Modulating the Activity of MPFC With tDCS Alters Endowment Effect
Endowment effect – the observation that people appear to attach more value to possessions than non-possessions – has been replicated in numerous experimental studies. Previous neuroimaging studies revealed that the medial prefrontal cortex (MPFC) plays a role in the endowment effect. To assess the p...
| Main Authors: | , , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Frontiers Media S.A.
2019-09-01
|
| Series: | Frontiers in Behavioral Neuroscience |
| Subjects: | |
| Online Access: | https://www.frontiersin.org/article/10.3389/fnbeh.2019.00211/full |
| _version_ | 1819148520591982592 |
|---|---|
| author | Wenmin Guo Wenmin Guo Jinchuan Shi Xinbo Lu Xinbo Lu Hang Ye Hang Ye Hang Ye Jun Luo Jun Luo |
| author_facet | Wenmin Guo Wenmin Guo Jinchuan Shi Xinbo Lu Xinbo Lu Hang Ye Hang Ye Hang Ye Jun Luo Jun Luo |
| author_sort | Wenmin Guo |
| collection | DOAJ |
| description | Endowment effect – the observation that people appear to attach more value to possessions than non-possessions – has been replicated in numerous experimental studies. Previous neuroimaging studies revealed that the medial prefrontal cortex (MPFC) plays a role in the endowment effect. To assess the possibility of a direct causal relationship between the activity of MPFC and the endowment effect, we used transcranial direct current stimulation (tDCS) to transiently alter the neural activity in MPFC. Subsequently, in three stimulation treatments, we assessed the presence of the endowment effect, which was demonstrated by a disparity between willingness to accept (WTA) and willingness to pay (WTP). The results indicated that the participants demonstrated the endowment effect for a mug in the anodal and sham treatments, whereas no endowment effect was observed in the cathodal treatment. Similarly, endowment effect was observed for the other item (notebook) in the anodal treatment, whereas no endowment effect was observed in the sham and cathodal treatments. In addition, the participants tended to sell higher and buy lower after receiving anodal tDCS over MPFC and buy higher after receiving cathodal tDCS over MPFC. As a result, the present study demonstrated a direct causal relationship between the activity of MPFC and the endowment effect. |
| first_indexed | 2024-12-22T13:47:01Z |
| format | Article |
| id | doaj.art-40740499002d439eb7e72455869f95b5 |
| institution | Directory Open Access Journal |
| issn | 1662-5153 |
| language | English |
| last_indexed | 2024-12-22T13:47:01Z |
| publishDate | 2019-09-01 |
| publisher | Frontiers Media S.A. |
| record_format | Article |
| series | Frontiers in Behavioral Neuroscience |
| spelling | doaj.art-40740499002d439eb7e72455869f95b52022-12-21T18:23:46ZengFrontiers Media S.A.Frontiers in Behavioral Neuroscience1662-51532019-09-011310.3389/fnbeh.2019.00211471412Modulating the Activity of MPFC With tDCS Alters Endowment EffectWenmin Guo0Wenmin Guo1Jinchuan Shi2Xinbo Lu3Xinbo Lu4Hang Ye5Hang Ye6Hang Ye7Jun Luo8Jun Luo9School of Economics, Zhejiang University, Hangzhou, ChinaInterdisciplinary Center for Social Sciences, Zhejiang University, Hangzhou, ChinaAcademy of Financial Research, Zhejiang University, Hangzhou, ChinaCenter for Economic Behavior and Decision-Making, Zhejiang University of Finance and Economics, Hangzhou, ChinaSchool of Economics, Zhejiang University of Finance and Economics, Hangzhou, ChinaInterdisciplinary Center for Social Sciences, Zhejiang University, Hangzhou, ChinaCenter for Economic Behavior and Decision-Making, Zhejiang University of Finance and Economics, Hangzhou, ChinaSchool of Economics, Zhejiang University of Finance and Economics, Hangzhou, ChinaCenter for Economic Behavior and Decision-Making, Zhejiang University of Finance and Economics, Hangzhou, ChinaSchool of Economics, Zhejiang University of Finance and Economics, Hangzhou, ChinaEndowment effect – the observation that people appear to attach more value to possessions than non-possessions – has been replicated in numerous experimental studies. Previous neuroimaging studies revealed that the medial prefrontal cortex (MPFC) plays a role in the endowment effect. To assess the possibility of a direct causal relationship between the activity of MPFC and the endowment effect, we used transcranial direct current stimulation (tDCS) to transiently alter the neural activity in MPFC. Subsequently, in three stimulation treatments, we assessed the presence of the endowment effect, which was demonstrated by a disparity between willingness to accept (WTA) and willingness to pay (WTP). The results indicated that the participants demonstrated the endowment effect for a mug in the anodal and sham treatments, whereas no endowment effect was observed in the cathodal treatment. Similarly, endowment effect was observed for the other item (notebook) in the anodal treatment, whereas no endowment effect was observed in the sham and cathodal treatments. In addition, the participants tended to sell higher and buy lower after receiving anodal tDCS over MPFC and buy higher after receiving cathodal tDCS over MPFC. As a result, the present study demonstrated a direct causal relationship between the activity of MPFC and the endowment effect.https://www.frontiersin.org/article/10.3389/fnbeh.2019.00211/fullendowment effectthe medial prefrontal cortextranscranial direct current stimulationobjective valuesubjective value |
| spellingShingle | Wenmin Guo Wenmin Guo Jinchuan Shi Xinbo Lu Xinbo Lu Hang Ye Hang Ye Hang Ye Jun Luo Jun Luo Modulating the Activity of MPFC With tDCS Alters Endowment Effect Frontiers in Behavioral Neuroscience endowment effect the medial prefrontal cortex transcranial direct current stimulation objective value subjective value |
| title | Modulating the Activity of MPFC With tDCS Alters Endowment Effect |
| title_full | Modulating the Activity of MPFC With tDCS Alters Endowment Effect |
| title_fullStr | Modulating the Activity of MPFC With tDCS Alters Endowment Effect |
| title_full_unstemmed | Modulating the Activity of MPFC With tDCS Alters Endowment Effect |
| title_short | Modulating the Activity of MPFC With tDCS Alters Endowment Effect |
| title_sort | modulating the activity of mpfc with tdcs alters endowment effect |
| topic | endowment effect the medial prefrontal cortex transcranial direct current stimulation objective value subjective value |
| url | https://www.frontiersin.org/article/10.3389/fnbeh.2019.00211/full |
| work_keys_str_mv | AT wenminguo modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect AT wenminguo modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect AT jinchuanshi modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect AT xinbolu modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect AT xinbolu modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect AT hangye modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect AT hangye modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect AT hangye modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect AT junluo modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect AT junluo modulatingtheactivityofmpfcwithtdcsaltersendowmenteffect |