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Updated: Sep 9, 2025

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Predicting entrepreneurship from brain structure and neural responses to risk and ambiguity
Marja-Liisa Halko1,2, Tom Lahti3, Kaisa Hytönen4
1Faculty of Social Sciences / Economics, University of Helsinki, Helsinki, Finland. marja-liisa.halko@helsinki.fi.
Abstract:
In what way do entrepreneurs differ from non-entrepreneurs? We conducted a comprehensive analysis of behavioral responses, brain activation patterns, and gray matter volume (GMV) to compare entrepreneurs with a control group of employees who lack entrepreneurial backgrounds but often hold managerial responsibilities. Using behavioral, fMRI and GMV data, we applied a machine learning approach to predict participants' likelihood of being classified as entrepreneurs. Our findings suggest brain activation in valuation-related areas varies with risk attitudes. Structural analysis reveals a significant negative association between dorsomedial prefrontal cortex GMV and participants' risk attitudes, while risk-taking propensity, especially among entrepreneurs, exhibits a positive relationship with GMV in the right and left anterior insula. Notably, the predictive model integrating valuation decisions with fMRI data from risky trials demonstrates the highest accuracy in classifying participants as entrepreneurs. These results highlight the significance of immediate brain responses to risk as a robust predictor of entrepreneurial propensity, offering new insights into the neural basis of high-risk tolerance in entrepreneurship.

