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The Neuroscience of Consumer Decision-Making

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  • Pirouz, Dante

Abstract

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.

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File URL: http://mpra.ub.uni-muenchen.de/24064/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2181.

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Date of creation: 2004
Date of revision: 30 Jan 2006
Handle: RePEc:pra:mprapa:2181

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Keywords: Consumer behavior; neuroscience; neuroeconomics; decision-making; trust;

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References

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  1. Benartzi, Shlomo & Thaler, Richard H, 1995. "Myopic Loss Aversion and the Equity Premium Puzzle," The Quarterly Journal of Economics, MIT Press, vol. 110(1), pages 73-92, February.
  2. Kip Smith & John Dickhaut & Kevin McCabe & José V. Pardo, 2002. "Neuronal Substrates for Choice Under Ambiguity, Risk, Gains, and Losses," Management Science, INFORMS, vol. 48(6), pages 711-718, June.
  3. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  4. Laibson, David I., 2000. "A Cue-Theory of Consumption," Scholarly Articles 4481496, Harvard University Department of Economics.
  5. Colin Camerer & George Loewenstein & Drazen Prelec, 2003. "Neuroeconomics: How neuroscience can inform economics," Levine's Bibliography 506439000000000484, UCLA Department of Economics.
  6. John Kagel & Raymond Battalio & Leonard Green, 1995. "Economic choice theory. an experimental analysis of animal behavior," Framed Field Experiments 00166, The Field Experiments Website.
  7. McCabe, Kevin & Houser, Daniel & Ryan, Lee & Smith, Vernon & Trouard, Ted, 2001. "A Functional Imaging Study of Cooperation in Two-Person reciprocal Exchange," MPRA Paper 5172, University Library of Munich, Germany.
  8. B. Douglas Bernheim & Antonio Rangel, 2002. "Addiction and Cue-Conditioned Cognitive Processes," NBER Working Papers 9329, National Bureau of Economic Research, Inc.
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