Cognitive and neural principles of a memory bias on preferential choices

Value-based decisions depend on different forms of memory. However, the respective roles of memory and valuation processes that give rise to these decisions are often vaguely described and have rarely been investigated jointly. In this review article, we address the problem of memory-based decision making from a neuroeconomic perspective. We first describe the neural and cognitive processes involved in decisions requiring memory processes, with a focus on episodic memory. Based on the results of a systematic research program, we then spotlight the phenomenon of the memory bias, a general preference for choice options that can be retrieved from episodic memory more successfully. Our findings indicate that failed memory recall biases neural valuation processes as indicated by altered effective connectivity between the hippocampus and ventromedial prefrontal cortex. This bias can be attributed to meta-cognitive beliefs about the relationship between subjective value and memory as well as to uncertainty aversion. After summarizing the findings, we outline potential future research endeavors to integrate the two research traditions of memory and decision making.