(forthcoming in the Philosophy Compass) Decision-Making: A Neuroeconomic Perspective

This article introduces and discusses from a philosophical point of view the nascent field of neuroeconomics, which is the study of neural mechanisms involved in decision-making and their economic significance. Following a survey of the ways in which decision-making is usually construed in philosophy, economics and psychology, I review many important findings in neuroeconomics to show that they suggest a revised picture of decision-making and ourselves as choosing agents. Finally, I outline a neuroeconomic account of irrationality. 1. The Rational Animal In Philosophy, Economics and Psychology Human life is one long decision tree. (Sterelny) Rational agents display their rationality mainly by making decisions. Some decisions are basic (turn left or turn right), other ones concern more crucial issues (“to be or not to be”). Even abstinence is decision, as thinkers like William James or JeanPaul Sartre once pointed out. Since choice is central to life, it is not surprising that many disciplines attempt to properly characterize decision-making. Philosophy, psychology and economics, among others, all have different and sometimes conflicting views about