California Institute of Technology

To develop, test, and apply neuro-economic models of how decision-makers switch between habit-driven and goal-seeking behaviors

  • Amount $308,614
  • City Pasadena, CA
  • Investigator Colin Camerer
  • Year 2018
  • Program Economics
  • Sub-program Economic Institutions, Behavior, & Performance

This grant supports a project by Caltech economist Colin Camerer to use insights from neuroscience to develop better predictions and explanations of consumer behavior. Camerer is developing, testing, and applying neuro-economic models of how people switch between behaviors that are habit-driven or routine on the one hand and behaviors that are goal-seeking and deliberative on the other—with particular focus on measuring the differences in price elasticities associated with one type of behavior vs. the other. Camerer will test the predictions of his model against a meta-analysis of previous results as well as in a field experiment using vending machines to measure economic variables, including price and quantity responses, and psychological variables, including response times and attention patterns.

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