Building a New Rationality from the New Cognitive Neuroscience
in Riccardo Viale and Konstantinos Katsikopoulos (eds.) Handbook on Bounded Rationality, Routledge Publishing House (Forthcoming)
20 Pages Posted: 3 Aug 2018
Date Written: July 9, 2018
Game theory is explicitly a theory of how human minds operate. Game theory, however, fails comprehensively as a predictor of human behavior. The failure of game theory is attributable to its mistaken theory of mind. This theory of mind was derived from notions and models of cognitive neuroscience that have since been abandoned and replaced. To build a new theory of choice, we propose a new theory of mind, one drawn from modern cognitive neuroscience. We then outline an alternative notion of rationality, based on this new theory of mind.
Keywords: Game theory, neuroscience, cognitive science, theory of mind, behavioral game theory
JEL Classification: A12, C72, D70, D81, D83, D87, D91
Suggested Citation: Suggested Citation