Functional neuroimaging of intertemporal choice models: A review.

Abstract

People often forsake a larger reward later for a smaller reward sooner. The process of devaluing the larger, later prize is called temporal discounting or delay discounting, which lies at the core of intertemporal choice. Here, we describe the methodology and findings of research on the mechanisms of intertemporal choice, with a focus on those that utilize functional MRI (fMRI). We consider the neural bases for the most common economic models of intertemporal choice and examine whether these models require neural processes that are common or distinct across types of decision making. Considered as a whole, current research points to potentially distinct contributions from brain systems associated with valuation and with prospective thought, which may be reflected in separable foci in posterior cingulate cortex. Based on open questions in the field, we suggest two core goals for future research: identifying aspects of valuation that are unique to intertemporal choice and evaluating direct or indirect interactions between delay and prize magnitude.

Dopamine Modulation of Intertemporal Decision-making: Evidence from Parkinson Disease

“…Rather, differences in dopamine levels as a function of being on versus off dopaminergic medication impacted choice behavior. Dopamine is necessary for functioning of both the striatum and pFC, regions known to be involved in intertemporal decisions (for a review, see Carter, Meyer, & Huettel, 2010). Open questions remain regarding the specific role of each region: By one account, the striatum is particularly engaged when rewards are available immediately, whereas pFC is engaged regardless of delay and particularly when decisions are more difficult (McClure et al, 2004).…”

Measuring Time Preferences

“…There is an ongoing debate about what the neuroimaging findings imply about the psychological processes involved in intertemporal choice (see Carter, Meyer, and Huettel 2010;Kable 2014;and Camerer et al 2014 for reviews). One finding is that brain regions associated with reward display a hyperbolic or quasi-hyperbolic decline in activation as the reward horizon is extended (McClure et al 2004;Kable and Glimcher 2007;Albrecht et al 2010).…”

A cross-sectional and longitudinal analysis of reward-related brain activation: Effects of age, pubertal stage, and reward sensitivity

“…Similarly, medial PFC -specifically the part that overlaps with the anterior cingulate cortex (ACC) -is also related to prediction-error coding (Van den Bos, Cohen, Kahnt, & Crone, 2012), but also to action-related reward associations (Kennerley & Walton, 2011;Rushworth, Noonan, Boorman, Walton, & Behrens, 2011), and detecting the need for increased control (Ridderinkhof, Ullsperger, Crone, & Nieuwenhuis, 2004). In contrast, a more ventral region of the medial prefrontal cortex, adjacent to medial orbital frontal cortex, has been implicated in coding rewards and is linked to representations of 'value' (Kuhnen & Knutson, 2005;McKell Carter, Meyer, & Huettel, 2010). Moreover, research indicates strong interconnections between the VS and several parts of the medial PFC.…”