Neuroeconomics - a review of the influence of neurotransmitters on the behaviour and decision-making of individuals in economic matters

Jiri Rotschedl (), Jan Neugebauer (), Marek Vokoun () and Vladimír Barák ()
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Jiri Rotschedl: Prague University of Economics and Business, Faculty of Economics, Department of Economics
Jan Neugebauer: Jan Evangelista Purkyn? University in Ústí nad Labem, Faculty of Social and Economic Studies
Marek Vokoun: Jan Evangelista Purkyn? University in Ústí nad Labem, Faculty of Social and Economic Studies
Vladimír Barák: Prague University of Economics and Business, Faculty of Economics, Department of Economic and Social Policy

International Journal of Economic Sciences, 2024, vol. 13, issue 2, 129-149

Abstract: Neuroeconomics is a modern interdisciplinary approach that explores the interplay between economic theories and the biological and physiological processes that influence human decision-making. This article explores the differences between traditional economic concepts, such as the "homo economicus" model, and neuroeconomics approaches that emphasize the importance of biological mechanisms. A key part of the analysis is the study of the role of neurotransmitters such as dopamine, acetylcholine, noradrenaline, and serotonin and their influence on decision-making processes. Measurement and manipulation techniques are also considered to map these processes and provide new insights into the behavior of individuals in economic situations, particularly in the context of impulsivity and impatience. The behavioral dimension of neuroeconomic models is also discussed, linking biological and economic aspects of human behavior. In this context, the paper highlights the controversial nature of the general conclusions, especially given the multidimensionality of human heterogeneity and the limits of experimental research, often influenced by the unavailability of technical facilities. Attention is also paid to the ethical and practical challenges posed by neuroeconomics, including the potential negative consequences for health, decision-making, and manipulative practices. From an interdisciplinary perspective, the article explores the contributions of neuroeconomics to health economics and social policy. The authors conclude that this innovative approach contributes to a deeper understanding of human decision-making and confirms the importance of the complex interplay between biological, behavioral, and economic aspects of human existence. This work highlights that neuroeconomics has the potential to become a key tool for improving quality of life and enhancing scientific knowledge at the interface of different disciplines.

Keywords: neuroeconomics; dopamine; serotonin; acetylcholine; oxytocin; noradrenaline; intertemporal decision making; risk perception; social preferences; neuroleadership; motivation; reward; trust (search for similar items in EconPapers)
JEL-codes: D81 D87 D91 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:aop:jijoes:v:13:y:2024:i:2:p:129-149

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