Cited by 955Neural and Behavioral Psychology StudiesNeurotransmitter Receptor Influence on BehaviorDecision-Making and Behavioral Economics

Distributed Neural Representation of Expected Value

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Knutson, Brian, Taylor, Jonathan, Kaufman, Matthew, Peterson, Richard, Glover, Gary·2005·The Journal of Neuroscience

Abstract

Anticipated reward magnitude and probability comprise dual components of expected value (EV), a cornerstone of economic and psychological theory. However, the neural mechanisms that compute EV have not been characterized. Using event-related functional magnetic resonance imaging, we examined neural activation as subjects anticipated monetary gains and losses that varied in magnitude and probability. Group analyses indicated that, although the subcortical nucleus accumbens (NAcc) activated proportional to anticipated gain magnitude, the cortical mesial prefrontal cortex (MPFC) additionally activated according to anticipated gain probability. Individual difference analyses indicated that, although NAcc activation correlated with self-reported positive arousal, MPFC activation correlated with probability estimates. These findings suggest that mesolimbic brain regions support the computation of EV in an ascending and distributed manner: whereas subcortical regions represent an affective component, cortical regions also represent a probabilistic component, and, furthermore, may integrate the two.

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Crossref · 10.1523/jneurosci.0642-05.2005

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Authors
Knutson, B., Taylor, J., Kaufman, M., Peterson, R., & Glover, G.
Affiliations
Stanford University (US)
Corresponding author
Knutson, Brian
Venue
The Journal of Neuroscience
Published
2005-05-11
Volume
25
Issue
19
Pages
4806-4812
ISSN
  • 0270-6474 (ISSN-L)
  • 1529-2401
OpenAlex
W2163979049
Cited by
955
References
34
Citations by year
2026: 13 · 2025: 13 · 2024: 19 · 2023: 26 · 2022: 30 · 2021: 33 · 2020: 22 · 2019: 39 · 2018: 51 · 2017: 42 · 2016: 55 · 2015: 53 · 2014: 45 · 2013: 81 · 2012: 58
FWCI
27.35
Type
journal article
Language
en
Open access
Locations
  • Journal of Neuroscience (publishedVersion, cc-by-nc-sa)
  • PubMed Central (publishedVersion)
  • PubMed (publishedVersion)
  • SSRN Electronic Journal (submittedVersion)
Funders
  • National Alliance for Research on Schizophrenia and Depression
  • National Institute of Mental Health (R03MH066923)
  • National Center for Research Resources (RR 09784, P41RR009784)
Topics
  • Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
  • Life Sciences › Neuroscience › Cellular and Molecular Neuroscience › Neurotransmitter Receptor Influence on Behavior
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
Keywords
expected value, reward anticipation, reward magnitude, reward probability, nucleus accumbens, mesolimbic system, monetary gains and losses, individual differences, probability estimation
MeSH terms
Adult, Brain Mapping, Female, Humans, Image Processing, Computer-Assisted, Functional Laterality, Magnetic Resonance Imaging, Male, Nucleus Accumbens, Oxygen, Photic Stimulation, Probability, Reference Values, Regression Analysis, Reward, Time Factors, Prefrontal Cortex

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