Shanghai Colloquium in Neuroeconomics: Agnieszka Tymula

Abstract:

We present a descriptive model of choice that incorporates neurobiological constraints and costs into a traditional economic framework. Individual’s behavior is fully de- scribed by two, in principle observable, primitives: an individual’s neural capacity and an endogenous rational expectation. The model captures the main features of Prospect Theory with significantly fewer parameters: reflection in risk attitudes and loss aversion, but unlike Prospect Theory accounts for individual heterogeneity in each. Our theory provides alternative explanation to endowment effect, which is based on the ownership beliefs rather than on loss aversion as in Prospect Theory. Our theory makes a series of novel predictions amenable to future testing. 

Biography:

Agnieszka Tymula is a decision-scientist who uses experimental and traditional theoretical economic tools in her research. While studying behavioural/experimental economics and choice theory as a graduate student at Bocconi University and a visiting scholar at Northwestern University, Agnieszka became convinced that understanding the biological constraints of human decision-making will be an effective way to constrain economic theory and experiments. In order to further explore this, Agnieszka joined the Society for Neuroeconomics and became a post-doctoral researcher in Prof Paul Glimcher’s lab at the Center for Neuroeconomics at New York University. She joined the University of Sydney in July 2013.

About Shanghai Colloquium in Neuroeconomics

This colloquium is one of the monthly Shanghai Colloquium Series. It aims to promote interdisciplinary discussion among many scholars in Shanghai who study Decision Making. The cooperative brings together scholars from all of the Shanghai Universities and Institutes on a regular basis, and holds monthly colloquium in Neuroeconomics at NYU Shanghai's campus in Pudong. The monthly colloquium also brings internationally recognized speakers from Asia, Europe and the Americas to Shanghai. Each colloquium is followed by a Q&A session as well as an informal reception.