An essential component of every economic transaction is a willingness-to-pay (WTP) computation in which buyers calculate the maximum amount of financial resources that they are willing to give up in exchange for the object being sold. Despite its pervasiveness, little is known about how the brain makes this computation. We investigated the neural basis of the WTP computation by scanning hungry subjects' brains using functional magnetic resonance imaging while they placed real bids for the right to eat different foods. We found that activity in the medial orbitofrontal cortex and in the dorsolateral prefrontal cortex encodes subjects' WTP for the items. Our results support the hypothesis that the medial orbitofrontal cortex encodes the value of goals in decision making.

Despite the importance and pervasiveness of marketing, almost nothing is known about the neural mechanisms through which it affects decisions made by individuals. We propose that marketing actions, such as changes in the price of a product, can affect neural representations of experienced pleasantness. We tested this hypothesis by scanning human subjects using functional MRI while they tasted wines that, contrary to reality, they believed to be different and sold at different prices. Our results show that increasing the price of a wine increases subjective reports of flavor pleasantness as well as blood-oxygen-level-dependent activity in medial orbitofrontal cortex, an area that is widely thought to encode for experienced pleasantness during experiential tasks. The paper provides evidence for the ability of marketing actions to modulate neural correlates of experienced pleasantness and for the mechanisms through which the effect operates.orbitofrontal cortex ͉ modulation by marketing actions ͉ neuroeconomics ͉ taste

The application of neuroscience to marketing, and in particular to the consumer psychology of brands, has gained popularity over the past decade in the academic and the corporate world. In this paper, we provide an overview of the current and previous research in this area and explain why researchers and practitioners alike are excited about applying neuroscience to the consumer psychology of brands. We identify critical issues of past research and discuss how to address these issues in future research. We conclude with our vision of the future potential of research at the intersection of neuroscience and consumer psychology.

The first decade of consumer neuroscience research has produced groundbreaking work in identifying the basic neural processes underlying human judgment and decision making, with the majority of such studies published in neuroscience journals and influencing models of brain function. Yet for the field of consumer neuroscience to thrive in the next decade, the current emphasis on basic science research must be extended into marketing theory and practice. The authors suggest five concrete ways that neuroscientific methods can be fruitfully applied to marketing. They then outline three fundamental challenges facing consumer neuroscientists and offer potential solutions for addressing them. The authors conclude by describing how consumer neuroscience can become an important complement to research and practice in marketing.