A framework for studying the neurobiology of value-based decision making
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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.
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“The first view, which is widely used in financial economics and behavioural ecology, asserts that the brain assigns value to prospects by first computing its statistical moments (such as its expected magnitude, its variance or coefficient of variation, and its skewness) and then aggregating them into a value signa”
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- Authors
- Rangel, A., Camerer, C., & Montague, P. R.
- Affiliations
- California Institute of Technology (US)
- Baylor College of Medicine (US)
- Corresponding author
- Rangel, Antonio
- Venue
- Nature Reviews Neuroscience
- Published
- 2008-06-11
- Volume
- 9
- Issue
- 7
- Pages
- 545-556
- ISSN
- 1471-003X (ISSN-L)
- 1471-0048
- PMC
- PMC4332708
- OpenAlex
- W2087615164
- Cited by
- 2,184
- References
- 141
- Citations by year
- 2026: 118 · 2025: 120 · 2024: 154 · 2023: 107 · 2022: 136 · 2021: 142 · 2020: 144 · 2019: 132 · 2018: 131 · 2017: 118 · 2016: 121 · 2015: 113 · 2014: 126 · 2013: 128 · 2012: 129
- FWCI
- 6.69
- Type
- journal article
- Language
- en
- Open access
- green
- www.ncbi.nlm.nih.gov
- Locations
- Nature reviews. Neuroscience (publishedVersion)
- PubMed (publishedVersion)
- Europe PMC (PubMed Central) (acceptedVersion)
- PubMed Central (acceptedVersion)
- HAL (submittedVersion, other-oa)
- CaltechAUTHORS (California Institute of Technology) (submittedVersion)
- Funders
- Autism Speaks (AS1947)
- Topics
- Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Life Sciences › Neuroscience › Cellular and Molecular Neuroscience › Neurotransmitter Receptor Influence on Behavior
- Keywords
- value-based decision making, neuroeconomics, neurobiology of decision-making, computational models of choice, human behavior
- MeSH terms
- Animals, Decision Making, Decision Theory, Habits, Humans, Learning, Models, Neurological, Models, Psychological, Neurobiology, Risk, Social Values
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