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Rational, Emotional, and Neural Foundations of Economic Preferences
Abstract
Classical economics assumes human economic decision making is completely rational and dominated by self-interest. Behavior economics emerged to account for the fact that human economic preferences are often influenced by emotional and psychological factors leading to inconsistent, intransitive, and irrational decisions that fail to maximize utility and minimize cost and transcend only self-interest. Both rationality and emotions are seated in the human brain in the prefrontal cortex and limbic system, respectively. The brain imaging methods of neuroscience help in understanding the interplay between economic behavior and neural mechanisms. The human economic decision making behavior involves computational and neurobiological processes and is related to the psychological processes. Classical Economics, Psychology, and Neuroscience converge in Neuroeconomics to better understand and predict human economic decision-making. Neuromarketing is an emerging field that uses neuroscience techniques to understand economic preferences of consumers.
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