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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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D. Kahneman and A. Tversky . 1979. “Prospect theory: an analysis of decision under risk”. Econometrica 47: 263–92.

A. Rubinstein 1988. Similarity and decision-making under risk. Journal of Economic Theory 46: 145–53.

A. Rubinstein 2007. Instinctive and cognitive reasoning: response times study. Economic Journal 117: 1243–59.

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Economics & Philosophy
  • ISSN: 0266-2671
  • EISSN: 1474-0028
  • URL: /core/journals/economics-and-philosophy
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