Neuronal Activity in Orbitofrontal Cortex during Trinary Choices under Risk

Economic choice entails computing and comparing the subjective values of different goods. Orbitofrontal cortex (OFC) is thought to contribute to both operations. However, previous work focused almost exclusively on binary choices, raising the question of whether current notions hold for multinary choices. Here we recorded from rhesus monkeys making trinary choices. Offers varied on three dimensions - juice flavor, quantity, and probability. In these experiments, quantity and probability varied continuously within a preset range. Animal choices were generally risk seeking and satisfied independence of irrelevant alternatives (IIA) - a fundamental assumption in standard economic theory. Different neurons encoded the values of individual offers, the choice outcome, and the chosen value - i.e., the same variables previously identified under binary choices. In addition, other cell groups encoded the chosen probability and the chosen hemifield. Notably, the activity of offer value cells reflected the risk attitude and fluctuated from session to session in ways that matched fluctuations observed behaviorally. In other words, the activity of these neurons reflected the subjective nature of value. Importantly, the representation of decision variables in OFC was invariant to changes in menu size - a property that effectively implies IIA.