Near-infrared spectroscopy (NIRS) as a new tool for neuroeconomic research

Abstract

Over the last decade, the application of neuroscience to economic research has gained in importance and the number of neuroeconomic studies has grown extensively. The most common method for these investigations is fMRI. However, fMRI has limitations (particularly concerning situational factors) that should be countered with other methods. This review elaborates on the use of functional Near-Infrared Spectroscopy (fNIRS) as a new and promising tool for investigating economic decision making both in field experiments and outside the laboratory. We describe results of studies investigating the reliability of prototype NIRS studies, as well as detailing experiments using conventional and stationary fNIRS devices to analyze this potential. This review article shows that further research using mobile fNIRS for studies on economic decision making outside the laboratory could be a fruitful avenue helping to develop the potential of a new method for field experiments outside the laboratory. © 2014 Kopton and Kenning.