Journal of Economic Methodology 17 (2):159-169 (2010)
Gul and Pesendorfer (2008) argue that neuroeconomics is evidentially and explanatorily irrelevant to economics, because neuroeconomics and economics ask different questions and utilize different abstractions. They suggest neuroeconomics is only relevant as a source of inspiration for economists. The present paper accepts their basic premise and asks whether the fact that neuroeconomics and economics ask different questions implies that neuroeconomics is irrelevant. The paper argues that Gul and Pesendorfer overlook some important respects in which neuroeconomics is relevant for economics. First, neuroeconomics can improve singular explanations in economics. Second, and more importantly, it improves our understanding of economic phenomena. And finally, it helps us assess the plausibility of our conjectures concerning economic phenomena. It may be true that neuroeconomics will not revolutionize economics (at least in the short run), but it is more than a source of inspiration.
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References found in this work BETA
Models, Conjectures and Exploration: An Analysis of Schelling's Checkerboard Model of Residential Segregation.N. Emrah Aydinonat - 2007 - Journal of Economic Methodology 14 (4):429-454.
Money as Tool, Money as Drug: The Biological Psychology of a Strong Incentive.Stephen E. G. Lea & Paul Webley - 2006 - Behavioral and Brain Sciences 29 (2):161-209.
Citations of this work BETA
On the Neural Enrichment of Economic Models: Tractability, Trade-Offs and Multiple Levels of Description.Roberto Fumagalli - 2011 - Biology and Philosophy 26 (5):617-635.
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