Research

Publications

Harnessing Neuroscientific Insights to Generate Alpha, with James Doran, Lionnel Pradier and Talis Putnins, forthcoming, Financial Analysts Journal

Outlier Blindness: A Neurobiological Foundation for Neglect of Financial Risk, with Michael Woodford,  The Journal of Financial Economics, vol 143 issue 3, 1316-1343, March 2022 (code|data)

Impact of Ambient Sound on Risk Perception in Humans: Neuroeconomic Investigations, with Bernard Balleine, James Doran, Gidi Nave and Lionnel Pradier, March 2021, Nature — Scientific Reports

Can People Learn About ‘Black Swans’? Experimental Evidence, Review of Financial Studies, vol 31 issue 12, December 2018 (code|data)

Variance After-Effects Bias Risk Perception in Humans, with Bernard Balleine, Tony Berrada and Joel Pearson, Current Biology, vol 26, June 2016 (code|data)

Media coverage: Sydney Morning Herald, Uniken, Business Think, The Australian Financial Review

Learning About Unstable, Publicly Unobservable Payoffs, with Peter Bossaerts, Review of Financial Studies, vol 28 issue 7, June 2015 (code|data)

The Neural Representation of Unexpected Uncertainty During Value-Based Decision Making, with Simon Dunne, Peter Bossaerts and John O’Doherty, Neuron, vol 79 issue 1, 191-201, 2013

Media coverage: ABC TV The Business, Uniken, Business Think, Sydney Morning Herald

Do Not Bet On The Unknown Versus Try To Find Out More: Estimation Uncertainty And ”Unexpected Uncertainty” Both Modulate Exploration, with Peter Bossaerts, Frontiers in Neuroscience 6:150, 2012

Risk, Unexpected Uncertainty, and Estimation Uncertainty: Bayesian Learning in Unstable Settings, with Peter Bossaerts, PLoS Computational Biology 7(1), 2011

Working Papers

The “Waterfall Illusion” in the Financial Markets: Evidence from the Laboratory and the Field, with Lionnel Pradier and Talis Putnins, October 2021

Selected for the NBER Summer Institute 2015 (Economic Fluctuations Behavioral/Macro). Best Paper Award 2017, Behavioural Finance and Capital Markets Conference, sponsored by Capital Markets CRC. WINNER Best Paper Award 2019, “Measurement of Traders in the Field”, sponsored by P&K Pühringer Foundation and cereneo

Craving for Money? Evidence from the Laboratory and the Field^NEW, with James Doran, July 2022

Work in Progress

Learning about shifting trends in a stock market, with Qihe Tang and Yunshen Yang

Pavlovian influences on trader decision-making, with Taisuke Imai

Craving and the spillover effect: a neuroeconomic study, with Bernard Balleine

“Attention Utility Theory”: Modeling decision-making under risk using neurochemistry, with Chew Soo Hong, Richard Ebstein, and Serenella Tolomeo

Using biofeedback to improve trader decisions: A proof-of-concept harnessing the latest neurofinance, psychophysiology, and machine learning sciences, with Reza Argha, James Doran, Andrew Lo, Nigel Lovell, Gelareh Mohammadi, and Lionel Page