The behavioral economics of decision making: Explaining consumer choice in terms of neural events

Abstract

I inspected the relevant literature on the neural mechanisms underlying the decision process, providing both quantitative evidence on trends and numerous in-depth empirical examples. Using data from LivePerson, MarketingCharts, McKinsey, and Salesforce Research, I performed analyses and made estimates regarding top reasons for abandonment during online purchase, consumer goods pre-purchase research, and top three factors that influence whether a product is considered at each stage of the consumer decision journey, and clarified that neuroscientific methods enable direct inspection of implicit/unconscious processes.