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date: 25 January 2021

Abstract and Keywords

The standard neurobiological model of decision making has evolved, since the turn of the twenty-first century, from a confluence of economic, psychological, and neurosci- entific studies of how humans make choices. Two fundamental insights have guided the development of this model during this period, one drawn from economics and the other from neuroscience. The first derives from neoclassical economic theory, which unambiguously demonstrated that logically consistent choosers behave “as if” they had some internal, continuous, and monotonic representation of the values of any choice objects under consideration. The second insight derives from neurobiological studies suggesting that the brain can both represent, in patterns of local neural activity, and compare, by a process of interneuronal competition, internal representations of value associated with different choices.

Keywords: neuroeconomics, revealed-preference theory, prospect theory, decision under risk, probability weighting function, dopamine, reward prediction error, rein-forcement learning, medial prefrontal cortex, striatum

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