A framework for studying the neurobiology of value-based decision making

Abstract

Neuroeconomics is the study of the neurobiological and computational basis of value-based decision making. Its goal is to provide a biologically based account of human behaviour that can be applied in both the natural and the social sciences. This Review proposes a framework to investigate different aspects of the neurobiology of decision making. The framework allows us to bring together recent findings in the field, highlight some of the most important outstanding problems, define a common lexicon that bridges the different disciplines that inform neuroeconomics, and point the way to future applications.

Figure 1. Basic computations involved in making a choice

Value-based decision-making can be broken down into five basic processes: first, the construction of a representation of the decision problem, which entails identifying internal and external states as well as potential courses of action; second, the valuation of the different actions under consideration; third, the selection of one of the actions based on their valuations; fourth, after implementing the decision the brain needs to measure the desirability of the outcomes that follow; finally, the outcome evaluation is used to update the other processes in order to improve the quality of future decisions.

Figure 2. Conflict between the valuation systems

The different valuation systems are often in agreement. For example, when an individual is hungry at meal time, the Pavlovian, habitual and goal-directed systems assign high value to the consumption of food. However, conflicts between the systems are also common and may lead to poor decision-making. This figure provides examples of conflict among different valuation systems and of conflict among different value signals of the same type.