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Regular version of the site
2021/2022

Introduction to Neuroeconomics: How the Brain Makes Decisions

Type: Mago-Lego
Delivered by: School of Psychology
When: 3, 4 module
Open to: students of all HSE University campuses
Language: English
ECTS credits: 3

Course 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

Learning Objectives

  • Assumptions of Neuroeconomics
  • Methods of Neuroeconomics
  • The functional role of various brain regions in decision-making
  • Evolutionary approach of Neuroeconomics
  • Neuroeconomics of decisions in groups
  • Neural representation of the subjective value, basal ganglia and choice value
  • Affective mechanisms of decision-making
  • Dual process theory of decision-making
  • Limitations of Neuroeconomics
Expected Learning Outcomes

Expected Learning Outcomes

  • A a historical overview of the field.
  • Brain-imaging (EEG, MEG, fMRI), brain stimulation (TMS), cell recording, data visualization, interpretation of the results
  • Neuro-cognitive models of the choice: comparison with formal models of decision-making.
  • Basics of behavioral economics
  • Neural representation of the subjective value, basal ganglia and choice value
  • Affective mechanisms of decision-making
  • Dual process theory of decision-making
  • Foraging theory - an evolutionary perspective
  • Taking an evolutionary perspective: the ‘economic animal’ Primate studies of economic behaviour.
  • The social brain: Games in the brain
Course Contents

Course Contents

  • Introduction. Introduction to Neuroeconomics, a historical overview of the field.
  • 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. Neuro-cognitive models of the choice: comparison with formal models of decision-making.
  • Behavioral economics as a foundation of Neuroeconomics
  • Neural representation of the subjective value, basal ganglia and choice value
  • Affective mechanisms of decision-making
  • Dual process theory of decision-making
  • Foraging theory (economic behavior of animals)
  • The social brain: Games in the brain
  • Animals’ economy - a model of human economy.
Assessment Elements

Assessment Elements

  • blocking Group task
    To be anounced
  • blocking Written exam
    to be anounced
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.3 * Group task + 0.7 * Written exam