01639pab a2200169 454500 180718b2013 xxu||||| |||| 00| 0 eng d Camerer, Colin F. A review essay about foundations of neuroeconomic analysis by Paul Glimcher 2013 p.1155-1182. Dec Neuroeconomics aims to discover mechanisms of economic decision, and express them mathematically, to predict observed choice. While the contents of neuroeconomic models and evidence are obviously different than in traditional economics, (some of the) goals are identical: to explain and predict choice, the effects of comparative statics, and perhaps make interesting new welfare judgments that are defensible. To this end, Paul Glimcher's important book carefully describes how economics, psychological, and neural levels of explanation can be linked (a structure which has been successful in visual neuroscience). As Glimcher shows, the neural evidence is quite strong for a process of learning valuations through prediction error, and a simple model of neural valuation and comparison that corresponds to random utility (though subject to normalization, which produces menu effects). There is also rapidly growing evidence for more complicated constructs in behavioral economics, including prospect theory's account of risky choice, hyperbolic time discounting, level-k models of games, and social preferences corresponding to internal reward based on what happens to other agents. - Reproduced. Neuroeconomics Journal of Economic Literature N 103422 103418 103418 0 0 0 0 IIPA IIPA 2018-07-19 Volume no: 51, Issue no: 4 AR103882 2018-07-19 2018-07-19 AR