Theoretical frameworks for neuroeconomics of intertemporal choice

TL;DR

This paper introduces new theoretical frameworks in neuroeconomics to unify the study of impulsivity and inconsistency in intertemporal choice, emphasizing neurochemical influences and time perception.

Contribution

It proposes novel frameworks integrating neurochemical and neuroendocrinological factors into the neuroeconomic analysis of intertemporal decision-making.

Findings

Unified framework for impulsivity and inconsistency in intertemporal choice

Highlighting the role of neurochemical modulation in decision-making

Emphasizing the importance of neuroendocrinological factors

Abstract

Intertemporal choice has drawn attention in behavioral economics, econophysics, and neuroeconomics. Recent studies in mainstream economics have mainly focused on inconsistency in intertemporal choice (dynamic inconsistency); while impulsivity/impatience in intertemporal choice has been extensively studied in behavioral economics of addiction. However, recent advances in neuroeconomic and econophysical studies on intertemporal choice have made it possible to study both impulsivity and inconsistency in intertemporal choice within a unified framework. In this paper I propose the new frameworks for investigations into neuroeconomics of intertemporal choice. The importance of studying neurochemical and neuroendocrinological modulations of intertemporal choice and time-perception (e.g. serotonin, dopamine, cortisol, testosterone, and epinephrine) is emphasized.