Still, Mr Camerer is confident that neuroeconomics will deliver its first big breakthroughs within five years.

ECONOMIST: Neuroeconomics: Do economists need brains? | The

But some studies show that these results may have been inflated by a lack of disclosure, Camerer says.

FORBES: Psychology

Colin Camerer, an economist at Caltech, blames "diffusion of responsibility" for the problems.

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Our brains literally rebel against this experiment, and, using their MRI scanner, Camerer and his colleagues figured out why.

FORBES: This Is Your Brain On Money

"People tend to be way over-invested in their own country's stock, " Camerer says.

FORBES: This Is Your Brain On Money

Indeed, many behavioural economists are extremely pessimistic about the chances that brain studies will deliver any useful insights, points out Mr Camerer with regret.

ECONOMIST: Neuroeconomics: Do economists need brains? | The

In a study published in Science in December, Caltech economist Colin Camerer and colleagues asked why people tend to be afraid to invest in stock markets outside their own country.

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Caltech's Camerer points out that people are naturally shortsighted.

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Camerer and his colleagues went a step further.

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