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www.ebook3000.com Cognitive Processes and Economic Behaviour There has been a marked increase in debate surrounding the issue of the cognitive foundations of economic behaviour in recent years This debate seeks to explain the determinants of a variety of activities such as forecasting economic variables, perception and decision under uncertainty and communication in interactive contexts This volume contains contributions from leading scholars in their respective fields Themes covered range from behavioural finance to neuroscience Under the impressive editorship of Dimitri, Basili and Gilboa, this book will be of benefit to all those interested in the 'intersection between cognitive sciences and economics as well as economic theorists Nicola Dimitri is Professor of Political Economy at the University of Siena, Italy Marcello Basili is Associate Professor of Economics at the University of Siena, Italy Itzhak Gilboa is Professor of Economics at Tel Aviv University, Israel, and Fellow of the Cowles Foundation for Research in Economics, Yale University, US www.ebook3000.com Routledge Siena Studies in Political Economy The Siena Summer School hosts lectures by distinguished scholars on topics characterized by a lively research activity The lectures collected in this series offer a clear account of the alternative research paths that characterize a certain field Different publishers printed former workshops of the School They include: Macroeconomics A survey of research strategies Edited by Alessandro Vercelli and Nicola Dimitri Oxford University Press, 1992 Intemational Problems of Economic Interdependence Edited by Massimo Di Matteo, Mario Baldassarri and Robert Mundell Macmillan, 1994 Ethics, Rationality and Economic Behaviour Edited by Francesco Farina, Frank Hahn and Stefano Vannucci Clarendon Press, 1996 The Politics and Economics of Power Edited by Samuel Bowles, Maurizio Franzini and Ugo Pagano Routledge, 1998 The Evolution of Economic Diversity Edited by Antonio Nicita and Ugo Pagano Routledge, 2000 Cycles, Growth and Structural Change Theories and empirical evidence Edited by Lionello F Punzo Routledge, 2001 General Equilibrium Edited by Fabio Petri and Frank Hahn Routledge, 2002 Cognitive Processes and Economic Behaviour Edited by Nicola Dimitri, Marcello Basili and Itzhak Gilboa Routledge, 2003 www.ebook3000.com Cognitive Processes and Economic Behaviour Edited by Nicola Dimitri, Marcello Basili and Itzhak Gilboa I~ ~~o~;~;~~;UP LONDON AND NEW YORK www.ebook3000.com First published 2003 by Routledge 11 New Fetter Lane, London EC4P 4EE Simultaneously published in the USA and Canada by Routledge 29 West 35th Street, New York, NY 10001 Routledge is an imprint ofthe Taylor & Francis Group © 2003 editorial matter and selection, the editors; individual chapters, the contributors Typeset in by Times New Roman by Newgen Imaging Systems (P) Ltd, Chennai, India Printed and bound by Gutenberg Press Ltd, Malta All rights reserved No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording~ or in any information storage or retrieval system, without permission in writing from the publishers British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data Cognitive processes and economic behaviour / [edited by] Nicola Dimitri, Marcello Basili, and Itzhak Gilboa p cm - (Routledge Siena studies in political economy) Includes bibliographical references and index Economics-Psychological aspects Economic man Cognition Emotions and cognition Decision making I Title: Cognitive processes and economic behaviour II Dimitri, Nicola III Basili, Marcello, 1959- IV Gilboa, Itzhak V Series HB74.P8C64 2003 330'.01 '9-dc21 2003046535 ISBN 0-415-32005-4 www.ebook3000.com To the memory of Michael Bacharach www.ebook3000.com Contents List offigures List oftables List of contributors Introduction ix x xi xii Behavioral finance and markets GUR HUBERMAN A non-expected glance at markets: financial models and Knightian uncertainty 15 MARCELLO BASILI AND FULVIO FONTINI On the existence of a "complete" possibility structure 30 ADAM BRANDENBURGER Correlated communication 35 NICOLA DIMITRI A survey of Rule Learning in normal-form games 43 DALE O STAHL Framing and cognition in economics: the bad news and the good 63 MICHAEL BACHARACH Language and economics 75 BARTON L LIPMAN Learning from cases: a unified framework 94 ITZHAK GILBOA AND DAVID SCHMEIDLER Some elements of the study of language as a cognitive capacity LUIGI RIZZI www.ebook3000.com 104 viii Contents 10 Rationality, habits and freedom 137 PATRICK SUPPES 11 For a "cognitive program": explicit mental representations for Homo Oeconomicus (the case of trust) 168 CRISTIANO CASTELFRANCHI 12 The structured event complex and the human prefrontal cortex: the economic brain 209 JORDAN GRAFMAN 237 Index www.ebook3000.com Figures 1.1 1.2 5.1 5.2 5.3 6.4 11.1 11.2 12.1 Stock price of Royal Dutch relative to Shell ENMD closing prices and trading volume Payoff matrices for horse races Evidence of non-best-response behavior Games for testing reciprocity-based cooperation The vase-faces illusion The decision process The different emotional impacts Key components of an SEC mapped to PFC topography www.ebook3000.com 50 54 57 69 186 187 220 Tables 1.1 5.1 5.2 5.3 6.1 6.2 10.1 10.2 Returns, excess returns, trading volume, relative trading volume, and corresponding p-values for BMY In-sample performance measures Out-of-sample performance measures Parameter estimates of enhanced Rule Learning models PD in standard form The game of Hi-Lo Transition matrix for soft-drink choices Transition matrix for automobile purchases www.ebook3000.com 52 53 58 67 70 161 162 230 Jordan Grafman is important for managing aspects of decision-making, social cognition, planning, foresight, goal achievement, and risk evaluation - all the kinds of cognitive processes that contribute to economic decision-making and judgment Finally, there is now a substantial set of research that suggests that studying the nature of the SEC framework is a competitive and fruitful way to understand the role of the HPFC in behavior Acknowledgment Portions of this chapter were adapted from a chapter by J Grafman that appeared in the Handbook ofNeuropsychology (2nd edition) References Alexander, G E., Crutcher, M D., and DeLong, M R., Basal ganglia-thalamocortical circuits: parallel substrates for motor, oculomotor, "prefrontal" and "limbic" functions Prog Brain Res, 1990; 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71: 44-56 Dimitrov, M., Grafman, J., and Hollnagel, C., The effects of frontal lobe damage on everyday problem solving Cortex, 1996; 32: 357-366 Dimitrov, M., Grafman, J., Soares, A H., and Clark, K., Concept formation and concept shifting in frontal lesion and Parkinson's disease patients assessed with the California Card Sorting Test Neuropsychology, 1999a; 13: 135-143 Dimitrov, M., Granetz, J., Peterson, M., Hollnagel, C., Alexander, G., and Grafman, 1., Associative learning impairments in patients with frontal lobe damage Brain Cogn, 1999b;41:213-230 Dimitrov, M., Phipps, M., Zahn, T P., and Grafman, J., A thoroughly modern gage Neurocase,1999c;5:345-354 Dreher, C., Koechlin, E., Ali, 0., and Grafman, 1., The roles of timing and task order during task switching Neuroimage, 2002; 17(1): 95-109 Elston, G N., Pyramidal cells of the frontal lobe: all the more spinous to think with J Neurosci, 2000; 20: RC95 (1-4) Engel, A K and Singer, W., Temporal binding and the neural correlates of sensory awareness Trends Cogn Sci, 2001; 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97: 7651-7656 Koechlin, E., Danek, A., Bumod, Y., and Grafman, 1., Medial prefrontal and subcortical mechanisms underlying the acquisition of motor and cognitive action sequences in humans Neuron, 2002; 35(2): 371-381 Levine, B., Robertson, I H., Clare, L., Carter, G., Hong, J., Wilson, B A et al., Rehabilitation of executive functioning: an experimental-clinical validation of goal management training J Int Neuropsychol Soc, 2000; 6: 299-312 The economic brain 233 Levy, R and Goldman-Rakic, P S., Segregation of working memory functions within the dorsolateral prefrontal cortex Exp Brain Res, 2000; 133: 23-32 Macmillan, M., An Odd Kind of Fame: Stories of Phineas Gage Cambridge: MIT Press, 2000 Masterman, D L and Cummings, J L., Frontal-subcortical circuits: the anatomic basis of executive, social and motivated behaviors J Psychopharmacol, 1997; 11: 107-114 Meyer, D E and Kieras, D E., A computational theory of executive cognitive processes and multiple-task performance: Part Basic mechanisms Psychol Rev, 1997; 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11: 424 446 Partiot, A., Grafman, J., Sadato, N., Flitman, S., and Wild, K., Brain activation during script event processing Neuroreport, 1996; 7: 761-766 Partiot, A., Grafman, J., Sadato, N., Wachs, J., and Hallett, M., Brain activation during the generation of non-emotional and emotional plans Neuroreport, 1995; 6: 1397-1400 Pascual-Leone, A., Grafman, J., Clark, K., Stewart, M., Massaquoi, S., Lou, S et ai., Procedural learning in Parkinson's disease and cerebellar degeneration Ann Neurol, 1993; 34: 594-602 Pascual-Leone, A., Grafman, J., and Hallett, M., Procedural learning and prefrontal cortex Ann NY Acad Sci, 1995; 769: 61-70 Pascual-Leone, A., Wassermann, E M., Grafman, J., and Hallett, M., The role of the dorsolateral prefrontal cortex in implicit procedural learning Exp Brain Res, 1996; 107: 479 485 Petrides, M and Pandya, D N., Comparative Architectonic Analysis of the Human and Macaque Frontal Cortex In: Boller, F and Grafman, J (eds), Handbook of Neuropsychology Vol Amsterdam: Elsevier, 1994, pp 17-58 Petrides, M and Pandya, D N., Dorsolateral prefrontal cortex: comparative cytoarchitectonic analysis in the human and the macaque brain and corticocortical connection patterns Eur J Neurosci, 1999; 11: 1011-1036 Pietrini, P., Guazzelli, M., Basso, G., Jaffe, K., and Grafman, 1., Neural correlates of imaginal aggressive behavior assessed by positron emission tomography in healthy subjects Am J Psychiatry, 2000; 157: 1772-1781 Price, J L., Prefrontal cortical networks related to visceral function and mood Ann N Y Acad Sci, 1999; 877: 383-396 Rilling, J K and Insel, T R., The primate neocortex in comparative perspective using magnetic resonance imaging J Hum Evol, 1999; 37: 191-223 234 Jordan Grafman Robbins, T W., Chemical neuromodulation of frontal-executive functions in humans and other animals Exp Brain Res, 2000; 133: 130-138 Ruchkin, D S., Berndt, R S., Johnson, R., Ritter, W., Grafman, 1., and Canoune, H L., Modality-specific processing streams in verbal working memory: evidence from spatiotemporal patterns of brain activity Brain Res Cogn Brain Res, 1997; 6: 95-113 Rueckert, L and Grafman, J., Sustained attention deficits in patients with right frontal lesions Neuropsychologia, 1996; 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351: 1405-1412 Sirigu, A., Cohen, L., Zalla, T., Pradat-Diehl, P., Van Eeckhout, P., Grafman, J et al., Distinct frontal regions for processing sentence syntax and story grammar Cortex, 1998; 34: 771-778 Sirigu, A., Zalla, T., Pillon, B., Grafman, J., Agid, Y., and Dubois, B., Selective impairments in managerial knowledge following pre-frontal cortex damage Cortex, 1995a; 31: 301-316 Sirigu, A., Zalla, T., Pillon, B., Grafman, J., Agid, Y., and Dubois, B., Encoding of sequence and boundaries of scripts following prefrontal lesions Cortex, 1996; 32: 297-310 Sirigu, A., Zalla, T., Pillon, B., Grafman, J., Dubois, B., and Agid, Y., Planning and script analysis following prefrontal lobe lesions Ann N Y Acad Sci, 1995b; 769: 277-288 Smith, E E and Jonides, J., Storage and executive processes in the frontal lobes Science, 1999;283: 1657-1661 Stablum, F., Umilta, C., Mogentale, C., Carlan, M., and Guerrini, C., Rehabilitation of executive deficits in closed head injury and anterior communicating artery aneurysm patients Psychol Res, 2000; 63: 265-278 Stuss, D T., Toth, J P., Franchi, D., Alexander, M P., Tipper, S., and Craik, F I., Dissociation of attentional processes in patients with focal frontal and posterior lesions Neuropsychologia, 1999; 37: 1005-1027 Thierry, A M., Gioanni, Y., Degenetais, E., and Glowinski, J., Hippocampo-prefrontal cortex pathway: anatomical and electrophysiolo~ical characteristics Hippocampus, 2000; 10: 411-419 Vendrell, P., Junque, C., Pujol, J., Jurado, M A., Molet, J., and Grafman, J., The role of prefrontal regions in the Stroop task Neuropsychologia, 1995; 33: 341-352 Wharton, C M., Grafman, J., Flitman, S S., Hansen, E K., Brauner, J., Marks, A et al., Toward neuroanatomical models of analogy: a positron emission tomography study of analogical mapping Cognit Psychol, 2000; 40: 173-197 The economic brain 235 Zacks, M and Tversky, B., Event structure in perception and conception Psychol Bull, 2001; 127: 3-21 Zahn, T P., Grafman, J., and Tranel, D., Frontal lobe lesions and electrodermal activity: effects of significance Neuropsychologia, 1999; 37: 1227-1241 Zalla, T., Koechlin, E., Pietrini, P., Basso, G., Aquino, P., Sirigu, A et al., Differential amygdala responses to winning and losing: a functional magnetic resonance imaging study in humans Eur J Neurosci, 2000; 12: 1764-1770 Zalla, T., Phipps, M., and Grafman, J Story processing in patients with damage to the prefrontal cortex Cortex, 2002; 38(2): 215-231 Index ABI Inform database 9-10 abstraction III, 112, 126, 145, 146, 175; drastic 160 actions 174; deliberated 172; hypothetical payoffs from 43-4; intentional 173; language and 80-1; motoric 214; undecided 185 aggregation procedure 81 AI (Artificial Intelligence) 169, 170, 173, 187, 197, 222; challenges and attacks to 171 Akaike, H 94 algorithms 148 Allais, M Amsterdam Stock Exchange amygdala 225, 226 anaphors 128, 129 Anderson, S 53 Anscombe, F G 16 approximation 94, 112 Arabic dialects 120 Arbitrage Price Theorem 21 Archimedianity 101 Aristotle 137, 150 Arrow, K J 18, 155 articulation 106, 123 asset payments 18-19 associations 146-52 asymmetric orderings 78 attentionallcontrol processes 213-14 attribute assignments 86, 87 Aumann, R J 16 Austronesionan languages 130 automobile purchases 161 Avoid Pronoun principle 125 axiomatization 98-101, 102 axioms 66, 67, 100, 102-3, 110; diversity 101; free disposal 86, 87; see also Linear Correspondence Axiom Bacharach, M 64, 71, 190 backward anafora 126 Baddeley, A 213 Baker, Mark 121 Bantu languages 130 Barron's basal ganglia structures/functions 21 I, 224-5,226 Basili, M 21, 22, 23 Battigalli, P 33 Bavetta, S 155 Bayes, T 23, 24 BDI (Beliefs, Desires, Intentions) model 185 behavioural mechanisms 181, 185 beliefs 19, 30, 31, 138, 194-5, 198, 201; ambiguous 21; explicit 174; gradable 197; mutual 172; subjective 18 Belletti, A 122, 126 Bernoulli process 157, 159, 160 Billot, A 21, 22, 23 binary branching trees 108-9 binary relation 76-7 binding 110, 224; anaphor 128, 129 Binmore, K 35, 58, 175 Black, F 18 Blume, A 76, 77, 78, 79, 80 Boehm, T Botvinick, M 215 bounding nodes 117 brain 107,141,146,147,148,209-35 Brandenburge~A 33,44,168 Brewer, M 71 Bristol-Myers Squibb 8-10 238 Index Broca's area 223 Brodmann's areas 210 Bull, J 86 BUR ("believe unless refuted") rules 83, 84 burden of proof 83, 84 Burgess, P W 213 Burt, C L 138 Burzio, L 126 buyers and sellers 157 calculation 193 California 161 Camerer, C 53 Cantor's Theorem 32 Carnap, R xii cartographic projects 122 Case 122 Castelfranchi, C 44, 189, 198 causal determinacy 153 cause and effect 147, 155 c-command 109, 111, 128, 129 c-domain 109, 110, 111, 113 certainty 22, 198 chance 154, 155 Changeux, J P 215 Chateauneuf, A 20 children 113-14, 131 Chinese 115; Mandarin 112 choice 58,69,70,80,99,143-4,145-6, 155, 156; cooperative 66; population 49; predicted 52; probabilistic 47-8, 49,52,151-2,161; unresolved 149 Chomsky, Noam 105, 106, 115, 116, 125, 126, 128, 130, 148; Noam Scuola Normale seminars 117; see also Minimalist Program Choquet integral 16, 17, 18, 19-20, 21, 22 classification 97-8, 102 classifiers 68 clausal node 117 clauses 110,122,128, 130; embedded 127, 129; relative 116; tensed 118 closed-end funds 2-4 CNN &CNBC coextensionalites 65 "cognitive program" 168-208 Cohen, J D 213 coherence 182, 199 collective action 173 Collins, C 127 combination axiom 101, 102 comparative studies 112, 113, 114 competence 194, 195, 196, 199, 201 complementizers 128; declarative 130; embedded 130; intermediate 129 compromises 69, 70 concepts 63,76,106,111,112,123 conditioning 148 consciousness 174 contagion 7, 10 contiguity 150 contracts 68 Cookson, R 70 Cooper, R 215,216 cooperation 172; accidental 173; reciprocity-based 54-6 copy theory of traces 124, 129 coreference 107-8, 110, 111, 113; possible and impossible 109 correlated communication 35-42 cortex see HPFC counterargument 85-6 country funds 3, Coumot dynamics 46 Courtney, S M 213 Cover, T 99 Crain, Stephen 114 Crawford, V 76 creativity 79, 105 credibility 198, 199 cross-linguistic uniformity 112, 115, 116 Crumbaugh, C 66 CS (Cognitive Science) 169, 170, 173, 185; challenges and attacks to 171 CSCW (computer supported cooperative work) 170 Culicover, P 113 culture 68 Cummings, J L 210 Cutler, D M Dabora, E Damasio, A R 214 Darwin, Charles 6, 104, 112 Davis, A 138 debate 81-7 decision-making 164,201; abnormal 214; different mechanisms 180; emotion and 182,184-7; frames and 68-70,71; language and 80, 81; lethargy 12; probability-based 15; rational 170 under uncertainty 16-18; see also RDT definability requirement 81 definite description 65 definiteness effects 120, 121 Index definitions 87-8 de Groot, M H 95 Dehaene, S 215 Dekel, E 91 delegation 200-1 deliberation 172, 180, 187 Deneckere, R 86 density function 96-7 dependence 195 depression 151 derivation 100 derivational economy 126, 127 describability 77, 78, 79 description 112 description invariance 64-5 deservingness 67 determinism 155 Devroye, L 99 Dhar, R 164 dialects 120 dictionaries 108 Dimitri, N 35, 36,41 direct object 108, 120 discreteness 63-4 discrimination 66 disposition 194-5, 201 distribution 21,22,94-5,97, 145; discrete 94; initial propensity 48; probability 15, 18, 19,46, 52, 55, 88, 91, 140; unknown 94 diversity 101; language 112; measurement of 163-4 dividends 18 dopamine 211 Dow,1 19,20,21,23 dreams 149 Drolet, A L 164 DS (Deep Structure) 123 Duesenberry, S xiii Duetsch, M 188 dying 65 East Asian languages 120 econometric horse-race performance 51-4 ECP (Empty Category Principle) 119, 123 Edgell, S 164 Eimas, Peter 114 eliminativism 190-2 Ellsberg, D I Ellsberg Paradox 15-16 Elston, G N 211 emergence and cognition 171,172-3 EMG (Electronic Mail Game) 35,36-7 239 emotion 170, 180, 182-7 endowment 21 endowment effect 12 English 107, 118, 119, 121; children acquiring 131; Standard 130 EntreMed 2, 5-8, 9, 10-11 entropy 145, 146, 156-60, 161, 162-4 "epistemic program" 168 EPP (Extended Projection ·Principle) 119 Epstein, L G 23, 24 equilibrium 52, 82, 84, 86, 89; efficient 40; inefficient 37, 40; inferior 53; payoff-dominant 53; Radner's 24 equiprobability 70 Erev-Roth reinforcement learning 53 errors 78 estimation 96; kernel 94 ethical frames 66-7 Euclidean distance 52 Euclidean space 95, 98 evaluation 115, 189, 193, 194; multiple 67 Evans, G 66 eventualities 96-7, 98, 99 evidence 81-2 exchange rate executive function 213 expectations 18, 188; adaptive 53, 55; common 22; unwarranted 198; see also LBRIAE expected utility 16,17, 18,45,47,164; computations, fantasies of 140-2; minimal 21 expected value 20, 22, 23 expletives 126 Extended Standard Theory 115 extensionality principle 64-7 Fagin, R 67 Falcone, R 189, 198 Falk, A 178 Falmagne, J.-C 152 Fama, E F 10 Farah, M J 215 Farrell, J 76 feedback 81,172, 173; performance 44 Fehr, E 178 "fell swoop" 127, 130 fictitious play 46 financial models 18-23 finite complement 126 Fishman, M 86 Fix, E 99 240 Index Fodor, J 106 Foley, D xiii Folkman, Judah 5,6,8, 10 Fontini, F 21, 23 forecasting 47, 53 foreign markets 3, framing 63-70, 80, 81 free association 146, 150, 151, 164 freedom 149-54, 155, 163; entropy as the measure of 156-60; examples in markets 161-2; individual 164 French 118,119, 121, 128; verb positions 120 Freud, Sigmund 149, 150 frictions 18 Froot, K A fulfilment 195 Full Interpretation principle 127 Fuster, Joaquin 213 Gage (19th-c patient) 214 gains 65 Gambetta,D 190,191 games 30, 176; coordination 36; message-sending 76; normal-form 43-62; one-shot 177; two-player strategic-form 31; ultimate 176-8; see also EMG; GT Gardner, W 71 Gaudet, H 138 GEMG (Generalised Email Game) 37 generalization 99, 102, 162; analogical 111; morphologically based 120 generative grammar 105 generosity 67 geometric shapes 69 Georee, J 53 German 116, 117 Germanic languages 116, 119, 126 Ghilesin, B 139 Gilboa, I 16, 17,44, 101 Gilboa-Schmeidler theorem 21, 24 Glazer, J 84, 85 goa~ 174,177,179,186,187,201; achievement of 219; collective 184; see also meta-goals; pseudo-goals Goldman-Rakic, ~ S 213 Goode, W J 138 goodness-of-fit 52 Grafman, J 213 Grafton, J 44 grammar see generative grammar; Relational Grammar; Universal Grammar grammatical metatheory 115, 116 Greek letters 79 GT (Game Theory) 168,169,187,188; psychological 183 habits 142-6, 155, 156, 180 Hadamard, J 139, 148 Hagerty, K 86 Halle, M 115 Halpern, J 35 Halpern-Moses, Y 35 Hardouvelis, G 3, Hart, P 99 hedging 20 herd rules 48, 49, 53 heuristic value 105 Hi-Lo paradox 70-1 hippocampus 225 Hodges, J 99 Hoffman, E 67 Holt, C 53 HPFC (human prefrontal cortex) 209-35 Huang, J 120 Huberman, G Hu, J 23 Hulk, A 129 Humc, David 94, 147, 148, 153, 154-5, 156 Humphreys, G W 215 identity 70-2 impossibility theorem 31, 32-3 incentives 184, 187; economic 178, 179 incompleteness and unawareness 67-8 indication-friendliness 76, 77 indifference curves 19 inertia 22; see also LBRIAE infants 114 infinitive 126 informativeness 77 initial propensity distribution 48 instrumentalist position 44 integration 68 intentions 106, 123 interaction 171 interactive possibility structures 30 intermediate traces 129, 130 interpretive function 124, 129 introspection 107, 108; negative 67 intuitive knowledge 106, 107 Index invariance: description 64-5; linguistic 112; procedural 86, 87 inventories 105, 106, 125 inversion 130; "free" 126; subject 119-20 Irish 130 irrationality 19, 153, 175, 176-8, 180, 197,200 isomorphism 159, 160, 162 Italian 107, 112, 115, 116-17, 118-19, 121 ; post-verbal subjects in dialects 120 Jaeggli, O 118, 120 James, William 140-1, 144, 145, 147-8 Jonides, J 213 Jonker, C 199 Joyce, James 151 judgements 107; interpretive 111; subjective 99; variable 69 Kahneman, D P xii, 1, 64, 65-6, 80 Kalai 60 Kant, Immanuel 147, 153, 154 Katz, J 106 Kayne, Richard 116, 122, 124, 129 Keisler, H J 33 Kelsey, D 21 Kerbel, R S kernel methods 94, 95, 99, 102 Keynes, J M 24, 140 Kimberg, D Y 215 Klibanoff, P Knight, F H 15 Kornhauser, A 138 Kreps, D 68 Kwa languages 119 Lakonishok, J 11 language: and economics 75-93; learning 149; see also linguistics language acquisition 104, 115; Universal Grammar and logical problem of 111-14 Lasnik, Howard 109, 110 "last resort" operation 125, 126 Law of Effect 46, 59 Law of One Price 2-11,13 laws of nature 153 Lazarsfeld, P F 138 LBRIAE (Logit-Best Reply with Inertia and Adaptive Expectations) model 44, 53; Diverse Worldly 52 learnability 79, 113 Lebesgue integral 17 241 Lee, C M C lesions 212, 214, 222, 227 lexicon 105,114,121; mental 108 LF (Logical Form) 106, 123, 124, 125, 127, 129 Lightfoot, D 117 likelihood function 49, 52 Linear Correspondence Axiom 122, 124 Linearite du significant 124 linguistics 104-36; see also generative grammar; semantics; syntax; Universal Grammar Lipman, B 80, 82, 83, 84 Litvan, I 213 locality 127-31 Loewenstein, G 185 logit model 152; see also LBRIAE log-propensities 46, 48, 49 London Stock Exchange losses 65, 189 lotteries 66 loyalty 157, 158 Lucas, R E 23-4 Luce, R D 152 McCarthy, P S 161 McCloskey, J 130 McFadden,D 185 Machina, M 15, 66 McNeil, B 65 Maier, N R F 139 Mariotti, T 32, 33 market capitalization 8-9 market failures 15, 23 market imperfections 15 markets 157, 158, 159; behavioural finance and 1-14; freedom in 161-2; non-expected glance at 15-29 Markov process 157, 158, 159, 162 Marr, D 106 Marshall, A xi Marxism xii; natural framing 67-70 maximum likelihood 44, 56-8, 95, 97 maxmin behaviour 21, 24 meanings 81, 105, 123; partial representations of 106; pure or intrinsic 82 Mehler, Jacques 114 memory 96,105,150,151,217-18, 220-1,222,223; impaired 211; operative 128; replicated 101; short-term 213; temporary 216; unlimited 128; working 127,212-13 242 Index Menger, C xi mental states 138, 172 merit 67 Mertens, J.-F 33 meta-goals 180, 181-2 micro-foundation 178-9 Milgrom, P 11 Miller, E K 213 Mill, John Stuart 154 Milne, F 21 "minimal effort" type principles 125 Minimalist Program (Chomsky) 104, 110, 121, 122-4, 127 modular languages 79 Monderer, D 35 money illusion 66 monkeys 211 Morgenstern, O 21 morphemes 121 morphology 115, 126, 131; syntax and 120, 121, 128 Morris, S 35 motives 176, 184; non-pecuniary 178; rational 170, 177, 179; subjective 177; variety of 169, 170; warm-glow 58 MRI (Magnetic Resonance Imaging) 212 Mukerji, S 24 multiple priors approach 16 mutual funds naive set theory 30 NASDAQ Nash Equilibrium 35,37,47,49,50-1, 70; payoff-dominant 55 Nature 5-6 NAV (net asset value) negative arguments 87 negative reciprocity 55 neoclassical economics 12 Neumann, von 21 neural networks 148, 217 neurons 211,213,219,223 neuropsychological frameworks 211, 212-16,228 neurotransmitter systems 210-11 Newton, Isaac 147 New York Times 2-11 passim Nisbett, R E 138 no-arbitrage principle 18, 20 Nolen-Hoeksema, S 151 non-coreference principle/effect 110, 112, 113,124,128 nonexistence 32, 33 non-integrable frames 69-70 non-linear correlation 39-40 Norman, D A 213, 215 normative frames 63 novel expressions 105 Nozick, R 69 NP (noun phrase) 107, 108, 110, 113, 115, 117,122 Null Subject languages 126, 129 Nystrom, L E 213 object shift 126 oddities 63-4, 71 Okuno-Fujiwara, M 86 optimality 127, 128 optimal language 76-80 Ornstein, D S 160 Osborne, M 36 over-confidence/over-diffidence 200 P&P (principles and parameters) approach 117, 122, 123 paradoxes see Ellsberg; Hi-Lo; Russell; sorites parametric theory 118-22 Pareto xi, 21, 56, 88 "parole" 105 parsimony 191, 193 Parzen, E 94 Pattanaik, P K 155 payoff-dominance 53, 55, 70 PCS (Pearson Chi-square) measure 52 peptide systems 210 perception 106, 123, 142, 199 Perlmutter, D 116 persistence 195, 196 PF (Phonetic Form) 106, 123, 124, 125 philosophy 147 phonology 115 phrasal construction 121 phrases 122, 124; moved 129 physics 152, 153 Piccione, M 32, 33 Pisa 117 Pizzorno, A 178 Plaut, D C 215 Pollock, Jean-Yves 120, 129 Popper, K xii portfolios 18, 19, 21, 22 positive arguments 86, 87 possibility structures 30-4 Postal, P M 116 potency 68 Index poverty of stimulus situations 111, 112, 113 Powers (J.D.) and Associates 161 pragmatics 110, 112 predicates 65,66; embedded 126 prediction 94, 95, 96, 98-9, 100, 102, 103 predisposition 112, 114 preferences 20, 65-6, 81, 91, 92, 193; conflicting 83; Gateau-differentiable 21; probabilistic 152; reference-dependent 65-6; state-dependent 21; strict 15 prices 1-2, 18, 22; reaction to news 3, 10; see also Law of One Price priming 223 principles of economy 125-7 Prisoner's Dilemma 71, 176, 188, 189, 190 probability 24, 36, 37, 65, 78, 89, 155, 159,160,176-7; additive 15,17,19, 21,158; estimated 162; failure 41; non-necessarily-additive 16; response 145; stationary 161; subjective 45, 168, 187, 188, 192, 193; zero 47; see also choice; distribution problem-solving 70, 143; creative 139 pronouns 107-8,109, lID-II, 113; interrogative 127; overt 118; relative 116 Proust, Marcel 141-2 pseudo-goals 181-2 psychoanalysis 149 psycholinguistics 113, 128 psychology 139, 140, 144, 146, 174; cognitive 148; folklore 138, 143, 152 "pure thought" 148 Radner's equilibria 24 randomness 89-90, 157 random utility model 152 rationality 30,64, 138, 140, 144, 151, 174, 177; Bayesian 23; bounded 44, 70, 90, 91, 185; discrimination and 66; economic 184; essential aspect of 164; juxtaposition or opposition of 170; substantialist view of 175; see also RDT RDT (Rational Decision Theory) 175, 176, 178, 179, 184; cognition and 180 reactivity 180; and cognition 172; and intentionality 171 reality 72 reasoning 147,172, 185, 192; means-end 177; practical 138; strategic 170; team 70, 71 243 reciprocity-based cooperation 54-6 reconstruction theory 110, 128 recursive functions theory 106 reductionism 178 reference-dependent preferences 65-6 reflexes 181 refutability 84 Regev, T Reinhart, Tanya 109, 110, 112 Relational Grammar 116 representations 100, 105, 106, 110, 119, 124, 129, 130; abstract 111, 126; cognitive agents have 174; derived 128; explicit 171; mental 127, 192; minimal 122; process versus 217-18; SEC 219-25; sound 123; syntactic 122; temporary memory 216 resemblance 150 resolution function 86, 87 returns 18; expected 19 revelation 84-5 rewards 177,178, 180 rhetorical arguments 87 "rigor mortis" 170 risk 70,189,191, 192; acceptance 197-8; avoidance 190, 197-8; perceived 193, 196, 198; sharing 11; uncertainty and 15,20 Rizzi, L 117, 118 RMSE (Root Mean Squared Error) 52, 53, 59 Robins, Lionel 178 Rornancelanguages 116,126 Rosenblatt, M 94 Rosenthal, L Rossi, P H 138 Royal Dutch 4, Royall, R 99 Rubinstein, A 33,36,37,38,40,41,75, 76,77,78,79,81,84,85 rule induction 115 Rule Learning 43-62 rules 116, 148; behavioural 46,47; BUR 83, 84; evidence-based 47-8; herd 48, 49,53 Russell's Paradox 30 S~P500index 2,7 Safir, K 118, 120 Sainsbury, R M 88, 90 salience 68, 70 Salonen, H 32 Samet, D 35 244 Index Samuelson, L xi, 35, 58 Saussure, Ferdinand de 105, 112, 124 Savage, L J 15, 91, 140 Scandinavian 119 "scene-setting" adjunct 110-11 Schmeidler, D 15,16,17,101; see also Gilboa-Schmeidler Scholes, M 18 Schooler, J W 151 Schwartz, M F 215 SECs (structured event complexes) 209, 218-30 self-confidence 195, 196 self-interest 178 self-interest short-run 45 selfishness 67, 178, 179 self-motivated agents 178, 179 semantics 107,114,119,124, 128 sensorimotor systems 106, 123 sentences 105, Ill, 124, 127, 129; novel 107; structural organization 108 separatrix-crossing behaviour 57, 58 Seppi, D 82, 83, 84 sequential games 59 serotonergic functions 211 Seta, M del 155 Severinov, S 86 Shafir, E 70, 80, 81 Shallice, T 213,215, 216 Shell 4,5 Shin, H S 35, 86 Shleifer, A 2, II Siamese twin stocks 2,4-5 Silverman, B W 94 similarity 146, 150 similarity function 95, 97, 98, 100, 102 Simonsen, M 19 Simonson, I 81 Siniscalchi, M 33 sister nodes 109 situatedness 170 Smith, Adam Smith, E E 213 SmithKline Beecham SMT (Strong Minimalist Thesis) 122, 125 Sobel, J 76 social norms 67 "social paradigm" 169 soft drinks market 162 somatic markers 20 I; social cognition and 214 sorites paradox 88 sounds 105, 106, 123 speech: freedom of 164; inner 105 speed-of-adjustment question Spiegler, R 86, 87 spillover effects Spitzer, M L 67 SS (Surface Structure) 123, 124 Stahl, D 44,47,50,51,56,64 stationary processes 158, 159, 160 status quo bias 12, 87 stimuli 145, 211, 217, 222, 224, 227 stochastic process 156, 158, 159 stock market crash (1987) Stokey, N 11 Stone, C 99 stress-testing 49 Stroop Test 215 Stuss, D T 213 Stylistic Inversion 130 Subjacency 117 subjects: embedded 129; inverted 119-20; pronominal, phonetically null 118, 119; quirky 120; referential 126 Suchman, L A 172 suffering 182 Sugden, R 71 Summers, L Suppes,~ 148,152,158,161 survival rates 65 Swahili 115 symbols 79 syntax 104, 106, 107, 108, 109, 122, 127; comparative, theory-guided 114; minimalist 125; morphology and 120, 121, 128; pragmatics and 110, 112 synthetic theories 171-3 tacit knowledge 111 Tallon, J M 24 teaching behaviour 53 team reasoning 70, 71 teleonomic phenomenon 174 temporal-parietal cortex functions 225 tense 108, 118, 121 Texas 56 Thagard, P 171 theorems 110 theory of mind 181, 188 thinking 143, 148; unconscious nature of 137-40 Thornton, R 131 thought 106, 123, 148, 155; freedom of 164 time 105 Index Tirole, J 158 tit-for-tat based cooperative rule 58 Tower of London test 215 trading 11-13 transcendental idealism 147 transference 48-9,56 trembles 53; uniform 47 Treur, J 199 trust 187-201 Turing, A 141, 142, 148 Tversky, A xii, 1, 64, 65-6, 80, 81 Unaccusative Hypothesis 116 unawareness 139; incompleteness and 67-8 uncertainty 154-6, 197, 198, 200; decision-making under 16-18; dispelled 68; financial models with 18-23; risk and 15 unconscious knowledge 106-11 uncorrelated communication 40-1 under-trading 12 unfairness 176 unforeseen contingenc'ies 68 Unilever uniqueness 102 Universal Grammar 104, 111-18, 121, 123,124,125,131 universals I 12, 113 US car purchases 161 utility 151-2,168-9,175,183,188; founding 180-2; Independent Axiom 66; maximizing 180, 182, 184; see also expected utility utility function 183, 184 vagueness 87-92 values 179 variable frame theory 68 245 variables: continuous 98; random 95, 96, 97, 157 verbs 120-1,126; agreement head 121-2; complementizer 121; embedded 124; transitive 108; see also VP Vergnaud,J.R 122 vision: binocular 114; computational approach 106 visuomotor actions 225 von Neumann-Morgenstern utility maximizers 21 VP (verb phrase) 108, 115, 119, 120, 121 VSO languages 121 vulnerability 189 Wall Street Journal 3, 7, Walras, L xi Wang, T 23, 24 Wameryd, K 76 Watson, J 86 Watson, James D 6, 10 Weak Crossover 126 well-fonnedness 121 Werlang, S 19,20,21,23 Wexler, K 113 Wh Island 116-17,130,131 "why" questions 138 Williamson, O E 188, 191, 193 willingness 190, 195, 196, 199 Wilson, P 47,56 Wilson, T D 138, 151 Wisconsin Card Sorting Test 215 Xu, Y 155 Yates, F A 150 Young, C Zamir, S 33 ... Petri and Frank Hahn Routledge, 2002 Cognitive Processes and Economic Behaviour Edited by Nicola Dimitri, Marcello Basili and Itzhak Gilboa Routledge, 2003 www.ebook3000.com Cognitive Processes and. .. bibliographical references and index Economics-Psychological aspects Economic man Cognition Emotions and cognition Decision making I Title: Cognitive processes and economic behaviour II Dimitri, Nicola.. .Cognitive Processes and Economic Behaviour There has been a marked increase in debate surrounding the issue of the cognitive foundations of economic behaviour in recent years

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