Pain of paying under the neuroeconomics and a proposal for the monetary policy

Behavioral economics argues that individuals behave differently from each other and rational people while making economic decisions, and that they act outside the expected patterns. In this study, pain of paying, which is one of the behavioral economics topics, was tried to be explained and tested with different methods. The need to reconsider the pain of paying has made itself felt again due to the changing payment methods with the pandemic. The pain of making a payment is a negative emotion that comes from the outflow of money. Does paying with cash, paying with a credit card, paying with a debit card or paying with contactless, online methods cause different pains? In online payments that have become widespread recently, will the payments accelerated by the registration of our payment information have an impact on this issue? Is pain of paying a psychological pain or does it cause us to feel pain physically? As a result of all these questions, what effect do these payment methods have on our consumption or savings? What kind of monetary policy is recommended to be implemented over this effect. The aim of the study is to find the answers to these questions with the help of a questionnaire and EEG, which is a Neuroeconomics method. The methods applied in this context; questionnaire application, pain scale, face- to-face interview, oscillation analysis with EEG, ERP Analysis. As a result, it is to find the optimal one for a targeted beneficial to the society outcome and to propose a monetary policy that will point to controlled use.