1. What happens in the Brain at the moment of choice? Jaeseung Jeong, Ph.D Department of Bio and Brain Engineering, KAIST

2. Life is full of choice and decision-making Our daily life is full of choice and decision-making based on sensory data and a stored representation of world structure with action.

3. 우리의 삶을 채우는 선택들

4. Mind and behavior arise from the brain

5. What happens in my brain?

6. Brain: the most complex system in the universe

7. Economics has investigated decision-making 경제학, 오랫동안 의사결정과정을 탐구하다

8. MEG/EEG Optical Methods PET, fMRI 1990s:Neuroimaging era CT/ MRI

9. 동물도 이성적으로 판단한다 Animals do rational choices! Harper’s experiment throws bread-ball every 5 seconds (double speed) throws bread-ball every 10 seconds 33 ducks

10. 동물도 합리적인 판단을 할 수 있다 Animals do rational choices! Ducks achieve optimal solution within 60 sec. throws bread-ball every 5 seconds throws bread-ball every 10 seconds 22 : 11

11. Ultimatum game

12. METHODS

13. Unfairness aversion ( 비공정성 혐오 ) Brain scan during the Ultimatum game

15. Fair offers correlate with market integration (top), cooperativeness in everyday life (bottom)

16. Loss aversion ( 손실 회피성 ) "A bird in hand is worth two in the bush" describes one action a person might take to minimize risk and maximize utility—the real or perceived ability of a product or service to satisfy a need or desire.

17. The status quo bias ( 현상유지 특성 ) The status quo bias is a cognitive bias for the status quo, in other words, people like things to stay relatively the same. Kahneman, Thaler and Knetsch created experiments that could produce this effect reliably. They attribute it to a combination of loss aversion and the endowment effect, two ideas relevant to prospect theory.

18. The status quo bias The US states of New Jersey and Pennsylvania inadvertently ran a real life experiment providing evidence of the status quo bias in the early 1990s. As part of tort law reform programs, citizens were offered two options for their automotive insurance: an expensive option giving them full right to sue and a less expensive option with restricted rights to sue. Corresponding options in each state were roughly equivalent. In New Jersey the more expensive option was the default and 75% of citizens selected it, while only 20% chose this option in Pennsylvania where the other option was the default.

19. Minor-opinion aversion ( 소수의견 회피 ) Reference (A) (B)(C)

20. Beauty Contest game You are to pick a number between 0 and 100. The number closest to TWO THIRDS of the AVERAGE pick is the winner for 100 dollars. Pick the number closest to two thirds of the average pick. What do you get if your pick wins?

21. 미인대회 게임 이 문제는 100 명에게 출제되었다고 가정한다. 1 부터 100 까지 각자 좋아하는 수를 하나씩 선택하게 하고 선 택된 수의 평균의 2/3 배에 가장 가까운 수를 선택한 사람이 승자가 되는 게임이다. 여러분은 어떤 숫자를 선택할 것인가 ?

22. 미인대회 게임 결과

23. 사고의 단계

24. Thinking steps in beauty contest game in KAIST

26. Neural basis of financial risk taking

27. Neuromarketing( 신경마케팅 ) Most people liked the taste of Pepsi, yet the majority bought coke. This is the brand power. Human Neuroimaging lab, Baylor College of Medicine New York Times 10/26/03

28. Shopping center in the brain? (Knutson et al., NEURON, 2006)

29. Oxytocin increases trust and reduce fear in humans The scans of oxytocin's effects on the human brain reveal that it quells the brain's fear hub, the amygdala (and its associated brainstem relay stations), in response to fearful stimuli.

30. 선택의 자유가 많다는 것은 언제나 좋은 걸까 ? Which shop is more popular?

31. Too-many option aversion

33. 선택에 대한 만족은 새로움에 대한 추구에서 온다