Giorgio Coricelli

Department of Economics- KAP 306D

University of Southern California

3620 S. Vermont Ave.

Los Angeles, CA 90089-0253

Phone: (213) 740-3517





2002    Ph.D. in Economics, University of Arizona, USA.

2001    Master of Arts in Economics, University of Arizona, USA

1995    Degree in Economics, Magna cum Laude. University of Rome “La  Sapienza”, Italy


Academic experience 

  • 2019-  Professor of Economics and Psychology.Department of Economics and Member of the Neuroscience Program, University of Southern California, Los Angeles, CA, USA
  • 2013-2018  Associate Professor (with tenure) of Economics and Psychology.Department of Economics and Member of the Neuroscience Program, University of Southern California, Los Angeles, CA, USA
  • 2010-2012  Assistant Professor of Economics and Psychology.Department of Economics and Member of the Neuroscience Program, University of Southern California, Los Angeles, CA, USA
  • 2012-2013    Research scientist. Ecole Normale Supérieure (ENS, Paris). Laboratoire de Neurosciences Cognitives (LNC), Départment d'Etudes Cognitives.  
  • 2008-2019 Visiting Research Professor, Center for Mind/Brain Sciences - CIMeC, University of Trento,Trento, Italy.
  • 2004-2010  Research scientist CR 1-CNRS, Institut des Sciences Cognitives, Centre de Neurosciences Cognitives (CNC) Lyon
  • 2009-2010  Fellow of the Institute for Advanced Studies, The Hebrew University of Jerusalem, Israel
  • 2007 Visiting scholar, California Institute of Technology (Caltech). Pasadena, CA, USA
  • 2003 Chercheur associe estranger, CNRS Institut des Sciences Cognitives, Lyon
  • 2002-2004 Post-doctoral research fellow. Department of Economics, University of Siena
  • 2002 Visiting research fellow at the Max Planck Institute for Research into Economic Systems. Director: Werner Güth. Strategic Interaction Group. Jena, Germany
  • 2001-2002 Research fellow at the Centre for Experimental Economics (EXEC), Department of Economics and Related Studies, University of York, UK
  • 1999-2002 Research assistant, Economic Science Laboratory, University of Arizona, Tucson, USA
  • 1997-1998 Visiting Pre-Doctoral Fellow, Economic Science Laboratory (ESL), University of Arizona, Tucson. Advisor: Vernon L. Smith (Nobel Prize Laureate 2002)
  • 1996-1997 Research fellow: ISPE (Istituto di Studi per la Programmazione Economica), Rome. Public Policy Department, Microsimulation Unit 


Teaching experience

Courses taught:

  • Experimental Economics, ESL University of Arizona, 2000
  • Game Theory and Experimental Economics, Doctoral program in economics, University of Siena, 2001
  • Theory of Mind and Autism, University of Arizona, 2001
  • Econ201B, Macroeconomics. Spring 2001, University of Arizona
  • Statistical Economics, University of Siena, 2002-2003
  • Experimental Economics, University of Lyon 2, France, 2004
  • Neuroeconomics, Doctoral program cognitive sciences, University of Siena, 2005
  • Introduction to Neuroeconomics, Doctoral program in Economics and Complexity, University of Torino, 2006-2007
  • Introduction to Neuroeconomics, SISSA, Trieste, 2006
  • Brain and decision making, Doctoral program in Behavioral Economics, University of Trento, 2006-2007
  • The neural basis of decision-making. Graduate course. University Claude Bernard, Lyon I, 2007-2008.
  • Neuroeconomics, Doctoral program in Economics and Complexity, University of Torino, 2008
  • The neural basis of individual and social decision making. 2009
    • Graduate course. University of Torino
    • Graduate course. University of Trento
    • Ecole Normale Supérieure de Lyon
  • Cognitive Bias and Neuroeconomics, GATE Lyon, France 2010-2011
  • Neurobiology of decision-making. Ecole Normale Supérieure de Lyon, 2010
  • Neuroeconomics. Master program in Economics and Psychology. Paris I (Economics Department of Pantheon-Sorbonne University) and Institute of Psychology of Paris Descartes University. 2011-2012
  • MBB S-93. Mind, Brain, and Behavior in Decision Making, Harvard Summer Program 2011
  • Neural Basis of decision making. University of Trento. Master in Cognitive Science.
  • MBB S-93. Mind, Brain, and Behavior in Decision Making, Harvard Summer Program 2012-2013
  • ECON 303, Microeconomics Theory, University of Southern California, USA
  • ECON 405 Neuroeconomics, University of Southern California, USA
  • ECON 508, Neurofinance (graduate level), University of Southern California, USA
  • ECON 608, Advanced Neuroeconomics (graduate level), University of Southern California, USA
  • MBB S-93. Neuroeconomics, Harvard Summer Program 2018


Honors and Awards

  • Graduate assistantship from the University Carlos III, Madrid, 1995-96
  • Fellowship from the University of Rome “La Sapienza” 1997-98
  • Fellow, Economics Science Laboratory Graduate Student Workshop, summer, 1997
  • George Coleman Award for the 1999-2000 academic years USA
  • Graduate fellowship from the University of Arizona, 1998-2002
  • Prix Découvertes 2004: Comment éprouver du regret influence nos décisions. From the French Ministry of Research.
  • Awardee of the “Contrats Hospitaliers de Recherche Translationnelle - 2010“. French Ministry of Health.


Editorial Board 

Science Advances. Associate Editor 2019-

Journal of Economic Psychology, Associate Editor 2019-

Frontiers in Decision Neuroscience. Associate Editor 2020-

Revue d'économie politique 2013-


Research Grants

  • Grant from the Economic Science Laboratory, University of Arizona, 2001-2002
  • Grant from EU-TMR Research Network ENDEAR, 2001-2002
  • Human Frontier Science Program - HFSP. Title of the project: “Decision making and strategies in the brain: a multidisciplinary approach for understanding social behaviour”.  2004-2007.
  • Principal invstigator : “Systemes complexes en SHS”, Grant from CNRS and Ministere de la Recherche, 2003-2004. Title of the project: “Relational Complexity” (48,000 Euros).
  • Principal investigator: PAT (Provincia Autonoma di Trento) research grant. Title: Neuroeconomics. 2008-2011 (385,000 Euros).
  • Principal investigator: ANR (Agence Nationale de la Recherche). Title of the project: “SocialBrain“. 2008-2011 (150,000 Euros). 
  • Principal investigator: ANR (Agence Nationale de la Recherche). Title of the project: “The free energy theory of emotion“. 2012-2015 (300,000 Euros).
  • Principal investigator: ERC-Consolidator Grant. Title of the project: “Transfer Learning within and between brains“. 2014-2019 (2,000,000 Euros).



 Papers in books or collective volumes

  1. Coricelli, G., McCabe, K.A. and Smith V.L. (2000). “Theory-of-Mind Mechanism in Personal Exchange”. Affective Minds, Elsevier Science Publishers, pp. 249-259.
  2. Coricelli, G., Schwarzbach, J. Cervello e decisioni (2008). In Bonini, N., Del Missier, F. e Rumiati R. (Eds.) Giudizio e Decisione.  Il MULINO.
  3. Giardini, F., Coricelli, G., Joffily, M., Sirigu, A. (2007). “The effect of desirability on confidence”. In: Abdellaboui, M., Hey J.D. (Eds.) Advances in Decision Making under Risk and Uncertainty. Heidelberg: Springer.
  4. Coricelli, G., and Rustichini A. (2009). “Reward-based emotions: affective evaluation of outcomes and regret learning”. In Tremblay, L. and Dreher, J.C. (Eds). Handbook of Reward and Decision Making, Elsevier.
  5. Coricelli, G., and Nagel, R. (2010). “Walking with Reinhard Selten and the Guessing Game: From the Origin to the Brain”. In “The Selten School of Behavioral Economics”, Abdolkarim Sadrieh and Axel Ockenfels (Eds.). Heidelberg: Springer, pp. 111-123.
  6. Coricelli, G., Rusconi, E. (2011) “Probing with TMS the decisional brain”. Handbook of Process Tracing Methods for Decision Research. Psychology Press, pp. 205-222.
  7. Chierchia, C., and Coricelli, G. (2011). “The neuroeconomics of cognitive control”. In Neural Basis of Motivational and Cognitive Control, R. Mars, J. Sallet, M. Rushworth and N. Yeung (Eds). The MIT Press, Cambridge, MA, USA
  8. Coricelli, G. and Joffily, M. (2013). Cognitive-based emotions: theory and evidence from the brain. In F. Paglieri, L. Tummolini, M. Miceli, R. Falcone (Eds.), The goals of cognition: essays in honor of Cristiano Castelfranchi. London: College Publications. 203-209.
  9. Coricelli, G. (2015). Strategic Mentalizing: the neural correlates of strategic choice. Brain Mapping: An Encyclopedic Reference, A.W. Toga et al (Eds). 153-158
  10. Coricelli, G. and Nagel, R. (2015). "Responses from the body: An introduction to Neuroeconomics." in Experimental Economics, Eds. Branas-Garza and Cabrales. Palgrave McMillan
  11. Coricelli, G., Polonio, L. Vostroknutov, A. (2020). "The process of choice in games". Handbook of Experimental Game Theory (forthcoming)
  12. Coricelli, G., Bault, N. and Rusconi, E. "Probing the decisional process with noninvasive brain stimulation" Handbook of Process Tracing Methods for Decision Research. Psychology Press (forthcoming)
  13. Timberlake, B., Coricelli, G., Bault, N. (2020) "The Moral Psychology of Regret", in Mark Alfano (ed.). Moral Psychology of the Emotions. Rowman & Littlefield International. 
  14. Zaffuto, F. Joffily, M. and Coricelli G. (2021) "The effect of ex-post information in choice under ambiguity". Financial Education and Risk Literacy.

Papers in Peered Reviewed Journals

  1. Coricelli, G., and Luini, L. (2003). “Double Moral Hazard: an Experiment on Warranties”. Economia impresa e mercati finanziari, 2, pp. 7-25.
  2. Camille, N., Coricelli, G., Sallet, J., Pradat, P., Duhamel, JR, and Sirigu, A. (2004). “The involvement of the orbitofrontal cortex in the experience of regret”. Science, 304, 5674, pp. 1167-1170.
  3. Coricelli, G., Fehr, D., and Fellner, G. (2004). “Partner selection in public goods experiments”.  Journal of Conflict Resolution, 48, 3, pp. 356-378.
  4. Coricelli, G. (2004). “How the Brain Evaluates and Predicts Monetary Rewards”. Homo Oeconomicus, 21, pp. 509-520.
  5. Coricelli, G. (2004). “Reciprocity-based emotions: An experimental study.” Rivista Internazionale di Scienze Sociali, pp. 359-379.
  6. Coricelli, G., (2005). “Two-levels of mental states attribution: from automaticity to voluntariness”. Neuropsychologia, 43, pp. 294-300.
  7. Coricelli, G., Critchley, H.D., Joffily, M., O’Doherty, J.D., Sirigu, A., and Dolan, R.J. (2005). “Regret and its Avoidance: A Neuroimaging Study of Choice Behavior”. Nature Neuroscience, 8, pp. 1255 - 1262.
  8. Coricelli, G., Camille, N., Pradat-Diehl, P, Duhamel, JR, Sirigu, A. (2005). “Why anticipated regret influences subjects’ choice”. Science (response to comment), 308, pp. 1260-1261.
  9. Coricelli, G., Gonzales-Morales, L. and Mahlstedt, A. (2006). “The investment game with asymmetric information”. Metroeconomica, 57, 1, pp. 13-30.
  10. Coricelli, G., Dolan, R.J., Sirigu, A. (2007). “Brain, emotion and decision making: the paradigmatic example of regret”. TRENDS in Cognitive Sciences, 11, 6, pp. 258-265.
  11. Büchner, S., Coricelli, G., and Greiner, B. (2007) “Self-centered and other-regarding behavior in the Solidarity game”. Journal of Economic Behavior and Organization, 62, 2, pp. 293-303.
  12. Coricelli, G. (2008). “The potential role of regret in the physician-patient relationship: insights from neuroeconomics”. Advances in Health Economics and Health Services Research, 20 pp. 85-97.
  13. Bault, N., Coricelli, G., Rustichini, A. (2008). “Interdependent utilities: How social ranking affects choice behavior”. PLoS One, 3(10):e3477.
  14. Ambrosino, A., Bault, N., Coricelli, G. (2008). “Neural basis of emotional aspects of economic decision making”. Revue d'économie politique, 1, pp. 63-73.
  15. Coricelli, G., and Nagel, R. (2009). “Neural correlates of depth of strategic reasoning in medial prefrontal cortex”. Proceedings of the National Academy of Sciences USA, PNAS 106, 23, pp. 9163-8.
  16. Larquet, M., Coricelli, G., Opolczynski, G., Thibaut, F. (2010). “Impaired decision-making in schizophrenia and orbitofrontal cortex patients”. Schizophrenia Research. 116 (2-3), pp. 266-73.
  17. Coricelli, G., and Rustichini, A. (2010). “Counterfactual Thinking and Emotions: Regret and Envy Learning”. Philosophical Transactions of the Royal Society B. 365, 1538, pp. 241-7.
  18. Burnett, S., Bault, N., Coricelli, G., Blakemore S.J. (2010). “Adolescents' heightened risk-seeking in a probabilistic gambling task”. Cognitive Development, vol 25, 2, pp. 183-196.
  19. Coricelli, G., and Nagel, R. (2010). “Neuroeconomics of depth of reasoning”. History of Economic Ideas, vol XVIII, pp. 123-131.
  20. Coricelli, G., Joffily, M., Montmarquette, C., and Villeval M-C (2010). “Cheating, Emotions, and Rationality: An Experiment on Tax Evasion”. Journal of Experimental Economics. 13, pp. 226-247.
  21. Bault, N., Joffily, M., Rustichini, A., Coricelli, G. (2011)."Medial prefrontal cortex and striatum mediate the influence of social comparison on the decision process". Proceedings of the National Academy of Sciences USA. PNAS Sep 20;108(38):16044-9.
  22. Coricelli, G., and Nagel, R. (2012). "The neural basis of bounded rational behavior". Revista International de Sociología RIS. 70, pp. 39-52.
  23. Grygolec, J., Coricelli, G. and Rustichini, A. (2012) “Positive Interaction of Social Comparison and Personal Responsibility for Outcomes”. Frontiers in Cognitive Science. doi: 10.3389.
  24. Simioni, S., Annoni, J-M., Coricelli, G., Bault, N., Kleeberg, J., Du Pasquier,R.A., Gschwind, M., Vuilleumier, P., Schluep, M. (2012). Multiple sclerosis decreases explicit counterfactual processing and risk taking in decision making. PLoS One 7(12): e50718.
  25. Giorgetta, C., Grecucci, A., Bonini, B., Coricelli, G., Demarchi, G., Braun, C., Sanfey, A. (2013). Waves of regret: A MEG study of emotion and decision-making. Neuropsychologia. 51(1), pp. 38-51.
  26. Coricelli, G., Rusconi, E., Villeval M-C. (2013). Tax Evasion and emotions in repeated interactions: An empirical test of re-integrative shaming theory. Journal of Economic Psychology. 40, pp. 49-61.
  27. Fouragnan, E., Chierchia, G., Greiner, S., Neveu,R., Avesani, P., and Coricelli, G. (2013). Reputational priors magnify striatal responses to violations of trust. The Journal of Neuroscience. 33(8):3602–3611
  28. Joffily, G. and Coricelli G. (2013). Emotional valence and the free-energy principle. PLoS Computational Biology
  29. Zalla, T., Robic, S., Chaste, P., Leboyer, M., Sirigu, A., Coricelli, G. (2014).  Feelings of Regret and Disappointment in Adults with High-Functioning Autism. Cortex, 58, 112-122 .
  30. Neveu, R., Neveu, D., Barsumian, F., Fouragnan, E., Carrier, E., Perroud, A., Lai, M., Sultan, J.,  Nicolas, A., and Coricelli, G. (2014). “Improved planning abilities in binge eating”. PLoS One, 9(8): e10565
  31. Griessinger, T., and Coricelli G. (2015).The Neuroeconomics of Strategic Interaction. Current Opinion in Behavioral Sciences. 3, 73-79.
  32. Robic, S, Sonie, S, Fonlupt, P,  Henaff, M.-A., Touil, N., Coricelli, G., Mattout, J., Schmitz, C. (2015). Decision-Making in a Changing World: A Study in Autism Spectrum Disorders. Journal of Autism and Developmental Disorders. 45(6):1603-13.
  33. Clausi S., Coricelli G., Pisotta I., Pavone E.F., Lauriola M., Molinari M., Leggio M. (2015) “Cerebellar damage impairs the self-rating of regret feeling in a gambling task”, Frontiers in Behavioral Neuroscience
  34. Chierchia, G, Coricelli, G. (2015). The impact of perceived similarity on tacit coordination: propensity for matching and aversion to decoupling choices. Frontiers in Behavioral Neuroscience
  35. Palminteri, S., Khamassi, M., Joffily, M., Coricelli, G. (2015). Contextual modulation of value signals in reward and punishment learning. Nature Communications, 6, 8096.
  36. Polonio, L., Di Guida, S. and Coricelli G. (2015). Strategic sophistication and attention in games: an eye-tracking study. Games and Economic Behavior (84):80-96.
  37. Bault, N., Wydoodt, P. and Coricelli, G. (2016). Different attentional patterns for regret and disappointment: an eye-tracking study. Journal of Behavioral Decision Making 
  38. Neveu R., Fouragnan E., Barsumian F., Carrier E., Lai M., Nicolas A., Neveu D., and Coricelli G. (2016) Preference for safe over risky options in binge eating. Front. Behav. Neurosci.
  39. Palminteri, S., Kilford, E.J., Coricelli, G., Blakemore, S-J (2016). "The computational development of reinforcement learning during adolescence", PLOS Computational Biology 
  40. Neveu, R., Neveu, D., Barbalat, G., Schmidt, U., Coricelli, G., Nicolas, A. (2016). "The Sequential Binge, a New Therapeutic Approach for Binge Eating: A Pilot Study. PLoS ONE 11(11)
  41. Salvador A, Worbe Y, Delorme C, Coricelli G, Gaillard R, Robbins TW, Hartmann A, Palminteri S. (2017). Specific effect of a dopamine partial agonist on counterfactual learning: evidence from Gilles de la Tourette syndrome. Scientific Report, 24;7(1):6292
  42. Nagel, R.,  Brovelli, A., Heinemann, F., Coricelli, G. (2018) “Neural mechanisms mediating degrees of strategic uncertainty”. Social Cognitive and Affective Neuroscience, 13, 1, 52-62
  43. Chiarchia, G., Nagel, R., Coricelli, G. (2018) "Betting on nature or betting on others: anti-coordination induces uniquely high levels of entropy". Scientific Report. 23;8(1):3514.
  44. Coricelli, G. Diecidue E., Zaffuto F. (2018). Evidence for Multiple Strategies in Choice under Risk. Journal of Risk and Uncertainty,56, 193-210. 
  45. Aziz-Zadeh, L., Kilroy, E., Coricelli, G. (2018) “Understanding activation patterns in shared circuits: Toward a value driven model”. Frontiers Human Neuroscience 
  46. Vostroknutov, A., Polonio, L. and Coricelli G. (2018) "The role of intelligence in social learning". Scientific Report 8:6896
  47. Neveu, R, Neveu, D., Carrier, E., Gay, A., Nicolas, A., and Coricelli G.  (2018) “Functional organization of cognitive control and goal oriented valuation systems in bulimia nervosa: an fMRI study”. EBioMedicine
  48. Bavard, S., Lebreton, M., Khamassi, M., Coricelli, G.and Palminteri S. (2018) “Reference-point centering and range-adaptation enhance human reinforcement learning at the cost of irrational preferences”. Nature Communications.
  49. Zonca, J., Coricelli, G., & Polonio, L. (2019). Does exposure to alternative decision rules change gaze patterns and behavioral strategies in games? Journal of the Economic Science Association. 5,14-25.
  50. Polonio, L., and Coricelli, G. (2019) “Testing the level of consistency between choices and beliefs using eye-tracking.” Games and Economic Behavior. 113, 566-586.
  51. Bault, N. di Pellegrino, G. Thibaut, F., Rustichini, A., and Coricelli, G. (2019)  “Neuroanatomical dissociation between private and social fictive learning following ventromedial prefrontal cortex damage”. Journal of Cognitive Neuroscience, 14:1-18. 
  52. Zonca, J., Coricelli, G.and Polonio L. (2020). Sophisticated attention comes into play: linking relational representation in reasoning and strategic sophistication in games. Journal of Experimental Psychology: Learning, Memory and Cognition. 46(2):257-279
  53. Guerini, R., FitzGibbon, L. and Coricelli, G. (2020). Regret and Relief in 3- to 10-year old children: The ontogenesis of counterfactual emotions and the agency effect. Journal of Economic Behavior & Organization (in press)
  54. Zonca, J., Coricelli, G, & Polonio, L. (2020). "Gaze Patterns disclose the link between cognitive reflection and sophistication in strategic interaction". Journal of Behavioral Decision Making 15(2), 230-245.
  55. Pischedda, D., Palminteri, S. & Coricelli, G. (2020). "The effect of counterfactual information on outcome value coding in medial prefrontal and cingulate cortex: from an absolute to a relative neural code". The Journal of Neuroscience.40(16):3268-3277.
  56. Lee, D., & Coricelli, G. (2020). "An Empirical Test of the Role of Value Certainty in Decision Making". Front. Psychol. 11:574473.
  57. Chierchia, G., Tufano, F.,and Coricelli, G. (2020). The differential impact of friendship on cooperative and competitive coordination. Theory and Decision
  58. Zonca, J., Vostroknutov, A., Coricelli, G., Polonio, L. ,. (2021). Timing of social feedback shapes observational learning in strategic interaction. Scientific reports. Vol. 11 (1), pp. 21972
  59. Panizza, F., Vostroknutov, A., Coricelli, G. (2021) "How Conformity Can Lead to Polarised Social Behaviour"  PLoS Computational Biology
  60. Fioretti, M., Vostroknutov, A., Coricelli, G. (2022) "Dynamic Regret Avoidance". American Economic Journal: Micro


Papers under revision or ready for submission

  1. Aristidou, A.,  Coricelli G.,  and Vostroknutov, A. "Incentives or persuation? An Experimental Investigation". (R&R Economic Journal)
  2. Panizza, F., Vostroknutov, A., & Coricelli, G. "Meta-Context and Choice-Set Effects in Mini-Dicator Games". (under revision Games and Economic Behavior). 
  3. Griessinger, T., Coricelli. G., & Khamassi, M. Reward vs. beliefs learning in repeated social interactions.(ready for submission).
  4. Chierchia, G., and Coricelli, G. “The role of cognitive control and emotions in decision-making: a neuroeconomics perspective”. (ready for submission)
  5. Zonca, J., Polonio, L. & Coricelli, G. “Poor information processing predicts deviations from equilibrium in interactive games” (ready for submission)
  6. Keller, B. and Coricelli G.Model based vs. model free observational learning. (ready for submission)
  7. Bault N., Palmintieri S., Aglieri, V. & Coricelli, G.Reduced value contextualization impairs punishment avoidance learning during aging. (ready for submission)
  8. Robic, S., Bault, N., Zalla, T., Coricelli, G.“The emotions of regret and envy in high functioning autism”. (ready for submission)

Manuscripts in preparation

  1. Grygolec, J., Coricelli, G., Rustichini, A.“Neuroeconomics of 3-person Ultimatum Game with Voting: The case of Responders”.
  2. Bault, N., Larsen, T, Khamassi, M, Polonio, L, Vostroknutov, A. & Coricelli G. Evaluating the skills of others during observational learning.
  3. Bault, N., Puppi, M., van Winden, F. & Coricelli, G. Stimulating the right posterior superior temporal sulcus modulates the formation of negative ties during economic exchanges.
  4. Polonio, L., Bault, N., Zonca, J., & Coricelli. G. The brain bases of strategic reasoning.
  5. Zaffuto, F., Bault, N., Mazzocco, K., Joffily, M., Diecidue, E. and Coricelli, G.  “Aspiration level, Probability of success and failure: behavioral and neuronal evidence”.
  6. Ravaioli, S., Polonio, L., Sodini, M., & Coricelli, G.,“A dynamic threshold model of optimal stopping”.
  7. Larsen, T, Del Frate, B., & Coricelli, G.Transfer of confidence between brains in a novel behavioral task. (Working paper)
  8. Puppi, M., Larsen, T., Dalla Villa, J., Florio, V., & Coricelli, G. Implicit measure of confidence in schizophrenia.
  9. Panizza, F., Vostroknutov, A., & Coricelli, G. Influence of observation on other-regarding attitude: a computational exploration (Registered Report). (R&R, Royal Society Open Science).
  10. Menghi, N., Griessinger, T., Hickety. C. M., & Coricelli. G. How feedback and incentive interact during force maintenance.
  11. Chierchia, G., and Coricelli, G.“The role of cognitive control and emotions in decision-making: a neuroeconomics perspective”.
  12. Grygolec, J., Combs, T.D., Joffily, M., Coricelli, G. “Disposition Effect and Evaluation Periods: Neural Underpinnings”.
  13. Coricelli, G.“Strategic interactions in iterated zero-sum games”. (ready for submission)
  14. “Neuronal Basis of Empathy, Altruistic Reward and Punishment in Third-Party Social Exchange.” With Tania Singer, Aldo Rustichini, Ray Dolan.
  15. “Socio-emotional deficits in high functioning autism”. With Elissar Andari, Angela Sirigu and Georgieff.


BOOK (in Italian)

“Neurofinanza: Le basi neuronali delle scelte finanziarie.” Egea Eds. (With Duccio Martelli, 2020). 


Professional affiliations


International collaborations

Aldo Rustichini, University of Minnesota, USA

Rosemarie Nagel, U. Pompeu Fabra, Spain

Colin Camerer, Caltech, USA

Duccio Martelli, U Perugia, IT

Raymond Dolan, UCL, FIL, London, UK

Marie-Claire Villeval, GATE-CNRS, France

Enrico Diecidue, INSEAD, France

Hugo Critchley, University of Sussex, UK

Giuseppe di Pellegrino, University of Bologna, IT

Sarah-Jane Blakemore, UCL, UK


Invited Lectures



-“Multi-level Contests: Within Group Conflict and Between Groups Competition.” Max Planck Institute, Jena, Germany, December 2002.

-“Theorie de l’Esprit et Psycholpathologie”. Colloque des Confrontations Psychiatriques. Lyon, September 26, 2003.

-“The emotions of regret and disappointment”. University of Tilburg, Holland, October 2003.

-“Endogenous partner selection in public goods experiments.” Groupe d'Analyse et de Théorie Economique (GATE) CNRS - Lyon, October 13, 2003.

-“The role of ventromedian cortex in experiencing regret.” Workshop on Modelling of Prefrontal Function. Trieste, Italy, 15-18 October 2003.

-“How the brain evaluates and predicts monetary rewards.” 6th Workshop in Applied Game Theory: The Brain, Rationality, and Economics. University of Hamburg, December 2003.

-“How the brain processes the consequence of our choice”. Third Tilburg Symposium on Psychology and Economics: Games and Decisions. Tilburg, Holland, 1 September 2004.



-“How the brain processes the consequences of our choice”. Advances in Neuroeconomics. University of Siena, Itlay June 21, 2005.

-“The neural basis of individual and social decision making”. University Pompeu Fabra, Barcelona, Spain, July 13, 2005.

-"How would have been better if I had chosen differently: Learning to avoid intense negative emotions”. Groupe d'Analyse et de Théorie Economique (GATE) CNRS. Lyon, November 7, 2005.

-“Brain and decision making”. 15ème Journée de Neuropsychologie Jean-Louis Signoret. Hôpital de la Salpêtrière. Paris, October 24, 2005.



-“Brain and decision-making: learning to avoid intense negative emotions”. Twenty-fourth European Workshop on Cogntive Neuropsychology. Bressanone, January 2006.

-"The influence of high-level emotions on decision making: An fMRI study". University of Trento, Rovereto, April 3, 2006.

-“The role of the Orbitofrontal cortex in decision making”. University of Verona, Department of Neurology, May 31, 2006.

-“The neural and theoretical basis of regret as an adaptive emotion“. Workshop on Neuroeconomics. University of Florence, November 17, 2006.

-“Neural basis of emotional aspects of ‘Economic decision making’”. Université Paris I, Panthéon Sorbonne, Institut Nicod, Paris, December 1, 2006.

-“Brain and decision making: A multidisciplinary approach for understanding individual and social behavior”. FENS/Hertie WINTER SCHOOL 2006, Brain Basis of Social Interaction: From Concepts to Imaging.



-“Bases neuronales de la toma de decisions.” V Simposio de Neurosciencias FLENI. 9-12 May 2007.

-“Neuroeconomia.” V Simposio de Neurosciencias FLENI. 9-12 May 2007.

-“Interdependent utilities: How social ranking affects choice behavior”, EWEBE 2, Lyon, 7-8 December 2007.

         -Department of Psychology, University of Padova, Italy 19 December 2007



-“Interdependent utilities: How social ranking affects choice behavior”University Bocconi, Milano. February 2008

         -Insead, France, April 2008

-“The Physionomics of Tax Evasion: Cheating Rationally or Deciding Emotionally?” University of Varese, Italy, March 2008.

-“Beauty contest in the brain: the neural basis of strategic thinking”. Arne Ryde Workshop on Neuroeconomics, Lund, Sweden, 22-23 May 2008.

-Institut d'Economie Industrielle (IDEI), University of Toulouse 1. 12 December 2008.

-“How moral emotions affect choice behavior: the paradigmatic example of shame”, CNR Rome, Italy June 2008.



-“The Neuroeconomics of depth of strategic reasoning”.

-Ecole des Hautes Etudes Commerciales HEC Paris February 13, 2009.

-4es Rencontres de Neurologie Comportamentale. February 5, 2009.

-“Reward-based emotions: affective evaluation of outcomes and regret learning”.  Workshop on Regret, Emotions and Decision Making. The Center for the Study of Rationality Hebrew University, Jerusalem, March 23 2009.

-“Neural correlates of depth of social reasoning in medial prefrontal cortex”. First Symposium "The Biology of Decision Making" Bordeaux University, June 10 2009.

-“Neural correlates of strategic reasoning”. Econometrics Research Workshop. European University Institute, 19 June 2009, Firenze, Italy

-“Neural bases of human decision making”.  Summer school CNRS, Aix en Provence, July 2, 2009.

-“Neural correlates of human competitive behavior”. Helsinki, September 2009.

-“Neural bases of bounded rational behavior”. Department of Economics, University of Bologna, October 12, 2009.

-“Neural correlates of strategic reasoning”.

         - Paris, Ecole Normale Superior, October 19, 2009

   - Grenoble, October 22, 2009.

-“Neuroeconomia: Il futuro e` delle donne?”. Festa della Scienza, Genova, October  2009.

-“Neural correlates of bounded rational behavior”, Max Planck Institute of Economics, Jena, Germany, November 11, 2009.


2010 Invited Lectures

-“Neural correlates of competitive behavior”, Invited speaker Alpine Brain Imaging Meeting -ABIM 2010, Jan 10-14 2010

 -“Measuring Strategic Uncertainty and Risk in Coordination, Entry Games, and Lotteries with fMRI”, 11 March, 2010 ICNC The Hebrew University of Jerusalem.

-“Outperforming others is more rewarding than succeeding alone: the neural basis of human competitive behavior”. Dept. of Psychology, The Hebrew University of Jerusalem  March 2010.

-“Cheating, Emotions, and Rationality: An Experiment on Tax Evasion” with Joffily, M., Montmarquette, C., and Villeval M-C. Behavioral Economics Seminars, Jerusalem March 2010. 

-“Neural basis of strategic choice”. Interdisciplinary Center, Herzliya (IDC - Tel Aviv)

         -Zurich, March 31 2010. Inst. for Empirical Research in Economics, University of Zurich.

-Symposium on Motivation and Cognitive Control, to be held at St John’s College Oxford, UK, June 2nd-4th

-Mind Brain Lecture: “Assessing strategic risk with fMRI”, Berlin School of Mind and Brain. Humboldt University. Berlin May 27 2010.

  -“Emotion and cognition”. Neuroeconomics Summer School, Amsterdam June 2010.

  - Summer school in Neuroeconomics, Heidelberg Summer School, Germany, August 2010

   -“Neural basis of strategic choice”. Stony Brook July 21-23 2010, USA

                     -Tamagawa-Caltech -Keio 8-10 September 2010, Japan

-“Assessing strategic risk with fMRI”. - Caltech, Brain, September 30, 2010, USA

- Spain V Alhambra Experimental Workshop, October 23, 2010, Spain 


2011 Invited Lectures

-“Neural correlates of strategic choice”. New Challenges for Economic Decision-Making: Biology, Neuroscience and Economic Models. Institute for Economic Policy Research. Los Angeles, CA, May 2011

-“Brain and behavior in coordination games”. Journée d’étude commune de l’Association de Neurologie Comportementale et de l’Association Européenne de Neuroéconomie, Paris June 15, 2011

- “The neural basis of strategic choice”. Summer School on Experiments in economics, experiments in philosophy, San Sebastian, Spain, July 2011

-“The neural correlates of strategic choice”.  USC, Los Angeles USA, May 2011

-“Winning in a social environment is more rewarding than succeeding alone: the neural basis of social comparison”. 2nd Annual Interdisciplinary Symposium on Decision Neuroscience. Temple University, Philadelphia USA Sept 2011

-Unpacking emotions. NYU, New York Sept 2011

- “Outperforming others is more rewarding than succeeding alone:  The neural basis of social comparison”. Social Psychology seminar series USC, Los Angeles, USA, October 2011

-“Neural Basis of Strategic Choice”. University of Oregon, Eugene, USA, October 2011

-“Equilibrium Selection Among Multiple Equilibria: Insights from the Brain”. SoCal NEGT Symposiu 2011. Nov 3-4 2011, Caltech, Pasadena CA, USA

-“Neural Basis of Strategic Choice”. NIH Neuroscience Seminar Series, Betesda, USA 12/12/2011. (podcast)


2012 Invited Lectures

-“Neural Basis of Strategic Choice”. January 2012, Harvard

- “Counterfactual processing of values in private and social contexts”. May 18, 2012.  École normale supérieure – Paris

-“Neural basis of strategic risk”. University of Amsterdam. June 7 2012.

- “Cognitive hierarchy theory of Strategic thinking: behavioral and neural evidence”. Central European University -CEU Budapest, June 20, 2012


2013 Invited Lectures

-National Singapore University, NSU, April 2013

-“Individual and strategic risk”. University Dauphine Paris 2013

- “The neural correlates of strategic choice”. ICM-Paris, 2013

-University of Geneva, December 2013

- Colloquium Ecole Normale Supérieure, April 2013

- “Counterfactual processing of values in private and social contexts”. September 27, 2013. Invited talk Society for Neuroeconomics, Lausanne, EPFL

-Claremont College. Neural basis of strategic choice. Dec 2013


2014 Invited Lectures

-Ferrara 2014. “Altro Consumo”

-Bologna 2014. “Le basi neuronali delle scelte strategiche”

-University of Glasgow. “The rationality of painful emotions”

-Affective science (Geneva). “Counterfactual emotions”

-UC Irvine. “Neural correlates of risk strategic uncertainty”


2015 Invited Lectures

-LUISS, "Neuroeconomics"

-Chapman University, "Neural correlates of strategic uncertainty"

-Brain and Creativity Institute, "Economics, Free Energy and homeostasis"

-Biennale Democrazia, Torino

-Chapman University, "Strategizing and attention in games"

-Keynote speaker: Social and Biological Roots of Cooperation and Risk-taking Workshop 2015, Kiel Germany

-UCLA Cognitive Forum, Psychology Department

-Interdisciplinary Perspective on Decision Making, WZB, Berlin Social Science Center, Freie University Berlin


  2016 Invited Lectures

-Counterfactual processing of value in private and social settings. Scoiety for Affective Science 2016 Annual Conference (TED-Style Talks).

-Behavioral and neural correlates of regret. EPS Science of Regret Meeting, University of Birmingham, UK February 2016.

-Strategizing and Attention in Games. Cognition and Decision Seminar Series, Columbia University, NY, USA. March 2016

-Observational learning and intelligence. Department of Economics, Columbia University, NY, USA. March 2016

-Neural correlates of strategic thinking. Ohio State University, USA April 2016

-Decision Neuroscience in Humans, Bremen, Germany June 2016.

-Context Dependent Learning. Yale, USA. September 2016.

-Context Dependent Learning. Neuroeconomics Fall 2016 Colloquium. NYU, NY, USA. October 25 2016.


  2017 Invited Lectures

- Counterfactual modulation of value signal in reward and punishment learning. Workshop on ‘Motivation, selection and information-seeking, Rovereto, Italy, June 2017

-Current research in Neuroeconomics. Nice, France, July 2017.

-The neural basis of regret. East China Normal University, China, September 2017.

-Strategizing and attention in games. LMU, Los Angeles, USA, September 2017

-University of Trento, September 2017

-Brain, emotion and decision making: the paradigmatic examples of regret and envy. Claremont College, USA, October 2017

-The state of mind in Economics, OECD, Paris, November 2017

-Strategizing and attention, Behavioral Economics: Foundations and applied research (Keynote Speaker) Sydney Australia, November 2017

-Regret and envy in choice under uncertainty, RMIT, Melbourne Australia, November 2017

-Learning with regret and envy, Berlin, December 2017

-Strategizing and attention, City University of London, December 2017


 2018 Invited Lectures

-Neuroeconomics and Neurofinance, Pint of Science, Trento, May 2018

-Strategizing and attention in games, University of Nottingham, May 2018

-Strategizing and attention in games, University of Cagliari, June 2018

-University Cattolica of Milano, June 2018

- 3rd  Workshop on Psychological Game Theory. “Modeling emotions with economic theory”

(Keynote Speaker)

 - Invited speaker: Workshop on Choice-Process Data in Experimental Economics; 2018 North-

American Economic Science Association (ESA) Conference, Antigua, Guatemala


 2019 Invited Lectures 

-Emotion cognition and behavior, Pomona College, March 2019

-Learning with regret and envy, Neuromarketing World Forum, Rome, March 2019

-Strategizing and attention in games, Zurich, May 2019

-Brain, emotion and decision making, CNRS, Lyon, May 2019

-TBA, Rome, June 2019

-TBA, Trento, June 2019

-TBA, Dublin, July 2019

-TBA, SISSA, Trieste, July 2019

-TBA, Berlin, September 2019

Ad hoc reviewer

Science, Nature Neuroscience, Journal of Neuroscience, PLoS Biology, PlosOne, NeuroImage, Cerebral Cortex, Neuropsychologia, Frontiers in Cognitive Science, Neuroscience Letter, Journal of Cognitive Neuroscience, The Journal of Alzhaimer’s Desease, Cortex, Human Brain Mapping, Cognitive Affective and Behavioral Neuroscience, European Journal of Social Psychology, Emotion, Cortex, Cognition, Cognition and Emotion, Child Development, Journal of Personality and Social Psychology, Trends in Cognitive Sciences. Biological Psychiatry.


American Economic Review, Journal of Political Economy, JEBO, Journal of Economic Psychology, Journal of Experimental Economics, Management Science, Journal of Finance, Journal of Conflict Resolution, Revue d'économie politique, Organizational Behavior and Human Decision Processes, Health Economics, Economic Notes, European Economic Review, Journal of Economic Behavior and Organization, Games and Economic Behavior.


Ad hoc grant reviewer: National Science Foundation (NSF, USA), Agence Nationale de la Recherche (ANR, France)


Media coverage of our research : SCIENTIFIC AMERICAN. Brain Region Tied to Regret Identified. NEW SCIENTIST. Pinpointing regret in the brain. THE NEW YORK TIMES. VITAL SIGNS: EMOTIONS; Winning, Losing and Regretting. SCIENTIFIC AMERICAN. Even better than a personal best. LE MONDE. LE ROLE DU REGRET DANS LA PRISE DE DECISION MESURE PAR DES NEUROLOGUES. Il CORRIERE DELLA SERA. Nella testa di chi non conosce il rimpianto. Il Sole 24 ORE. Successi e Sconfitte: ecco perche` gioiamo delle "cadute" altrui. FOX NEWS. Where Regret Roosts in the BrainIl. Sole 24 ORE. Successi e Sconfitte: ecco perche` gioiamo delle "cadute" altrui. Il CORRIERE DELLA SERA. Il gioco che promuove il broker. CERVEAU & PSYCHO. Les bones raisons d'avoir des regret. LA REPUBBLICA. Il rimpianto e` l'anima del commercio. NATURE Highlight. A life of regret. NATIONAL SCIENCE FOUNDATION (NSF) NEWS. Peer Pressure? It's Hardwired Into Our Brains. Il Sole 24 ORE. Felici di essere invidiosi. Giornale Sentire, “Cervelli al bivio della vita”. PANORAMA. “Neuroeconomia: il grande crollo dei mercati? Questione di testa ».Giornale Sentire, “L’arte dell’umilta`”. La Repubblica Bisogno degli Altri? L’area che ci rende socievoli.


Tutorial activity

 2008  Habilitation à diriger des recherches (HDR), Université Claude Bernard Lyon I



  • Luca Polonio (ERC project 2014-)
  • Nadege Bault (ERC project 2014-)
  • Tobias Larsen (ERC project 2015-)
  • Alexander Vostroknutov (ERC project 2015-)
  • Doris Pischedda (ERC project 2016-)



  • Stefano Palminteri (ANR 2012-2015, ENS Paris)
  • Mateus Joffily (currently CNRS, Lyon)
  • Juan Vidal (ANR 2012-2014, Lyon)
  • Jarek Grygolec (University of Minnesota) 
  • Giovanna Egidi (currently postdoc at CIMeC)
  • Ketti Mazzocco (currently postdoc U. Bocconi, Milano)


PhD students

  • Brenton Keller, PhD student, Neuroscience Program USC
  • Ben Timberlake
  • Joshua Zonca
  • Folco Panizza
  • Michele Fioretti, PhD student, Economics (co-advisor with Geert Ridder)



  • Thibaud Griessinger. Project: Strategic learning
  • Nadége Bault, PhD student, Neuroscience Program, University Lyon 1 (advisor, 2005-2010, currently postdoc University of Trento, CIMeC)
  • Remi Neveu, PhD student, Neuroscience Program, University Lyon 1 (advisor, 2008-2012, currently postdoc University of Geneva)
    • Project: Neuroeconomics of eating  disorders
  • Elsa Fouragnan,  PhD student University Lion 1 and University of Trento (advisor, 2009-2013, currently Post-doc position, University of Glasgow)
    • Project: Investigating reputation building in social interaction using Multivariate Pattern Analysis and Real time fMRI
  • Francesco Zaffuto, PhD student. Project: Regret in ambiguity and attentional models of risk
  • Gabriele Chierchia, PhD student University of Trento (advisor, 2009-2013, currently postdoc Max Planck Institute, Germany)
    • Project: Similarity in games
  • Luca Polonio, PhD student University of Trento (advisor, 2009-2013, postdoc University of Trento, CIMeC)
    • Project: Eye-tracking of decisional processing in games
  • Rossella Guerini (advisor 2010-2014)
    • Project: Counterfactul emotions in children
  • Suzanne Robic , PhD student, Neuroscience Program, University Lyon 1 (advisor, 2009-2013)
    • Project: Emotional deficits in asperger’s syndrome patients


Master students

  • Marta Castaldi (2014-USC)
  • Francesco Zaffuto, University of Trento (2011)
  • Chiara Chelini, PhD student, Economics, University of Torino (stage in my lab, 2006-2009)
  • Francesca Giardini, Doctoral program in Cognitive Science, University of Siena (co-advisor, 2005-2006)
  • Elissar Andari, University Lyon 1 (co-advisor, 2007-2008)
  • Brice Le Stunff, Master 1, Psychology, University Lyon 2 (advisor, 2007-2008)
  • Marina Casanova, Master 1, Psychology, University Lyon 2 (advisor, 2008-2009)
    • Project: Emotions and decision making