Cognitive and neural principles of a memory bias on preferential choices.

Value-based decisions depend on different forms of memory. However, the respective roles of memory and valuation processes that give rise to these decisions are often vaguely described and have rarely been investigated jointly. In this review article, we address the problem of memory-based decision making from a neuroeconomic perspective. We first describe the neural and cognitive processes involved in decisions requiring memory processes, with a focus on episodic memory. Based on the results of a systematic research program, we then spotlight the phenomenon of the memory bias, a general preference for choice options that can be retrieved from episodic memory more successfully. Our findings indicate that failed memory recall biases neural valuation processes as indicated by altered effective connectivity between the hippocampus and ventromedial prefrontal cortex. This bias can be attributed to meta-cognitive beliefs about the relationship between subjective value and memory as well as to uncertainty aversion. After summarizing the findings, we outline potential future research endeavors to integrate the two research traditions of memory and decision making.

The Reflection Effect in Memory-Based Decisions.

Previous research has indicated a bias in memory-based decision-making, with people preferring options that they remember better. However, the cognitive mechanisms underlying this memory bias remain elusive. Here, we propose that choosing poorly remembered options is conceptually similar to choosing options with uncertain outcomes. We predicted that the memory bias would be reduced when options had negative subjective value, analogous to the reflection effect, according to which uncertainty aversion is stronger in gains than in losses. In two preregistered experiments (N = 36 each), participants made memory-based decisions between appetitive and aversive stimuli. People preferred better-remembered options in the gain domain, but this behavioral pattern reversed in the loss domain. This effect was not related to participants' ambiguity or risk attitudes, as measured in a separate task. Our results increase the understanding of memory-based decision-making and connect this emerging field to well-established research on decisions under uncertainty.

Tracing the path of forgetting in rule abstraction and exemplar retrieval.

People often forget acquired knowledge over time such as names of former classmates. Which knowledge people can access, however, may modify the judgement process and affect judgement accuracy. Specifically, we hypothesised that judgements based on retrieving past exemplars from long-term memory may be more vulnerable to forgetting than remembering rules that relate the cues to the criterion. Experiment 1 systematically tracked the individual course of forgetting from initial learning to later tests (immediate, 1 day, and 1 week) in a linear judgement task facilitating rule-based strategies and a multiplicative judgement task facilitating exemplar-based strategies. Practising the acquired judgement strategy in repeated tests helped participants to consistently apply the learnt judgement strategy and retain a high judgement accuracy even after a week. Yet, whereas a long retention interval did not affect judgements in the linear task, a long retention interval impaired judgements in the multiplicative task. If practice was restricted as in Experiment 2, judgement accuracy suffered in both tasks. In addition, after a week without practice, participants tried to reconstruct their judgements by applying rules in the multiplicative task. These results emphasise that the extent to which decision makers can still retrieve previously learned knowledge limits their ability to make accurate judgements and that the preferred strategies change over time if the opportunity for practice is limited.

The Interplay of Hippocampus and Ventromedial Prefrontal Cortex in Memory-Based Decision Making.

Episodic memory and value-based decision making are two central and intensively studied research domains in cognitive neuroscience, but we are just beginning to understand how they interact to enable memory-based decisions. The two brain regions that have been associated with episodic memory and value-based decision making are the hippocampus and the ventromedial prefrontal cortex, respectively. In this review article, we first give an overview of these brain-behavior associations and then focus on the mechanisms of potential interactions between the hippocampus and ventromedial prefrontal cortex that have been proposed and tested in recent neuroimaging studies. Based on those possible interactions, we discuss several directions for future research on the neural and cognitive foundations of memory-based decision making.