Cash, Card or Smartphone: The Neural Correlates of Payment Methods.

Information technology innovations have pushed toward the digitalization of payments. We carried out an exploratory study to understand if and how brain activity can be modulated by the method of payment (cash, card, and smartphone) or the amount of paid money (10€, 50€, 150€), or both. Sixteen healthy, right-handed, volunteers (eight females) underwent a fMRI session, during which 3 runs were presented with block-designed protocol. Each 5-min run was composed of a standard sequence of 12 videoclips, each lasting 12 s and alternated with 12s-rest periods, displaying a human hand paying, each time, through a different method. When contrasting the BOLD signal change by payment method, a greater activation of the parietal cortex (BA40) and right insula (INS) was observed during the exposure of subjects to videoclips showing payments with cash than with either card or smartphone, with any amount of money. A significant greater activation of the right BA40 was observed with 150€ than 50€ and 10€, as well as of the right INS and posterior cingulate cortex (PCC) with 150€ than with 10€, only in the cash condition. This pilot study indicates that cash enhances the salience and negative affective valence of parting with money, as suggested by the greater activity of areas processing the perceived utility of motor behavior (e.g., the parietal cortex), and the individual emotional involvement (e.g., INS). By highlighting that cash payment could represent a stronger self-regulating tool, these findings could be relevant for those interested in regulating compulsive shopping or digital gambling.

Attention Allocation to Financial Information: The Role of Color and Impulsivity Personality Trait.

BACKGROUND: In order to raise the level of investor's protection, the European Commission has recently introduced the key investor information document (KIID), a standard, plainly worded, and consumer-friendly document which should provide individuals with essential information for their investment decisions. KIID layout has been delineated relying on results from focus groups, surveys and telephone interviews, ignoring the reliable, and unbiased insights offered by neuroscientific approaches. AIM: The current study aims to elucidate the patterns of eye movements in the early phases of information acquisition during the reading of financial disclosure documents, disentangling the independent role of color and impulsivity at modulating attention distribution toward the different sources of financial information. MATERIALS AND METHODS: Oculomotor behavior was monitored in eighty-one healthy adults through the eye tracking technology (SMI REDn Scientific 60 Hz). An ecological protocol exploiting KIIDs was developed to control for several individual variables, through delivering standard visual stimuli based on official financial documents. Participants performed a passive exploration task (with the only specific instruction of visually exploring the document), followed by an active task where they were asked to rate the financial attractiveness of the products, as low, medium or high. The Barratt impulsiveness scale (BIS-11) was administered to each participant, to score such personality trait. RESULTS: Attention distribution over the different information sources, included in the KIIDs, has been quantified and found to be independently modulated by both color and impulsivity, with a greater role of the former over the latter. The addition of either red or blue information to some KIID's sections increases attention allocation toward the whole document, compared to the usual black and white version. BIS-11 total scores were inversely related to the first and average fixation duration in the neutral, though not in the colored condition. DISCUSSION: Bottom-up, stimulus-related mechanisms of attention allocation influence information acquisition during the reading of financial prospectuses to the point that the increased attention induced by color compensates for individual impulsivity. Such evidence should be considered by regulators when devising the disclosure documents in order to increase investors' protection.

Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI Investigation.

Background: While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources. Aim: We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion) and, eventually, size and type (Buy/Sell) of stock negotiations, made through Direct Access Trading (DAT) platforms. Subjects and methods: Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform. Results: At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC), the posterior parietal cortex (PPC), the nucleus accumbens (NAcc), and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders' expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects' buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders showed greater activation of areas involved in strategic decision making. Discussion: The neural correlates in DAT are similar to those observed in other decision making contexts. Trading is handled as a well-learned automatic behavior by expert traders; for those who mostly rely on heuristics, cognitive effort decreases, and transaction speed increases, but decision efficiency lowers following a poor involvement of the dlPFC.

[The diagnostic admission in an internal medicine service: clinical and economic aspects]. / Il ricovero diagnostico in medicina interna: efficacia clinica, impatto economico, criticità.

Efficacy and costs of the diagnostic process have been under extensive investigation for a long time. In this study we present a detailed, retrospective analysis of the clinical and economic aspects of 347 diagnostic admissions in a teaching hospital. We have, furthermore, investigated the clinical history of a group of 50 patients, from the beginning up to one year after definitive diagnosis, through a structured questionnaire. The results shed some light onto efficacy, cost-effectiveness and cost-profit balance of diagnostic admissions. Strategies to improve efficacy and cost-effectiveness are discussed.