Ortiz-Teran Elena, Diez Ibai, Lopez-Pascual Joaquin
Facultad de Ciencias Jurídicas y Sociales, Universidad Rey Juan Carlos, 28032 Madrid, Spain.
Gordon Center for Medical Imaging, Department of Radiology, Massachusetts General Hospital, Harvard Medical School, Boston, MA 02115, USA.
Brain Sci. 2021 Mar 21;11(3):399. doi: 10.3390/brainsci11030399.
It is claimed that investment decision-making should rely on rational analyses based on facts and not emotions. However, trying to make money out of market forecasts can trigger all types of emotional responses. As the question on how investors decide remains controversial, we carried out an activation likelihood estimation (ALE) meta-analysis using functional magnetic resonance imaging (fMRI) studies that have reported whole-brain analyses on subjects performing an investment task. We identified the ventral striatum, anterior insula, amygdala and anterior cingulate cortex as being involved in this decision-making process. These regions are limbic-related structures which respond to reward, risk and emotional conflict. Our findings support the notion that investment choices are emotional decisions that take into account market information, individual preferences and beliefs.
有人认为，投资决策应基于事实进行理性分析，而非受情绪左右。然而，试图通过市场预测获利可能引发各种情绪反应。由于投资者如何决策的问题仍存在争议，我们利用功能磁共振成像（fMRI）研究进行了激活可能性估计（ALE）元分析，这些研究报告了对执行投资任务的受试者进行的全脑分析。我们确定腹侧纹状体、前岛叶、杏仁核和前扣带回皮质参与了这一决策过程。这些区域是与边缘系统相关的结构，对奖励、风险和情绪冲突做出反应。我们的研究结果支持这样一种观点，即投资选择是考虑市场信息、个人偏好和信念的情绪化决策。
