Economic Theory and Cognitive Science

Economic Theory and Cognitive Science
Author: Don Ross
Publisher: MIT Press
Total Pages: 455
Release: 2007-01-26
Genre: Psychology
ISBN: 0262681684

In this study, Don Ross explores the relationship of economics to other branches of behavioral science, asking, in the course of his analysis, under what interpretation economics is a sound empirical science. The book explores the relationships between economic theory and the theoretical foundations of related disciplines that are relevant to the day-to-day work of economics—the cognitive and behavioral sciences. It asks whether the increasingly sophisticated techniques of microeconomic analysis have revealed any deep empirical regularities—whether technical improvement represents improvement in any other sense. Casting Daniel Dennett and Kenneth Binmore as its intellectual heroes, the book proposes a comprehensive model of economic theory that, Ross argues, does not supplant, but recovers the core neoclassical insights, and counters the caricaturish conception of neoclassicism so derided by advocates of behavioral or evolutionary economics. Because he approaches his topic from the viewpoint of the philosophy of science, Ross devotes one chapter to the philosophical theory and terminology on which his argument depends and another to related philosophical issues. Two chapters provide the theoretical background in economics, one covering developments in neoclassical microeconomics and the other treating behavioral and experimental economics and evolutionary game theory. The three chapters at the heart of the argument then apply theses from the philosophy of cognitive science to foundational problems for economic theory. In these chapters, economists will find a genuinely new way of thinking about the implications of cognitive science for economics, and cognitive scientists will find in economic behavior, a new testing site for the explanations of cognitive science.

Cognitive Economics

Cognitive Economics
Author: Paul Bourgine
Publisher: Springer Science & Business Media
Total Pages: 479
Release: 2013-03-20
Genre: Business & Economics
ISBN: 3540247084

The social sciences study knowing subjects and their interactions. A "cog nitive turn", based on cognitive science, has the potential to enrich these sciences considerably. Cognitive economics belongs within this movement of the social sciences. It aims to take into account the cognitive processes of individuals in economic theory, both on the level of the agent and on the level of their dynamic interactions and the resulting collective phenomena. This is an ambitious research programme that aims to link two levels of com plexity: the level of cognitive phenomena as studied and tested by cognitive science, and the level of collective phenomena produced by the economic in teractions between agents. Such an objective requires cooperation, not only between economists and cognitive scientists but also with mathematicians, physicists and computer scientists, in order to renew, study and simulate models of dynamical systems involving economic agents and their cognitive mechanisms. The hard core of classical economics is the General Equilibrium Theory, based on the optimising rationality of the agent and on static concepts of equilibrium, following a point of view systemised in the framework of Game Theory. The agent is considered "rational" if everything takes place as if he was maximising a function representing his preferences, his utility function.

Cognitive Economy

Cognitive Economy
Author: Nicholas Rescher
Publisher: University of Pittsburgh Pre
Total Pages: 179
Release: 2017-03-13
Genre: Philosophy
ISBN: 0822976641

Cost, expected benefits, and risks are paramount in grant agencies' decisions to fund scientific research. In Cognitive Economy, Nicholas Rescher outlines a general theory for the cost-effective use of intellectual resources, amplifying the theories of Charles Sanders Pierce, who stressed an “economy of research.” Rescher discusses the requirements of cooperation, communication, cognitive importance, cognitive economy, as well as the economic factors bearing on induction and simplicity. He then applies his model to several case studies and to clarifying the limits imposed on science by economic considerations.

Midbrain Mutiny

Midbrain Mutiny
Author: Don Ross
Publisher: Bradford Books
Total Pages: 301
Release: 2012-01
Genre: Medical
ISBN: 9780262517584

An analysis of how economic theories can be used to understand disordered andpathological gambling that calls on empirical evidence about behavior and the brain and argues thataddictive gambling is the basic form of all addiction.

Decisions, Uncertainty, and the Brain

Decisions, Uncertainty, and the Brain
Author: Paul W. Glimcher
Publisher: MIT Press
Total Pages: 404
Release: 2004-09-17
Genre: Medical
ISBN: 9780262572279

In this provocative book, Paul Glimcher argues that economic theory may provide an alternative to the classical Cartesian model of the brain and behavior. Glimcher argues that Cartesian dualism operates from the false premise that the reflex is able to describe behavior in the real world that animals inhabit. A mathematically rich cognitive theory, he claims, could solve the most difficult problems that any environment could present, eliminating the need for dualism by eliminating the need for a reflex theory. Such a mathematically rigorous description of the neural processes that connect sensation and action, he explains, will have its roots in microeconomic theory. Economic theory allows physiologists to define both the optimal course of action that an animal might select and a mathematical route by which that optimal solution can be derived. Glimcher outlines what an economics-based cognitive model might look like and how one would begin to test it empirically. Along the way, he presents a fascinating history of neuroscience. He also discusses related questions about determinism, free will, and the stochastic nature of complex behavior.

The Pragmatic Turn

The Pragmatic Turn
Author: Andreas K. Engel
Publisher: MIT Press
Total Pages: 433
Release: 2022-06-07
Genre: Science
ISBN: 0262545772

Experts from a range of disciplines assess the foundations and implications of a novel action-oriented view of cognition. Cognitive science is experiencing a pragmatic turn away from the traditional representation-centered framework toward a view that focuses on understanding cognition as “enactive.” This enactive view holds that cognition does not produce models of the world but rather subserves action as it is grounded in sensorimotor skills. In this volume, experts from cognitive science, neuroscience, psychology, robotics, and philosophy of mind assess the foundations and implications of a novel action-oriented view of cognition. Their contributions and supporting experimental evidence show that an enactive approach to cognitive science enables strong conceptual advances, and the chapters explore key concepts for this new model of cognition. The contributors discuss the implications of an enactive approach for cognitive development; action-oriented models of cognitive processing; action-oriented understandings of consciousness and experience; and the accompanying paradigm shifts in the fields of philosophy, brain science, robotics, and psychology. Contributors Moshe Bar, Lawrence W. Barsalov, Olaf Blanke, Jeannette Bohg, Martin V. Butz, Peter F. Dominey, Andreas K. Engel, Judith M. Ford, Karl J. Friston, Chris D. Frith, Shaun Gallagher, Antonia Hamilton, Tobias Heed, Cecilia Heyes, Elisabeth Hill, Matej Hoffmann, Jakob Hohwy, Bernhard Hommel, Atsushi Iriki, Pierre Jacob, Henrik Jörntell, Jürgen Jost, James Kilner, Günther Knoblich, Peter König, Danica Kragic, Miriam Kyselo, Alexander Maye, Marek McGann, Richard Menary, Thomas Metzinger, Ezequiel Morsella, Saskia Nagel, Kevin J. O'Regan, Pierre-Yves Oudeyer, Giovanni Pezzulo, Tony J. Prescott, Wolfgang Prinz, Friedemann Pulvermüller, Robert Rupert, Marti Sanchez-Fibla, Andrew Schwartz, Anil K. Seth, Vicky Southgate, Antonella Tramacere, John K. Tsotsos, Paul F. M. J. Verschure, Gabriella Vigliocco, Gottfried Vosgerau

Neuroeconomics

Neuroeconomics
Author: Paul W. Glimcher
Publisher: Academic Press
Total Pages: 606
Release: 2013-08-13
Genre: Psychology
ISBN: 0123914698

In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies—each written by leading experts—lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, "The Neural Mechanisms for Choice, integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in neuroeconomics in particular or decision making in general. - Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for neuroeconomics - Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers - Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field - Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference - Published in association with the Society for Neuroeconomics—www.neuroeconomics.org - Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts

The Limits of Rationality

The Limits of Rationality
Author: Karen Schweers Cook
Publisher: University of Chicago Press
Total Pages: 436
Release: 2008-10-03
Genre: Political Science
ISBN: 0226742415

Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models. In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing? Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.

Pragmatism and Embodied Cognitive Science

Pragmatism and Embodied Cognitive Science
Author: Roman Madzia
Publisher: Walter de Gruyter GmbH & Co KG
Total Pages: 312
Release: 2016-10-24
Genre: Philosophy
ISBN: 3110480239

This book endeavors to fill the conceptual gap in theorizing about embodied cognition. The theories of mind and cognition which one could generally call "situated" or "embodied cognition" have gained much attention in the recent decades. However, it has been mostly phenomenology (Heidegger, Merleau-Ponty, etc.), which has served as a philosophical background for their research program. The main goal of this book is to bring the philosophy of classical American pragmatism firmly into play. Although pragmatism has been arguably the first intellectual current which systematically built its theories of knowledge, mind and valuation upon the model of a bodily interaction between an organism and its environment, as the editors and authors argue, it has not been given sufficient attention in the debate and, consequently, its conceptual resources for enriching the embodied mind project are far from being exhausted. In this book, the authors propose concrete subject-areas in which the philosophy of pragmatism can be of help when dealing with particular problems the philosophy of the embodied mind nowadays faces - a prominent example being the inevitable tension between bodily situatedness and the potential universality of symbolic meaning.