NEUROECONOMICS: A CONTEMPORARY SCIENTIFIC FIELD AND INNOVATIVE APPROACH AS A SIGNIFICANT FACTOR OF ECONOMIC DEVELOPMENT
Journal Title: EMC Review: Časopis za ekonomiju i tržišne komunikacije - Year 2015, Vol 5, Issue 2
Abstract
The process of making adequate economic and fi nancial decisions represents a crucial aspect in economics, which implies a choice of specifi c alternative methods in decision making. A Signifi cant portion of scientifi c discussions are concerned with the nature of the decision making process, as well as the dominant factors that infl uence this process. Historical scientifi c trends in Economics include various approaches and analytical challenges regarding problems encountered in economic/fi nancial decision making. Besides classical economic and fi nancial theories, research endeavors have included numerous other scientifi c disciplines in an eff ort to thoroughly investigate this issue. Increased attention has been recently focused on psychological aspects of economic behavior within the contemporary discipline of economics, specifi cally in the domain of corporate economic and fi nancial decision making and the market role. Contemporary Economics has been placing an increased focus on consumer behavior, as well as psychological factors that impact economic decisions. As a result, new theoretical concepts have recently off ered new insights into the process of economic/fi nancial decision making. Beside the recent trend of behavioral economics (behavioral fi nance) within the last few decades, a plethora of disciplines with the prefi x ‘neuro’ have been around, including neuroeconomics and neurofi nance, which are particularly signifi cant for our paper. Neuroeconomics and neurofi nance is a dynamic and promising research fi eld, which relates economic and fi nancial concepts, social and cognitive psychology to neurology with the aim to shed more light on the process of economic and fi nancial decision making. Neuroscientifi c techniques and tools that refl ect brain activities in the process of economic and fi nancial decision making are available, such as electroencephalogram (EEG) and functional magnetic resonance (fMR). Managers and executives face new challenges of economic development in complex economic environments. Neuroeconomics represents a successful alternative support in an eff ort to resolve economic recession problems. Taking this into consideration, neuroeconomics as a new scientif discipline, represents an innovative approach that could infl uence economic development.
Authors and Affiliations
Dragan Kolev, Ana Njegovanović, Petar Krešimir Ćosić
Keywords
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