Lo Andrew W, Repin Dmitry V
MIT Sloan School of Management, 50 Memorial Drive, E52-432, Cambridge, MA 02142, USA.
J Cogn Neurosci. 2002 Apr 1;14(3):323-39. doi: 10.1162/089892902317361877.
A longstanding controversy in economics and finance is whether financial markets are governed by rational forces or by emotional responses. We study the importance of emotion in the decision-making process of professional securities traders by measuring their physiological characteristics (e.g., skin conductance, blood volume pulse, etc.) during live trading sessions while simultaneously capturing real-time prices from which market events can be detected. In a sample of 10 traders, we find statistically significant differences in mean electrodermal responses during transient market events relative to no-event control periods, and statistically significant mean changes in cardiovascular variables during periods of heightened market volatility relative to normal-volatility control periods. We also observe significant differences in these physiological responses across the 10 traders that may be systematically related to the traders' levels of experience.
经济学和金融学中一个长期存在的争议是，金融市场是由理性力量还是由情绪反应所支配。我们通过在实时交易时段测量专业证券交易员的生理特征（如皮肤电导率、血容量脉搏等）来研究情绪在其决策过程中的重要性，同时捕捉可从中检测到市场事件的实时价格。在一个由10名交易员组成的样本中，我们发现相对于无事件控制期，在短暂市场事件期间平均皮肤电反应存在统计学上的显著差异，并且相对于正常波动控制期，在市场波动加剧期间心血管变量存在统计学上的显著平均变化。我们还观察到这10名交易员在这些生理反应上存在显著差异，这些差异可能与交易员的经验水平有系统关联。
