Pirouz, Dante (2004): The Neuroscience of Consumer Decision-Making.
This is the latest version of this item.
Download (177kB) | Preview
While there is an extensive history of neuroscience, only recently has the theory and the methods of this discipline been applied to answer questions about decision making, choice, preference, risk and happiness. This new area of research, coined neuroeconomics, seeks to reveal more about the neural functioning and associated implications for economic and consumer behavior. In this paper are some of the key developments in neuroeconomics research as they relate to consumer decision-making, culminating with a discussion of possible future research areas in marketing where this type of research could be applied with important managerial, policy and academic implications.
|Item Type:||MPRA Paper|
|Institution:||The Paul Merage School of Business, University of California Irvine|
|Original Title:||The Neuroscience of Consumer Decision-Making|
|Keywords:||Consumer behavior; neuroscience; neuroeconomics; decision-making; trust|
|Subjects:||M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M3 - Marketing and Advertising > M31 - Marketing|
|Depositing User:||Dante Pirouz|
|Date Deposited:||23. Jul 2010 07:50|
|Last Modified:||31. Dec 2015 06:23|
Adolphs, Ralph (2003), "Cognitive Neuroscience of Human Social Behaviour," Neuroscience, 4, 165.
Anderson, Steven W., Antonio R. Damasio, and Hanna Damasio (2005), "A neural basis for collecting behaviour in humans," Brain, 128, 201-12.
Bechara, Antoine, Antonio R. Damasio, Hanna Damasio, and Daniel Tranel (1997), "Deciding Advantageously Before Knowing the Advantageous Strategy," Science, 275 (5304), 1293.
Begley, Sharon (2002), "This Is Your Brain; This Is Your Brain on a Surging Stock," in The Wall Street Journal. Eastern Edition ed. New York.
Benartzi, S. and Richard Thaler (1995), "Myopic loss aversion and the equity premium puzzle," Quarterly Journal of Economics, 110, 73-92.
Bernheim, B. Douglas and Antonio Rangel (2002a), "Addiction and Cue-conditioned Cognitive Processes."
---- (2002b), "Addiction, Cognition and the Visceral Brain."
Blakeslee, Sandra (2003), "Brain Experts Now Follow the Money," in The New York Times. New York.
---- (2004), "If You Have a 'Buy Button" in Your Brain, What Pushes It?," in The New York Times. New York.
Breiter, Hans C., Itzhak Aharon, Daniel Kahneman, Anders M. Dale, and Peter Schizgal (2001), "Functional Imaging of Neural Responses to Expectancy and Experience of Monetary Gains and Losses," Neuron, 30.
Brosnan, Sarah F. and Frans B.M. De Waal (2003), "Monkeys Reject Unequal Pay," Nature, 425, 297-99.
Camerer, Colin F., George Loewenstein, and Drazen Prelec (2003), "Neuroeconomics: How Neuroscience Can Inform Economics."
---- (2004), "Neuroeconomics: Why Economics Needs Brains."
Carter, Brian L. and Stephen T. Tiffany (1999), "Meta-analysis of cue-reactivity in addiction research," Addiction, 94 (3), 327-40.
Chambers, R. Andrew, Jane R. Taylor, and Marc N. Potenza (2003), "Developmental Neurocircuitry of Motivation in Adolescence: A Critical Period of Addiction Vulnerability," Am J Psychiatry, 160 (6), 1041-52.
Commerical Alert, Portland OR (2004), "Neuromarketing."
D'Antonio, Michael (2004), "How We Think: Brain Researchers Are Using MRIs to Predict Our Decisions Before They Are Mad. The Results Are Intriguing and a Little Disturbing," in Los Angeles Times. Los Angeles.
Damasio, Antonio (1994), Descartes' error: Emotion, reason, and the human brain.
de Quervain, J.-F., U. Fischbacher, Y. Treyer, M. Schellhammer, U. Schynyder, A. Buck, and Ernst Fehr (2004), "The Neural Basis of Altruistic Punishment," Science, 305 (5688), 1254-58.
Due, Deborah L., Scott A. Huettel, Warren G. Hall, and David C. Rubin (2002), "Activation in mesolimbic and visuospatial neural circuits elicited by smoking cues: Evidence from functional magnetic resonance imaging," American Journal of Psychiatry, 159 (6), 954-60.
Elliott, Rebecca, Jana L. Newman, Olivia A. Longe, and J.F. William Deakin (2003), "Differential Response Patterns in the Striatum and Orbitofrontal Cortex to Financial Reward in Humans: A Parametric Functional Magnetic Resonance Imaging Study," The Journal of Neuroscience, 23 (1), 303.
Fiorillo, Christopher D., Philippe N. Tobler, and Wolfram Schultz (2003), "Discrete Coding of Reward Probability and Uncertainty by Dopamine Neurons," Science, 299 (5614), 1898-902.
Frackowiak, Richard S.J., Karl J. Friston, Christopher D. Frith, Raymond J. Dolan, Cathy J. Price, Semir Zeki, John Ashburner, and William Penny (2004), Human Brain Function (Second ed.). San Diego: Elsevier Academic Press.
Frost, Randy O. and Tamara L. Hartl (1996), "A cognitive-behavioral model of compulsive hoarding," Behaviour Research and Therapy, 34 (4), 341-50.
Gazzaniga, Michael (2002), Cognitive Neuroscience. New York: WW Norton & Company.
Glimcher, Paul W. (2003), Decisions, Uncertainty and the Brain. Cambridge: MIT Press.
Glimcher, Paul W. and Aldo Rustichini (2004), "Neuroeconomics: The Consilience of Brain and Decision," Science, 447.
Gold, Joshua I. (2003), "Linking reward expectation to behavior in the basal ganglia," Trends in Neurosciences, 26 (1), 12.
Gold, Joshua I. and Michael N. Shadlen (2002), "Banburismus and the Brain: Decoding the Relationship between Sensory Stimuli, Decisions, and Reward," Neuron, 36, 299-308.
Hoebel, Bartley G., Pedro Rada, Gregory P. Mark, and Emmanuel N. Pothos (1999), "Neural Systems for Reinforcement and Inhibition of Behavior: Relevance to Eating, Addiction and Depression," in Well-Being: The Foundations of Hedonic Psychology, Daniel Kahneman and Norbert Schwarz, Eds. New York: Russell Sage Foundation.
Hotz, Robert Lee (2005), "Mapping The Mind: Searching for the Why of Buy," in Los Angeles Times. Sunday Orange County ed. Los Angeles.
Huang, Gregory T. (2005), "The Economics of Brains," in Technology Review.
Kagel, John H., R. Battalio, and L. Green (1995), Economic Choice Theory: An Experimental Analysis of Animal Behavior. New York: Cambridge University Press.
Kahneman, Daniel and Amos Tversky (1982), "Judgement Under Uncertainty: Heuristics and Biases," in Judgement Under Uncertainty: Heuristics and Biases, Daniel Kahneman and Paul Slovic and Amos Tversky, Eds. Cambridge: Cambridge University Press.
---- (1979), "Prospect Theory: An Analysis of Decision Under Risk," Econometrica, 47 (2), 263.
King-Casas, Brooks, Damon Tomlin, Cedric Anen, Colin F. Camerer, Steven R. Quartz, and P. Read Montague (2005), "Getting to Know You: Reputation and Trust in a Two-Person Economic Exchange," Science, 308, 78.
Kosfeld, Michael, Markus Heinrichs, Paul J. Zak, Urs Fischbacher, and Ernst Fehr (2005), "Oxytocin increases trust in humans," Nature, 435 (June 2005).
Krolak-Salmon, Pierre, Marie-Anna Henaff, Jean Isnard, Catherine Tallon-Baudry, Marc Geunot, Alain Vighetto, Olivier Bertrand, and Francois Mauguiere (2002), "An Attention Modulated Response To Disgust in Human Ventral Anterior Insula," Annals of Neurology, 53 (4), 446-53.
Laibson, David I. (2001), "A Cue Theory of Consumption," Quarterly Journal of Economics, 116.
Liu, Zheng, Elisabeth A. Murray, and Barry J. Richmond (2000), "Learning Motivational Significance of Visual Cues for Reward Schedules Requires Rhinal Cortex," Nature Neuroscience, 3 (12), 1307.
Liu, Zheng and Barry J. Richmond (2000), "Response Differences in Monkey TE and Perirhinal Cortex: Stimulus Association Related to Reward Schedules," Journal of Neurophysiology, 83 (3), 1677-92.
Margolin, Arthur and Avants S. Kelly (1992), "Cue Reactivity and cocaine addiction," in Clinician's Guide to Cocaine Addiction: Theory, Research and Treatment, Thomas Kosten and Herbert D. Kleber, Eds. New York: Guilford.
Marketing Week, London (2005), "Neuromarketing: brain scam or valuable tool?," in Marketing Week Vol. February 3, 2005.
Martin, John H. (2003), Neuroanatomy: Text and Atlas (Third ed.). New York: McGraw-Hill.
McCabe, Kevin (2003a), "Neuroeconomics," in Encyclopedia of Cognitive Science, Lynn Nadel, Ed. New York: Nature Publishing Group.
McCabe, Kevin A. (2003b), "A Cognitive Theory of Reciprocal Exchange," in Trust and Reciprocity: Interdisciplinary Lessons from Experimental Psychology, Elinor Ostrom and James Walker, Eds. New York: Russell Sage.
McCabe, Kevin, Daniel Houser, Lee Ryan, Vernon Smith, and Theodore Trouard (2001), "A functional imaging study of cooperation in two-person reciprocal exchange," PNAS, 98 (20), 11832-35.
McClure, Samuel M., David I. Laibson, George Loewenstein, and Jonathan D. Cohen (2004a), "Separate Neural Systems Value Immediate and Delayed Monetary Rewards," Science, 306 (5695), 503-07.
McClure, Samuel M., Jian Li, Damon Tomlin, Kim S. Cypert, Latane M. Montague, and P. Read Montague (2004b), "Neural Correlates of Behavioral Preference for Culturally Familiar Drinks," Neuron, 44 (2), 379-87.
Montague, P. Read and Gregory S. Berns (2002), "Neural Economics and the Biological Substrates of Valuation," Neuron, 36, 265-84.
Pechmann, Cornelia, Linda J. Levine, Sandra Loughlin, and Frances Leslie (2005), "Self-conscious and Impulsive: Adolescents' Vulnerability to Advertising and Promotions," Journal of Public Policy & Marketing (Fall 2005), 202-21.
Petty, Richard E. and John T. Cacioppo (1996), "Addressing Disturbing and Disturbed Consumer Behavior: Is It Necessary to Change the Way We Conduct Behavioral Science?," Journal of Marketing Research, 33 (1), 1-8.
Platt, Michael L. and Paul W. Glimcher (1999), "Neural correlates of decision variables in parietal cortex," Nature, 400, 233.
Potenza, Marc N., Marvin A. Steinberg, Pawel Skudlarski, Robert K. Fulbright, Cheryl M. Lacadie, Mary K. Wilber, Bruce J. Rounsaville, John C. Gore, and Bruce E. Wexler (2003), "Gambling Urges in Pathological Gambling: A Functional Magnetic Resonance Imaging Study," Arch Gen Psychiatry, 60 (8), 828-36.
Powell, Kendall (2003), "Economy of the Mind," PLoS Biology, 1 (3), 312.
Purves, Dale, George J. Augustine, David Fitzpatrick, Lawrence C. Katz, Anthony-Samuel LaMantia, and James O. McNamara (1997), Neuroscience. Sunderland, MA: Sinauer Associates.
Robinson, Terry E. and Kent C. Berridge (1993), "The neural basis of drug craving: an incentive-sensitization theory of addiction," Brain Research Reviews, 18 (1993), 247-91.
Sanfey, Alan G., James K. Rilling, Jessica A. Aronson, Leigh E. Nystrom, and Jonathan D. Cohen (2003), "The Neural Basis of Economic Decision-Making in the Ultimatum Game," Science, 300 (5626), 1755-58.
Savoy, Robert (1998), Introduction to Designing fMRI-Based Experiments. Boston, MA: MGH.
---- (1999), "Magnetic Resonance Imaging (MRI)," in Encyclopedia of Neuroscience, George Adelman and Barry H. Smith, Eds. Second Edition ed.: Elsevier Science Pub Co.
Schultz, Wolfram (1998), "Predictive Reward Signal of Dopamine Neurons," Journal of Neurophysiology, 80, 1-27.
Schultz, Wolfram, Peter Dayan, and P. Read Montague (1997), "A Neural Substrate of Prediction and Reward," Science, 275, 1593.
Shiv, Baba, George Loewenstein, Antoine Bechara, Antonio Damasio, and Hanna Damasio (2005), "Investment Behavior and the Negative Side of Emotion," Psychological Science, 16 (6), 435.
Smith, Kip, John Dickhaut, Kevin McCabe, and Jose V. Pardo (2002), "Neuronal Substrates for Choice Under Ambiguity, Risk, Gains, and Losses," Marketing Science, 48 (6), 711.
Spinella, Marcello, Bijou Yang, and David Lester (2004), "PREFRONTAL SYSTEM DYSFUNCTION AND CREDIT CARD DEBT," International Journal of Neuroscience, 114.
Sugrue, Leo P., Greg S. Corrago, and William T. Newsome (2004), "Matching Behavior and the Representation of Value in the Parietal Cortex," Science, 304.
Tapert, Susan F., Erick H. Cheung, Gregory G. Brown, Frank R. Lawrence, Martin P. Paulus, Alecia D. Schweinsburg, M J Meloy, and Sandra A Brown (2003), "Neural response to alcohol stimuli in adolescents with alcohol use disorder.," Archives of General Psychiatry, 60 (7), 727-35.
The Economist (2004), "Inside the mind of the consumer;," in The Economist Vol. 371.
Varian, Hal R. (1978), Microeconomic Analysis (Third ed.). New York: W.W. Norton & Company.
Wald, Lawrence (2005), "Physics of NMR, MRI, Functional MRI, and Safety," in The Visiting Fellowship in Functional MRI. Massachusetts General Hospital Athinoula A. Martinos Center.
Warren, Charles A. and Bruce E. McDonough (1999), "Event-related brain potentials as indicators of smoking cue-reactivity," Clinical Neurophysiology, 110 (9), 1570-84.
Wilson, Stephen J., Michael A. Sayette, and Julie A. Fiez (2004), "Prefrontal responses to drug cues: a neurocognitive analysis," Nature Neuroscience, 7, 211-14.
Wright, P., G. He, N.A. Shapira, W.K. Goodman, and Y. Liu (2004), "Disgust and the Insula: fMRI Responses to Pictures of Mutilation and Contamination," Neuroreport, 15 (15), 2347.
Zak, Paul J. (2004), "Neuroeconomics," Phil. Trans. R. Soc. Lond. B, 359, 1737-48.
Zak, Paul J., Karla Borja, William T. Matzner, and Robert Kurzban (2005), "The Neuroeconomics of Distrust: Sex Differences in Behavior and Physiology," American Economic Review Papers & Proceedings.
Zak, Paul J., Robert Kurzban, and William T. Matzner (2004), "The Neurobiology of Trust," Ann NY Acad Sci, 1032, 224-27.
Available Versions of this Item
The Neuroscience of Consumer Decision-Making. (deposited 11. Mar 2007)
- The Neuroscience of Consumer Decision-Making. (deposited 23. Jul 2010 07:50) [Currently Displayed]