Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/51556
Authors: 
Herrmann-Pillath, Carsten
Year of Publication: 
2011
Series/Report no.: 
Working paper series // Frankfurt School of Finance & Management 176
Abstract (Translated): 
This paper presents an overview of recent research in neuroeconomics, in the light of the question how these relate to institutional economics. I present a critique of Glimcher's recent internalist standard model of neuroeconomics and put forward the claim that only an externalist approach can provide a consistent framework for relating neuroscience and economics, which implies a pivotal role for institutions. I discuss the relation between neuroeconomics and institutional economics from three different perspectives. How does neuroeconomics improve our knowledge about the relation between behavior and institutions (rule follwoing)? Can neuroeconomics provide deeper insights into the effects of institutions on behavior? In which way does neuroeconomics change the relation between institutional analysis and welfare analysis? In all these respects, I show that the orginal Hayekian conjectures applies, namely that the analysis of the human brain contributes substantially to our understanding of institutions, and that mental phenomena cannot be isolated from institutional phenomena.
Subjects: 
neuroeconomics
institutions
multiple selves
identity
rule following
distributed cognition
imitation
JEL: 
B41
B52
D02
D87
Document Type: 
Working Paper

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