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  • 1
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    Neural evidence for inequality-averse social preferences (2010)
    Nature Publishing Group (NPG)
    Details
    Publication Date: 2010-02-26
    Description: A popular hypothesis in the social sciences is that humans have social preferences to reduce inequality in outcome distributions because it has a negative impact on their experienced reward. Although there is a large body of behavioural and anthropological evidence consistent with the predictions of these theories, there is no direct neural evidence for the existence of inequality-averse preferences. Such evidence would be especially useful because some behaviours that are consistent with a dislike for unequal outcomes could also be explained by concerns for social image or reciprocity, which do not require a direct aversion towards inequality. Here we use functional MRI to test directly for the existence of inequality-averse social preferences in the human brain. Inequality was created by recruiting pairs of subjects and giving one of them a large monetary endowment. While both subjects evaluated further monetary transfers from the experimenter to themselves and to the other participant, we measured neural responses in the ventral striatum and ventromedial prefrontal cortex, two areas that have been shown to be involved in the valuation of monetary and primary rewards in both social and non-social contexts. Consistent with inequality-averse models of social preferences, we find that activity in these areas was more responsive to transfers to others than to self in the 'high-pay' subject, whereas the activity of the 'low-pay' subject showed the opposite pattern. These results provide direct evidence for the validity of this class of models, and also show that the brain's reward circuitry is sensitive to both advantageous and disadvantageous inequality.〈br /〉〈span class="detail_caption"〉Notes: 〈/span〉Tricomi, Elizabeth -- Rangel, Antonio -- Camerer, Colin F -- O'Doherty, John P -- England -- Nature. 2010 Feb 25;463(7284):1089-91. doi: 10.1038/nature08785.〈br /〉〈span class="detail_caption"〉Author address: 〈/span〉Psychology Department, Rutgers University, Newark, New Jersey 07102, USA.〈br /〉〈span class="detail_caption"〉Record origin:〈/span〉 〈a href="http://www.ncbi.nlm.nih.gov/pubmed/20182511" target="_blank"〉PubMed〈/a〉
    Keywords: Basal Ganglia/physiology ; Beneficence ; Humans ; Magnetic Resonance Imaging ; Male ; *Models, Neurological ; Prefrontal Cortex/anatomy & histology/physiology ; Reproducibility of Results ; *Reward ; Role Playing ; *Social Behavior ; Social Justice/*economics/*psychology ; Young Adult
    Print ISSN: 0028-0836
    Electronic ISSN: 1476-4687
    Topics: Biology , Chemistry and Pharmacology , Medicine , Natural Sciences in General , Physics
    Published by Nature Publishing Group (NPG)
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  • 2
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    When does "economic man" dominate social behavior? (2006)
    American Association for the Advancement of Science (AAAS)
    Details
    Publication Date: 2006-01-10
    Description: The canonical model in economics considers people to be rational and self-regarding. However, much evidence challenges this view, raising the question of when "Economic Man" dominates the outcome of social interactions, and when bounded rationality or other-regarding preferences dominate. Here we show that strategic incentives are the key to answering this question. A minority of self-regarding individuals can trigger a "noncooperative" aggregate outcome if their behavior generates incentives for the majority of other-regarding individuals to mimic the minority's behavior. Likewise, a minority of other-regarding individuals can generate a "cooperative" aggregate outcome if their behavior generates incentives for a majority of self-regarding people to behave cooperatively. Similarly, in strategic games, aggregate outcomes can be either far from or close to Nash equilibrium if players with high degrees of strategic thinking mimic or erase the effects of others who do very little strategic thinking. Recently developed theories of other-regarding preferences and bounded rationality explain these findings and provide better predictions of actual aggregate behavior than does traditional economic theory.〈br /〉〈span class="detail_caption"〉Notes: 〈/span〉Camerer, Colin F -- Fehr, Ernst -- New York, N.Y. -- Science. 2006 Jan 6;311(5757):47-52.〈br /〉〈span class="detail_caption"〉Author address: 〈/span〉California Institute of Technology, Pasadena, CA 91125, USA. camerer@hss.caltech.edu〈br /〉〈span class="detail_caption"〉Record origin:〈/span〉 〈a href="http://www.ncbi.nlm.nih.gov/pubmed/16400140" target="_blank"〉PubMed〈/a〉
    Keywords: Competitive Behavior ; Cooperative Behavior ; Forecasting ; Game Theory ; Humans ; Investments ; Models, Economic ; Models, Psychological ; *Motivation ; *Social Behavior ; Thinking
    Print ISSN: 0036-8075
    Electronic ISSN: 1095-9203
    Topics: Biology , Chemistry and Pharmacology , Computer Science , Medicine , Natural Sciences in General , Physics
    Published by American Association for the Advancement of Science (AAAS)
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  • 3
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    Psychology and economics. Strategizing in the brain (2003)
    American Association for the Advancement of Science (AAAS)
    Details
    Publication Date: 2003-06-14
    Description: 〈br /〉〈span class="detail_caption"〉Notes: 〈/span〉Camerer, Colin F -- New York, N.Y. -- Science. 2003 Jun 13;300(5626):1673-5.〈br /〉〈span class="detail_caption"〉Author address: 〈/span〉Division of Humanities and Social Sciences 228-77, California Institute of Technology, Pasadena, CA 91125, USA. camerer@hss.caltech.edu〈br /〉〈span class="detail_caption"〉Record origin:〈/span〉 〈a href="http://www.ncbi.nlm.nih.gov/pubmed/12805527" target="_blank"〉PubMed〈/a〉
    Keywords: *Behavior ; Brain/*physiology ; Cooperative Behavior ; *Decision Making ; *Economics ; Emotions ; Game Theory ; *Games, Experimental ; Gyrus Cinguli/physiology ; Humans ; Interpersonal Relations ; Learning ; Magnetic Resonance Imaging ; Reinforcement (Psychology) ; Thinking ; Trust
    Print ISSN: 0036-8075
    Electronic ISSN: 1095-9203
    Topics: Biology , Chemistry and Pharmacology , Computer Science , Medicine , Natural Sciences in General , Physics
    Published by American Association for the Advancement of Science (AAAS)
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  • 4
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    Neural systems responding to degrees of uncertainty in human decision-making (2005)
    American Association for the Advancement of Science (AAAS)
    Details
    Publication Date: 2005-12-13
    Description: Much is known about how people make decisions under varying levels of probability (risk). Less is known about the neural basis of decision-making when probabilities are uncertain because of missing information (ambiguity). In decision theory, ambiguity about probabilities should not affect choices. Using functional brain imaging, we show that the level of ambiguity in choices correlates positively with activation in the amygdala and orbitofrontal cortex, and negatively with a striatal system. Moreover, striatal activity correlates positively with expected reward. Neurological subjects with orbitofrontal lesions were insensitive to the level of ambiguity and risk in behavioral choices. These data suggest a general neural circuit responding to degrees of uncertainty, contrary to decision theory.〈br /〉〈span class="detail_caption"〉Notes: 〈/span〉Hsu, Ming -- Bhatt, Meghana -- Adolphs, Ralph -- Tranel, Daniel -- Camerer, Colin F -- P01 NS19632/NS/NINDS NIH HHS/ -- R01 MH067681/MH/NIMH NIH HHS/ -- New York, N.Y. -- Science. 2005 Dec 9;310(5754):1680-3.〈br /〉〈span class="detail_caption"〉Author address: 〈/span〉Division of Humanities and Social Sciences, 228-77, California Institute of Technology, Pasadena, CA 91125, USA.〈br /〉〈span class="detail_caption"〉Record origin:〈/span〉 〈a href="http://www.ncbi.nlm.nih.gov/pubmed/16339445" target="_blank"〉PubMed〈/a〉
    Keywords: Adult ; Amygdala/physiology ; Brain/*physiology ; Brain Diseases/physiopathology/psychology ; Brain Mapping ; Confidence Intervals ; Corpus Striatum/physiology ; *Decision Making ; Decision Theory ; Female ; Frontal Lobe/physiology ; Games, Experimental ; Humans ; Likelihood Functions ; Magnetic Resonance Imaging ; Male ; *Mental Processes ; Probability ; Reward ; Risk ; *Uncertainty
    Print ISSN: 0036-8075
    Electronic ISSN: 1095-9203
    Topics: Biology , Chemistry and Pharmacology , Computer Science , Medicine , Natural Sciences in General , Physics
    Published by American Association for the Advancement of Science (AAAS)
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  • 5
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    Getting to know you: reputation and trust in a two-person economic exchange (2005)
    American Association for the Advancement of Science (AAAS)
    Details
    Publication Date: 2005-04-02
    Description: Using a multiround version of an economic exchange (trust game), we report that reciprocity expressed by one player strongly predicts future trust expressed by their partner-a behavioral finding mirrored by neural responses in the dorsal striatum. Here, analyses within and between brains revealed two signals-one encoded by response magnitude, and the other by response timing. Response magnitude correlated with the "intention to trust" on the next play of the game, and the peak of these "intention to trust" responses shifted its time of occurrence by 14 seconds as player reputations developed. This temporal transfer resembles a similar shift of reward prediction errors common to reinforcement learning models, but in the context of a social exchange. These data extend previous model-based functional magnetic resonance imaging studies into the social domain and broaden our view of the spectrum of functions implemented by the dorsal striatum.〈br /〉〈span class="detail_caption"〉Notes: 〈/span〉King-Casas, Brooks -- Tomlin, Damon -- Anen, Cedric -- Camerer, Colin F -- Quartz, Steven R -- Montague, P Read -- DA11723/DA/NIDA NIH HHS/ -- DA14883/DA/NIDA NIH HHS/ -- MH52797/MH/NIMH NIH HHS/ -- NS045790/NS/NINDS NIH HHS/ -- New York, N.Y. -- Science. 2005 Apr 1;308(5718):78-83.〈br /〉〈span class="detail_caption"〉Author address: 〈/span〉Human Neuroimaging Laboratory, Department of Neuroscience, Baylor College of Medicine, One Baylor Plaza, Houston, TX 77030, USA.〈br /〉〈span class="detail_caption"〉Record origin:〈/span〉 〈a href="http://www.ncbi.nlm.nih.gov/pubmed/15802598" target="_blank"〉PubMed〈/a〉
    Keywords: Caudate Nucleus/blood supply/*physiology ; Cues ; *Games, Experimental ; Hemodynamics ; Humans ; Intention ; Linear Models ; Magnetic Resonance Imaging ; Reward ; *Trust
    Print ISSN: 0036-8075
    Electronic ISSN: 1095-9203
    Topics: Biology , Chemistry and Pharmacology , Computer Science , Medicine , Natural Sciences in General , Physics
    Published by American Association for the Advancement of Science (AAAS)
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  • 6
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    Agent-specific responses in the cingulate cortex during economic exchanges (2006)
    American Association for the Advancement of Science (AAAS)
    Details
    Publication Date: 2006-05-20
    Description: Interactions with other responsive agents lie at the core of all social exchange. During a social exchange with a partner, one fundamental variable that must be computed correctly is who gets credit for a shared outcome; this assignment is crucial for deciding on an optimal level of cooperation that avoids simple exploitation. We carried out an iterated, two-person economic exchange and made simultaneous hemodynamic measurements from each player's brain. These joint measurements revealed agent-specific responses in the social domain ("me" and "not me") arranged in a systematic spatial pattern along the cingulate cortex. This systematic response pattern did not depend on metrical aspects of the exchange, and it disappeared completely in the absence of a responding partner.〈br /〉〈span class="detail_caption"〉Notes: 〈/span〉Tomlin, Damon -- Kayali, M Amin -- King-Casas, Brooks -- Anen, Cedric -- Camerer, Colin F -- Quartz, Steven R -- Montague, P Read -- DA11723/DA/NIDA NIH HHS/ -- DA14883/DA/NIDA NIH HHS/ -- MH52797/MH/NIMH NIH HHS/ -- NS045790/NS/NINDS NIH HHS/ -- New York, N.Y. -- Science. 2006 May 19;312(5776):1047-50.〈br /〉〈span class="detail_caption"〉Author address: 〈/span〉Human Neuroimaging Laboratory, Department of Neuroscience, Baylor College of Medicine, 1 Baylor Plaza, Houston, TX 77030, USA.〈br /〉〈span class="detail_caption"〉Record origin:〈/span〉 〈a href="http://www.ncbi.nlm.nih.gov/pubmed/16709783" target="_blank"〉PubMed〈/a〉
    Keywords: Brain Mapping ; *Economics ; Games, Experimental ; Gyrus Cinguli/*physiology ; Humans ; *Interpersonal Relations ; Trust
    Print ISSN: 0036-8075
    Electronic ISSN: 1095-9203
    Topics: Biology , Chemistry and Pharmacology , Computer Science , Medicine , Natural Sciences in General , Physics
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  • 7
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    Self-control in decision-making involves modulation of the vmPFC valuation system (2009)
    American Association for the Advancement of Science (AAAS)
    Details
    Publication Date: 2009-05-02
    Description: Every day, individuals make dozens of choices between an alternative with higher overall value and a more tempting but ultimately inferior option. Optimal decision-making requires self-control. We propose two hypotheses about the neurobiology of self-control: (i) Goal-directed decisions have their basis in a common value signal encoded in ventromedial prefrontal cortex (vmPFC), and (ii) exercising self-control involves the modulation of this value signal by dorsolateral prefrontal cortex (DLPFC). We used functional magnetic resonance imaging to monitor brain activity while dieters engaged in real decisions about food consumption. Activity in vmPFC was correlated with goal values regardless of the amount of self-control. It incorporated both taste and health in self-controllers but only taste in non-self-controllers. Activity in DLPFC increased when subjects exercised self-control and correlated with activity in vmPFC.〈br /〉〈span class="detail_caption"〉Notes: 〈/span〉Hare, Todd A -- Camerer, Colin F -- Rangel, Antonio -- New York, N.Y. -- Science. 2009 May 1;324(5927):646-8. doi: 10.1126/science.1168450.〈br /〉〈span class="detail_caption"〉Author address: 〈/span〉Division of Humanities and Social Sciences, California Institute of Technology, Pasadena, CA 91125, USA. thare@hss.caltech.edu〈br /〉〈span class="detail_caption"〉Record origin:〈/span〉 〈a href="http://www.ncbi.nlm.nih.gov/pubmed/19407204" target="_blank"〉PubMed〈/a〉
    Keywords: Adult ; Brain Mapping ; Choice Behavior ; *Decision Making ; Diet ; Female ; Food Preferences ; Goals ; Health ; Humans ; *Internal-External Control ; Linear Models ; Magnetic Resonance Imaging ; Male ; Prefrontal Cortex/*physiology ; Reward ; Taste ; Young Adult
    Print ISSN: 0036-8075
    Electronic ISSN: 1095-9203
    Topics: Biology , Chemistry and Pharmacology , Computer Science , Medicine , Natural Sciences in General , Physics
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  • 8
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    Evaluating replicability of laboratory experiments in economics (2016)
    American Association for the Advancement of Science (AAAS)
    Details
    Publication Date: 2016-03-05
    Description: The replicability of some scientific findings has recently been called into question. To contribute data about replicability in economics, we replicated 18 studies published in the American Economic Review and the Quarterly Journal of Economics between 2011 and 2014. All of these replications followed predefined analysis plans that were made publicly available beforehand, and they all have a statistical power of at least 90% to detect the original effect size at the 5% significance level. We found a significant effect in the same direction as in the original study for 11 replications (61%); on average, the replicated effect size is 66% of the original. The replicability rate varies between 67% and 78% for four additional replicability indicators, including a prediction market measure of peer beliefs.〈br /〉〈span class="detail_caption"〉Notes: 〈/span〉Camerer, Colin F -- Dreber, Anna -- Forsell, Eskil -- Ho, Teck-Hua -- Huber, Jurgen -- Johannesson, Magnus -- Kirchler, Michael -- Almenberg, Johan -- Altmejd, Adam -- Chan, Taizan -- Heikensten, Emma -- Holzmeister, Felix -- Imai, Taisuke -- Isaksson, Siri -- Nave, Gideon -- Pfeiffer, Thomas -- Razen, Michael -- Wu, Hang -- New York, N.Y. -- Science. 2016 Mar 25;351(6280):1433-6. doi: 10.1126/science.aaf0918. Epub 2016 Mar 3.〈br /〉〈span class="detail_caption"〉Author address: 〈/span〉Division of Humanities and Social Sciences, California Institute of Technology, 1200 East California Boulevard, MC 228-77, Pasadena, CA 91125, USA. ; Department of Economics, Stockholm School of Economics, Box 6501, SE-113 83 Stockholm, Sweden. ; Haas School of Business, University of California-Berkeley, Berkeley, CA 94720-1900, USA. NUS Business School, National University of Singapore, Singapore 119245. ; Department of Banking and Finance, University of Innsbruck, Universitatsstrasse 15, 6020 Innsbruck, Austria. ; Department of Banking and Finance, University of Innsbruck, Universitatsstrasse 15, 6020 Innsbruck, Austria. Centre for Finance, Department of Economics, University of Goteborg, SE-40530 Goteborg, Sweden. ; Sveriges Riksbank, SE-103 37 Stockholm, Sweden. ; Office of the Deputy President (Research and Technology), National University of Singapore, Singapore 119077. ; New Zealand Institute for Advanced Study, Private Bag 102904, North Shore Mail Centre, Auckland 0745, New Zealand. Wissenschaftskolleg zu Berlin, Institute for Advanced Study, D-14193 Berlin, Germany. ; NUS Business School, National University of Singapore, Singapore 119245.〈br /〉〈span class="detail_caption"〉Record origin:〈/span〉 〈a href="http://www.ncbi.nlm.nih.gov/pubmed/26940865" target="_blank"〉PubMed〈/a〉
    Print ISSN: 0036-8075
    Electronic ISSN: 1095-9203
    Topics: Biology , Chemistry and Pharmacology , Computer Science , Medicine , Natural Sciences in General , Physics
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  • 9
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    Neural signature of fictive learning signals in a sequential investment task (2007)
    National Academy of Sciences
    Details
    Publication Date: 2007-05-22
    Print ISSN: 0027-8424
    Electronic ISSN: 1091-6490
    Topics: Biology , Medicine , Natural Sciences in General
    Published by National Academy of Sciences
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  • 10
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    Neural signatures of strategic types in a two-person bargaining game (2010)
    National Academy of Sciences
    Details
    Publication Date: 2010-11-01
    Print ISSN: 0027-8424
    Electronic ISSN: 1091-6490
    Topics: Biology , Medicine , Natural Sciences in General
    Published by National Academy of Sciences
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