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1、±±±±±±±±±±±±±±±±±±±NEUROFINANCEANDTHE±±±±±±CHAPTER±±±±20±±±±TRADER’SBRAIN±20.1INTRODUCTIONInthisbookwehavearguedthatcognitionandemotionarepowerfulinfluencesonpeople’sdecisions.Tradersare,ofcourse,nodifferent.Thischapterbeginsbyconsideringwhatweknowaboutwhatsetsasuccessfultraderapartfromotherp
2、eople.Wehaveallcontemplatedtheoft-debatedquestionofnatureversusnurtureinexplainingwhetherapersonthrivesorfails.Inthisfinalchapter,wefurtherin-vestigatewherechoicescomefrom.Theevidencesuggeststhattherearebothenvi-ronmentalandbiologicalfoundations.ThechapterbeginsinSection20.2withadiscussionofe
3、xpertise,namely,whatmakesaskillfultrader?Cognitiveskillsarehonedthroughpracticeandrepetition,butemotionalsohasasignificantrole.Next,inSection20.3,weturntotheemerg-ingfieldofneurofinance.Usingimagingtechnology,researchersarecontributingtoourunderstandingofhowpeoplemakedecisions.InSection20.4,w
4、edescribesomeoftheinsightsrecentlyprovidedbyneurofinanceresearchers.Theseresearch-ershavefoundthatcognitionandemotionhavecomplementaryeffects.Traderswhoseemotionsappeartobeinbalanceperformthebest.Uncertaintyandriskareexperienceddifferentlybyourbrains,asaregainsversuslossesandriskversusreturn.
5、ThechapterconcludesinSection20.5withsomepracticaladvice.20.2EXPERTISEANDIMPLICITLEARNINGConsiderthefollowingsituation.Youareatalargeconcertandrunintoagoodfriend,Molly.Ofcourse,yourecognizeherfaceimmediately.Nowthinkaboutthis.Whatif,instead,youknowMollyisattheconcertbutisseatedacrossthevenue.T
6、hefriendyoucametotheconcertwith,Amy,isgoingtolookforMolly,butthetwohavenevermet.YoudoyourbestatdescribingMollytoAmy.What’sthechancethatAmywillbeabletoidentifyMollyamongthousandsofconcertgoers?Nottoolikely.351352CHAPTER20Muchofwhatweknowwecannotdescribeinwords.Afaceisaverycomplexthing,andwesim
7、plydonothaveenoughwordstoexplicitlydescribeoneparticu-larpersonveryaccurately.Languageiscategorical,whereasthedistinguishingfea-turesoftwosimilarfacesmaybefuzzy.Somecognitivescientistsassertthatpeoplehaveknowledgethattheycannotverbalize,refer
