The Hour Between Dog and Wolf

In this time of financial crisis, a resonant and singular exploration of economic behaviour and its ramifications.


When we talk about a gut feeling, what do we mean?


Neuroscientist and former Wall Street trader John Coates explains what we have long suspected: that we think with our body as well as our brain. It happens when we take risks – in sport, on the battlefield and even in the financial markets. Making and losing money provokes an overwhelming biological response. Could this bodily turmoil lead to the kind of irrational behaviour destabilises the global economy?


In a series of groundbreaking experiments, Coates has shown that under the pressure of risk our biology transforms us into different people, from revved-up and aggressive to nervous and risk-averse. He refers to this transformation as the hour between dog and wolf. Traders and investors are especially prone. The Hour Between Dog and Wolf reveals the biology of bubbles and crashes and sheds new and surprising light on issues that affect us all.