| Title: |
Motivational and informational effects of price on experienced pleasantness and their neural correlates. |
| Authors: |
Skvortsova, Vasilisa1 vasilisaskv@gmail.com; Weber, Bernd; Kullen, Claus; Gneezy, Ayelet; Shiv, Baba; Plassmann, Hilke |
| Source: |
NeuroPsychoEconomics Conference Proceedings. 2013, p60-60. 1p. |
| Subject Terms: |
*PRICES; *DECISION making; *PAYMENT; MOTIVATION (Psychology); PLEASANTNESS & unpleasantness (Psychology) |
| Abstract: |
Previous studies showed that marketing actions such as price information change consumers' beliefs about products and their experienced utility. Furthermore, activity in the medial orbitofrontal cortex positively correlated with higher price tags of identical wines. However, actual purchase decisions are associated with the trade-off between expected pleasantness of consuming a product and a cost associated with it. Excessive prices were shown to activate the pain processing regions such as posterior insula and deactivate the medial prefrontal cortex. One way to attenuate this "pain of paying" will be a boosted motivation to consume the product translated into the further increase in subjective experienced pleasantness as compared to situations when the product has been offered for free. Alternatively, the act of paying can make consumers more critical about the quality of consumed good and reduce the placebo effect of price. To dissociate possible informational and motivational effects of price both at the behavioural and neuronal levels we designed a fully crossed factorial design. Subjects tasted wines of equal quality randomly assigned to low, medium or high price category under three different payment conditions: blind tasting (1), tasting when subjects knew the price but did not have to pay it (2), and tasting where subjects actually had to pay for a wine sample (3). Subjects reported their liking for wines on a Likert scale after every sample. We observed a significant price by payment interaction in two behavioural pilots with different price ranges. Furthermore, we replicated informational effect of price: cheap wines were liked significantly less than the expensive wines when subjects did not have to pay for them. The motivational effect of price was marginal and observed only for cheap wines in both experiments. Subjects showed a tendency to rate cheap wines as more pleasant after having paid for them. We are currently planning and fmri follow-up study to understand the neuropsychological underpinnings of these effects using the multilevel mediation analysis. [ABSTRACT FROM AUTHOR] |
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| Database: |
Business Source Premier |