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The Foundations of Positive and Normative EconomicsA Hand Book$
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Andrew Caplin and Andrew Schotter

Print publication date: 2008

Print ISBN-13: 9780195328318

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195328318.001.0001

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The Case for Mindless Economics

The Case for Mindless Economics

Chapter:
(p.2) (p.3) Chapter 1 The Case for Mindless Economics
Source:
The Foundations of Positive and Normative Economics
Author(s):

FARUK GUL

WOLFGANG PESENDORFER

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195328318.003.0001

Neuroeconomics does not directly refer to neuroscience, but it is usually perceived as a field that incorporates psychology with economics. Neuroeconomics is a research field that considers the following claims: 1) physiological and psychological evidence can be used to either discard or reinforce certain economic models and methodology; and 2) economic welfare analysis should be making use of “true utility” rather than “choice utility” because it is more important to account for what makes individuals happy in contrast with the utilities governing choice. Because neuroeconomics surpasses conventional economic practices by integrating psychological insights and neuroscientific evidence, this chapter illustrates how neuroeconomics attempts to impose changes in methodology, and discusses a neuroscience critique of traditional economics.

Keywords:   neuroeconomics, physiology, psychology, economic welfare analysis, true utility, choice utility

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