[extropy-chat] RE: Neuroeconomics: Biotech Meets Economics

[mike99]

The results of this research may indicate why so few people are rushing to
support transhumanism, with its promises of large future payoffs for
investing in present-day research and such endeavors as cryonics. The
emotional brain centers predispose people to favor immediate gratification.
Delayed gratification requires thought and self-discipline, neither of which
is over abundantly represented in observed human behavior.

Another human tendency revealed by this research is the disproportionate
fear of loss in situations where the probability of loss and gain are
actually equal. As the saying goes, people prefer "the devil they know" (the
current situation, even if it is not one of profit and abundance) over "the
devil they don't know" (a large potential payoff that entails some
substantial risk of loss). This human propensity is exploited by those who
overemphasize threats to the environment, or to the food supply from
genetically modified foods, or to everyone and everything from
nanotechnology. I do not claim that there are no dangers here. What I do
claim is that the dangers are often given too much weight when compared to
the very large potential benefits.

Feeling scared and scaring others is easy. Thinking through the situation
and planning a balanced approach to investment and development are hard.


Regards,

Michael LaTorra

mike99 at lascruces.com
mlatorra at nmsu.edu

"For any man to abdicate an interest in science is to walk with open eyes
towards slavery."
-- Jacob Bronowski

"Experiences only look special from the inside of the system."
-- Eugen Leitl

Member:
Board of Directors, World Transhumanist Association: www.transhumanism.org
Extropy Institute: www.extropy.org
Alcor Life Extension Foundation: www.alcor.org
Society for Technical Communication: www.stc.org

> -----Original Message-----
> From: wta-politics-bounces at transhumanism.org
> [mailto:wta-politics-bounces at transhumanism.org]On Behalf Of Giu1i0
> Pri5c0
> Sent: Sunday, January 16, 2005 4:17 AM
> To: transhumantech at yahoogroups.com; hitbangpost at googlegroups.com; ExI
> chat list; List for political news and discussion;
> futuretag at yahoogroups.com
> Subject: [wta-politics] Neuroeconomics: Biotech Meets Economics
>
>
> Slashdot:The Economist has a story today introducing the concept of
> Neuroeconomics, which uses brain scanning technology and neuroscience
> to create new economic models and theories.
> [http://science.slashdot.org/article.pl?sid=05/01/16/001241&tid=98
> &tid=191&tid=14]
> The Economist: The current bout of research is made possible by the
> arrival of new technologies such as functional magnetic-resonance
> imaging, which allows second-by-second observation of brain activity.
> At several American universities, economists and their collaborators
> in the neurosciences have been placing human subjects in such brain
> scanners and asking them to perform a variety of economic tasks and
> games.
> For example, the idea that humans compute the "expected value" of
> future events is central to many economic models. Whether people will
> invest in shares or buy insurance depends on how they estimate the
> odds of future events weighted by the gains and losses in each case.
> Your pension, for example, might have a very low expected value if
> there is a large probability that bonds and shares will plunge just
> before you retire.
> [http://www.economist.com/finance/displayStory.cfm?story_id=3556121]
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