Neural correlates of time versus money in product evaluation

Sebastian Lehmann, Martin C Reimann

Research output: Contribution to journalArticle

1 Citation (Scopus)

Abstract

The common saying "timeismoney" reflects the widespread beliefinmany people's everyday life that time is valuable like money. Psychologically and neurophysiologically, however, these concepts seem to be quite different. This research replicates prior behavioral investigations by showing that merely mentioning "time" (compared to merely mentioning "money") leads participants to evaluate a product more positively. Beyond this finding, the present functional magnetic resonance imaging (fMRI) experiment provides novel insight into the neurophysiological underpinnings of this behavioral effect by showing that more positive product evaluations in the time primes (compared to money primes) are preceded by increased activation in the insula. Our data, therefore, support the idea of a time mindset that is different from a money mindset. Studies on the functional neuroanatomy of the insula have implicated this brain area in distinct but related psychological phenomena such as urging, addiction, loss aversion, and love. These functions imply greater personal connection between the consumer and a target subject or object and, thus, help explain why time-primed consumers rate products more positively.

Original languageEnglish (US)
Article numberArticle 372
JournalFrontiers in Psychology
Volume3
Issue numberOCT
DOIs
StatePublished - 2012
Externally publishedYes

Fingerprint

Neuroanatomy
Love
Magnetic Resonance Imaging
Psychology
Brain
Research

Keywords

  • Consumer neuroscience
  • Decision neuroscience
  • Functional magnetic resonance imaging
  • Insula
  • Priming
  • Product evaluations
  • Time-versus-money effect

ASJC Scopus subject areas

  • Psychology(all)

Cite this

Neural correlates of time versus money in product evaluation. / Lehmann, Sebastian; Reimann, Martin C.

In: Frontiers in Psychology, Vol. 3, No. OCT, Article 372, 2012.

Research output: Contribution to journalArticle

@article{e803d1afef864c8eb94f4b189dc43972,
title = "Neural correlates of time versus money in product evaluation",
abstract = "The common saying {"}timeismoney{"} reflects the widespread beliefinmany people's everyday life that time is valuable like money. Psychologically and neurophysiologically, however, these concepts seem to be quite different. This research replicates prior behavioral investigations by showing that merely mentioning {"}time{"} (compared to merely mentioning {"}money{"}) leads participants to evaluate a product more positively. Beyond this finding, the present functional magnetic resonance imaging (fMRI) experiment provides novel insight into the neurophysiological underpinnings of this behavioral effect by showing that more positive product evaluations in the time primes (compared to money primes) are preceded by increased activation in the insula. Our data, therefore, support the idea of a time mindset that is different from a money mindset. Studies on the functional neuroanatomy of the insula have implicated this brain area in distinct but related psychological phenomena such as urging, addiction, loss aversion, and love. These functions imply greater personal connection between the consumer and a target subject or object and, thus, help explain why time-primed consumers rate products more positively.",
keywords = "Consumer neuroscience, Decision neuroscience, Functional magnetic resonance imaging, Insula, Priming, Product evaluations, Time-versus-money effect",
author = "Sebastian Lehmann and Reimann, {Martin C}",
year = "2012",
doi = "10.3389/fpsyg.2012.00372",
language = "English (US)",
volume = "3",
journal = "Frontiers in Psychology",
issn = "1664-1078",
publisher = "Frontiers Research Foundation",
number = "OCT",

}

TY - JOUR

T1 - Neural correlates of time versus money in product evaluation

AU - Lehmann, Sebastian

AU - Reimann, Martin C

PY - 2012

Y1 - 2012

N2 - The common saying "timeismoney" reflects the widespread beliefinmany people's everyday life that time is valuable like money. Psychologically and neurophysiologically, however, these concepts seem to be quite different. This research replicates prior behavioral investigations by showing that merely mentioning "time" (compared to merely mentioning "money") leads participants to evaluate a product more positively. Beyond this finding, the present functional magnetic resonance imaging (fMRI) experiment provides novel insight into the neurophysiological underpinnings of this behavioral effect by showing that more positive product evaluations in the time primes (compared to money primes) are preceded by increased activation in the insula. Our data, therefore, support the idea of a time mindset that is different from a money mindset. Studies on the functional neuroanatomy of the insula have implicated this brain area in distinct but related psychological phenomena such as urging, addiction, loss aversion, and love. These functions imply greater personal connection between the consumer and a target subject or object and, thus, help explain why time-primed consumers rate products more positively.

AB - The common saying "timeismoney" reflects the widespread beliefinmany people's everyday life that time is valuable like money. Psychologically and neurophysiologically, however, these concepts seem to be quite different. This research replicates prior behavioral investigations by showing that merely mentioning "time" (compared to merely mentioning "money") leads participants to evaluate a product more positively. Beyond this finding, the present functional magnetic resonance imaging (fMRI) experiment provides novel insight into the neurophysiological underpinnings of this behavioral effect by showing that more positive product evaluations in the time primes (compared to money primes) are preceded by increased activation in the insula. Our data, therefore, support the idea of a time mindset that is different from a money mindset. Studies on the functional neuroanatomy of the insula have implicated this brain area in distinct but related psychological phenomena such as urging, addiction, loss aversion, and love. These functions imply greater personal connection between the consumer and a target subject or object and, thus, help explain why time-primed consumers rate products more positively.

KW - Consumer neuroscience

KW - Decision neuroscience

KW - Functional magnetic resonance imaging

KW - Insula

KW - Priming

KW - Product evaluations

KW - Time-versus-money effect

UR - http://www.scopus.com/inward/record.url?scp=84870949325&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84870949325&partnerID=8YFLogxK

U2 - 10.3389/fpsyg.2012.00372

DO - 10.3389/fpsyg.2012.00372

M3 - Article

VL - 3

JO - Frontiers in Psychology

JF - Frontiers in Psychology

SN - 1664-1078

IS - OCT

M1 - Article 372

ER -