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  3. If anyone is qualified to unify the seemingly disparate subjects of financial markets and neurology, it’s John Coates, a senior

If anyone is qualified to unify the seemingly disparate subjects of financial markets and neurology, it’s John Coates, a senior

admin2021-09-17  11
问题    If anyone is qualified to unify the seemingly disparate subjects of financial markets and neurology, it’s John Coates, a senior research fellow in neuroscience and finance at the University of Cambridge. The Hour Between Dog and Wolf is a powerful distillation of his work and an important step in the ongoing struggle to free economics from rational-actor theory.
   
   Coates’s book argues that irrationality rules in times of boom and bust, and that in both cases investors get caught up in either irrational exuberance or irrational pessimism. That is, "investors during bubbles seem to come equipped with special eyewear that permits them to view all economic news as bullish." On the other hand, in the wake of a severe downturn, when investors are buffeted by bad news and disastrous trades, they retreat into their shells.
   Both of these tendencies put the market at risk, and neither jibes with the long-running theory that investors act rationally in seeking out what benefits them the most, that monetary policy can help steer us away from calamity. Under this view, faced with a bubble or a collapse, the Federal Reserve can alter interest rates to stabilize things, and investors will react rationally to the new resultant prices, putting the markets back on sound footing. But reality isn’t nearly so neat—the human brain and body get in the way. "Under the influence of pathologically elevated hormones," Coates writes, "the trading community at the peak of a bubble or in the pit of a crash may effectively become a clinical population."
   Coates emphasizes the tight connection between brain and body. Every potential opportunity, every glimmer of bad news, registers in primal circuits as a jolt of pleasure or an activation of the fight-or-flight system.
   The book is well executed and makes its argument convincingly, even if a lot of it won’t be new to those who have read the recent spate of popular books on neurology and human decision making. It’s notable not just for the specifics of its subject, but for its place in the broader constellation of books and articles slowly chipping away at rational-actor theory.
   Plato argued that mind and body are two distinct entities, and this intellectual legacy resonates in the rational-choice model. Coates is part of a broad, ongoing intellectual process to partially undo Plato and to turn us toward Aristotle, who saw mind and body as inextricably linked (which greatly complicates the notion of a separate, dispassionate mind rationally making decisions). Coates and a small army of psychologists and behavioral economists are trying to guide us out of the dark jungle into which the rational-actor model has led us into.
We can infer that both Coates and the traditional theory may agree that____.
选项 A、irrationality is the source of economic bubbles
B、prior successes may stimulate irrational economic behavior
C、the fight-or-flight system of traders is rationality-dominated
D、irrationality may put the market at risk
答案D
解析 推断题。第三段首句指出，高德斯认为，投资家陷入非理性兴奋亦或消极状态都会置市场于危险中。从文中可推知，传统理性行为理论认为，市场之所以能够正常运行是因为有追求利益最大化的理性主体存在，潜在含义是非理性不利于市场运行。因此，二者都认同非理性可能会置市场于风险中，故D项正确。
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