From Biology to Behavior
Neuroeconomic Theory builds on a nexus of multiple disciplines intersecting Economics and Neuroscience, with the overarching goal of establishing connections between behavior and biological processes, specifically neural mechanisms.
The fundamental concept involves conceptualizing brain systems as players that optimize their objectives. This modeling approach draws parallels with techniques utilized in Microeconomics and makes use of methodologies and principles rooted in Decision Theory and Game Theory.
Psychology has extensively demonstrated deviations from rational decision-making, unveiling hypothesized mechanisms that give rise to biases in judgments and beliefs. It offers potential causal pathways to cross-reference with findings from neuroscience, allowing for validation through evidence.
Neuroscience furnishes tangible proof of the intricate systems and processes underpinning decision-making across various scenarios. This abundant data serves as a compass, guiding the selection of essential assumptions that should be incorporated when building models.
Although decision-making is primarily rooted in brain processes, it is also influenced by additional biological factors that shape the functioning of the brain. These mechanisms constitute significant sources of heterogeneity in behavior, manifesting as variations both within individual and across individuals.
Our Classes and Programs
USC Graduate level: ECON 606
USC Undergraduate level: ECON 415
USC Undergraduate level: ECON 420, 620, 621
Psychology and Economics
USC Graduate level: ECON 617/Psych 617
The LABEL Classroom is an innovative online platform created by the Los Angeles Behavioral Economics Laboratory. This comprehensive resource integrates insights from economics, psychology, neuroscience, and biology, offering a tailored learning experience for high school students seeking to explore the intricacies of decision-making. Moreover, it caters to the educational needs of undergraduate and graduate students, serving as both a robust learning tool and a valuable refresher for those delving into decision-making-related subjects.
LABEL Training Program
Participants enrolled in the LABEL Training program actively contribute to projects that bolster TREND investigations. Our approach hinges on meticulous and methodical evaluations of state-of-the-art research spanning diverse disciplines. Aspiring scholars intrigued by the interplay of decision-making, neuroscience, and biology are assigned research tasks within these domains, fostering a deeper understanding of their intricate connections. Their work is collected in internal reports, which are disseminated through the LABEL reports series.