Risky business: the neuroeconomics of decision making under uncertainty
Open accessAbstract
Many decisions involve uncertainty, or imperfect knowledge about how choices lead to outcomes. Colloquial notions of uncertainty, particularly when describing a decision as 'risky', often carry connotations of potential danger as well. Gambling on a long shot, whether a horse at the racetrack or a foreign oil company in a hedge fund, can have negative consequences, but the impact of uncertainty on decision making extends beyond gambling. Indeed, uncertainty in some form pervades nearly all our choices in daily life. Stepping into traffic to hail a cab, braving an ice storm to be the first at work, or dating the boss's son or daughter also offer potentially great windfalls, at the expense of surety. We continually face trade-offs between options that promise safety and others that offer an uncertain potential for jackpot or bust. When mechanisms for dealing with uncertain outcomes fail, as in mental disorders such as problem gambling or addiction, the results can be disastrous. Thus, understanding decision making-indeed, understanding behavior itself-requires knowing how the brain responds to and uses information about uncertainty.
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DA systems affect not only reward processing, but also punishment, decision-making, cognition, reward prediction, and reward valuation.
“Furthermore, it is clear that these DA systems affect not only reward processing, but a number of related functions, including punishment [24], decision-making [25,26], cognition [27], reward prediction [28,29], and reward valuation [30-32].”
From Reward circuitry dysfunction in psychiatric and neurodevelopmental disorders and genetic syndromes: animal models and clinical findings (2012) · cites this paper as [31]
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Gowin, J. L., Stewart, J. L., May, A. C., Ball, T. M., Wittmann, M., Tapert, S. F., & Paulus, M. P. (2014) · Addiction · doi:10.1111/add.12354 · Cited by 80 · see citing works
Anterior insula reflects surprise in value-based decision-making and perception
Loued-Khenissi, L., Pfeuffer, A., Einhäuser, W., & Preuschoff, K. (2020) · NeuroImage · doi:10.1016/j.neuroimage.2020.116549 · Cited by 66 · see citing works
Neurocognitive Development of Risk Aversion from Early Childhood to Adulthood
Paulsen, D. J., Carter, R. M., Platt, M. L., Huettel, S. A., & Brannon, E. M. (2012) · Frontiers in Human Neuroscience · doi:10.3389/fnhum.2011.00178 · Cited by 65 · see citing works
Self-citationWhat makes the dorsomedial frontal cortex active during reading the mental states of others?
Isoda, M., & Noritake, A. (2013) · Frontiers in Neuroscience · doi:10.3389/fnins.2013.00232 · Cited by 64 · see citing works
Miyamoto, K., Trudel, N., Kamermans, K., Lim, M. C., Lazari, A., Verhagen, L., Wittmann, M. K., & Rushworth, M. F. S. (2021) · Neuron · doi:10.1016/j.neuron.2021.02.024 · Cited by 45 · see citing works
Oxytocin and vasopressin modulate risk-taking
Patel, N., Grillon, C., Pavletic, N., Rosen, D., Pine, D. S., & Ernst, M. (2015) · Physiology & Behavior · doi:10.1016/j.physbeh.2014.11.018 · Cited by 29 · see citing works
Explanatory relevance across disciplinary boundaries: the case of neuroeconomics
Kuorikoski, J., & Ylikoski, P. (2010) · Journal of Economic Methodology · doi:10.1080/13501781003756576 · Cited by 24 · see citing works
- Authors
- Platt, M. L., & Huettel, S. A.
- Affiliations
- Duke University (US)
- Corresponding author
- Platt, Michael L
- Venue
- Nature Neuroscience
- Published
- 2008-03-26
- Volume
- 11
- Issue
- 4
- Pages
- 398-403
- ISSN
- 1097-6256 (ISSN-L)
- 1546-1726
- PMC
- PMC3065064
- OpenAlex
- W1988706006
- Cited by
- 556
- References
- 83
- Citations by year
- 2026: 10 · 2025: 23 · 2024: 33 · 2023: 29 · 2022: 23 · 2021: 35 · 2020: 28 · 2019: 27 · 2018: 33 · 2017: 23 · 2016: 37 · 2015: 38 · 2014: 45 · 2013: 49 · 2012: 34
- FWCI
- 3.67
- Type
- journal article
- Language
- en
- Open access
- green
- www.ncbi.nlm.nih.gov
- Licence
- www.springer.com/tdm (tdm)
- Locations
- Nature Neuroscience (publishedVersion)
- PubMed (publishedVersion)
- PubMed Central (acceptedVersion)
- Funders
- National Institute on Aging (R21AG030771)
- National Institute of Mental Health (R01MH071817, MH-070685, MH-71817, R01MH070685)
- National Eye Institute (EY-13496, R01EY013496)
- National Institute of Neurological Disorders and Stroke (P01NS041328)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
- Social Sciences › Safety Research › Experimental Behavioral Economics Studies
- Keywords
- decision making under uncertainty, neuroeconomics, risk, gambling, problem gambling, addiction, risk-taking
- MeSH terms
- Animals, Brain, Choice Behavior, Decision Making, Female, Humans, Male, Probability Learning, Reinforcement, Psychology, Risk-Taking, Sex Factors, Uncertainty
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