The Hour between Dog and Wolf: Risk Taking, Gut Feelings, and the Biology of Boom and Bust

The Hour between Dog and Wolf: Risk Taking, Gut Feelings, and the Biology of Boom and Bust

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by John Coates
     
 

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A successful Wall Street trader turned neuroscientist reveals how risk taking and stress transform our body chemistry

Before he became a world-class scientist, John Coates ran a derivatives trading desk in New York City. He used the expression “the hour between dog and wolf” to refer to the moment of Jekyll-and-Hyde transformation tradersSee more details below

Overview

A successful Wall Street trader turned neuroscientist reveals how risk taking and stress transform our body chemistry

Before he became a world-class scientist, John Coates ran a derivatives trading desk in New York City. He used the expression “the hour between dog and wolf” to refer to the moment of Jekyll-and-Hyde transformation traders passed through when under pressure. They became cocky and irrationally risk-seeking when on a winning streak, tentative and risk-averse when cowering from losses. In a series of groundbreaking experiments, Coates identified a feedback loop between testosterone and success—one that can cloud men’s judgment in high-pressure decision-making. Coates demonstrates how our bodies produce the fabled gut feelings we so often rely on, how stress in the workplace can impair our judgment and even damage our health, and how sports science can help us toughen our bodies against the ravages of stress. Revealing the biology behind bubbles and crashes, The Hour Between Dog and Wolf sheds new and surprising light on issues that affect us all.

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Product Details

ISBN-13:
9781101583630
Publisher:
Penguin Publishing Group
Publication date:
06/14/2012
Sold by:
Penguin Group
Format:
NOOK Book
Pages:
352
Sales rank:
667,545
File size:
1 MB
Age Range:
18 Years

What People are saying about this

From the Publisher
One of Financial Times' Best Books of 2012

"A profoundly unconventional book... It's also so absorbing that I wound up reading it twice... From the first page to the last, Coates challenges deep-seated assumptions."
Bloomberg Businessweek

"If anyone is qualified to unify the seemingly disparate subjects of financial markets and neurology, it's John Coates... The Hour Between Dog and Wolf is a powerful distillation of his work—and an important step in the ongoing struggle to free economics from rational-actor theory."
The Daily Beast

"[I]t makes intuitive sense that biological responses inform the mood of the markets. This book puts flesh on that idea."
The Economist

"[A] scintillating treatise on the neurobiology of the business cycle. Coates... draws an intimate portrait of life on a trading floor…The result is a provocative and entertaining take on the irrational exuberance—and anxiety—of the modern economy."
Publishers Weekly

"A provocative challenger to rational choice views of high finance, Coates makes an exceptionally clear, readable presentation that is bound to influence arguments about the regulation of Wall Street.”
Booklist

"The picture of humans as rational economic machines has gone down the tubes. This book looks at the biology of why Homo economicus is a myth, and no one is better positioned to write this than Coates—he is a neuroscientist AND an economist AND an ex-Wall Street trader AND a spectacular writer. A superb book."
—Robert Sapolsky, neuroscientist, Stanford University

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