Neural Correlates of Reinforcement Learning and Social Preferences in Competitive Bidding
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In competitive social environments, people often deviate from what rational choice theory prescribes, resulting in losses or suboptimal monetary gains. We investigate how competition affects learning and decision-making in a common value auction task. During the experiment, groups of five human participants were simultaneously scanned using MRI while playing the auction task. We first demonstrate that bidding is well characterized by reinforcement learning with biased reward representations dependent on social preferences. Indicative of reinforcement learning, we found that estimated trial-by-trial prediction errors correlated with activity in the striatum and ventromedial prefrontal cortex. Additionally, we found that individual differences in social preferences were related to activity in the temporal-parietal junction and anterior insula. Connectivity analyses suggest that monetary and social value signals are integrated in the ventromedial prefrontal cortex and striatum. Based on these results, we argue for a novel mechanistic account for the integration of reinforcement history and social preferences in competitive decision-making.
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The social competition inherent in an auction drives overbidding and is related to striatal value computations for winning and losing an auction.
“That is, the social competition inherent in an auction drives overbidding and is related to striatal value computations for winning and losing an auction 88, 89.”
From The social brain and reward: Social information processing in the human striatum (2014) · cites this paper as [88]
Ventral striatum responses are involved in decisions where we are in direct competition with someone else, as in bidding for an item in an auction.
“Ventral striatum responses are also involved in decisions where we are in direct competition with someone else, as in the case of bidding for an item in an auction.”
From The social brain and reward: Social information processing in the human striatum (2014) · cites this paper as [88]
Ventral striatum and medial prefrontal cortex signals encode information learned about strategic actions of competitors.
“Additionally, ventral striatum and medial prefrontal cortex signals encode information learned about strategic actions of competitors 72, 88, 90.”
From The social brain and reward: Social information processing in the human striatum (2014) · cites this paper as [88]
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Competitive Arousal: Sources, Effects, and Implications
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- Authors
- van den Bos, W., Talwar, A., & McClure, S. M.
- Affiliations
- Stanford University (US)
- Venue
- The Journal of Neuroscience
- Publisher
- Society for Neuroscience
- Published
- 2013-01-30
- Volume
- 33
- Issue
- 5
- Pages
- 2137-2146
- ISSN
- 0270-6474 (ISSN-L)
- 1529-2401
- PMC
- PMC6619103
- OpenAlex
- W2094413769
- Cited by
- 80
- References
- 52
- Citations by year
- 2026: 2 · 2025: 3 · 2024: 2 · 2023: 5 · 2022: 7 · 2021: 5 · 2020: 8 · 2019: 5 · 2018: 3 · 2017: 10 · 2016: 5 · 2015: 11 · 2014: 9 · 2013: 5
- FWCI
- 5.48
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Journal of Neuroscience (publishedVersion, cc-by-nc-sa)
- PubMed Central (publishedVersion)
- PubMed (publishedVersion)
- Funders
- Nederlandse Organisatie voor Wetenschappelijk Onderzoek (446-11-012)
- Topics
- Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Safety Research › Experimental Behavioral Economics Studies
- Keywords
- tendering, common value auctions, reinforcement learning, social preferences, prediction error, striatum, ventromedial prefrontal cortex, anterior insula, temporoparietal junction, individual differences, monetary value, neural correlates of decision making
- MeSH terms
- Adult, Brain, Brain Mapping, Competitive Behavior, Decision Making, Female, Humans, Image Processing, Computer-Assisted, Learning, Magnetic Resonance Imaging, Male, Neuropsychological Tests, Reinforcement, Psychology, Social Behavior
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Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
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