DRU: Context, Experience, and Market Anomalies: Behavioral and Neural Evidence

DRU：背景、经验和市场异常：行为和神经证据

• 批准号: 0729322
• 负责人: Ali Hortacsu
• 金额: $ 75万
• 依托单位: University of Chicago
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2007
• 资助国家: 美国
• 起止时间: 2007-09-15 至 2012-08-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0729322&HistoricalAwards=false
• 关键词: DRU; Context; Experience; Market; Anomalies

Neoclassical economic theory underlies almost all modern economic policy analyses. Nevertheless, several important deviations from standard assumptions of the theory have been robustly documented in laboratory experiments on economic decision-making. Two such important behavioral deviations are the "endowment effect" and the prevalent display of altruism/social preferences. A multidisciplinary team of researchers from economics, psychology, and neurology will examine the sources of these experimental findings. In this research, the economic decision-making experiments - spanning both laboratory and field treatments - used to detect these deviations will be complemented by neuroimaging techniques to provide insights into the neural mechanisms underlying the behavioral responses. An important hypothesis that will be tested in the context of the endowment effect is whether the effect survives in competitive trading settings. To test this hypothesis, a subject pool with varying degrees of experience as traders in real-world markets will be utilized. Neuroimaging techniques will be used to examine the neural responses of experienced versus inexperienced subjects. The experimental subjects will also be tracked over the course of several years to examine the persistence of behavioral patterns, and whether market experience attained during the survey period is reflected in neural activation patterns. In order to isolate the sources of social preferences/altruism displayed in laboratory games, an experimental design with variations in giving contexts will be used to test among competing explanations for the observed behavioral responses. Neuroimaging will play a crucial role in discriminating between alternative hypotheses and predicting behavior in novel situations. To collect neural measurements with high spatial and temporal accuracy, both fMRI and event-related electroencephalography (ER-EEG or ERP) techniques will be utilized, allowing a more complete understanding of the gains achieved from combining these two measurement modalities. The research is expected to have broader impact through several channels. The economic decision-making contexts studied in the research are ubiquitous in daily life. Assessing the effects of market experience and context variations on decision-making are necessary steps to extend the predictive domain of behavioral theories beyond the laboratory. The multidisciplinary nature of the project is expected to promote the flow of knowledge across the economic, psychology, and neurology/neuroscience disciplines, and will produce trainees (at the post-doc, graduate and undergraduate levels) who will further the communication between these fields.

新古典主义经济理论是几乎所有现代经济政策分析的基础。然而，在经济决策的实验室实验中，已经有力地证明了与该理论标准假设的几个重要偏差。其中两个重要的行为偏差是“天赋效应”和利他主义/社会偏好的普遍表现。一个由经济学、心理学和神经学的研究人员组成的多学科团队将研究这些实验结果的来源。在这项研究中，用于检测这些偏差的经济决策实验--包括实验室和现场治疗--将得到神经成像技术的补充，以提供对行为反应背后的神经机制的见解。将在天赋效应的背景下检验的一个重要假设是，这种效应是否在竞争性交易环境中存在。为了验证这一假设，我们将利用一个在真实市场中拥有不同程度交易员经验的受试者。神经成像技术将被用来检查有经验和没有经验的受试者的神经反应。实验对象还将在几年的时间内被跟踪，以检查行为模式的持续性，以及在调查期间获得的市场经验是否反映在神经激活模式中。为了分离实验室游戏中显示的社交偏好/利他主义的来源，将使用一种带有给定上下文变化的实验设计来测试对观察到的行为反应的相互竞争的解释。神经成像将在区分不同的假设和预测新情况下的行为方面发挥关键作用。为了收集具有高空间和时间精度的神经测量，将使用功能磁共振成像和事件相关脑电(ER-EEG或ERP)技术，使人们能够更全面地了解结合这两种测量模式所获得的收益。预计这项研究将通过几个渠道产生更广泛的影响。研究中研究的经济决策情境在日常生活中普遍存在。评估市场经验和背景变化对决策的影响是将行为理论的预测领域扩展到实验室之外的必要步骤。该项目的多学科性质预计将促进经济、心理学和神经学/神经科学学科之间的知识流动，并将培养出将进一步促进这些领域之间交流的受训者(博士后、研究生和本科生)。