PubMed · 13323219
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D G FRENCH. 1956. The behavioral sciences and the professions.. https://pubmed.ncbi.nlm.nih.gov/13323219/
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In the 1950s, young faculty in Psychology and Physiology/Biology at the newly established Florida State University recognized common interests in the study of sensory systems. They spontaneously formed one of this country's earliest interdisciplinary research cohorts in the emerging field of "psychobiology". In the 1960s, this group established a formal graduate program in Psychobiology, acquired resources for building a new laboratory and for supporting pre- and post-doctoral students, and began the expansion of faculty and research focuses that continues to this day. In 1991, FSU's Psychobiology Program was re-branded as a Program in Neuroscience that awards a doctoral degree. It now encompasses faculty and students from four academic departments in the Colleges of Arts and Sciences, Human Sciences, and Medicine. This paper traces some main developments in our 50-year history of these research and training efforts.
Until now, economic theory has not systematically integrated the influence of emotions on decision-making. Since evidence from neuroscience suggests that decision-making as hypothesized in economic theory depends on prior emotional processing, interdisciplinary research under the label of "neuroeconomics" arose. The key idea of this approach is to employ recent neuroscientific methods in order to analyze economically relevant brain processes. This paper aims to provide an overview of the current state of neuroeconomic research by giving a brief description of the concept of neuroeconomics, outlining methods commonly used and describing current studies in this new research area. Finally, some future prospects and limitations are discussed.
Functional magnetic resonance imaging (fMRI) has proven a useful tool for observing neural BOLD signal changes during complex cognitive and emotional tasks. Yet the meaning and applicability of the fMRI data being gathered is still largely unknown. The brain's reward system underlies the fundamental neural processes of goal evaluation, preference formation, positive motivation, and choice behavior. fMRI technology allows researchers to dynamically visualize reward system processes. Experimenters can then correlate reward system BOLD activations with experimental behavior from carefully controlled experiments. In the SPAN lab at Stanford University, directed by Brian Knutson Ph.D., researchers have been using financial tasks during fMRI scanning to correlate emotion, behavior, and cognition with the reward system's fundamental neural activations. One goal of the SPAN lab is the development of predictive models of behavior. In this paper we extrapolate our fMRI results toward understanding and predicting individual behavior in the uncertain and high-risk environment of the financial markets. The financial market price anomalies of "value versus glamour" and "momentum" may be real-world examples of reward system activation biasing collective behavior. On the individual level, the investor's bias of overconfidence may similarly be related to reward system activation. We attempt to understand selected "irrational" investor behaviors and anomalous financial market price patterns through correlations with findings from fMRI research of the reward system.