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Updated: Apr 26, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Pre-existing brain states predict risky choices
Yu-Feng Huang1, Chun Siong Soon2, O'Dhaniel A Mullette-Gillman3
1Neuroscience and Behavioral Disorders Program, Duke-NUS Graduate Medical School, 169857 Singapore.
Pre-stimulus brain activity, specifically in the nucleus accumbens and medial frontal gyrus, influences economic decisions. This challenges the idea that choices solely reflect stable preferences, highlighting the role of endogenous neural states.
Area of Science:
- Neuroscience
- Cognitive Science
- Behavioral Economics
Background:
- Traditional economic models assume rational decision-making based on problem properties and utility.
- The influence of internal brain states on economic choices remains an area of investigation.
Purpose of the Study:
- To investigate whether pre-stimulus endogenous neuronal fluctuations bias economic decisions.
- To challenge the view that choices solely reflect stable underlying utility distributions.
Main Methods:
- Functional magnetic resonance imaging (fMRI) was used to record subjects' pre-stimulus neural activation.
- Subjects made choices between pairs of certain outcomes and risky gambles.
Main Results:
- Activity in the left nucleus accumbens and medial frontal gyrus significantly biased subsequent risky decision-making.
- These brain regions are associated with uncertainty and reward processing.
Conclusions:
- Endogenous neural states, potentially arising from systematic causes or neural noise, play a role in shaping economic decisions.
- Findings challenge economic theories that propose choices merely reveal stable hedonic utility distributions.
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