Camerer神经经济学presentation概要1.pptVIP

Nemmers Prize talk May 7, 2005 Neuroeconomics of Games and Decisions* Colin Camerer, Caltech ?  Neuroeconomics: Grounding micro-economics in details of neural activity Part of behavioral economics (using psychology to inform theories of rationality limits) Part of experimental economics (new techniques) Part of neuroscience (higher order cognition) *”Neuroeconomics” Camerer, Loewenstein, Prelec J EconLit (85 pp), Scan J Econ (25 pp), “Why economics needs brains” Collaborators Caltech: Meghana Bhatt, Ming Hsu, Ralph Adolphs, Cedric Anen, Steve Quartz Iowa: Dan Tranel Baylor: Brooks King-Casas, Damon Tomlin, Read Montague Three directions in neuroeconomics I. Support for rational-choice models “Belief” neurons Expected-value neurons “Monkey shopping” satisfies GARP II: Support for behavioral alternatives Loss-aversion in monkey shopping Learning in trust games Ambiguity vs. risk (Knight, Ellsberg) III: New concepts Equilibrium as a “state of mind” Neural correlates of “strategic IQ” Biological basis of demand Economically-important regions of the human brain Cingulate (yellow), orbitofrontal (pink), amygdala (orange), somatosensory (green), insula (purple) Important facts about the brain Functional “modularity”… …but “plastic” esp. in childhood Behavior depends on circuits Human brain is primate brain + neocortex Language, social organization (institutions) Infants, fraternity parties show similarity Many biological functions are automated; conscious attention is scarce (flicker paradigm) I: Rational choice in the brainMidbrain neurons anticipate reward (L), encode value function V(.) learning (R) (Schultz, Dayan, Montague Sci 97) Neuron firing rates (y axis) encode expected value (x-axis) (Glimcher) Monkeys play mixed equilibrium as humans do (Dorris-Glimcher Neuron 04) Capuchin monkeys respond to prices (Keith Chen et al 05) II: Behavioral economics in the brain Monkey choices are sensitive to reference points Reference point (initial food rew