Consciousness meets neuroeconomics: what is the value of stimulus awareness in decision making?

Consciousness can be defined as the state of being aware of and able to think about one's existence, sensations, and surroundings. It encompasses two major components: awareness and arousal. Awareness pertains to the recognition of environmental stimuli and internal states. At the same time, arousal refers to the physiological readiness to engage with these stimuli, which varies significantly between states like sleep and wakefulness.
Sleep, a crucial state, is characterized by reduced physical...

The concept of subconscious awareness refers to the processing of information below the level of conscious thought, which significantly influences both behaviors and decisions. It is also known as waking subconscious awareness. This complex level of cognition operates without the direct awareness of the individual, facilitating rapid and simultaneous handling of multiple information streams.
An illustrative example of subconscious processing is its role in problem-solving. Often, individuals...

Controlled processes in human consciousness represent high-alert mental states where individuals deliberately focus their attention on achieving specific goals. Controlled processes can be seen in situations like mastering new technology, where a person might become so absorbed that they ignore surrounding distractions. Such processes involve selective attention, requiring one to concentrate on particular elements of experience while disregarding others. These are governed by executive...

Self-awareness is a psychological state in which the individual becomes the focal point of their attention. This inward focus transforms the self into an object of contemplation and assessment, influencing how individuals perceive their actions and their alignment with personal and societal standards.Triggers and Contexts for Self-AwarenessSelf-awareness can be activated by external stimuli that make individuals visually or audibly aware of themselves, such as mirrors, cameras, or recordings.

Decision-making is a fundamental cognitive process that involves evaluating alternatives and selecting among them. This process can range from simple choices, such as deciding what to wear, to complex decisions, like choosing a major in college or a career path. The complexity of the decision often dictates the approach we use, which can be broadly categorized into two types: automatic and controlled decision-making.
Automatic decision-making is fast, intuitive, and relies on gut feelings...

The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the brain can only use...