Receptor theory and biological constraints on value.
Modern economic theories of value derive from expected utility theory. Behavioral evidence points strongly toward departures from linear value weighting, which has given rise to alternative formulations that include prospect theory and rank-dependent utility theory. Many of the nonlinear forms for value assumed by these theories can be derived from the assumption that value is signaled by neurotransmitters in the brain, which obey simple laws of molecular movement. From the laws of mass action and receptor occupancy, we show how behaviorally observed forms of nonlinear value functions can arise.
Berns
Gregory S
GS
Department of Psychiatry and Behavorial Sciences, Emory University School of Medicine, Atlanta, GA 30322, USA. gberns@emory.edu
Capra
C Monica
CM
Noussair
Charles
C
D000818:Animals; D001519:Behavior; D001921:Brain / Q000033:anatomy & histology* / Q000502:physiology; D002755:Choice Behavior; D019336:Cognitive Science; D003657:Decision Making; D006801:Humans; D008954:Models, Biological; D018803:Models, Economic; D008959:Models, Neurological; D008962:Models, Theoretical; D018377:Neurotransmitter Agents; D011582:Psychological Theory
D018377:Neurotransmitter Agents