Abstract
Decision making behaviors of individuals have long been investigated in economics literature. The expected value theory was criticized since it cannot explain the real world and prospect theory, which is more consistent with human behaviors, was offered as an alternative. On the other side, as a newly emerging field, neuroeconomics explains human behaviors on neurological basis. In this paper, after first reviewing decision making under uncertainty literature, we provide a wide literature review on expected value theory, prospect theory and neuroeconomics. To that end, we emphasize the deficiencies of expected value theory, and then analyze the fundamentals of prospect theory and its relationship between neuroeconomics
References
- Alada, D., 2000. İktisat Felsefesi ve Belirsizlik, Bağlam Yayınları, İstanbul.
- Başoğlu, U., Ceylan, A., Parasız, İ., 2001. Finans: Teori, Kurum, Uygulama, Ekin Kitabevi, Bursa.
- Braeutigam, S. 2005. “Neuroeconomics: From neural systems to economic behaviour” Brain Research Bulletin, 67,355-360.
- Brainard, W., C., 1967. “Uncertainty and Effectiveness of Policy” The American Economic Review, 57: 2, 411-425.
- Buğra, A., 2003. İktisatçılar ve İnsanlar, İletişim Yayınları, İstanbul.
- Camerer, C., Loewenstein, G., ve Prelec, D., 2005. “Neuroeconomics: How Neuroscience
- Can Inform Economics” Journal of Economic Literature, 43, 9-64. Cateau, G., 2005. “Monetary Policy under Model and Data-Parameter Uncertainty” Working
- Paper, http://www.bankofcanada.ca/en/res/wp/2005/wp05-6.pdf (erişim tarihi: 20 Şubat 2009).
- Dow, C., S., 2004. “Uncertainty and Monetary Policy” Oxford Economic Papers, 56, 539- 5
- Fehr, E., ve Camerer, F., C., 2007. “Social Neuroeconomics: The Neural Circuitry of Social
- Preferences” Trends in Cognitive Sciences, 11: 10, 419-427. Kahneman, D., ve Tvertsky, A., 1979. “Prospect Theory: An Analysis of Decision Under
- Risk” Econometrica, 47: 2, 263-291. Lee, D., 2006.”Neural basis of quasi-rational decision making” Current Opinion in
- Neurobiology (www.sciencedirect.com), 16:191-198. Onatski, W., ve Williams, N., 2003. “Modeling Model Uncertainty” NBER Working Paper No: 9566.
- Sanfey, A., Loewenstein, G.,McClure, S., ve Cohen, J. 2006. “Neuroeconomics: cross- currents in research on decision-making” Trends in Cognitive Sciences, 10: 3, 109-116.
- Schoemaker, P., J., H., 1982. “The Expected Utility Model: Its Variants, Purposes, Evidences and Limitations” Journal of Economic Literature, 20: 2, 529-563.
- Starmer, C., 2000. “Developments in Non-Expected Utility Theory: The Hunt for a
- Descriptive Theory of Choice under Risk” Journal of Economic Literature, 38: 2, 332-382. Trepel, C., Fox, C. R., ve Poldrack, R., A., 2005. “Prospect theory on the brain? Toward a
- Cognitive Neuroscience of Decision Under Risk” Cognitive Brain Research, 23, 34-50. Tvertsk, A., ve Kahneman, D., 1992. “Advances in Prospect Theory: Cumulative
- Representation of Uncertainty” Journal of Risk and Uncertainty, 5, 297-323. Walsh, C., E., 2003. Monetary Theory and Policy, İkinci Baskı, MIT Press, London.
Abstract
İktisat yazınında bireylerin belirsizlik altında karar alma davranışları çok uzun süredir incelenmektedir. Yazında standartlaşmış olan Beklenen Değer Teorisi gerçek yaşamı açıklayamadığı gerekçesiyle yoğun eleştirilere maruz kalmış, insan davranışlarıyla daha tutarlı olan Beklenti Teorisi kendisine alternatif olarak ortaya atılmıştır. Günümüzde halen gelişmekte olan nöroiktisat da iktisadi davranışların nöroloji temelli olarak açıklama getirilmesi üzerine çalışmalar yapmaktadır.Bu makalede, belirsizlik altında karar alma literatürü ele alındıktan sonra, bireylerin karar alma davranışlarını açıklayan Beklenen Değer Teorisi, Beklenti Teorisi ve nöroiktisat geniş bir şekilde incelenmiştir. Beklenen Değer Teorisinin eksiklikleri vurgulandıktan sonra alternatif yaklaşım olan Beklenti Teorisinin temel özellikleri irdelenmiş ve ardından, nöroiktisadın beklenti teorisiyle olan ilişkisine değinilmiştir.
References
- Alada, D., 2000. İktisat Felsefesi ve Belirsizlik, Bağlam Yayınları, İstanbul.
- Başoğlu, U., Ceylan, A., Parasız, İ., 2001. Finans: Teori, Kurum, Uygulama, Ekin Kitabevi, Bursa.
- Braeutigam, S. 2005. “Neuroeconomics: From neural systems to economic behaviour” Brain Research Bulletin, 67,355-360.
- Brainard, W., C., 1967. “Uncertainty and Effectiveness of Policy” The American Economic Review, 57: 2, 411-425.
- Buğra, A., 2003. İktisatçılar ve İnsanlar, İletişim Yayınları, İstanbul.
- Camerer, C., Loewenstein, G., ve Prelec, D., 2005. “Neuroeconomics: How Neuroscience
- Can Inform Economics” Journal of Economic Literature, 43, 9-64. Cateau, G., 2005. “Monetary Policy under Model and Data-Parameter Uncertainty” Working
- Paper, http://www.bankofcanada.ca/en/res/wp/2005/wp05-6.pdf (erişim tarihi: 20 Şubat 2009).
- Dow, C., S., 2004. “Uncertainty and Monetary Policy” Oxford Economic Papers, 56, 539- 5
- Fehr, E., ve Camerer, F., C., 2007. “Social Neuroeconomics: The Neural Circuitry of Social
- Preferences” Trends in Cognitive Sciences, 11: 10, 419-427. Kahneman, D., ve Tvertsky, A., 1979. “Prospect Theory: An Analysis of Decision Under
- Risk” Econometrica, 47: 2, 263-291. Lee, D., 2006.”Neural basis of quasi-rational decision making” Current Opinion in
- Neurobiology (www.sciencedirect.com), 16:191-198. Onatski, W., ve Williams, N., 2003. “Modeling Model Uncertainty” NBER Working Paper No: 9566.
- Sanfey, A., Loewenstein, G.,McClure, S., ve Cohen, J. 2006. “Neuroeconomics: cross- currents in research on decision-making” Trends in Cognitive Sciences, 10: 3, 109-116.
- Schoemaker, P., J., H., 1982. “The Expected Utility Model: Its Variants, Purposes, Evidences and Limitations” Journal of Economic Literature, 20: 2, 529-563.
- Starmer, C., 2000. “Developments in Non-Expected Utility Theory: The Hunt for a
- Descriptive Theory of Choice under Risk” Journal of Economic Literature, 38: 2, 332-382. Trepel, C., Fox, C. R., ve Poldrack, R., A., 2005. “Prospect theory on the brain? Toward a
- Cognitive Neuroscience of Decision Under Risk” Cognitive Brain Research, 23, 34-50. Tvertsk, A., ve Kahneman, D., 1992. “Advances in Prospect Theory: Cumulative
- Representation of Uncertainty” Journal of Risk and Uncertainty, 5, 297-323. Walsh, C., E., 2003. Monetary Theory and Policy, İkinci Baskı, MIT Press, London.
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Makaleler |
| Authors | |
| Publication Date | June 30, 2015 |
| Submission Date | June 30, 2015 |
| Published in Issue | Year 2015 Volume: 2 Issue: 2 |