About Us

We study risk decisions all the way from the brain to markets. We integrate knowledge from decision and game theory with neurobiology, economics and finance, psychology and computer science.

Our investigations center on controlled experiments. Within the academic field of finance, this is quite unique. But we maintain that controlled experiments provide much-needed scientific foundation to the field, otherwise we are “likely to go completely astray into imaginary conjecture” (Hannes Alfven, Nobel Prize Physics). We would also argue that, because of scarcity of experimental investigations, policy and regulation in finance is too much model-based and too little evidence-based. We reject the notion that there are “schools of thought” in finance (or economics in general), as if it were a branch of philosophy. Instead, we claim that we learn a lot from experiments, because of what Richard Feynman (Nobel Prize Physics) said: “What I cannot create I do not understand.”

Our Lab


Elena Asparouhova

Francis A. Madsen Professor of Finance, University of Utah

Peter Bossaerts

Professor of Finance, University of Melbourne

Subhasish Dugar

Associate Professor of Economics, University of Utah

Pavitra Govindan

Assistant Professor of Economics, University of Utah

Wenhao Yang

Assistant Professor of Finance, University of South Carolina


Dylan Finlayson

PhD Student in Finance.

Jason Sandvik

PhD Student in Finance

Bharat Raj Parajuli

PhD Student in Finance

Trevor Finch

Undergraduate Student in Finance