NEUROBIOLOGY OF ECONOMIC CHOICE: A GOOD-BASED MODEL

By C. Padoa-Schioppa. Annual Review of Neuroscience, 2011

595 citations recorded by the source corpus.

Traditionally the object of economic theory and experimental psychology, economic choice recently became a lively research focus in systems neuroscience. Here I summarize the emerging results and I propose a unifying model of how economic choice might function at the neural level. Economic choice entails comparing options that vary on multiple dimensions. Hence, while choosing, individuals integrate different determinants into a subjective value; decisions are then made by comparing values. According to the good-based model, the values of different goods are computed independently of one another, which implies transitivity. Values are not learned as such, but rather computed at the time of choice. Most importantly, values are compared within the space of goods, independent of the sensori-motor contingencies of choice. Evidence from neurophysiology, imaging and lesion studies indicates that abstract representations of value exist in the orbitofrontal and ventromedial prefrontal cortices. The computation and comparison of values may thus take place within these regions.

Subfields: Cognitive Neuroscience

View Paper: https://www.semanticscholar.org/paper/22cff807613f549d80966087a4ff83520db762ee

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Citations in the corpus

Using EEG to Predict Consumers’ Future Choices (2015, background): “…lotteries, to charitable donations, to durable products, to social prefer- ences, to political preferences (for reviews, see Bartra, McGuire, and Kable 2013; Grabenhorst and Rolls 2011; Kable and Glimcher 2009; Levy and Glimcher 2012; Padoa-Schioppa 2011; Platt and Huettel 2008; Rushworth 2008).”
Informatic parcellation of the network involved in the computation of subjective value. (2014, methodology): “supplemented by fMRI papers cited by recent review articles (Grabenhorst and Rolls, 2011; Padoa-Schioppa, 2011; Rushworth et al., 2011), but not recovered by the search.”
Orbitofrontal cortex as a cognitive map of task space (2014, unknown): “A more recent idea is that, rather than storing learned values, OFC computes values in a model-based way to enable flexible economic decision making and choices among many different options in many different situations without explicitly storing a previously learned value for each (Padoa-Schioppa, 2”
Emotion and the Prefrontal Cortex: An Integrative Review (2017, background): “…has been variably referred to as stimulus-reinforcement learning, evaluating the subjective value of stimuli, or signaling outcome expectancies (Padoa-Schioppa, 2011; Padoa-Schioppa & Assad, 2006; Rolls, 2004; Rudebeck & Murray, 2014; Schoenbaum & Esber, 2010; Wallis, 2007; Walton et al.,…”
Motivation and cognitive control: from behavior to neural mechanism. (2015, background): “Economics has gone to elaborate lengths to extricate itself from this circularity (see Glimcher et al. 2009), but it remains an ineluctable problem for any psychological theory that would leverage the notion of reward (see Padoa-Schioppa 2011).”
The expected value of control: An integrative theory of anterior cingulate cortex function (2013, unknown): “Recent work has characterized orbitofrontal cortex as carrying a willingness-to-pay signal during economic choice (Levy and Glimcher, 2012; Padoa-Schioppa, 2011; Plassmann et al., 2007).”
Neural basis of reinforcement learning and decision making. (2012, background): “The frame of reference in which different actions are represented varies across brain areas, and therefore, how the actions encoded in one frame of reference, for example, in objects space, are transformed to another, such as visual or joint space, needs to be investigated (Padoa-Schioppa 2011).”