Carolin Neuhaus

Neural evidence for Reference-dependence in real-market-transactions.

Human decision making has become one of the major research-foci in economics, marketing and in neuroscience. This study integrates perspectives from these disciplines by examining neurophysiological correlates to Reference-dependence of utility evaluations in real market contexts both before and after choice. First, by comparing buying and selling decisions, we observe an activation of the amygdala only in the latter. We interpret this as loss aversion with respect to prior possessions. This finding contributes to the settling of an ongoing fundamental dispute in economic theory by indicating the absence of loss aversion for money in routine transactions. Second, ex post satisfaction statements are accompanied by an activation of the reward processing orbitofrontal cortex, if the evaluation context is framed by a high external reference price instead of a lower internal reference price. This indicates a nonrational Reference-dependence--despite the neoclassical view of a rational Homo Economicus--of satisfaction measures and challenges a central marketing variable.

Wirkung von Markenemotionen: Neuromarketing als neuer verhaltenswissenschaftlicher Zugang

Prof. Dr. Franz-Rudolf Esch ist Universitätsprofessor für Betriebswirtschaftslehre mit dem Schwerpunkt Marketing an der Justus-Liebig-Universität Gießen und Direktor des Instituts für Markenund Kommunikationsforschung, Licher Straße 66, D-35394 Gießen, Tel.: 0641/99-2 24 01, Fax: 0641/99-2 24 09, E-Mail: franz-rudolf.esch@ wirtschaft.uni-giessen.de. Dr. Thorsten Möll war wissenschaftlicher Mitarbeiter am Lehrstuhl für Marketing an der JustusLiebig-Universität Gießen und Projektmitarbeiter am Institut für Markenund Kommunikationsforschung, Licher Straße 66, D-35394 Gießen, Tel.: 0641/99-2 24 01, Fax: 0641/99-2 24 09, E-Mail: thorsten.moell@ gmx.de. Prof. Dr. Christian Erich Elger ist Universitätsprofessor für Neurologie an der Rheinischen Friedrich-Wilhelms-Universität Bonn, Direktor der Klinik für Epileptologie und wissenschaftlicher Geschäftsführer des Life & Brain Centers, Sigmund-Freud-Straße 25, D-53105 Bonn, Tel.: 0228/ 2 87 57 27, Fax: 0228/2 87 43 28, E-Mail: christian. elger@ukb.uni-bonn.de Dipl.-Kffr. Carolin Neuhaus ist wissenschaftliche Mitarbeiterin der Forschungsgruppe NeuroCognition-Imaging am Life & Brain Center, Sigmund-Freud-Straße 25, D-53127 Bonn, Tel.: 0228/68 85-140, Fax: 0228/68 85-261, E-Mail: cneuhaus@ lifeandbrain.com. Dr. Bernd Weber ist Assistenzarzt der Klinik für Epileptologie in Bonn und kommissarischer Leiter der Forschungsgruppe NeuroCognitionImaging am Life & Brain Center, Sigmund-FreudStr. 25, D-53127 Bonn, Tel.: 0228/68 85-262, Fax: 0228/68 85-261, E-Mail: bweber@ lifeandbrain.com. Wirkung von Markenemotionen: Neuromarketing als neuer verhaltenswissenschaftlicher Zugang

Applying Neuroscience to Marketing and Consumer Research: a Review of Functional Magnetic Resonance Imaging Studies

This paper reviews prior applications of functional magnetic resonance imaging (fMRI) in marketing and consumer research. After documenting and characterizing key applications from the past years, we discuss important methodological issues related to fMRI and assess the quality of previous applications in terms of three aspects: (1) issues related to the initial conceptualization of theoretical models of interest and operationalization for an fMRI experiment, (2) issues related to data acquisition, and (3) issues related to estimation and testing of theoretical models on fMRI data. On the basis of our findings, we identify problem areas and suggest avenues for improvement. These suggestions are applied to own fMRI data, which we collected in an experiment with 16 subjects.

Package, Brand, or Price as Differentiator? A Functional Magnetic Resonance Imaging Study

A large part of the daily business of marketing executives is dedicated to fighting commoditization. That is, the process of trying to differentiate their firm’s products in a marketplace where competitors offer essentially products with identical core attributes, e.g., in terms of quality. Prior research and managerial practice, however, lack insight about which aspects of differentiation resonate in acceptance and purchase among consumers. Moreover, consumers’ affective and cognitive processes when deciding between a standard offering and a differentiated one are not yet well understood. Should the product packing be re-designed? Should sales offer products at lower prices than the competition? Or, does a strong brand drive product success in a commoditized marketplace? By combining self-reports and brain data from functional magnetic resonance imaging (fMRI), this study assesses relevant affective and cognitive processes while consumer are confronted with three distinct differentiation aspects: packaging design, brand, and price. Empirical evidence suggests that differentiation via packaging design has a significantly larger impact on areas of the brain related to value anticipation and actual choice than brand differentiation. Important implications for research and marketing management are discussed.