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Introduction to Neuroeconomics: How the Brain Makes Decisions

Approx. 30 hours to complete

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Course Summary

This course explores the intersection of neuroscience and economics, examining how the brain processes information to make decisions about economic choices. Students will gain a deeper understanding of how the brain and economic systems interact, and how this knowledge can be applied to real-world scenarios.

Key Learning Points

Learn about the biological basis of decision-making in the brain
Explore the role of emotions in economic decision-making
Gain insights into the neuroscience of addiction and social influence

Job Positions & Salaries of people who have taken this course might have

Neuroeconomist
- USA: $95,000 - $150,000
- India: ₹8,00,000 - ₹20,00,000
- Spain: €40,000 - €80,000
Behavioral Economist
- USA: $70,000 - $120,000
- India: ₹5,00,000 - ₹15,00,000
- Spain: €30,000 - €60,000
Market Research Analyst
- USA: $50,000 - $90,000
- India: ₹3,00,000 - ₹10,00,000
- Spain: €20,000 - €40,000

Learning Outcomes

Gain a deeper understanding of the biological basis of decision-making
Learn how to apply neuroeconomic principles to real-world scenarios
Develop critical thinking skills and analytical abilities

Prerequisites or good to have knowledge before taking this course

Basic understanding of neuroscience and economics
Familiarity with statistical analysis software (e.g. R or Python)

Course Difficulty Level

Intermediate

Course Format

Online
Self-paced
Video lectures
Assignments
Quizzes

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Introduction to Psychology
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Related Education Paths

Notable People in This Field

Professor of Neural Science, Economics, and Psychology at NYU
Professor of Psychology and Public Affairs at Princeton University

Related Books

Description

Economics, psychology, and neuroscience are converging today into a unified discipline of Neuroeconomics with the ultimate aim of creating a single, general theory of human decision-making.

Neuroeconomics provides biologists, economists, psychologists and social scientists with a deeper understanding of how they make their own decisions and how others decide. Neuroscience, when allied with psychology and economics, creates powerful new models to explain why we make decisions. Neurobiological mechanisms of decision-making, decisions under risk, trust and cooperation will be central issues in this course. You will be provided with the most recent evidence from brain-imaging techniques (fMRI, TMS, etc.) and introduced to the explanatory models behind them. The course does not require any prior study of economics and neuroscience; however, it might require you to study novel interdisciplinary materials. The course provides an introduction to the methodology, assumptions, and main findings of Neuroeconomics. Our students have different backgrounds; therefore, I have adapted and simplified the course to allow all students to understand the interdisciplinary content. This course will help you to start your progress in the field of Neuroeconomics and to further develop your skills during other more advanced courses and trainings in the future. For some topics, the course will also provide supplementary videos to reveal the opinions of leading experts in the field. Each module provides optional reading material. The course structure is as follows: During each video, you will have to answer some relevant questions. Your answers will not affect your final grade. At the end of each module, you must complete a quiz consisting of 15 questions. To pass the course, you must reach a satisfactory standard in all the course modules by completing all graded quizzes and the final exam. In addition to watching video lectures and taking quizzes, you will receive an invitation to join our forum. We plan to join the discussions in the forum on a weekly basis. Welcome to Neuroeconomics World! Do you have technical problems? Write to us: coursera@hse.ru

Outline

Introduction to the Course
About the Course
About the University
About University
Rules on the academic integrity in the course
Grading and Logistics
Suggested Readings
Course Plan
About the Instructor

Introduction and Scope of Neuroeconomics
Neuroeconomics as a Multidisciplinary Field
Origin of Neuroeconomics
Neuroeconomics & Decision-making Theory
The Scope of Neuroeconomics
Some Philosophical Implications of Neuroeconomics
Doctor Danil Razeev - "Can Neuroscience measure Free Will?" [Expert Opinion]
Readings and Resources
Introduction and Scope of Neuroeconomics

Neuroanatomy, Neurophysiology, and Neuroimaging: Tools of Neuroeconomics
A Brief Intro to Neuroanatomy and Neurophysiology
Methods of Cognitive Neuroscience. Lesions, Brain Stimulation
Single-cell Recordings, EEG & MEG
Functional Magnetic Resonance Imaging (fMRI)
Readings and Resources
Neuroanatomy and Neurophysiology

Introducing Brain Models of Decision-Making and Choice
Perceptual Decisions
Introduction to Diffusion Model
Diffusion Model vs. Race Model
Perceptual Decision Making in the Human Brain
Collective Decisions of Honey Bees & Diffusion Mechanism
Doctor Sebastian Horn – "Some Notes on Drift Diffusion Model" [Expert Opinion]
Doctor Sebastian Horn – "Some Notes on Drift Diffusion Model. Part II" [Expert Opinion]
Readings and Resources
Decision-Making

Neural Representation of Subjective Value
Value, Utility, and Brain
The Nucleus Accumbens - The Core Valuation Region
The Nucleus Accumbens & Expected Value
The Nucleus Accumbens: Shopping, Marketing, and Learning
The Orbitofrontal Cortex & Decision Values
The Diffusion Model & Valuation Process
Doctor Hilke Plassmann - "The role of Ventromedial and Dorsolateral prefrontal cortices in decision-making" [Expert Opinion]
Doctor Hilke Plassmann - "Neuromarketing" [Expert Opinion]
Doctor Hilke Plassmann - "Ethical problems in Neuromarketing" [Expert Opinion]
Readings and Resources
The Nucleus Accumbens

Affective Mechanisms of Decision-Making
Innate Reactions to Emotional Stimuli
Emotions as Heuristics
Amygdala – an Emotional Computer
Emotions, Consciousness, and Optimal Decisions
Readings and Resources
Paper for the homework test: The dark side of emotion in decision-making
Emotional Stimuli
Homework test: The dark side of emotion in decision-making

Dual Process Theory of Decision-Making: Toward a Neuroeconomics Perspective
Valuation System at a Glance
Dual Process Theory & Neuroeconomics
Modulation of the Value Signal by the DLPFC
Self-regulation & DLPFC
Samuel McClure – "Dual or Single?" [Expert Opinion]
Readings and Resources
Valuation System

Decision-Making under Risk: Toward a Neuroeconomics Mechanism
Risk as Uncertainty of the Outcome
Anticipatory Affect Model
Neuroeconomics of Risk Aversion
"Decision Weights", Framing Effect, and Prospect Theory
Brian Knutson – "The Nucleus Accumbens: Rewards and Risks..." [Expert Opinion]
Readings and Resources
Video - Matthew Liao investigates the ethics of neuroscience
Risk

The Social Brain: Games in the Brain
Game Theory as a Tool to Study Decisions in Groups
The Prisoner's Dilemma as a Model of Cooperation
A Neural Basis for Social Cooperation
Mirror Neurons: Understanding Goals via a Simulation
Readings and Resources
Neuroeconomics, Game Theory and decision-making in groups

Evolutionary Perspective of Decision-Making
Ontogenetic and Evolutionary Origin of Cooperation
Biological Market Theory
Trading with Capuchins
Do Capuchin Monkeys Reject Unequal Pay? The End!
Readings and Resources
Cooperation

Final Exam
Final Exam

Summary of User Reviews

The Neuroeconomics course on Coursera received positive reviews from many users. It covers the study of decision-making processes and is taught by experienced instructors. One key aspect that many users appreciated was the interactive nature of the course, which allowed for engaging discussions and activities. However, some users found the course to be challenging and time-consuming.

Pros from User Reviews

Experienced instructors
Interactive course with engaging discussions and activities
Clear and informative lectures
In-depth coverage of decision-making processes
Great opportunity to learn about a growing field

Cons from User Reviews

Challenging course material
Time-consuming assignments
Some technical difficulties with the platform
Limited interaction with instructors
Not suitable for beginners in neuroscience or economics

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