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The case for value as a common currency in decision-making and intersystem competition
1Department of Psychiatry, Weinberg Institute for Cognitive Science, University of Michigan, Ann Arbor, MI, United States.
Frontiers in Cognition
|June 24, 2026
Summary
Value acts as a common currency in decision-making, but this neuroeconomics view faces criticism. This study refines the common currency concept, distinguishing phases and levels to better explain human choices and irrationality.
Area of Science:
- Neuroeconomics
- Cognitive Science
- Decision Science
Background:
- Theorists propose value as a common currency for option selection, drawing from economic theory.
- This neuroeconomics concept has faced criticism regarding action pathways, psychological system differences, and accommodating irrationality like context effects.
Purpose of the Study:
- To systematically address criticisms of the common currency view in decision-making.
- To refine the common currency model by introducing distinctions in phases and levels.
- To differentiate between mechanistic and axiomatic common currency models.
Main Methods:
- Systematic response to criticisms of the common currency view.
- Refinement of the common currency concept by distinguishing decision-phase and learning-phase currencies.
- Further distinction between options-level and meta-level currencies.
- Differentiation between mechanistic cognitive science models and axiomatic economics models.
Main Results:
- The refined common currency view addresses criticisms concerning value-bypass pathways and inter-system currency differences.
- The model accommodates context effects and other forms of "irrationality" more effectively.
- Distinctions between phases (decision/learning) and levels (options/meta) provide a nuanced understanding.
Conclusions:
- Refined common currency models offer a more comprehensive explanation of value's role in human decision-making.
- The distinctions enhance the ability to explain complex decision behaviors and apparent irrationalities.
- This work advances the integration of economic theory and cognitive science in understanding choice.
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