Reward, risk and neuroeconomic decision making
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1
University of Cambridge, Department of PDN, United Kingdom
Rewards produce learning (positive reinforcement), approach behaviour and positive emotions (pleasure, desire). We investigate basic neuronal reward processes using neurophysiological and neuroimaging methods.
Dopamine neurons are activated by rewards and reward prediction stimuli. The signal reflects reward prediction error which represents a crucial signal for learning. As electrical and optogenetic activation of dopamine neurons elicits learning and approach behaviour, the data suggest a role for dopamine neurons in reward processing.
Rewards can be viewed as probability distributions of reward values. The key parameters defining probability distributions are expected value and standard deviation, which in economics is also referred to as 'risk'. This definition leads to the common notion of risk as probability of losing by considering nonlinear subjective value functions and their notable assymetry (loss avoidance). Value and risk are fundamental variables for economic decision making.
Neurons in specific reward centres of the brain process reward value and risk in distinct forms. These responses increase monotonically with higher standard deviations of binary equiprobable distributions of reward magnitudes. The terms 'risk aversion' and 'risk seeking' indicate that risk influences the subjective valuation of outcomes; this concept constitutes a basic tenet of economic utility theory. As neuronal correlate, risk enhances neuronal value responses in lateral frontal cortex of risk seekers.
Keywords:
Rewar,
risk,
Learning,
value,
Theory
Conference:
4th Conference of the Mediterrarnean Neuroscience Society, Istanbul, Türkiye, 30 Sep - 3 Oct, 2012.
Presentation Type:
Plenary Lecture
Topic:
Abstracts
Citation:
Schultz
W
(2013). Reward, risk and neuroeconomic decision making.
Conference Abstract:
4th Conference of the Mediterrarnean Neuroscience Society.
doi: 10.3389/conf.fnhum.2013.210.00065
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Received:
16 Mar 2013;
Published Online:
11 Apr 2013.
*
Correspondence:
Dr. Wolfram Schultz, University of Cambridge, Department of PDN, Cambridge, CB2 0DY, United Kingdom, ws234@cam.ac.uk