A consumer’s emotional response to a product is influenced by cognitive processes, such as memories associated with use of the product and expectations of its performance. Here, we propose a cognitive neural model of Expectology, called PEAM (Prediction - Experience - Appraisal - Memory), as a novel tool that considers consumers’ emotional responses in order to aid in product design. The PEAM model divides cognitive processes associated with product use into 4 phases: prediction, experience, appraisal, and memory. We examined the spatiotemporal changes in brain activity associated with product evaluation and memory during the prediction phase, by obtaining electroencephalograms (EEGs). EEGs of 10 healthy participants with normal or corrected-to-normal vision were recorded while they viewed images of products as well as when they provided a preference rating for each product. Our results revealed significantly increased neural activity in the gamma frequency in the temporal areas, the brain regions where declarative memory is stored, and in the prefrontal area for products that were rated as preferable. Our data suggest that memory is used for product evaluation in the prediction phase. These findings also suggest that activity in these specific brain areas are reliable predictors for product evaluation.

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