Table of Contents

Building a New Rationality from the New Cognitive Neuroscience

Colin H. McCubbins, The Palate App Corporation
Mathew D. McCubbins, Department of Political Science and Law School, Duke University
Mark B. Turner, Case Western Reserve University - Department of Cognitive Science


NEUROECONOMICS eJOURNAL

"Building a New Rationality from the New Cognitive Neuroscience" Free Download
in Riccardo Viale and Konstantinos Katsikopoulos (eds.) Handbook on Bounded Rationality, Routledge Publishing House (Forthcoming)

COLIN H. MCCUBBINS, The Palate App Corporation
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MATHEW D. MCCUBBINS, Department of Political Science and Law School, Duke University
Email:
MARK B. TURNER, Case Western Reserve University - Department of Cognitive Science
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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.

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About this eJournal

This eJournal distributes working and accepted paper abstracts focused on research where economic outcomes are the product of many individual decisions, constrained by scarcity, and equilibrium forces that simultaneously shape a person's social networks and the institutionally defined rules of the game. Decisions are made by computations in the brain which produce action-choices that directly affect the homeostatic wellbeing of the individual and choices that indirectly change wellbeing by changing an individual's future constraints, the scope of their social networks, and their message sending rights within the institutions they participate. Neuroeconomics broadly speaking is interested in the study of these computations and the resulting choices they produce. This includes experiments that attempt to understand the mechanisms of neuronal computations that produce action-choices, theories which predict how neuronal computations in socio-economic environments produce decisions, outcomes and wellbeing, and policy which use our understanding of neuoroeconomic behavior to either build or defend better solutions to societal problems.

Editors: Michael C. Jensen, Harvard University, and Kevin A. McCabe, George Mason University

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Directors

ERN SUBJECT MATTER EJOURNALS

MICHAEL C. JENSEN
Harvard Business School, SSRN, National Bureau of Economic Research (NBER), European Corporate Governance Institute (ECGI), Harvard University - Accounting & Control Unit
Email: mjensen@hbs.edu

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Advisory Board

Neuroeconomics eJournal

ANDREW W. LO
Harris & Harris Group Professor, Massachusetts Institute of Technology (MIT) - Sloan School of Management, National Bureau of Economic Research (NBER), Principal Investigator, Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL)

P. READ MONTAGUE
Professor, Baylor University - Department of Neuroscience

VERNON L. SMITH
Professor of Economics and Law, Chapman University - Economic Science Institute, Chapman University School of Law