A “neuron” is a
specialized cell of the nervous system responsible for transmitting and
processing information through electrical and chemical signals. It is the
fundamental component of the brain, spinal cord and nerves, allowing
communication between different parts of the body.
Main parts of a neuron:
1. “Soma or cell body”: Contains the nucleus and other organelles that
maintain the basic functions of the cell.
2. “Dendrites”: Branches that receive signals from other neurons.
3. “Axon”: Extension that transmits electrical signals to other neurons,
muscles or glands.
4. “Synaptic buttons”: Ends of the axon that release neurotransmitters to
communicate with other cells through the synapse.
5. “Myelin”: Insulating layer that covers some axons, facilitating the
speed of signal transmission.
Neurons communicate with each other through a synapse, a microscopic space
between neurons where neurotransmitters transmit the chemical signal from one
cell to another.
THE ECONOMIC NEURON
Neurons influence economic decision making through their involvement in
information processing and option evaluation within the brain. In the field of
“Neuroeconomics”, we study how neural circuits intervene in economic choices,
showing how different brain areas and types of neurons affect our decisions
under various circumstances, including uncertainty, risk and rewards.
Neural processes in economic decision making:
1. “Prefrontal cortex”:
- This region is involved in long-term planning, risk
assessment and decision making. Neurons in the prefrontal cortex play a key
role in calculating the costs and benefits of a decision.
- Helps process the “subjective evaluation” of different
alternatives, such as how much a person values a certain economic option.
2. “Nucleus accumbens”:
- Part of the “reward system” in the brain, it regulates
motivation and the desire to obtain financial rewards. Neurons here respond to
the expectation of gain and the pleasure associated with a reward.
- They influence impulsive or short-term decisions when
immediate rewards are attractive.
3. “Amygdala”:
- Involved in the processing of emotions, neurons in the
amygdala affect how fear, anxiety or stress influence decision making,
especially under conditions of risk or economic uncertainty.
4. “Anterior cingulate cortex”:
- Evaluates the conflict between options and is involved
in decision making when there is uncertainty or when economic dilemmas arise.
Neurons here help monitor errors and adjust strategies when results are not as
expected.
5. “Dopamine and neurotransmitters”:
- Dopamine, a neurotransmitter produced in various parts
of the brain, is crucial in signaling reward and punishment. Dopaminergic
neurons influence how the brain predicts the future value of financial rewards.
- Other substances such as serotonin and norepinephrine
also affect economic behavior by modulating emotions such as optimism or
aggressiveness.
Example in financial decision
making:
When a person decides whether to invest in bonds or stocks, their brain performs
a series of calculations to evaluate the risks (potential losses) and rewards
(possible gains). Neurons in the prefrontal cortex weigh long-term risk, while
neurons in the nucleus accumbens can nudge toward a quick decision if
short-term gains seem attractive. The interaction between these areas
determines whether the individual makes a more rational or emotional decision.
This type of study is also related to your interest in cognitive dissonance
and investor sentiment, since emotions and risk perception affect how neurons
process information and economic decisions.
THE ACTION POTENTIAL
The “action potential” is a rapid and temporary change in voltage across
the membrane of a neuron, which allows the transmission of an electrical signal
along the axon. It is the fundamental process by which neurons communicate and
transmit information.
Action potential process:
1. “Standby state”:
- The neuron has a negative electrical charge inside with
respect to the outside, generally around -70 mV. This is due to the
distribution of ions, mainly sodium (Na⁺) and potassium (K⁺), across the
membrane.
- In this state, sodium channels are closed, while some
potassium channels are open, allowing balance to be maintained.
2. “Depolarization”:
- When the neuron receives a strong enough stimulus,
sodium (Na⁺) channels in the membrane open, allowing sodium ions to quickly
enter the cell.
- This causes the inside of the cell to momentarily
become positive, resulting in a change in voltage (from -70 mV to more positive
values, such as +30 mV).
3. “Peak action potential”:
- As more sodium channels open and more sodium ions
enter, the peak of the action potential is reached. This is the point where the
voltage inside the neuron is most positive.
4. “Repolarization”:
- After the peak of the action potential, sodium channels
close and potassium (K⁺) channels open, allowing potassium ions to leave the
cell.
- This causes the cell to return to a more negative
state, restoring the internal voltage of the neuron.
5. “Hyperpolarization”:
- Sometimes potassium efflux is so abundant that the
membrane voltage becomes more negative than the initial resting state (less
than -70 mV). This is called hyperpolarization.
- During this period, the neuron is less likely to fire
another action potential.
6. “Restoring the rest state”:
- Finally, the sodium-potassium pump, a protein in the
cell membrane, restores the original balance of ions, pumping sodium out of the
cell and potassium back in.
- This returns the neuron to its “resting state” and
prepares it for a new action potential if another stimulus is presented.
The action potential is essential for neural communication and allows
electrical signals to travel long distances within the nervous system,
facilitating functions such as movement, thinking, perception and decision
making.
TO SUM UP
The relationship between neurons and the economy, studied through
“Neuroeconomics”, demonstrates that economic decisions are not purely rational,
but are deeply influenced by neural processes that involve emotions, rewards,
risks and previous experiences. Various brain areas, such as the prefrontal
cortex, nucleus accumbens and amygdala, act together to evaluate options,
manage uncertainty and determine our actions in the face of economic
incentives. Thus, neural activity underlies how people weigh options, take
risks, react to financial success or failure, and adjust their decisions in
complex markets. Neuroeconomics, by integrating economic behavior with the
biology of the brain, allows us to better understand how emotional and
cognitive factors impact the decision-making process in real economic
scenarios.
BIBLIOGRAFY
1. “"Neuroeconomics: Decision Making and the Brain"“ - Paul W.
Glimcher, Colin Camerer, Ernst Fehr, y Russell A. Poldrack
2. “"The Mind Within the Brain: How We Make Decisions and How Those
Decisions Go Wrong"“ - A. David Redish
3. “"The Neural Basis of Decision Making"“ - Oshin Vartanian y
David R. Mandel
4. “"The Winner's Curse: Paradoxes and Anomalies of Economic
Life"“ - Richard H. Thaler
5. “Neuropsychonomica“ - Jyotirmaya Satpathy, Sebastián Laza
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