Kuhnen Camelia M, Knutson Brian
Stanford Graduate School of Business, 518 Memorial Way, S479, Stanford, California, 94305, USA.
Neuron. 2005 Sep 1;47(5):763-70. doi: 10.1016/j.neuron.2005.08.008.
Investors systematically deviate from rationality when making financial decisions, yet the mechanisms responsible for these deviations have not been identified. Using event-related fMRI, we examined whether anticipatory neural activity would predict optimal and suboptimal choices in a financial decision-making task. We characterized two types of deviations from the optimal investment strategy of a rational risk-neutral agent as risk-seeking mistakes and risk-aversion mistakes. Nucleus accumbens activation preceded risky choices as well as risk-seeking mistakes, while anterior insula activation preceded riskless choices as well as risk-aversion mistakes. These findings suggest that distinct neural circuits linked to anticipatory affect promote different types of financial choices and indicate that excessive activation of these circuits may lead to investing mistakes. Thus, consideration of anticipatory neural mechanisms may add predictive power to the rational actor model of economic decision making.
投资者在做出财务决策时会系统性地偏离理性，但导致这些偏差的机制尚未明确。我们使用事件相关功能磁共振成像技术，研究了预期神经活动是否能预测财务决策任务中的最优和次优选择。我们将与理性风险中性主体的最优投资策略的两种偏差类型分别界定为寻求风险失误和规避风险失误。伏隔核激活先于风险选择以及寻求风险失误出现，而前脑岛激活先于无风险选择以及规避风险失误出现。这些发现表明，与预期情绪相关的不同神经回路会促成不同类型的财务选择，并表明这些回路的过度激活可能导致投资失误。因此，考虑预期神经机制可能会增强经济决策理性行为者模型的预测能力。
