Behavioral (Psychological) Economics and Neuroscience

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  • FURUYAMA Eiji
    Faculty of Human Cultural Sciences and Business Administration, Nihonbashi Gakkan University

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  • 行動(心理)経済学(behavioral economics)と脳科学
  • コウドウ シンリ ケイザイガク behavioral economics ト ノウ カガク

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Among the three fundamental assumptions of neoclassical economics, i.e., perfect competition, information symmetry and rationality of the entities, the last named has been seldom questioned by the economists themselves, though there have been a number of critics of the rationality assumption among non-economists. Daniel Kahneman, one of the Nobel laureates in economics of 2002, has been consistently advancing theories that economic entities are not behaving rationally, endorsing his assertion with deliberately designed experiments. The genre of his study now claims an independent status in economics as behavioral economics. Kahneman categorizes the typical behavior of economic entities into two: intuitive and rational behavior. He asserts that more often than not economic behavior is derived from intuition rather than from rationality. This paper reviews Kahneman`s theories and experiments briefly and attempts to reexamine his assertion of intuitiveness in view of the neural science. In this reexamination basic ideas are borrowed from TNGS (theory of neural group selection) advanced by Gerald M. Edelman.

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