Abstract
When deciding, we aim to choose the “best” possible outcome. This is not just selection of the option that is the most numerous or physically largest, as options are translated from objective value (count) to subjective value (worth or utility). We localized the neural instantiation of the value-to-utility transformation to the dorsal anterior midcingulate cortex (daMCC), with independent replication. The daMCC encodes the context-specific information necessary to convert from count to worth. This encoding is not simply a representation of utility or preference, but the interaction of the two. Specifically, the relationship of brain activation to value is dependent on individual preference, with both positive and negative slopes across the population depending on whether each individual's preference results in enhancement or diminishment of the valuation. For a given value, across participants, enhanced daMCC activation corresponds to diminished subjective valuation, deactivation to enhanced subjective valuation, and non-modulated activation with non-modulated subjective valuation. Further, functional connectivity analyses identified brain regions (positive connectivity with the inferior frontal gyrus and negative connectivity with the nucleus accumbens) through which contextual information may be integrated into the daMCC and allow for outputs to modulate valuation signals. All analyses were replicated through an independent within-study replication, with initial testing in the gains domain and replication in the intermixed and mirrored losses trials. We also present and discuss an ancillary finding: we were unable to identify parametric value signals for losses through whole-brain analyses, and ROI analyses of the vmPFC presented non-modulation across loss value levels. These results identify the neural locus of the value-to-utility transformation, and provide a specific computational function for the daMCC in the production of subjective valuation through the integration of value, context, and preferences.
Highlights
In decision making, we strive to choose the best option, but this is not the selection of the physically largest option or the option with the most numerous items
Our results demonstrate that the dorsal anterior midcingulate cortex encodes the information necessary to perform the value-to-utility transformation—the interaction of valuative and preference information
There was no significant correlation between individual risk preferences across the gains and losses domains (r28 = 0.26, p = 0.16), concurring with recent studies (Kurnianingsih and Mullette-Gillman, 2015; Kurnianingsih et al, 2015; Mullette-Gillman et al, 2015a,b)
Summary
We strive to choose the best option, but this is not the selection of the physically largest option or the option with the most numerous items. We determine the subjective valuation of each option (utility or worth) by integrating context and history. Such subjective valuation varies across individuals and within individuals over time. Whereas a hungry person has a high subjective value for food, a satiated person may find the same food neutral or aversive. Individuals often show widely varied subjective valuation, as demonstrated in individual responses to risky gambles (uncertain outcomes). Individuals may be willing to pay quite different prices for a lottery ticket with an expected value of $10 (50% chances of $20 or $0). While most individuals place their subjective valuation below the expected value (risk aversion), others enhance the subjective value (risk seeking). The degree and direction of their value modulation describes the specific value-to-utility transformation each participant is performing
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