2012
DOI: 10.1016/j.conb.2012.07.011
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Value normalization in decision making: theory and evidence

Abstract: A sizable body of evidence has shown that the brain computes several types of value-related signals to guide decision making, such as stimulus values, outcome values, and prediction errors. A critical question for understanding decision-making mechanisms is whether these value signals are computed using an absolute or a normalized code. Under an absolute code, the neural response used to represent the value of a given stimulus does not depend on what other values might have been encountered. By contrast, under… Show more

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Cited by 135 publications
(136 citation statements)
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“…In addition to normalization to the immediate choice set, the brain also displays normalization to the recent history of rewards (46)(47)(48). In theory, temporal normalization can also generate context dependence (29), but the consequences of such adaptation in value coding and potential interaction with choice circuit normalization remain currently unknown. Importantly, the normalization model provides a testable hypothesis of causality: Disrupting value normalization should reduce the magnitude of context-dependent choice inefficiency.…”
Section: Discussionmentioning
confidence: 99%
See 1 more Smart Citation
“…In addition to normalization to the immediate choice set, the brain also displays normalization to the recent history of rewards (46)(47)(48). In theory, temporal normalization can also generate context dependence (29), but the consequences of such adaptation in value coding and potential interaction with choice circuit normalization remain currently unknown. Importantly, the normalization model provides a testable hypothesis of causality: Disrupting value normalization should reduce the magnitude of context-dependent choice inefficiency.…”
Section: Discussionmentioning
confidence: 99%
“…These simulations provide a quantitative examination of qualitative predictions about the effects of normalization on decision making (17,29). Furthermore, we examine human and monkey behavior under conditions in which the model specifically predicts context-driven distortions of choice behavior.…”
mentioning
confidence: 99%
“…As the value of C grows, distributions representing noisy value estimates of A and B exhibit more overlap, increasing the probability that the inferior option B is mistakenly chosen over A (although in other circumstances, increasing the value of C may lead B to be selected less often, and rival models have been proposed to account for this alternative finding [16, 17]). Indeed, single-cell recordings from macaques making choices among juice or food rewards suggest that neural encoding of value in the parietal and orbitofrontal cortices is scaled by the context provided by the range of possible options [18]. When one measures the scaling factor (or ‘gain’) that quantifies how subjective value (e.g.…”
Section: Irrational Economic Decisionsmentioning
confidence: 99%
“…In some situations, the most diagnostic features will be those that are most likely to occur, given the statistics of the natural environment or the local context. For example, an efficient system will become most sensitive to high-valued stimuli when they are abundant, and to low-valued stimuli during times of scarcity [12, 18]. Formally, this strategy maximises the information that a neuronal system can encode and transmit, thereby optimising processing demands to match the available resources [25].…”
Section: Efficient Codingmentioning
confidence: 99%
“…Normalization was originally proposed to explain activity in the primary visual cortex but normalization may also explain higher-order processes such as visual attention and decisionmaking (Matteo andDavid, 2011, Rangel andClithero, 2012). It is not yet clear which, if any, of the currently proposed mechanisms will prove to underlie the context-dependent decisions made by humans, but the integration of ideas from neuroscience and behavioural work is leading to models that better describe the decisions people actually make.…”
Section: Discussionmentioning
confidence: 99%