Navigation Links
'Fear of Losing' Key Emotion in Economic Decisions
Date:9/25/2008

Brain imaging reveals why some people can't resist paying too much at auctions

THURSDAY, Sept. 25 (HealthDay News) -- The fear of losing is why people tend to overpay for items bought in an auction, a new study says.

Neuroscientists and economists at New York University reached this conclusion by combining brain imaging techniques with behavioral economic research. Their findings were published in the Sept. 26 issue of Science.

The researchers, using functional magnetic resonance imaging (fMRI), examined brain activity in people playing an auction game with a partner, or a lottery game. While participants could win or lose money in either game, winning at the auction depended on outbidding a partner. Activity in the striatum, part of the brain's reward circuitry, appeared exaggerated during losses in the auction game. The magnitude of this change matched the tendency to overbid, suggesting that the possibility of losing in a social competition, such as an auction, may lead people to bid "too high."

A follow-up behavioral economic study, in which groups played an auction game against a partner under different circumstances, found similar results.

"Such a result would not have been predicted by existing economic theory. While there have been investigations of overbidding which have attributed the phenomenon to either risk aversion or the 'joy of winning,' it was the use of imaging data which allowed us to distinguish between these conflicting explanations and actually arrive at a new and different one, the 'fear of losing.' Our results provide evidence of how an understanding of the neural systems of economic behavior might inform economic theory," researcher Andrew Schotter, a professor in NYU's Department of Economics, said in a university news release.

Neuroscientist Elizabeth Phelps, an NYU professor involved in the research, added: "These results highlight a role for the contemplat
'/>"/>

Copyright©2008 ScoutNews,LLC.
All rights reserved

Page: 1 2

Related medicine news :

1. Teens failure to use condoms linked to partner disapproval, fear of less sexual pleasure
2. Laser Treatment Removes 'Fear Factor' From Gum Disease
3. UK Physicians Fear New Revalidation Procedures Will Reduce Morale, Decrease Time with Patients and Belittle GP Professionalism, According to New TNS Healthcare Research
4. Whom do we fear or trust?
5. African American-Owned Condom Company Fears the Widening AIDS Epidemic
6. Alleviating the fear of falling
7. Canine Cancer #1 Fear of Dog Lovers; Web Exclusive By Morris Animal Foundation Provides News on Latest Breakthroughs - Crucial Facts for Dog Owners
8. Rutgers research identifies brain cells related to fear
9. Guardian Survey: Fear of Losing Income Due to the Economy Equals Fear of Losing Income Due to Disability
10. Drinking Dampens Ability to Feel Fear
11. Genes Influence on Fears Changes Over Time
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/19/2014)... in infertile land, and bear many beans that are ... most legumes have a symbiotic relationship with bacteria, called ... then supply the host plant with ammonia as a ... nodules in their roots. However, if too many root ... of the plants, because the energy cost of maintaining ...
(Date:9/19/2014)... images representing various glosses and then they measured ... They found that a specific population of neurons ... to either the contrast-of-highlight, sharpness-of-highlight, or brightness of ... parameters are used as parameters when the brain ... that different parameters are represented by different populations ...
(Date:9/19/2014)... September 19, 2014 Lifeinsure.biz has ... insurance riders that can be purchased without medical examinations. ... up and make a life insurance policy more advantageous. ... find more about extra options available for a no ... without medical examinations required is simple to purchase, however ...
(Date:9/19/2014)... InventHelp, a leading inventor service company, announces ... has created an accessory designed for use with a stretcher ... transport. This invention is patented. , “Patient ... place until removed, guarding a patient’s head and upper body ... from irritating smoke or rain. The accessory would be pulled ...
(Date:9/19/2014)... York, NY (PRWEB) September 19, 2014 ... Stevie Wonder tickets for his 2014 concert tour. ... In the music business, there are a handful of artists ... Stevie Wonder. Born in Saginaw, MichIgan, Wonder has been a ... During his time in the music business, he has released ...
Breaking Medicine News(10 mins):Health News:Long-distance communication from leaves to roots 2Health News:Neurons express 'gloss' using three perceptual parameters 2Health News:No Medical Exam Life Insurance - Lifeinsure.biz Presents 5 Important Riders! 2Health News:InventHelp® Client Patents “Patient Protector” – Designed to Protect Patients During Transport 2Health News:Stevie Wonder Tickets: Ticket Down Slashes Ticket Prices in Seattle, Boston, New York, Atlanta, Chicago, Detroit, Philadelphia, Toronto, Las Vegas & Oakland 2Health News:Stevie Wonder Tickets: Ticket Down Slashes Ticket Prices in Seattle, Boston, New York, Atlanta, Chicago, Detroit, Philadelphia, Toronto, Las Vegas & Oakland 3
... and Mental Hygiene (DOHMH) has banned at least three herbal ... lead and mercury. // , ,"Though there are no ... Institute of Medicine of the National Academies recommends that certain ... million) of lead and no more than 1 ppm of ...
... lose their beauty - they merely move it from their faces ... very normal girl who was in pursuit of her dreams until ... 19th of September 1999 changed her life. She met with a ... was burnt. She lost her ears, nose, left eyelid and most ...
... to the same chromosome regions which are connected with ... which exists between alcohol consumption and smoking may // ... overlap. Environmental factors also contribute towards alcoholism. Drinking and ... the lead author of the study. As many as ...
... Rogers has won the right to fight for receiving the new ... aggressive type of breast cancer and wants to make sure that ... disease is in its early stage has meant that the primary ... already taken legal recourse for the same. Even Patricia Hewitt, the ...
... in South Australia for every 100,000 people, which is reportedly ... at 11. The amount of Government funding to NGOs which ... the country. The number of mental health disorders in South ... ,The State spending towards mental health has risen by ...
... a research headed by Dr Michael Fenech studied the damage of ... study stated that excess intake of // alcoholic beverages resulted in ... the course of the study, six men aged 21-26 stuck to ... drank 300 millilitres of either complete red wine, red wine with ...
Cached Medicine News:Health News:NY Health Dept Bans 3 Ayurveda Drugs 2Health News:The Looming Controversy Surrounding Facial Transplant 2
(Date:9/19/2014)... LYNBROOK, N.Y. , Sept. 19, 2014  BioSpecifics Technologies ... first in class collagenase-based products marketed as XIAFLEX ® ... announced today that BioSpecifics, President, Tom Wegman , will ... BioCentury NewsMakers in the Biotech Industry Conference. ... at 3:00 p.m. EDT at the Millennium Broadway Hotel in ...
(Date:9/19/2014)... ANGELES , Sept. 19, 2014  CytRx Corporation ... development company specializing in oncology, today announced that ... present at BioCentury,s 2014 NewsMakers in the Biotech Industry ... Eastern Time. The conference will take place at the ... . A live and archived webcast ...
(Date:9/18/2014)...  Low T Center endorses the recommendations of ... Hyattsville, Maryland earlier this week. The FDA ... population for testosterone therapy (TRT), as well as ... recent claims from studies that TRT affects cardiovascular ... do not provide convincing evidence that TRT is ...
Breaking Medicine Technology:BioSpecifics Technologies Corp. to Present at the 21st Annual BioCentury NewsMakers in the Biotech Industry Conference 2CytRx to Present at BioCentury's 2014 NewsMakers in the Biotech Industry Conference 2CytRx to Present at BioCentury's 2014 NewsMakers in the Biotech Industry Conference 3Low T Center Endorses The Joint FDA Committee Meeting on Testosterone 2
... Neuralstem, Inc. (NYSE Amex: CUR ) updated the ... the company,s spinal cord stem cells in the treatment of ... University in Atlanta, Georgia. The company announced that, after reviewing the ... Monitoring Board has unanimously approved moving to the last group ...
... Science Corporation , a global leader in automated external defibrillator ... has been awarded a contract to deploy Powerheart® AEDs at ... Postal Inspection Service is the primary law enforcement arm of ... to have been selected to protect the men and women ...
Cached Medicine Technology:Neuralstem Updates ALS Clinical Trial Progress 2Neuralstem Updates ALS Clinical Trial Progress 3Neuralstem Updates ALS Clinical Trial Progress 4U.S. Postal Inspection Service Awards AED Contract to Cardiac Science 2U.S. Postal Inspection Service Awards AED Contract to Cardiac Science 3U.S. Postal Inspection Service Awards AED Contract to Cardiac Science 4
... S. typhi rapid test is a ... test employs a conation of monoclonal,antibody/colloidal ... antibody immobilized on the solid phase. ... associated Salmonella typhi (typhoid) infection with ...
The IntraStent DoubleStrut Biliary Stent represents a completely new direction in stent design. The combination of parallel struts and unique cell geometry provide unparalleled performance....
Bio-Quant, Inc. OneStep hCG InstaTest is an immunochromatographic assay designed for qualitative determination of human chorionic gonadotropin (hCG) in urine for early detection of pregnancy....
For the rapid determination of human chorionic gonadotropin (hCG) in urine and serum. The test strip is used to obtain a visual qualitative result....
Medicine Products: