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Neural mechanisms of credit card spending

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Neural mechanisms of credit card spending | Scientific Reports nature.com Nature Feb 18, 2021 32 facts

claimThe article 'Neural mechanisms of credit card spending' is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution, and reproduction in any medium or format, provided appropriate credit is given to the original authors and the source.

claimThe Athinoula A. Martinos Imaging Center at the McGovern Institute for Brain Research at MIT provided support for data collection for the study 'Neural mechanisms of credit card spending'.

claimAuthors S.B. and D.P. drafted the manuscript for the study 'Neural mechanisms of credit card spending'.

claimResearcher Derek Dunfield was supported by the MIT Intelligence Initiative and the National Science and Engineering Council of Canada during the study 'Neural mechanisms of credit card spending'.

claimThe authors of 'Neural mechanisms of credit card spending' declared no competing interests.

procedureDuring the experimental task in the study 'Neural mechanisms of credit card spending', each 24-second trial consisted of six 4-second periods: viewing the product (period 1), viewing the payment method icon (period 2), viewing the price (period 3), signaling the buy/no-buy decision (period 4), viewing a confirmation screen (period 5), and viewing a payment screen (period 6).

procedureIn the study 'Neural mechanisms of credit card spending', participants were presented with products and given a 50% chance of being offered the option to purchase each item with either credit or cash, determined pseudorandomly.

claimAuthors S.B., D.D., A.H., and D.P. contributed to the design and implementation of the study 'Neural mechanisms of credit card spending'.

measurementIn the 'Neural mechanisms of credit card spending' study, all products offered to participants were priced below the $50 cash minimum, with a median product price of $5.40, a mean of $6.39, a standard deviation of $3.73, a minimum of $1.50, and a maximum of $18.00.

claimIn the study 'Neural mechanisms of credit card spending', insular activation differentiates purchase from non-purchase decisions only after the decision point and does not clearly interact with either payment method or item price.

claimThe research study 'Neural mechanisms of credit card spending' was funded by the MIT Sloan School of Management through the MIT Sloan Neuroeconomics Lab.

procedureParticipants in the 'Neural mechanisms of credit card spending' study were required to bring at least $50 in cash to the lab to ensure they had sufficient liquidity to purchase items, thereby minimizing the chance that participants would reject items due to lack of funds.

claimThe study 'Neural mechanisms of credit card spending' used an icon that included both Visa and Mastercard logos to convey the payment method to participants.

procedureIn the 'Neural mechanisms of credit card spending' study, participants rated the desirability of 42 product categories on a 7-point scale prior to the fMRI scanning task, and products from more desirable categories were more likely to be offered during the shopping task.

claimThe hypothesis supported by the evidence in the study 'Neural mechanisms of credit card spending' is that the reward network, specifically the striatum, has been chronically sensitized by prior experience with credit cards.

procedureTo create a tailored shopping experience, researchers for the 'Neural mechanisms of credit card spending' study populated a database of over 22,000 top-selling items from Amazon, which was then reduced to approximately 4,000 items based on desirability ratings from an independent online sample.

claimThe key interaction effects in the striatum remain significant after Bonferroni corrections in the study of neural mechanisms of credit card spending.

procedureIn the study 'Neural mechanisms of credit card spending', researchers designed the experimental shopping task to include confirmation and checkout screens that required endorsement responses, simulating the experience of receiving a receipt after a purchase to facilitate observation of post-decisional hedonics.

procedureThe study 'Neural mechanisms of credit card spending' used the FMRIB Software Library (FSL), version 6.00, to conduct fMRI analyses.

measurementThe study of neural mechanisms of credit card spending involved twenty-eight participants, ranging in age from 20 to 54, with a mean age of 28.7 (SD = 10.6), including 18 women.

perspectiveThe authors of 'Neural mechanisms of credit card spending' caution the consumer finance and payment industries that technical improvements in payment methods do not necessarily make all consumers better off, particularly if neural mechanisms operate under the radar.

claimThe study 'Neural mechanisms of credit card spending' found that price information failed to have any modulating influence on neural mechanisms associated with credit card purchases, suggesting that costs were 'out of mind' for participants.

claimThe study 'Neural mechanisms of credit card spending' utilized a design that mimics typical retail shopping environments where participants add items to a basket and checkout later, which may diminish the salience of cash payments.

procedureThe fMRI shopping task in the 'Neural mechanisms of credit card spending' study consisted of three shopping runs with 28 trials each, totaling 84 trials, where participants indicated whether they would buy a specific product at a stated price.

measurementTask-based functional MRI scans in the study 'Neural mechanisms of credit card spending' were collected using a T2* weighted EPI sequence sensitive to blood oxygen level-dependent (BOLD) contrast with the following parameters: TR = 2000 ms; TE = 30 ms; flip angle = 90°; 32 slices; 3 mm thickness; and a 64 × 64 matrix.

referenceThe scientific paper titled "Neural mechanisms of credit card spending" was authored by S. Banker, D. Dunfield, A. Huang, and others, and published in the journal Scientific Reports in 2021.

measurementThe product prices offered in the 'Neural mechanisms of credit card spending' study were set at a fixed 70% discount relative to actual retail prices, which corresponded to retail prices between $5 and $60.

measurementThe study 'Neural mechanisms of credit card spending' utilized a 3 T Siemens Magnetom Tim Trio MRI System with a phase-array 32-channel head coil for all scans.

procedureTo model the effects of price and payment method on purchase decisions, the researchers of the study 'Neural mechanisms of credit card spending' conducted a hierarchical logistic regression where the purchase decision was predicted by price, payment method, their interaction, and demographic controls.

claimAuthors S.B. and A.H. collected and analyzed the neural data for the study 'Neural mechanisms of credit card spending'.

procedureAfter exiting the MRI scanner, participants in the study 'Neural mechanisms of credit card spending' reported their willingness to pay for each product using an incentive-compatible auction procedure and completed several psychological scales.

measurementStructural MRI scans in the study 'Neural mechanisms of credit card spending' were acquired using a three-dimensional T1-weighted multi-echo MP-RAGE pulse sequence with the following parameters: TR = 2530 ms; TE = 1.64 ms, 3.5 ms, 5.36 ms, 7.22 ms; flip angle = 7°; 176 slices; 1 mm thickness; and a 256 × 256 matrix.