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Does neuroeconomics give new impetus to economic and consumer research?

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  • Hubert, Mirja
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    Abstract

    The integration of neuroscientific methods and findings into economic theory has led to the emergence of the transdisciplinary approach of neuroeconomics. A sub-area of neuroeconomics that investigates marketing-relevant problems is called "neuromarketing" or "consumer neuroscience". On the basis of 10 thesis, this article discusses the status quo, the future development and essential challenges of these research branches. The central challenge for neuroeconomics and consumer neuroscience is to further expand and validate the obtained results as well as to implement an increasingly deductive focus that allows for negating, modifying, or extending existing economic theories. Recent neuroeconomic findings indicate that the boundaries between psychological and physiological categories are arbitrary, and that a redefinition of the concept of emotion is necessary. Additionally, the article emphasizes that the success of the new research areas is dependent upon the consideration of methodological problems, and the effective translation of findings into corporate practice, and into the neurophysiological descriptions of classical theories and constructs. By facing these challenges of the future, neuroeconomics and consumer neuroscience will become an integrated and accepted branch of economic and consumer research.

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    File URL: http://www.sciencedirect.com/science/article/B6V8H-4YVY6TW-1/2/739ce66c7d65f604585f9f38d34de3b2
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Psychology.

    Volume (Year): 31 (2010)
    Issue (Month): 5 (October)
    Pages: 812-817

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    Handle: RePEc:eee:joepsy:v:31:y:2010:i:5:p:812-817

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    Web page: http://www.elsevier.com/locate/joep

    Related research

    Keywords: Neuroeconomics Consumer neuroscience Functional magnetic resonance imaging Emotions Decision-making;

    References

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    1. Bechara, Antoine & Damasio, Antonio R., 2005. "The somatic marker hypothesis: A neural theory of economic decision," Games and Economic Behavior, Elsevier, vol. 52(2), pages 336-372, August.
    2. Jon Elster, 1998. "Emotions and Economic Theory," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 47-74, March.
    3. George Loewenstein, 2000. "Emotions in Economic Theory and Economic Behavior," American Economic Review, American Economic Association, vol. 90(2), pages 426-432, May.
    4. Carolyn Yoon & Angela H. Gutchess & Fred Feinberg & Thad A. Polk, 2006. "A Functional Magnetic Resonance Imaging Study of Neural Dissociations between Brand and Person Judgments," Journal of Consumer Research, University of Chicago Press, vol. 33(1), pages 31-40, 06.
    5. Hansen, Flemming, 1981. " Hemispheral Lateralization: Implications for Understanding Consumer Behavior," Journal of Consumer Research, University of Chicago Press, vol. 8(1), pages 23-36, June.
    6. Bettman, James R & Luce, Mary Frances & Payne, John W, 1998. " Constructive Consumer Choice Processes," Journal of Consumer Research, University of Chicago Press, vol. 25(3), pages 187-217, December.
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    Cited by:
    1. Solnais, Céline & Andreu-Perez, Javier & Sánchez-Fernández, Juan & Andréu-Abela, Jaime, 2013. "The contribution of neuroscience to consumer research: A conceptual framework and empirical review," Journal of Economic Psychology, Elsevier, vol. 36(C), pages 68-81.
    2. Gerhard Raab & Christian Elger & Michael Neuner & Bernd Weber, 2011. "A Neurological Study of Compulsive Buying Behaviour," Journal of Consumer Policy, Springer, vol. 34(4), pages 401-413, December.
    3. Viaggi, Davide & Mantino, Francesco & Mazzocchi, Mario & Moro, Daniele & Stefani, Gianluca, 2012. "From Agricultural to Bio-based Economics? Context, State of the Art and Challenges," Bio-based and Applied Economics Journal, Italian Association of Agricultural and Applied Economics (AIEAA), issue 1, April.

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