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The Behavioral Economics of Decision Making: Explaining Consumer Choice in Terms of Neural Events

The Behavioral Economics of Decision Making: Explaining Consumer Choice in Terms of Neural Events I inspected the relevant literature on the neural mechanisms underlying the decision process, providing both quantitative evidence on trends and numerous in-depth empirical examples. Using data from LivePerson, MarketingCharts, McKinsey, and Salesforce Research, I performed analyses and made estimates regarding top reasons for abandonment during online purchase, consumer goods prepurchase research, and top three factors that influence whether a product is considered at each stage of the consumer decision journey, and clarified that neuroscientific methods enable direct inspection of implicit/unconscious processes. JEL codes: D11; D12; D91; N3; P46 Keywords: behavioral economics; decision making; consumer choice; neural events http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Economics, Management, and Financial Markets Addleton Academic Publishers

The Behavioral Economics of Decision Making: Explaining Consumer Choice in Terms of Neural Events

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Publisher
Addleton Academic Publishers
Copyright
© 2009 Addleton Academic Publishers
ISSN
1842-3191
eISSN
1938-212X
Publisher site
See Article on Publisher Site

Abstract

I inspected the relevant literature on the neural mechanisms underlying the decision process, providing both quantitative evidence on trends and numerous in-depth empirical examples. Using data from LivePerson, MarketingCharts, McKinsey, and Salesforce Research, I performed analyses and made estimates regarding top reasons for abandonment during online purchase, consumer goods prepurchase research, and top three factors that influence whether a product is considered at each stage of the consumer decision journey, and clarified that neuroscientific methods enable direct inspection of implicit/unconscious processes. JEL codes: D11; D12; D91; N3; P46 Keywords: behavioral economics; decision making; consumer choice; neural events

Journal

Economics, Management, and Financial MarketsAddleton Academic Publishers

Published: Jan 1, 2019

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