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Updated: Sep 15, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Complementary and opponent value signals in the human brain support choosing the best and avoiding the worst
Clarissa Baratin1, Alizée Lopez-Persem2, Philippe Kahane1,3
1Univ. Grenoble Alpes, Inserm U1216, CHU Grenoble Alpes, Grenoble Institut Neurosciences, GIN, Grenoble, France.
Abstract:
Whether the brain encodes the subjective value of pleasant and unpleasant situations via a single integrated circuit or through distinct pathways remains unresolved. How such signals guide choice across contexts also remains unclear. To address these questions, we recorded intracerebral activity from participants who rated pleasant and unpleasant scenarios and then made binary choices across domains and frames. Ventromedial prefrontal cortex (vmPFC) broadband gamma activity (BGA, 50-150 Hz) tracked the value of pleasant items during rating and choice, correlating positively with the most pleasant item irrespective of choice frame. Similarly, anterior insula (aIns) BGA tracked the value of unpleasant items during rating and choice, correlating negatively with the most unpleasant item irrespective of choice frame. Relative value signals in the vmPFC and aIns diverged most strongly when item domain and choice frame conflicted. These findings reveal complementary neural systems for pleasant and unpleasant valuation and their role in value-based choices.
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