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Updated: Jul 19, 2025

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
The dorsomedial prefrontal cortex represents subjective value across effort-based and risky decision-making
Yuan-Wei Yao1, Kun-Ru Song2, Nicolas W Schuck3
1Department of Education and Psychology, Freie Universität Berlin, Berlin, Germany; Einstein Center for Neurosciences Berlin, Charité - Universitätsmedizin Berlin, Germany; Department of Systems Neuroscience, University Medical Center Hamburg-Eppendorf, Hamburg, Germany; Max Planck Research Group NeuroCode, Max Planck Institute for Human Development, Berlin, Germany.
Effort-based decisions involve a power discounting model. The dorsomedial prefrontal cortex (dmPFC) uses multivariate patterns to represent subjective value across tasks, supporting a domain-general valuation network.
Area of Science:
- Neuroscience
- Cognitive Science
- Decision Science
Background:
- Effort-based decision-making is common, but its neural basis is debated.
- The neural common currency theory proposes a domain-general valuation network for comparing costs and rewards.
Purpose of the Study:
- To investigate if effort-based decisions utilize a domain-general valuation network.
- To compare the neural mechanisms of effort-based and risky decision-making.
Main Methods:
- Computational modeling (power discounting model).
- Univariate and multivariate functional magnetic resonance imaging (fMRI).
- Analysis of data from two independent studies.
Main Results:
- Effort-based decisions are modeled by power discounting, considering rate and sensitivity.
- Multivariate fMRI decoding revealed dmPFC patterns represent subjective value across effort and risk tasks.
- Univariate signals in dmPFC were more varied than multivariate patterns.
Conclusions:
- Multivariate dmPFC patterns are crucial for task-independent subjective value computation.
- Findings support and extend the neural common currency theory's scope.
- Effort-based and risky decisions share neural valuation mechanisms.
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