Econ/Psych 5870: Neuroeconomics Things to know for Exam 1: Lectures: Normative decision making to Simple Choice (Lecture 2 to 10) Chapters: 1, 3, 5, 6, 8 Problem Sets: 1, 2 The format will have multiple choice questions, some terms to define, and a couple of problems similar to the ones on the recent problem sets. You should knIf you want to learn more check out consider a small economy in which consumers buy only two goods: pretzels and cookies. in order to compute the consumer price index for this economy for two or more consecutive years, we assume that
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ow the key result(s) from each study we’ve discussed in class, but I won’t ask for minute details or for you to remember the experiment based on the author names. For those kinds of questions I will always describe the experiment and then ask you what was the key finding from that experiment. Things to know from normative decision making: -What is a utility function? -What is the relationship between utility function and preference? -How do you calculate expected value? -How do you calculate expected utility? -What is the difference between increasing and decreasing marginal utility? What are some examples of both? -What are the four axioms of expected utility theory, and what do they mean? -What are the counterexamples to the axioms? Things to know from experiments in decision making: -What is the preference reversal phenomenon? -What is the difference between correlation and causation? -What are some differences between Psychology and Economics experiments? -What are some differences between lab and field experiments? -What is the effect of paying subjects all rounds versus just a random round? -What did we learn from the Sokol-Hessner study on “thinking like a trader”? -What did we learn from the Hayden & Platt study on risky decisions? Things to know from multi-attribute choice: -Difference between compensatory vs. noncompensatory strategies? -Difference between alternative-based vs. attribute-based strategies? -Difference between exhaustive vs. non-exhaustive strategies? -What does it mean for a strategy to be adaptive? -How do you apply MAUT to solve a decision problem? -What is the lexicographic rule? When is it used? What are its weaknesses? -What is satisficing? When is it used? What are its weaknesses? -What is elimination by aspects? When is it used? What are its weaknesses? -What did we learn from the Caplin, Dean, Martin paper on satisficing? -What are the attraction, similarity, and compromise effects? Things to know from sequential sampling models (speed-accuracy tradeoff): -What is the speed-accuracy tradeoff? -In sequential sampling models, how does changing the decision threshold affect decision speed? When would you want a high or low threshold? -In what way is the flat threshold rule “optimal”?-How does the strength of the preference or evidence affect choice consistency/accuracy and decision speed? Things to know from introduction to neuroscience: -How many connections between neurons? How many neurons in the brain? -Anatomy of a neuron: dendrites, cell body, axon, axon terminal, myelin, synapse, neurotransmitters. -What are in the inputs and outputs of a neuron? How does one neuron communicate to another? -What is an action potential? -What happens in the synapse? -What’s the difference between excitatory, inhibitory and neuromodulatory neurotransmitters? -What are agonists and antagonists? -What are the four lobes of the brain? -What do anterior/posterior/dorsal/ventral/lateral/medial mean when referring to the location of brain regions? -What is white/gray matter? -What is a sulcus vs. gyrus? -What’s the difference between cortex and sub-cortex? -What does it mean that the brain is “modular”? Things to know from methods of neuroscience: -Methods for measuring brain activity? -Methods for manipulating brain activity? -What are the three major tradeoffs between neuroscience techniques? Answer: time resolution, spatial resolution, and invasiveness. -What are we measuring with fMRI? -What are the main advantages and drawbacks of fMRI? -What are the two primary methods for analyzing fMRI data? How do they differ? -What is a voxel? -What are the advantages/disadvantages of PET? -What does EEG measure? What are its advantages/disadvantages? -What does MEG measure? What are its advantages/disadvantages? -What is an event related potential? -What is electrophysiological recording? What are its advantages/disadvantages? -What does TMS do? What are its advantages/disadvantages? -What does tDCS do? What are its advantages/disadvantages? Things to know from simple choice: -What are stimulus value, action cost, and action value? -What are the different ways to measure stimulus value, and what are their advantages and disadvantages? -What are prediction errors? -What is salience? -According to the Litt et al. study, where in the brain correlates with stimulus value? -According to the Litt et al. study, where in the brain correlates with salience? -According to the Litt et al. study, where in the brain correlates with both? -According to the Hare et al. (2008) study, where in the brain correlates with stimulus value, action value, and prediction error?-What brain area appears to consistently correlate with stimulus value across the various studies we’ve looked at? -What did we learn from the Padoa-Schioppa & Assad (2006) study? -What is the difference between DDM and the attentional DDM? -What is the usual finding on the correlation between choice probability and stimulus value difference? -What is the usual finding on the correlation between stimulus value difference and reaction time (RT)? -What is the usual finding on the correlation between relative looking time and choice probability? -What did we learn in the Lim et al. (2011) study? -What did we learn in the Armel et al. (2008) study? -In the Hare et al. (2009) study, what brain area showed a difference between successful and unsuccessful dieters? What was that difference?