Neural Evidence of Regret and Its Implications for Investor Behavior
利用实验资产市场中的神经数据测量交易者的后悔偏好，发现后悔信号与股票回购错误相关，且高错误率的投资者表现出更大的处置效应。
We use neural data collected from an experimental asset market to measure regret preferences while subjects trade stocks. When subjects observe a positive return for a stock they chose not to purchase, a regret signal is observed in an area of the brain that is commonly active during reward processing. Subjects are unwilling to repurchase stocks that have recently increased in price, even though this is suboptimal in our experiment. The strength of stock repurchasing mistakes is correlated with the neural measures of regret. Subjects with high rates of repurchasing mistakes also exhibit large disposition effects. Received April 28, 2015; accepted January 26, 2016 by Editor Stefan Nagel.