Sat, 26 Jul 2008 17:15:54 BST CiteULike: klouie Loewenstein http://www.citeulike.org/user/klouie/author/Loewenstein CiteULike.org en-gb Copyright © 2004-2008 citeulike.org http://www.citeulike.org/user/klouie/article/1922412 <i>Annu Rev Psychol (17 September 2007)</i><br /><br />blacksquare, square, filled Abstract Neuroeconomics has further bridged the once disparate fields of economics and psychology. Such convergence is almost exclusively attributable to changes within economics. Neuroeconomics has inspired more change within economics than within psychology because the most important findings in neuroeconomics have posed more of a challenge to the standard economic perspective. Neuroeconomics has primarily challenged the standard economic assumption that decision making is a unitary process-a simple matter of integrated and coherent utility maximization-suggesting instead that it is driven by the interaction between automatic and controlled processes. This article reviews neuroeconomic research in three domains of interest to both economists and psychologists: decision making under risk and uncertainty, intertemporal choice, and social decision making. In addition to reviewing new economic models inspired by this research, we also discuss how neuroeconomics may influence future work in psychology. Expected final online publication date for the Annual Review of Psychology Volume 59 is November 30, 2007. Please see http://www.annualreviews.org/catalog/pubdates.aspx for revised estimates. Neuroeconomics. George Loewenstein Scott Rick Jonathan Cohen doi:10.1146/annurev.psych.59.103006.093710 Annu Rev Psychol (17 September 2007) 2007-11-15T13:58:41-00:00 2007 Annu Rev Psychol 0066-4308 neuroeconomics review http://www.citeulike.org/user/klouie/article/1690473 <i>The Journal of Economic Perspectives, Vol. 3, No. 4. (1989), pp. 181-193.</i> Anomalies: Intertemporal Choice George Loewenstein Richard Thaler The Journal of Economic Perspectives, Vol. 3, No. 4. (1989), pp. 181-193. 2007-09-24T21:19:41-00:00 1989 The Journal of Economic Perspectives 3 4 181 193 choicebehavior discounting economics review http://www.citeulike.org/user/klouie/article/1322799 <i>J. Neurosci., Vol. 27, No. 21. (23 May 2007), pp. 5796-5804.</i><br /><br />Previous research, involving monetary rewards, found that limbic reward-related areas show greater activity when an intertemporal choice includes an immediate reward than when the options include only delayed rewards. In contrast, the lateral prefrontal and parietal cortex (areas commonly associated with deliberative cognitive processes, including future planning) respond to intertemporal choices in general but do not exhibit sensitivity to immediacy (McClure et al., 2004). The current experiments extend these findings to primary rewards (fruit juice or water) and time delays of minutes instead of weeks. Thirsty subjects choose between small volumes of drinks delivered at precise times during the experiment (e.g., 2 ml now vs 3 ml in 5 min). Consistent with previous findings, limbic activation was greater for choices between an immediate reward and a delayed reward than for choices between two delayed rewards, whereas the lateral prefrontal cortex and posterior parietal cortex responded similarly whether choices were between an immediate and a delayed reward or between two delayed rewards. Moreover, relative activation of the two sets of brain regions predicts actual choice behavior. A second experiment finds that when the delivery of all rewards is offset by 10 min (so that the earliest available juice reward in any choice is 10 min), no differential activity is observed in limbic reward-related areas for choices involving the earliest versus only more delayed rewards. We discuss implications of this finding for differences between primary and secondary rewards. 10.1523/JNEUROSCI.4246-06.2007 Time Discounting for Primary Rewards Samuel Mcclure Keith Ericson David Laibson George Loewenstein Jonathan Cohen doi:10.1523/JNEUROSCI.4246-06.2007 J. Neurosci., Vol. 27, No. 21. (23 May 2007), pp. 5796-5804. 2007-05-23T18:23:55-00:00 2007 J. Neurosci. 27 21 5796 5804 choicebehavior discounting fmri human neuroeconomics neuroimaging http://www.citeulike.org/user/klouie/article/516562 <i>Science, Vol. 306, No. 5695. (15 October 2004), pp. 503-507.</i><br /><br />When humans are offered the choice between rewards available at different points in time, the relative values of the options are discounted according to their expected delays until delivery. Using functional magnetic resonance imaging, we examined the neural correlates of time discounting while subjects made a series of choices between monetary reward options that varied by delay to delivery. We demonstrate that two separate systems are involved in such decisions. Parts of the limbic system associated with the midbrain dopamine system, including paralimbic cortex, are preferentially activated by decisions involving immediately available rewards. In contrast, regions of the lateral prefrontal cortex and posterior parietal cortex are engaged uniformly by intertemporal choices irrespective of delay. Furthermore, the relative engagement of the two systems is directly associated with subjects' choices, with greater relative fronto-parietal activity when subjects choose longer term options. Separate neural systems value immediate and delayed monetary rewards. SM McClure DI Laibson G Loewenstein JD Cohen doi:10.1126/science.1100907 Science, Vol. 306, No. 5695. (15 October 2004), pp. 503-507. 2006-02-22T21:51:30-00:00 2004 Science 1095-9203 306 5695 503 507 discounting neuroimaging reward