Carsten Murawski is a professor in the Department of Finance and co-director of the Brain, Mind & Markets Laboratory. In his research, he uses laboratory experiments to study individual decision-making, in particular its neurobiological basis.
The current focus of his work is on determining in what ways information processing constraints in the brain affect decision-making, how they lead to phenomena such as cognitive biases and in what ways decision-making can be improved. He is particularly interested in complex problem solving, learning about uncertainty, social interaction and meta-decision making.
A primary area of Carsten’s current research is the role of complexity in decision-making. He is a pioneer in linking computational complexity theory with decision theory to identify and quantify resource requirements of decisions. He has shown that biological resource constraints can explain human behaviour in the face of complexity, including well-documented behavioural biases. In another strand of research, he is investigating the strategies humans use to solve complex problems and how human problem solving can be improved.
In 2015, Carsten was one of the co-initiators of Street Finance, a new program developed by the Faculty of Business and Economics and the Melbourne Graduate School of Education. The program aims to improve financial behavior and outcomes of young Victorians at an important time of transition from adolescence to adulthood, on the verge of making many major financial decisions. The core of the program is a final-year undergraduate subject in the Bachelor of Commerce. Students enrolled in the subject develop and subsequently deliver lessons on basic financial knowledge in Victorian high schools.
Prior to joining The University of Melbourne Carsten was a postdoctoral fellow at the University of Zurich. He has been a visiting researcher at New York University and at Columbia University, New York and has taught at undergraduate and graduate level at The University of Melbourne, the University of Zurich and the Swiss Federal Institute of Technology (ETH) Zurich. He was trained in investment banking at JP Morgan in New York and has spent several years in the finance industry. Carsten holds a PhD from the University of Zurich, Switzerland and a Master’s degree from the University of Bayreuth, Germany.
For more information on Carsten Murawski's current research, please visit the website of the Brain, Mind & Markets Lab.
For more information about the doctoral program Decision, Risk and Financial Sciences, please visit the information page.
For more information on Street Finance, please visit the Street Finance information page.
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Monetary feedback modulates performance and electrophysiological indices of belief updatin..
Financial Readiness For Retirement - Assessing The Adequacy Of Retirement Savings In The A..
Displaying the 3 most recent projects by Carsten Murawski.
Displaying the 41 most recent scholarly works by Carsten Murawski.
Separating Probability and Reversal Learning in a Novel Probabilistic Reversal Learning Task for Mice
Jeremy A Metha, Maddison L Brian, Sara Oberrauch, Samuel A Barnes, Travis J Featherby, Peter Bossaerts, Carsten Murawski, Daniel Hoyer, Laura H Jacobson
Journal article | 2020 | Frontiers in Behavioral Neuroscience
The exploration/exploitation tradeoff – pursuing a known reward vs. sampling from lesser known options in the hope of finding a be..
Monetary feedback modulates performance and electrophysiological indices of belief updating in reward learning.
Daniel Bennett, Karen Sasmita, Ryan T Maloney, Carsten Murawski, Stefan Bode
Journal article | 2019 | Psychophysiology
Belief updating entails the incorporation of new information about the environment into internal models of the world. Bayesian inf..
Defining Compulsive Behavior
J Luigjes, V Lorenzetti, S de Haan, GJ Youssef, C Murawski, Z Sjoerds, W van den Brink, D Denys, LF Fontenelle, M Yücel
Journal article | 2019 | Neuropsychology Review
Compulsive tendencies are a central feature of problematic human behavior and thereby are of great interest to the scientific and ..
Hard Decisions Shape the Neural Coding of Preferences
Katharina Voigt, Carsten Murawski, Sebastian Speer, Stefan Bode
Journal article | 2019 | The Journal of Neuroscience
Hard decisions between equally valued alternatives can result in preference changes, meaning that subsequent valuations for chosen..
Uncertainty and computational complexity
P Bossaerts, Nitin Yadav, Carsten Murawski
Journal article | 2018 | Philosophical Transactions of the Royal Society B: Biological Sciences
Modern theories of decision-making typically model uncertainty about decision options using the tools of probability theory. This ..
Measuring the Adequacy of Retirement Savings
C MURAWSKI, John Burnett, KEVIN Davis, ROGER Wilkins, Nicholas Wilkinson
Journal article | 2018 | Review of Income and Wealth
This paper introduces four metrics for quantifying the adequacy of retirement savings, taking into account all major sources of re..
Health warnings promote healthier dietary decision making: Effects of positive versus negative message framing and graphic versus text-based warnings
C Murawski, M Wakefield, D Rosenblatt, S Bode, H Dixon
Journal article | 2018 | Appetite
Food product health warnings have been proposed as a potential obesity prevention strategy. This study examined the effects of tex..
Reply to: The Choice of Prior in Bayesian Modeling of the Information Sampling Task
C MURAWSKI, Murat Yücel, Daniel Bennett
Journal article | 2018 | Biological Psychiatry
In a previous article (1), we detailed an error of statistical inference in P(correct), one of two outcome metrics for the Informa..
The neural encoding of information prediction errors during non-instrumental information seeking
Maja Brydevall, Daniel Bennett, Carsten Murawski, Stefan Bode
Journal article | 2018 | Scientific Reports
In a dynamic world, accurate beliefs about the environment are vital for survival, and individuals should therefore regularly seek..
Hard decisions shape the neural coding of preferences
Katharina Voigt, Carsten Murawski, Sebastian Speer, Stefan Bode
Journal article | 2018 | The Journal of neuroscience
Abstract Hard decisions between equally valued alternatives can result in preference changes, meaning that subsequent valuations f..
Dissociating neural variability related to stimulus quality and response times in perceptual decision-making
Stefan Bode, Daniel Bennett, David K Sewell, Bryan Paton, Gary F Egan, Philip L Smith, Carsten Murawski
Journal article | 2018 | Neuropsychologia
According to sequential sampling models, perceptual decision-making is based on accumulation of noisy evidence towards a decision ..
The Socio-Moral Image Database (SMID): A novel stimulus set for the study of social, moral and affective processes
C Murawski, DL Carone, S Bode, SM Laham
Journal article | 2018 | PLOS ONE
A major obstacle for the design of rigorous, reproducible studies in moral psychology is the lack of suitable stimulus sets. Here,..
Food product health warnings promote dietary self-control through reductions in neural signals indexing food cue reactivity
C Murawski, S Bode, DH Rosenblatt, P Summerell, A Ng, H Dixon, M Wakefield
Journal article | 2018 | NeuroImage: Clinical
Modern societies are replete with palatable food cues. A growing body of evidence suggests that food cue exposure activates condit..
Endogenous formation of preferences: Choices systematically change willingness-to-pay for goods
K Voigt, C Murawski, S Bode
Journal article | 2017 | Journal of Experimental Psychology: Learning, Memory, and Cognition
Standard decision theory assumes that choices result from stable preferences. This position has been challenged by claims that the..
Caloric Primary Rewards Systematically Alter Time Perception
Bowen J Fung, Carsten Murawski, Stefan Bode
Journal article | 2017 | Journal of Experimental Psychology: Human Perception and Performance
Human time perception can be influenced by contextual factors, such as the presence of reward. Yet, the exact nature of the relati..
High monetary reward rates and caloric rewards decrease temporal persistence
B Fung, S Bode, C Murawski
Journal article | 2017 | Proceedings of the Royal Society B: Biological Sciences
Temporal persistence refers to an individual's capacity to wait for future rewards, while forgoing possible alternatives. This req..
Cardiac signals are independently associated with temporal discounting and time perception
C MURAWSKI, B Fung, D Crone, S Bode
Journal article | 2017 | Frontiers in Behavioral Neuroscience
Cardiac signals reflect the function of the autonomic nervous system (ANS) and have previously been associated with a range of sel..
Neuroscience in gambling policy and treatment: An interdisciplinary perspective
M Yücel, A Carter, AR Allen, B Balleine, L Clark, NA Dowling, SM Gainsbury, AE Goudriaan, J Grant, A Hayes, D Hodgins, R van Holst, R Lattimore, C Livingstone, V Lorenzetti, D Lubman, C Murawski, L Parkes, N Petry, R Room, et al.
Journal article | 2017 | The Lancet Psychiatry
Neuroscientific explanations of gambling disorder can help people make sense of their experiences and guide the development of psy..
The neural origins of evidence accumulation for perceptual decisions: Evidence from two identical ERP and fMRI studies
Stefan Bode, Daniel Bennett, Elaine Corbett, David Sewell, Bryan Paton, Jutta Stahl, Gary F Egan, Philip L Smith, Carsten Murawski
Conference Proceedings | 2016 | INTERNATIONAL JOURNAL OF PSYCHOLOGY
Intrinsic Valuation of Information in Decision Making under Uncertainty
D Bennett, S Bode, M Brydevall, H Warren, C Murawski
Journal article | 2016 | PLOS Computational Biology
In a dynamic world, an accurate model of the environment is vital for survival, and agents ought regularly to seek out new informa..
Incidental rewarding cues influence economic decisions in people with obesity
Jakob Simmank, Carsten Murawski, Stefan Bode, Annette Horstmann
Journal article | 2015 | Frontiers in Behavioral Neuroscience
Recent research suggests that obesity is linked to prominent alterations in learning and decision-making. This general difference ..
From behavioural economics to neuroeconomics to decision neuroscience: The ascent of biology in research on human decision making
P Bossaerts, C Murawski
Journal article | 2015 | Current Opinion in Behavioral Sciences
Here, we briefly review the evolution of research on human decision-making over the past few decades. We discern a trend whereby b..
Displaying the 12 most recent news articles by Carsten Murawski.