Archivio per 2 gennaio 2016

02
Gen
16

Beyond Positive Emotions: Selling with Joy and Pride

See on Scoop.itBounded Rationality and Beyond

Every specific emotion used in advertising has its own effect on the willingness of your customer to buy your product.Application:Discover when to use joy and when to use pride in marketing!We all know them. The commercials around that time of the year, when the days are short and it’s cold outside. When we have dinner with all of our family, are overloaded with presents and we feel the love (except for your mother in law, maybe). I’m talking about Christmas.Companies spend loads and loads of money to sugar-coat their product in Christmas, implicitly screaming: ‘Buy me! Buy me!’ From the heartbreaking sad commercial of a charity asking for donations, to the joyful Santa Claus in the Coca Cola commercial. These commercials have one thing in common: they are filled with emotion, to are aimed to drive you to the point of no return. You’re choosing Coke over Fanta and hey, everyone needs a warm home, so you donate some extra money to charity too.

See on newneuromarketing.com

Annunci
02
Gen
16

How Neuroimaging Can Save the Entertainment Industry Millions of Dollars

See on Scoop.itBounded Rationality and Beyond

Wow. Just wow.Let me share two experiments that have changed my view on the power of brain imaging forever.Can your brain predict who will be the next Lady Gaga?The story starts in the research lab of Gregory Berns, a notable neuroscientist at Emory University. One day, Berns was conducting a typical fMRI study into consumer preferences. He wanted to find out how social proof information affected music preferences. Hardly a groundbreaking study – at first sight. As expected, music that was labeled to be popular among peers indeed increased liking and sparked up brain regions such as the caudate nucleus, insula and ACC.Think forward a few months later.While listening to the radio, Berns suddenly realized that some songs that were unknown at the time of his previous study had made their way to the top of the charts. What if there was some neural pattern that actually predicted which songs would become a hit and which would soon be forgotten? Excited, he dusted of his massive stack of neuroimaging data and self-reported liking scores, which he then compared to real world music charts.The outcome of his reexamination was nothing short of amazing.Neuroimaging scans predicted with surprising accuracy which songs would soon become hits. More specifically, future sing-alongs caused a spike in the nucleus accumbens (NAcc).  (For the more statistically attentive among us; the NAcc showed a moderate correlation to real world sales of 0.32). Interestingly: self-reported liking ratings had no predictive power whatsoever. Again, the brain beats the mouth in marketing research.

See on newneuromarketing.com

02
Gen
16

EconPapers: Honesty and beliefs about honesty in 15 countries

See on Scoop.itBounded Rationality and Beyond

Honesty and beliefs about honesty in 15 countriesDavid Hugh-Jones (davidhughjones@gmail.com)No 2015-01, University of East Anglia School of Economics Working Paper Series from School of Economics, University of East Anglia, Norwich, UK.Abstract: The honesty of resident nationals of 15 countries was measured in two experiments: reporting a coin flip with a reward for “heads”, and an online quiz with the possibility of cheating. There are large differences in honesty across countries. Average honesty correlates with per capita GDP: this relationship is driven mostly by GDP differences arising before 1950, rather than by GDP growth since 1950, suggesting that the growth-honesty relationship was more important in earlier periods than today. The experiment also elicited participants’ beliefs about honesty in different countries. Beliefs were not correlated with reality. Instead they appear to be driven by cognitive biases, including self-projection.

See on econpapers.repec.org

02
Gen
16

EconPapers: In Gov we trust: Voluntary compliance in networked investment games

See on Scoop.itBounded Rationality and Beyond

In Gov we trust: Voluntary compliance in networked investment gamesNatalia Borzino, Enrique Fatas and Emmanuel Peterle Additional contact informationNo 15-21, Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) from School of Economics, University of East Anglia, Norwich, UK.Abstract: We conduct a controlled laboratory experiment to investigate trust and trustworthiness in a networked investment game in which two senders interact with a receiver. We investigate to what extent senders and receivers comply with an exogenous and non-binding recommendation. We also manipulate the level of information available to senders regarding receiver’s behavior in the network. We compare a baseline treatment in which senders are only informed about the actions and outcomes of their own investment games to two information treatments. In the reputation treatment, senders receive ex ante information regarding the average amount returned by the receiver in the previous period. In the transparency treatment, each sender receives ex post additional information regarding the returning decision of the receiver to the other sender in the network. Across all treatments and for both senders and receivers, the non-binding rule has a significant and positive impact on individual decisions. Providing senders with additional information regarding receiver’s behavior affects trust at the individual level, but leads to mixed results at the aggregate level. Our findings suggest that reputation building, as well as allowing for social comparison could be efficient ways for receivers to improve trust within networks.

See on econpapers.repec.org

02
Gen
16

EconPapers: Creative Production and Exchange of Ideas

See on Scoop.itBounded Rationality and Beyond

Creative Production and Exchange of IdeasIryna Sikora2015 Papers from Job Market PapersAbstract: This paper explores how exposure to the ideas of others is embraced in creative-process technology. We report evidence from a two-stage real-effort lab experiment, in which subjects perform creative idea-generation tasks. In the  first stage, we control whether the output of other players is observed; this design allows us to quantify the effect of new ideas on creative productivity. In the second stage, we make ideas costly and elicit the subject’s Âwillingness to pay for them. We characterize investment behaviour in this creative environment by comparing expected monetary bene ts from increased productivity to the cost of exposure. Our results show that observing output of others boosts productivity in creative tasks, but only when it discloses previously unknown items and the output of low creative-ability players is not found to be benefi cial. When ideas become costly, subjects do not act in a pro t-maximizing way. We fi nd that they pursue lower costs and systematically overinvest in output of less creative players. This effect is more pronounced for females, risk-averse, more self-confident subjects and those of lower creative ability. As ideas of less creative participants are rarely original, this behaviour does not lead to the highest possible level of creative production in aggregate.

See on econpapers.repec.org




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