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532 IEEE TRANSACTIONS ON NEURAL SYSTEMS AND REHABILITATION ENGINEERING, VOL. 16, NO.

6, DECEMBER 2008

How Neuroscience Can Inform Consumer Research


Peter H. Kenning and Hilke Plassmann

AbstractRecently, a rapidly growing approach within con- of those constructs will soon be observable directly in vivo
sumer research has developed under the label of consumer because of considerable progress in using neuroscientific tools
neuroscience. Its goal is to use insights and methods from neu- to observe brain activity (Ambler et al. [8] and [9], Shiv and
roscience to enhance the understanding of consumer behavior. In
this paper we aim to provide an overview of questions of interest Fedorikhin [10], Shiv et al. [11]). Taking into account that the
to consumer researchers, to present initial research findings, and first results from the emerging discipline of consumer neuro-
to outline potential implications for consumer research. In order science have received considerable attention as expressed by
to do so, we first discuss the term consumer neuroscience and several scientific conferences (e.g., Association for Consumer
give a brief description of recently discussed issues in consumer Research preconferences and special sessions, conference
research. We then provide a review and short description of initial
empirical evidence from past studies in consumer neuroscience. on Neuro Economics (ConNEcs), Neuro Psych Economics
Next, we present an example of how consumer research or, more Conference) and special issues in different journals (e.g.,
specifically, customer loyalty research, may benefit from the Journal of Consumer Behavior, Brain Research Bulletin, and
consumer neuroscience approach. The paper concludes with a International Journal of Advertising) the goal of this paper
discussion of potential implications and suggestions for future is to provide an overview of the status quo in the field. With
research in the nascent field of consumer neuroscience.
consideration for the audience of this journal, the next section
Index TermsConsumer neuroscience, consumer research, neu- provides an overview of the questions of interest from consumer
roeconomics. researchers. We then discuss some initial findings from recent
studies, and conclude by giving specific examples that illustrate
I. INTRODUCTION how customer loyalty research could benefit from research in
neuroscience.

O VER the past few years, consumer researchers have been


discussing the use of neuroscientific methods and in-
sights for consumer research and behavioral decision-making.
II. PRIMER CONSUMER RESEARCH
Broadly speaking, consumer research investigates how
In particular, researchers have addressed issues related to people make consumption decisions, what their objects of
branding, advertising, and consumer decision-making (Ambler consumption are, when they decide to purchase and to con-
and Burne [1], Deppe et al. [2], [3], McClure et al. [4], Paulus sume, and why they purchase and consume [12]. The research
and Frank [5], Zaltman [6], Babiloni et al. [7]). The key moti- integrates elements from psychology, sociology, anthropology,
vation for these issues is that, to date, it has not been possible to economics, and marketing, and more recently also from neuro-
directly observe the underlying mental processes when subjects science. The goal is to understand consumer decision-making
perceive marketing stimuli such as advertisements, or when processes, both from individuals and from groups (e.g.,
they make purchasing decisions. Despite the pervasiveness families). Understanding consumer behavior is relevant for
and long history of consumer research, little is known about management, because it enables decision makers from different
the neural representation of how marketing stimuli affects institutions (i.e., managers in companies, public policy makers,
consumers perceptions, their decision-making processes, and etc.) to effect informed decisions and to develop strategies
their consumption experiences. that maximize both consumer welfare and well being, and the
In the past, consumer researchers had to rely on varying the institutions profitability.
stimuli (e.g., prices or packaging) and context factors (e.g., For example, consumer research studies the ways in which
putting subjects in a good or bad mood) in order to measure characteristics of individual consumers such as socio-demo-
participants reactions (e.g., choice behavior or brand prefer- graphics (e.g., age, gender, and income) or personality variables
ence). Researchers were thus forced to develop hypothetical (e.g., risk attitude or reward sensitivity) influence behavioral
constructs that mediate decision-making processes. Some variables (e.g., attitudes toward specific objects such as brands,
marketing researchers suggest that the neural underpinnings toward purchasing decisions, and toward impulsive/addictive
behavior). Consumer research investigates motivational pro-
Manuscript received June 17, 2008; revised June 17, 2008; accepted July 10, cesses (e.g., formulation and influence of needs), perceptual
2008. First published November 21, 2008; current version published January processes (e.g., consumer attention and information search),
06, 2009.
P. H. Kenning is with Zeppelin University, D-88045 Friedrichshafen, Ger-
and higher cognitive processes (e.g., attitude and expectation
many (e-mail: peter.kenning@zeppelin-university.de). formation toward different available brands) in a prepurchasing
H. Plassmann is with INSEAD, 77300 Fontainebleau, France (e-mail: hilke. stage, as well as information integration during actual pur-
plassmann@insead.edu). chasing decision and consumer learning (e.g., comparison of
Color versions of one or more of the figures in this paper are available online
at http://ieeexplore.ieee.org. expectations with actual consumptions experiences, or loyalty
Digital Object Identifier 10.1109/TNSRE.2008.2009788 formation) in a postpurchasing stage.
1534-4320/$25.00 2008 IEEE

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KENNING AND PLASSMANN: HOW NEUROSCIENCE CAN INFORM CONSUMER RESEARCH 533

Methodological approaches in consumer research include TABLE I


survey methods and observation of how experimental manip- OVERVIEW OF CONSUMER NEUROSCIENCE STUDIES (CHRONOLOGICAL ORDER)
ulations influence consumers attitudes and behavior. In other
words, consumer researchers rely on stimulus-organism-re-
sponse models from psychology that are based on more or
less realistic assumptions about the black-box of underlying
brain processes. This methodological constraint in consumer
research can be seen as the initial starting point of consumer
neuroscience. Consumer neuroscience attempts to broaden
methodological approaches in consumer research by intro-
ducing physiological measures and by theorizing based on
insights from neuroscience. The idea of introducing phys-
iological measures as another independent variable is not
entirely new to consumer research; as early as thirty years ago
researchers such as KroeberRiel [13] investigated responses
of the peripheral nervous system (e.g., skin conductance re-
sponses) or eye movements in order to investigate the neural
processing of marketing stimuli. However, recent technological
advances in measuring neural activity in the brain through
functional brain imaging techniques allow real-time observa-
tion of the underlying brain processes during prepurchasing,
purchasing, and postpurchasing stages of the consumer deci-
sion-making process in a laboratory environment. Researchers
within the consumer neuroscience community promote the
view that findings and methods from neuroscience complement
and illuminate existing knowledge in consumer research in
order to better understand consumer behavior (e.g., Ambler et
al. [8], Klucharev et al. [14]).

III. FIRST EMPIRICAL FINDINGS OF CONSUMER NEUROSCIENCE


Due to the very large number of more general neuroimaging
and neuroeconomic studies to date, it is not possible to provide
a detailed overview of all studies that could be of interest for
consumer research. In the following, we will therefore narrow
down to those studies that explicitly focus on questions in con-
sumer research.
Table I is an essential subjective summary of studies which
address, more or less explicitly, marketing-related issues such
as branding, advertising, or buying behavior. With respect to the
primary goal of consumer neuroscience, which is to enhance the
understanding of consumer behavior, the studies noted above
provide initial insights into the neural underpinnings of adver-
tising processing, choice behavior, and brand preference pro-
cessing. Although these findings are preliminary, they demon-
strate that the underlying brain mechanisms of consumer be-
havior are very complex. In fact, depending upon the stimuli,
the context, and the physiological state of the subject, the brain
uses different decision processes that recruit activity in areas
distributed over the entire brain. To date, the contributions to
consumer research could be summarized as follows.

A. Research on Brand-Induced Preference Formation


The influence of brand associations and brand preferences Other brand research studies, namely those of Deppe et al. [2],
on decision making and the consumption experience are one of Deppe et al. [3], McClure et al. [4], and Plassmann et al. [17],
the major topics in consumer neuroscience. The first studies in- provide evidence that affective processes are fundamental to
dicated that there is no such thing as a specific brand area successful branding, although the studies do not explain how
in the brain that should be addressed by brand management. to emotionalize a brand. The findings of Deppe et al. [2]

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534 IEEE TRANSACTIONS ON NEURAL SYSTEMS AND REHABILITATION ENGINEERING, VOL. 16, NO. 6, DECEMBER 2008

may be surprising to brand researchers, particularly the con- IV. EXAMPLE: CAN CONSUMER NEUROSCIENCE BE APPLIED
clusion that there is a nonlinear effect of brand equity with re- IN ORDER TO BETTER UNDERSTAND CUSTOMER LOYALTY?
spect to how prior brand preference modulates brain activity
(first-choice-brand-effect, see Deppe et al. [2]). To date, this We have provided a brief overview of first findings of
nonlinear effect is still not fully understood and more research is consumer neuroscience, and below we illustrate the approach
needed on this. However, in a recent lesion-study conducted by of consumer neuroscience by using customer loyalty as an
Koenigs and Tranel [20], patients with damage in the ventrome- example. Customer loyalty can be defined as a deeply held
dial prefrontal cortex (VMPFC) did not demonstrate the normal commitment to rebuy or repatronize a preferred product /ser-
brand-related preference bias when exposed to brand informa- vice consistently in the future (Oliver [27]). We have selected
tion during choice as compared to a control population. More- customer loyalty as an example for the following reasons.
over, Yoon et al. [16] reported neural differences when subjects First, research in customer loyalty has attracted increased at-
made person judgments, as opposed to brand judgments. This tention from marketing researchers (e.g., Bell et al. [28]) and
could indicate that, on a neural basis, brand personality may findings are published in top tier marketing journals (e.g., Dick
differ from the personality of people, which could be of interest and Bansu [29]).
for empirical brand research promoting the view that brands Second, while early research tried to establish whether
have personalities. The findings of Yoon et al. [16] might ex- customer loyalty has impact on aspects of business perfor-
plain why, in some cases, people can hardly describe a brand in mance (such as profit margin and sales), researchers are still
personality-related terms such as friendly or exciting. attempting to explain the theoretical foundations of customer
loyalty (Johnson et al. [30]).
Third, loyalty is a psychological construct that develops
B. Research on Advertising over time during a learning process of the consumer. Learning
theories have received considerable attention in neuroscience
Advertising research studies have often pointed out the im- and more recently also in the nascent field of neuroeconomics
portant role of emotions for ad memorization (see Ambler et al. (e.g., Caplin and Dean [31]). Thus, loyalty research can benefit
[8], Delgado et al. [23], and Klucharev et al. [14]). In adver- from insights in neuroscience and neuroeconomics about how
tising research, the hemisphere theory has been widely used learning processes are represented in the brain.
(e.g., Rossiter et al. [24]), suggesting that emotion and ratio Fourth, customer satisfaction and commitment play a central
are represented in different hemispheres of the brain. Research role in loyalty research. Most of the studies have looked merely
on the neural representation of stimuli-induced emotions, how- at cognitive aspects of these constructs, however some studies
ever, could show that emotions are not only processed in the found that affective processes have a higher impact on satisfac-
left brain hemisphere, but are also processed bilaterally (e.g., tion and loyalty (Westbrook and Oliver [32], Evanschitzky et al.
in the left and right hemispheres of such cortical structures as 2006 [33]). To better understand the role of affective processes
the ventromedial prefrontal cortex, and such subcortical struc- for customer loyalty, neuroimaging might complement existing
tures as the striatum). However, taking into account the che- methods in this area because it enables an online measure of un-
quered or multifaceted character of emotions, it is hard to lo- conscious and conscious aspects of affect-based loyalty during
calize them in the brain (Ochsner and Gross [25]). To the best the time of decision-making.
of our knowledge, emotions seem to be associated with several In the following section, we attempt to show that con-
highly complex brain patterns, and the neural representation of sumer neuroscience can enhance the understanding of
specific emotions such as sadnessas compared to angeris customer loyalty. In doing so, we apply the Temporal-Dif-
poorly understood (Ochsner and Gross [25]). ference-Learning-Model (TDLM) (Schultz et al. [34]). This
model has primarily been used for solving the reinforcement
learning problem. While we assume that building customer
C. Research on Choice Behavior and Purchasing Decisions loyalty is comparable with the more general process of learning,
we suggest that the application of the TDLM, in particular the
Using a term often promoted by the popular press, there is TD learning algorithm, might be useful to explain the devel-
nothing resembling a simple buy button in the brain. Instead, opment of customer loyalty from a neuroscientific perspective.
the brain recruits different brain processes during choice tasks. The basis for this suggestion can be found in a recent study
Some of these processes involve subcortical brain structures by Plassmann et al. [17]. They provide first evidence that a
such as the striatum (e.g., Plassmann et al. [17]). Most studies change in neural activity (i.e., in the striatum) correlates with
report that structures in the prefrontal cortex attempt to control customer loyalty (see Fig. 1). In order to identify these brain
the impact of emotions as expressed, for instance, in impulse regions, they employed Deppe et al.s first-choice-brand-task
buying. Reducing (enforcing) these areas of executive control [2]. By comparing and contrasting the brain activities of loyal
can have an impact on what and how people buy (Ambler et customers with those of disloyal ones, they found significant
al. [9], Ochsner and Gross [25], Paulus and Frank [5], and Rid- activity changes in the striatum (marked in yellow and red in
derinkhof et al. [26]). For instance, music might reduce cogni- Fig. 1, for details of the study, see Plassmann et al. [17]).
tive control, suggesting the reason why music is reported to have The most significant activity changes are reported for the
a positive influence on nonplanned purchasing decisions (Shiv dorsal striatum, a small structure of the brain that is part of the
and Fedorikhin [10]). human action-related reward system (ODoherty et al. [35]).

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KENNING AND PLASSMANN: HOW NEUROSCIENCE CAN INFORM CONSUMER RESEARCH 535

play a key role in this interaction (Canli et al. [39], Morris et al.
[40], ODoherty et al. [41] and [42]). The involvement of these
brain areas was reported in studies on the neural responses to
sensory stimuli and the receipt of money (Aharon et al. [43],
Blood et al. [44], Elliot et al. [45], ODoherty et al. [41], [42]).
Thus, either monetary incentives such as immediate discounts at
the point of sale, or a friendly salesperson, might exert a positive
impact on customer loyalty. In addition, we know that reactivity
in the striatum is prone to individual differences (e.g., because of
age, disorders such as depression). To date, such individual dif-
ferences have not been investigated in consumer research. Also,
the interplay of punishment and customer loyalty has not been
yet addressed in extenso in loyalty research.

B. Ad 2) Neural Representation of Reward Prediction


The ability to predict rewards or punishments associated with
choosing between alternatives (e.g., brand A or brand B) is fun-
Fig. 1. Differences in brain activity changes in the striatum when deciding be- damental for learning. Several neuroscientific studies provide
tween several retail brands (MNI-Coordinates: ), (cor-
rected, clusterlevel), (Plassmann et al. [17]). evidence that the amygdala and the striatum are crucial for pre-
dicting the physiological outcomes of certain decisions (Got-
tfried et al. [46], Knutson et al. [47]). A central question re-
Against this background, consumer neuroscience research cently discussed in neuroscience is how the human brain learns
might question how the brain learns to be loyal. The starting to make such predictions (Bayer und Glimcher [48], Delgado
point for answering this question could be the general assump- et al. [49], and Schultz et al. [34]). Based on findings in the
tion that people behave in a somatic-state-oriented manner. areas of artificial intelligence (Sutton and Barto [50]) and the-
They try to avoid punishments and to receive rewards. Given oretical-mathematical neuroscience (Dayan and Abbott [51]),
that the human capability for solving problems is restricted, it the Temporal-Difference-Learning algorithm was developed
is essential that people are able to learn, and to continuously to answer the question of how the brain learns to make predic-
improve their behavior, so that they adapt to the specific en- tions (Sutton and Barto [51], Schultz et al. [34]). This model
vironment. This concept could also be applied to explain how includes several variables. At the core of the model is the ex-
people learn to be loyal. In such a condition, the brain would pected reward . At a certain time , the expected reward is
have to manage at least the following three processes in order the sum of a certain weight factor multiplied by vector
to learn to be loyal. as follows:
1) The brain should be able to memorize and retrieve positive
(1)
and negative outcomes of former decisions (such as posi-
tive experiences after choosing brand A over brand B).
For customer loyalty research, the expected reward associ-
2) The brain should be able to predict several outcomes of
ated with choosing brand A as opposed to B should be crucial.
choosing between alternatives (buying A or B).
In fact, this corresponds to findings in marketing research that a
3) The brain needs to integrate the information from pro-
fit of expectations and experience is essential for building loy-
cesses 1 and 2 into the decision process.
alty and satisfaction (Oliver [52] and [53]; Homburg et al. [54]).
In the following section, we try to explain which brain areas
In the Temporal-Difference-Learning algorithm, the latter is ex-
might be associated with each of the above processes. In turn
pressed in , while the vector represents a construct
this will illuminate which brain areas might be crucial for de-
for modeling the absence or presence of the stimuli in question.
veloping loyalty and commitment. We assume that if there are
Therefore, can be either 0 or 1 ( when the stimuli
deficits in one of these brain areas, for any reason, people will
is present, when it is not). The value of is based
have impairments in developing customer loyalty. Finally, we
on the minimum square mean differences between the expected
show that loyalty is the result of a learning process that could be
and the experienced reward. It therefore reflects the variance of
described in terms of consumer neuroscience.
outcomes perceived by the customer. In order to learn, is
modified at the end of each decision process, that means that
A. Ad 1) Neural Representation of Reward and Punishment
customer expectations are not fixed but can vary over time ac-
A growing number of studies in neuroscience focus on how cording to the experiences of the customer.
the brain processes rewards and punishments (Platt and Glim- Another related variable that plays an important role is the
cher [36], ODoherty [37], Schultz et al. [34], and Sugrue et al. prediction error (PE) or . This variable reflects the degree
[38]). Essentially, these studies find that learning from reward to which the experienced reward corresponds to the consumers
and punishment is the result of an interplay of cognitive and af- expectations, and is defined as follows:
fective elements. Orbitofrontal and ventral parts of the medial
prefrontal cortex, the amygdala, and the striatum were found to (2)

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536 IEEE TRANSACTIONS ON NEURAL SYSTEMS AND REHABILITATION ENGINEERING, VOL. 16, NO. 6, DECEMBER 2008

In (2), the term represents the experienced reward at a cer- V. HOW NEUROSCIENCE CAN LEARN FROM
tain point in time . If is equal or greater 0, meaning that CONSUMER RESEARCH
the experienced reward is equal or greater than expected, this
should lead to satisfaction which in turn positively influences In the previous sections we have shed light on how con-
loyalty. Accordingly, if , the experiences were lower sumer research can benefit from neuroscience. In this section,
than expected which, in terms of loyalty theory, leads to disap- we address the perspective of how neuroscience can benefit
pointment and dissatisfaction. from knowledge in consumer research and behavioral deci-
In addition, (2) also incorporates another variable that has sion-making theory. Though it might be premature to delineate
been largely neglected in loyalty research: , the temporal delay these benefits completely, in the overall it is appropriate to
between the expected and the actual reward. Several studies in- speculate that the combination of consumer research and
vestigating the intertemporal choice indicate that there is a re- neuroscience might allow researchers to better understand con-
lationship between the value of a reward at the point in time sumer decision making and to learn more about how healthy
when it is predicted and the time when it is received. Generally, brains function in everyday decision making. In turn, this may
people have the tendency to prefer immediate rewards over de- help to identify specific consumption-related dysfunctions.
layed ones (Read et al. [55], McClure et al. [56]). For example, For instance, issues of persons suffering from addictions, or
McClure et al. [56] found evidence that an immediate reward from obesity or compulsive spending, are discussed in both
experience recruits brain areas different from those of a delayed consumer research and in clinical research, but little is known
reward experience. about the underlying decision-making mechanisms of persons
Finally, the temporal-difference learning model defines the with these conditions. While recent evidence indicates that
delta of the weighting factor as follows: overeating is affected by biases in decision making (Chandon
and Wansink [58] and [59]), insights into consumer decision
(3) making might, perhaps, increase the understanding of the
reasons people are obese and the knowledge of interventions
In (3), reflects the individual learning rate of the customer. that might decrease obesity behavior. For instance, Christakis
To the best of our knowledge, this variable has not yet been and Fowler [60] describe how weight gain occurs in social
discussed in the loyalty research. However, the learning ability clusters, and they stress a view that people are influenced by
of customers may play an important role in building loyalty. the appearance and behaviors of others. In consumer research,
this mechanism is referred to as anchoring, meaning that
C. Ad 3) Integration of Predicted and Experienced Rewards in judgments are based not on absolute values but on comparison
Decision-Making Processes with implicit reference points. One can speculate that people
who are susceptible to anchoring may have a higher risk for
In order to make advantageous decisions, it is essential that obesity. However, little is known to date about the neural
the brain is able to predict which decisions are advantageous and mechanisms of anchoring and how to influence it, although
which are not. Recent neuroscientifc studies have reported that
such understandings could be quite useful for health marketing
for such predictions and their integration in the decision-making
(e.g., Jones [61]). In addition, little is known about how insights
process, the ventromedial prefrontal cortex and the striatum are
from neuroscience might support the development of specific
crucial (ODoherty et al. [35]). Related to that finding, several
rehabilitation methods for recovering higher cognitive abilities
studies could show that activity changes in the ventromedial pre-
(e.g., after a stroke). As mentioned, the 2007 study by Koenigs
frontal cortex predict whether or not a particular brand is an indi-
and Tranel [20] provides evidence that people suffering from
viduals first choice (Deppe et al. [2], Koenigs and Tranel [20])
lesions in the ventromedial prefrontal cortex are unable to
Considering that all brain structures mentioned above are
associated with the entire process of the TDLM, it can be integrate brand-induced emotions into decision making. Taken
concluded that dopaminergic neurons in areas such as the ven- together with other studies by Bechara and Damasio [62] it can
tral tegmentum, in particular the nucleus accumbens, generate be concluded that this brain area is important for advantageous
a signal which reflects (Schultz et al. [34]). Recently, decision making. Moreover, consumer neuroscience may shed
fMRI-studies (Delgado et al. [49], ODoherty et al. [57], Mc- more light on the neural mechanisms associated with specific
Clure et al. [56]) have revealed that, as well as the striatum, the kinds of addiction like gambling or shopping (Reuter et al.
orbitofrontal cortex, the amygdala, and the medial prefrontal [63], Glimcher et al. [64], Bijou et al. [65]). Therefore, insights
cortex are crucial for successful learning. With respect to the from consumer neuroscience may help to identify early stages
findings of Plassmann et al. [17] that indicate that activity of those dysfunctions and contribute to the development of
similar to the above-mentioned brain structures predict whether better treatments. A better understanding of the human brain,
or not a customer is loyal, it seems possible to use the TDLM on the other hand, might enable marketing companies to sell
to explain how customer loyalty arises. One benefit of its unnecessary products to consumers (e.g., cigarettes or alcohol).
application to consumer research is that the TDLM yields to This dark side of consumer neuroscience, often addressed
a neuroscientific-based explanation of why it is difficult to by the popular press, needs to be discussed very carefully by
develop loyalty in some cases, while in others it is not. The researchers in consumer neuroscience. Moreover, consumer
degree of difficulty could depend on individual differences with neuroscientists should take care about the ways in which their
respect to the variables in the above-mentioned model. findings are presented by the popular press and are used for

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KENNING AND PLASSMANN: HOW NEUROSCIENCE CAN INFORM CONSUMER RESEARCH 537

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ACKNOWLEDGMENT
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Peter H. Kenning is Professor of Marketing at
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Zeppelin University, Germany. His primary re-
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neuroscience, neuroeconomics, and marketing man-
[49] M. R. Delgado, M. M. Miller, S. Inati, E. Rossiter, J. R. Rossiter, R. agement. His work has been published widely e.g.,
B. Silberstein, P. G. Harris, and G. Nield, Brain-imaging detection of in Management Decisions, Journal of Consumer Be-
visual scene encoding in long-term memory for TV-commercials, J. havior, and Advances in Consumer Research, as well
Advertising Res., vol. 41, pp. 1322, Mar./Apr. 2001. as in the Journal of Neuroimaging, NeuroReport,
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tion. Cambridge, MA: MIT Press, 1998. Prof. Kenning has received several best paper
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and Mathematical Modelling of Neural Systems. Cambridge, MA:
MIT Press, 2001.
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of satisfaction decisions, J. Marketing Res., pp. 40669, Nov. 1980. Hilke Plassmann is Assistant Professor of Mar-
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sumer. New York: McGraw-Hill, 1997. areas are consumer decision making and its strategic
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satisfaction in transnational buyer-supplier relationships, J. Int. Mar- science, psychology, and economics (e.g., influence
keting, vol. 10, no. 4, pp. 129, 2002. of marketing actions on the consumption experience,
[55] D. Read, S. Frederick, B. Orsel, and J. Rahman, Four score and seven the neural basis of different decision making related
years from now: The date/delay effect in temporal discounting, Man- value signals, and ways to alter/self-control/regulate
agement Science, vol. 51, no. 9, pp. 13261335, 2005. these signals). Her research has appeared in the
[56] S. McClure, D. I. Laibson, G. Loewenstein, and J. D. Cohen, Sepa- leading academic journals such as the Proceedings
rate neural systems value immediate and delayed monetary rewards, of the National Academy of Sciences of the United
Science, vol. 306, pp. 503507, Oct. 2004b. States of America and the Journal of Neuroscience.

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