Why the Erasmus Centre for Neuroeconomics is making a name for itself in research that applies brain-scanning technology to economics and marketing issues.
A recent neuromarketing world forum held in New York enticed business leaders and academics from around the world to ‘Rethink Advertising’ and learn the secrets behind the ‘Success of iconic brands’.
On the agenda of the event, at which RSM’s Professor Ale Smidts was a keynote speaker, were the latest studies to emerge from a small but elite group of business schools demonstrating ways in which brain-imaging technology can advance our understanding of – and ability to predict – consumer behaviour. Among the research presented were case studies with consumer giants Estee Lauder and Fox Sports.
Neuroeconomics – and its more applied offspring “neuromarketing” – is currently one of the fastest growing and revolutionary areas in management and economic research. It unabashedly crosses the boundaries of academic disciplines, borrowing insights and high-tech medical tools from neuroscience and applying them to questions of a business or economic nature.
The field is gaining the endorsement of some of the world’s leading academic institutions – among them the Erasmus Centre for Neuroeconomics. And companies are following suit. Because while its research methods are novel, perhaps most intriguing about this field is its potential to produce revelatory new knowledge that is of interest to both scientists and practitioners.