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Affective vs. Rational Decision-Making: The Spectrum of Serotonin in Economic Behavior

Yıl 2025, Cilt: 3 Sayı: 1, 15 - 34, 29.12.2025

Yusuf Polat

Öz

Alongside dopamine, serotonin is one of the most extensively studied neurotransmitters in neurofinance, serving as an important neurotransmitter, neuromodulator, and hormone with significant effects on human behavior. Despite extensive research, serotonin is arguably the most complex neurochemical and stands out due to its pronounced influence on daily life. These characteristics primarily arise from the interaction between anxiety—one of the most fundamental affective states at the psychic level—and the amygdala, the brain’s core affective processing region. This interaction makes serotonin both highly significant and a multilayered neurochemical entity. This article examines serotonin’s behavioral roles and its effects on decision-making mechanisms within behavioral and neurofinance contexts. Additionally, it aims to comprehensively introduce serotonin’s impact on loss, risk, impulsivity, delay discounting, motivation, cognition, altruism, and prosocial behaviors. The article seeks to contribute to neurofinance literature by addressing both the neurobiological foundations of the serotonin system and its functional effects on economic decision-making through an integrative approach.

Anahtar Kelimeler

Neurofinance Serotonin 5HT

Kaynakça

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  • Balasubramani, P. P., Chakravarthy, V. S., Ravindran, B., & Moustafa, A. A. (2014). An extended reinforcement learning model of basal ganglia to understand the contributions of serotonin and dopamine in risk-based decision making, reward prediction, and punishment learning. Frontiers in Computational Neuroscience, 8, 47.
  • Bari, A., Theobald, D. E., Caprioli, D., Mar, A. C., Aidoo-Micah, A., Dalley, J. W., & Robbins, T. W. (2010). Serotonin modulates sensitivity to reward and negative feedback in a probabilistic reversal learning task in rats. Neuropsychopharmacology, 35(6), 1290-1301.
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(Duygusal ve Rasyonel Karar Verme: Ekonomik Davranışta Serotoninin Spektrumu)

Yıl 2025, Cilt: 3 Sayı: 1, 15 - 34, 29.12.2025

Yusuf Polat

Öz

Dopamin ile birlikte serotonin, nörofinans alanında en çok araştırılan nörotransmiterlerden biri olup, insan davranışları üzerinde belirgin etkiler gösteren önemli bir nörotransmiter, nöromodülatör ve hormondur. Yoğun araştırmalara rağmen, muhtemelen tüm nörokimyasallar arasında en kompleks yapıya sahip olan serotonin, günlük yaşam üzerindeki etkileriyle de öne çıkmaktadır. Serotoninin bu özellikleri, özellikle psişik düzeyde en temel duygulanımlardan biri olan anksiyete ile nöroanatomik olarak beynin temel duygulanım bölgesi olan amigdala arasındaki etkileşime dayanmaktadır. Bu etkileşim serotonini hem son derece önemli hem de çok katmanlı bir nörokimyasal yapı haline getirmektedir. Bu makalede, davranışsal ve nörofinans bağlamında serotoninin davranışsal rolleri ve karar mekanizmaları üzerindeki etkileri incelenmiştir. Ayrıca, serotonin etkisinin kayıp, risk, dürtüsellik, gecikme iskontosu, motivasyon, biliş, altruizm ve prososyal davranışlar bağlamındaki yansımalarının kapsamlı bir şekilde tanıtılması amaçlanmıştır. Makale, serotonin sisteminin hem nörobiyolojik temellerini hem de bu temellerin ekonomik karar alma süreçleri üzerindeki işlevsel etkilerini bütüncül bir yaklaşımla ele alarak nörofinans literatürüne katkı sağlamayı hedeflemektedir.

Anahtar Kelimeler

Nörofinans Serotonin 5HT

Kaynakça

  • Alonso, L., Peeva, P., Fernández-del Valle Alquicira, T., Erdelyi, N., Gil Nolskog, Á., Bader, M., & ... Rivalan, M. (2024). Poor decision making and sociability impairment following central serotonin reduction in inducible TPH2-knockdown rats. International Journal of Molecular Sciences, 25(9), 5003.
  • Arnold, P. D., Zai, G., & Richter, M. A. (2004). Genetics of anxiety disorders. Current Psychiatry Reports, 6(4), 243-254.
  • Bacqué-Cazenave, J., Bharatiya, R., Barrière, G., Delbecque, J. P., Bouguiyoud, N., Di Giovanni, G., . . . De Deurwaerdère, P. (2020). Serotonin in animal cognition and behavior. International Journal of Molecular Sciences, 21(5), 1649.
  • Balasubramani, P. P., Chakravarthy, V. S., Ravindran, B., & Moustafa, A. A. (2014). An extended reinforcement learning model of basal ganglia to understand the contributions of serotonin and dopamine in risk-based decision making, reward prediction, and punishment learning. Frontiers in Computational Neuroscience, 8, 47.
  • Bari, A., Theobald, D. E., Caprioli, D., Mar, A. C., Aidoo-Micah, A., Dalley, J. W., & Robbins, T. W. (2010). Serotonin modulates sensitivity to reward and negative feedback in a probabilistic reversal learning task in rats. Neuropsychopharmacology, 35(6), 1290-1301.
  • Bechara, A., Damasio, H., & Damasio, A. R. (2000). Emotion, decision making and the orbitofrontal cortex. Cerebral Cortex, 10(3), 295-307.
  • Berger, M., Gray, J. A., & Roth, B. L. (2009). The expanded biology of serotonin. Annual Review of Medicine, 60(1), 355-366.
  • Best, J., Nijhout, H. F., & Reed, M. (2010). Serotonin synthesis, release and reuptake in terminals: a mathematical model. Theoretical Biology and Medical Modelling, 7, 1-26.
  • Bossaerts, P. (2021). How neurobiology elucidates the role of emotions in financial decision-making. Frontiers in Psychology, 12, 697375.
  • Boureau, Y. L., & Dayan, P. (2011). Opponency revisited: competition and cooperation between dopamine and serotonin. Neuropsychopharmacology, 36(1), 74-97.
  • Briffa, M., & Elwood, R. W. (2007). Monoamines and decision making during contests in the hermit crab Pagurus bernhardus. Animal Behaviour, 73(4), 605-612.
  • Campbell-Meiklejohn, D., Wakeley, J., Herbert, V., Cook, J., Scollo, P., Ray, M. K., . . . Rogers, R. D. (2011). Serotonin and dopamine play complementary roles in gambling to recover losses. Neuropsychopharmacology, 36(2), 402-410.
  • Carlson, N. R. (2020). Fizyolojik Psikoloji. Ankara: Nobel Yayınevi.
  • Chew, S. H., Ebstein, R. P., & Zhong, S. (2012). Ambiguity aversion and familiarity bias: Evidence from behavioral and gene association studies. Journal of Risk and Uncertainty, 44, 1-18.
  • Chhaochharia, V., Korniotis, G. M., & Kumar, A. (2020). Prozac for depressed states? Effect of mood on local economic recessions. Review of Financial Economics, 38(2), 245-274.
  • Clarke, H. F., Dalley, J. W., Crofts, H. S., Robbins, T. W., & Roberts, A. C. (2004). Cognitive inflexibility after prefrontal serotonin depletion. Science, 304(5672), 878-880.
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  • Jonnakuty, C., & Gragnoli, C. (2008). What do we know about serotonin? Journal of Cellular Physiology, 217(2), 301-306.
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  • Kanen, J. W., Robbins, T. W., & Trofimova, I. N. (2022). Harnessing temperament to elucidate the complexities of serotonin function. Current Opinion in Behavioral Sciences, 45, 101108.
  • Kilpatrick, D. G., Koenen, K. C., Ruggiero, K. J., Acierno, R., Galea, S., Resnick, H. S., & ... & Gelernter, J. (2007). The serotonin transporter genotype and social support and moderation of posttraumatic stress disorder and depression in hurricane-exposed adults. American Journal of Psychiatry, 164(11), 1693-1699.
  • Koot, S., Zoratto, F., Cassano, T., Colangeli, R., Laviola, G., Van Den Bos, R., & Adriani, W. (2012). Compromised decision-making and increased gambling proneness following dietary serotonin depletion in rats. Neuropharmacology, 62(4), 1640-50.
  • Kötting, W. F., Bubenzer, S., Helmbold, K., Eisert, A., Gaber, T. J., & Zepf, F. D. (2013). Effects of tryptophan depletion on reactive aggression and aggressive decision‐making in young people with ADHD. Acta Psychiatrica Scandinavica, 128(2), 114-123.
  • Krakowski, M. (2003). Violence and serotonin: influence of impulse control, affect regulation, and social functioning. The Journal of Neuropsychiatry and Clinical Neurosciences, 15(3), 294-305.
  • Kranz, G. S., Kasper, S., & Lanzenberger, R. (2010). Reward and the serotonergic system. Neuroscience, 166(4), 1023-1035.
  • Kuhnen, C. M., Samanez-Larkin, G. R., & Knutson, B. (2013). Serotonergic genotypes, neuroticism, and financial choices. PloS one, 8(1), e54632.
  • Lesch, K. P., Bengel, D., Heils, A., Sabol, S. Z., Greenberg, B. D., Petri, S., & ... & Murphy, D. L. (1996). Association of anxiety-related traits with a polymorphism in the serotonin transporter gene regulatory region. Science, 274(5292), 1527-1531.
  • Lewejohann, L., Kloke, V., Heiming, R. S., Jansen, F., Kaiser, S., Schmitt, A., & ... & Sachser, N. (2010). Social status and day-to-day behaviour of male serotonin transporter knockout mice. Behavioural Brain Research, 211(2), 220-228.
  • Ligneul, R., & Mainen, Z. F. (2023). Serotonin. Current Biology, 33(23), 1216-1221.
  • Long, A. B., Kuhn, C. M., & Platt, M. L. (2009). Serotonin shapes risky decision making in monkeys. Social Cognitive and Affective Neuroscience, 4(4), 346-356.
  • Lucki, I. (1998). The spectrum of behaviors influenced by serotonin. Biological Psychiatry, 44(3), 151-162.
  • Luo, Q., Kanen, J. W., Bari, A., Skandali, N., Langley, C., Knudsen, G. M., & ... & Robbins, T. W. (2023). Common roles for serotonin in rats and humans for computations underlying flexible decision-making. BioRxiv, 2023-02.
  • Luo, Q., Kanen, J. W., Bari, A., Skandali, N., Langley, C., Knudsen, G. M., & ... Robbins, T. W. (2024). Comparable roles for serotonin in rats and humans for computations underlying flexible decision-making. Neuropsychopharmacology, 49(3), 600-608.
  • Macoveanu, J., Rowe, J. B., Hornboll, B., Elliott, R., Paulson, O. B., Knudsen, G. M., & Siebner, H. R. (2013). Serotonin 2A receptors contribute to the regulation of risk-averse decisions. Neuroimage, 83, 35-44.
  • Maximino, C. (2012). Serotonin and anxiety: Neuroanatomical, pharmacological, and functional aspects. Springer Science & Business Media.
  • Michely, J., Martin, I. M., Dolan, R. J., & Hauser, T. U. (2023). Boosting serotonin increases information gathering by reducing subjective cognitive costs. Journal of Neuroscience, 43(32), 5848-5855.
  • Miu, A. C., & Visu-Petra, L. (2010). Anxiety disorders in children and adults: A cognitive, neurophysiological, and genetic characterization. Springer Publishing Company.
  • Miyazaki, K., Miyazaki, K. W., Yamanaka, A., Tokuda, T., Tanaka, K. F., & Doya, K. (2018). Reward probability and timing uncertainty alter the effect of dorsal raphe serotonin neurons on patience. Nature Communications, 9(1), 2048.
  • Mohr, P. N., Li, S. C., & Heekeren, H. R. (2010). Neuroeconomics and aging: neuromodulation of economic decision making in old age. Neuroscience Biobehavioral Reviews, 34(5), 678-688.
  • Murgea, A. (2016). Seasonal affective disorder and the Romanian stock market. Economic Research-Ekonomska Istraživanja, 29(1), 177-192.
  • Ng, A. J., Vincelette, L. K., Li, J., Brady, B. H., & Christianson, J. P. (2023). Serotonin modulates social responses to stressed conspecifics via insular 5-HT2C receptors in rat. Neuropharmacology, 236, 109598.
  • Nordquist, N., & Oreland, L. (2010). Serotonin, genetic variability, behaviour, and psychiatric disorders-a review. Upsala Journal of Medical Sciences, 115(1), 2-10.
  • Palminteri, S., Clair, A. H., Mallet, L., & Pessiglione, M. (2012). Similar improvement of reward and punishment learning by serotonin reuptake inhibitors in obsessive-compulsive disorder. Biological Psychiatry, 72(3), 244-250.
  • Peterson, R. L. (2007). Affect and financial decision-making: How neuroscience can inform market participants. The Journal of Behavioral Finance, 8(2), 70-78.
  • Potenza, M. N., Walderhaug, E., Henry, S., Gallezot, J. D., Planeta-Wilson, B., Ropchan, J., & Neumeister, A. (2013). Serotonin 1B receptor imaging in pathological gambling. The World Journal of Biological Psychiatry, 14(2), 139-145.
  • Presby, R. E., Rotolo, R. A., Hurley, E. M., Ferrigno, S. M., Murphy, C. E., McMullen, H. P., & ... Salamone, J. D. (2021). Sex differences in lever pressing and running wheel tasks of effort-based choice behavior in rats: suppression of high effort activity by the serotonin transport inhibitor fluoxetine. Pharmacology Biochemistry and Behavior, 202, 173115.
  • Pyurveev, S. S., Lebedev, A. A., Tsikunov, S. G., Karpova, I. V., Bychkov, E. R., & Shabanov, P. D. (2023). Psychic trauma causes increased impulsivity in a model of gambling addiction by altering dopamine and serotonin metabolism in the prefrontal cortex. Reviews on Clinical Pharmacology and Drug Therapy, 21(4), 329-338.
  • Rapport, M. M., Green, A. A., & Page, I. H. (1948). Serum vasoconstrictor (serotonin): IV. Isolation and characterization. Journal of Biological Chemistry, 176(3), 243-1251.
  • Rudnick, G. (2006). Serotonin transporters–structure and function. The Journal of Membrane Biology, 213, 101-110.
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  • Seymour, B., Daw, N. D., Roiser, J. P., Dayan, P., & Dolan, R. (2012). Serotonin selectively modulates reward value in human decision-making. Journal of Neuroscience, 32(17), 5833-5842.
  • Siegel, J. Z., & Crockett, M. J. (2013). How serotonin shapes moral judgment and behavior. Annals of the New York Academy of Sciences, 1299(1), 42-51.
  • Silvetti, M., Baldassarre, G., & Caligiore, D. (2019). A computational hypothesis on how serotonin regulates catecholamines in the pathogenesis of depressive apathy. Multiscale Models of Brain Disorders, 127-134.
  • Smith, G. S., Barrett, F. S., Joo, J. H., Nassery, N., Savonenko, A., Sodums, D. J., & ... Workman, C. I. (2017). Molecular imaging of serotonin degeneration in mild cognitive impairment. Neurobiology of Disease, 105, 33-41.
  • Stamatis, C. A., Engelmann, J. B., Ziegler, C., Domschke, K., Hasler, G., & Timpano, K. R. (2020). A neuroeconomic investigation of 5-HTT/5-HT1A gene variation, social anxiety, and risk-taking behavior. Anxiety, Stress, Coping, 33(2), 176-192.
  • Thom, R. P., Alexander, J. L., Baron, D., Garakani, A., Gross, L., Pine, J. H., & ... Sumner, C. R. (2021). Selective serotonin reuptake inhibitors: how long is long enough? Journal of Psychiatric Practice, 27(5), 361-371.
  • Vallender, E. J., Lynch, L., Novak, M. A., & Miller, G. M. (2009). Polymorphisms in the 3′ UTR of the serotonin transporter are associated with cognitive flexibility in rhesus macaques. American Journal of Medical Genetics Part B: Neuropsychiatric Genetics, 150(4), 467-475.
  • van den Bos, R., Homberg, J., & deVisser, L. (2013). A critical review of sex differences in decision-making tasks: Focus on the Iowa Gambling Task. Behavioural Brain Research, 238, 95-108.
  • Volpi-Abadie, J., Kaye, A. M., & Kaye, A. D. (2013). Serotonin syndrome. Ochsner Journal, 13(4), 533-540.
  • Watson, K. K., Ghodasra, J. H., & Platt, M. L. (2009). Serotonin transporter genotype modulates social reward and punishment in rhesus macaques. PloS One, 4(1), e4156.
  • Wei, Z., Han, L., Zhong, X., Liu, Y., Zha, R., Wang, Y., . . . Zhang, X. (2018). Chronic nicotine exposure impairs uncertainty modulation on reinforcement learning in anterior cingulate cortex and serotonin system. Neuroimage, 169, 323-333.
  • Worbe, Y., Savulich, G., Voon, V., Fernandez-Egea, E., & Robbins, T. W. (2014). Serotonin depletion induces ‘waiting impulsivity’on the human four-choice serial reaction time task: cross-species translational significance. Neuropsychopharmacology, 39(6), 1519-1526.
Toplam 98 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Davranışsal Finans
Bölüm Derleme
Yazarlar

Yusuf Polat 0000-0002-2255-0658

Gönderilme Tarihi 5 Haziran 2025
Kabul Tarihi 30 Ekim 2025
Yayımlanma Tarihi 29 Aralık 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 3 Sayı: 1

Kaynak Göster

APA Polat, Y. (2025). Affective vs. Rational Decision-Making: The Spectrum of Serotonin in Economic Behavior. Aksaray Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 3(1), 15-34.