We investigate the feasibility of inferring the choices people would
make (if given the opportunity) based on their neural responses to
the pertinent prospects when they are not engaged in actual decision
making. The ability to make such inferences is of potential value when
choice data are unavailable, or limited in ways that render standard
methods of estimating choice mappings problematic. We formulate
prediction models relating choices to "nonchoice" neural responses,
and use them to predict out-of-sample choices for new items and for
new groups of individuals. The predictions are sufficiently accurate
to establish the feasibility of our approach.
Smith, Alec, B. Douglas Bernheim, Colin F. Camerer, and Antonio Rangel.
"Neural Activity Reveals Preferences without Choices."
American Economic Journal: Microeconomics,
Consumer Economics: Empirical Analysis