Handbook of Behavioral Industrial Organization
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Handbook of Behavioral Industrial Organization

Edited by Victor J. Tremblay, Elizabeth Schroeder and Carol Horton Tremblay

The Handbook of Behavioral Industrial Organization integrates behavioral economics into industrial organization. Chapters cover concepts such as relative thinking, salience, shrouded attributes, cognitive dissonance, motivated reasoning, confirmation bias, overconfidence, status quo bias, social cooperation and identity. Additional chapters consider industry issues, such as sports and gambling industries, neuroeconomic studies of brands and advertising, and behavioral antitrust law. The Handbook features a wide array of methods (literature surveys, experimental and econometric research, and theoretical modelling), facilitating accessibility to a wide audience.
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Chapter 13: Neuroeconomic studies in industrial organization: brand, advertising and price effects on consumer valuation and choice

Carol Horton Tremblay

Abstract

Neuroeconomics makes use of new data and tools from neuroscience to enrich the study of economic decision-making. This chapter introduces neuroeconomic methods and surveys a number of contributions to the literature regarding brain responses to brands, advertisements, pricing and product characteristics. These contributions rely primarily on functional magnetic resonance imaging (fMRI) although electroencephalography (EEG) and other methods are also used. Industries represented in the survey include beverages (cola, wine, beer, coffee and milkshakes); artwork; music; magazines; handbags; televisions; and sunscreen as well as anti-smoking advertisements. Some of these studies move beyond identification of brain regions associated with advertising, for example, to using brain activity to predict individual choices and even the behavior of the population at large.

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