Neuronal Representations of Reference-dependent Value

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Title:	Neuronal Representations of Reference-dependent Value
Authors:	Jiang, Lily;Wu, Shih-Wei;Yu, Hsi-Cheng
Keywords:	consumption utility;gain-loss utility;reference-dependent utility;fMRI
Date:	2017-02-08
Issue Date:	2017-03-03 02:11:45 (UTC+8)
Abstract:	How does a person assess the outcome of a choice? Kőszegi and Rabin (2006) proposed a reference-dependent utility theory in which the overall utility of an outcome is composed of two components: an intrinsic consumption utility attached to the choice itself and a gain-loss utility which is reference dependent. Using functional magnetic resonance imaging, we investigated the way people weigh consumption utility and gain-loss utility to assess an outcome. Trials in Session 1 were to monitor neural responses to multiple types of money-food reward bundles. Trials in Session 2 comprised an initial expectancy phase, when rewards in each bundle were not fully disclosed and needed to be predicted, and a subsequent outcome phase, when actual amounts of rewards were revealed. We found that mPFC and OFC track expected consumption utility for money-food rewards bundles. Generally, reference-dependent experienced utility was also observed in the same regions. mPFC also encodes gain or loss signals that were computed during experience of actual rewards.
Relation:	「動機與快樂的腦神經研究」專題計畫
Appears in Collections:	[Graduate Institute & Department of Economics] Research Paper

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