This PhD thesis focuses on the philosophical foundations of Neuroeconomics, an innovative research program which combines findings and modelling tools from economics, psychology and neuroscience to account for human choice behaviour. The proponents of Neuroeconomics often manifest the ambition to foster radical modifications in the accounts of choice behaviour developed by its parent disciplines. This enquiry provides a philosophically informed appraisal of the potential for success and the relevance of neuroeconomic research for economics. My central claim is that neuroeconomists can (...) help other economists to build more predictive and explanatory models, yet are unlikely to foster revolutionary modifications in the economic theory of choice. The contents are organized as follows. In chapters 1-2, I present neuroeconomists’ investigative tools, distinguish the most influential approaches to neuroeconomic research and reconstruct the case in favour of a neural enrichment of economic theory. In chapters 3-7, I combine insights from neuro-psychology, economic methodology and philosophy of science to develop a systematic critique of Neuroeconomics. In particular, I articulate four lines of argument to demonstrate that economists are provisionally justified in retaining a methodologically distinctive approach to the modelling of decision making. My first argument points to several evidential and epistemological concerns which complicate the interpretation of neural data and cast doubt on the inferences neuroeconomists often make in their studies. My second argument aims to show that the trade-offs between the modelling desiderata that neuroeconomists and other economists respectively value severely constrain the incorporation of neural insights into economic models. My third argument questions neuroeconomists’ attempts to develop a unified theory of choice behaviour by identifying some central issues on which they hold contrasting positions. My fourth argument differentiates various senses of the term ‘revolution’ and illustrates that neuroeconomists are unlikely to provide revolutionary contributions to economic theory in any of these senses. (shrink)

In traditional decision theory, utility is regarded as a mathematical representation of preferences to be inferred from agents hedonic experiences. Some go as far as to contend that utility is literally computed by specific neural areas and urge economists to complement or substitute their notion of utility with some neuro-psychological construct. In this paper, I distinguish three notions of utility that are frequently mentioned in debates about decision theory and examine some critical issues regarding their definition and measurability. Moreover, I (...) provide various empirical and conceptual reasons to doubt that economists should base decision theoretic analyses on some neuro-psychological notion of utility. (shrink)

There continues to be significant confusion about the goals, scope, and nature of modelling practice in neuroeconomics. This article aims to dispel some such confusion by using one of the most recent critiques of neuroeconomic modelling as a foil. The article argues for two claims. First, currently, for at least some economic model of choice behaviour, the benefits derivable from neurally informing an economic model do not involve special tractability costs. Second, modelling in neuroeconomics is best understood within Marr’s three-level (...) of analysis framework and in light of a co-evolutionary research ideology. The first claim is established by elucidating the relationship between the tractability of a model, its descriptive accuracy, and its number of variables. The second claim relies on an explanation of what it can take to neurally inform an economic model of choice behaviour. 1 Introduction2 Neurally Informed Models of Choice: A Case Study2.1 A case study on risk-sensitive choice2.1.1 Target and modelling framework2.1.2 Research question and hypotheses2.1.3 Competitive models of risk-sensitive behaviour2.1.4 Model-based fMRI: from economics to brains and back2.2 Neurally informed modelling3 Tractability: When Does Size Matter?4 Neural Integration and the Co-evolutionary Research Ideology5 Conclusion. (shrink)