Abstract
Commentary: Utility-free heuristic models of two-option choice can mimic predictions of utility-stage models under many conditions.
Highlights
Departments of Anatomy and Neurobiology, Economics, and Biomedical Engineering, Washington University in St
The fact that neurons in the orbitofrontal and ventromedial prefrontal cortices encode the subjective value of offered and chosen goods, taken together with the fact that lesions to these same areas selectively disrupt economic decisions (Camille et al, 2011), strongly suggests that economic choices are based on these value signals (Kable and Glimcher, 2009; Rangel and Hare, 2010; Padoa-Schioppa, 2011)
These results are generally viewed as a significant breakthrough compared to standard and behavioral economic theories, where subjective value enters as an “as if ” concept
Summary
Departments of Anatomy and Neurobiology, Economics, and Biomedical Engineering, Washington University in St. Many neuroeconomic studies in the past 10 years have reported neural signals encoding the subjective value (or utility) of offered and chosen goods (Padoa-Schioppa, 2011; Bartra et al, 2013; Clithero and Rangel, 2014; but see O’Doherty, 2014). Goods available for choice can generally vary on multiple dimensions (or attributes), and by definition subjective values integrate all the dimensions relevant to the decision.
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