Much of the research in behavioral economics focuses on how decision-makers choose among various options when the information about the uncertain future prospects is provided explicitly. For example, in studies on decision-making under risk, the decision-makers are given specific information about the magnitudes and probabilities of possible payoffs from each choice. In real life, however, information about the magnitude, likelihood, and temporal delay of reward and punishment resulting from a particular choice often has to be estimated through experience. Neurophysiological studies have identified different types of signals encoded by individual neurons in the frontal cortex and the posterior parietal cortex during such computer-simulated competitive games that might be used to determine the choice of the animal and update its strategy based on the previous choice outcomes. The neural mechanisms responsible for updating the animal's decision-making strategies based on such multiple sources of information are not well understood, and should be pursued in future research.
|Original language||English (US)|
|Title of host publication||Neuroeconomics|
|Number of pages||21|
|State||Published - 2009|
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