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On an Evolutionary Foundation of Neuroeconomics

By Burkhard C Schipper

Abstract

Neuroeconomics focuses on brain imaging studies mapping neural responses to choice behavior. Economic theory is concerned with choice behavior but it is silent on neural activities. We present a game theoretic model in which players are endowed with an additional structure - a simple "nervous system" - and interact repeatedly in changing games. The nervous system constrains information processing functions and behavioral functions. By reinterpreting results from evolutionary game theory (Germano, 2007), we suggest that nervous systems can develop to "function well" in exogenously changing strategic environments. We present an example indicating that an analogous conclusion fails if players can influence endogenously their environment.

Topics: B40 - General, B21 - Microeconomics, A12 - Relation of Economics to Other Disciplines, C73 - Stochastic and Dynamic Games; Evolutionary Games; Repeated Games, B25 - Historical; Institutional; Evolutionary; Austrian, C72 - Noncooperative Games, D87 - Neuroeconomics
Year: 2008
DOI identifier: 10.1017/s0266267108002113
OAI identifier: oai:mpra.ub.uni-muenchen.de:8884

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