Moral dilemmas have long been debated in moral philosophy without reaching a definitive consensus. The majority of value pluralists attribute their origin to the incommensurability of moral values, i.e. the statement that, since moral values are many and different in nature, they may conflict and cannot be compared. Neuroscientific studies on the neural common currency show that the comparison between allegedly incompatible alternatives is a practical possibility, namely it is the basis of the way in which the agent evaluates choice (...) options. Indeed, both in economic and moral decision-making, the value of options is represented and directly compared in the ventromedial prefrontal cortex. Therefore, we contend that moral dilemmas do not originate from value incommensurability and, on the basis of the neuroscientific discoveries on the neural currency, we derive the implications for the philosophical debate on moral dilemmas. We also provide a possible connection between the experience of moral dilemmas and their neural representation: one of the causes of the individual’s indecision is the neural tie, i.e. the condition in which two options have the same value at neural level, and her regret could be due to the motivational force of the rejected option that is still signalled by affective processes in the brain. We apply this interpretation and the common currency hypothesis to vocational decisions and propose that, although from the agent’s perspective the options are qualitatively different, they may be nevertheless equivalent at neural level. This can be seen as a reason for downgrading the importance commonly attributed to the risk of making the “wrong choice”. (shrink)

By the late 1990s, several converging trends in economics, psychology, and neuroscience had set the stage for the birth of a new scientific field known as “neuroeconomics”. Without the availability of an extensive variety of experimental designs for dealing with individual and social decision-making provided by experimental economics and psychology, many neuroeconomics studies could not have been developed. At the same time, without the significant progress made in neuroscience for grasping and understanding brain functioning, neuroeconomics would have never seen the (...) light of day. The paper is an overview of the main significant advances in the knowledge of brain functioning by neuroscience that have contributed to the emergence of neuroeconomics and its rise over the past two decades. These advances are grouped over three non-independent topics referred to as the “emo-rational” brain, “social” brain, and “computational” brain. For each topic, it emphasizes findings considered as critical to the birth and development of neuroeconomics while highlighting some of prominent questions about which knowledge should be improved by future research. In parallel, it shows that the boundaries between neuroeconomics and several recent sub-fields of cognitive neuroscience, such as affective, social, and more generally, decision neuroscience, are rather porous. (shrink)

So far, the methodological debate about neuroeconomics rarely refers to original methodological positions in the neurosciences. I confront one of the most influential ones, the constitutive explanations or mechanism approach, with methodological claims that directly relate the economic model of choice with neuronal embodiments, represented by Glimcher’s influential work. Constitutive explanations are composite and non-reductionist, therefore allow for recognizing complex causal interactions between basal neuronal phenomena and cognitive structures, also involving external symbolic media. I demonstrate the power of this methodology (...) in discussing the example of money, which Glimcher posits as one of the most important research tasks in further developing neuroeconomics. Whereas Glimcher justifies neuroscientific reductionism by presenting an evolutionary rationale for deploying formal economic models on particular modules enabling choice, the case of money reveals the need for mechanistic explanations that include a substantial role for cultural evolution, though recognizing causal interactions with basal neuronal mechanisms. (shrink)

In traditional decision theory, utility is regarded as a mathematical representation of preferences to be inferred from agents hedonic experiences. Some go as far as to contend that utility is literally computed by specific neural areas and urge economists to complement or substitute their notion of utility with some neuro-psychological construct. In this paper, I distinguish three notions of utility that are frequently mentioned in debates about decision theory and examine some critical issues regarding their definition and measurability. Moreover, I (...) provide various empirical and conceptual reasons to doubt that economists should base decision theoretic analyses on some neuro-psychological notion of utility. (shrink)

In the recent literature at the interface between economics, biology and neuroscience, several authors argue that by adopting an interdisciplinary approach to the analysis of decision making, economists will be able to construct predictively and explanatorily superior models. However, most economists remain quite reluctant to import biological or neural insights into their account of choice behaviour. In this paper, I reconstruct and critique one of the main arguments by means of which economists attempt to vindicate their conservative position. Furthermore, I (...) develop an alternative defense of the thesis that economists justifiably rely on a methodologically distinctive approach to the modelling of choice behaviour. (shrink)

In recent years, several authors have called to ground descriptive and normative decision theory on neuro-psychological measures of utility. In this paper, I combine insights from the best available neuro-psychological findings, leading philosophical conceptions of welfare and contemporary decision theory to rebut these prominent calls. I argue for two claims of general interest to philosophers, choice modellers and policy makers. First, severe conceptual, epistemic and evidential problems plague ongoing attempts to develop accurate and reliable neuro-psychological measures of utility. And second, (...) even if these problems are solved, neuro-psychological measures of utility lack the potential to inform welfare analyses and policy evaluations. (shrink)

This PhD thesis focuses on the philosophical foundations of Neuroeconomics, an innovative research program which combines findings and modelling tools from economics, psychology and neuroscience to account for human choice behaviour. The proponents of Neuroeconomics often manifest the ambition to foster radical modifications in the accounts of choice behaviour developed by its parent disciplines. This enquiry provides a philosophically informed appraisal of the potential for success and the relevance of neuroeconomic research for economics. My central claim is that neuroeconomists can (...) help other economists to build more predictive and explanatory models, yet are unlikely to foster revolutionary modifications in the economic theory of choice. The contents are organized as follows. In chapters 1-2, I present neuroeconomists’ investigative tools, distinguish the most influential approaches to neuroeconomic research and reconstruct the case in favour of a neural enrichment of economic theory. In chapters 3-7, I combine insights from neuro-psychology, economic methodology and philosophy of science to develop a systematic critique of Neuroeconomics. In particular, I articulate four lines of argument to demonstrate that economists are provisionally justified in retaining a methodologically distinctive approach to the modelling of decision making. My first argument points to several evidential and epistemological concerns which complicate the interpretation of neural data and cast doubt on the inferences neuroeconomists often make in their studies. My second argument aims to show that the trade-offs between the modelling desiderata that neuroeconomists and other economists respectively value severely constrain the incorporation of neural insights into economic models. My third argument questions neuroeconomists’ attempts to develop a unified theory of choice behaviour by identifying some central issues on which they hold contrasting positions. My fourth argument differentiates various senses of the term ‘revolution’ and illustrates that neuroeconomists are unlikely to provide revolutionary contributions to economic theory in any of these senses. (shrink)