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Some considerations regarding the problem of multidimensional utility
Binder, Martin - 2009
eliminate the possibility to make a normative argument supporting a multidimensional notion of utility. -- utility ; pleasures …The concept of "utility" is often used in ambiguous ways in economics, from having substantive psychological … can we compare different pleasures? This paper assesses the evidence from psychology and neurosciences on how to best …
Persistent link: https://www.econbiz.de/10003905687
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Disentangling motivational and experiential aspects of "Utility": A neuroeconomics perspective
Witt, Ulrich; Binder, Martin - 2011
-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and … makers' difficulties can be explained once the motivational aspects of utility (wanting) are disentangled from the …
Persistent link: https://www.econbiz.de/10010286755
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Disentangling motivational and experiential aspects of "Utility" : a neuroeconomics perspective
Witt, Ulrich; Binder, Martin - 2011
-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and … makers' difficulties can be explained once the motivational aspects of utility ("wanting") are disentangled from the … experiential ones ("liking") and the features of the different psychological processes involved are recognized. -- utility …
Persistent link: https://www.econbiz.de/10009409675
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Does Macroeconomics Need Microeconomic Foundations?
Da Silva, Sergio - 2009
The author argues that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical...
Persistent link: https://www.econbiz.de/10010298584
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Does Macroeconomics Need Microeconomic Foundations?
Da Silva, Sergio - In: Economics: The Open-Access, Open-Assessment E-Journal 3 (2009) 2009-23, pp. 1-11
I argue that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics.
Persistent link: https://www.econbiz.de/10010298641
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Neuroeconomics, naturalism and language
Herrmann-Pillath, Carsten (contributor) - 2008
Neuroeconomics stays in the center of the ongoing naturalistic turn in economics. It portrays the individual as a complex system of decision making mechanisms and modules. This results into a conceptual tension with the standard economic notion of the unity of the actor that is a systemic...
Persistent link: https://www.econbiz.de/10003785973
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How mindless is standard economics really?
Schipper, Burkhard - 2009
Contrary to claims by Gul and Pesendorfer (2008), I show that standard economics makes use of non-choice evidence in a meaningful way. This is because standard economics solely grounded in the theory of choice is "incomplete". That is, it has content that can not be revealed with any general...
Persistent link: https://www.econbiz.de/10003894920
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Hayek 2.0 :Grundlinien einer naturalistischen Theorie wirtschaftlicher Ordnungen
Herrmann-Pillath, Carsten - 2011
Combining different new approaches to human behavior in neuroeconomics, the cognitive sciences and institutional economics, this paper sketches the fundamentals of a naturalistic theory of economic order. In this endeavour, the argument follows the track laid down by Hayek's comprehensive...
Persistent link: https://www.econbiz.de/10009382379
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Does macroeconomics need microeconomic foundations?
Silva, Sergio da - 2009
I argue that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics. --...
Persistent link: https://www.econbiz.de/10003843048
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A Neurolinguistic Approach to Performativity in Economics
Herrmann-Pillath, Carsten - 2011
In recent sociological studies of markets, especially financial markets, researchers have argued that economics is performative (MacKenzie, Callon et al.). By this they refer to the observation that theories such as the Black-Scholes formula do not simply describe reality, but contributed to the...
Persistent link: https://www.econbiz.de/10013134630