In this presentation, first it gives brief introduction to assumptions of Classical Decison-making Theory and also recently development in Decision-making field. Then it tells evidences from Neuroeconimics research supporting or objecting against assumptions of classicial Decision-making Theory, and at last it introduces a “Five-dimensional man” model based on research results which hilights the importance of personality traits acconting for intertemporal economics behavior.

1. Neuroeconomics
What have we found, and what should we search for
By ： XU Meiling
Zhejiang University
Aldo Rustichini . Current Opinion in Neurobiology 2009, 19:672–677

2. Neuroeconomics
The application of conceptual structure and experimental
techniques widely used in neuroscience to the study of
economic behavior.
An interdisciplinary field, crossing boundaries between
Economics, Psychology, and Neuroscience
Its original program was to provide a test for a large number
of competitive theories of decision making
This presentation: focus on the study of economic decision
that a single agent takes in isolation

3. Assumption of Classical Decision Making Theory
Two-dimensional man
 Two parameters
• Attitude to risk
• Attitude to intertemporal
tradeoff
 One parameter in general
• Utility Function

4. Theory development and Empirical Evidence
Prospect Theory
Abandoning integration assumption
Three distinct assumptions
A reference point
Loss aversion
Risk sensitivity
Ellsberg Paradox
Time inconsistency in planning
Changing planning when evaluating options because of
discounting rate change
Systematic study of regret (Bell, Loomes & Sugden)

5. What we have learn
Existence of a common currency
fMRI & Single neuron recording in monkeys
Goods-based value encoding instead of action-based
Menu invariant---Firing rate independent of other options
In sensory perception, neural activity codes a subjective
response instead of objective properties
Coding of economic value depends on the general context
of a choice
Tobler et al: Adaptive coding of dopamine neurons at
the time of delivery of reward

6. Controversial topics

7. Five-dimensional man
 Personality traits are very powerful in predicting economic outcomes
Future:
Theoryandexperimentaltesting