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Serotonini çözümlemek: Nörobiyolojik mekanizmalardan nörofinansal içgörülere

Yıl 2026, Cilt: 7 Sayı: 1, 103 - 125, 22.03.2026
https://doi.org/10.57116/isletme.1714949
https://izlik.org/JA69BN84FH

Öz

Serotonin, sinirbilim literatüründe kapsamlı biçimde incelenmiş bir nöromodülatör olmasına karşın, ekonomik ve finansal karar alma süreçlerindeki rolü dopaminerjik yaklaşımlara kıyasla kavramsal olarak daha az geliştirilmiştir. Mevcut yaklaşımlar, serotoninin duygusal düzenleme, davranışsal inhibisyon, cezadan öğrenme ile risk ve kayıp tepkilerinin modülasyonundaki merkezi düzenleyici işlevini gösteren kanıtlara rağmen, onu sıklıkla yardımcı bir mekanizma olarak ele almaktadır. Bu derleme, serotonerjik sistemin nörobiyolojik temellerini temel davranışsal finans ve nörofinans olgularıyla sistematik olarak bütünleştirmektedir. Nöroanatomi, reseptör farmakolojisi, genetik ve psikofarmakolojiden yararlanan bu çalışma, serotonerjik sinyalleşmenin özdenetimi, dürtüselliği, ödül-ceza öğrenmesini, bilişsel kontrolü ve belirsizliğe verilen duygusal tepkileri nasıl şekillendirdiğini incelemektedir. Serotonin reseptör alt tiplerine, serotonin taşıyıcı gen polimorfizmi gibi genetik varyasyonlara ve bunların dopaminerjik ile noradrenerjik sistemlerle etkileşimlerine özel önem verilmektedir. Nörofinans perspektifinden bu derleme, serotoninin finansal karar alma sırasında kayıptan kaçınma, risk algısı, geri bildirim işleme ve davranışsal istikrarın temelini oluşturan kilit bir nöromodülatör mekanizma olarak hareket ettiğini göstermektedir. Disiplinler arası bulguları sentezleyen çalışma, serotonerjik sistemi yalnızca dürtüselliğin bir inhibitörü veya patolojik bir mekanizma olarak değil, belirsizlik, stres ve potansiyel kayıp koşulları altında ekonomik davranışı istikrara kavuşturan temel bir nörobiyolojik düzenleyici olarak kavramsallaştırmaktadır.

Kaynakça

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Decoding serotonin: From neurobiological mechanisms to neurofinance insights

Yıl 2026, Cilt: 7 Sayı: 1, 103 - 125, 22.03.2026
https://doi.org/10.57116/isletme.1714949
https://izlik.org/JA69BN84FH

Öz

Although serotonin is an extensively studied neuromodulator, its role in economic and financial decision-making remains conceptually underdeveloped compared to dopaminergic frameworks. Existing approaches frequently treat serotonin as an auxiliary mechanism, despite evidence showing its central regulatory function in affective control, behavioral inhibition, learning from punishment, and modulating risk and loss responses. This review systematically integrates the neurobiological foundations of the serotonergic system with core behavioral finance and neurofinance phenomena. Drawing upon neuroanatomy, receptor pharmacology, genetics, and psychopharmacology, this study examines how serotonergic signaling shapes self-regulation, impulsivity, reward-punishment learning, cognitive control, and emotional responses to uncertainty. Particular attention is devoted to serotonin receptor subtypes, genetic polymorphisms such as the serotonin-transporter-linked polymorphic region, and their interactions with dopaminergic and noradrenergic systems. From a neurofinance perspective, the review demonstrates that serotonin acts as a key neuromodulatory mechanism underlying loss aversion, risk perception, feedback processing, and behavioral stability during financial decision-making. By synthesizing cross-disciplinary findings, the study conceptualizes the serotonergic system not merely as an inhibitor of impulsivity or a pathological mechanism, but as a fundamental neurobiological regulator that stabilizes economic behavior under conditions of uncertainty, stress, and potential loss.

Kaynakça

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  • Aznar, S., & Hervig, M. E. (2016). The 5-HT2A serotonin receptor in executive function: Implications for neuropsychiatric and neurodegenerative diseases. Neuroscience Biobehavioral Reviews, 64, 63-82.
  • Balasubramani, P. P., Chakravarthy, V. S., Ravindran, B., & Moustafa, A. A. (2014). An extended reinforcement learning model of basal ganglia to understand the contributions of serotonin and dopamine in risk-based decision making, reward prediction, and punishment learning. Frontiers in Computational Neuroscience, 8, 47.
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  • Kalueff, A. V., Olivier, J. D., Nonkes, L. J., & Homberg, J. R. (2010). Conserved role for the serotonin transporter gene in rat and mouse neurobehavioral endophenotypes. Neuroscience Biobehavioral Reviews, 34(3), 373-386.
  • Ketcherside, A., Matthews, I., & Filbey, F. (2013). The serotonin link between alcohol use and affective disorders. Journal of Addiction & Prevention, 1(2), 3.
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  • Kötting, W. F., Bubenzer, S., Helmbold, K., Eisert, A., Gaber, T. J., & Zepf, F. D. (2013). Effects of tryptophan depletion on reactive aggression and aggressive decision‐making in young people with ADHD. Acta Psychiatrica Scandinavica, 128(2), 114-123.
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  • Macoveanu, J., Rowe, J. B., Hornboll, B., Elliott, R., Paulson, O. B., Knudsen, G. M., & Siebner, H. R. (2013a). Serotonin 2A receptors contribute to the regulation of risk-averse decisions. Neuroimage, 83, 35-44.
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  • Martínez, R. M., Chen, C. Y., Liao, T. T., Cheng, Y., Fan, Y. T., Chou, S. H., & Chen, C. (2020). The multifaceted effects of serotonin transporter polymorphism (5-HTTLPR) on anxiety, implicit moral attitudes, and harmful behaviors. Frontiers in Psychology, 11, 1521.
  • Meyniel, F., Goodwin, G. M., Deakin, J. W., Klinge, C., MacFadyen, C., Milligan, H., . . . Gaillard, R. (2016). A specific role for serotonin in overcoming effort cost. Elife, 5, e17282.
  • Michely, J., Eldar, E., Erdman, A., Martin, I. M., & Dolan, R. J. (2022). Serotonin modulates asymmetric learning from reward and punishment in healthy human volunteers. Communications Biology, 5(1), 812.
  • Miu, A. C., Crişan, L. G., Chiş, A., Ungureanu, L., Drugă, B., & Vulturar, R. (2012). Somatic markers mediate the effect of serotonin transporter gene polymorphisms on Iowa Gambling Task. Genes, Brain and Behavior, 11(4), 398-403.
  • Mohr, P. N., Li, S. C., & Heekeren, H. R. (2010). Neuroeconomics and aging: neuromodulation of economic decision making in old age. Neuroscience Biobehavioral Reviews, 34(5), 678-688.
  • Moskowitz, D. S., Pinard, G., Zuroff, D. C., Annable, L., & Young, S. N. (2001). The effect of tryptophan on social interaction in everyday life: a placebo-controlled study. Neuropsychopharmacology, 25(2), 277-289.
  • Must, A., Juhász, A., Rimanóczy, Á., Szabó, Z., Kéri, S., & Janka, Z. (2007). Major depressive disorder, serotonin transporter, and personality traits: why do patients use suboptimal decision-making strategies?. Journal of Affective Disorders, 103(1-3), 273-276.
  • Nazaripour, M., & Zakizadeh, B. (2025). Neurotransmitters and the behavior of individual investors: Exploratory and confirmatory factor analysis. Iranian Journal of Finance, 9(1), 162-186.
  • Ng, A. J., Vincelette, L. K., Li, J., Brady, B. H., & Christianson, J. P. (2023). Serotonin modulates social responses to stressed conspecifics via insular 5-HT2C receptors in rat. Neuropharmacology, 236, 109598.
  • Oades, R. D., Lasky-Su, J., Christiansen, H., Faraone, S. V., Sonuga-Barke, E. J., Banaschewski, T., & ... Asherson, P. (2008). The influence of serotonin-and other genes on impulsive behavioral aggression and cognitive impulsivity in children with attention-deficit/hyperactivity disorder (ADHD): Findings from a family-based association test (FBAT) analysis. Behavioral and Brain Functions, 4, 1-14.
  • Perez Diaz, M., Wilson, M. E., & Howell, L. L. (2019). Effects of long-term high-fat food or methamphetamine intake and serotonin 2C receptors on reversal learning in female rhesus macaques. Neuropsychopharmacology, 44(3), 478-486.
  • Pessiglione, M., & Delgado, M. R. (2015). The good, the bad and the brain: neural correlates of appetitive and aversive values underlying decision making. Current Opinion in Behavioral Sciences, 5, 78-84.
  • Pokorny, T., Duerler, P., Seifritz, E., Vollenweider, F. X., & Preller, K. H. (2020). LSD acutely impairs working memory, executive functions, and cognitive flexibility, but not risk-based decision-making. Psychological Medicine, 50(13), 2255-2264.
  • Pokorny, T., Preller, K. H., Kometer, M., Dziobek, I., & Vollenweider, F. X. (2017). Effect of psilocybin on empathy and moral decision-making. International Journal of Neuropsychopharmacology, 20(9), 747-757.
  • Potenza, M. N., Walderhaug, E., Henry, S., Gallezot, J. D., Planeta-Wilson, B., Ropchan, J., & Neumeister, A. (2013). Serotonin 1B receptor imaging in pathological gambling. The World Journal of Biological Psychiatry, 14(2), 139-145.
  • Presby, R. E., Rotolo, R. A., Hurley, E. M., Ferrigno, S. M., Murphy, C. E., McMullen, H. P., . . . Salamone, J. D. (2021). Sex differences in lever pressing and running wheel tasks of effort-based choice behavior in rats: suppression of high effort activity by the serotonin transport inhibitor fluoxetine. Pharmacology Biochemistry and Behavior, 202, 173115.
  • Price, A. E., Sholler, D. J., Stutz, S. J., Anastasio, N. C., & Cunningham, K. A. (2019). Endogenous serotonin 5-HT2A and 5-HT2C receptors associate in the medial prefrontal cortex. ACS Chemical Neuroscience, 10(7), 3241-3248.
  • Puig, M. V., Watakabe, A., Ushimaru, M., Yamamori, T., & Kawaguchi, Y. (2010). Serotonin modulates fast-spiking interneuron and synchronous activity in the rat prefrontal cortex through 5-HT1A and 5-HT2A receptors. Journal of neuroscience, 30(6), 2211-2222.
  • Rogers, R. D., Tunbridge, E. M., Bhagwagar, Z., Drevets, W. C., Sahakian, B. J., & Carter, C. S. (2003). Tryptophan depletion alters the decision-making of healthy volunteers through altered processing of reward cues. Neuropsychopharmacology, 28(1), 153-162.
  • Roiser, J. P., Rogers, R. D., Cook, L. J., & Sahakian, B. J. (2006). The effect of polymorphism at the serotonin transporter gene on decision-making, memory and executive function in ecstasy users and controls. Psychopharmacology, 188, 213-227.
  • Sadeh, N., Javdani, S., Jackson, J. J., Reynolds, E. K., Potenza, M. N., Gelernter, J., & ... & Verona, E. (2010). Serotonin transporter gene associations with psychopathic traits in youth vary as a function of socioeconomic resources. Journal of Abnormal Psychology, 119(3), 604.
  • Schiele, M. A., Zwanzger, P., Schwarte, K., Arolt, V., Baune, B. T., & Domschke, K. (2021). Serotonin transporter gene promoter hypomethylation as a predictor of antidepressant treatment response in major depression: a replication study 1. International Journal of Neuropsychopharmacology, 24(3), 91-199.
  • Siegel, A., & Douard, J. (2011). Who's flying the plane: Serotonin levels, aggression and free will. International Journal of Law and Psychiatry, 34(1), 20-29.
  • Silvetti, M., Baldassarre, G., & Caligiore, D. (2019). A computational hypothesis on how serotonin regulates catecholamines in the pathogenesis of depressive apathy. Multiscale Models of Brain Disorders, 127-134.
  • Soares, M. C., Paula, J. R., & Bshary, R. (2016). Serotonin blockade delays learning performance in a cooperative fish. Animal Cognition, 19, 1027-1030.
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  • Stoltenberg, S. F., Lehmann, M. K., Anderson, C., Nag, P., Anagnopoulos, C. (2011). Serotonin transporter (5-HTTLPR) genotype and childhood trauma are associated with individual differences in decision making. Frontiers in Genetics, 2, 33.
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  • Tomson, K., Vaht, M., Laas, K., Veidebaum, T., & Harro, J. (2016). Effect of a human serotonin 5-HT2A receptor gene polymorphism on impulsivity: Dependence on cholesterol levels. Journal of affective disorders, 206, 23-30.
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  • Vallender, E. J., Lynch, L., Novak, M. A., & Miller, G. M. (2009). Polymorphisms in the 3′ UTR of the serotonin transporter are associated with cognitive flexibility in rhesus macaques. American Journal of Medical Genetics Part B: Neuropsychiatric Genetics, 150(4), 467-475.
  • van den Bos, R., Homberg, J., Gijsbers, E., den Heijer, E., & Cuppen, E. (2009). The effect of COMT Val158 Met genotype on decision-making and preliminary findings on its interaction with the 5-HTTLPR in healthy females. Neuropharmacology, 56(2), 493-498.
  • Volf, N. V., Sinyakova, N. A., Osipova, L. P., Kulikov, A. V., & Belousova, L. V. (2015). Association between intelligence quotient and the 5HTTLPR polymorphism of human serotonin transporter coding gene. Annals of Neuroscience and Psychology, 2(6).
  • Watson, K. K., Ghodasra, J. H., & Platt, M. L. (2009). Serotonin transporter genotype modulates social reward and punishment in rhesus macaques. PloS One, 4(1), e4156.
  • Wei, Z., Han, L., Zhong, X., Liu, Y., Zha, R., Wang, Y., . . . Zhang, X. (2018). Chronic nicotine exposure impairs uncertainty modulation on reinforcement learning in anterior cingulate cortex and serotonin system. Neuroimage, 169, 323-333.
  • Winstanley, C. A., Theobald, D. E., Dalley, J. W., & Robbins, T. W. (2005). Interactions between serotonin and dopamine in the control of impulsive choice in rats: therapeutic implications for impulse control disorders. Neuropsychopharmacology, 30(4), 669-682.
  • Worbe, Y., Savulich, G., Voon, V., Fernandez-Egea, E., & Robbins, T. W. (2014). Serotonin depletion induces ‘waiting impulsivity’on the human four-choice serial reaction time task: cross-species translational significance. Neuropsychopharmacology, 39(6), 1519-1526.
  • World Health Organization. (2025). Mental disorders. World Health Organization. https://www.who.int/news-room/fact-sheets/detail/mental-disorders
  • Zhang, G., & Stackman Jr, R. W. (2015). The role of serotonin 5-HT2A receptors in memory and cognition. Frontiers in Pharmacology, 6, 225.
Toplam 93 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Davranışsal Finans
Bölüm Derleme
Yazarlar

Yusuf Polat 0000-0002-2255-0658

Gönderilme Tarihi 5 Haziran 2025
Kabul Tarihi 12 Şubat 2026
Yayımlanma Tarihi 22 Mart 2026
DOI https://doi.org/10.57116/isletme.1714949
IZ https://izlik.org/JA69BN84FH
Yayımlandığı Sayı Yıl 2026 Cilt: 7 Sayı: 1

Kaynak Göster

APA Polat, Y. (2026). Decoding serotonin: From neurobiological mechanisms to neurofinance insights. İşletme, 7(1), 103-125. https://doi.org/10.57116/isletme.1714949