Over the last decade, neuroeconomic research has attracted increasing attention by economic modellers and methodologists. In this paper, I examine five issues about neuroeconomic modelling and methodology that have recently been subject to considerable controversy. For each issue, I explicate and appraise prominent neuroeconomists' findings, focusing on those that are claimed to directly inform economic theorizing. Moreover, I assess often-made assertions concerning how neuroeconomic research putatively advances the economic modelling of choice. In doing so, I combine review and critical arguments (...) to provide a methodological evaluation of neuroeconomists' contributions. (shrink)

In recent years, several authors have reconstructed the relationship between 20th-century economic theory and neuro-psychological research in terms of a three-stage narrative of initial unity, increasing separation, and ongoing reunification. In this article, I draw on major developments in economic theory and neuro-psychological research to provide a descriptive and normative critique of this reconstruction. Moreover, I put forward a reconstruction of the relationship between economics and neuro-psychology that, I claim, better fits both the available empirical evidence and the methodological foundations (...) of these disciplines. In doing so, I argue that recent calls to develop a unified interdisciplinary framework for modeling choice are premised on disputable presuppositions concerning both the domain of economic theory and the relationship between this theory’s axiomatic foundations and empirical findings about the neuro-psychological substrates of choice. (shrink)

The paper provides a neurophilosophical assessment of a controversy between two neuroeconomic models that compete to identify the putative object of neural utility: goods or actions. We raise two objections to the common view that sees the ‘good-based’ model prevailing over the ‘action-based’ model. First, we suggest extending neuroeconomic model discrimination to all of the models’ neurophilosophical assumptions, showing that action-based assumptions are necessary to explain real-world value-based decisions. Second, we show that the good-based model’s presumption of introducing a normative (...) neural definition of economic choice would arbitrarily restrict the domain of economic choice and consequently of economics. (shrink)