Skip to main content Accessibility help
×
Home
Hostname: page-component-544b6db54f-2p87r Total loading time: 0.452 Render date: 2021-10-16T13:12:20.077Z Has data issue: true Feature Flags: { "shouldUseShareProductTool": true, "shouldUseHypothesis": true, "isUnsiloEnabled": true, "metricsAbstractViews": false, "figures": true, "newCiteModal": false, "newCitedByModal": true, "newEcommerce": true, "newUsageEvents": true }

WELL-BEING AND NEUROECONOMICS

Published online by Cambridge University Press:  01 November 2008

Julian C. Jamison*
Affiliation:
University of Southern California

Abstract

Neuroscience can contribute to economics by inspiring new models, helping to distinguish models that have similar implications for readily available data, and guiding interpretations of decision-making processes by policy-makers. However, there is an additional less straightforward role for it to play: augmenting, along with survey data and other non-revealed-preference sources, assessments of well-being. The need for such augmentation lies in the slightly bizarre stance taken by modern economic theory, namely that economics is concerned only with choices and not with welfare per se. It is shown that this is neither historical nor at all necessary, even within the standard paradigm. Although neuroscience is by no means a panacea for determining true utility, which ultimately remains a subjective concept, it provides a uniquely useful complementary dataset.

Type
Essay
Copyright
Copyright © Cambridge University Press 2008

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Bechara, A., Damasio, H., Tranel, D. and Damasio, A. R.. 1997. Deciding advantageously before knowing the advantageous strategy. Science 275: 1293–5.CrossRefGoogle ScholarPubMed
Brocas, I. and Carrillo, J.. 2008. The brain as a hierarchical organization. American Economics Review forthcoming.Google Scholar
Camerer, C. 2008. The Case for Mindful Economics. In Foundations of positive and normative economics, ed. Caplin, A. and Schotter, A., 4369. New York: Oxford University Press.Google Scholar
Caplin, A. and Schotter, A., eds. 2008. Foundations of positive and normative economics. New York: Oxford University Press.CrossRefGoogle Scholar
Carson, R. T. and Hanemann, W. M.. 2005. Contingent valuation. In Handbook of environmental economics, Vol. 2, ed. Mäler, K.-G. and Vincent, J. R., 821936. Amsterdam: Elsevier.Google Scholar
Gilbert, D. 2006. Stumbling on happiness. New York: Knopf.Google Scholar
Gul, F. and Pesendorfer, W.. 2007. Welfare without happiness. AEA Papers and Proceedings 97: 471–6.Google Scholar
Gul, F. and Pesendorfer, W.. 2008. The case for mindless economics. In Foundations of positive and normative economics, ed. Caplin, A. and Schotter, A., 342. New York: Oxford University Press.Google Scholar
Halpern, J. and Jamison, J.. 2008. On the assessment and prediction of subjective well-being. UC Berkeley working paper.Google Scholar
Harrison, G. 2008. Neuroeconomics: a critical reconsideration. Economics and Philosophy 24.Google Scholar
Hsu, M., Bhatt, M., Adolphs, R., Tranel, D. and Camerer, C.. 2005. Neural systems responding to degrees of uncertainty in human decision-making. Science 310: 1680–3.CrossRefGoogle ScholarPubMed
Jamison, J. and Wolpert, D. H.. 2008. Persona Games. USC working paper.Google Scholar
Jevons, W. S. 1888. The Theory of Political Economy, 3rd edn. London: MacMillan and Co.Google Scholar
Kahneman, D. 1994. New challenges to the rationality assumption. Journal of Institutional and Theoretical Economics 150: 1836.Google Scholar
Maia, T. V. and McClelland, J. L.. 2004. A reexamination of the evidence for the somatic marker hypothesis: What participants really know in the Iowa gambling task. Proceedings of the National Academy of Natural Sciences, USA 101: 16075–80.Google Scholar
Mas-Colell, A., Whinston, M. D. and Green, J. R.. 1995. Microeconomic theory. New York: Oxford University Press.Google Scholar
McCabe, K. A. 2008. Neuroeconomics and the economic sciences. Economics and Philosophy 24.CrossRefGoogle Scholar
Persaud, N., McLeod, P. and Cowey, A.. 2007. Post-decision wagering objectively measures awareness. Nature Neuroscience 10: 257–61.CrossRefGoogle ScholarPubMed
Samuelson, P. A. 1938. A note on the pure theory of consumer's behaviour. Economica 5: 6171.CrossRefGoogle Scholar
Singer, T., Seymour, B., O'Doherty, J. P., Stephan, K. E., Dolan, R. J. and Frith, C. D.. 2006. Empathic neural responses are modulated by the perceived fairness of others. Nature 439: 466–9.CrossRefGoogle Scholar
Sobel, J. 2005. Interdependent preferences and reciprocity. Journal of Economic Literature XLIII: 392436.CrossRefGoogle Scholar
Wegener, J., Madsen, K., Christensen, M. and Jamison, J.. 2007. Parieto-temporal activation modulates pure time preference. University of Copenhagen working paper.Google Scholar
8
Cited by

Send article to Kindle

To send this article to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle. Find out more about sending to your Kindle.

Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

WELL-BEING AND NEUROECONOMICS
Available formats
×

Send article to Dropbox

To send this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your <service> account. Find out more about sending content to Dropbox.

WELL-BEING AND NEUROECONOMICS
Available formats
×

Send article to Google Drive

To send this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your <service> account. Find out more about sending content to Google Drive.

WELL-BEING AND NEUROECONOMICS
Available formats
×
×

Reply to: Submit a response

Please enter your response.

Your details

Please enter a valid email address.

Conflicting interests

Do you have any conflicting interests? *