Decision-Making and Neuroeconomics

This article tries to provide a link between the classical decision theory as developed in economics and statistics and the theory of decision theory as developed in the field of neuroscience. We first review these two different conceptual frameworks. In our review of the economic theory of choice we focus on the fundamental model of decision under risk, the distinction between cardinal and ordinal utility, and the theory of stochastic choice. In the review of the neuroscience theory, we focus on the random walk model of decision and its neural underpinnings. In the last part, an attempt to a first synthesis is provided.