Neuroeconomics refers to an interdisciplinary phenomenon that tries to explain individual’s decision making. Importantly, the time period explores the ability to process a number of alternatives and to track a direction of action. Thus, neuroeconomics can be argued to be a behavior model that focal point on how economic behavior shapes the grasp of the brain, and also how the neuroscientific discoveries constrain and guides fashions of economics.
Neuroeconomics constitutes of interaction between neurological and physiological approach. Weber and Johnson presents an instance of neuroeconomics phenomenon. In his example, the author presents a situation of a dictator game. Under this case, the altruistic behavior exponentially increases when human beings are informed that a certain undefined will follow the first selection. Through this example, it is deciphered how strongly individuals can be oriented unconsciously to modify their behavior in the instance of presence of inadvertent futurity in the context. Therefore, individuals would tend to align their decision making adhering to the undefined action that is premeditated to follow suit after the first selection.
In response to the views presented in the journal article, it is argued that decision concerning the economic discipline involves a combination of the social and natural scientific approaches an aspect that examines the choice arrived in the course of decision making. In response to the views presented in the article, it can be argued that the aspect of neuroscience influences the decision made by individuals when presented with alternatives. As a result, individuals would tend to align their decision making based on the interaction of the social and natural scientific approaches. However, neuroeconomics is yet to demonstrate and present the critical role of neuroscience, psychology, and economics.
Weber, E. U., & Johnson, E. J. (2008). Decisions under uncertainty: Psychological, economic, and neuroeconomic explanations of risk preference. Neuroeconomics: Decision making and the brain, 127-144.