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Computational Intelligence and Neuroscience
Volume 2015, Article ID 701237, 12 pages
Research Article

A Neuroeconomics Analysis of Investment Process with Money Flow Information: The Error-Related Negativity

1School of Management, Hefei University of Technology, Hefei 230009, China
2School of Business Studies, Polytechnic Institute of Viana do Castelo, 4920311 Viana do Castelo, Portugal
3School of Management, Zhejiang University, Hangzhou 310058, China
4Neuromanagement Lab, Zhejiang University, Hangzhou 310058, China

Received 23 January 2015; Revised 13 April 2015; Accepted 25 April 2015

Academic Editor: Dongrong Xu

Copyright © 2015 Cuicui Wang et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.


This investigation is among the first ones to analyze the neural basis of an investment process with money flow information of financial market, using a simplified task where volunteers had to choose to buy or not to buy stocks based on the display of positive or negative money flow information. After choosing “to buy” or “not to buy,” participants were presented with feedback. At the same time, event-related potentials (ERPs) were used to record investor’s brain activity and capture the event-related negativity (ERN) and feedback-related negativity (FRN) components. The results of ERN suggested that there might be a higher risk and more conflict when buying stocks with negative net money flow information than positive net money flow information, and the inverse was also true for the “not to buy” stocks option. The FRN component evoked by the bad outcome of a decision was more negative than that by the good outcome, which reflected the difference between the values of the actual and expected outcome. From the research, we could further understand how investors perceived money flow information of financial market and the neural cognitive effect in investment process.