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Cary Frydman is an economist who specializes in behavioral finance and experimental economics. His research is interdisciplinary, drawing on principles from psychology and neuroscience to answer questions in finance and economics. He is the recipient of an NSF CAREER award and currently serves as an Associate Editor for the Review of Financial Studies, Journal of Financial Economics, and Review of Finance. His work has been published in the leading finance and economics journals and he has won awards for both his research and teaching in the core curriculum at Marshall.
Areas of Expertise
NEWS + EVENTS
Research Fair 2021
USC Marshall researchers present highlights of ongoing research in sixth annual Research Fair.
RESEARCH + PUBLICATIONS
A critical component that is common to both economic and perceptual decision-making under uncertainty is the belief formation process. However, most research has treated belief formation in economic and perceptual decision-making as separate processes. One reason for this separate treatment may be the assumption that there are distinct psychological mechanisms that underlie belief formation in economic and perceptual decisions. An alternative theory is that there exists a common computational model that describes belief formation in both domains. Here, we test this alternative theory by combining a novel computational modeling technique with two well-known experimental paradigms. We estimate a drift-diffusion model (DDM) and provide an analytical method to decode prior beliefs from DDM parameters. We find that a common computational model explains belief formation in both tasks, and that individual differences in belief formation are correlated across tasks. We conclude by discussing implications for understanding judgment biases and predictions in finance.