Prof. Dino Levy

Coller School of Management
הפקולטה לניהול ע"ש קולר סגל אקדמי בכיר

Short Biography

Prof. Levy is an associate professor and the head of the Neuroeconomics and Neuromarketing lab at the Marketing Department at Coller School of Management since fall of 2012. Prof. Levy has a BA in Economics from Tel-Aviv University and an MA in Psychobiology, in which he graduates Magna Cum Laude, also from Tel-Aviv University. He received his PhD in 2008 from the Neurobiology Department at the Weizmann Institute of Science in the field of animal models of drug addiction. He then continued for post-doctoral studies at the Center for Neuroeconomics at NYU in which he examined the neural value representations of both primary and monetary rewards.

Prof. Levy is a member of the society for Neuroeconomics, the society for Neuroscience, the Israeli society for Neuroscience, and the Association for Consumer Research.


Fields of Research

In our lab we use an interdisciplinary approach, which involves quantitative economic theories, combined with advanced behavioral methods and theoretical models from psychology, marketing, and economics with neuroscience techniques such as functional magnetic resonance imaging (fMRI), Electroencephalography (EEG), and other physiological measures such as Galvanic Skin Response (GSR) and eye-tracking.

The main aim in our studies is to try and better understand how we make decisions and what are the neural mechanisms underlying value-based choices. The projects in the lab range from examining the neural correlates of value computations and the common currency network, deciphering the neural mechanisms of irrational choice behaviors both in humans and in C.elegans, through looking for a common denominator between basic visual perception and value computations, to projects that aim to predict future preferences and population success of marketing stimuli using neural and physiological signals.     




Hakim A, Golan I, Yefet S, Levy DJ. DeePay: deep learning decodes EEG to predict consumer’s willingness to pay for neuromarketing. Front Hum Neurosci. 2023;17:1153413. doi:10.3389/FNHUM.2023.1153413/BIBTEX


Or-Borichev A, Gurevitch G, Klovatch I, et al. Neural and functional validation of fMRI-informed EEG model of right inferior frontal gyrus activity. Neuroimage. 2023;266. doi:10.1016/j.neuroimage.2022.119822


Glickman M, Sela T, Usher M, Levy DJ. The effect of perceptual organization on numerical and preference-based decisions shows inter-subject correlation. Psychon Bull Rev. 2023. doi:10.3758/s13423-022-02234-6


Izakson L, Gal S, Shahar M, Tavor I, Levy DJ. Similar functional networks predict performance in both perceptual and value-based decision tasks. Cereb Cortex. June 2022. doi:10.1093/CERCOR/BHAC234


Shuster A, Inzelberg L, Ossmy O, Izakson L, Hanein Y, Levy DJ. Lie to my face: An electromyography approach to the study of deceptive behavior. Brain Behav. October 2021:e2386. doi:10.1002/BRB3.2386


Hakim A, Klorfeld S, Sela T, Friedman D, Shabat-Simon M, Levy DJ. Machines learn neuromarketing: Improving preference prediction from self-reports using multiple EEG measures and machine learning. Int J Res Mark. 2021;38(3). doi:10.1016/j.ijresmar.2020.10.005


Izakson L, Zeevi Y, Levy DJ. Attraction to similar options: The Gestalt law of proximity is related to the attraction effect. PLoS One. 2020;15(10 October). doi:10.1371/journal.pone.0240937


Shuster A, Levy DJ. Contribution of self- and other-regarding motives to (dis)honesty. Sci Rep. 2020;10(1). doi:10.1038/s41598-020-72255-5


Oren S, Sela T, Levy DJ, Schonberg T. Item Features Interact With Item Category in Their Influence on Preferences. Front Psychol. 2020;11. doi:10.3389/fpsyg.2020.00988


Mudrik L, Levy DJ, Gavenas J, Maoz U. Studying volition with actions that matter: Combining the fields of neuroeconomics and the neuroscience of volition. Psychol Conscious Theory Res Pract. 2020;7(1):67-86. doi:10.1037/CNS0000200


Glickman M, Sharoni O, Levy DJ, Niebur E, Stuphorn V, Usher M. The formation of preference in risky choice. PLoS Comput Biol. 2019. doi:10.1371/journal.pcbi.1007201


Cohen D, Teichman G, Volovich M, et al. Bounded rationality in C. elegans is explained by circuit-specific normalization in chemosensory pathways. Nat Commun. 2019;10(1). doi:10.1038/s41467-019-11715-7


Kurtz-David V, Persitz D, Webb R, Levy DJ. The neural computation of inconsistent choice behavior. Nat Commun. 2019. doi:10.1038/s41467-019-09343-2


Hakim A, Levy DJ. A gateway to consumers’ minds: Achievements, caveats, and prospects of electroencephalography-based prediction in neuromarketing. Wiley Interdiscip Rev Cogn Sci. March 2019. doi:10.1002/wcs.1485


Shabat-Simon M, Shuster A, Sela T, Levy DJ. Objective physiological measurements but not subjective reports moderate the effect of hunger on choice behavior. Front Psychol. 2018;9(MAY). doi:10.3389/fpsyg.2018.00750


Glickman M, Sharoni O, Levy DJ, Niebur E, Stuphorn V, Usher M (2019) The formation of preference in risky choice. PLoS 

Comput Biol 15(8): e1007201. August 29, 2019   

Cohen, D., Teichman, G., Volovich, M. et al. Bounded rationality in C. elegans is explained by circuit-specific normalization in chemosensory pathways. Nat Commun 10, 3692 (2019) . August 13, 2019


Kurtz-David, V., Persitz, D., Webb, R. et al. The neural computation of inconsistent choice behavior. Nat Commun 10, 1583 . April 05, 2019 

Hakim, A, Levy, DJ. A gateway to consumers' minds: Achievements, caveats, and prospects of electroencephalography‐based prediction in neuromarketing. WIREs Cogn Sci. 2019; 10:e1485.  November 29, 2018 .

Shabat-Simon M, Shuster A, Sela T, Levy DJ. Objective physiological measurements but not subjective reports moderate the effect of hunger on choice behavior. Front Psychol. 2018; 9: 750.

Shuster A and Levy DJ. Common Sense in Choice: The Effect of Sensory Modality on Neural Value Representations. eNeuro 19 March 2018, 5 (2)

Sepulveda, M., Fernandez-Diez, B., Martinez-Lapiscina, E. H., Llufriu, S., Sola-Valls, N., Zubizarreta, I., Blanco, Y., Saiz, A., Levy, D. J., Glimcher, P., Villoslada, P. (2016). Impairment of decision-making in multiple sclerosis: A neuroeconomic approach. Multiple Sclerosis Journal, 1–10.

Telpaz A, Webb RLevy DJ. (2015). Using EEG to Predict Consumers' Future Choices. Journal of Marketing Research, 52(4): 511-529

Levy YZ, Levy DJ, Barto A, Meyer JS. A computational hypothesis for allostasis: delineation of substance dependence, conventional therapies, and alternative treatments”. Frontiers in Psychiatry. Dec 2013. doi: 10.3389/fpsyt.2013.00167

Levy DJ, Thavikulvat A, Glimcher PW. State dependent valuation: the effect of deprivation on risk preferences. PLoS One. 2013; 8(1)

Levy DJ and Glimcher PW. The Root of All Value: A Neural Common Currency for Choice. Curr Opin Neurobiol. 2012 Dec; 22(6):1027-38.

Levy DJ and Glimcher PW. Comparing Apples and Oranges. Using Reward-Specific and Reward-General Subjective Value Representation in the Brain. Journal of Neuroscience. 2011 Oct 12; 31(41):14693-707

Amiaz R, Levy D*, Vainiger D, Grunhaus L, Zangen A. Repeated high-frequency transcranial magnetic stimulation over the dorsolateral prefrontal cortex reduces cigarette craving and consumption. Addiction. 2009 Apr; 104(4):653-60.
* Equal contribution


Stehberg J, Levy D*, Zangen A. Impairment of aversive memory reconsolidation by localized intracranial electrical stimulation. European Journal of Neuroscience. 2009 Mar; 29(5):964-9.
* Equal contribution


Shabat-Simon M, Levy D*, Amir A, Rehavi M, Zangen A. Dissociation between rewarding and psychomotor effects of opiates: differential roles for glutamate receptors within anterior and posterior portions of the ventral tegmental area. J Neuroscience. 2008 Aug 20; 28(34):8406-16.
* Equal contribution


Levy D, Shabat-Simon M, Barnea-Ygael N, Katzir A, Zangen ARepeated electrical stimulation of reward-related brain regions affects cocaine but not 'natural' reinforcement. J Neuroscience. 2007 Dec 19; 27(51):14179-89.

Cooper A, Barnea-Ygael N, Levy D, Shaham Y, Zangen AA conflict rat model of cue-induced relapse to cocaine seekingPsychopharmacology (Berl). 2007 Sep; 194(1):117-25

Friedman A, Dremencov E, Crown H, Levy D, Mintz M, Overstreet DH, Yadid G. Variability of the mesolimbic neuronal activity in a rat model of depressionNeuroreport. 2005 Apr 4;16(5):513-6

Dremencov E, Nahshoni E, Levy D, Mintz M, Overstreet DH, Weizman A, Yadid G. Dimensional complexity of the neuronal activity in a rat model of depression. Neuroreport. 2004 Aug 26; 15(12):1983-6


Book Chapters

Levy DJ and Glimcher PW, Common value representation – a neuroeconomic perspective. In Handbook of Value: Perspectives from Economics, Neuroscience, Philosophy, Psychology and Sociology, 2015. Tobias Brosch and David Sander, editors. Oxford Scholarship Online

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