Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility

• 成果类型: Article
• 署名作者: Frydman, Cary; Barberis, Nicholas; Camerer, Colin; Bossaerts, Peter; Rangel, Antonio
• 署名单位: University of Southern California; Yale University; California Institute of Technology; Utah System of Higher Education; University of Utah
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12126
• 发表日期: 2014
• 页码: 907-946
• 关键词: orbitofrontal cortex; decision-making; subjective value; Value signals; VALUE COMPUTATIONS; PREDICTION ERRORS; prefrontal cortex; frontal-cortex; STIMULUS-VALUE; loss aversion

摘要

We conduct a study in which subjects trade stocks in an experimental market while we measure their brain activity using functional magnetic resonance imaging. All of the subjects trade in a suboptimal way. We use the neural data to test a 'realization utility' explanation for their behavior. We find that activity in two areas of the brain that are important for economic decision-making exhibit activity consistent with the predictions of realization utility. These results provide support for the realization utility model. More generally, they demonstrate that neural data can be helpful in testing models of investor behavior.