Is Neuroeconomics Legit?
Ariel Rubenstein is a large critic of the new & appealing field of neuroeconomics. A year ago Rubenstein challenged several ardent supporters of Neuroeconomics to show him one Neuroeconomics paper that was likely to change economics. Furthermore, in a recent paper he writes:
The rise of Neuroeconomics is coming at a point in time when Economic Theory is not producing any exciting insights. The game-theoretical revolution in Economics is complete.. It is a time in which economists have already recognized the limits of rationality and are increasingly interested in models of Bounded Rationality. However, these models are due almost entirely to introspection and modeling convenience and are as such are perceived as arbitrary. Neuroeconomics is offering us the illusion that results achieved through introspection can be supported with hard evidence. For many economists who are obsessed with the desire to become scientists, this is an opportunity to become associated with real science.