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The New York Times On Neuroeconomics

Posted by timothy on from the say-hello-to-messrs-sterling-and-gibson dept.

ravenousbugblatter writes "The New York Times technology section has an article discussing the increasing attention that neurologists are devoting to the study of the human mind in relation to economics. It looks like John Nash's game theory could have yet another application."

2 of 21 comments (clear)

  1. Nash by mmport80 · · Score: 2, Informative
    It looks like John Nash's game theory could have yet another application.

    Wrong!

    As far as I understand Nashes approach was a wholey rational one.

    This neural science approach ackowledges that people aren't rational and tries to explain why.

  2. Re:Neuroeconomics... by NoData · · Score: 2, Informative


    I respectfully point you to the work of Kahneman and Tversky. Read Judgment Under Uncertainty. And Choices, Values, and Frames. Kahneman didn't win a Nobel Prize for not delivering on some very real principles of human behavior.

    There are patterns and principles to the kinds of irrationality humans exhibit. Psychology, exemplified in the work of Kahneman and Tversky, has made tremendous progress in characterizing how people behave. K & T's stuff has especial bearing on economic behavior which is the topic of the research discussed.