The goal of neuroeconomics is a mathematical theory of how the brain implements decisions, that is tied to behaviour. This theory is likely to show some decisions for which rational-choice theory is a good approximation, to provide a deeper level of distinction among competing behavioural alternatives, and to provide empirical inspiration for economics to incorporate more nuanced ideas about endogeneity of preferences, individual difference, emotions, endogeneous regulation of states, and so forth. I also address some concerns about rhetoric and practical (...) epistemology. Neuroscience articles are necessarily speculative and the science has proceeded rapidly because of that rhetorical convention. Single-study papers are encouraged and are necessarily limited in what can be inferred, so the sturdiest cumulation of results, and the best guide forward, comes in review journals which compile results and suggest themes. The potential of neuroeconomics is in combining the clearest experimental paradigms and statistical methods in economics, with the unprecedented capacity to measure a range of neural and cognitive activity that economists like Edgeworth, Fisher and Ramsey daydreamed about but did not have. (shrink)

We argue that neuroeconomics should be a mechanistic science. We defend this view as preferable both to a revolutionary perspective, according to which classical economics is eliminated in favour of neuroeconomics, and to a classical economic perspective, according to which economics is insulated from facts about psychology and neuroscience. We argue that, like other mechanistic sciences, neuroeconomics will earn its keep to the extent that it either reconfigures how economists think about decision-making or how neuroscientists think about brain mechanisms underlying (...) behaviour. We discuss some ways that the search for mechanisms can bring about such top-down and bottom-up revision, and we consider some examples from the recent neuroeconomics literature of how varieties of progress of this sort might be achieved. (shrink)

It is common to defend the Homeostatic Property Cluster ( HPC ) view as a third way between conventionalism and essentialism about natural kinds ( Boyd , 1989, 1991, 1997, 1999; Griffiths , 1997, 1999; Keil , 2003; Kornblith , 1993; Wilson , 1999, 2005; Wilson , Barker , & Brigandt , forthcoming ). According to the HPC view, property clusters are not merely conventionally clustered together; the co-occurrence of properties in the cluster is sustained by a similarity generating ( (...) or homeostatic ) mechanism . I argue that conventional elements are involved partly but ineliminably in deciding which mechanisms define kinds , for deciding when two mechanisms are mechanisms of the same type, and for deciding where one particular mechanism ends and another begins. This intrusion of conventional perspective into the idea of a mechanism raises doubts as to whether the HPC view is sufficiently free of conventional elements to serve as an objective arbiter in scientific disputes about what the kinds of the special sciences should be. (shrink)

Can facts about subpersonal states and events be constitutively relevant to personal-level phenomena? And can knowledge of these facts inform explanations of personal-level phenomena? Some philosophers, like Jennifer Hornsby and John McDowell, argue for two negative answers whereby questions about persons and their behavior cannot be answered by using information from subpersonal psychology. Knowledge of subpersonal states and events cannot inform personal-level explanation such that they cast light on what constitutes persons’ behaviors. In this paper I argue against this position. (...) After having distinguished between enabling and constitutive relevance, I defend the claim that at least some facts about subpersonal states and events are constitutively relevant to some personal-level phenomenon, and therefore can, and sometimes should, inform personal-level explanations. I draw some of the possible consequences of my claim for our understanding of personal-level behavior by focusing on the phenomenon of addiction. (shrink)

Can facts about subpersonal states and events be constitutively relevant to personal-level phenomena? And can knowledge of these facts inform explanations of personal-level phenomena? Some philosophers, like Jennifer Hornsby and John McDowell, argue for two negative answers whereby questions about persons and their behavior cannot be answered by using information from subpersonal psychology. Knowledge of subpersonal states and events cannot inform personal-level explanation such that they cast light on what constitutes persons? behaviors. In this paper I argue against this position. (...) After having distinguished between enabling and constitutive relevance, I defend the claim that at least some facts about subpersonal states and events are constitutively relevant to some personal-level phenomenon, and therefore can, and sometimes should, inform personal-level explanations. I draw some of the possible consequences of my claim for our understanding of personal-level behavior by focusing on the phenomenon of addiction. (shrink)

This is a unique book. It is excellently written, crammed with information, wise and a pleasure to read.' ---Daniel C. Dennett, Tufts University.

Neuroeconomics has the potential to fundamentally change the way economics is done. This article identifies the ways in which this will occur, pitfalls of this approach, and areas where progress has already been made. The value of neuroeconomics studies for social policy lies in the quality, replicability, and relevance of the research produced. While most economists will not contribute to the neuroeconomics literature, we contend that most economists should be reading these studies.

The recognition that human minds/brains are finite systems with limited resources for computation has led some researchers to advance theTractable Cognition thesis: Human cognitive capacities are constrained by computational tractability. This thesis, if true, serves cognitive psychology by constraining the space of computational‐level theories of cognition. To utilize this constraint, a precise and workable definition of “computational tractability” is needed. Following computer science tradition, many cognitive scientists and psychologists define computational tractability as polynomial‐time computability, leading to theP‐Cognition thesis. This article (...) explains how and why the P‐Cognition thesis may be overly restrictive, risking the exclusion of veridical computational‐level theories from scientific investigation. An argument is made to replace the P‐Cognition thesis by theFPT‐Cognition thesisas an alternative formalization of the Tractable Cognition thesis (here, FPT stands for fixed‐parameter tractable). Possible objections to the Tractable Cognition thesis, and its proposed formalization, are discussed, and existing misconceptions are clarified. (shrink)

Neuroeconomics is examined critically using data on the response times of subjects who were asked to express their preferences in the context of the Allais Paradox. Different patterns of choice are found among the fast and slow responders. This suggests that we try to identify types of economic agents by the time they take to make their choices. Nevertheless, it is argued that it is far from clear if and how neuroeconomics will change economics.

I distinguish between two styles of research that are both called . Neurocellular economics (NE) uses the modelling techniques and mathematics of economics to model relatively encapsulated functional parts of brains. This approach rests upon the fact that brains are, like markets, massively distributed information-processing networks over which executive systems can exert only limited and imperfect governance. Harrison's (2008) deepest criticisms of neuroeconomics do not apply to NE. However, the more famous style of neuroeconomics is behavioural economics in the scanner. (...) This is often motivated by complaints about conventional economics frequently heard from behavioural economists. It attempts to use neuroimaging data to justify arguments for replacing standard aspects of microeconomic theory by facts and conjectures about human psychology. Harrison's grounds for unease about neuroeconomics apply to most BES, or at least to its explicit methodology. This methodology is naively reductionist and illegitimately assumes that economics should not do what all successful science does, namely, model abstract aspects of its target phenomena instead of would-be complete and fully ecologically situated facsimiles of them. (shrink)

The following is a set of reading notes on, and questions for, the Neuroeconomics enterprise. My reading of neuroscience evidence seems to be at odds with basic conceptions routinely assumed in the Neuroeconomics literature. I also summarize methodological concerns regarding design, implementation, and statistical evaluation of Neuroeconomics experiments.

Ecologist Richard Levins argues population biologists must trade‐off the generality, realism, and precision of their models since biological systems are complex and our limitations are severe. Steven Orzack and Elliott Sober argue that there are cases where these model properties cannot be varied independently of one another. If this is correct, then Levins's thesis that there is a necessary trade‐off between generality, precision, and realism in mathematical models in biology is false. I argue that Orzack and Sober's arguments fail since (...) Levins's thesis concerns the pragmatic features of model building not just the formal properties of models. (shrink)

Many of the arguments for neuroeconomics rely on mistaken assumptions about criteria of explanatory relevance across disciplinary boundaries and fail to distinguish between evidential and explanatory relevance. Building on recent philosophical work on mechanistic research programmes and the contrastive counterfactual theory of explanation, we argue that explaining an explanatory presupposition or providing a lower-level explanation does not necessarily constitute explanatory improvement. Neuroscientific findings have explanatory relevance only when they inform a causal and explanatory account of the psychology of human decision-making.

I consider Glimcher's claim to have given an account of mental functioning that is at once neurological and decision-theoretical. I am skeptical, but remark on some good ideas of Glimcher's.

In the recent literature at the interface between economics, biology and neuroscience, several authors argue that by adopting an interdisciplinary approach to the analysis of decision making, economists will be able to construct predictively and explanatorily superior models. However, most economists remain quite reluctant to import biological or neural insights into their account of choice behaviour. In this paper, I reconstruct and critique one of the main arguments by means of which economists attempt to vindicate their conservative position. Furthermore, I (...) develop an alternative defense of the thesis that economists justifiably rely on a methodologically distinctive approach to the modelling of choice behaviour. (shrink)

Carl F. Craver investigates what we are doing when we use neuroscience to explain what's going on in the brain. When does an explanation succeed and when does it fail? Craver offers explicit standards for successful explanation of the workings of the brain, on the basis of a systematic view about what neuroscientific explanations are.

Carl Craver investigates what we are doing when we sue neuroscience to explain what's going on in the brain.

My philosophical intuitions are those of a scientific realist. In addition to being realist in its philosophical outlook, my philosophy of economics also aspires to be realistic in the sense of being descriptively adequate, or at least normatively non-utopian, about economics as a scientific discipline. The special challenge my philosophy of economics must meet is to provide a scientific realist account that is realistic of a discipline that deals with a complex subject matter and operates with highly unrealistic models. Unrealisticness (...) in economic models must not constitute an obstacle to realism about those models. What follows is a selective and somewhat abstract summary of my thinking about economics, outlined from two perspectives: first historical and autobiographical, then systematic and comparative. The first angle helps understand motives and trajectories of ideas against their backgrounds in intellectual history. My story turns out to have both unique and generalizable aspects. The second approach outlines some of the key concepts and arguments as well as their interrelations in my philosophy of economics, with occasional comparisons to other views. More space will be devoted to this second perspective than to the first. (shrink)

We discuss a recent approach to investigating cognitive control, which has the potential to deal with some of the challenges inherent in this endeavour. In a model-based approach, the researcher defines a formal, computational model that performs the task at hand and whose performance matches that of a research participant. The internal variables in such a model might then be taken as proxies for latent variables computed in the brain. We discuss the potential advantages of such an approach for the (...) study of the neural underpinnings of cognitive control and its pitfalls, and we make explicit the assumptions underlying the interpretation of data obtained using this approach. (shrink)

Modeling involves the use of false idealizations, yet there is typically a belief or hope that modeling somehow manages to deliver true information about the world. The paper discusses one possible way of reconciling truth and falsehood in modeling. The key trick is to relocate truth claims by reinterpreting an apparently false idealizing assumption in order to make clear what possibly true assertion is intended when using it. These include interpretations in terms of negligibility, applicability, tractability, early-step, and more. Elaborations (...) are suggested about their precise formulations, mutual relationships, and truth-aptness. (shrink)