National Cheng Kung University
Wednesdays 14:10-17:00
Spring 2015
Neuroeconomics
U551000
Instructor:
Ming-hung Weng
mhweng@mail.ncku.edu.tw
Office Hours: By appointment @ 8th floor of Social Sciences Building
Website: NCKU Moodle
Suggested Texts:
Paul Glimcher, Colin Camerer, Ernst Fehr, and Russ Poldrack. Neuroeconomics:
Decision Making and the Brain, Academic Press, 2008
Peter Politser. Neuroeconomics A Guide to the New Science of Making Choices, Oxford
University Press, 2008
Course Objectives:
Neuroeconomics is an emerging interdisciplinary science. With the help of fMRI,
EEG or other equipment which can record agents’ biological activities while
making economic choices, it aims to understand the process of the decisionmaking, to investigate its insights and to make possible prediction. This course
will start with background studies in economics, psychology, neuroanatomy and
fMRI. Various topics of interests will be extensively introduced and discussed
along with a series of paper presentations by the instructors and the students.
Course Evaluation:
Presentation
Summary Report
Class Participation
Research Proposal
40%
20%
10%
30%
Presentation: Much of the time in this course will be devoted to presentations and
discussions of academic papers in related fields. A list of papers under each topic
will be provided and students will take turns for these hourly presentations.
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Summary Report: To encourage students to be engaged actively in class
discussion, all students, except the presenter, have to submit a summary report at
the beginning of class. The synopsis should include the detail of the experiment,
the main finding and contribution, and comments or inspirations.
Class Participation: Students who perform well in the discussion will receive
credits. Absence will cost 5%.
Research Proposal: At the end of the semester, each student is required to submit
a research proposal related to neuroeconomics. The proposal should specify the
questions of interests, references, and methods to carry out the experiment. During
the last two weeks, students will also present their proposals in class.
Tentative Course Schedule (Subject to changes that will be announced in class)
Week
Projected Topics
th
Feb 25
Introduction to Neuroeconomics and fMRI
Mar 4th
Value and Utility
Mar 11th
Value and Utility
Mar 18th
Value and Utility
Mar 25th
NeuroMarketing
Apr 1st
Spring Break
th
Apr 8
Uncertainty
th
Apr 15
Uncertainty
nd
Apr 22
Regret
th
Apr 29
Strategic Interaction
th
May 6
Strategic Interaction
th
May 13
The Theory of Mind
th
May 20
The Theory of Mind
th
May 27
Intertemporal Choices
rd
Jun 3
Miscellaneous topics
th
Jun 10
Miscellaneous topics
th
Jun 17
Research Proposal Presentation
th
Jun 24
Research Proposal Presentation
2
Week 1: Introduction to fMRI and value
1. Introduction to fMRI and Neuroeconomics
Links to fMRI materials by Prof. Kung 檔案
2. Values
Neurons in the orbitofrontal cortex encode economic value. (2006, Nature)
C. Padoa-Schioppa and J.A. Assad
Supplementary info for the paper
Week 2: Continue on Value
1. The representation of economic value in the orbitofrontal cortex is invariant for
changes of menu.(2008, Nature)
C. Padoa-Schioppa and J.A. Assad
2. Orbitofrontal Cortex Encodes Willingness to Pay in Everyday Economic
Transactions (2007)
Hilke Plassmann, John O'Doherty, and Antonio Rangel
3. Dopamine modulates the neural representation of subjective value of food in
hungry subjects (2014)
Medic, N., Ziauddeen, H., Vestergaard, M. D., Henning, E., Schultz, W., Farooqi,
I. S. and Fletcher, P. C.
Week 3: Continue on Value
1. Ventromedial Frontal Lobe Damage Disrupts Value Maximization in
Humans (2011)
Nathalie Camille, Cathryn A. Griffiths, Khoi Vo, Lesley K. Fellows, and Joseph W.
Kable
2. The Decision Value Computations in the vmPFC and Striatum Use a Relative
Value Code That is Guided by Visual Attention(2011)
Seung-Lark Lim, John P. O'Doherty, and Antonio Rangel
3. Evidence for a Common Representation of Decision Values for Dissimilar Goods
in Human Ventromedial Prefrontal Cortex (2009)
Vikram S. Chib, Antonio Rangel, Shinsuke Shimojo, and John P. O'Doherty
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4. Transformation of stimulus value signals into motor commands during simple
choice (2011, PNAS)
Hare, Todd A., Schultz, Wolfram, Camerer, Colin F., O'Doherty, John P., Rangel,
Antonio
Week 4: NeuroMarketing
1. Neural Correlates of Behavioral Preference for Culturally Familiar Drinks (2004)
Samuel M. McClure, Jian Li, Damon Tomlin, Kim S. Cypert, Latané M. Montague,
P.Read Montague
2. When Does the Price Affect the Taste? Results from a Wine Experiment (2010)
Johan Almenberg and Anna Dreber (behavioral, too easy)
3. Marketing actions can modulate neural representations of experienced
pleasantness (2008, PNAS) Plassmann, Hilke, O'Doherty, John, Shiv, Baba, Rangel, Antonio
Week 5: Uncertainty and Probability
1. Ventromedial prefrontal cortex mediates guessing
Elliott, R. Rees, G. Dolan, R. J. (too easy)
2. Decisions under Uncertainty: Probabilistic Context Influences Activation of
Prefrontal and Parietal Cortices
Huettel, Scott A. Song, Allen W. McCarthy, Gregory
3. Neuronal Distortions of Reward Probability without Choice
Tobler, Philippe N. Christopoulos, George I. O'Doherty, John P. Dolan, Raymond
J. Schultz, Wolfram (not good and difficult to understand, shall be replaced with
Hsu et al 2009)
Background introduction:
Risky business: the neuroeconomics of decision making under uncertainty
Week 6: Uncertainty continued.
1. Neural response to reward anticipation under risk is nonlinear in probabilities
(2009, J.Neuroscience) (Must have)
Hsu, M., Krajbich, I., Zhao, C., Camerer, C. F.
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2. Neural Signatures of Economic Preferences for Risk and Ambiguity (2006,
Neuron) (Good)
Huettel, Scott A. Stowe, C. Jill Gordon, Evan M. Warner, Brent T. Platt, Michael L.
3. Neural systems responding to degrees of uncertainty in human decisionmaking (2005, Science) (Excellent)
Hsu, M., Bhatt, M., Adolphs, R., Tranel, D., Camerer, C. F.
Week 7: Uncertainty continued..
1. Neural substrates of reward magnitude, probability, and risk during a wheel of
fortune decision-making task (2009)
2. An fMRI study of reward-related probability learning (2005)
1. How unrealistic optimism is maintained in the face of reality (2011, Nature
Neuroscience) (Excellent)
Sharot, T., Korn, C. W., and Dolan, R. J.
Supplementary info.
comments by Prof. Daisy L. Hung
3. Decision under uncertainty
Week 8: Uncertainty continued...
1. An fMRI study of reward-related probability learning (2005, NeuroImage)
(Good in 3 phases for learning effects)
Delgado, M. R., Miller, M. M., Inati, S., Phelps, E. A.
2. Dopamine D1 Receptors and Nonlinear Probability Weighting in Risky Choice
(2010, The Journal of Neuroscience) (Good but using PET scan as tool)
Takahashi, Hidehiko, Matsui, Hiroshi, Camerer, Colin, Takano, Harumasa,
Kodaka, Fumitoshi, Ideno, Takashi, Okubo, Shigetaka, Takemura, Kazuhisa,
Arakawa, Ryosuke, Eguchi, Yoko, Murai, Toshiya, Okubo, Yoshiro, Kato,
Motoichiro, Ito, Hiroshi, Suhara, Tetsuya
3. The Neural Correlates of Subjective Utility of Monetary Outcome and
Probability Weight in Economic and in Motor Decision under Risk (2011, The
Journal of Neuroscience) (Excellent)
Wu, Shih-Wei, Delgado, Mauricio R., Maloney, Laurence T.
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1. Frames, Biases, and Rational Decision-Making in the Human Brain (2006,
Science) (Excellent)
De Martino, Benedetto, Kumaran, Dharshan, Seymour, Ben, Dolan, Raymond J.
2. The Neural Basis of Loss Aversion in Decision-Making Under Risk (2007,
Science) (Excellent)
Tom, S. M., Fox, C. R., Trepel, C., Poldrack, R. A.
3. BOLD responses reflecting dopaminergic signals in the human ventral
tegmental area (2008, Science) (Excellent)
D'Ardenne, K., McClure, S. M., Nystrom, L. E., Cohen, J. D.
4. Comparing Apples and Oranges: Using Reward-Specific and Reward-General
Subjective Value Representation in the Brain (2011, J. Neuroscience)
Levy, Ifat, Lazzaro, Stephanie C., Rutledge, Robb B., Glimcher, Paul W.
Week 9: Regret
1. The Involvement of the Orbitofrontal Cortex in the Experience of Regret (2004,
Science)
Nathalie Camille, Giorgio Coricelli, Jerome Sallet, Pascale Pradat-Diehl, Jean-René
Duhamel and Angela Sirigu,
2. Regret and its avoidance: a neuroimaging study of choice behavior (2005, Nature
Neuroscience) (Good)
Giorgio Coricelli, Hugo D Critchley, Mateus Joffily, John P O'Doherty, Angela
Sirigu & Raymond J Dolan
Week 10: Strategic Interaction
1. The Neural Basis of Economic Decision-Making in the Ultimatum
Game (2003, Science) (Good, easy and clear)
Sanfey, A. G, Rilling, J. K., Aronson, J. A., Nystrom, L. E. and
Cohen, J. D.
2. Introduction to Game theory.
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Week 11: Strategic Interaction continued
1. Getting to know you: reputation and trust in a two-person economic
exchange (2005, Science)
King-Casas, B., Tomlin, D., Anen, C., Camerer, C. F., Quartz, S. R., Montague, P.
R.
2. Intuition and deliberation: two systems for strategizing in the brain(2009,
Science) (Excellent and comprehensive)
Wen-Jui Kuo, Tomas Sjöström,Yu-Ping Chen, Yen-Hsiang Wang, Chen-Ying
Huang
3. Prefrontal cortex and decision making in a mixed-strategy game (2004, Nature
Neuroscience)
Barraclough, D. J., Conroy, M. L., Lee, D.
Week 12: The Theory of Mind
1. Neural signatures of strategic types in a two-person bargaining game (2010,
PNAS)
Bhatt, M. A., Lohrenz, T., Camerer, C. F., Montague, P. R.
2. Neural correlates of depth of strategic reasoning in medial prefrontal
cortex (2009, PNAS)
Giorgio Coricelli and Rosemarie Nagel
3. Neural Mechanisms of Belief Inference during Cooperative Games (2010, J.
Neuroscience)
Yoshida, Wako, Seymour, Ben, Friston, Karl J., Dolan, Raymond J.
Week 13: Intertemporal Decision
1. Separate Neural Systems Value Immediate and Delayed Monetary
Rewards (2004, Science)
McClure, Samuel M., Laibson, David I., Loewenstein, George, and Cohen,
Jonathan D.
2. The neural correlates of subjective value during intertemporal choice (2007,
Nature)
Joseph W Kable & Paul W Glimcher
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3. Overlapping and distinct neural systems code for subjective value during
intertemporal and risky decision making (2009, J Neurosci)
Peters, J. and Buchel, C.
Week 14: Intertemporal Decision cont...
1. Neural dissociation of delay and uncertainty in intertemporal choice (2008, J.
Neuroscience)
Christian C. Luhmann, Marvin M. Chun, Do-Joon Yi, Daeyeol Lee, and Xiao-Jing
Wang
2. Encoding of Marginal Utility across Time in the Human Brain Alex Pine, Ben
Seymour, Jonathan P. Roiser, Peter Bossaerts, Karl J. Friston, H. Valerie Curran,
and Raymond J. Dolan
Week 15: Social Cognition
1. Perceptions of moral character modulate the neural systems of reward during
the trust game (Nature 2005)
M R Delgado, R H Frank & E A Phelps
2. Neural Responses to Taxation and Voluntary Giving Reveal Motives for
Charitable Donations (Science 2007)
William T. Harbaugh, Ulrich Mayr, Daniel R. Burghart
3. Medial prefrontal cortex and striatum mediate the influence of social
comparison on the decision process (PNAS 2011)
Nadège Bault, Mateus Joffily, Aldo Rustichini, and Giorgio Coricelli,
4. The right and the good: distributive justice and neural encoding of equity and
efficiency (Science 2008)
Hsu, M., Anen, C., Quartz, S. R.
5. Using neural measures of economic value to solve the public goods free-rider
problem (Science 2009)
Krajbich, I., Camerer, C., Ledyard, J., Rangel, A.
Week 16: Miscellaneous topics
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1. A neural basis for the effect of candidate appearance on election outcomes
(2008, SCAN)
Spezio, M. L., Rangel, A., Alvarez, R. M., O'Doherty, J. P., Mattes, K.,
Todorov, A., Kim, H., Adolphs, R.
2. Self-Control in Decision-Making Involves Modulation of the vmPFC
Valuation System (2009, Science)
Hare, Todd A., Camerer, Colin F., Rangel, Antonio
3. Understanding Overbidding: Using the Neural Circuitry of Reward to Design
Economic Auctions (2008, Science)
Delgado, Mauricio R., Schotter, Andrew, Ozbay, Erkut Y., Phelps, Elizabeth
A.
4. Online evaluation of novel choices by simultaneous representation of
multiple memories (2013, Nat Neurosci)
Barron, H. C., Dolan, R. J., Behrens, T. E.
5. Smokers' brains compute, but ignore, a fictive error signal in a sequential
investment task (2008, Nat Neurosci)
Chiu, P. H., Lohrenz, T. M., Montague, P. R.
6. Neural Mechanisms of Foraging (Science 2012)
Nils Kolling1, Timothy E. J. Behrens, Rogier B. Mars, Matthew F. S. Rushworth
7. Time-Dependent Changes in Human Corticospinal Excitability Reveal Value-
Based Competition for Action during Decision Processing (2012, J.
Neuroscience)
Miriam Cornelia, Klein-Flügge, and Sven Bestmann
8. ….
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