Internship 3-6 months for (research) master students at Neurensics

Price perception is a notoriously difficult concept to measure: a price can be objectively high but feel low, and vice versa. Some prices are so high that they provoke irritation, while others are so low that they appear unbelievable. Directly asking consumers about the optimal price has shown only moderate correlation with estimates of optimal prices based on purchasing behavior. This makes it difficult to determine the best price in advance. Nevertheless, this is crucial, for example, to incorporate rising procurement costs, inflation adjustments, or competition into pricing strategy.

Neurensics has developed models that quantify price perception using EEG and behavioral data, making it better possible to determine the optimal price in advance. In the upcoming internship project, we want to further optimize these tools. We will do this by comparing them side by side and testing them against auction data, a scientifically validated behavioral economic method for measuring price willingness. In the project, you will work with EEG and behavioral tests (such as reaction times and choice data) within a behavioral economic research design. This involves using dependent variables that align as closely as possible with actual purchasing behavior.