The Neuroeconomics reference article from the English Wikipedia on 24-Apr-2004 (provided by Fixed Reference: snapshots of Wikipedia from wikipedia.org)

Neuroeconomics

Neuroeconomics: what is it?

Neuroeconomics combines neuroscience, economics, and psychology to study how we make choices. It looks at the role of the brain when you evaluate decisions, categorize risks and rewards, and interact with other people.

Neuroeconomics & neuroscience

Neuroscience studies the nervous system, with broad areas such as the senses, movement, and internal regulation. Neuroeconomics is the subset that focuses on high-level concepts of personal choices and decisions, and how these are represented using our neurons and biochemistry.

Neuroeconomics & economics

Economics studies choice and decisions, with broad areas such as macroeconomics for large groups and microeconomics for individuals. Neuroeconomics is the subset that focuses on personal choices and the mental changes that correlate with the choices and may even cause them.

Neuroeconomics & psychology

Psychology studies thought and perception, with broad areas such as language, cognition, memory, group psychology and abnormal psychology. Neuroeconomics is the subset that focuses on thought about our choices, especially the cognition that happens when we understand our options and then choose one.

Experiments

Neuroeconomics typically does experiments on people while they make choices. Some experiments are simple, such as asking you to play a computer game to test your reactions. Some experiments are advanced, such as asking you to collaborate with a friend while you are both inside brain scanning machines that takes real-time movies of your brain activity using functional magnetic resonance imaging (fMRI).

Other experiments may look at various psychological concepts and economic theories using techniques that measure brainwaves using an electroencephalogram (EEG) or blood sampling for brain-related hormones.

Some animal experiments use neural recording with implanted electrodes, with a wire going from a computer into an animal's brain. Neural recordings can also be done on humans in rare cases, such as during surgery for epilepsy.

Ramifications

Neuroeconomics has deep and important ramifications for a wide range of societal issues. For example, neuroeconomics may lead to significant changes in how we educate children, plan finances, manage employees, react to advertising and marketing, elect politicians, regulate government and industries, prove guilt beyond a reasonable doubt, select courtroom juries, monitor terrorist threats, and much more.

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