Article2013

The homo neuroeconomicus: a window for the future

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Decision-Making and Behavioral Economics Neural and Behavioral Psychology Studies Experimental Behavioral Economics Studies

Abstract

This paper analyzes the validity (and also the framework) of the rationality postulate on the moments of decision-making by economic agents, as it is promoted by the economic and financial fields on investigation, especially on microeconomic and portfolio theories and models. The main features surrounding this postulate are addressed to the aims of this study and are criticized considering the developments achieved on the neuroscience investigation on human being decision-making process. There are considerable developments got in several areas, mainly for example in the area of the effects of dopamine on the preference ordering (and the subsequent relation with the reversal of preferences hypothesis), in the area of the proprieties of oxytocin on the decision and choice under social situations and context, and in the areas of the somatic marker hypothesis and of the value of emotions. The magnitude of the importance of memory processes (operative and long-term memory) in connection with somatic states in decision-making problems is also highlighted. These features are sensitized on what can constitute the basis for the construction and definition of an alternative profile of the economic agent, which analysis will be tested later in the investigation, dealing with problems of decision-making and choice in game theory environment (especially in dynamic or iterated games).

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1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*2019Theory of games and economic behavior 1955A BEHAVIORAL MODEL OF RATIONAL CHOICE 1776An Inquiry into the Nature and Causes of the Wealth of Nations 1950The Bargaining Problem 1950Equilibrium points in n -person games 1976The arbitrage theory of capital asset pricing 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]

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