| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18562 |
| 来源ID | Working Paper 18562 |
| Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility | |
| Cary Frydman; Nicholas Barberis; Colin Camerer; Peter Bossaerts; Antonio Rangel | |
| 发表日期 | 2012-11-21 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We use measures of neural activity provided by functional magnetic resonance imaging (fMRI) to test the "realization utility" theory of investor behavior, which posits that people derive utility directly from the act of realizing gains and losses. Subjects traded stocks in an experimental market while we measured their brain activity. We find that all subjects exhibit a strong disposition effect in their trading, even though it is suboptimal. Consistent with the realization utility explanation for this behavior, we find that activity in the ventromedial prefrontal cortex, an area known to encode the value of options during choices, correlates with the capital gains of potential trades; that the neural measures of realization utility correlate across subjects with their individual tendency to exhibit a disposition effect; and that activity in the ventral striatum, an area known to encode information about changes in the present value of experienced utility, exhibits a positive response when subjects realize capital gains. These results provide support for the realization utility model and, more generally, demonstrate how neural data can be helpful in testing models of investor behavior. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w18562 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576237 |
| 推荐引用方式 GB/T 7714 | Cary Frydman,Nicholas Barberis,Colin Camerer,et al. Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18562.pdf（465KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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