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COMMENTS ON NEUROECONOMICS

  • Ariel Rubinstein (a1)
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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References
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Harrison G. W. 2008. Neuroeconomics: a critical reconsideration. Economics and Philosophy 24.
Kahneman D. and Tversky A.. 1979. “Prospect theory: an analysis of decision under risk”. Econometrica 47: 263–92.
McCabe K. A. 2008 “Neuroeconomics and the economic sciences. Economics and Philosophy 24.
Rubinstein A. 1988. Similarity and decision-making under risk. Journal of Economic Theory 46: 145–53.
Rubinstein A. 1998. Models of bounded rationality. Cambridge, MA: MIT Press.
Rubinstein A. 2006. Comments on Behavioral Economics. In Advances in economic theory (2005 World Congress of the Econometric Society), ed. Blundell R., Newey W. K. and Persson T. Vol. II, 246–54. Cambridge University Press.
Rubinstein A. 2007. Instinctive and cognitive reasoning: response times study. Economic Journal 117: 1243–59.
Salant Y. and Rubinstein A. 2008. (A,f), Choice with Frames. Review of Economic Studies, forthcoming.
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Economics & Philosophy
  • ISSN: 0266-2671
  • EISSN: 1474-0028
  • URL: /core/journals/economics-and-philosophy
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