Neuroeconomics

Neuroeconomics (Second Edition)

Decision Making and the Brain
2014, Pages 373-391
Neuroeconomics

Chapter 20 - Value-Based Decision Making

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This chapter presents a broad overview of the existing model of value-based decision making in the brain. It begins with a brief overview of the basic elements of the standard model by compartmentalizing, for didactic purposes, the brain networks involved in learning and storing value (the value system) and the brain networks involved in selection of an option from a limited set (the choice system). This brief overview is followed by a more detailed explication of each of these two systems. The relationship between frontal valuation circuits and fronto-parietal choice circuits is also discussed. The chapter concludes with a discussion of an emerging alternative to the standard model before showing how perceptual decision-making models like those described in Chapter 19 can be integrated into the standard model of value-based decision making.

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    Value — as typically defined — is therefore a latent construct that scaffolds choice behavior by providing a common currency for comparison of different actions (often loosely identified with the similar economic concept of utility [8,9]). In support of the hypothesis that choice behavior is supported by the computation of value, proponents frequently note (e.g. [10]) that reward-related dopaminergic neural activity is consistent with a class of value-learning algorithms from the field of reinforcement learning (RL) [11,12]. This argument implicitly assumes that different theoretical frameworks each use the term ‘value’ in the same way.

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