Modality-specific and modality-general representations of subjective value in frontal cortex

Neuroeconomics theories propose that the value associated with diverse rewards or reward-predicting stimuli is encoded along a common reference scale, irrespective of their sensory properties. However, in a dynamic environment with changing stimulus-reward pairings, the brain must also represent the sensory features of rewarding stimuli. The mechanism by which the brain balances these needs-deriving a common reference scale for valuation while maintaining sensitivity to sensory contexts-remains unclear. To investigate this, we conducted an fMRI study with human participants engaged in a dynamic foraging task, which required integrating the reward history of auditory or visual choice options and updating the subjective value for each sensory modality. Univariate fMRI analysis revealed modality-specific value representations in the orbitofrontal cortex (OFC) and modality-general value representations in the ventromedial prefrontal cortex (vmPFC), confirmed by an exploratory multivariate pattern classification approach. Crucially, modality-specific value representations were absent when the task involved instruction-based rather than value-based choices. Effective connectivity analysis showed that modality-specific value representations emerged from selective bidirectional interactions across the auditory and visual sensory cortices, the corresponding OFC clusters, and the vmPFC. These results illustrate how the brain enables a valuation process that is sensitive to the sensory context of rewarding stimuli.