brain Stimulation -- Transcranial Magnetic Stimulation (TMS) -- How TMS Works -- Technology -- Procedures -- Advantages and Limitations -- Transcranial Direct Current Stimulation (tDCS) -- How tDCS Works -- tDCS Devices -- Procedures -- Advantages and Limitations -- Invasive Stimulation Methods in Animals -- Microstimulation -- Optogenetics -- Lesion Studies -- Lesion Studies in Humans -- How Lesion Studies Work -- Procedures -- Advantages and Limitations -- Experimental Lesions in Animals -- How the Animal Lesion Approach Works -- Procedures -- Advantages and Limitations -- Conclusion: Convergence Across Methods -- References -- 7. Evolutionary Anthropological Insights into Neuroeconomics: What Non-Human Primates can Tell us About Human Decision-Makin… -- Introduction: How an Evolutionary Perspective is Important for Neuroeconomics -- Understanding Evolutionary Homologies Across Primates -- Prospect Theory and Framing Effects in Non-Human Primates -- Ambiguity Aversion and the Ellsberg Paradox in Non-Human Primates. What Comparative Work Means for Traditional Economics and Neuroeconomics -- Acknowledgments -- References -- II: Neural and Psychological Foundations of Economic Preferences -- 8. The Computation of Stimulus Values in Simple Choice -- Introduction -- Theory: A Computational Model of Simple Choice -- Methodology: How to Identify Stimulus Value Signals? -- Evidence: Stimulus Value Signals in Basic Valuation Tasks -- Complication: Attention Modulates the Computation and Comparison of Stimulus Values -- Theory: How are Stimulus Values Computed? -- Evidence for a Causal Role of the Stimulus Value Signals in vmPFC -- Conclusions -- What is the Neural Code Used to Represent Stimulus Values in vmPFC? -- What and How is the Attribute Space Used in SV Computations? -- Computational Roles of PCC, dlPFC, vSTR and Amygdala in Simple Choice -- Acknowledgments -- References -- 9. Valuation for Risky and Uncertain Choices -- Introduction -- Decisions Under Uncertainty and Risk -- Types of Uncertainty -- Degrees of Uncertainty -- Ways of Resolving and Quantifying Uncertainty -- Models of Risky Choice -- Outcome-Probability Decomposition of Risky Options -- Expected Value Theory -- Expected Utility Theory -- Risk-Return Decomposition of Risky Options -- Risk Taking and Risk Attitudes -- Constant and Relative Risk Aversion in EU -- Accounting for Domain Differences in Risk Taking -- Decisions from Description Versus Decisions from Experience -- Neural Representation of Uncertainty and Risk -- Correlates of Outcome-Probability Decompositions -- Correlates of Risk-Return Decompositions -- Neural Basis of Risk Attitude -- Correlates of Ambiguity Versus Risk -- Experience Versus Description -- Conclusions -- Acknowledgments -- References -- 10. Valuation, Intertemporal Choice, and Self-Control -- Introduction -- Valuation in Intertemporal Choice. Behavioral and Theoretical Evidence -- Functional Imaging Evidence -- Evidence from Single Unit Neurophysiology -- Self-Control -- Individual Differences in Discounting -- Stationarity -- Persistence and Delay of Gratification -- Conclusion -- References -- 11. Social Preferences and the Brain -- Behaviors and Motives -- Exploring the Neural Circuitry of Social Preferences: Methodological Concerns -- The Neurobiology of Simple Choice -- Evidence for the Similarity Between Social Preference Decisions and Simple Reward-Based Decisions -- Cooperative Social Preferences -- Competitive Social Preferences -- Summary -- Components of the Social Preferences Network -- Insula/ACC -- ACC/Insula Summary -- Amygdala -- Amygdala Summary -- Dorsolateral Prefrontal Cortex -- dlPFC Summary -- Temporoparietal Junction -- TPJ Summary -- Conclusions -- References -- 12. Neuroeconomics of Emotion and Decision Making -- Introduction: Heart or Head? -- Studying Emotion -- Incidental Affect: Carry-Over Effects on Decision Making -- Stress -- Mood Induction -- Affective Priming -- Conclusion -- Emotion's Impact on Valuation During Choice -- Physiological Measures of Arousal -- Future-Directed Affect -- Conclusion -- Changing Emotions, Changing Choices -- Cognitive Emotion Regulation -- Memory Reconsolidation -- The Effect of Choice on Preference -- Conclusion -- General Conclusion: Beyond Two Systems -- References -- 13. Multistage Valuation Signals and Common Neural Currencies -- Introduction to Value-Based Decision Making -- Value and Decision Making in an Evolutionary Perspective -- A Simple Multi-Stage Framework for Value-Based Decision Making -- Stage 1: Valuation of Options - Predicted Valuation Signals -- Predicted Value Signals: Lesion, Neuroimaging, and Single-Cell Studies of vmPFC. Valence, Availability of Cognitive Resources and Context-Dependency of Predicted Valuation Signals in the vmPFC.
In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies-each written by leading experts-lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, "The Neural Mechanisms for Choice,” integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in neuroeconomics in particular or decision making in general. Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for neuroeconomics Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference Published in association with the Society for Neuroeconomics-www.neuroeconomics.org Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts.
9780123914699
Decision making.
Economic man.
Neuroeconomics.
Electronic books.
HD30.23.N487 2013eb
612.8/2
Neuroeconomics : Decision Making and the Brain. - 2nd ed. - 1 online resource (606 pages)
Front Cover -- Neuroeconomics: Decision Making and the Brain -- Copyright Page -- Contents -- Preface -- Acknowledgments -- List of Contributors -- Introduction: A Brief History of Neuroeconomics -- Neoclassical Economics -- Cognitive Neuroscience -- Setting the Stage for Neuroeconomics -- Two Trends, One Goal -- Consolidation -- Summary -- References -- I: The Fundamental Tools of Neuroeconomics -- 1. Basic Methods from Neoclassical Economics -- Introduction -- Rational Choice and Utility Theory: Some Beginnings -- Early Price Theory and the Marginal Revolution -- Early Decision Theory and Utility Maximization -- The Ordinal Revolution and the Logic of Choice -- Quantitative Tests of Qualitative Theories: Revealed Preference -- GARP -- Understanding Rationality -- Axiomatic Approaches: Strengths -- Axiomatic Approaches: Weaknesses -- Expected Utility Theory -- Defining the Objects of Choice: Probabilistic Outcomes -- Continuity Axiom -- Independence -- The Expected Utility Theorem -- Axioms and Axiomatic Reasoning -- Using Axioms: The Neoclassical Approach In Neuroeconomics -- The Reward Prediction Error Hypothesis -- The DRPE Axioms and the Ideal Data Set -- Concluding Remarks -- References -- 2. Experimental Economics and Experimental Game Theory -- Introduction -- Game Theory Described -- Normal and Extensive Form Games -- Game Theory Experiments -- Design and Practice -- Instructions -- Randomization -- Anonymity -- Incentives -- Deception -- Experiments with Normal Form Games -- Prisoner's Dilemma and Public Goods Games -- Coordination Games -- Experiments with Extensive Form Games -- Ultimatum Games -- Trust Games -- Neuroeconomics experiments -- Design and Practice -- Overview -- Design -- Analysis -- Practice -- Neuroeconomics Experiments with the Trust Game -- Neuroeconomics Experiments with the Ultimatum Game. Towards a Neuroeconomic Theory of Game Playing -- References -- 3. Computational and Process Models of Decision Making in Psychology and Behavioral Economics -- Introduction -- History -- Models of Risky Choice -- Normative Origins -- Descriptive Modifications -- Heuristic Models of Risky Choice -- Models of Riskless Choice -- Multi Attribute Utility Theory -- Cognitive Limitations and Context Effects -- Heuristic Models of Riskless Choice -- Models of Choice Over Time -- Computational Process Models -- Diffusion Models of Rapid Decisions -- Non-Decision Component -- Boundaries, Speed-Accuracy, and Bias Effects -- Across-Trial Variability -- Model Constraints -- Model Fitting -- Mapping from Accuracy and RT to Drift Rate -- Applications -- Competing Models -- Multichoice Decision Making, Confidence, and Simple RT -- Use in Neuroscience -- Judgment -- Conclusion -- References -- 4. Estimation and Testing of Computational Psychological Models -- Introduction -- Example Application -- Behavioral Data to be Modeled -- Methods for Estimating Parameters -- Weighted Sum of Squared Error -- Log Likelihood Method -- Minimizing Objective Functions: Searching for the "Best" Phi -- Bayesian Estimation -- Hierarchical Bayesian analysis -- Comparison of Estimation Methods -- Model Comparisons -- R-Square -- Chi-Square Tests -- AIC and BIC Methods -- Bayes' Factor -- Generalization and Cross-Validation Methods -- Conclusions -- Acknowledgments -- References -- 5. Introduction to Neuroscience -- Introduction -- The Cellular Structure of Information Encoding in the Brain -- The Large-Scale Anatomical Structure of the Brain -- Organizing Principles of Representation in the Brain -- Neuronal Stochasticity -- Plasticity and Memory -- Summary and Conclusions -- References -- 6. Experimental Methods in Cognitive Neuroscience -- Introduction. Measurement Versus Manipulation -- Strengths and Limitations of Different Methods -- Measurement Techniques -- Invasive Neurophysiology: Single-Unit Recording -- How Single-Unit Recording Works -- Technology -- Procedures -- Advantages and Limitations -- Non-Invasive Neurophysiology -- Electroencephalography (EEG) -- How EEG Works -- Technology -- Procedures -- Advantages and Limitations -- Magnetoencephalography (MEG) -- How MEG Works -- Technology -- Procedures -- Advantages and Limitations -- Metabolic Neuroimaging -- Positron Emission Tomography (PET) -- How PET Works -- Technology -- Procedures -- Advantages and Limitations -- Functional Magnetic Resonance Imaging (fMRI) -- How fMRI Works -- Technology -- Procedures in a Typical fMRI Experiment -- Advantages and Limitations -- Manipulation Techniques -- Brain Stimulation -- Transcranial Magnetic Stimulation (TMS) -- How TMS Works -- Technology -- Procedures -- Advantages and Limitations -- Transcranial Direct Current Stimulation (tDCS) -- How tDCS Works -- tDCS Devices -- Procedures -- Advantages and Limitations -- Invasive Stimulation Methods in Animals -- Microstimulation -- Optogenetics -- Lesion Studies -- Lesion Studies in Humans -- How Lesion Studies Work -- Procedures -- Advantages and Limitations -- Experimental Lesions in Animals -- How the Animal Lesion Approach Works -- Procedures -- Advantages and Limitations -- Conclusion: Convergence Across Methods -- References -- 7. Evolutionary Anthropological Insights into Neuroeconomics: What Non-Human Primates can Tell us About Human Decision-Makin… -- Introduction: How an Evolutionary Perspective is Important for Neuroeconomics -- Understanding Evolutionary Homologies Across Primates -- Prospect Theory and Framing Effects in Non-Human Primates -- Ambiguity Aversion and the Ellsberg Paradox in Non-Human Primates. What Comparative Work Means for Traditional Economics and Neuroeconomics -- Acknowledgments -- References -- II: Neural and Psychological Foundations of Economic Preferences -- 8. The Computation of Stimulus Values in Simple Choice -- Introduction -- Theory: A Computational Model of Simple Choice -- Methodology: How to Identify Stimulus Value Signals? -- Evidence: Stimulus Value Signals in Basic Valuation Tasks -- Complication: Attention Modulates the Computation and Comparison of Stimulus Values -- Theory: How are Stimulus Values Computed? -- Evidence for a Causal Role of the Stimulus Value Signals in vmPFC -- Conclusions -- What is the Neural Code Used to Represent Stimulus Values in vmPFC? -- What and How is the Attribute Space Used in SV Computations? -- Computational Roles of PCC, dlPFC, vSTR and Amygdala in Simple Choice -- Acknowledgments -- References -- 9. Valuation for Risky and Uncertain Choices -- Introduction -- Decisions Under Uncertainty and Risk -- Types of Uncertainty -- Degrees of Uncertainty -- Ways of Resolving and Quantifying Uncertainty -- Models of Risky Choice -- Outcome-Probability Decomposition of Risky Options -- Expected Value Theory -- Expected Utility Theory -- Risk-Return Decomposition of Risky Options -- Risk Taking and Risk Attitudes -- Constant and Relative Risk Aversion in EU -- Accounting for Domain Differences in Risk Taking -- Decisions from Description Versus Decisions from Experience -- Neural Representation of Uncertainty and Risk -- Correlates of Outcome-Probability Decompositions -- Correlates of Risk-Return Decompositions -- Neural Basis of Risk Attitude -- Correlates of Ambiguity Versus Risk -- Experience Versus Description -- Conclusions -- Acknowledgments -- References -- 10. Valuation, Intertemporal Choice, and Self-Control -- Introduction -- Valuation in Intertemporal Choice. Behavioral and Theoretical Evidence -- Functional Imaging Evidence -- Evidence from Single Unit Neurophysiology -- Self-Control -- Individual Differences in Discounting -- Stationarity -- Persistence and Delay of Gratification -- Conclusion -- References -- 11. Social Preferences and the Brain -- Behaviors and Motives -- Exploring the Neural Circuitry of Social Preferences: Methodological Concerns -- The Neurobiology of Simple Choice -- Evidence for the Similarity Between Social Preference Decisions and Simple Reward-Based Decisions -- Cooperative Social Preferences -- Competitive Social Preferences -- Summary -- Components of the Social Preferences Network -- Insula/ACC -- ACC/Insula Summary -- Amygdala -- Amygdala Summary -- Dorsolateral Prefrontal Cortex -- dlPFC Summary -- Temporoparietal Junction -- TPJ Summary -- Conclusions -- References -- 12. Neuroeconomics of Emotion and Decision Making -- Introduction: Heart or Head? -- Studying Emotion -- Incidental Affect: Carry-Over Effects on Decision Making -- Stress -- Mood Induction -- Affective Priming -- Conclusion -- Emotion's Impact on Valuation During Choice -- Physiological Measures of Arousal -- Future-Directed Affect -- Conclusion -- Changing Emotions, Changing Choices -- Cognitive Emotion Regulation -- Memory Reconsolidation -- The Effect of Choice on Preference -- Conclusion -- General Conclusion: Beyond Two Systems -- References -- 13. Multistage Valuation Signals and Common Neural Currencies -- Introduction to Value-Based Decision Making -- Value and Decision Making in an Evolutionary Perspective -- A Simple Multi-Stage Framework for Value-Based Decision Making -- Stage 1: Valuation of Options - Predicted Valuation Signals -- Predicted Value Signals: Lesion, Neuroimaging, and Single-Cell Studies of vmPFC. Valence, Availability of Cognitive Resources and Context-Dependency of Predicted Valuation Signals in the vmPFC.
In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies-each written by leading experts-lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, "The Neural Mechanisms for Choice,” integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in neuroeconomics in particular or decision making in general. Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for neuroeconomics Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference Published in association with the Society for Neuroeconomics-www.neuroeconomics.org Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts.
9780123914699
Decision making.
Economic man.
Neuroeconomics.
Electronic books.
HD30.23.N487 2013eb
612.8/2