AI 中文总结
该研究构建神经金融框架，提出神经动力学可生成主观金融时间的核心观点，经行为学-fMRI分析验证，为神经金融学的内生主观时间提供理论与经验基础。
AI 中文摘要
神经金融学表明，金融估值依赖于不断变化的神经状态，而时间体验本身也具有状态依赖性。然而跨期模型通常将时间视为外生变量，研究延迟如何影响估值。本文则探讨相反的问题：与估值相关的神经动力学能否生成主观金融时间？我们在联合金融-神经评估状态空间上构建了一个连续时间模型，其中主观金融时间是动态可容许历史下积累的估值。我们刻画了已实现的时间速率离散度，并表明在匹配的金融动力学下，不同的神经评估轨迹可生成不同的主观金融时间，因此金融等价未必意味着时间等价。估值曲率进一步决定了局部路径依赖。一项概念验证的行为学-功能磁共振成像（fMRI）分析使用了1183个观测值、1126次估值转换和798个金融匹配对。基于腹内侧前额叶皮层（vmPFC）和背内侧前额叶皮层（dmPFC）反应的内侧前额叶估值状态坐标，最强参与者表现出神经状态分离与后续估值分化之间的正相关关系（ρ=0.253，置换检验p值p_perm=0.001），该结果对剩余金融距离（ρ=0.251）和更严格匹配（ρ=0.207）具有稳健性。参与者效应存在异质性，但综合证据给出p=0.0216。数据支持神经状态分离的前提，而非直接识别主观金融时间。该框架为神经金融学中的内生主观时间建立了理论和经验基础。
英文摘要
Neurofinance shows that financial valuation depends on evolving neural states, while temporal experience is itself state dependent. Yet intertemporal models typically treat time as exogenous and ask how delay affects valuation. This paper examines the converse question: can valuation-related neural dynamics generate subjective financial time? We develop a continuous-time model on a joint financial--neuro-evaluative state space in which subjective financial time is accumulated valuation along dynamically admissible histories. We characterise realised temporal-rate dispersion and show that, under matched financial dynamics, distinct neuro-evaluative trajectories can generate different subjective financial times. Financial equivalence therefore need not imply temporal equivalence. Valuation curvature further determines local path dependence. A proof-of-concept behavioural--fMRI analysis uses \(1{,}183\) observations, \(1{,}126\) valuation transitions, and \(798\) financially matched pairs. Using a medial-prefrontal valuation-state coordinate based on vmPFC and dmPFC responses, the strongest participant exhibits a positive association between neural-state separation and subsequent valuation divergence (\(ρ=0.253,\ p_{\mathrm{perm}}=0.001\)), robust to residual financial distance (\(ρ=0.251\)) and tighter matching (\(ρ=0.207\)). Participant effects are heterogeneous, although combined evidence gives \(p=0.0216\). The data support the neural state-separation premise rather than directly identifying subjective financial time. The framework establishes a theoretical and empirically grounded basis for endogenous subjective time in neurofinance. \keywords{Neurofinance $\cdot$ Subjective financial time $\cdot$ Neural valuation $\cdot$ Relative subjective value $\cdot$ Intertemporal choice $\cdot$ Temporal dispersion $\cdot$ Path dependence
