The role of the hippocampus in long-term memory: is it memory store or comparator?

Several attempts have been made to reconcile a number of rival theories on the role of the hippocampus in long-term memory. Those attempts fail to explain the basic effects of the theories from the same point of view. We are reviewing the four major theories, and shall demonstrate, with the use of mathematical models of attention and memory, that only one theory is capable of reconciling all of them by explaining the basic effects of each theory in a unified fashion, without altogether sacrificing their individual contributions. The key issue here is whether or not a memory trace is ever stored in the hippocampus itself, and there is no reconciliation unless the answer to that question is that there is not. As a result of the reconciliation that we are proposing, there is a simple solution to several outstanding problems concerning the neurobiology of memory such as: consolidation and reconsolidation, persistency of long term memory, novelty detection, habituation, long-term potentiation, and the multifrequency oscillatory self-organization of the brain.