Risk and reward – is it all in our heads? A short survey of neuroeconomics

Renato M Alas, Kuldeep Kumar, Munirul H. Nabin, Sukanto Bhattacharya

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Abstract

This is a mini review on the recent developments in the intriguing field of neuroeconomics that falls within the overlap between a number of contributing disciplines in the social and natural science – economics, psychology, neuroscience and medical imaging being the major ones. We start by providing a brief background of neoclassical approaches to studying decision-­‐making and work our way through the development of the field with increasing inputs from the behavioral sciences till the current point when the extra-­‐economic inputs to the study of economic decision-­‐making are no longer coming only from the cognitive psychologists but also from the computational neuroscientists and neuro-­‐physiologists. We explore the methodological challenges and opportunities of this new, inter-­‐disciplinary field of intellectual enquiry; and conclude by considering some of the major roadblocks that the field is faced with and finally positing some interesting future research directions.
Original languageEnglish
Title of host publicationProceedings of the 41st Australian Conference of Economists
Subtitle of host publicationThe future of economics, research, policy and relevance
EditorsJ Doughney, T.V. Hoa
Place of PublicationMelbourne
PublisherUniversity of Victoria
Number of pages17
ISBN (Print)9781862726956
Publication statusPublished - 2012
EventAustralian Conference of Economists: The Future of Economics: Research, Policy and Relevance - Melbourne, Melbourne, Australia
Duration: 8 Jul 201212 Jul 2012
Conference number: 41st

Conference

ConferenceAustralian Conference of Economists
Abbreviated titleACE
CountryAustralia
CityMelbourne
Period8/07/1212/07/12

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economics
decision making
psychology
behavioural science
social science
natural science

Cite this

Alas, R. M., Kumar, K., Nabin, M. H., & Bhattacharya, S. (2012). Risk and reward – is it all in our heads? A short survey of neuroeconomics. In J. Doughney, & T. V. Hoa (Eds.), Proceedings of the 41st Australian Conference of Economists: The future of economics, research, policy and relevance Melbourne: University of Victoria.
Alas, Renato M ; Kumar, Kuldeep ; Nabin, Munirul H. ; Bhattacharya, Sukanto. / Risk and reward – is it all in our heads? A short survey of neuroeconomics. Proceedings of the 41st Australian Conference of Economists: The future of economics, research, policy and relevance. editor / J Doughney ; T.V. Hoa. Melbourne : University of Victoria, 2012.
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Alas, RM, Kumar, K, Nabin, MH & Bhattacharya, S 2012, Risk and reward – is it all in our heads? A short survey of neuroeconomics. in J Doughney & TV Hoa (eds), Proceedings of the 41st Australian Conference of Economists: The future of economics, research, policy and relevance. University of Victoria, Melbourne, Australian Conference of Economists, Melbourne, Australia, 8/07/12.

Risk and reward – is it all in our heads? A short survey of neuroeconomics. / Alas, Renato M; Kumar, Kuldeep; Nabin, Munirul H.; Bhattacharya, Sukanto.

Proceedings of the 41st Australian Conference of Economists: The future of economics, research, policy and relevance. ed. / J Doughney; T.V. Hoa. Melbourne : University of Victoria, 2012.

Research output: Chapter in Book/Report/Conference proceedingConference contributionResearchpeer-review

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Alas RM, Kumar K, Nabin MH, Bhattacharya S. Risk and reward – is it all in our heads? A short survey of neuroeconomics. In Doughney J, Hoa TV, editors, Proceedings of the 41st Australian Conference of Economists: The future of economics, research, policy and relevance. Melbourne: University of Victoria. 2012