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Does neuroeconomics give new impetus to economic and consumer research?

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  • Hubert, Mirja
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    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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    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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    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. Bettman, James R & Luce, Mary Frances & Payne, John W, 1998. " Constructive Consumer Choice Processes," Journal of Consumer Research, Oxford University Press, vol. 25(3), pages 187-217, December.
    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. Jon Elster, 1998. "Emotions and Economic Theory," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 47-74, March.
    5. Hansen, Flemming, 1981. " Hemispheral Lateralization: Implications for Understanding Consumer Behavior," Journal of Consumer Research, Oxford University Press, vol. 8(1), pages 23-36, June.
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