The explanatory power of economic theory is tested by the phenomenon of irrational consumption, examples of which include such addictive behaviors as disordered and pathological gambling. Midbrain Mutiny examines different economic models of disordered gambling, using the frameworks of...

Some economists believe that neuroeconomists threatens the theory of economics. Glenn Harrison’s paper “Neuroeconomics: A Critical Reconsideration” (2008) provides some support for this view, though some of the points he makes are somewhat disguised. The field of neuroeconomics is barely...

We explore the standard expected utility model and alternatives to it. We then examine the behavioral and neurological evidence for hyperbolic discounting. We discuss evidence related to the neurological and behavioral evolution of discounting in non-human animals and in humans. We explore new...

The human brain has automatic, built-in abilities to filter and discard information so that the vast majority of the information that enters our senses is deleted. Consequently, the result is that teachers need to understand, model, and program student learning to work in harmony with these...

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 cannot be revealed with any general...

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...

Financial decision making is the outcome of complex neurophysiological processes involving, among others, constant re-evaluation of the statistics of the problem at hand, balancing of the various emotional aspects, and computation of the very value signals that are at the core of modern economic...

This paper deals with cognitive theories behind agent-based modeling of learning and information processing methodologies. Herein, I undertake a descriptive analysis of how human agents learn to select action and maximize their value function under reinforcement learning model. In doing so, I...

Although decision makers are often reported to have difficulties in making comparisons between multidimensional decision outcomes, economic theory assumes a unidimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons,...