Human economic choice as costly information processing

John Dickhaut, Vernon Smith (), Baohua Xin and Aldo Rustichini

Journal of Economic Behavior & Organization, 2013, vol. 94, issue C, 206-221

Abstract: We develop and test a model that provides a unified account of the neural processes underlying behavior in a classical economic choice task. The model describes in a stylized way brain processes engaged in evaluating information provided by the experimental stimuli, and produces a consistent account of several important features of the decision process in different environments: e.g., when the probability is specified or not (ambiguous choices). These features include the choices made, the time to decide, the error rate in choice, and the patterns of neural activation.

Keywords: Experimental Economics; Neuroeconomics; Economic choices (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:94:y:2013:i:c:p:206-221

DOI: 10.1016/j.jebo.2013.08.001

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