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The influence of time and money on product evaluations - a neurophysiological analysis

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Author Info

  • Sebastian Lehmann

    ()
    (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg)

  • Martin Reimann

    ()
    (Department of Psychology/Brain & Creativity Institute, University of Southern California Los Angeles)

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    Abstract

    "Time is money" is how a common saying goes, reflecting a widespread assumption in many people's everyday life. It seems that money and time are very similar concepts which might even be exchangeable all together. However, the neurophysiological processes underlying the activation of time or money are not yet completely understood. In order to understand in how far and in which dimensions the concept of time versus the concept of money effects human behavior we enquired the neural differences of the time versus money effect. This paper broadens the understanding of both concepts and investigates the posited distinct mindsets of time and money using functional magnetic resonance imaging (fMRI) technology. A sample of 44 righthanded adults has been analyzed. Our data supports the idea of the existence of two distinct mindsets for time and money. However, contrasting both conditions in one general linear model only a few significant differences have been found. The insula seems to be a crucial locus for the neural difference of both mindsets. Higher insula activation in the time condition suggests stronger urge for the product primed with time.

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    File URL: http://www.fww.ovgu.de/fww_media/femm/femm_2012/2012_11.pdf
    File Function: First version, 2012
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    Bibliographic Info

    Paper provided by Otto-von-Guericke University Magdeburg, Faculty of Economics and Management in its series FEMM Working Papers with number 120011.

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    Length: 37 pages
    Date of creation: May 2012
    Date of revision:
    Handle: RePEc:mag:wpaper:120011

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    Related research

    Keywords: time-versus-money effect; priming; product evaluations; insula; functional magnetic resonance imaging (fMRI); consumer neuroscience; decision neuroscience;

    This paper has been announced in the following NEP Reports:

    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, Elsevier, vol. 52(2), pages 336-372, August.
    2. Burnham, Terence & McCabe, Kevin & Smith, Vernon L., 2000. "Friend-or-foe intentionality priming in an extensive form trust game," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 43(1), pages 57-73, September.
    3. Camelia Kuhnen & Brian Knutson, 2005. "The Neural Basis of Financial Risk Taking," Experimental, EconWPA 0509001, EconWPA.
    4. Leonard Lee & On Amir & Dan Ariely, 2009. "In Search of Homo Economicus: Cognitive Noise and the Role of Emotion in Preference Consistency," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 36(2), pages 173 - 187.
    5. Wendy Liu & Jennifer Aaker, 2008. "The Happiness of Giving: The Time-Ask Effect," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 35(3), pages 543-557, 05.
    6. Cassie Mogilner & Jennifer L. Aaker & Ginger L. Pennington, 2008. "Time Will Tell: The Distant Appeal of Promotion and Imminent Appeal of Prevention," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 34(5), pages 670-681, 08.
    7. Reimann, Martin & Bechara, Antoine, 2010. "The somatic marker framework as a neurological theory of decision-making: Review, conceptual comparisons, and future neuroeconomics research," Journal of Economic Psychology, Elsevier, Elsevier, vol. 31(5), pages 767-776, October.
    8. Liu, Wendy & Aaker, Jennifer L., 2008. "The Happiness of Giving: The Time-Ask Effect," Research Papers, Stanford University, Graduate School of Business 1998, Stanford University, Graduate School of Business.
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