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Neuroeconomics

Decision making and the brain

Trend: Neuroscience Infiltrates Society

As we understand more about the workings of the brain, neuroscience is starting to impact diverse areas of society. Over time, it will probably touch many more. This has been acknowledged by the Neurotechnology Industry Organization in…

Why Percentages Don’t Add Up

Which is scarier - undergoing a potentially fatal surgical procedure that has a 95% survival rate, or one that causes death in 1 out of 20 patients? If you are like most people, you would find the latter statistic far more worrisome, even…

Smiles Really DO Boost Sales

What's the first thing a manager teaches a new retail or food service employee? Maybe "Don't steal the cash!" is first, but right after that is, "Smile at the customer!" It turns out that this is probably even better advice than one might…

Careers in Neuromarketing

Science Magazine has blessed neuromarketing and neuroeconomics by citing them as "interesting niche areas" in neuroscience research. Emma Hitt's article notes, "The subject areas that qualify as neuroscience are as far-reaching and as…

Emotional Design

At a conference presentation last week (see Neuromarketing in Montreal), I made the point that the most important frontier for neuromarketers may be product design. Why struggle to make ads more appealing when you could be making the…

Ignore Your Brain and Get Rich

The subtitle of Your Money & Your Brain by Jason Zweig (Simon & Schuster, 340pp) is How The New Science of Neuroeconomics Can Make You Rich. No doubt the publishers needed to spice up the cover a bit, because the book might have…

Legal Decision Making Center Funded

Decision making is emerging as a key area of neuroscience research. Neuroeconomics and neuromarketing are informed by brain scan data and other studies of how people make decisions, and now Vanderbilt University is the home for a major new…

Five Keys to Selling to Spendthrifts

Neuroeconomics research suggests that roughly 15% of your consumers are "spendthrifts" - they have unusually low sensitivity to the pain of paying, i.e., the neural discomfort associated with parting with money. Selling to people who feel…

Find Out If You Are A Tightwad

We've been writing about "tightwads" and "spendthrifts" lately (see Tightwads, Spendthrifts, and Everyone Else and Five Keys to Selling to Tightwads), and thought Neuromarketing readers might be interested in finding out where they fall on…