From perception to action: An economic model of brain processes

• 成果类型: Article
• 署名作者: Brocas, Isabelle; Carrillo, Juan D.
• 署名单位: University of Southern California
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2011.10.001
• 发表日期: 2012
• 页码: 81-103
• 关键词: Neuroeconomic theory; Information processing; Bayesian updating

摘要

We build on research from neurobiology to model the process through which the brain maps outside evidence into decisions. The sensory system encodes information through cell-firing. Cell-firing is measured against a threshold, and an action is triggered depending on whether the threshold is surpassed. The decision system modulates the threshold. We show that the (constrained) optimal threshold is set in a way that existing beliefs are likely to be confirmed. We then derive behavioral implications. Our mechanism can explain in a unified framework a number of 'anomalies' noted in psychology and economics: (i) belief anchoring (the order in which evidence is received affects beliefs and choices): (ii) polarization (individuals with opposite priors may polarize their opinions after receiving identical evidence): (iii) payoff-dependence of beliefs and (iv) belief disagreement (individuals with identical priors who receive the same evidence may end up with different posterior beliefs). (C) 2011 Elsevier Inc. All rights reserved.