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Foundations of Neuroeconomic Analysis$
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Paul W. Glimcher

Print publication date: 2010

Print ISBN-13: 9780199744251

Published to Oxford Scholarship Online: January 2011

DOI: 10.1093/acprof:oso/9780199744251.001.0001

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Using Psychology to See the Brain in Economics

Using Psychology to See the Brain in Economics

(p.71) 4 Using Psychology to See the Brain in Economics
Foundations of Neuroeconomic Analysis

Paul W. Glimcher

Oxford University Press

This chapter develops the first of several linkages between economics, psychology, and neuroscience. First, it provides an overview of classical psychophysics. Second, it demonstrates that the mathematically described relationship between stimulus and percept can be mapped fairly directly to neurobiological models of sensory transduction. It provides examples of pre-existing conceptual reductions between psychology and neuroscience. Finally, it shows that one of these fully linked neurobiology-to-psychology concept groups can be relevant to economics. The chapter concludes by arguing that economic models of the random utility of directly consumable rewards are, in their present form, reducible to psychological models of percept and thence to neurobiological models of biochemical transduction.

Keywords:   economics, psychology, neuroscience, psychophysics, sensory transduction, psychological models, percept

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