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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Published on: September 19, 2012

Understanding risk: a guide for the perplexed.

Paul W Glimcher1

  • 1New York University, New York, New York, USA. glimcher@cns.nyu.edu

Cognitive, Affective & Behavioral Neuroscience
|November 27, 2008
PubMed
Summary
This summary is machine-generated.

Neuroscientists are increasingly using economic terms like "risk" and "utility," but a lack of understanding causes confusion. This overview clarifies economic and financial decision-making concepts for better interdisciplinary research.

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Area of Science:

  • Neuroscience
  • Economics
  • Finance

Background:

  • Neurobiology increasingly incorporates economic concepts like risk and utility.
  • An incomplete understanding of these economic terms causes confusion in neuroscientific research.
  • Financial notions of risk, distinct yet related to economic ones, add complexity.

Purpose of the Study:

  • To clarify economic and financial concepts of risk and decision-making.
  • To provide an accessible introduction for neuroscientists entering this interdisciplinary field.
  • To bridge the conceptual gap between economics, finance, and neuroscience.

Main Methods:

  • Overview of the classical economic approach to risk (Bernoulli).
  • Explanation of differences between classical and neoclassical economic theories.
  • Brief introduction to financial concepts of risk and their relation to economics.

Main Results:

  • Defines key economic terms such as risk aversion and utility.
  • Highlights distinctions between classical, neoclassical economic, and financial risk models.
  • Provides a foundational understanding for neuroscientists.

Conclusions:

  • A clear grasp of economic and financial concepts is crucial for advancing neuroscientific research on decision-making.
  • Understanding these foundational theories facilitates accurate application of economic models in neuroscience.
  • This work aims to reduce confusion and foster more robust interdisciplinary studies.