From perception to action: An economic model of brain processes

نویسندگان

  • Isabelle Brocas
  • Juan D. Carrillo
چکیده

We build on evidence from neurobiology to model the process through which the brain maps evidence received from the outside world into decisions. This mechanism can be represented by a decision-threshold model. The sensory system encodes information in the form of cellfiring. Cell-firing is then measured against a threshold and an action is triggered depending on whether the threshold is surpassed. The decision system is responsible for modulating the threshold. We show that, for a large class of situations, the (constrained) optimal threshold is set in a way that existing beliefs are likely to be confirmed. We then derive behavioral implications of this theory. Our mechanism predicts: (i) belief anchoring (the order in which evidence is received affects both beliefs and choices); (ii) polarization (individuals with opposite priors may polarize their opinions when receiving mixed evidence); (iii) payoff-dependence of beliefs and (iv) belief disagreement (individuals with identical priors who receive the same evidence may end up with different posterior beliefs).

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عنوان ژورنال:
  • Games and Economic Behavior

دوره 75  شماره 

صفحات  -

تاریخ انتشار 2012