Event Abstract Back to Event Loss aversion in perceived ownership: An fMRI study of economic decision making Corinna Buerger1*, Julia Weghmann2 and Bernd Weber1 1 University of Bonn, Center for Economics and Neuroscience, Germany 2 Maastricht University, Faculty of Psychology and Neuroscience, Netherlands Objective: Economic decisions in everyday life are influenced by affective components rather than rational thought. Ownership, even being only virtual, influences our valuation of everyday goods. The discrepancy between the price accepted to sell the good and the amount one is willing to spend for an equivalent item is recognized as a measure for the endowment effect. We aimed at a consolidation of previous findings using individually chosen highly salient stimuli (DVD movies). We hypothesized the ventral striatum including nucleus accumbens to show significant BOLD-activity in response to buying opportunities, reflecting expected reward and orbitofrontal cortex activity to be correlated with subjective value. Further we expected amygdala activation to show interindividual differences in loss aversion. Methods: Thirty-five subjects (age 22 - 58, 18 male) participated in the study. Each of them was scanned on a 1.5T Siemens Avanto while engaging in a transaction paradigm. Eighty DVD Covers of previously individually chosen movies were presented in either a buying or selling condition. Subjects were asked to state their maximum price willing to pay and their minimum price to accept when selling. Functional data was analyzed using SPM8. Both conditions were contrasted and parametrically modulated by either wta (selling condition) or wtp (buying condition) and the difference between wta and wtp as a measure of the endowment effect. Results: As expected, we found ventral striatal activation when buying. This was modulated by wtp, with higher prices evoking increasing activation. We found orbitofrontal activity in both conditions, also correlated with absolute prices. Interestingly, this was more pronounced in subjects when selling than in buying. Behavioral data showed a substantial difference between wta and wtp, suggesting a strong endowment effect. This was accompanied by amygdala activation, indicating fear of losing apparently owned goods. Conclusions: These results confirm the involvement of the ventral striatum and orbitofrontal cortex in value processing in everyday economic decision making. The strong endowment effect hints at a difference in valuation depending on the perceived status of ownership. Keywords: Economic decision making, Endowment effect, loss aversion, Perceived ownership, Willingness to accept, Willingness to pay Conference: Decision Neuroscience From Neurons to Societies, Berlin, Germany, 23 Sep - 25 Sep, 2010. Presentation Type: Poster Topic: Decision Making and Disorders Citation: Buerger C, Weghmann J and Weber B (2010). Loss aversion in perceived ownership: An fMRI study of economic decision making. Front. Neurosci. Conference Abstract: Decision Neuroscience From Neurons to Societies. doi: 10.3389/conf.fnins.2010.82.00031 Copyright: The abstracts in this collection have not been subject to any Frontiers peer review or checks, and are not endorsed by Frontiers. They are made available through the Frontiers publishing platform as a service to conference organizers and presenters. The copyright in the individual abstracts is owned by the author of each abstract or his/her employer unless otherwise stated. Each abstract, as well as the collection of abstracts, are published under a Creative Commons CC-BY 4.0 (attribution) licence (https://creativecommons.org/licenses/by/4.0/) and may thus be reproduced, translated, adapted and be the subject of derivative works provided the authors and Frontiers are attributed. For Frontiers’ terms and conditions please see https://www.frontiersin.org/legal/terms-and-conditions. Received: 19 Aug 2010; Published Online: 07 Sep 2010. * Correspondence: Dr. Corinna Buerger, University of Bonn, Center for Economics and Neuroscience, Bonn, Germany, Corinna.Buerger@med.uni-heidelberg.de Login Required This action requires you to be registered with Frontiers and logged in. To register or login click here. Abstract Info Abstract The Authors in Frontiers Corinna Buerger Julia Weghmann Bernd Weber Google Corinna Buerger Julia Weghmann Bernd Weber Google Scholar Corinna Buerger Julia Weghmann Bernd Weber PubMed Corinna Buerger Julia Weghmann Bernd Weber Related Article in Frontiers Google Scholar PubMed Abstract Close Back to top Javascript is disabled. Please enable Javascript in your browser settings in order to see all the content on this page.
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