Hostname: page-component-78c5997874-8bhkd Total loading time: 0 Render date: 2024-11-17T21:22:24.981Z Has data issue: false hasContentIssue false
  • English
  • Français

Vigor and aspiration levels in neuroeconomics

Published online by Cambridge University Press:  30 September 2021

Antonio Mastrogiorgio Open the ORCID record for Antonio Mastrogiorgio [Opens in a new window]
Antonio Mastrogiorgio*
Affiliation:
Laboratory for the Analysis of Complex Economic Systems (AXES), IMT School for Advanced Studies Lucca (Italy), Scuola IMT Alti Studi Lucca, 55100, Lucca, Lu, Italy. a.mastrogiorgio@imtlucca.it; www.imtlucca.it
Get access Rights & Permissions [Opens in a new window]

Abstract

In this contribution, we criticize the demanding assumption of vigor that economic agents are maximizers. We discuss the link between vigor and subjective value through the alternative notion of aspiration levels, arguing that vigor can help articulate the ecological balance – central in bounded and ecological rationality – between minimum expected reward (aspiration level) and the efforts made for its attainment.

Type
Open Peer Commentary
Information
Behavioral and Brain Sciences , Volume 44 , 2021 , e129
Check for updates
Copyright
Copyright © The Author(s), 2021. Published by Cambridge University Press

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Gigerenzer, G. (2008). Why heuristics work. Perspectives on Psychological Science, 3(1), 20–29.CrossRefGoogle ScholarPubMed
Gigerenzer, G., & Selten, R. (Eds.) (2002). Bounded rationality: The adaptive toolbox. MIT Press.CrossRefGoogle Scholar
Regenwetter, M., Dana, J., & Davis-Stober, C. P. (2011). Transitivity of preferences. Psychological Review, 118(1), 42.CrossRefGoogle ScholarPubMed
Samuelson, P. A. (1948). Consumption theory in terms of revealed preference. Economica, 15(60), 243–253.CrossRefGoogle Scholar
Simon, H. A. (1955). A behavioral model of rational choice. The Quarterly Journal of Economics, 69(1), 99–118.CrossRefGoogle Scholar
Simon, H. A. (1956). Rational choice and the structure of the environment. Psychological Review, 63(2), 129–138.CrossRefGoogle ScholarPubMed
Simon, H. A. (1976). From substantive to procedural rationality. In Kastelein, T. J., Kuipers, S. K., Nijenhuis, W. A. & Wagenaar, G. R. (Eds.), 25 Years of economic theory (pp. 65–86). Springer.CrossRefGoogle Scholar
Simon, H. A. (1987). Bounded rationality. In Eatwell, J., Milgate, M. & Newman, P. (Eds.), The New Palgrave dictionary of economics (pp. 266–268). Macmillan.Google Scholar
Simon, H. A. (1996). The sciences of the artificial (3rd ed.). Cambridge, MA: MIT Press.Google Scholar
Todd, P. M., & Gigerenzer, G. E. (2012). Ecological rationality: Intelligence in the world. Oxford University Press.CrossRefGoogle Scholar
Tversky, A. (1969). Intransitivity of preferences. Psychological Review, 76(1), 31.CrossRefGoogle Scholar