New Economics Papers
on Neuroeconomics
Issue of 2013‒08‒05
five papers chosen by

  1. Neural Activity Reveals Preferences Without Choices By Alec Smith; B. Douglas Bernheim; Colin Camerer; Antonio Rangel
  2. Risk Aversion and Emotions By Nguyen, Y.; Noussair, C.N.
  3. Conducting pro-social research: cognitive diversity, research excellence and awareness about the social impact of research By D’Este,Pablo; Llopis,Oscar; Yegros,Alfredo
  4. Who knows It is a game? On rule understanding, strategic awareness and cognitive ability By Fehr, Dietmar; Huck, Steffen
  5. Implications of Personality Types for Emotional Regulation in Young Women By Tarika Sandhu; Shaina Kapoor

  1. By: Alec Smith; B. Douglas Bernheim; Colin Camerer; Antonio Rangel
    Abstract: We investigate the feasibility of inferring the choices people would make (if given the opportunity) based on their neural responses to the pertinent prospects when they are not engaged in actual decision making. The ability to make such inferences is of potential value when choice data are unavailable, or limited in ways that render standard methods of estimating choice mappings problematic. We formulate prediction models relating choices to “non-choice” neural responses and use them to predict out-of-sample choices for new items and for new groups of individuals. The predictions are sufficiently accurate to establish the feasibility of our approach.
    JEL: C91 D12
    Date: 2013–07
  2. By: Nguyen, Y.; Noussair, C.N. (Tilburg University, Center for Economic Research)
    Abstract: Abstract: We consider the relationship between emotions and decision-making under risk. Specifically, we examine the emotional correlates of risk-averse decisions. In our experiment, individuals' facial expressions are monitored with facereading software, as they are presented with risky lotteries. We then correlate these facial expressions with subsequent decisions in risky choice tasks. We find that the valence of one’s emotional state is negatively correlated, and the strength of a number of emotions: fear, happiness, anger, and surprise, is positively correlated, with risk-averse decisions.
    Keywords: Risk aversion;emotions;facereading;fear.
    JEL: C9
    Date: 2013
  3. By: D’Este,Pablo; Llopis,Oscar; Yegros,Alfredo
    Abstract: We propose the concept of pro-social research as reflecting the adoption of conducts that place social relevance as a critical goal of research. We argue that pro-social conducts represent a behavioural antecedent of the actual engagement of scientists in knowledge transfer activities. Our study investigates the impact that different cognitive aspects have on the development of pro-social research behaviour. In particular, we examine if certain types of research skills (i.e. cognitive diversity and research excellence) have a positive impact in shaping a pro-social research behaviour and, more critically, if they act as substitutes for prior experience in knowledge transfer activities. The main source of data comes from a large scale survey conducted on all scientists at the Spanish Council for Scientific Research (CSIC).
    Keywords: Knowledge transfer, cognitive diversity, research excellence, pro-social behaviour
    JEL: O31 O32
    Date: 2013–07–31
  4. By: Fehr, Dietmar; Huck, Steffen
    Abstract: We introduce the notion of strategic awareness in experimental games which captures the idea that subjects realize they are playing a game and thus have to form beliefs about others' actions in order to play well. The concept differs from both, rule understanding and rationality. We then turn to experimental evidence from a beauty contest game where we elicit measures of cognitive ability and beliefs about others' cognitive ability. We show that the effect of cognitive ability is highly non-linear. Subjects' behavior below a certain threshold is indistinguishable from uniform random play and does not correlate with beliefs about others ability. In contrast, choices of subjects who exceed the threshold avoid dominated choices and react very sensitively to beliefs about others cognitive ability. -- In vielen Situationen spielt das Bewusstsein über strategische Komponenten eine wichtige Rolle. In diesem kurzen Artikel führen wir das Konzept von strategic awareness in Experimenten ein. Dieses neue Konzept beschreibt die Fähigkeit von Experimentteilnehmer, strategische Situationen zu erkennen und daher Erwartungen über das Verhalten von anderen zu bilden. Das Konzept unterscheidet sich sowohl von Rationalität als auch vom bloßen Verstehen von den Regeln eines Experiments. Wir demonstrieren das Konzept empirisch mit Hilfe von Daten eines Beauty Contest Games, in dem wir die kognitiven Fähigkeiten der Teilnehmer und ihre Einschätzungen über die kognitiven Fähigkeiten der anderen Teilnehmer erheben. Die Resultate zeigen, dass kognitive Fähigkeiten einen starken nichtlinearen Effekt auf die Entscheidungen in dem Beauty Contest Game haben. Das Verhalten von Experimentteilnehmer, die unter einer bestimmten Schwelle liegen, kann nicht von zufälligen Entscheidungen unterschieden werden und korreliert auch nicht mit deren Einschätzung über die kognitiven Fähigkeiten der anderen Teilnehmer. Im Gegensatz dazu vermeiden Teilnehmer, die über dieser Schwelle liegen, dominierte Entscheidungen und basieren ihre Entscheidungen auf ihrer Einschätzung über die kognitiven Fähigkeiten der anderen Teilnehmer.
    Keywords: strategic awareness,cognitive ability,beauty contest
    JEL: C7 C9 D0
    Date: 2013
  5. By: Tarika Sandhu; Shaina Kapoor
    Abstract: Personality can be understood as “A dynamic organisation, inside the person, of psychophysical systems that creates a person’s characteristic patterns of behaviour, thoughts, and feelings” (Carver & Scheier, 2000). The affective component thus forms an integral aspect of the structure and dynamics of personality. Emotional regulation further refers to a person’s ability to understand and accept his or her emotional experience, to engage in healthy strategies to manage uncomfortable emotions when necessary, and to engage in appropriate behavior especially when distressed. Working on the assumption that personological typifications would lend colour to the psychological functioning of individual. The present study aimed at exploring how dominating personality types effect emotional self regulation styles amongst young women. The sample of the study comprised of 200 undergraduate female students. Personality assessment was carried out by using Myers- Briggs Type Indicator by Myers & Mccaulley (1998) and emotional regulation was assessed using the Difficulties in Emotion Regulation Scale by Gratz & Roemer (2004). Results of the study reveal the significant role of personality types in influencing typical emotional self regulatory patterns in young women. Identifying personality types thus becomes relevant in context of social and occupational adjustment of young women, since success in there domain largely depends upon effective emotional functioning. Key words: personality types, emotional regulation, young women
    Date: 2013–03

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