nep-neu New Economics Papers
on Neuroeconomics
Issue of 2009‒03‒14
two papers chosen by
Daniela Raeva
Saint' Anna School of Advanced Studies

  1. Neuroeconomics: A Critique of ‘Neuroeconomics: A Critical Reconsideration’ By Stanton, Angela A.
  2. Does Macroeconomics Need Microeconomic Foundations? By Da Silva, Sergio

  1. By: Stanton, Angela A.
    Abstract: Some economists believe that neuroeconomists threatens the theory of economics. Glenn Harrison’s paper “Neuroeconomics: A Critical Reconsideration” (2008) provides some support for this view, though some of the points he makes are somewhat disguised. The field of neuroeconomics is barely into its teenage years; and it is trying to do what? Criticize and redesign the field of economics developed over hundreds of years? But that is not what neuroeconomics is trying to do, in spite of all the efforts of some economists trying to place it into that shoebox (see the argument in great detail in Andrew Caplin, Andrew Schotter 2008). Neuroeconomics is a Mendelian-Economics of sort; it is a science that is able to generate data by fixing the environment to some degree, varying a single independent variable for its affects, and is able to see each individual’s choices from initiation of the decision-making process to its outcome. Mainstream (standard) economics, on the other hand, looks at the average of the outcomes of many individuals and proposes how people chose those outcomes, retroactively. The two fields, neuroeconomics and standard economics, are evaluating two sides of the same coin: one with and the other without ceteris paribus; they are not in conflict with one another.
    Keywords: Neuroeconomics; Standard Economics; Ceteris Paribus; Hormones
    JEL: D01 C91 D87
    Date: 2008
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:13957&r=neu
  2. By: Da Silva, Sergio
    Abstract: The author argues that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics.
    Keywords: Microfoundations, neuroeconomics, econophysics
    JEL: B22 B41 C82 D87
    Date: 2009
    URL: http://d.repec.org/n?u=RePEc:zbw:ifwedp:7482&r=neu

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