Neuroeconomics is an interdisciplinary field that seeks to explain human decision-making, the ability to process multiple alternatives and to follow through on a plan of action. It studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can guide models of economics.
Brodmann area 10 is the anterior-most portion of the prefrontal cortex in the human brain. BA10 was originally defined broadly in terms of its cytoarchitectonic traits as they were observed in the brains of cadavers, but because modern functional imaging cannot precisely identify these boundaries, the terms anterior prefrontal cortex, rostral prefrontal cortex and frontopolar prefrontal cortex are used to refer to the area in the most anterior part of the frontal cortex that approximately covers BA10—simply to emphasize the fact that BA10 does not include all parts of the prefrontal cortex.
Antonio Damasio is a Portuguese-American neuroscientist. He is currently the David Dornsife Chair in Neuroscience, as well as Professor of Psychology, Philosophy, and Neurology, at the University of Southern California, and, additionally, an adjunct professor at the Salk Institute. He was previously the chair of neurology at the University of Iowa for 20 years. Damasio heads the Brain and Creativity Institute, and has authored several books: his work, Self Comes to Mind: Constructing the Conscious Brain (2010), explores the relationship between the brain and consciousness. Damasio's research in neuroscience has shown that emotions play a central role in social cognition and decision-making.
Descartes' Error: Emotion, Reason, and the Human Brain is a 1994 book by neuroscientist António Damásio describing the physiology of rational thought and decision, and how the faculties could have evolved through Darwinian natural selection. Damásio refers to René Descartes' separation of the mind from the body as an error because reasoning requires the guidance of emotions and feelings conveyed from the body. Written for the layperson, Damásio uses the dramatic 1848 railroad accident case of Phineas Gage as a reference for incorporating data from multiple modern clinical cases, enumerating damaging cognitive effects when feelings and reasoning become anatomically decoupled. The book provides an analysis of diverse clinical data contrasting a wide range of emotional changes following frontal lobe damage as well as lower (medulla) and anterior areas of the brain such as the anterior cingulate. Among his experimental evidence and testable hypotheses, Damásio presents the "somatic marker hypothesis", a proposed mechanism by which emotions guide behavior and decision-making, and positing that rationality requires emotional input. He argues that René Descartes' "error" was the dualist separation of mind and body, rationality and emotion.
In mammalian brain anatomy, the prefrontal cortex (PFC) covers the front part of the frontal lobe of the cerebral cortex. The PFC contains the Brodmann areas BA8, BA9, BA10, BA11, BA12, BA13, BA14, BA24, BA25, BA32, BA44, BA45, BA46, and BA47.
The somatic marker hypothesis, formulated by Antonio Damasio and associated researchers, proposes that emotional processes guide behavior, particularly decision-making.
In cognitive science and neuropsychology, executive functions are a set of cognitive processes that are necessary for the cognitive control of behavior: selecting and successfully monitoring behaviors that facilitate the attainment of chosen goals. Executive functions include basic cognitive processes such as attentional control, cognitive inhibition, inhibitory control, working memory, and cognitive flexibility. Higher-order executive functions require the simultaneous use of multiple basic executive functions and include planning and fluid intelligence.
The orbitofrontal cortex (OFC) is a prefrontal cortex region in the frontal lobes of the brain which is involved in the cognitive process of decision-making. In non-human primates it consists of the association cortex areas Brodmann area 11, 12 and 13; in humans it consists of Brodmann area 10, 11 and 47.
Hot cognition is a hypothesis on motivated reasoning in which a person's thinking is influenced by their emotional state. Put simply, hot cognition is cognition coloured by emotion. Hot cognition contrasts with cold cognition, which implies cognitive processing of information that is independent of emotional involvement. Hot cognition is proposed to be associated with cognitive and physiological arousal, in which a person is more responsive to environmental factors. As it is automatic, rapid and led by emotion, hot cognition may consequently cause biased decision making. Hot cognition may arise, with varying degrees of strength, in politics, religion, and other sociopolitical contexts because of moral issues, which are inevitably tied to emotion. Hot cognition was initially proposed in 1963 by Robert P. Abelson. The idea became popular in the 1960s and the 1970s.
The ventromedial prefrontal cortex (vmPFC) is a part of the prefrontal cortex in the mammalian brain. The ventral medial prefrontal is located in the frontal lobe at the bottom of the cerebral hemispheres and is implicated in the processing of risk and fear, as it is critical in the regulation of amygdala activity in humans. It also plays a role in the inhibition of emotional responses, and in the process of decision-making and self-control. It is also involved in the cognitive evaluation of morality.
One way of thinking holds that the mental process of decision-making is rational: a formal process based on optimizing utility. Rational thinking and decision-making does not leave much room for emotions. In fact, emotions are often considered irrational occurrences that may distort reasoning.
In psychology, impulsivity is a tendency to act on a whim, displaying behavior characterized by little or no forethought, reflection, or consideration of the consequences. Impulsive actions are typically "poorly conceived, prematurely expressed, unduly risky, or inappropriate to the situation that often result in undesirable consequences," which imperil long-term goals and strategies for success. Impulsivity can be classified as a multifactorial construct. A functional variety of impulsivity has also been suggested, which involves action without much forethought in appropriate situations that can and does result in desirable consequences. "When such actions have positive outcomes, they tend not to be seen as signs of impulsivity, but as indicators of boldness, quickness, spontaneity, courageousness, or unconventionality." Thus, the construct of impulsivity includes at least two independent components: first, acting without an appropriate amount of deliberation, which may or may not be functional; and second, choosing short-term gains over long-term ones.
The psychology of collecting is an area of study that seeks to understand the motivating factors explaining why people devote time, money, and energy making and maintaining collections. There exist a variety of theories for why collecting behavior occurs, including consumerism, materialism, neurobiology and psychoanalytic theory. The psychology of collecting also offers insight into variance between similar behavior that can be recognised on a continuum between being beneficial as a hobby and also capable of being a mental disorder. The large diversity of different types of collected objects and variance of collecting behaviors across these types has also been subject to research in psychology, marketing and game design.
Somatic theory is a theory of human social behavior based on the somatic marker hypothesis of António Damásio. The theory proposes a mechanism by which emotional processes can guide behavior: in particular, decision-making, the attachment theory of John Bowlby, and the self-psychology of Heinz Kohut.
Risk aversion is a preference for a sure outcome over a gamble with higher or equal expected value. Conversely, rejection of a sure thing in favor of a gamble of lower or equal expected value is known as risk-seeking behavior.
Daniel T. Tranel is an American professor of neurology at the University of Iowa. He has been recognized as a fellow of the American Association for the Advancement of Science. While a graduate student at the University of Iowa, he helped establish the Iowa Neurological Patient Registry, which he currently directs. The Iowa Neurological Patient Registry includes cases of unique brain injuries, such as Patient S.M. and Patient E.V.R. Tranel also directs the Interdisciplinary Graduate Program in Neuroscience at the University of Iowa. He serves as editor-in-chief of the Journal of Clinical and Experimental Neuropsychology and is a contributing author to the 5th edition of Neuropsychological Assessment, a classic textbook in neuropsychology used by most neuropsychologists.
Neuromorality is an emerging field of neuroscience that studies the connection between morality and neuronal function. Scientists use fMRI and psychological assessment together to investigate the neural basis of moral cognition and behavior. Evidence shows that the central hub of morality is the prefrontal cortex guiding activity to other nodes of the neuromoral network. A spectrum of functional characteristics within this network to give rise to both altruistic and psychopathological behavior. Evidence from the investigation of neuromorality has applications in both clinical neuropsychiatry and forensic neuropsychiatry.
The dual systems model, also known as the maturational imbalance model, is a theory arising from developmental cognitive neuroscience which posits that increased risk-taking during adolescence is a result of a combination of heightened reward sensitivity and immature impulse control. In other words, the appreciation for the benefits arising from the success of an endeavor is heightened, but the appreciation of the risks of failure lags behind.
Present bias is the tendency to settle for a smaller present reward rather than wait for a larger future reward, in a trade-off situation. It describes the trend of overvaluing immediate rewards, while putting less worth in long-term consequences. The present bias can be used as a measure for self-control, which is a trait related to the prediction of secure life outcomes.
Antoine Bechara is an American neuroscientist, academic and researcher. He is currently a professor of Psychology and Neuroscience at the University of Southern California.
