Dopamine, Expected Utility and Decision-making in the Firm

Wargo, Donald T.; Baglini, Norman A.; Nelson, Kay M.

doi:10.4337/9781849805605.00020

Cited by 5 publications

(3 citation statements)

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“…The neuroscientific and especially the neuroeconomic account of managerial behavior in organizations has often concentrated on such matters as trust (Zak, 2004 , 2007 ; Zak and Nadler, 2010 ), cooperation and conflict (Levine, 2007 ; Tabibnia and Lieberman, 2007 ), reward processing (Wargo et al, 2010b ); and social interaction (Caldú and Dreher, 2007 ). All of these have some bearing on the kinds of functional and dysfunctional behavior with which we are concerned.…”

Section: Management Decisions and Cognitionmentioning

confidence: 99%

Cognitive requirements of competing neuro-behavioral decision systems: some implications of temporal horizon for managerial behavior in organizations

Foxall

2014

Front. Hum. Neurosci.

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Interpretation of managerial activity in terms of neuroscience is typically concerned with extreme behaviors such as corporate fraud or reckless investment (Peterson, 2007; Wargo et al., 2010a). This paper is concerned to map out the neurophysiological and cognitive mechanisms at work across the spectrum of managerial behaviors encountered in more day-to-day contexts. It proposes that the competing neuro-behavioral decisions systems (CNBDS) hypothesis (Bickel et al., 2012b) captures well the range of managerial behaviors that can be characterized as hyper- or hypo-activity in either the limbically-based impulsive system or the frontal-cortically based executive system with the corresponding level of activity encountered in the alternative brain region. This pattern of neurophysiological responding also features in the Somatic Marker Hypothesis (Damasio, 1994) and in Reinforcement Sensitivity Theory (RST; Gray and McNaughton, 2000; McNaughton and Corr, 2004), which usefully extend the thesis, for example in the direction of personality. In discussing these theories, the paper has three purposes: to clarify the role of cognitive explanation in neuro-behavioral decision theory, to propose picoeconomics (Ainslie, 1992) as the cognitive component of competing neuro-behavioral decision systems theory and to suggest solutions to the problems of imbalanced neurophysiological activity in managerial behavior. The first is accomplished through discussion of the role of picoeconomics in neuro-behavioral decision theory; the second, by consideration of adaptive-innovative cognitive styles (Kirton, 2003) in the construction of managerial teams, a theme that can now be investigated by a dedicated research program that incorporates psychometric analysis of personality types and cognitive styles involved in managerial decision-making and the underlying neurophysiological bases of such decision-making.

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Section: Management Decisions and Cognitionmentioning

confidence: 99%

Cognitive requirements of competing neuro-behavioral decision systems: some implications of temporal horizon for managerial behavior in organizations

Foxall

2014

Front. Hum. Neurosci.

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“…This is not the place to go into the details of this research. Suffice to say that the brain represents subjective value in neuronal processes, and that these processes are directly connected with learning (Schultz 2009; for a general reader's overview Wargo et al 2010). …”

Section: The Dual Selves View Of Choicementioning

confidence: 99%

The Cultural Science of Consumption: Brains, Networks, and Identities

Herrmann‐Pillath¹

2010

Cultural Science Journal

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The paper proposes a general theory of consumer behaviour in 'social network markets' -where individual choices are determined by the choices of others -by conceptualising such markets as examples of distributed cognition; itself part of an 'externalist' perspective on human identity. The paper goes on to consider the issues raised by this move, by working through the implications of a distinction between the 'object self' (or evaluating agency) and the 'acting self' (or implementing agency), a distinction that is required to account for apparent failures of choice within an individual. It transpires that 'dysfunctional' choices (choices that apparently harm the self) may be evidence of the evolutionary advantage of 'dual selves,' allowing for creativity to cope with novelty through open-ended learning. The paper uses this 'dual selves' approach to rethink semiotics and the emergence of meaning, building up an argument about the importance of copying, narrative and language in constituting identity though distributed cognition.Finally, the paper proposes that cultural science can reintegrate the study of meaning and cognition in order to analyse consumer behaviour and choice.

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“…The phylogenetic perspective emphasises the emergence of different brain functions through evolutionary time, thus distinguishing between modules of different age (which is often emphasized in management science adoptions of neuroeconomics, see e.g. Wargo et al 2010). The functional perspective focuses on the present patterns of module interaction and on how they correspond with task-related behavioral patterns.…”

mentioning

confidence: 99%

Meaning and Function in the Theory of Consumer Choice: Dual Selves in Evolving Networks

Herrmann‐Pillath

2010

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractBuilding on the philosophy of Charles Sanders Peirce, recent advances in biosemiotics have resulted into a concise framework for the analysis of signs in living systems. This paper explores the potential for economics and shows how biosemiotics can integrate two different research agendas, each of which are also connected with biological theories, namely neuroeconomics and the theory of networks. I introduce the triadic conceptual framework established by Peirce which distinguishes between object, sign and interpretant and the corresponding causal forces in evolving hierarchical systems. This framework is used to systematize recent results of neuroeconomics in the form of the dual selves approach, following early contributions of James Coleman, partitioning the individual into the acting self and the object self. This distinction implies that there is a fundamental information asymmetry between the two selves. Against this background, the semeiotic process is an information generating and processing dynamics, which is driven by the internal selection of classificatory schemes of actions chosen and the population level dynamics of sign selection, with mimetic behavior as a driver. This can be further analyzed by means of the theory of signal selection. A central insight is that the internal information gap between acting self and object self implies a systematic role of sign processing in social networks for any kind of consumer choice. I exemplify my approach with empirical references to food consumption as a most universal and simple form of consumer choice.

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Dopamine, Expected Utility and Decision-making in the Firm

Cited by 5 publications

References 0 publications

Cognitive requirements of competing neuro-behavioral decision systems: some implications of temporal horizon for managerial behavior in organizations

Cognitive requirements of competing neuro-behavioral decision systems: some implications of temporal horizon for managerial behavior in organizations

The Cultural Science of Consumption: Brains, Networks, and Identities

Meaning and Function in the Theory of Consumer Choice: Dual Selves in Evolving Networks

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