Neuroeconomics, Judgment, and Decision Making

Neuroeconomics, Judgment, and Decision Making

Author: Evan A. Wilhelms

Publisher: Psychology Press

ISBN: 1848726600

Category: BUSINESS & ECONOMICS

Page: 291

View: 404

This volume explores how and why people make judgments and decisions that have economic consequences, and what the implications are for human well-being. It provides an integrated review of the latest research from many different disciplines, including social, cognitive, and developmental psychology; neuroscience and neurobiology; and economics and business. The book has six areas of focus: historical foundations; cognitive consistency and inconsistency; heuristics and biases; neuroeconomics and neurobiology; developmental and individual differences; and improving decisions. Throughout, the contributors draw out implications from traditional behavioral research as well as evidence from neuroscience. In recent years, neuroscientific methods have matured, beyond being simply correlational and descriptive, into theoretical prediction and explanation, and this has opened up many new areas of discovery about economic behavior that are reviewed in the book. In the final part, there are applications of the research to cognitive development, individual differences, and the improving of decisions. The book takes a broad perspective and is written in an accessible way so as to reach a wide audience of advanced students and researchers interested in behavioral economics and related areas. This includes neuroscientists, neuropsychologists, clinicians, psychologists (developmental, social, and cognitive), economists and other social scientists; legal scholars and criminologists; professionals in public health and medicine; educators; evidence-based practitioners; and policy-makers.

Neuroeconomics, Judgment, and Decision Making

Neuroeconomics, Judgment, and Decision Making

Author: Evan A. Wilhelms

Publisher: Psychology Press

ISBN: 9781317652731

Category: Psychology

Page: 310

View: 275

This volume explores how and why people make judgments and decisions that have economic consequences, and what the implications are for human well-being. It provides an integrated review of the latest research from many different disciplines, including social, cognitive, and developmental psychology; neuroscience and neurobiology; and economics and business. The book has six areas of focus: historical foundations; cognitive consistency and inconsistency; heuristics and biases; neuroeconomics and neurobiology; developmental and individual differences; and improving decisions. Throughout, the contributors draw out implications from traditional behavioral research as well as evidence from neuroscience. In recent years, neuroscientific methods have matured, beyond being simply correlational and descriptive, into theoretical prediction and explanation, and this has opened up many new areas of discovery about economic behavior that are reviewed in the book. In the final part, there are applications of the research to cognitive development, individual differences, and the improving of decisions. The book takes a broad perspective and is written in an accessible way so as to reach a wide audience of advanced students and researchers interested in behavioral economics and related areas. This includes neuroscientists, neuropsychologists, clinicians, psychologists (developmental, social, and cognitive), economists and other social scientists; legal scholars and criminologists; professionals in public health and medicine; educators; evidence-based practitioners; and policy-makers.

Neuroeconomics

Neuroeconomics

Author: Paul W. Glimcher

Publisher: Academic Press

ISBN: 9780123914699

Category: Psychology

Page: 560

View: 679

In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies—each written by leading experts—lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, “The Neural Mechanisms for Choice, integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in neuroeconomics in particular or decision making in general. Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for neuroeconomics Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference Published in association with the Society for Neuroeconomics—www.neuroeconomics.org Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts

Cognitive Workload and Fatigue in Financial Decision Making

Cognitive Workload and Fatigue in Financial Decision Making

Author: Stephen J. Guastello

Publisher: Springer

ISBN: 9784431553120

Category: Business & Economics

Page: 134

View: 622

This book presents new theory and empirical studies on the roles of cognitive workload and fatigue on repeated financial decisions. The mathematical models that are developed here utilize two cusp catastrophe functions for discontinuous changes in performance and integrate objective measures of workload, subjective experiences, and individual differences among the decision makers. Additional nonlinear dynamical processes are examined with regard to persistence and antipersistence in decisions, entropy, further explanations of overall performance, and the identification of risk-optimization profiles for long sequences of decisions.

The Cambridge Handbook of Psychology and Economic Behaviour

The Cambridge Handbook of Psychology and Economic Behaviour

Author: Alan Lewis

Publisher: Cambridge University Press

ISBN: 9781108548786

Category: Psychology

Page:

View: 367

There has recently been an escalated interest in the interface between psychology and economics. The Cambridge Handbook of Psychology and Economic Behaviour is a valuable reference dedicated to improving our understanding of the economic mind and economic behaviour. Employing empirical methods - including laboratory and field experiments, observations, questionnaires and interviews - the Handbook provides comprehensive coverage of theory and method, financial and consumer behaviour, the environment and biological perspectives. This second edition also includes new chapters on topics such as neuroeconomics, unemployment, debt, behavioural public finance, and cutting-edge work on fuzzy trace theory and robots, cyborgs and consumption. With distinguished contributors from a variety of countries and theoretical backgrounds, the Handbook is an important step forward in the improvement of communications between the disciplines of psychology and economics that will appeal to academic researchers and graduates in economic psychology and behavioral economics.

The Oxford Handbook of International Arbitration

The Oxford Handbook of International Arbitration

Author: Thomas Schultz

Publisher: Oxford University Press, USA

ISBN: 9780198796190

Category: Law

Page: 1024

View: 274

This Handbook offers academics and practitioners a one-stop-shop entry into the subject of international arbitration, and the ways in which it is discussed today.

Financial Decision Making and Retirement

Financial Decision Making and Retirement

Author: Olivia S. Mitchell

Publisher: Oxford University Press

ISBN: 9780198808039

Category: Business & Economics

Page: 304

View: 624

As the world's population lives longer, it will become increasingly important for plan sponsors, retirement advisors, regulators, and financial firms to focus closely on how older persons fare in the face of rising difficulties with cognition and financial management. This book offers state-of-the-art research and recommendations on how to evaluate when older persons need financial advice, help them make better financial decisions, and to identify policy options for handling these individual and social challenges efficiently and fairly. This latest volume in the Pension Research Council series, draws lessons from theory and practice, and will be of interest to employees and retirees, consumers and researchers, and financial institutions working to design better retirement plan offerings.

A Handbook of Process Tracing Methods

A Handbook of Process Tracing Methods

Author: Michael Schulte-Mecklenbeck

Publisher: Routledge

ISBN: 9781351662765

Category: Psychology

Page: 390

View: 835

A Handbook of Process Tracing Methods demonstrates how to better understand decision outcomes by studying decision processes, through the introduction of a number of exciting techniques. Decades of research have identified numerous idiosyncrasies in human decision behavior, but some of the most recent advances in the scientific study of decision making involve the development of sophisticated methods for understanding decision process—known as process tracing. In this volume, leading experts discuss the application of these methods and focus on the best practices for using some of the more popular techniques, discussing how to incorporate them into formal decision models. This edition has been expanded and thoroughly updated throughout, and now includes new chapters on mouse tracking, protocol analysis, neurocognitive methods, the measurement of valuation, as well as an overview of important software packages. The volume not only surveys cutting-edge research to illustrate the great variety in process tracing techniques, but also serves as a tutorial for how the novice researcher might implement these methods. A Handbook of Process Tracing Methods will be an essential read for all students and researchers of decision making.

Impulsivity

Impulsivity

Author: Jeffrey R. Stevens

Publisher: Springer

ISBN: 9783319517216

Category: Psychology

Page: 280

View: 911

As the 64th volume in the prestigious Nebraska Series on Motivation, this book focuses on impulsivity, a multi-faceted concept that encompasses such phenomena as the inability to wait, a tendency to act without forethought, insensitivity to consequences, and/or an inability to inhibit inappropriate behaviors. Due to this multi-faceted nature, it plays a critical role in a number of key behavioral problems, including pathological gambling, overeating, addiction, adolescent risk-taking, spread of sexually transmitted diseases, criminal behavior, financial decision making, and environmental attitudes. This broad and interdisciplinary scope has historically resulted in separate subfields studying impulsivity in relative isolation from one another. Therefore, a central achievement of this volume is to convey an integrative exploration of impulsivity. To provide a comprehensive and cohesive understanding of impulsivity, this volume brings together eminent scholars and rising researchers from different domains (developmental psychology, neuroscience, animal cognition, anthropology, addiction science), who use different techniques (behavioral assays, imaging, endocrinology, genetics). Moreover, it includes perspectives and analyses from the two primary types of impulsivity: impulsive choice (or decision making) and impulsive action (or disinhibition). The authors present expert analyses of topics such as delayed gratification, discounting models, and adaptive foraging decisions. Leveraging breadth of coverage and renowned scholarship, Impulsivity: How Time and Risk Influence Decision Making advances our understanding of this complex topic and sheds light on novel research directions and potential future collaborations.

Psychological Perspectives on Risk and Risk Analysis

Psychological Perspectives on Risk and Risk Analysis

Author: Martina Raue

Publisher: Springer

ISBN: 9783319924786

Category: Psychology

Page: 379

View: 875

This authoritative collection goes beyond economic statistics and probability data to offer a robust psychological understanding of risk perception and risk taking behavior. Expert contributors examine various risk domains in life, and pinpoint cognitive, emotional, and personality factors contributing to individual differences in risk taking as well as the many nuances social demographics (e.g., culture, gender) bring to risk decisions. Coverage takes competing theories and studies into account to identify mechanisms involved in processing and acting on uncertainty. And implications and applications are demonstrated in varied fields, from updated risk models for the insurance sector to improved risk communication in health services to considering risk perception in policy decisions. A sampling of the topics: Personality and risk: beyond daredevils—risk taking from a temperament perspective. Cognitive, developmental, and neurobiological aspects of risk judgments. The group effect: social influences on risk identification, analysis, and decision-making. Cognitive architectures as a scaffolding for risky choice models. Improving understanding of health-relevant numerical information. Risk culture as a framework for improving competence in risk management. Psychological Perspectives on Risk and Risk Analysis will be of great interest to researchers in and outside of psychology, including decision-making experts and behavioral economists. Additionally, this volume will appeal to practitioners who often have to make risky decisions, such as managers and physicians.