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On the neural enrichment of economic models: tractability, trade-offs and multiple levels of description

Fumagalli, Roberto (2011) On the neural enrichment of economic models: tractability, trade-offs and multiple levels of description. Biology and Philosophy, 26 (5). pp. 617-635. ISSN 0169-3867

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Abstract

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.

Item Type: Article
Official URL: http://www.springer.com/philosophy/epistemology+an...
Additional Information: © 2011 Springer
Library of Congress subject classification: H Social Sciences > HB Economic Theory
Q Science > QH Natural history > QH301 Biology
Journal of Economic Literature Classification System: B - Schools of Economic Thought and Methodology > B4 - Economic Methodology > B41 - Economic Methodology
B - Schools of Economic Thought and Methodology > B5 - Current Heterodox Approaches > B59 - Other
Sets: Departments > Philosophy, Logic and Scientific Method
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: UT ISI:000292811900002
Date Deposited: 27 Jun 2011 10:08
URL: http://eprints.lse.ac.uk/36889/

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