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Related Experiment Video

Updated: Jun 19, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Published on: September 19, 2012

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

Camillo Padoa-Schioppa¹

¹Department of Anatomy and Neurobiology, Washington University in St Louis, St Louis, MO 63110, USA. camillo@wustl.edu

The Journal of Neuroscience : the Official Journal of the Society for Neuroscience

|November 6, 2009

Summary

The brain

Area of Science:

Neuroscience
Behavioral Economics

Background:

Individuals assign subjective values during economic choices, but these values vary greatly across different behavioral contexts.
The brain's valuation system must accommodate substantial variability in economic decision-making.

Purpose of the Study:

To investigate how the brain's valuation system, specifically the orbitofrontal cortex (OFC), handles wide ranges of subjective values during economic choices.
To determine if value representation in the OFC adapts to the range of available options.

Main Methods:

Monkeys made choices between different juices, providing a measure of subjective value.
Value ranges were manipulated across experimental sessions.
Neuronal activity in the OFC was recorded and analyzed in relation to value ranges and choices.

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Main Results:

Orbitofrontal cortex (OFC) neurons linearly encoded subjective values.
Neuronal sensitivity in the OFC was inversely proportional to the range of values presented.
This range adaptation phenomenon was independent of other available goods, complementing menu invariance.

Conclusions:

The representation of value in the OFC adapts to the specific range of values available in a given choice context.
This range adaptation mechanism contributes to computationally efficient value representation and preference transitivity (menu invariance).