Author(s): Anubhav Srivastava, Shailendra Kumar, Utkarsh Goel, Chandra Kant Upadhyay
Integrating concepts from economics, psychology, and neurology in financial decision-making is a relatively new field known as Neurofinance. The aims of the study are to identify the principal topics within neurofinance research, highlight areas requiring further investigation, and assess the contributions of neuroscience to understanding financial decision-making. Additionally, the study examines the influence of individual differences, cognitive biases, and emotions on investment behavior. Employing the PRIMA model and bibliometric analysis, 63 publications from the Scopus database published between 2004 and 2023 were analyzed. These publications involved 149 authors from 22 countries. Although the field is still in its early stages, the findings indicate growing interest in applying neuroscience to financial decision-making. The review identifies four primary research areas: investor psychology, behavioral finance, neurofinance, and the mental health of stock market traders. The results suggest that further research is necessary, particularly to develop strategies for establishing a more robust theoretical foundation.