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Emotion and Decision-making Explained$
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Edmund T. Rolls

Print publication date: 2013

Print ISBN-13: 9780199659890

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199659890.001.0001

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Neuroeconomics and decision-making

Neuroeconomics and decision-making

(p.454) 9 Neuroeconomics and decision-making
Emotion and Decision-making Explained

Edmund T. Rolls

Oxford University Press

Classical microeconomics is reviewed to provide a background to neuroeconomics, which is then considered in terms of how expected value and outcome value are represented in the brain and used as inputs to a value-based decision-making mechanism. It is argued that evolution sets the value coded for by different genes in such a way that they compete appropriately for behaviour using a common scale but without conversion into a common currency. Classical microeconomics with its emphasis on a few axioms and rules may be replaced by a different type of understanding based in the behavioural and neuroeconomics approach, which shows how evolution has identified many different types of value and heuristics about how to manage decision-making,

Keywords:   economics, microeconomics, neuroeconomics, prospect theory, behavioural economics, value, common scale of value, orbitofrontal cortex

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