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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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Look-Ups as the Windows of the Strategic Soul

Look-Ups as the Windows of the Strategic Soul

Chapter:
(p.248) (p.249) Chapter 10 Look-Ups as the Windows of the Strategic Soul
Source:
The Foundations of Positive and Normative Economics
Author(s):

VICNENT P. CRAWFORD

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195328318.003.0010

Human behavior theories are not unrelated to assumptions about cognition, as cognitive processes are believed to be involved in human decision-making processes. Through neuroeconomics, we find that making use of evidence regarding cognition and its aspects may lead us to come up with better theories of decisions. However, Gul and Pesendorfer assert that the only valid way of assessing economic theory is through observing decisions, because of how economic theory is supposedly associated with explaining decisions. Neural data also involve certain processes that are involuntary and unconscious, which is why Gul and Pesendorfer believe that neuroeconomics veers away from the traditional view of economics. Since studying neuroeconomics and neural data would entail sacrificing significant aspects of the rational-choice analysis, this chapter attempts to find a way to narrow the gap, if not link these views through presenting experiments that concern strategic thinking structure.

Keywords:   human behavior, neureconomics, neural data, rational-choice analysis, strategic thinking

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