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Utility and neuroscience: a mechanistic approach of decision-making and rationality
1. Utility and neuroscience:
a mechanistic approach of decision-making and
rationality
Benoit Hardy-Vallée
Department of Philosophy
University of Waterloo
3. Definitions
• “an emerging transdisciplinary field that uses
neuroscientific measurement techniques to identify
the neural substrates associated with
economic decisions” (Zak, 2004, p. 1737)
• “the program for understanding the neural basis of
the behavioral response to scarcity”. (Ross
2005, p. 330)
• “to understand the processes that connect sensation and
action by revealing the neurobiological
mechanisms by which decisions are made". (Glimcher
& Rustichini, 2004, p. 447)
4. in a nutshell...
The study of the neural mechanisms of decision-
making and their economic significance
10. neuro-shopping
Knutson, B., Rick, S., Wimmer, G. E., Prelec, D., & Loewenstein, G. (2007). Neural predictors of purchases. Neuron, 53(1), 147-156.
11. Product Price Choice
“mmm... the price is right
Chocolate
BUY
anterior insula < Medial Prefrontal Cortex
the price is not right
Nucleus
DON’T
anterior insula > Medial Prefrontal Cortex
Accumbens
12. Risk vs. ambiguity
greater activation in response to risk than in response to ambiguity.
reward
computation
greater activation in response to ambiguity than in response to risk.
fear/vigileance “Affective forecasting”
Hsu, M., Bhatt, M., Adolphs, R., Tranel, D., & Camerer, C. F. (2005). Neural systems responding to degrees of uncertainty in human decision-making. Science, 310(5754), 1680-1683.
13. Ultimatum Game
Proposer
$9/$1 $8/$2.... ... ...$1/$9
Responder Accept/reject
20. Nomological-Deductive Model
explanation prediction
Universal Law or
Nash Equilibrium
lawlike principle
Conditions Prisoner’ Dilemma
Phenomenon Mutual Defection
21. Mechanistic
model
“A mechanism is a structure performing a function in virtue of
its component parts, component operations, and their
organization. The orchestrated functioning of the
mechanism is responsible for one or more phenomena”
Bechtel, W., & Abrahamsen, A. (2005). Explanation: A mechanist alternative. Studies in History and Philosophy of Science, C:, 36(2), 421-441.
22. ex: memory
mechanisms
Craver, C. F. (2002). Interlevel experiments and multilevel mechanisms in the neuroscience of memory. Philosophy of Science, 69, S83–S97.
24. advantages of mechanistic models:
causal entities
‘carve nature at its joints’
better integration with other domains
can be simulated by computational neuroscience
(partly) immune against pessimism (bounded
rationality) and optimism (ecological rationality)
“Inferring preferences from a choice does not tell us everything
we need to know”(Camerer et al., 2004, p. 563).
Camerer, C. F., Loewenstein, G., & Prelec, D. (2004). Neuroeconomics: Why economics needs brains. Scandinavian Journal of Economics, 106(3), 555-579.