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Risk Patterns and Correlated Brain Activities. Multidimensional statistical analysis of fMRI data with application to risk patterns

  • Alena MyÅ¡iÄ ková
  • Song Song
  • Piotr Majer
  • Peter N.C. Mohr
  • Hauke R. Heekeren
  • Wolfgang K. Härdle

Decision making usually involves uncertainty and risk. Understanding which parts of the human brain are activated during decisions under risk and which neural processes underly (risky) investment decisions are important goals in neuroeconomics. Here, we reanalyze functional magnetic resonance imaging (fMRI) data on 17 subjects which were exposed to an investment decision task from Mohr et al. (2010b). We obtain a time series of three-dimensional images of the blood-oxygen-level dependent (BOLD) fMRI signals. Our goal is to capture the dynamic behavior of specific brain regions of all subjects in this high-dimensional time series data, by a flexible factor approach resulting in a low dimensional representation. We apply a panel version of the dynamic semiparametric factor model (DSFM) presented in Park et al. (2009) and identify task-related activations in space and dynamics in time. Further, we classify the risk attitudes of all subjects based on the estimated lowdimensional time series. Our classification analysis successfully confirms the estimated risk attitudes derived directly from subjects' decision behavior.

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File URL: http://sfb649.wiwi.hu-berlin.de/papers/pdf/SFB649DP2011-085.pdf
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Paper provided by Sonderforschungsbereich 649, Humboldt University, Berlin, Germany in its series SFB 649 Discussion Papers with number SFB649DP2011-085.

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Length: 39 pages
Date of creation: Dec 2011
Date of revision:
Handle: RePEc:hum:wpaper:sfb649dp2011-085
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  24. Alexander Meyer-Gohde, 2011. "Monetary Policy, Determinacy, and the Natural Rate Hypothesis," SFB 649 Discussion Papers SFB649DP2011-049, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  25. Xiaoliang Liu & Wei Xu & Martin Odening, 2011. "Can crop yield risk be globally diversified?," SFB 649 Discussion Papers SFB649DP2011-018, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
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  30. Stephan Stahlschmidt & Helmut Tausendteufel & Wolfgang K. Härdle, 2011. "Bayesian Networks and Sex-related Homicides," SFB 649 Discussion Papers SFB649DP2011-045, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  31. Sigbert Klinke, 2011. "Developing web-based tools for the teaching of statistics: Our Wikis and the German Wikipedia," SFB 649 Discussion Papers SFB649DP2011-030, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  32. Wolfgang Karl Hardle and Maria Osipenko, 2012. "Spatial Risk Premium on Weather Derivatives and Hedging Weather Exposure in Electricity," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2).
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  34. Dorothee Schneider, 2011. "The Labor Share: A Review of Theory and Evidence," SFB 649 Discussion Papers SFB649DP2011-069, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
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  36. Elmar Diederichs & Anatoli Juditsky & Arkadi Nemirovski & Vladimir Spokoiny, 2011. "Sparse Non Gaussian Component Analysis by Semidefinite Programming," SFB 649 Discussion Papers SFB649DP2011-080, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  37. Esra Akdeniz Duran & Mengmeng Guo & Wolfgang Karl Härdle, 2011. "A Confidence Corridor for Expectile Functions," SFB 649 Discussion Papers SFB649DP2011-004, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  38. Juliane Scheffel, 2011. "How do Unusual Working Schedules Affect Social Life?," SFB 649 Discussion Papers SFB649DP2011-025, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
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