Academic work by George Loewenstein, Scott Rick, and Jonathan D. CohenNeuroeconomics combines the different fields of economics, psychology, biology, and neuroscience. It studies how the psychological and biological aspects of the human brain and the nervous system create an impact on economic decision-making and consumer behavior.<a href="https://doi.org/10.1146/annurev.psych.59.103006.093710" rel="noopener noreferrer" target="_blank">https://doi.org/10.1146/annurev.psych.59.103006.093710 </a>

Neuroeconomics

Vol. 59:647-672 (Volume publication date January 2008)
 
 
 First published online as a Review in Advance on September 17, 2007
 
 
 
 <a href="https://doi.org/10.1146/annurev.psych.59.103006.093710" dir="ltr">https://doi.org/10.1146/annurev.psych.59.103006.093710</a>
 
 George Loewenstein,1 Scott Rick,2 and Jonathan D. Cohen31Department of Social and Decision Sciences, Carnegie Mellon University, Pittsburgh, Pennsylvania 15213,2Department of Operations and Information Management, The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania 19104,3Department of Psychology, Center for the Study of Brain, Mind and Behavior, Princeton University, Princeton, New Jersey 08540, and Department of Psychiatry, Western Psychiatric Institute and Clinic, University of Pittsburgh, Pittsburgh, Pennsylvania 15260; email: <a href="mailto:gl20@andrew.cmu.edu" dir="ltr">gl20@andrew.cmu.edu</a>, <a href="mailto:srick@wharton.upenn.edu" dir="ltr">srick@wharton.upenn.edu</a>, <a href="mailto:jdc@princeton.edu" dir="ltr">jdc@princeton.edu</a><h2>Abstract</h2>Neuroeconomics has further bridged the once disparate fields of economics and psychology. Such convergence is almost exclusively attributable to changes within economics. Neuroeconomics has inspired more change within economics than within psychology because the most important findings in neuroeconomics have posed more of a challenge to the standard economic perspective. Neuro- economics has primarily challenged the standard economic assumption that decision making is a unitary process—a simple matter of integrated and coherent utility maximization—suggesting instead that it is driven by the interaction between automatic and controlled processes. This article reviews neuroeconomic research in three domains of interest to both economists and psychologists: decision making under risk and uncertainty, intertemporal choice, and social decision making. In addition to reviewing new economic models inspired by this research, we also discuss how neuroeconomics may influence future work in psychology.

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Vol. 59:647-672 (Volume publication date January 2008) First published online as a Review in Advance on September 17, 2007 <a dir="ltr" href="https://doi.org/10.1146/annurev.psych.59.103006.093710">https://doi.org/10.1146/annurev.psych.59.103006.093710 </a>

George Loewenstein,1 Scott Rick,2 and Jonathan D. Cohen3

1 Department of Social and Decision Sciences, Carnegie Mellon University, Pittsburgh, Pennsylvania 15213,

2 Department of Operations and Information Management, The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania 19104,

3 Department of Psychology, Center for the Study of Brain, Mind and Behavior, Princeton University, Princeton, New Jersey 08540, and Department of Psychiatry, Western Psychiatric Institute and Clinic, University of Pittsburgh, Pittsburgh, Pennsylvania 15260; email: <a dir="ltr" href="mailto:gl20@andrew.cmu.edu">gl20@andrew.cmu.edu </a>, <a dir="ltr" href="mailto:srick@wharton.upenn.edu">srick@wharton.upenn.edu </a>, <a dir="ltr" href="mailto:jdc@princeton.edu">jdc@princeton.edu </a>

Neuroeconomics has further bridged the once disparate fields of economics and psychology. Such convergence is almost exclusively attributable to changes within economics. Neuroeconomics has inspired more change within economics than within psychology because the most important findings in neuroeconomics have posed more of a challenge to the standard economic perspective. Neuro- economics has primarily challenged the standard economic assumption that decision making is a unitary process—a simple matter of integrated and coherent utility maximization—suggesting instead that it is driven by the interaction between automatic and controlled processes. This article reviews neuroeconomic research in three domains of interest to both economists and psychologists: decision making under risk and uncertainty, intertemporal choice, and social decision making. In addition to reviewing new economic models inspired by this research, we also discuss how neuroeconomics may influence future work in psychology.

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