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The Journal of Neuroscience, August 1, 2007, 27(31):8174-8177; doi:10.1523/JNEUROSCI.1564-07.2007

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Mini-Review
Neural Antecedents of Financial Decisions

Brian Knutson¹ and Peter Bossaerts²

¹Departments of Psychology and Neuroscience, Stanford University, Stanford, California 94305, and ²Department of Finance, California Institute of Technology, Pasadena, California 91125

Correspondence should be addressed to Brian Knutson at the above address. Email: knutson{at}psych.stanford.edu

To explain investing decisions, financial theorists invoke two opposing metrics: expected reward and risk. Recent advances in the spatial and temporal resolution of brain imaging techniques enable investigators to visualize changes in neural activation before financial decisions. Research using these methods indicates that although the ventral striatum plays a role in representation of expected reward, the insula may play a more prominent role in the representation of expected risk. Accumulating evidence also suggests that antecedent neural activation in these regions can be used to predict upcoming financial decisions. These findings have implications for predicting choices and for building a physiologically constrained theory of decision-making.

Key words: reward; risk; finance; accumbens; striatum; prefrontal; human; FMRI; review

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Received April 7, 2007; revised June 3, 2007; accepted June 4, 2007.

Correspondence should be addressed to Brian Knutson at the above address. Email: knutson{at}psych.stanford.edu

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