An Introduction to Physiological Economics

Oliver J. Hulme, Edward J. D. Webb, Alexander C. Sebald

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This chapter provides a brief introduction to the field of physiological economics. We begin by articulating why physiology is important for understanding the behavior of economic agents. Focusing primarily on hormonal signals, we outline basic concepts in endocrinology. We provide a description of the most commonly analyzed hormones, including their biological relevance and how they are measured. We then proceed to describe the available evidence pertaining to the relation between hormones and economic behavior, including both individual and social decision-making. We end by briefly exploring limitations, challenges, and potential future directions.

Original languageEnglish
Title of host publicationHandbook of Research Methods and Applications in Experimental Economics
EditorsArthur Schram, Aljaž Ule
Number of pages21
Place of PublicationCheltenham
PublisherEdward Elgar Publishing
Publication date2019
ISBN (Print)9781788110556
ISBN (Electronic)9781788110563
Publication statusPublished - 2019
Externally publishedYes
SeriesHandbooks of Research Methods and Application

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