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Doctoral Thesis
DOI
https://doi.org/10.11606/T.5.2014.tde-05052014-103307
Document
Author
Full name
Roberto Ivo da Rocha Lima Filho
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2013
Supervisor
Committee
Massad, Eduardo (President)
Azevedo Neto, Raymundo Soares de
Eid Junior, William
Lopez, Luis Fernandez
Santos, Jose Carlos de Souza
Title in Portuguese
Aspectos neuroeconômicos da tomada de decisão na BM&FBovespa
Keywords in Portuguese
Economia comportamental
EEG
Neurobiologia
Neurociências
Psicofísica
Abstract in Portuguese
O mundo ainda está enfrentando uma crise financeira, que começou em meados de 2007 e até o momento está longe de ser resolvida. Os mercados de ações ao redor do mundo reagiram mal e as notícias em tempo real nunca desempenharam um papel tão importante para os investidores, como visto nesta crise. Em outras palavras, o impacto dos meios de comunicação aprofundou a dinâmica de baixa dos mercados financeiros, o que é amplificada pela volatilidade intrínseca do mesmo. Assim, a Neuroeconomia veio como um novo campo de questionamentos, o qual tem a finalidade de estudar a tomada de decisão, tendo em conta o papel desempenhado pela emoção e seus aspectos fisio-patológicos. Se utiliza neste estudo uma amostra de oitenta (80) pessoas, classificados em quarenta alunos de graduação e quarenta (40) trabalhadores experientes do mercado financeiro (traders), ambos igualmente divididos em 50% do sexo masculino e 50% do sexo feminino. O escopo é de avaliar o envolvimento de uma ampla rede de circuitos neurais envolvidos na avaliação de riscos, benefícios e conflitos (esta ponderação está intimamente relacionada à serotonina em caso de riscos e benefícios no caso de dopamina) para cada grupo a fim de verificar como reagem neste ambiente. Compreender a funcionalidade de tais sistemas é de fundamental importância para a compreensão da dinâmica do mercado financeiro e de suas anomalias, ou seja, para registrar a percepção de cada indivíduo em relação ao sentimento geral do mercado, seja ele a favor ou adverso. Portanto, o principal objetivo desta tese é mapear a atividade cerebral usando uma técnica desenvolvida por Rocha (2001, 2004 e 2010), operando uma simulação de negociação da Bolsa de Valores BMF&Bovespa, a fim de compreender melhor a neurodinâmica do processo de decisão no mercado de capitais
Title in English
Neuroeconomic aspects within the São Paulo Stock Exchange
Keywords in English
Behavioral economics
EEG
Neurobiology
Neuroscience
Psychophysics
Abstract in English
The world is still facing a financial crisis, which started in mid 2007 and up to now is far from being solved. Stock markets around the world reacted badly and the real time news has never played such an important role to investors as seen in previous crisis. In other words, the impact of the media deepened the bear dynamics of the markets, that is, it amplified the volatility of it. Thus, Neuroeconomics comes as a new field of inquiring that has the purpose of studying decision making taking into consideration the role played by emotion and its physio-pathological aspects. Here, it is used a sample of eighty (80) volunteers, sorted out into forty undergraduate students and forty (40) experienced financial market practioneers (namely traders), both equally divided into 50% male and 50% female. The scope is to evaluate the involvement of a wide network of neural circuits involved in risk assessments, benefits and conflicts (this weighting is closely related to the serotonin neural circuits in the event of risks and benefits in the case of dopamine) so as to verify how both groups react to this environment. Understanding the functionality of such systems is of fundamental importance for understanding the dynamics of the financial market and its anomalies, ie to record the perception of each individual in relation to the general market sentiment, being it in favour or on the contrary, adverse. Therefore, the main objective of this thesis is then to map brain activity using a technique developed by Rocha et al (2001, 2004 and 2010), operating a simulation of trading within the BMF&Bovespa, in order to better understand the process of neurodynamics decision making in the capital market
 
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Publishing Date
2014-05-05
 
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