Building Bridges between Perceptual and Economic Decision-Making: Neural and Computational Mechanisms

Summerfield, Christopher; Tsetsos, Konstantinos

doi:10.3389/fnins.2012.00070

Cited by 167Neural and Behavioral Psychology StudiesDecision-Making and Behavioral EconomicsNeural dynamics and brain function

Building Bridges between Perceptual and Economic Decision-Making: Neural and Computational Mechanisms

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Summerfield, Christopher, Tsetsos, Konstantinos·2012·Frontiers in Neuroscience

DOI 10.3389/fnins.2012.00070PMC PMC3359443

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Abstract

Investigation into the neural and computational bases of decision-making has proceeded in two parallel but distinct streams. Perceptual decision-making (PDM) is concerned with how observers detect, discriminate, and categorize noisy sensory information. Economic decision-making (EDM) explores how options are selected on the basis of their reinforcement history. Traditionally, the sub-fields of PDM and EDM have employed different paradigms, proposed different mechanistic models, explored different brain regions, disagreed about whether decisions approach optimality. Nevertheless, we argue that there is a common framework for understanding decisions made in both tasks, under which an agent has to combine sensory information (what is the stimulus) with value information (what is it worth). We review computational models of the decision process typically used in PDM, based around the idea that decisions involve a serial integration of evidence, and assess their applicability to decisions between good and gambles. Subsequently, we consider the contribution of three key brain regions - the parietal cortex, the basal ganglia, and the orbitofrontal cortex (OFC) - to perceptual and EDM, with a focus on the mechanisms by which sensory and reward information are integrated during choice. We find that although the parietal cortex is often implicated in the integration of sensory evidence, there is evidence for its role in encoding the expected value of a decision. Similarly, although much research has emphasized the role of the striatum and OFC in value-guided choices, they may play an important role in categorization of perceptual information. In conclusion, we consider how findings from the two fields might be brought together, in order to move toward a general framework for understanding decision-making in humans and other primates.

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The race model captures several features of the relationship between choice, reaction time and confidence in a value-based choice paradigm.
“In keeping with recent research efforts that have incorporated dynamic models into the field of economic decision-making28, we find that this model captures several features of the relationship between choice, reaction time and confidence in a value-based choice paradigm.”
From Confidence in value-based choice (2013) · cites this paper as [28]

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Authors: Summerfield, C., & Tsetsos, K.
Affiliations: University of Oxford (GB)
Corresponding author: Summerfield, Christopher
ORCID: Summerfield, Christopher
Tsetsos, Konstantinos
Venue: Frontiers in Neuroscience
Publisher: Frontiers Media SA
Published: 2012
Volume: 6
Pages: 70-70
ISSN: 1662-453X (ISSN-L)
1662-4548
DOI: 10.3389/fnins.2012.00070
PMC: PMC3359443
OpenAlex: W2070685206
Cited by: 167
References: 228
Citations by year: 2026: 2 · 2025: 9 · 2024: 6 · 2023: 9 · 2022: 12 · 2021: 10 · 2020: 16 · 2019: 19 · 2018: 10 · 2017: 21 · 2016: 15 · 2015: 17 · 2014: 10 · 2013: 9 · 2012: 2
FWCI: 6.22
Type: journal article
Language: en
Open access: gold
doi.org
Licence: cc-by-nc
Locations: Frontiers in Neuroscience (publishedVersion, cc-by-nc)
PubMed Central (publishedVersion)
PubMed (publishedVersion)
Explore Bristol Research (publishedVersion)
BIROn (Birkbeck, University of London) (acceptedVersion)
DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
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 › Cognitive Neuroscience › Neural dynamics and brain function
Keywords: perceptual decision making, economic decision-making, evidence integration, parietal cortex, basal ganglia, striatum, orbitofrontal cortex, reward value, computational models of decision making

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Building Bridges between Perceptual and Economic Decision-Making: Neural and Computational Mechanisms

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