메뉴 건너뛰기




Volumn 79, Issue 6, 2013, Pages 1222-1231

In the mind of the market: Theory of mind biases value computation during financial bubbles

Author keywords

[No Author keywords available]

Indexed keywords

ADAPTIVE BEHAVIOR; ARTICLE; BRAIN FUNCTION; COST; DECISION MAKING; DORSOMEDIAL PREFRONTAL CORTEX; FINANCIAL MANAGEMENT; HUMAN; HUMAN EXPERIMENT; INVESTMENT; MARKETING; MATHEMATICAL COMPUTING; MONEY; NORMAL HUMAN; PREFRONTAL CORTEX; PRIORITY JOURNAL; SOCIAL INTERACTION; THEORY OF MIND; VENTROMEDIAL PREFRONTAL CORTEX;

EID: 84884240861     PISSN: 08966273     EISSN: 10974199     Source Type: Journal    
DOI: 10.1016/j.neuron.2013.07.003     Document Type: Article
Times cited : (101)

References (57)
  • 2
    • 67650417842 scopus 로고    scopus 로고
    • Princeton University Press, Princeton, NJ
    • Akerlof G., Shiller R. Animal Spirits 2009, Princeton University Press, Princeton, NJ.
    • (2009) Animal Spirits
    • Akerlof, G.1    Shiller, R.2
  • 3
    • 33645280056 scopus 로고    scopus 로고
    • Meeting of minds: the medial frontal cortex and social cognition
    • Amodio D.M., Frith C.D. Meeting of minds: the medial frontal cortex and social cognition. Nat. Rev. Neurosci. 2006, 7:268-277.
    • (2006) Nat. Rev. Neurosci. , vol.7 , pp. 268-277
    • Amodio, D.M.1    Frith, C.D.2
  • 4
    • 34547111865 scopus 로고    scopus 로고
    • Investor sentiment in the stock market
    • Baker M., Wurgler J. Investor sentiment in the stock market. J.Econ. Perspect. 2007, 21:129-151.
    • (2007) J.Econ. Perspect. , vol.21 , pp. 129-151
    • Baker, M.1    Wurgler, J.2
  • 5
    • 0035087628 scopus 로고    scopus 로고
    • The "Reading the Mind in the Eyes" Test revised version: a study with normal adults, and adults with Asperger syndrome or high-functioning autism
    • Baron-Cohen S., Wheelwright S., Hill J., Raste Y., Plumb I. The "Reading the Mind in the Eyes" Test revised version: a study with normal adults, and adults with Asperger syndrome or high-functioning autism. J.Child Psychol. Psychiatry 2001, 42:241-251.
    • (2001) J.Child Psychol. Psychiatry , vol.42 , pp. 241-251
    • Baron-Cohen, S.1    Wheelwright, S.2    Hill, J.3    Raste, Y.4    Plumb, I.5
  • 8
    • 79953101334 scopus 로고    scopus 로고
    • New perspectives on gender
    • Elsevier, Amsterdam, the Netherlands, O. Ashenfelter, D. Card (Eds.)
    • Bertrand M. New perspectives on gender. Handbook of Labor Economics, 1545-92 2011, Elsevier, Amsterdam, the Netherlands. O. Ashenfelter, D. Card (Eds.).
    • (2011) Handbook of Labor Economics, 1545-92
    • Bertrand, M.1
  • 9
    • 66449094746 scopus 로고    scopus 로고
    • How green is the grass on the other side? Frontopolar cortex and the evidence in favor of alternative courses of action
    • Boorman E.D., Behrens T.E.J., Woolrich M.W., Rushworth M.F.S. How green is the grass on the other side? Frontopolar cortex and the evidence in favor of alternative courses of action. Neuron 2009, 62:733-743.
    • (2009) Neuron , vol.62 , pp. 733-743
    • Boorman, E.D.1    Behrens, T.E.J.2    Woolrich, M.W.3    Rushworth, M.F.S.4
  • 10
    • 77956424649 scopus 로고    scopus 로고
    • What Decision Neuroscience Teaches Us About Financial Decision Making
    • Bossaerts P. What Decision Neuroscience Teaches Us About Financial Decision Making. Annu. Rev. Fin. Econ. 2009, 1:383-404.
    • (2009) Annu. Rev. Fin. Econ. , vol.1 , pp. 383-404
    • Bossaerts, P.1
  • 12
    • 77957121448 scopus 로고    scopus 로고
    • Exploring the Nature of "Trader Intuition."
    • Bruguier A.J., Quartz S.R., Bossaerts P. Exploring the Nature of "Trader Intuition.". J.Finance 2010, 65:1703-1723.
    • (2010) J.Finance , vol.65 , pp. 1703-1723
    • Bruguier, A.J.1    Quartz, S.R.2    Bossaerts, P.3
  • 14
    • 0033411103 scopus 로고    scopus 로고
    • Gender differences in risk taking: A meta- analysis
    • Byrnes J.P., Miller D.C., Schafer W.D. Gender differences in risk taking: A meta- analysis. Psychol. Bull. 1999, 125:367-383.
    • (1999) Psychol. Bull. , vol.125 , pp. 367-383
    • Byrnes, J.P.1    Miller, D.C.2    Schafer, W.D.3
  • 15
    • 0001633382 scopus 로고
    • Information mirages in experimental asset markets
    • Camerer C.F., Weigelt K. Information mirages in experimental asset markets. J.Bus. 1991, 64:463-493.
    • (1991) J.Bus. , vol.64 , pp. 463-493
    • Camerer, C.F.1    Weigelt, K.2
  • 17
    • 70349613438 scopus 로고    scopus 로고
    • Evidence for a common representation of decision values for dissimilar goods in human ventromedial prefrontal cortex
    • Chib V.S., Rangel A., Shimojo S., O'Doherty J.P. Evidence for a common representation of decision values for dissimilar goods in human ventromedial prefrontal cortex. J.Neurosci. 2009, 29:12315-12320.
    • (2009) J.Neurosci. , vol.29 , pp. 12315-12320
    • Chib, V.S.1    Rangel, A.2    Shimojo, S.3    O'Doherty, J.P.4
  • 18
    • 43149124000 scopus 로고    scopus 로고
    • Endogenous steroids and financial risk taking on a London trading floor
    • Coates J.M., Herbert J. Endogenous steroids and financial risk taking on a London trading floor. Proc. Natl. Acad. Sci. USA 2008, 105:6167-6172.
    • (2008) Proc. Natl. Acad. Sci. USA , vol.105 , pp. 6167-6172
    • Coates, J.M.1    Herbert, J.2
  • 19
    • 64849107003 scopus 로고    scopus 로고
    • The neurobiology of reference-dependent value computation
    • De Martino B., Kumaran D., Holt B., Dolan R.J. The neurobiology of reference-dependent value computation. J.Neurosci. 2009, 29:3833-3842.
    • (2009) J.Neurosci. , vol.29 , pp. 3833-3842
    • De Martino, B.1    Kumaran, D.2    Holt, B.3    Dolan, R.J.4
  • 20
    • 0038473987 scopus 로고    scopus 로고
    • Using the PLUM procedure of SPSS to fit unequal variance and generalized signal detection models
    • DeCarlo L.T. Using the PLUM procedure of SPSS to fit unequal variance and generalized signal detection models. Behav. Res. Methods Instrum. Comput. 2003, 35:49-56.
    • (2003) Behav. Res. Methods Instrum. Comput. , vol.35 , pp. 49-56
    • DeCarlo, L.T.1
  • 21
  • 22
    • 0003313336 scopus 로고    scopus 로고
    • Is Information Risk a Determinant of Asset Returns?
    • Easley D., Hvidkjaer S., O'Hara M. Is Information Risk a Determinant of Asset Returns?. J.Finance 2002, 57:2185-2221.
    • (2002) J.Finance , vol.57 , pp. 2185-2221
    • Easley, D.1    Hvidkjaer, S.2    O'Hara, M.3
  • 23
    • 77957083733 scopus 로고    scopus 로고
    • Differences in the economic decisions of men and women: Experimental evidence
    • Elsevier, New York, C. Plott, V. Smith (Eds.)
    • Eckel C.C., Grossman P.J. Differences in the economic decisions of men and women: Experimental evidence. Handbook of Experimental Economics Results 2008, Elsevier, New York. C. Plott, V. Smith (Eds.).
    • (2008) Handbook of Experimental Economics Results
    • Eckel, C.C.1    Grossman, P.J.2
  • 24
    • 35348920054 scopus 로고    scopus 로고
    • Social neuroeconomics: the neural circuitry of social preferences
    • Fehr E., Camerer C.F. Social neuroeconomics: the neural circuitry of social preferences. Trends Cogn. Sci. 2007, 11:419-427.
    • (2007) Trends Cogn. Sci. , vol.11 , pp. 419-427
    • Fehr, E.1    Camerer, C.F.2
  • 25
    • 67649965106 scopus 로고    scopus 로고
    • The role of human orbitofrontal cortex in value comparison for incommensurable objects
    • FitzGerald T.H.B., Seymour B., Dolan R.J. The role of human orbitofrontal cortex in value comparison for incommensurable objects. J.Neurosci. 2009, 29:8388-8395.
    • (2009) J.Neurosci. , vol.29 , pp. 8388-8395
    • FitzGerald, T.H.B.1    Seymour, B.2    Dolan, R.J.3
  • 26
    • 0033607509 scopus 로고    scopus 로고
    • Interacting minds-a biological basis
    • Frith C.D., Frith U. Interacting minds-a biological basis. Science 1999, 286:1692-1695.
    • (1999) Science , vol.286 , pp. 1692-1695
    • Frith, C.D.1    Frith, U.2
  • 28
    • 33646417315 scopus 로고    scopus 로고
    • The neural basis of mentalizing
    • Frith C.D., Frith U. The neural basis of mentalizing. Neuron 2006, 50:531-534.
    • (2006) Neuron , vol.50 , pp. 531-534
    • Frith, C.D.1    Frith, U.2
  • 29
    • 0037314269 scopus 로고    scopus 로고
    • Functional imaging of 'theory of mind'
    • Gallagher H.L., Frith C.D. Functional imaging of 'theory of mind'. Trends Cogn. Sci. 2003, 7:77-83.
    • (2003) Trends Cogn. Sci. , vol.7 , pp. 77-83
    • Gallagher, H.L.1    Frith, C.D.2
  • 30
    • 44349108823 scopus 로고    scopus 로고
    • Neural correlates of mentalizing-related computations during strategic interactions in humans
    • Hampton A.N., Bossaerts P., O'Doherty J.P. Neural correlates of mentalizing-related computations during strategic interactions in humans. Proc. Natl. Acad. Sci. USA 2008, 105:6741-6746.
    • (2008) Proc. Natl. Acad. Sci. USA , vol.105 , pp. 6741-6746
    • Hampton, A.N.1    Bossaerts, P.2    O'Doherty, J.P.3
  • 31
    • 65549092261 scopus 로고    scopus 로고
    • Self-control in decision-making involves modulation of the vmPFC valuation system
    • Hare T.A., Camerer C.F., Rangel A. Self-control in decision-making involves modulation of the vmPFC valuation system. Science 2009, 324:646-648.
    • (2009) Science , vol.324 , pp. 646-648
    • Hare, T.A.1    Camerer, C.F.2    Rangel, A.3
  • 34
    • 34547656092 scopus 로고    scopus 로고
    • Neural antecedents of financial decisions
    • Knutson B., Bossaerts P. Neural antecedents of financial decisions. J.Neurosci. 2007, 27:8174-8177.
    • (2007) J.Neurosci. , vol.27 , pp. 8174-8177
    • Knutson, B.1    Bossaerts, P.2
  • 35
    • 23944526646 scopus 로고    scopus 로고
    • The neural basis of financial risk taking
    • Kuhnen C.M., Knutson B. The neural basis of financial risk taking. Neuron 2005, 47:763-770.
    • (2005) Neuron , vol.47 , pp. 763-770
    • Kuhnen, C.M.1    Knutson, B.2
  • 36
    • 80053057537 scopus 로고    scopus 로고
    • The influence of affect on beliefs, preferences, and financial decisions
    • Kuhnen C.M., Knutson B. The influence of affect on beliefs, preferences, and financial decisions. J.Financ. Quant. Anal. 2011, 46:605-626.
    • (2011) J.Financ. Quant. Anal. , vol.46 , pp. 605-626
    • Kuhnen, C.M.1    Knutson, B.2
  • 37
    • 0038432486 scopus 로고    scopus 로고
    • Nonspeculative bubbles in experimental asset markets: Lack of common knowledge of rationality vs. actual irrationality
    • Lei V., Noussair C.N., Plott C.R. Nonspeculative bubbles in experimental asset markets: Lack of common knowledge of rationality vs. actual irrationality. Econometrica 2004, 69:831-859.
    • (2004) Econometrica , vol.69 , pp. 831-859
    • Lei, V.1    Noussair, C.N.2    Plott, C.R.3
  • 38
    • 84878186347 scopus 로고    scopus 로고
    • The root of all value: a neural common currency for choice
    • Levy D.J., Glimcher P.W. The root of all value: a neural common currency for choice. Curr. Opin. Neurobiol. 2012, 22:1027-1038.
    • (2012) Curr. Opin. Neurobiol. , vol.22 , pp. 1027-1038
    • Levy, D.J.1    Glimcher, P.W.2
  • 39
    • 0036534187 scopus 로고    scopus 로고
    • The psychophysiology of real-time financial risk processing
    • Lo A.W., Repin D.V. The psychophysiology of real-time financial risk processing. J.Cogn. Neurosci. 2002, 14:323-339.
    • (2002) J.Cogn. Neurosci. , vol.14 , pp. 323-339
    • Lo, A.W.1    Repin, D.V.2
  • 40
    • 34547144795 scopus 로고    scopus 로고
    • Neural signature of fictive learning signals in a sequential investment task
    • Lohrenz T., McCabe K., Camerer C.F., Montague P.R. Neural signature of fictive learning signals in a sequential investment task. Proc. Natl. Acad. Sci. USA 2007, 104:9493-9498.
    • (2007) Proc. Natl. Acad. Sci. USA , vol.104 , pp. 9493-9498
    • Lohrenz, T.1    McCabe, K.2    Camerer, C.F.3    Montague, P.R.4
  • 42
    • 84866483229 scopus 로고    scopus 로고
    • An agent independent axis for executed and modeled choice in medial prefrontal cortex
    • Nicolle A., Klein-Flügge M.C., Hunt L.T., Vlaev I., Dolan R.J., Behrens T.E.J. An agent independent axis for executed and modeled choice in medial prefrontal cortex. Neuron 2012, 75:1114-1121.
    • (2012) Neuron , vol.75 , pp. 1114-1121
    • Nicolle, A.1    Klein-Flügge, M.C.2    Hunt, L.T.3    Vlaev, I.4    Dolan, R.J.5    Behrens, T.E.J.6
  • 43
    • 38949199461 scopus 로고    scopus 로고
    • Marketing actions can modulate neural representations of experienced pleasantness
    • Plassmann H., O'Doherty J., Shiv B., Rangel A. Marketing actions can modulate neural representations of experienced pleasantness. Proc. Natl. Acad. Sci. USA 2008, 105:1050-1054.
    • (2008) Proc. Natl. Acad. Sci. USA , vol.105 , pp. 1050-1054
    • Plassmann, H.1    O'Doherty, J.2    Shiv, B.3    Rangel, A.4
  • 44
    • 33645825096 scopus 로고    scopus 로고
    • Stock market bubbles in the laboratory
    • Porter D.P., Smith V.L. Stock market bubbles in the laboratory. J.Behav. Finance 2003, 4:7-20.
    • (2003) J.Behav. Finance , vol.4 , pp. 7-20
    • Porter, D.P.1    Smith, V.L.2
  • 45
    • 0031280680 scopus 로고    scopus 로고
    • Gender differences in risk behaviour in financial decision-making: An experimental analysis
    • Powell M., Ansic D. Gender differences in risk behaviour in financial decision-making: An experimental analysis. J.Econ. Psychol. 1997, 18:605-628.
    • (1997) J.Econ. Psychol. , vol.18 , pp. 605-628
    • Powell, M.1    Ansic, D.2
  • 46
    • 40849106781 scopus 로고    scopus 로고
    • Human insula activation reflects risk prediction errors as well as risk
    • Preuschoff K., Quartz S.R., Bossaerts P. Human insula activation reflects risk prediction errors as well as risk. J.Neurosci. 2008, 28:2745-2752.
    • (2008) J.Neurosci. , vol.28 , pp. 2745-2752
    • Preuschoff, K.1    Quartz, S.R.2    Bossaerts, P.3
  • 47
    • 45749098894 scopus 로고    scopus 로고
    • A framework for studying the neurobiology of value-based decision making
    • Rangel A., Camerer C., Montague P.R. A framework for studying the neurobiology of value-based decision making. Nat. Rev. Neurosci. 2008, 9:545-556.
    • (2008) Nat. Rev. Neurosci. , vol.9 , pp. 545-556
    • Rangel, A.1    Camerer, C.2    Montague, P.R.3
  • 48
    • 35548961019 scopus 로고    scopus 로고
    • Social decision-making: insights from game theory and neuroscience
    • Sanfey A.G. Social decision-making: insights from game theory and neuroscience. Science 2007, 318:598-602.
    • (2007) Science , vol.318 , pp. 598-602
    • Sanfey, A.G.1
  • 49
    • 33645771479 scopus 로고    scopus 로고
    • Uniquely human social cognition
    • Saxe R. Uniquely human social cognition. Curr. Opin. Neurobiol. 2006, 16:235-239.
    • (2006) Curr. Opin. Neurobiol. , vol.16 , pp. 235-239
    • Saxe, R.1
  • 50
    • 0004179594 scopus 로고    scopus 로고
    • Princeton University Press, Princeton, NJ
    • Shiller R.J. Irrational Exuberance 2005, Princeton University Press, Princeton, NJ. Second Edition.
    • (2005) Irrational Exuberance
    • Shiller, R.J.1
  • 51
    • 0036597987 scopus 로고    scopus 로고
    • Neural systems involved in "theory of mind"
    • Siegal M., Varley R. Neural systems involved in "theory of mind". Nat. Rev. Neurosci. 2002, 3:463-471.
    • (2002) Nat. Rev. Neurosci. , vol.3 , pp. 463-471
    • Siegal, M.1    Varley, R.2
  • 52
    • 0001547941 scopus 로고
    • Bubbles, crashes, and endogenous expectations in experimental spot asset markets
    • Smith V.L., Suchanek G.L., Williams A.W. Bubbles, crashes, and endogenous expectations in experimental spot asset markets. Econometrica 1988, 56:1119-1151.
    • (1988) Econometrica , vol.56 , pp. 1119-1151
    • Smith, V.L.1    Suchanek, G.L.2    Williams, A.W.3
  • 55
    • 84870866188 scopus 로고    scopus 로고
    • Toward an affective neuroscience account of financial risk taking
    • Wu C.C., Sacchet M.D., Knutson B. Toward an affective neuroscience account of financial risk taking. Front Neurosci 2012, 6:159.
    • (2012) Front Neurosci , vol.6 , pp. 159
    • Wu, C.C.1    Sacchet, M.D.2    Knutson, B.3
  • 56
    • 84894322066 scopus 로고    scopus 로고
    • Bubbles, Crises, and Heterogeneous Beliefs
    • Cambridge University Press, Cambridge, J. Fouque, J.A. Langsam (Eds.)
    • Xiong W. Bubbles, Crises, and Heterogeneous Beliefs. Handbook on Systemic Risk 2013, Cambridge University Press, Cambridge. J. Fouque, J.A. Langsam (Eds.).
    • (2013) Handbook on Systemic Risk
    • Xiong, W.1
  • 57
    • 80054892588 scopus 로고    scopus 로고
    • The Chinese warrants bubble
    • Yu J., Xiong W. The Chinese warrants bubble. American Economic Review 2011, 101:2723-2753.
    • (2011) American Economic Review , vol.101 , pp. 2723-2753
    • Yu, J.1    Xiong, W.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.