Neuroeconomics: Cardinal Utility in the Orbitofrontal Cortex?

Modern economics no longer uses the concept of cardinal utility, which describes the value of a good independently of a comparison with another good. New electrophysiological recordings in primates performing economic choices suggest a neurological substrate for cardinal utility, a finding that economists should perhaps take note of.

[1]  P. Samuelson.  A Note on the Pure Theory of Consumer's Behaviour , 1938 .

[2]  K. Doya,et al.  Representation of Action-Specific Reward Values in the Striatum , 2005, Science.

[3]  F. E..  Principles of Economics , 1890, Nature.

[4]  M. Rabin.  Published by: American , 2022 .

[5]  J. Hicks,et al.  A Reconsideration of the Theory of Value. Part I , 1934 .

[6]  C. Padoa-Schioppa,et al.  Neurons in the orbitofrontal cortex encode economic value , 2006, Nature.

[7]  M. Roesch,et al.  Neuronal activity in primate orbitofrontal cortex reflects the value of time. , 2005, Journal of neurophysiology.

[8]  Keiji Tanaka,et al.  Neuronal Correlates of Goal-Based Motor Selection in the Prefrontal Cortex , 2003, Science.

[9]  Ternary Structures.  ON REPRESENTATION OF , 1995 .

[10]  P. Holland,et al.  Amygdala–frontal interactions and reward expectancy , 2004, Current Opinion in Neurobiology.

[11]  Matthew T. Kaufman,et al.  Distributed Neural Representation of Expected Value , 2005, The Journal of Neuroscience.

[12]  W. Schultz,et al.  Relative reward preference in primate orbitofrontal cortex , 1999, Nature.

[13]  E. Rolls.  The functions of the orbitofrontal cortex , 1999, Brain and Cognition.

[14]  Colin Camerer.  Behavioral Game Theory , 1990 .

[15]  D. D. de Quervain,et al.  The Neural Basis of Altruistic Punishment , 2004, Science.

[16]  P. Samuelson.  A Note on the Pure Theory of Consumer's Behaviour: An Addendum , 1938 .

[17]  A. Marshall,et al.  Principles of Economics , 1891 .