Values encoded in orbitofrontal cortex are causally related to economic choices.

In the eighteenth century, Daniel Bernoulli, Adam Smith and Jeremy Bentham proposed that economic choices rely on the computation and comparison of subjective values1. This hypothesis continues to inform modern economic theory2 and research in behavioural economics3, but behavioural measures are ultimately not sufficient to verify the proposal4. Consistent with the hypothesis, when agents make choices, neurons in the orbitofrontal cortex (OFC) encode the subjective value of offered and chosen goods5. Value-encoding cells integrate multiple dimensions6-9, variability in the activity of each cell group correlates with variability in choices10,11 and the population dynamics suggests the formation of a decision12. However, it is unclear whether these neural processes are causally related to choices. More generally, the evidence linking economic choices to value signals in the brain13-15 remains correlational16. Here we show that neuronal activity in the OFC is causal to economic choices. We conducted two experiments using electrical stimulation in rhesus monkeys (Macaca mulatta). Low-current stimulation increased the subjective value of individual offers and thus predictably biased choices. Conversely, high-current stimulation disrupted both the computation and the comparison of subjective values, and thus increased choice variability. These results demonstrate a causal chain linking subjective values encoded in OFC to valuation and choice.

Neuronal Activity in the Gustatory Cortex during Economic Choice.

An economic choice entails computing and comparing the values of individual offers. Offer values are represented in the orbitofrontal cortex (OFC)-an area that participates in value comparison-but it is unknown where offer values are computed in the first place. One possibility is that this computation takes place in OFC. Alternatively, offer values might be computed upstream of OFC. For choices between edible goods, a primary candidate is the gustatory region of the anterior insula (gustatory cortex, GC). Here we recorded from the GC of male rhesus monkeys choosing between different juice types. As a population, neurons in GC represented the flavor, the quantity, and the subjective value of the juice chosen by the animal. These variables were represented by distinct groups of cells and with different time courses. Specifically, chosen value signals emerged shortly after offer presentation, while neurons encoding the chosen juice and the chosen quantity peaked after juice delivery. Surprisingly, neurons in GC did not represent individual offer values in a systematic way. In a computational sense, the variables encoded in GC follow the process of value comparison. Thus our results argue against the hypothesis that offer values are computed in GC. At the same time, signals representing the subjective value of the expected reward indicate that responses in GC are not purely sensory. Thus neuronal responses in GC appear consummatory in nature.

Economic Choices under Simultaneous or Sequential Offers Rely on the Same Neural Circuit.

A series of studies in which monkeys chose between two juices offered in variable amounts identified in the orbitofrontal cortex (OFC) different groups of neurons encoding the value of individual options (offer value), the binary choice outcome (chosen juice), and the chosen value. These variables capture both the input and the output of the choice process, suggesting that the cell groups identified in OFC constitute the building blocks of a decision circuit. Several lines of evidence support this hypothesis. However, in previous experiments offers were presented simultaneously, raising the question of whether current notions generalize to when goods are presented or are examined in sequence. Recently, Ballesta and Padoa-Schioppa (2019) examined OFC activity under sequential offers. An analysis of neuronal responses across time windows revealed that a small number of cell groups encoded specific sequences of variables. These sequences appeared analogous to the variables identified under simultaneous offers, but the correspondence remained tentative. Thus, in the present study, we examined the relation between cell groups found under sequential versus simultaneous offers. We recorded from the OFC while monkeys chose between different juices. Trials with simultaneous and sequential offers were randomly interleaved in each session. We classified cells in each choice modality, and we examined the relation between the two classifications. We found a strong correspondence; in other words, the cell groups measured under simultaneous offers and under sequential offers were one and the same. This result indicates that economic choices under simultaneous or sequential offers rely on the same neural circuit.SIGNIFICANCE STATEMENT Research in the past 20 years has shed light on the neuronal underpinnings of economic choices. A large number of results indicates that decisions between goods are formed in a neural circuit within the orbitofrontal cortex. In most previous studies, subjects chose between two goods offered simultaneously. Yet, in daily situations, goods available for choice are often presented or examined in sequence. Here we recorded neuronal activity in the primate orbitofrontal cortex alternating trials under simultaneous and under sequential offers. Our analyses demonstrate that the same neural circuit supports choices in the two modalities. Hence, current notions on the neuronal mechanisms underlying economic decisions generalize to choices under sequential offers.

Neuronal Activity in the Primate Amygdala during Economic Choice.

Multiple lines of evidence link economic choices to the orbitofrontal cortex (OFC), but other brain regions may contribute to the computation and comparison of economic values. A particularly strong candidate is the basolateral amygdala (BLA). Amygdala lesions impair performance in reinforcer devaluation tasks, suggesting that the BLA contributes to value computation. Furthermore, previous studies of the BLA have found neuronal activity consistent with a value representation. Here, we recorded from the BLA of two male rhesus macaques choosing between different juices. Offered quantities varied from trial to trial, and relative values were inferred from choices. Approximately one-third of BLA cells were task-related. Our analyses revealed the presence of three groups of neurons encoding variables offer value, chosen value, and chosen juice In this respect, the BLA appeared similar to the OFC. The two areas differed for the proportion of neurons in each group, as the fraction of chosen value cells was significantly higher in the BLA. Importantly, the activity of these neurons reflected the subjective nature of value. Firing rates in the BLA were sustained throughout the trial and maximal after juice delivery. In contrast, firing rates in the OFC were phasic and maximal shortly after offer presentation. Our results suggest that the BLA supports economic choice and reward expectation.SIGNIFICANCE STATEMENT Economic choices rely on the orbitofrontal cortex (OFC), but other brain regions may contribute to this behavior. A strong candidate is the basolateral amygdala (BLA). Previous results are consistent with a neuronal representation of value, but the role of the BLA in economic decisions remains unclear. Here, we recorded from monkeys choosing between juices. Neurons in the BLA encoded three decision variables: offer value, chosen value, and chosen juice These variables were also identified in the OFC. The two areas differed in the proportion of cells encoding each variable and in the activation timing. In the OFC, firing rates peaked shortly after offer presentation; in the BLA, firing rates were sustained and peaked after juice delivery. These results suggest that the BLA supports choices and reward expectation.

Partial Adaptation to the Value Range in the Macaque Orbitofrontal Cortex.

Values available for choice in different behavioral contexts can vary immensely. To compensate for this variability, neuronal circuits underlying economic decisions undergo adaptation. In orbitofrontal cortex (OFC), neurons encode the subjective value of offered and chosen goods in a quasilinear way. Previous experiments found that the gain of the encoding is lower when the value range is wider. However, the parameters OFC neurons adapted to remained unclear. Furthermore, previous studies did not examine additive changes in neuronal responses. Computational considerations indicate that these factors can directly impact choice behavior. Here we investigated how OFC neurons adapt to changes in the value range. We recorded from two male rhesus monkeys during a juice choice task. Each session was divided into two blocks of trials. In each block, juices were offered within a set range of values, and ranges changed between blocks. Across blocks, neuronal responses adapted to both the maximum and the minimum value, but only partially. As a result, the minimum neural activity was elevated in some value ranges relative to others. Through simulation of a linear decision model, we showed that increasing the minimum response increases choice variability, lowering the expected payoff. This effect is modulated by the balance between cells with positive and negative encoding. The presence of these two populations induces a non-monotonic relationship between the value range and choice efficacy, such that the expected payoff is highest for decisions in an intermediate value range.SIGNIFICANCE STATEMENT Economic decisions are thought to rely on the orbitofrontal cortex (OFC). The values available for choice vary enormously in different contexts. Previous work showed that neurons in OFC encode values in a linear way, and that the gain of encoding is inversely related to the range of available values. However, the specific parameters driving adaptation remained unclear. Here we show that OFC neurons adapt to both the maximum and minimum value in the current context. However, adaptation is partial, leading to contextual changes in the response offset. Interestingly, increasing the activity offset negatively affects choices in a simulated network. Partial adaptation may allow the circuit to maintain information about context value at the cost of slightly reduced payoff.

Categorical encoding of decision variables in orbitofrontal cortex.

A fundamental and recurrent question in systems neuroscience is that of assessing what variables are encoded by a given population of neurons. Such assessments are often challenging because neurons in one brain area may encode multiple variables, and because neuronal representations might be categorical or non-categorical. These issues are particularly pertinent to the representation of decision variables in the orbitofrontal cortex (OFC)-an area implicated in economic choices. Here we present a new algorithm to assess whether a neuronal representation is categorical or non-categorical, and to identify the encoded variables if the representation is indeed categorical. The algorithm is based on two clustering procedures, one variable-independent and the other variable-based. The two partitions are then compared through adjusted mutual information. The present algorithm overcomes limitations of previous approaches and is widely applicable. We tested the algorithm on synthetic data and then used it to examine neuronal data recorded in the primate OFC during economic decisions. Confirming previous assessments, we found the neuronal representation in OFC to be categorical in nature. We also found that neurons in this area encode the value of individual offers, the binary choice outcome and the chosen value. In other words, during economic choice, neurons in the primate OFC encode decision variables in a categorical way.

Neurobiology of economic choice: a good-based model.

Traditionally the object of economic theory and experimental psychology, economic choice recently became a lively research focus in systems neuroscience. Here I summarize the emerging results and propose a unifying model of how economic choice might function at the neural level. Economic choice entails comparing options that vary on multiple dimensions. Hence, while choosing, individuals integrate different determinants into a subjective value; decisions are then made by comparing values. According to the good-based model, the values of different goods are computed independently of one another, which implies transitivity. Values are not learned as such, but rather computed at the time of choice. Most importantly, values are compared within the space of goods, independent of the sensorimotor contingencies of choice. Evidence from neurophysiology, imaging, and lesion studies indicates that abstract representations of value exist in the orbitofrontal and ventromedial prefrontal cortices. The computation and comparison of values may thus take place within these regions.

Integration of multiple determinants in the neuronal computation of economic values.

Economic goods may vary on multiple dimensions (determinants). A central conjecture in decision neuroscience is that choices between goods are made by comparing subjective values computed through the integration of all relevant determinants. Previous work identified three groups of neurons in the orbitofrontal cortex (OFC) of monkeys engaged in economic choices: (1) offer value cells, which encode the value of individual offers; (2) chosen value cells, which encode the value of the chosen good; and (3) chosen juice cells, which encode the identity of the chosen good. In principle, these populations could be sufficient to generate a decision. Critically, previous work did not assess whether offer value cells (the putative input to the decision) indeed encode subjective values as opposed to physical properties of the goods, and/or whether offer value cells integrate multiple determinants. To address these issues, we recorded from the OFC while monkeys chose between risky outcomes. Confirming previous observations, three populations of neurons encoded the value of individual offers, the value of the chosen option, and the value-independent choice outcome. The activity of both offer value cells and chosen value cells encoded values defined by the integration of juice quantity and probability. Furthermore, both populations reflected the subjective risk attitude of the animals. We also found additional groups of neurons encoding the risk associated with a particular option, the risky nature of the chosen option, and whether the trial outcome was positive or negative. These results provide substantial support for the conjecture described above and for the involvement of OFC in good-based decisions.

Neuronal variability in orbitofrontal cortex during economic decisions.

Neuroeconomic models assume that economic decisions are based on the activity of offer value cells in the orbitofrontal cortex (OFC), but testing this assertion has proven difficult. In principle, the decision made on a given trial should correlate with the stochastic fluctuations of these cells. However, this correlation, measured as a choice probability (CP), is small. Importantly, a neuron's CP reflects not only its individual contribution to the decision (termed readout weight), but also the intensity and the structure of correlated variability across the neuronal population (termed noise correlation). A precise mathematical relation between CPs, noise correlations, and readout weights was recently derived by Haefner and colleagues (Haefner RM, Gerwinn S, Macke JH, Bethge M. Nat Neurosci 16: 235-242, 2013) for a linear decision model. In this framework, concurrent measurements of noise correlations and CPs can provide quantitative information on how a population of cells contributes to a decision. Here we examined neuronal variability in the OFC of rhesus monkeys during economic decisions. Noise correlations had similar structure but considerably lower strength compared with those typically measured in sensory areas during perceptual decisions. In contrast, variability in the activity of individual cells was high and comparable to that recorded in other cortical regions. Simulation analyses based on Haefner's equation showed that noise correlations measured in the OFC combined with a plausible readout of offer value cells reproduced the experimental measures of CPs. In other words, the results obtained for noise correlations and those obtained for CPs taken together support the hypothesis that economic decisions are primarily based on the activity of offer value cells.

A neuro-computational model of economic decisions.

Neuronal recordings and lesion studies indicate that key aspects of economic decisions take place in the orbitofrontal cortex (OFC). Previous work identified in this area three groups of neurons encoding the offer value, the chosen value, and the identity of the chosen good. An important and open question is whether and how decisions could emerge from a neural circuit formed by these three populations. Here we adapted a biophysically realistic neural network previously proposed for perceptual decisions (Wang XJ. Neuron 36: 955-968, 2002; Wong KF, Wang XJ. J Neurosci 26: 1314-1328, 2006). The domain of economic decisions is significantly broader than that for which the model was originally designed, yet the model performed remarkably well. The input and output nodes of the network were naturally mapped onto two groups of cells in OFC. Surprisingly, the activity of interneurons in the network closely resembled that of the third group of cells, namely, chosen value cells. The model reproduced several phenomena related to the neuronal origins of choice variability. It also generated testable predictions on the excitatory/inhibitory nature of different neuronal populations and on their connectivity. Some aspects of the empirical data were not reproduced, but simple extensions of the model could overcome these limitations. These results render a biologically credible model for the neuronal mechanisms of economic decisions. They demonstrate that choices could emerge from the activity of cells in the OFC, suggesting that chosen value cells directly participate in the decision process. Importantly, Wang's model provides a platform to investigate the implications of neuroscience results for economic theory.

The representation of decision variables in orbitofrontal cortex is longitudinally stable.

The computation and comparison of subjective values underlying economic choices rely on the orbitofrontal cortex (OFC). In this area, distinct groups of neurons encode the value of individual options, the binary choice outcome, and the chosen value. These variables capture both the choice input and the choice output, suggesting that the cell groups found in the OFC constitute the building blocks of a decision circuit. Here, we show that this neural circuit is longitudinally stable. Using two-photon calcium imaging, we record from the OFC of mice engaged in a juice-choice task. Imaging of individual cells continues for up to 40 weeks. For each cell and each session pair, we compare activity profiles using cosine similarity, and we assess whether the neuron encodes the same variable in both sessions. We find a high degree of stability and a modest representational drift. Quantitative estimates indicate that this drift would not randomize the circuit within the animal's lifetime.

The Representation of Decision Variables in Orbitofrontal Cortex is Longitudinally Stable.

The computation and comparison of subjective values underlying economic choices rely on the orbitofrontal cortex (OFC). In this area, distinct groups of neurons encode the value of individual options, the binary choice outcome, and the chosen value. These variables capture both the input and the output of the choice process, suggesting that the cell groups found in OFC constitute the building blocks of a decision circuit. Here we show that this neural circuit is longitudinally stable. Using two-photon calcium imaging, we recorded from mice choosing between different juice flavors. Recordings of individual cells continued for up to 20 weeks. For each cell and each pair of sessions, we compared the activity profiles using cosine similarity, and we assessed whether the cell encoded the same variable in both sessions. These analyses revealed a high degree of stability and a modest representational drift. A quantitative estimate indicated this drift would not randomize the circuit within the animal's lifetime.

Neuronal encoding of subjective value in dorsal and ventral anterior cingulate cortex.

We examined the activity of individual cells in the primate anterior cingulate cortex during an economic choice task. In the experiments, monkeys chose between different juices offered in variables amounts and subjective values were inferred from the animals' choices. We analyzed neuronal firing rates in relation to a large number of behaviorally relevant variables. We report three main results. First, there were robust differences between the dorsal bank (ACCd) and the ventral bank (ACCv) of the cingulate sulcus. Specifically, neurons in ACCd but not in ACCv were modulated by the movement direction. Furthermore, neurons in ACCd were most active before movement initiation, whereas neurons in ACCv were most active after juice delivery. Second, neurons in both areas encoded the identity and the subjective value of the juice chosen by the animal. In contrast, neither region encoded the value of individual offers. Third, the population of value-encoding neurons in both ACCd and ACCv underwent range adaptation. With respect to economic choice, it is interesting to compare these areas with the orbitofrontal cortex (OFC), previously examined. While neurons in OFC encoded both pre-decision and post-decision variables, neurons in ACCd and ACCv only encoded post-decision variables. Moreover, the encoding of the choice outcome (chosen value and chosen juice) in ACCd and ACCv trailed that found in OFC. These observations indicate that economic decisions (i.e., value comparisons) take place upstream of ACCd and ACCv. The coexistence of choice outcome and movement signals in ACCd suggests that this area constitutes a gateway through which the choice system informs motor systems.

Neurons in the orbitofrontal cortex encode economic value.

Economic choice is the behaviour observed when individuals select one among many available options. There is no intrinsically 'correct' answer: economic choice depends on subjective preferences. This behaviour is traditionally the object of economic analysis and is also of primary interest in psychology. However, the underlying mental processes and neuronal mechanisms are not well understood. Theories of human and animal choice have a cornerstone in the concept of 'value'. Consider, for example, a monkey offered one raisin versus one piece of apple: behavioural evidence suggests that the animal chooses by assigning values to the two options. But where and how values are represented in the brain is unclear. Here we show that, during economic choice, neurons in the orbitofrontal cortex (OFC) encode the value of offered and chosen goods. Notably, OFC neurons encode value independently of visuospatial factors and motor responses. If a monkey chooses between A and B, neurons in the OFC encode the value of the two goods independently of whether A is presented on the right and B on the left, or vice versa. This trait distinguishes the OFC from other brain areas in which value modulates activity related to sensory or motor processes. Our results have broad implications for possible psychological models, suggesting that economic choice is essentially choice between goods rather than choice between actions. In this framework, neurons in the OFC seem to be a good candidate network for value assignment underlying economic choice.

The representation of economic value in the orbitofrontal cortex is invariant for changes of menu.

Economic choice entails assigning values to the available options and is impaired by lesions to the orbitofrontal cortex (OFC). Recent results show that some neurons in the OFC encode the values that monkeys (Macaca mulatta) assign to different goods when they choose between them. A broad and fundamental question is how this neuronal representation of value depends on the behavioral context. Here we show that neuronal responses in the OFC are typically invariant for changes of menu. In other words, the activity of a neuron in response to one particular good usually does not depend on what other goods are available at the same time. Neurons in the OFC encode economic value, not relative preference. The fact that their responses are menu invariant suggests that transitivity, a fundamental trait of economic choice, may be rooted in the activity of individual neurons.

Logistic analysis of choice data: A primer.

Logistic regressions were developed in economics to model individual choice behavior. In recent years, they have become an important tool in decision neuroscience. Here, I describe and discuss different logistic models, emphasizing the underlying assumptions and possible interpretations. Logistic models may be used to quantify a variety of behavioral traits, including the relative subjective value of different goods, the choice accuracy, risk attitudes, and choice biases. More complex logistic models can be used for choices between good bundles, in cases of nonlinear value functions, and for choices between multiple options. Finally, logistic models can quantify the explanatory power of neuronal activity on choices, thus providing a valid alternative to receiver operating characteristic (ROC) analyses.

Orbitofrontal cortex contributes to the comparison of values underlying economic choices.

Economic choices between goods entail the computation and comparison of subjective values. Previous studies examined neuronal activity in the orbitofrontal cortex (OFC) of monkeys choosing between different types of juices. Three groups of neurons were identified: offer value cells encoding the value of individual offers, chosen juice cells encoding the identity of the chosen juice, and chosen value cells encoding the value of the chosen offer. The encoded variables capture both the input (offer value) and the output (chosen juice, chosen value) of the decision process, suggesting that values are compared within OFC. Recent work demonstrates that choices are causally linked to the activity of offer value cells. Conversely, the hypothesis that OFC contributes to value comparison has not been confirmed. Here we show that weak electrical stimulation of OFC specifically disrupts value comparison without altering offer values. This result implies that neuronal populations in OFC participate in value comparison.

Neuronal origins of reduced accuracy and biases in economic choices under sequential offers.

Economic choices are characterized by a variety of biases. Understanding their origins is a long-term goal for neuroeconomics, but progress on this front has been limited. Here, we examined choice biases observed when two goods are offered sequentially. In the experiments, rhesus monkeys chose between different juices offered simultaneously or in sequence. Choices under sequential offers were less accurate (higher variability). They were also biased in favor of the second offer (order bias) and in favor of the preferred juice (preference bias). Analysis of neuronal activity recorded in the orbitofrontal cortex revealed that these phenomena emerged at different computational stages. Lower choice accuracy reflected weaker offer value signals (valuation stage), the order bias emerged during value comparison (decision stage), and the preference bias emerged late in the trial (post-comparison). By neuronal measures, each phenomenon reduced the value obtained on average in each trial and was thus costly to the monkey.

Neuronal activity in dorsal anterior cingulate cortex during economic choices under variable action costs.

The role of the dorsal anterior cingulate cortex (ACCd) in decision making has often been discussed but remains somewhat unclear. On the one hand, numerous studies implicated this area in decisions driven by effort or action cost. On the other hand, work on economic choices between goods (under fixed action costs) found that neurons in ACCd encoded only post-decision variables. To advance our understanding of the role played by this area in decision making, we trained monkeys to choose between different goods (juice types) offered in variable amounts and with different action costs. Importantly, the task design dissociated computation of the action cost from planning of any particular action. Neurons in ACCd encoded the chosen value and the binary choice outcome in several reference frames (chosen juice, chosen cost, chosen action). Thus, this area provided a rich representation of post-decision variables. In contrast to the OFC, neurons in ACCd did not represent pre-decision variables such as individual offer values in any reference frame. Hence, ongoing decisions are unlikely guided by ACCd. Conversely, neuronal activity in this area might inform subsequent actions.

Range-adapting representation of economic value in the orbitofrontal cortex.

While making economic choices, individuals assign subjective values to the available options. Values computed in different behavioral conditions, however, can vary substantially. The same person might choose some times between goods worth a few dollars, and other times between goods worth thousands of dollars, or more. How does the brain system that computes values -- the "valuation system" -- handle this large variability? Here we show that the representation of value in the orbitofrontal cortex (OFC), an area implicated in value assignment during economic choice, adapts to the behavioral condition of choice and, more specifically, to the range of values available in any given condition. In the experiments, monkeys chose between different juices and their choice patterns provided a measure of subjective value. Value ranges were varied from session to session and, in each session, OFC neurons encoded values in a linear way. Across the population, the neuronal sensitivity (defined as the change in neuronal activity elicited by the increase in one value unit) was inversely proportional to the value range. Conversely, the neuronal activity range did not depend on the value range. This phenomenon of range adaptation complements that of menu invariance observed in a previous study. Indeed, the activity of each neuron adapts to the range values it encodes but does not depend on other available goods. Our results thus suggest that the representation of value in the OFC is at one time instantiative of preference transitivity (menu invariance) and computationally efficient (range adaptation).