Decision-making: from neuroscience to neuroeconomics—an overview

By the late 1990s, several converging trends in economics, psychology, and neuroscience had set the stage for the birth of a new scientific field known as “neuroeconomics”. Without the availability of an extensive variety of experimental designs for dealing with individual and social decision-making...

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Bibliographic Details
Published in:Theory and decision 2021-07, Vol.91 (1), p.1-80
Main Author: Serra, Daniel
Format: Article
Language:English
Subjects:
Behavioral/Experimental Economics
Brain
Childbirth & labor
Decision making
Economic Theory/Quantitative Economics/Mathematical Methods
Economics
Economics and Finance
Experimental economics
Experimental psychology
Finance
Game Theory
Grasping
Humanities and Social Sciences
Insurance
Management
Neurosciences
Operations Research/Decision Theory
Psychology
Social and Behav. Sciences
Statistics for Business
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Summary:By the late 1990s, several converging trends in economics, psychology, and neuroscience had set the stage for the birth of a new scientific field known as “neuroeconomics”. Without the availability of an extensive variety of experimental designs for dealing with individual and social decision-making provided by experimental economics and psychology, many neuroeconomics studies could not have been developed. At the same time, without the significant progress made in neuroscience for grasping and understanding brain functioning, neuroeconomics would have never seen the light of day. The paper is an overview of the main significant advances in the knowledge of brain functioning by neuroscience that have contributed to the emergence of neuroeconomics and its rise over the past two decades. These advances are grouped over three non-independent topics referred to as the “emo-rational” brain, “social” brain, and “computational” brain. For each topic, it emphasizes findings considered as critical to the birth and development of neuroeconomics while highlighting some of prominent questions about which knowledge should be improved by future research. In parallel, it shows that the boundaries between neuroeconomics and several recent sub-fields of cognitive neuroscience, such as affective, social, and more generally, decision neuroscience, are rather porous.
ISSN:0040-5833
1573-7187
DOI:10.1007/s11238-021-09830-3