Receptor theory and biological constraints on value

Ann N Y Acad Sci. 2007 May:1104:301-9. doi: 10.1196/annals.1390.013. Epub 2007 Apr 13.

Abstract

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.

Publication types

  • Research Support, N.I.H., Extramural
  • Review

MeSH terms

  • Animals
  • Behavior*
  • Brain / anatomy & histology*
  • Brain / physiology
  • Choice Behavior
  • Cognitive Science
  • Decision Making*
  • Humans
  • Models, Biological
  • Models, Economic
  • Models, Neurological
  • Models, Theoretical
  • Neurotransmitter Agents
  • Psychological Theory

Substances

  • Neurotransmitter Agents