Behavioral read-out from population value signals in primate orbitofrontal cortex

The primate orbitofrontal cortex (OFC) has long been recognized for its role in value-based decisions; however, the exact mechanism linking value representations in the OFC to decision outcomes has remained elusive. Here, to address this question, we show, in non-human primates, that trial-wise variability in choices can be explained by variability in value signals decoded from many simultaneously recorded OFC neurons. Mechanistically, this relationship is consistent with the projection of activity within a low-dimensional value-encoding subspace onto a potentially higher-dimensional, behaviorally potent output subspace. Identifying this neural-behavioral link answers longstanding questions about the role of the OFC in economic decision-making and suggests population-level read-out mechanisms for the OFC similar to those recently identified in sensory and motor cortex.