Neuroeconomics

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PNAS Article on Strategic Learning

New paper Dissociable neural representations of reinforcement and belief prediction errors underlie strategic learning coming out in PNAS. First paper from Lusha Zhu’s Ph.D. thesis!

New Article on Aging and Games

New paper coming out on changes in decision-making across the lifespan. Lifespan differences is an area of interest since my time at Illinois, where there were a number of world-class researchers on age-related changes in memory, executive function, and emotion. Surprisingly, despite the immense knowledge in these area, we still know very little about social functioning, particularly about social decision-making. I think this is changing, as in addition to ours, there have been several recently, including this fMRI paper on the aging and Ultimatum Game by Alan Sanfey.

Zhu, Lusha, Daniel Walsh, and Ming Hsu. Neuroeconomic Measures of Social Decision-Making Across the Lifespan. Frontiers in Neuro​science, 6:128. doi: 10.3389/fnins.2012.00128.

HuffPost Live

Many thanks to Abe Forman-Greenwald and the HuffPost Live crew for inviting me to take part in The Matter of the Mind and talk about a topic that is never too far away when I tell people I study how our brains make decisions. That is, someone eventually asks about free will. Nowadays there is also a bit of queasiness when they find out I’m in marketing (but that’s a conversation for another day!). For those interested, check out the video here.

Evil Girl Scouts

Ran across this hilarious example on the evils of Girls Scout Cookies while looking around for example of self-control problems.

Unfortunately for me, I was pretty weak from fighting all those earlier urges and had no defense against the most dastardly diet killing villain ever. Girl Scouts and their cookies! “Sir,” this cute, very innocent, albeit completely evil little girl asked, “would you like to buy some girl scout cookies? They are for a good cause.”

I just stared blankly at her for what must have been 3 minutes, begging God to smite this little demon down with a bolt of lightning.Before that could happen though, her mom noticed me just staring at her and thought I was a creeper or something because she came running over to investigate.

“Sir,” the little girl said again with her mom now standing next to her protectively, “well, would you like some cookies?”

By that point, since no lightening had come down and my will power was spent from the drive prior, I started shaking violently. Finally I screaming, “Ok! I give up,” and knocked both the little girl and her mother over as I ran to the table loaded down with boxes and boxes of multicolored Girl Scout cookies, like I was chasing gold at the end of a rainbow.

This is just one anecdote, but the underlying idea—that food is like a drug, and obesity like addiction—is become quite well accepted. The analogy does have a few problems, delineated very nicely in a recent Nature Reviews Neuroscience opinion piece. My main takeaway is that it’s no so much as the analogy that fails, but rather the facile comparison of symptoms. For example, the tolerance and withdrawal symptoms in drug abuse have no direct equivalent in food. Still, the cognitive mechanisms, such as impulsivity and self control, likely underlie both.

Congratulations Dr. Lusha Zhu!

Congratulations to Lusha Zhu, the first (of hopefully many) Ph.D. student from the lab! Her thesis is: “Understanding the Neural Mechanisms of Strategic Learning: Correlates, Causality, and Applications”. Depending on who one counts as the first generation of neuroeconomists, Lusha is either the second or third generation. And compared to my own thesis, I think it goes to show that we’ve come a long way in terms of advancement both conceptually and methodologically.

Kavli Frontiers Symposium

Last week I attended and gave a talk at the Kavli Frontiers of Science symposium. It was held at the National Academy of Sciences in Irvine, and is one of those truly interdisciplinary conferences where you get to hear people from fields like material science to astronomy talking to and with each other. The 2010 talks aren’t up yet, but the archive or the past talks are. It was one of the most enjoyable conferences I’ve been to. The normal conference circuit is good but it’s also a lot of work. You’re always trying to track the latest trends and ideas, and implicitly or explicitly measuring your work against others in the field or adjacent fields. Here everybody is so different that it’s worthwhile to just sit back, relax, and learn something about the big topics in other the sciences. It’s like being an undergrad again without any of the downsides of being an undergrad!

Still, just because the topics are different doesn’t mean the problems are completely dissimilar. I particularly like the session on Cryosphere Hydrosphere Interaction, not least because I learned two new words. The other thing I learned was that ice caps on mountains like Kilimanjaro are essentially in equilibrium with the surrounding environment, so it’s easy to understand the effects of global warming. Ice sheets on the other hand, are a totally different beast. Because they are so massive they change the environment around them; and to model the effects requires knowledge of parameters and mechanisms that we know very little about. Now since this is all from memory the details are probably totally wrong, but I think it makes for a pretty nice physical analogy to what makes economic phenomenon complicated.

California Cognitive Science Conference

Yesterday I gave a talk at the 2010 California Cognitive Science Conference, run by the undergraduate student association of the same name. I had a great time, and found out to my amazement that it really is an undergraduate run conference. Yes I know it’s in the description and all, but there was nary a supervising “adult” in sight, impressive for a conference that had students coming from all across the state, and certainly better run than some of the conferences I’ve been to before. All of which makes me feel old and think, “Kids these days...”, but in a good way.

P.S. A couple of people asked if I can send them my slides, so here they are.

Radio Interview

Yesterday I participated in a live radio interview with the Edmonton radio program Skeptically Speaking. It was quite fun and had very well-informed audience questions. There was even one question about how our research applies to game theory, which is exactly what we are doing these days.

The last question from the hosts kind of stumped me though. It was something like, "If there was a song that described your life arc, what song would it be?" After the show Desiree told me one previous answer was the Imperial march from Star Wars, which is pretty good. I have nothing to rival that. I've thought about it and still can't think of anything. Maybe Dirt Off Your Shoulders, but I don't even like that song.

Anyway I am looking forward to getting the podcast soon. Here's hoping that everything sounds better on air, or over iTunes in this case.

Update (5/4): The episode is up now. A couple of thoughts.

  1. It's hard to keep things on a lay level. I made a conscious effort at the beginning but it was hard to maintain. Science blogs complain bitterly about the media butchering their science reporting. They are certainly right in some cases, but what gets overlooked is just how difficult it is to be engaging without overloading on jargon and details. It doesn't help that people tend to fixate on the headlines, which to me seems harder to write and typically not even written by the author of the article.
  2. The length of the show (~40min) surprised me. And since it started recording at 7PM CST, I was totally starving and noticeably running out of steam towards the end. If it had gone on further I would have either ordered take out or starting speaking in tongues.

Neurofinance Webcast

Interesting interview with Peter Bossaerts from the private banking consulting group Arvetica. Alas for the consulting firm he does not reveal the secret to using neurofinance to make billions. Read More...

Schadenfreude

Just read the recent paper on neural correlates of envy and schadenfreude. Interesting overall but I'd rather they used something other than imaginary scenarios. One interesting side effect of the financial crisis is the number of overt displays of schadenfreude on the Internet. I particularly like this choice bit from the Monkey Cage:

It’ll be interesting to see whether academic starting salaries in economics fall due to the diminished demand. Somehow, I suspect that economists will cook up some new rationales that they can offer to beleaguered deans about why economists’ salaries should remain higher than what the rest of us make.

Given all of these studies are in universities, it wouldn't be too difficult to show a group of political scientists (actually you have your pick of disciplines) the pictures of their economist colleagues. I can almost see the twinkle of bemused malice in their eyes at offering $1 out of 10 to their economist colleagues in an ultimatum game. The parity in faculty compensation in Japan though is going to make this difficult. So, if you are a political scientist and genuinely enjoy seeing the misfortunes of your economics colleagues, please email me to volunteer for my new study, which I call, "Haterade in the Ivory Tower".

P.S. I don't mean to pick on the Monkey Cage. I like the blog and the entry is amusing and certainly not mean-spirited. If you are looking for the latter though, you'd be hard pressed to top this group.

Brain Atlas

Every now and then I get asked for a reference to pick up the necessary neuroanatomy knowledge to read a neuroimaging or neurophysiology paper. Unfortunately I didn't have a very good answer. The references were either too comprehensive (and typically expensive) or too low level (and also expensive). Not exactly good combinations for people who don't have the time to go through texts aimed at first year medical school course on neuroanatomy. Luckily this semester Eve Gallman is sitting in my class and pointed me to a Woolsey paperback brain atlas. It has a nice clean look, unlike some other atlases that are overloaded with details. Really, if it's hard to tell which words go with which arrows pointing to which brain areas, it is probably confusing to the reader.

Neuroeconomics in NYTimes

The Freakonomics blog at the New York Times this week has a post by Andrew Lo on how neuroscience is shedding light on the current financial crisis. This is always going to be a contentious claim, so I think perhaps a better way to say this is: neuroscience is providing additional evidence that factors outside of the standard theory, like fear and ambiguity aversion, influence behavior. Many will say that this is a "straw man" and that of course everyone knows fear matters. I get that kind of argument quite a bit during seminars. But I don't see how this is a straw man and it is "obvious" only in hindsight. Here is a quote from Colin Camerer in Economics and Philosophy that I particularly like on the topic:

A typical dictionary definition of a “straw man” is this: “To argue against a straw man is to interpret someone’s position in an unfairly weak way, and so argue against a position that nobody holds, or is likely to hold.”... A good example is self-interested preferences. This preference specification is clearly not a straw man because that simple form of preference is actually used in many types of analysis... Furthermore, belief in self-interest is not a position nobody holds because it is often clearly espoused...

Also, if one thinks it is an obvious point that fear influences risk attitude, then it should be useful to measure, say, the effects of fear on stock prices. But how does one measure the independent variable--fear? You could go around surveying traders, but you're stuck with self-report and low temporal resolution data in the best of times. Or you could measure things like galvanic skin response in real-time like Lo and Repin did, which at least gets you some indication of physiological and emotional arousal. Is this ideal? Of course not, but short of sticking electrodes in brains of traders like we do in monkey neurophysiology studies, these are the best measures we have.

Distributive Justice Paper Out

Our paper “The Right and the Good: Distributive Justice and Neural Encoding of Equity and Efficiency” is out ahead of print at Science. The paper version is scheduled to print on May 26. BTW, for Chinese press releases, it would’ve been cool if they put 许明 instead of Ming Hsu. It’s somehow jarring to see sentences like “Ming Hsu及其同僚应用功能性核磁共振”. But of course nobody asked me.

New Website

I finally got sick of using iWeb and all it’s irritating features. It’s a struggle putting in a counter, and don’t get me started about the url format! I have now switched to RapidWeaver, which seems decent enough. Of course if I had the time (i.e., not going to happen anytime soon) I would just do everything by hand.

Everhart Lecture

I gave the Everheart Lecture on May 9th, 2006. The video of the lecture is now on the Caltech Streaming Theater. Much thanks to the Everhart committee for helping me making the talk much more accessible to the general audience. And by general audience I mean there is a picture of Brad Pitt and Angelina Jolie in the talk. :P If you only want the presentation, you can download the Powerpoint (7.7MB).

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