Time Preferences in the Perspective of Cognitive Neurosciences

Časové preference z pohledu kognitivní neurovědy

Petr Houdek

E-LOGOS, 2008, vol. 2008, issue 1, 9 pages

Abstract: An application of findings of cognitive science and neuroscience revealing function of brain processes can already introduce analytical tools for estimating human behavior in real environment. This paper reviews research of neural correlates of intertemporal decision making. The results show that intertemporal decision-making is not an integral phenomena as implied by the exponential discounting model, however it employs several distinct neural systems in the brain (e.g. the data shows the structural relevance of hyperbolic utility discounting) and causes that intertemporal decision-making focused on long term objectives is quantitatively different, as was also observed on impulsive preference reversals and lack of will-power phenomena. At the same time research in neuroeconomics shows the importance of subjective time-delays analysis in comparison with simple discounting of expected utility and points out that models integrating feelings of expectation i.e. anticipation (enjoyment, fear), which significantly impact the present utility magnitude, are correct. Nevertheless author admits that utilization of neuroeconomics is only potential for, to date, the research has not been able to answer economic questions in a better way than current purely economic research.

Keywords: intertemporal decision-making; neuroeconomics; expectation; anticipation; exponential discounting model; hyperbolical discounting model; heuristics; ecological rationality; fMRI; mezičasové rozhodování; neuroekonomie; tvorba očekávání; exponenciální diskontování; hyperbolické diskontování; heuristiky; ekologická racionalita (search for similar items in EconPapers)
Date: 2008
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://elogos.vse.cz/artkey/elg-200801-0006_Casove ... itivni-neurovedy.php (text/html)
http://elogos.vse.cz/pdfs/elg/2008/01/06.pdf (application/pdf)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:prg:jnlelg:v:2008:y:2008:i:1:id:164:p:1-9

Ordering information: This journal article can be ordered from
Katedra filosofie, Národohospodářská fakulta, Vysoká škole ekonomická v Praze, Nám. W. Churchilla 4, 130 67 Praha 3, Česká republika
http://elogos.vse.cz

Access Statistics for this article

E-LOGOS is currently edited by Miroslav Vacura

More articles in E-LOGOS from Prague University of Economics and Business Contact information at EDIRC.
Bibliographic data for series maintained by Stanislav Vojir ().