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Physioeconomics (or physio-economics) is an extension of experimental economics research that collects physiological parameters in addition to recording behavior. These measures can include skin conductance, blood pressure and the pulse of the subject. Experiments typically present subjects with economic decisions in a game–like context.
Psychophysiological economics differs from behavioral economics by focusing on direct measures of physiological change and observational data, in addition to attitudinal measurement. Psychophysiological economics also differs from functional magnetic resonance imaging , which is typically applied exclusively to the study of brain activity.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Whereas the mercantilist school of economics held that value in the products of society was created at the point of sale, [4] by the seller exchanging his products for more money than the products had "previously" been worth, the physiocratic school of economics was the first to see labor as the sole source of value.
Although the behavior in these two examples is the same, the explanations are based on different sets of factors incorporating evolutionary versus physiological factors. These can be further divided, for example proximate causes may be given in terms of local muscle movements or in terms of developmental biology (see Tinbergen's four questions).
Psychophysiology measures exist in multiple domains; reports, electrophysiological studies, studies in neurochemistry, neuroimaging and behavioral methods. [5] Evaluative reports involve participant introspection and self-ratings of internal psychological states or physiological sensations, such as self-report of arousal levels on the self-assessment manikin, [6] or measures of interoceptive ...
Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory. [1] Thermoeconomics can be thought of as the statistical physics of economic value [ 2 ] and is a subfield of econophysics .
Recent advances in psychological, medical, and physiological research have led to a new way of thinking about health and illness. This conceptualization, which has been labeled the biopsychosocial model, views health and illness as the product of a combination of factors including biological characteristics (e.g., genetic predisposition), behavioral factors (e.g., lifestyle, stress, health ...