Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility
通过功能性磁共振成像测量实验市场中的交易者脑活动，发现与实现效用理论预测一致的大脑区域活动，支持该模型解释次优交易行为。
ABSTRACT 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.