Peter Bossaerts

Peter Bossaerts
Affiliation Visiting Professor, Tamagawa University Brain Science Institute, California Institute of Technology
Position Title Professor
Role Neuroscientific analysis of economic choice
Field of Specialization Experimental Finance, Decision Making Under Uncertainty
Professional Affiliation Society for Neuroeconomics


  • “The Human Brain Encodes Event Frequencies While Forming Subjective Beliefs,” , with Mathieu d’ Acremont and Wolfram Schultz, Journal of Neuroscience, in press., 2013
  • “In the Mind of the Market: Theory of Mind Biases Value Computation During Financial Bubbles” , with Benedetto de Martino, John O’Doherty, Deb Ray and Colin Camerer, Neuron, in press., 2013
  • “The Neural Representation of Unexpected Uncertainty During Value-Based Decision Making,” , with Elise Payzan, Simon Dunne and John O’Doherty, Neuron, in press, 2013
  • “Testing Theories Of Investor Behavior Using Neural Data” , with Cary Frydman, Nick Barberis, Colin Camerer and Antonio Rangel, Journal of Finance, in press, 2013
  • “Risk and Reward Preferences Under Time Pressure” , with A. Nursimulu, Review of Finance, in press, 2013
  • “Evidence for model-based computations in the human amygdala during Pavlovian conditioning,” , with Charlotte Prévost, Dan McNamee, Ryan Jessup and John O’Doherty, PLoS Computational Biology 2013 (9)., 2013
  • “Activity in inferior parietal and medial prefrontal cortex signals the accumulation of evidence in a probability learning task” , with M. d’Acremont and E. Fornari, PLoS Computational Biology 2013 (9)., 2013
  • “Decision Making: How The Brain Weighs The Evidence,” , with M. d’Acremont, Current Biology 2012 (22), 1641-48 (Dispatch)., 2012
  • “Risk, Unexpected Uncertainty, and Estimation Uncertainty: Bayesian Learning in Unstable Sttings,” , Peter Bossaerts, PLoS Computational Biology 7 (1), e1001048. doi:10.1371/journal.pcbi.1001048, 2011
  • “Hedging your bets by learning about reward correlations in the human brain” , with Klaus Wunderlich, Mkael Symmunds and Ray Dolan, Neuron 2011 (71), 1141-52., 2011
  • “Separate Encoding of Intuition-Based and Reason-Based Subjective Valuations In The Human Brain”, with Ulrik Beierholm, Cedric Anen and Steven Quartz , NeuroImage 2011 (58), 955-62, 2011
  • “The human prefrontal cortex mediates integration of potential causes behind observed outcomes” , with Klaus Wunderlich, Ulrik Beierholm and John O'Doherty , Journal of Neurophysiology 2011 (online pre-print), 2011
  • “Differentiable Contributions of Human Amygdalar Subregions in the Computations Underlying Reward and Avoidance Learning,” , with C. Prévost, J.A. McCabe, R.K. Jessup and J. O’Doherty, European Journal of Neuroscience 2011 (34), 1-12 (featured article)., 2011
  • “The Affective Impact of Financial Skewness on Neural Activity and Choice” , with C. Wu and B. Knutson , PLoS One 2011 (6) doi:10.1371/journal. pone.0016838, 2011
  • Risk and risk prediction error signals in anterior insula., Bossaerts Peter, Brain structure & function, 2010, 214(5-6), 645 - 53
  • A behavioral and neural evaluation of prospective decision-making under risk., Symmonds Mkael, Bossaerts Peter, Dolan Raymond, The Journal of neuroscience : the official journal of the Society for Neuroscience, 2010, 30(43), 14380 - 9
  • “MAOA-L carriers are better at making optimal financial decisions under risk” , with Cary Frydman, Antonio Rangel and Colin Camerer , Proceedings of The Royal Society B: Biological Sciences 2010 doi:10.1098/rspb.2010.2304, 2010
  • “Exploring the Nature of Trading Intuition” , with Antoine Bruguier and Steve Quartz , Journal of Finance, 65 (2010), 1703-23, 2010
  • “What Decision Neuroscience Teaches Us About Financial Decision Making”, Peter Bossaerts, Annual Review of Financial Economics 2009 (1), 383-404, 2009
  • “Neural Correlates of Value, Risk and Risk Aversion Contributing to Decision Making under Risk” , with G. Christopoulos, P. Tobler, R. Dolan and W. Schultz , Journal of Neuroscience 29 (2009), 12574-83, 2009
  • “Decision Making in Financial Markets” , in: Encyclopedia of Neuroscience, Eds. L. Squire, T. Albright, F. Bloom, F. Gage and N. Spitzer , Elsevier, 2009, 339-346, 2009
  • Human Insula Activation Reflects Risk Predictions Errors As Well As Risk, Bossaerts P., Preuschoff K., Quartz S., Journal of Neuroscience, 2008, 28, 2745 - 2752
  • Markowitz in the Brain?, Bossaerts P., Preuschoff K., Quartz S., Revue d' Economic Politique, 2008, 75 - 96
  • Investigating Signal Integration with Canonical Correlation Analysis of fMRI Brain Activation Data, Bossaerts P., Bruguier A., Preuschoff K., Quartz S., NeuroImage, 2008, 41, 35 - 44
  • Neural Correlates of Mentalizing-Related Computations During Strategic Interactions in Humans, Hampton A, O'Doherty J, Bossaerts P, Proceedings of the National Academy of Sciences, 2008, 105, 6741 - 6746
  • “Explicit Neural Signals Reflecting Reward Uncertainty” , with W. Schultz, K.Preuschoff, C. Camerer, M. Hsu, C.D. Fiorillo, and P. Tobler , Philosophical Transactions of the Royal Society B: Biological Sciences, 2008 (363), 3801-3811, 2008
  • “Neurobiological Studies of Risk Assessment: A Comparison of Expected Utility and Mean-Variance Approaches” , with M. d’Acremont , Journal of Cognitive, Affective and Behavioral Neuroscience 8 (2008), 363-374, 2008
  • “The Neurobiological Foundations of Valuation in Human Decision Making under Uncertainty” , with Ming Hsu and K. Preuschoff, in: Neuroeconomics: Decision Making and the Brain, Ed. P.W. Glimcher, C.F. Camerer, E.Fehr, R.A. Poldrack , New York: Academic Press (2008), 2008
  • Neural antecedents of financial decisions, B. Knutson and P. Bossaerts, Journal of Neuroscience, 2007, 27, 8174 - 8177
  • Human imagination in financial markets with insiders, P. L. Bossaerts, A. Bruguier, and S. Quartz, Neuroscience Research, 2007, 58, S5 - S5
  • Adding Prediction Risk to the Theory of Reward Learning, Bossaerts P., Preuschoff K., Annals of the New York Academy of Sciences, 2007, 1104, 135 - 146
  • Reinforcement Learning Signals in the Human Striatum Distinguish Learners from Nonlearners during Reward-Based Decision Making, Schonberg, T, Daw, N, Joel, D and O'Doherty J.P, Journal of Neuroscience, 2007, 27(47), 12860 - 12867
  • Prices and Allocations in Financial Markets: Theory, Econometrics, and Experiments, Bossaerts P, Plott C, Zame W, Econometrica, 2007, 75, 993 - 1038
  • The Role of Ventromedial Prefrontal Cortex in Abstract State-Based Inference During Decision Making in Humans, Bossaerts P., Hampton A., O'Doherty J., The Journal of Neuroscience, 2006, 26(32), 8360 - 8367
  • Neural Differentiation of Expected Reward and Risk in Human subcortical Structures, Bossaerts P., Preuschoff K., Quartz S., Neuron, 2006, 51, 381 - 390
  • Asset Trading Volume in Infinite-Horizon Economics with Dynamically Complete Markets and Heterogeneous Agents: Comment, Bossaerts P., Zame W., Finance Research Letters, 2006, 3, 96 - 101


  • "Predicting Risk in a Multiple Simulus - Multiple Reward Environment" , with Mathieu d'Acremont and Manfred Gilli, in: Reward And Decision Making, ed. J.C. Dreher and L. Tremblay , Academic Press, 2009
  • From Market Jaws to the Newton Method: The Geometry of How a Market Can Solve Systems of Equations in Handbook of Experimental Economics Results, Plott C, Bossaerts P (Plott C and Smith VL eds), Amsterdam:North-Holland, 2008
  • Lecture Notes in Corporate Finance (Second Revised Edition) , P. Bossaerts, Bernt Arne Odegaard, World Scientific Publlishing , 2007
  • Adding prediction risk to the theory of reward learning, K. Preuschoff and P. Bossaerts, LDMU-BOOK-2007-001, 2007
  • Neuro-Economics of Decision Making: Decision Making in Financial Markets in New Encyclopedia of Neuroscience, Bossaerts P. (Squire L., Albright T., Bloom F., Gage F., Spitzer N. eds), Elsevier, 2007
  • The Paradox of Asset Pricing (Frontiers of Economic Research) , P. Bossaerts, Princeton University Press, 2002

International Conferences

  • Peter Bossaerts, "The Neurobiology Behind Human Decision Making " , 2013 Finance Down Under Conference, Melbourne (Australia), 2013/03
  • Peter Bossaerts, "The Human Brain Behind Financial Skill" , Second Miami Behavioral Finance Conference, 2012/12
  • Peter Bossaerts, "The Human Brain Behind Financial Skill" , Joint Symposium, National Taiwan University, National Chengchi University, National Yang-Ming University, Taipei (Taiwan), 2012/03
  • Peter Bossaerts, "The Human Brain Behind Financial Skill" , Swiss Finance Institute Annual Meeting, 2011/11
  • Peter Bossaerts, "Neurobiological Foundations of Decision Making under Uncertainty" , Finance Down Under: Building on the Best from the Cellars of Finance , University of Melbourne, Australia, 2011/03
  • Peter Bossaerts, “What Decision Neuroscience Teaches Us about Financial Decision Making,”, Marian Miner Cook Athenaeum Lecture, Claremont McKenna College, 2010/03
  • Peter Bossaerts, "Neuroscience and Decision Making," , A Birdseye View of Finance: Past, Present, and Future Frontiers, Conference organized in honor of Haim Levy, Jerusalem, 2009/08
  • Peter Bossaerts, "Strategic Uncertainty In Games and Markets: A Neuroeconomic Perspective" , 5th International Meeting On Experimental And Behavioral Economics, Granada (Spain), 2009/04
  • Peter Bossaerts, "Potential Policy Implications of Neuroeconomics" , The Social Brain, symposium organized by the Royal Academy of Arts, Manufacture and Commerce (RSA) and the Wellcome Trust , London, 2009/01
  • Peter Bossaerts, "Decision Making under Uncertainty: Risk and Risk Learning" , Building Bridges in Medical Sciences , Cambridge University Medical School, 2008/11
  • Peter Bossaerts, "The Neuroeconomics of Decision Making", World Economic Forum , Geneva, 2008/09
  • Peter Bossaerts, Neurobiological Foundations of Perception and Decision under Uncertainty, International Economic Science Association Conference, California Institute of Technology, 2008/06
  • Peter Bossaerts, Neurobiological Foundations of Perception and Decision under Uncertainty, 4th Asia Pacific Meeting of the Economic Science Association, National University of Singapore, 2008/02
  • Peter Bossaerts, Keynote speech, Neurobiological Foundations of Perception and Decision under Uncertainly, 9th Biennial Symposium "Neuroeconomics:Decision Making and the Brain", New York University Center for Neural Science, 2008/01
  • Peter Bossaerts, Keynote speech, The Neuroeconomics of Decision Making, 30th Annual Meeting of Japan Neuroscience Society, 2007/09
  • Peter Bossaerts, Keynote speech, The Neuroeconomics of Decision Making, Second ESA Asia-Pacific Regional Meeting, Osaka, Japan, 2007/02
  • Peter Bossaerts, Keynote speech, Neuro-Finance, Gutmann Public Lecture, Vienna, Austria, 2006/12
  • Peter Bossaerts, Keynote speech, The Paradox of Asset Pricing, Stanford-Tsukuba Conference, 2006/03
  • Peter Bossaerts, Keynote speech, Experimental Financial Markets, EIASM, Tilburg, Netherlands, 2005/12


  • Method and an Apparatus for Providing A Market Environment, Peter Bossaerts, Walter Yuan, Raj Advani, U.S. Patent Application No. 11/531,683, 2008


  • Review of Finance 2004 GSAM Best Research Paper Award for the paper Basic Principles of Asset Pricing Theory: Evidence From Large-Scale Experimental Financial Markets., Peter Bossaerts, 2004
  • Journal of Financial Markets 2003 Best Paper Award for the paper "Excess Demand and Equilibration in Multi-Security Financial Markets: The Empirical Evidence, Peter Bossaerts, 2003

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