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Does neuroeconomics give new impetus to economic and consumer research?

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  • Hubert, Mirja

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.

Suggested Citation

  • Hubert, Mirja, 2010. "Does neuroeconomics give new impetus to economic and consumer research?," Journal of Economic Psychology, Elsevier, vol. 31(5), pages 812-817, October.
  • Handle: RePEc:eee:joepsy:v:31:y:2010:i:5:p:812-817
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    2. Rizwan Raheem Ahmed & Dalia Streimikiene & Zahid Ali Channar & Hassan Abbas Soomro & Justas Streimikis & Grigorios L. Kyriakopoulos, 2022. "The Neuromarketing Concept in Artificial Neural Networks: A Case of Forecasting and Simulation from the Advertising Industry," Sustainability, MDPI, vol. 14(14), pages 1-24, July.
    3. Schukat, Sirkka & Diekmann, Marie & Heise, Heinke, 2021. "What links neuroscience to agricultural economics? A review of neuroscientific methods literature in agricultural economic research and marketing," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 24(6), March.
    4. Mikel Alonso Lopez & Gloria Sanchez Garcia, 2018. "Review of the Relationship between Human-Machine Interaction and Web Usability in the Application of the Eye Tracking Technique in Neuromarketing," Noble International Journal of Business and Management Research, Noble Academic Publsiher, vol. 2(2), pages 7-17, February.
    5. Urszula Garczarek-Bąk & Andrzej Szymkowiak & Piotr Gaczek & Aneta Disterheft, 2021. "A comparative analysis of neuromarketing methods for brand purchasing predictions among young adults," Journal of Brand Management, Palgrave Macmillan, vol. 28(2), pages 171-185, March.
    6. 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), vol. 1(01), pages 1-10, April.
    7. 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.
    8. Berčík, Jakub & Horská, Elena & Wang, W.Y. Regina & Chen, Ying-Chun, 2015. "How can food retailing benefit from neuromarketing research: a case of various parameters of store illumination and consumer response," 143rd Joint EAAE/AAEA Seminar, March 25-27, 2015, Naples, Italy 202714, European Association of Agricultural Economists.
    9. Mihaela Constantinescu & Andreea Orindaru & Andreea Pachitanu & Laura Rosca & Stefan-Claudiu Caescu & Mihai Cristian Orzan, 2019. "Attitude Evaluation on Using the Neuromarketing Approach in Social Media: Matching Company’s Purposes and Consumer’s Benefits for Sustainable Business Growth," Sustainability, MDPI, vol. 11(24), pages 1-21, December.
    10. Muhammad Tahir Jan & Ahmed Mohamed Hamed Aly Abouzaid & Nadeem & Tashpia Hossain, 2020. "Is Your Purchase Intention Influenced by Irrational Factors?An Investigation of Fashion Industry," Journal of Marketing and Consumer Behaviour in Emerging Markets, University of Warsaw, Faculty of Management, vol. 2(11), pages 16-32.
    11. Daugherty, Terry & Hoffman, Ernest & Kennedy, Kathleen, 2016. "Research in reverse: Ad testing using an inductive consumer neuroscience approach," Journal of Business Research, Elsevier, vol. 69(8), pages 3168-3176.
    12. 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.

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