🛠️ Tools Used
Worked on an interesting problem at the intersection of Neuroscience and Marketing at Platt Labs under the Wharton Neuroscience Initiative.
Neuromarketing is a developing field where researchers study consumers' brain's neurological responses to product advertising. Lately, it has also been used in product design and UX research.
Design Psychology and the Neuroscience of Awesome UX
Loss aversion is a cognitive bias, which explains why we feel the pain of loss twice as intensively as the equivalent pleasure of gain. Simply put, the unhappiness of losing $10 is greater than the happiness of finding $10.
Participants were given gambling tasks to decide whether to accept or reject gambles of equal chance of winning and losing money on a computer.
The computer screen had an eye-tracker to collect the eye gaze data of the participants during their decision process.
Each trial had a gamble with the amounts of potential gain and loss displayed in two boxes positioned at the left and right to the fixation.
Participants were given unlimited time to make the decision by pressing one of two keys in their keyboard.
At the start of the experiment, participants received an endowment of $10 in cash. They were told that at the end of the experiment a random gamble would be chosen and a coin toss will decide whether they have won the gamble or not.