Key research themes
1. How can neuroscience and cognitive science reshape economic theories of decision-making beyond 'as if' models?
This research area investigates the integration of neuroscientific insights into economic decision-making models, moving beyond traditional 'as if' assumptions based on revealed preferences to models informed by brain function and cognitive processes. It matters because understanding the actual neural and cognitive mechanisms underlying choices can address key limitations of classical economics, refine theoretical constructs such as utility and rationality, and bridge micro-level cognition with macroeconomic behavior.
2. What are the cognitive and psychological limitations to the classical assumptions of economic rationality and selfishness?
This theme addresses how cognitive psychology and behavioral experiments reveal departures from classical economic assumptions of perfectly rational and selfish agents. It matters because recognizing heterogeneity in preferences, the influence of social motives like fairness and reciprocity, and framing effects challenges foundational economics, necessitating models incorporating bounded rationality, psychological realism, and social considerations.
3. How does the concept of 'cognitive institutions' extend understandings of institutions and collective cognition within economic systems?
This theme explores the philosophical and institutional economic perspectives that cognition extends beyond individual minds to include external social, normative, and institutional elements—termed 'cognitive institutions.' This matters because recognizing institutions as constitutive components of collective cognition challenges internalist models, offering a conceptual foundation for understanding how shared mental models and societal scaffolding enable and shape economic behavior at a collective level.