deviations from normative theory

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In those experiments, thirsty monkeys had to evaluate an ambiguous visual signal which indicated which of two actions would yield a fluid reward. What the experiments COGNITIVE NEUROSCIENCE INTRODUCTION: A BRIEF HISTORY OF NEUROECONOMICS 6 1. INTRODUCTION: A BRIEF HISTORY OF NEUROECONOMICS SETTING THE STAGE FOR NEUROECONOMICS TWO TRENDS, ONE GOAL 9 However, as Samuelson had argued half a century earlier, it was irrelevant whether this was actually the case because the models sought to link options to choices not to make assertions about the mechanisms by which that process was accomplished.

Camerer and colleagues argued against this view, suggesting that deviations from normative theory should be embraced as clues to the underlying neurobiological basis of choice. In a real sense, then, these economists turned to neurobiology for exactly the opposite reason that the neurobiologists had turned to economics. They embraced neuroscience as a principled alternative to normative theory. At this point, there was a rush by several research groups to perform an explicitly economic experiment that would mate these two disciplines in human choosers. Two groups succeeded in this quest in 2001.

The first of these papers appeared in the journal Neuron , and reflected a collaboration between the functional magnetic resonance imaging pioneer Hans Breiter, Shizgal, and Kahneman (who would win the Nobel Prize in Economic Sciences for his contribution to behavioral economics the following year). This paper ( Breiter et al. , 2001 ) was based on Kahneman and Tversky’s prospect theory , a non-normative form of expected utility theory that guided much research in judgment and decisionmaking laboratories throughout the world (a theory described in detail in Chapter 11). In the paper, Breiter and colleagues manipulated the perceived desirability of a particular lottery outcome (in this case, winning zero dollars) by changing the values of two other possible lottery outcomes.Much Holding

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