Modern Neuroimaging Methods in Contemporary Neuroeconomics and Neuromanagement

Anna Rutkowska

Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn
https://orcid.org/0000-0003-1174-7743


Abstract

In the modern world, an interdisciplinary approach is required to study the psychological and economic underpinnings of market phenomena as well as the behaviors and attitudes of market actors. Neuroscience plays an increasingly important role in the identification of brain correlates of decision making processes in research and business. The aim of this study was to present modern neuroimaging methods that are most widely used in economic sciences and management, and to determine their theoretical and practical relevance. The study provides a theoretical background for empirical research that can be conducted independently. Research into consumer behavior should involve an interdisciplinary approach, therefore selected literature on neuroeconomics and neuromarketing was reviewed. The role of neuroimaging was synthetically described, the results of selected research studies were presented, and the implications of functional magnetic resonance imaging (fMRI) and electroencephalography (EEG) for neurofinance, neuromarketing, and neuromanagement were analyzed.

The purpose of the literature review was to emphasize the growing significance of a holistic approach to consumer research and to discuss the applicability of fMRI and EEG in economic research. In business, both neuroimaging methods can be applied to optimize products and services to ensure that they meet customer needs and preferences. Neuroimaging techniques have many advantages, but attention should also be paid to ethical considerations in research and commercialization of research results.


Keywords:

neuroeconomics, neuromanagement, neuromarketing, functional magnetic resonance imaging (fMRI), electroencephalography (EEG)


Aditya, D., & Sarno, R. (2018). Neuromarketing: State of the Arts. Advanced Science Letters, 24(12), 9307-9310. https://doi.org/10.1166/asl.2018.12261
Crossref   Google Scholar

Alsharif, A.H., Md Salleh, N.Z., Abdullah, M., Khraiwish, A., & Ashaari, A. (2023). Neuromarketing Tools Used in the Marketing Mix: A Systematic Literature and Future Research Agenda. SAGE Open, Original Research, January-March 2023, 1-23. https://doi.org/10.1177/21582440231156563
Crossref   Google Scholar

Alsharif, A.H., Md Salleh, N.Z., Baharun, R., & Rami Hashem, E. (2021). Neuromarketing Research in the Last Five Years: A Bibliometric Analysis. Cogent Business & Management, 8(1), 1978620. https://doi.org/10.1080/23311975.2021.1978620
Crossref   Google Scholar

Alvino, L. (2019). How Can We Improve Consumer Behaviour Research? A Critical Literature Review on the Contributions and the Limitations of Consumer Neuroscience. In Proceedings of the 33rd International Business Information Management Association Conference. Granada: Education Excellence and Innovation Management through Vision 2020.   Google Scholar

Alvino, L., Pavone, L., Abhishta, A., & Robben, H. (2020). Picking Your Brains: Where and How Neuroscience Tools Can Enhance Marketing Research. Frontiers in Neuroscience, 14(2), 1-25. https://doi.org/10.3389/fnins.2020.577666
Crossref   Google Scholar

Ariely, D., & Berns, G.S. (2010). Neuromarketing: The Hope and Hype of Neuromarketing in Business. Nature Reviews. Neuroscience, 11, 284-292.
Crossref   Google Scholar

Astolfi, L., Vecchiato, G., De Vico Fallani, F., Salinari, S., Cincotti, F., Aloise, F., Mattia, D., Marciani, M.G., Bianchi, L., Soranzo, R., & Babiloni, F. (2009). The Track of Brain Activity During the Oobservation of TV Commercials with the High-Resolution EEG Technology. Computational Intelligence and Neuroscience, 2009, Article ID 652078. https://doi.org/10.1155/2009/652078
Crossref   Google Scholar

Asunakutlu, T., & Aydoğan, T. (2022). Neuromanagement as a New Concept: A Bibliometric Analysis of Neuroscientific Studies in Management and Organization Literature. International Journal of Management Economics and Business, 18(2), 428-444. https://doi.org/10.17130/ijmeb.1014657
Crossref   Google Scholar

Basser, P.J., Pajevic, S., Pierpaoli, C., Duda, J., & Aldroubi, A. (2000). In Vivo Fiber Tractography using DT-MRI Data. Magnetic Resonance in Medicine, 44(4), 625-632. https://doi.org/10.1002/1522-2594(200010)44:4%3C625::AID-MRM17%3E3.0.CO;2-O
Crossref   Google Scholar

Berger, H. (1929). Über das Elektrenkephalogramm des Menschen. Archiv für Psychiatrie und Nervenkrankheiten, Springer Science and Business Media LLC, 87, 527-570. https://doi.org/10.1007/BF01797193
Crossref   Google Scholar

Booth, A., Sutton, A., & Papaioannou, D. (2016). Systematic Approaches to a Successful Literature Review. Second Edition. London: SAGE Publications. Retrieved from net/publication/235930866_Systematic_Approaches_to_a_Successful_Literature_Review.   Google Scholar

Boz, H., Arslan, A., & Koc, E. (2017). Neuromarketing Aspect of Tourısm Pricing Psychology. Tourism Management Perspectives, 23, 119-128. https://doi.org/10.1016/j.tmp.2017.06.002
Crossref   Google Scholar

Byrne, A., Bonfiglio, E., Rigby, C., & Edelstyn, N. (2022). A Systematic Review of the Prediction of Consumer Preference Using EEG Measures and Machine-Learning in Neuromarketing Research. Brain Informatics, 9(27), 1-23. https://doi.org/10.1186/s40708-022-00175-3
Crossref   Google Scholar

Cakir, M.P., Cxakar, T., Girisken, Y., & Yurdakul, D. (2018). An Investigation of the Neural Correlates of Purchase Behavior Through fNIRS. European Journal of Marketing, 2(1/2), 224-243. https://doi.org/10.1108/ejm-12-2016-0864
Crossref   Google Scholar

Camerer, C.F. (2006). Neuroeconomics: Opening the Gray Box. Neuron, 60, 416-419. https://doi.org/10.1016/j.neuron.2008.10.027
Crossref   Google Scholar

Camerer, C.F., & Loewenstein, G. (2004). Behavioral Economics: Past, Present, Future. In C.F. Camerer, G. Loewenstein, M. Rabin (Eds.). Advances in Behavioral Economics. New York: Princeion University Press.
Crossref   Google Scholar

Cherubino, P., Martinez-Levy, A.C., Caratu, M., Cartocci, G., Di Flumeri, G., Modica, E., Rossi, D., Mancini, M., & Trettel, A. (2019). Consumer Behaviour Through the Eyes of Neurophysiological Measures: State of the Art and Future Trends. Computational Intelligence and Neuroscience, 18, 1976847. https://doi.org/10.1155/2019/1976847
Crossref   Google Scholar

Clithero, J.A., & Smith, D.V. (2009). Reference and Preference: How Does the Brain Scale Subjective Value? Frontiers in Human Neuroscience, 3, 11. https://doi.org/10.3389/neuro.09.011.2009
Crossref   Google Scholar

Dai, W. (2019). NeuroManagement and Intelligent Computing Method on Multimodal Interaction. Conference Paper: NeuroManagement and Intelligent Computing Method on Multimodal Interaction, 1, 1-3. https://doi.org/10.1145/3357160.3357664
Crossref   Google Scholar

Duque-Hurtado, P., Samboni-Rodriguez, V., Castro-Garcia, M., Montoya-Restrepo, L.A., & Montoya-   Google Scholar

-Restrepo, I.A. (2020). Neuromarketing: Its Current Status and Research Perspectives. Estudios Gerenciales, 36(157), 525-539. https://doi.org/10.18046/j.estger.2020.157.3890
Crossref   Google Scholar

Flejterski, S. (2008). Neurobankowość: nauki o finansach w poszukiwaniu nowych paradygmatów. Ekonomiczne Problemy Usług, 38, 528-535.   Google Scholar

Frydman, C., Barberis, N., Camerer, C., Bossaerts, P., & Rangel, A. (2012). Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility. NBER. Working Paper, 18562. Retrieved from http://www.nber.org/papers/w18562
Crossref   Google Scholar

Glimcher, P.W., Camerer, C.F., Fehr, E., & Poldrack, R.A. (2009). Neuroeconomics: Decision Making and the Brain. Amsterdam: Elsevier.   Google Scholar

Glimcher, P.W., & Rustichini, A. (2004). Neuroeconomics: The Consilience of Brain and Decision. Science, 306(5695), 447-452. https://doi.org/10.1126/science.1102566
Crossref   Google Scholar

Hamzehei, A., Fathiana, M., Farvaresh, H., & Gholamian, M.R. (2011). A New Methodology to Study Customer Electrocardiogram Using RFM Analysis and Clustering. Management Science Letters, 1, 139-148. http://dx.doi.org/10.5267/j.msl.2010.03.009
Crossref   Google Scholar

Huettel, S.S., Songregory, A.V., & McCarthy, G. (2012). Funcional Mangetic Resonance Imaging. Sunderland: Sinauer Associates.   Google Scholar

Isabella, G., Mazzon, J.A., & Dimoka, A. (2015). Culture Differences, Difficulties, and Challenges of the Neurophysiological Methods in Marketing Research. Journal of International Consumer Marketing, 27(5), 346-363. https://doi.org/10.1080/08961530.2015.1038761
Crossref   Google Scholar

Jayavardhan, G.V., & Rajan, N. (2023). Recent Trends in Neuro Marketing – A Review. Journal of Coastal Life Medicine, 11(1), 139-148. Retrieved from https://www.jclmm.com/index.php/journal/article/view/300   Google Scholar

Karim, A., Faridi, M., & Rafiq, S. (2019). Neuromanagement; Key to Maintaining Performance Literature Review. The International Journal of Business Management and Technology, 3(1), 1-9. Retrieved from https://www.theijbmt.com/archive/0925/1627843782.pdf   Google Scholar

Kenning, P., & Linzmajer, M. (2011). Consumer Neuroscience: An Overview of an Emerging Discipline with Implications for Consumer Policy. Journal für Verbraucherschutz und Lebensmittelsicherheit, 6, 111-125. http://dx.doi.org/10.1007/s00003-010-0652-5
Crossref   Google Scholar

Krampe, C., Gier, N.R., & Kenning, P. (2018). The Application of Mobile fNIRS in Marketing Research – Detecting the ‘‘First-Choice-Brand’’ Effect. Frontiers in Human Neuroscience, 12(4), 433-444. https://doi.org/10.3389/fnhum.2018.00433
Crossref   Google Scholar

Lim, W.M. (2018). Demystifying Neuromarketing. Journal of Business Research, 91, 205-220. https://doi.org/10.1016/j.jbusres.2018.05.036
Crossref   Google Scholar

Lim, W.M., Rasul, T., Kumar, S., & Ala, M. (2021). Past, Present, and Future of Customer Engagement. Journal of Business Research, 140, 439-458. https://doi.org/10.1016/j.jbusres.2021.11.014.
Crossref   Google Scholar

Lim, W.M., & Weissmann, M.A. (2023). Toward a Theory of Behavioral Control. Journal of Strategic Marketing. Advance online publication, 31(1), 185-211. https://doi.org/10.1080/0965254X.2021.1890190
Crossref   Google Scholar

Lindstrom, M. (2009). Zakupologia. Prawda i kłamstwa o tym dlaczego kupujemy. Kraków: Wydawnictwo Znak.   Google Scholar

Maciejasz-Świątkiewicz, M., & Musiał, M. (2014). Zarys ekonomii behawioralnej. Wprowadzenie do psychologicznych aspektów gospodarowania. Opole: Wydawnictwo Uniwersytetu Opolskiego.   Google Scholar

McClure, S.M., Tomlin, D., Cypert, K.S., Montague, L.M., & Montague, P.R. (2004). Neural Correlates of Behavioral Preference for Culturally Familiar Drinks. Neuron, 44. https://doi.org/10.1016/j.neuron.2004.09.019
Crossref   Google Scholar

Modo, M.M.J.J., & Bulte, J.W.M. (2011). Magnetic Resonance Neuroimaging. Totowa: Humana Press.
Crossref   Google Scholar

Mruk, H., & Sznajder, M. (2008). Neuromarketing. Interdyscyplinarne spojrzenie na klienta. Poznań: Wydawnictwo Uniwersytetu Przyrodniczego w Poznaniu.   Google Scholar

Murphy, E.R., Illes, J., & Reiner, P.B. (2008). Neuroethics of Neuromarketing. Journal of Consumer Behaviour, 7, 293-302. https://doi.org/10.1002/cb.252
Crossref   Google Scholar

Nilashi, M., Samad, S., Ahmadi, N., Ahani, A., Abumalloh, R.A, Asadi, S., Abdullah R., Ibrahim, O., & Yadegaridehkordi, E. (2020). Neuromarketing: A Review of Research and Implications for Marketing. Journal of Soft Computing and Decision Support Systems, 7(2), 23-31. Retrieved from http://www.jscdss.com/index.php/files/article/view/223   Google Scholar

Noga, M. (2017). Neuroekonomia a ekonomia głównego nurtu. Warszawa: CeDeWu.   Google Scholar

Noga, M. (2017). Neuroekonomia a paradygmat ekonomii głównego nurtu. Studia i Prace WNEIZ US, 50(2), 101-112.
Crossref   Google Scholar

Nyoni, T., & Bonga W.G. (2017). Neuromarketing Methodologies: More Brain Scans or Brain Scams? Journal of Economics and Finance (DRJ-JEF), 2(3), 30-38. Retrieved from https://ssrn.com/abstract=2945380   Google Scholar

Ogawa, S., Lee, T.M., Kay, A.R., & Tank, D.W. (1990). Brain Magnetic Resonance Imaging with Contrast Dependent on Blood Oxygenation. Proceedings of the Academy of Sciences, 87(24), 9868-9872. https://doi.org/10.1073%2Fpnas.87.24.9868
Crossref   Google Scholar

Ohme, R., Szczurko, T., & Oscieski, K. (2011). How to Design, Conduct and Analyze EEG, EMG and GSR. TV ad Pre-Test. Journal of Interactive Advertasing, 11(2).   Google Scholar

Orduna-Malea, E., Martín-Martín, A., & Delgado López-Cózar, E. (2017). Google Scholar and the Gray Literature: A Reply to Bonato’s Review. EC3 Working Papers, 27. https://doi.org/10.48550/arXiv.1702.03991   Google Scholar

Parizel, P.N., Tanghe, H., & Hofman, P.A.M. (2011). Magnetic Resonance Imaging of the Brain. Lippincott: Wiliams & Wilkins.   Google Scholar

Polowczyk, J. (2010). Elementy ekonomii behawioralnej w dziełach Adama Smitha. Ekonomista, 4.
Crossref   Google Scholar

Pradeep, A.K. (2011). Mózg na zakupach. Neuromarketing w sprzedaży. Gliwice: Wydawnictwo Helion.   Google Scholar

Rajab, S., & Sharma, V. (2017). Neuro-Fuzzy Approach in Business Applications: A Decade Survey. International Journal of Business Information Systems, 26(4), 451-487. http://dx.doi.org/10.1504/IJBIS.2017.087748
Crossref   Google Scholar

Ramsoy, T.Z. (2015). Introduction to Neuromarketing & Consumer Neuroscience. Taastrup: Neurons.   Google Scholar

Rawnaque, F.S., Rahman, K.M., Anwar, S.F., Vaidyanathan, R., Chau, T., Sarker, F., & Al Mamun, K.A. (2020). Technological Advancements and Opportunities in Neuromarketing: A Systematic Review. Brain Informatics, 7(10), 1-19. https://doi.org/10.1186/s40708-020-00109-x
Crossref   Google Scholar

Robaina-Calderín, L., & Martín-Santana, J.D. (2021). A Review of Research on Neuromarketing using Content Analysis: Key Approaches and New Avenues. Cognitive Neurodynamics, 15, 923-938. https://doi.org/10.1007/s11571-021-09693-y
Crossref   Google Scholar

Rorden, C., Karnath, H.-O., & Bonilha, L. (2007). Improving Lesion-Symptom Mapping. Journal of Cognitive Neuroscience, 19(7), 1081-1088. http://doi.org/10.1162/jocn.2007.19.7.1081
Crossref   Google Scholar

Schäfer, N., & Marten, E. (2021). Mit emotionaler Mitarbeiterbindung zum Erfolg. Spronger, PFLEGE Zeitschrift, 8(74), 10-13. https://doi.org/10.1007/s41906-021-1094-7
Crossref   Google Scholar

Sharma, R., & Sinha, A. (2020). Neuromarketing and Understanding Antecedents of Consumer Switching Intensions: A Systematic Review of Literature. PJAEE, 17(6), 14660-14675. Retrieved from https://archives.palarch.nl/index.php/jae/article/view/4716   Google Scholar

Siddique, J., Shamim, A., Nawaz, M., & Abid, M.F. (2022). The Hope and Hype of Neuromarketing: A Bibliometric Analysis. Journal of Contemporary Marketing Science, 6(1), 1-21. https://doi.org/10.1108/JCMARS-07-2022-0018
Crossref   Google Scholar

Siwek, J. (2015). Nowe możliwości w diagnostyce badań z wykorzystaniem rezonansu magnetycznego. Inżynier i Fizyk Medyczny, 4(6), 17-20.   Google Scholar

Skriabin, O.M., Sanakoiev, D.B., Sanakoieva, N.D., Berezenko, V.V., & Liubchenko, Y.V. (2021). Neurotechnologies in the Advertising Industry: Legal and Ethical Aspects. Innovative Marketing, 17(2), 189-201. http://dx.doi.org/10.21511/im.17(2).2021.17
Crossref   Google Scholar

Smith, V.L. (2013). Racjonalność w ekonomii. Warszawa: Wolters Kluwer.   Google Scholar

Songsamoe, S., Saengwongngam, R., Koomhin, P., & Matan, N. (2019). Understanding Consumer Physiological and Emotional Responses to Food Products using Electroencephalography (EEG). Trends in Food Science & Technology, 93, 167-173. https://doi.org/10.1016/j.tifs.2019.09.018
Crossref   Google Scholar

Spitzer, M. (2012). How the Brain Learns. Warszawa: Wydawnictwo Naukowe PWN.   Google Scholar

Squire, L.R., Berg, D., Bloom, F., Du Lac, S., Ghosh, A., & Spitzer, N. (2013). Fundamental Neuroscience. Burlington, San Diego, London: Academic Press is an imprint of Elsevier.   Google Scholar

Srivastava, G., & Bag, S. (2023). Modern-Day Marketing Concepts Based on Face Recognition and Neuro-Marketing: A Review and Future Research Directions. Benchmarking: An International Journal, ahead-of-print. https://doi.org/10.1108/BIJ-09-2022-0588
Crossref   Google Scholar

Stach, R., & Popek, A. (2013). Decyzje ekonomiczne i społeczne z perspektywy pogranicza neuronauk oraz nauk o zarządzaniu. Współczesne Zarządzanie, 2, 40-49.   Google Scholar

Thijs, V.N., Adami, A., Neumann-Haefelin, T., Moseley, M.E., Marks, M.P., & Albers, G.W. (2001). Relationship Between Severity of MR Perfusion Deficit and DWI Lesion Evolution. Neurology, 57, 1205-1211. https://doi.org/10.1212/wnl.57.7.1205
Crossref   Google Scholar

Tirandazi, P., Bamakan, S.M.H., & Toghroljerdi, A. (2023). A Review of Studies on Internet of Everything as an Enabler of Neuromarketing Methods and Techniques. The Journal of Supercomputing, 79, 7835-7876. https://doi.org/10.1007/s11227-022-04988-1
Crossref   Google Scholar

Titov, S., & Pluzhnik, E. (2020). Neuromanagement: the Scientific Approach to Contemporary Management. Proceedings of the International Conference on Business Excellence, 14(1). http://dx.doi.org/10.2478/picbe-2020-0099
Crossref   Google Scholar

Turel, O., & Bechara, A. (2021). A Triple-System Neural Model of Maladaptive Consumption. Journal of the Association for Consumer Research, 6(3), 324-333.
Crossref   Google Scholar

Vecchiato, G., Astolfi, L., De Vico Fallani, F., Cincotti, F., Mattia, D., Salinari, S., Soranzo, R., & Babiloni, F. (2010). Changes in Brain Activity During the Observation of TV Commercials by using EEG, GSR and HR Measurements. Brain Topography, 23, 165-179. https://doi.org/10.1007/s10548-009-0127-0
Crossref   Google Scholar

Vecchiato, G., Astolfi, L., De Vico Fallani, F., Salinari, S., Cincotti, F., Aloise, F., Mattia, D., Marciani, M.G., Bianchi, L., Soranzo, R., & Babiloni, F. (2009). The Study of Brain Activity During the Observation of Commercial Advertising by Using High Resolution EEG Techniques. Proceedings of the Annual International Conference of The IEEE Engineering in Medicine and Biology Society.
Crossref   Google Scholar

Vecchiato, G., Astolfi, L., De Vico Fallani, F., Toppi, J., Aloise, F., Bez, F., Wei, D., Kong, W., Dai, J., Cincotti, F., Mattia, D., & Babiloni, F. (2011). On the Use of EEG or MEG Brain Imaging Tools in Neuromarketing Research. Computational Intelligence and Neuroscience, Special Issue, Article ID 643489. https://doi.org/10.1155%2F2011%2F643489
Crossref   Google Scholar

Vecchiato, G., & Babiloni, F. (2011). Neurophysiological Measurements of Memorization and Pleasantness in Neuromarketing Experiments. In A. Esposito, A. Vinciarelli, K. Vicsi, C. Pelachaud, & A. Nijholt (Eds.). Analysis of Verbal and Nonverbal Communication and Enactment. The Processing Issues, Lecture Notes in Computer Science, 6800, Berlin, Heidelberg: Springer-Verlag. https://doi.org/10.1007/978-3-642-25775-9_28
Crossref   Google Scholar

Wollenweber, L.E. (2012). Neuromanagement. Schlussel zum Erfolg von Manager, Mitarbeiter und Unternehmen. Retrieved from http://www.coamax.de/tl_files/inhalt/bilder-blog/Neuromanagement.pdf (16.02.2019).   Google Scholar

Wollenweber. L.E. (2021). Neuromanagement. Neues Menschenbild für Führungs-, Markt- und Finanzentscheidungen. Retrieved from https://vdocuments.pub/neuromanagement-.html?page=1 (27.02.2023).   Google Scholar

Yarkoni, T., Poldrack, R.A., Nichols, T.E., Van Essen, D.C., & Wager, T.D. (2011). Large-Scale Automated Synthesis of Human Functional Neuroimaging Data. Nature Methods, 8(8), 665-670. https://doi.org/10.1038/nmeth.1635
Crossref   Google Scholar

Zaltman, G. (2008). Jak myślą klienci. Podróż w głąb umysłu rynku. Poznań: Dom Wydawniczy REBIS.   Google Scholar

Zhu, H., & Barker, P.B. (2011). MR Spectroscopy and Spectroscopic Imaging of the Brain. In M. Modo, J. Bulte (Eds). Magnetic Resonance Neuroimaging. Methods in Molecular Biology, 711, 203-226. https://doi.org/10.1007/978-1-61737-992-5_9
Crossref   Google Scholar

Zurawicki, L. (2010). Neuromarketing. Exploring the brain of the Consumer. Berlin: Springer.
Crossref   Google Scholar

Download


Published
2022-12-31

Cited by

Rutkowska, A. (2022). Modern Neuroimaging Methods in Contemporary Neuroeconomics and Neuromanagement. Olsztyn Economic Journal, 17(2), 247–263. https://doi.org/10.31648/oej.8767

Anna Rutkowska 
Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn
https://orcid.org/0000-0003-1174-7743



License

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

An Author declares that his paper has not been published before (under the same or another title, or is a part of another publication) and does not infringe copyrights of other persons**. At the same time, the Author transfers to the Publisher the exclusive right to publish and to circulate this work in print in the form of a non-serial journal publication and in a form of an electronic publication.

Author's statement

The journal is available on Creative Common license CC-BY-NC-ND