Environments furnish multiple information sources for making predictions about future events. Here we use behavioural modelling and fMRI to describe how humans select predictors that might be most relevant. First, during early encounters with potential predictors, participants' selections were explorative and directed towards subjectively uncertain predictors (positive uncertainty effect). This was particularly the case when many future opportunities remained to exploit knowledge gained. Then, preferences for accurate predictors increased over time, while uncertain predictors were avoided (negative uncertainty effect). The behavioural transition from positive to negative uncertainty-driven selections was accompanied by changes in representations of belief uncertainty in ventromedial prefrontal cortex (vmPFC). The polarity of uncertainty representations (positive or negative encoding of uncertainty) changed between exploration and exploitation periods. Moreover, the two periods were separated by a third transitional period in which beliefs about predictors' accuracy predominated. VmPFC signals a multiplicity of decision variables, the strength and polarity of which vary with behavioural context.

Highlights d During self-other mergence (SOM), people confuse one's own with another's performance d Brain stimulation over dorsomedial prefrontal cortex (dmPFC) alters neural SOM d Brain stimulation over dmPFC simultaneously alters behavioral SOM d This suggests a causal role of dmPFC in separating self and other representations

Summary More than one type of probability must be considered when making decisions. It is as necessary to know one’s chance of performing choices correctly as it is to know the chances that desired outcomes will follow choices. We refer to these two choice contingencies as internal and external probability. Neural activity across many frontal and parietal areas reflected internal and external probabilities in a similar manner during decision-making. However, neural recording and manipulation approaches suggest that one area, the anterior lateral prefrontal cortex (alPFC), is highly specialized for making prospective, metacognitive judgments on the basis of internal probability; it is essential for knowing which decisions to tackle, given its assessment of how well they will be performed. Its activity predicted prospective metacognitive judgments, and individual variation in activity predicted individual variation in metacognitive judgments. Its disruption altered metacognitive judgments, leading participants to tackle perceptual decisions they were likely to fail.