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The neural basis of strategic choice


Camerer, Colin F; Hare, Todd A (2014). The neural basis of strategic choice. In: Glimcher, Paul W; Fehr, Ernst. Neuroeconomics: Decision making and the brain. Amsterdam, 479-492.

Abstract

In this chapter, we present a set of concepts and tools for defining and examining strategic choice that are drawn from behavioral economics and discuss how they can be applied to and tested with neuroscience techniques. The standard language for studying strategic choice in economics is game theory. Game theory provides concrete mathematical formulas for linking strategic actions to rewarding payoffs. After outlining the four components necessary to make predictions about strategic social behavior, we present recent evidence that the computations predicted by game theory in specific strategic choice contexts are reflected in the brain. In addition, we discuss links between strategic decision making and the psychological concept of theory of mind. We conclude by suggesting that developing mathematical models of social and strategic actions may aid in the understanding of how the brain implements typical choice behavior as well as categorizing dysfunctions that lead to aberrant behavior in psychiatric disorders.

Abstract

In this chapter, we present a set of concepts and tools for defining and examining strategic choice that are drawn from behavioral economics and discuss how they can be applied to and tested with neuroscience techniques. The standard language for studying strategic choice in economics is game theory. Game theory provides concrete mathematical formulas for linking strategic actions to rewarding payoffs. After outlining the four components necessary to make predictions about strategic social behavior, we present recent evidence that the computations predicted by game theory in specific strategic choice contexts are reflected in the brain. In addition, we discuss links between strategic decision making and the psychological concept of theory of mind. We conclude by suggesting that developing mathematical models of social and strategic actions may aid in the understanding of how the brain implements typical choice behavior as well as categorizing dysfunctions that lead to aberrant behavior in psychiatric disorders.

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Additional indexing

Item Type:Book Section, refereed, further contribution
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Date:2014
Deposited On:05 Nov 2013 14:13
Last Modified:07 Dec 2017 23:20
Number:2. Ed.
ISBN:978-0-12-416008-8
Publisher DOI:https://doi.org/10.1016/B978-0-12-416008-8.00025-5

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