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It's about the process, not the result: An fMRI approach to explore the encoding of explicit and implicit price information

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DOI

This research examines the neurophysiological correlates of consumers’ price memory processes. We focus on the explicit and implicit dimensions of consumers’ price knowledge and use an experimental functional Magnetic Resonance Imaging (fMRI) study to assess how the encoding of task-dependent price memory affects the choice process and neural activation. The findings of our study add to the field of consumer neuroscience by demonstrating how neural correlates of explicit and implicit task-dependent price memory can shed light on processes that guide consumer decision-making. Over the course of our experiment we found that consumers did not always make consistent decisions, but that their decisions were influenced by explicit components of price memory. Implicit price memory components seem to have a more supportive role in the decision-making process. In summary, we found that price memory is a dynamic construct that is influenced by unconscious and neurophysiological processes, and we conclude that a neurophysiological perspective can add value for consumer and marketing research.

Original languageEnglish
Article number102403
JournalJournal of Economic Psychology
Volume86
Number of pages20
ISSN0167-4870
DOIs
Publication statusPublished - Oct 2021

Bibliographical note

Publisher Copyright:
© 2021 The Authors

    Research areas

  • Consumer neuroscience, Functional Magnetic Resonance Imaging (fMRI), Price knowledge, Product-price memory

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