2022/2023

Introduction to Neuroeconomics: How the Brain Makes Decisions

Type: Mago-Lego

Delivered by: School of Psychology

When: 4 module

Open to: students of all HSE University campuses

Instructors: Vasily Klucharev

Language: English

ECTS credits: 3

Contact hours: 42

Course Syllabus

Abstract

1. Summary Economics, psychology, and neuroscience are converging today into a unified discipline of Neuroeconomics with the ultimate aim of providing a single, general theory of human decision making. Neuroeconomics provides economists and social scientists with a deeper understanding of how they make their own decisions, and how others decide. Are we hard-wired to be risk-averse or risk seeking? How is a “fair decision” evaluated by the brain? Is it possible today to predict the purchasing intentions of a consumer? Can we modulate economic behaviour affecting the brain? Neuroscience allied to psychology and economics have powerful models and evidence to explain why we make a decision. Decision-making in financial markets, trust and cooperation in teams, consumer persuasion, will be central issues in this course in neuroeconomics. You will be provided with the most recent evidence from brain-imaging techniques (PET, fMRI and TMS), and you will be introduced to the explanatory models behind them. 2. Learning Objectives Learning objectives of the “Introduction to Neuroeconomics” class are to provide students with the new multidisciplinary approach to study decision-making. Students will learn: • Assumptions of Neuroeconpomics • Methods of Neuroeconpomics • The functional role of various brain regions in decision-making • Evolutionary approach of Neuroeconoimics • Neuroeconoimics of decisions in groups 3. Learning outcomes After completing the study of the “Introduction to Neuroeconomics” the student should: • Know the brain models of decision making and choice, neuro-cognitive models of the choice: comparison with formal models of decision making • Understand neural representation of the subjective value, basal ganglia and choice value. • Understand the affective mechanisms of decision making • Understand neural mechanisms of decision making under risk • Understand social and evolutionary perspectives in Neuroeconomics 4. Place of the discipline in the university’s program structure The course introduces an interdisciplinary perspective on economic choice behaviour. We are looking for students who want to go the extra mile in understanding decision making from a biological perspective; eager to learn more about how neuroscience can revolutionize economics. All students that are interested in the neurobiological underpinning of choice behaviour and financial decisions are encouraged to participate; there are no requirements of specific background knowledge.