The neural correlates of decision-making: review and research agenda

Abstract

Neuroeconomics combines classical economics and neuroscience to deepen our understanding about the role played by human brain in economic decision-making. Neuroeconomics provides a mechanistic, mathematical and behavioural framework to understand choice-making behaviour. The aim of this chapter is to organise and synthesise the current research on neural correlates of decision-making, identify major themes and trends in literature, and present potential areas of research. Based on an extensive literature review, this chapter presents the primary areas of research related to neurobiology of economic decision-making. The themes have been organised around role of reinforcement learning systems in valuation and choice, value-based decision-making, decision-making under conditions of risk and ambiguity and intertemporal discounting. In addition to this, social preferences and context-dependencies in decision-making have also been discussed. Finally, fallacies in interpretations, methodological issues in neuroeconomics research, current concerns and future directions have been summarised.