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Table of Contents

Chapter 21: Neurofinance

Richard L. Peterson, Market Psychology Consulting


PHILOSOPHY OF MIND eJOURNAL

"Chapter 21: Neurofinance" 
Investor Behavior: The Psychology of Financial Planning and Investing. H. Kent Baker and Victor Ricciardi, editors, 381-401, Hoboken, NJ: John Wiley & Sons, Inc., 2014

RICHARD L. PETERSON, Market Psychology Consulting
Email:

Biology can have both constructive and damaging effects on investment decision-making. Both research and clinical evidence confirm that subtle shifts in neurochemistry affect financial decision-making. These alternations in brain functioning are driven by events as mundane as the weather and as intense as images from a riot. Despite the individual nature of financial decision-making, an understanding of neurobiology can also be applied at the group level. Exogenous shocks and the endogenous environment affect both individuals and the crowds of financial decision makers of which they are a small part. The decisions of such crowds shift global asset prices. This chapter explores research into the biology of financial decision-making and demonstrates how many of the most successful financiers have built decision processes that strengthen vulnerabilities identified by neurofinance researchers.

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Philosophy of Mind eJournal

JULIA ELIZABETH ANNAS
Regents Professor of Philosophy, University of Arizona

DAVID CHALMERS
Professor of Philosophy, ARC Federation Fellow, Director - Center for Consciousness, Australian National University

MAUDEMARIE CLARK
Carleton Professor of Philosophy, Colgate University

CHRISTINE M. KORSGAARD
Arthur Kingsley Porter Professor of Philosophy, Harvard University

ALAN SIMMONS
Commonwealth Professor of Philosophy and Professor of Law, University of Virginia

ELLIOTT R. SOBER
Hans Reichenbach Professor of Philosophy and William F. Vilas Research Professor, University of Wisconsin

ERNEST SOSA
Professor of Philosophy, Rutgers University

BRIAN WEATHERSON
Associate Professor of Philosophy, Cornell University