Although most modern economic theory is based on the idea that humans make decision based on rational data and their own best interests, although a lot of work in game theory has proven that’s not true. For instance, in tests where a pair subjects were given a sum of money to be divided at the discretion of one of the pair (but only if both agreed), participants often refused to accept any of the money at all if they didn’t feel the division was fair. And then there’s my behavior in bookstores, where I pick books off the shelves like Imelda Marcos in Dallas Shoe Warehouse, but that’s another story.
Now neuroscientists are taking an interest in the brain functions involved in economic choices, as described in this article by Yale’s Robert Schiller.
Here’s the quote that caught my eye:
Efforts to link neuroscience to economics have occurred mostly in just the last few years, and the growth of neuroeconomics is still in its early stages. But its nascence follows a pattern: revolutions in science tend to come from completely unexpected places.