Related Experiment Video
Updated: Jun 17, 2026

The Adventures of Fundi Intervention Based on the Cognitive and Emotional Processing in Attention Deficit Hyperactive Disorder Patients
Published on: June 12, 2020
A neuroeconomic theory of the decision process
John Dickhaut1, Aldo Rustichini, Vernon Smith
1Economic Science Institute, Chapman University, Chapman University, One University Drive, Orange, CA 92866, USA.
Abstract:
We develop a neuronal theory of the choice process (NTCP), which takes a subject from the moment in which two options are presented to the selection of one of the two. The theory is based on an optimal signal detection, which generalizes the signal detection theory by adding the choice of effort as optimal choice for a given informational value of the signal for every effort level and a cost of effort. NTCP predicts the choice made as a stochastic choice: That is, as a probability distribution over two options in a set, the level of effort provided, the error rate, and the time to respond. The theory provides a unified account of behavioral evidence (choices made, error rate, time to respond) as well as neural evidence (represented by the effort rate measured for example by the level of brain activation). The theory also provides a unified explanation of several facts discovered and interpreted in the last decades of experimental economic analysis of choices, which we review.
More Related Videos
Related Concept Videos
Reason and Intuition
Decision Making
Automatic decision-making is fast, intuitive, and relies on gut feelings...
Decision Making: Traditional Method
First, a specific claim about the population parameter is decided based on the research question and is stated in a simple form. Further, an opposing statement to this claim is also stated. These statements can act as null and alternative hypotheses, out of which a null hypothesis would be a...
Decision Making: P-value Method
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim is also stated. These statements can act as null and alternative hypotheses: a null hypothesis would be a neutral statement while the alternative hypothesis can have a...
Social Exchange Theory
Social Exchange Theory

