Introduction to Neuroeconomics

2019/2020

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'

Category 'Best Course for New Knowledge and Skills'

Type: Mago-Lego

Delivered by: School of Psychology

When: 3, 4 module

Instructors: Andrew Kislov, Vasily Klucharev

Language: English

ECTS credits: 3

Contact hours: 40

Full Syllabus

Abstract

Economics, psychology, and neuroscience are converging today into a unified discipline of Neuroeconomics with the ultimate aim of providing a single, general theory of human decision making. Neuroeconomics provides economists and social scientists with a deeper understanding of how they make their own decisions, and how others decide. Are we hard-wired to be risk-averse or risk seeking? How is a “fair decision” evaluated by the brain? Is it possible today to predict the purchasing intentions of a consumer? Can we modulate economic behaviour affecting the brain? Neuroscience allied to psychology and economics have powerful models and evidence to explain why we make a decision. Decision-making in financial markets, trust and cooperation in teams, consumer persuasion, will be central issues in this course in neuroeconomics. You will be provided with the most recent evidence from brain-imaging techniques (PET, fMRI and TMS), and you will be introduced to the explanatory models behind them.

Learning Objectives

To learn аssumptions of Neuroeconomics
To learn methods of Neuroeconomics
To learn the functional role of various brain regions in decision-making
To learn evolutionary approach of Neuroeconomics
To learn Neuroeconomics of decisions in groups

Expected Learning Outcomes

Names terminology and experimental methods of Neuroeconomics
To know the main objectives of neuroscience as a dicipline
To know methods to measure brain activity
To be able to distinct different types of behaviour mechanisms involving decision making
Understand neural representation of the subjective value, basal ganglia and choice value.
To describe human behaviour using the concept of emotion
To use theoretical approaches of dual process theory to create research design for own study
Understand neural mechanisms of decision making under risk
To use the approaches of neuroeconomics describing and analysing social situations
Understand social and evolutionary perspectives in Neuroeconomics
To interprete the decision making process through the optics of neuroscience

Course Contents

Introduction. Introduction to the course, historical overview of the field
Brain anatomy and functions. Introduction to neuroscience, brain anatomy and brain functions.
Measuring brain activity
Brain-imaging (EEG, MEG, fMRI), brain stimulation (TMS), cell recording, data visualization, interpretation of the results.
Introducing brain models of decision-making and choice.
Neurocognitive models of the choice: comparison with formal models of decisionmaking.
Neural representation of the subjective value, basal ganglia and choice value
Behavioral economics foundation of Neuroeconomics
Affective mechanisms of decision-making
Dual process theory of decision-making
Decision making under risk
The social brain: Games in the brain.
“Foraging theory” (economic behavior of animals)
Taking an evolutionary perspective: the ‘economic animal’
Primate studies of economic behaviour. Animals’ economy - a model of human economy.
“Neurophilosophy”

Assessment Elements

Group Task
The group task consists of 15 min PowerPoint presentation followed by 15 min group discussion. The teacher can suggest additional tasks.
Final exam
For this Pencil-and-Paper Test–Closed book Exam You need: 1. Webcam 2. Mobile phone or a Photo camera to make photo of your Pencil-and-Paper answers 3. 5 papers A4 with the your name on the top-right corner Timing: 60 min Procedure: 1. You will get a link to the exam questions 2. Complete the exam on paper and then take photographs of the pages and upload them into LMS. 3. You will have an additional 10 minutes on the exam time to account for the upload process. 4. All students must have a working webcam. 5. Students can use private Zoom chat to ask questions of the instructor. Students will set up webcam so that it shows a wide view of them in their work area. The setup should: Allow the student to see the screen; B. Allow instructor to see that students are not using outside materials or communicating with others. Mobile phone should be visible. PC sound on; C. NOT allow individual test paper to be readable on the video. Once instructor have finished giving instructions, he give the access password or the LINK so students can begin the exam. If, during the exam, instructor cannot adequately see a student work area, he asks the student to reposition their camera.

Interim Assessment

Interim assessment (4 module)
0.7 * Final exam + 0.3 * Group Task

Bibliography

Recommended Core Bibliography

Paul W. Glimcher, & Ernst Fehr. (2014). Neuroeconomics : Decision Making and the Brain (Vol. 2nd edition). Amsterdam: Academic Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=486337

Recommended Additional Bibliography

Politser, P. E. (2008). Neuroeconomics : A Guide to the New Science of Making Choices. Oxford: Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=218094

Course Syllabus