Humans can infer social preferences from decision speed alone.

Humans are known to be capable of inferring hidden preferences and beliefs of their conspecifics when observing their decisions. While observational learning based on choices has been explored extensively, the question of how response times (RT) impact our learning of others' social preferences has received little attention. Yet, while observing choices alone can inform us about the direction of preference, they reveal little about the strength of this preference.

Episodic Memory Retrieval Affects the Onset and Dynamics of Evidence Accumulation during Value-based Decisions.

In neuroeconomics, there is much interest in understanding simple value-based choices where agents choose between visually presented goods, comparable to a shopping scenario in a supermarket. However, many everyday decisions are made in the physical absence of the considered goods, requiring agents to recall information about the goods from memory. Here, we asked whether and how this reliance on an internal memory representation affects the temporal dynamics of decision making on a cognitive and neural level.

Cognitive and neural principles of a memory bias on preferential choices.

Value-based decisions depend on different forms of memory. However, the respective roles of memory and valuation processes that give rise to these decisions are often vaguely described and have rarely been investigated jointly. In this review article, we address the problem of memory-based decision making from a neuroeconomic perspective.

Disentangling choice value and choice conflict in sequential decisions under risk.

Recent years have witnessed a surge of interest in understanding the neural and cognitive dynamics that drive sequential decision making in general and foraging behavior in particular. Due to the intrinsic properties of most sequential decision-making paradigms, however, previous research in this area has suffered from the difficulty to disentangle properties of the decision related to (a) the value of switching to a new patch versus, which increases monotonically, and (b) the conflict experienced between choosing to stay or leave, which first increases but then decreases after reaching the point of indifference between staying and switching. Here, we show how the same problems arise in studies of sequential decision-making under risk, and how they can be overcome, taking as a specific example recent research on the 'pig' dice game.

The elusiveness of context effects in decision making.

Contextual features influence human and non-human decision making, giving rise to preference reversals. Decades of research have documented the species and situations in which these effects are observed. More recently, however, researchers have focused on boundary conditions, that is, settings in which established effects disappear or reverse.

The influence of visual attention on memory-based preferential choice.

Many decisions rely on past experiences. Recent research indicates that people's choices are biased towards choosing better-remembered options, even if these options are comparatively unattractive (i.e.

The Reflection Effect in Memory-Based Decisions.

Previous research has indicated a bias in memory-based decision-making, with people preferring options that they remember better. However, the cognitive mechanisms underlying this memory bias remain elusive. Here, we propose that choosing poorly remembered options is conceptually similar to choosing options with uncertain outcomes.

Response time models separate single- and dual-process accounts of memory-based decisions.

Human decisions often deviate from economic rationality and are influenced by cognitive biases. One such bias is the memory bias according to which people prefer choice options they have a better memory of-even when the options' utilities are comparatively low. Although this phenomenon is well supported empirically, its cognitive foundation remains elusive.

Value-based attention but not divisive normalization influences decisions with multiple alternatives.

Violations of economic rationality principles in choices between three or more options are critical for understanding the neural and cognitive mechanisms of decision-making. A recent study reported that the relative choice accuracy between two options decreases as the value of a third (distractor) option increases and attributed this effect to divisive normalization of neural value representations. In two preregistered experiments, a direct replication and an eye-tracking experiment, we assessed the replicability of this effect and tested an alternative account that assumes value-based attention to mediate the distractor effect.

Semantic Incongruency Interferes With Endogenous Attention in Cross-Modal Integration of Semantically Congruent Objects.

Efficient multisensory integration is often influenced by other cognitive processes including, but not limited to, semantic congruency and focused endogenous attention. Semantic congruency can re-allocate processing resources to the location of a congruent stimulus, while attention can prioritize the integration of multi-sensory stimuli under focus. Here, we explore the robustness of this phenomenon in the context of three stimuli, two of which are in the focus of endogenous attention.

A reinforcement learning diffusion decision model for value-based decisions.

Psychological models of value-based decision-making describe how subjective values are formed and mapped to single choices. Recently, additional efforts have been made to describe the temporal dynamics of these processes by adopting sequential sampling models from the perceptual decision-making tradition, such as the diffusion decision model (DDM). These models, when applied to value-based decision-making, allow mapping of subjective values not only to choices but also to response times.

Leave-One-Trial-Out, LOTO, a general approach to link single-trial parameters of cognitive models to neural data.

A key goal of model-based cognitive neuroscience is to estimate the trial-by-trial fluctuations of cognitive model parameters in order to link these fluctuations to brain signals. However, previously developed methods are limited by being difficult to implement, time-consuming, or model-specific. Here, we propose an easy, efficient and general approach to estimating trial-wise changes in parameters: Leave-One-Trial-Out (LOTO).

Cognitive and Neural Bases of Multi-Attribute, Multi-Alternative, Value-based Decisions.

Researchers have benefited from characterizing evidence-based decision making as a process involving sequential sampling. More recently, sequential sampling models have been applied to value-based decisions - decisions that involve examining preferences for multi-attribute, multi-alternative choices. The application of sequential sampling models to value-based decisions has helped researchers to account for the context effects associated with preferential choice tasks.

How similarity between choice options affects decisions from experience: The accentuation-of-differences model.

Traditional theories of decision making require that humans evaluate choice options independently of each other. The independence principle underlying this notion states that the relative choice probability of two options should be independent of the choice set. Previous research demonstrated systematic violations of this principle in decisions from description (context effects), leading to the development of various models explaining them.

Value-based attentional capture affects multi-alternative decision making.

Humans and other animals often violate economic principles when choosing between multiple alternatives, but the underlying neurocognitive mechanisms remain elusive. A robust finding is that adding a third option can alter the relative preference for the original alternatives, but studies disagree on whether the third option's value decreases or increases accuracy. To shed light on this controversy, we used and extended the paradigm of one study reporting a positive effect.

Memory Beliefs Drive the Memory Bias on Value-based Decisions.

For many value-based decisions, people need to retrieve relevant information from their memory. In our previous work, we have shown that memory biases decisions in the sense that better-memorized choice options are preferred, even if these options are comparatively unattractive. However, the cognitive mechanisms that drive this memory bias remain unclear.

Correction: Deciding Not to Decide: Computational and Neural Evidence for Hidden Behavior in Sequential Choice.

[This corrects the article DOI: 10.1371/journal.pcbi.

The Attraction Effect Modulates Reward Prediction Errors and Intertemporal Choices.

Unlabelled: Classical economic theory contends that the utility of a choice option should be independent of other options. This view is challenged by the attraction effect, in which the relative preference between two options is altered by the addition of a third, asymmetrically dominated option. Here, we leveraged the attraction effect in the context of intertemporal choices to test whether both decisions and reward prediction errors (RPE) in the absence of choice violate the independence of irrelevant alternatives principle.

The Interplay of Hippocampus and Ventromedial Prefrontal Cortex in Memory-Based Decision Making.

Episodic memory and value-based decision making are two central and intensively studied research domains in cognitive neuroscience, but we are just beginning to understand how they interact to enable memory-based decisions. The two brain regions that have been associated with episodic memory and value-based decision making are the hippocampus and the ventromedial prefrontal cortex, respectively. In this review article, we first give an overview of these brain-behavior associations and then focus on the mechanisms of potential interactions between the hippocampus and ventromedial prefrontal cortex that have been proposed and tested in recent neuroimaging studies.

Effective Connectivity between Hippocampus and Ventromedial Prefrontal Cortex Controls Preferential Choices from Memory.

Although many preferential choices in everyday life require remembering relevant information, the interplay of neural systems mediating decisions and memory has rarely been studied. We addressed this question by combining a task, in which choice options had to be retrieved from memory, with cognitive modeling and fMRI. We found that memory-guided decisions are captured by established process models of choice (sequential sampling models) but constrained by forgetting.

Goal- and retrieval-dependent activity in the striatum during memory recognition.

The striatum has been associated with successful memory retrieval but the precise functional link still remains unclear. One hypothesis is that striatal activity reflects an active evaluation process of the retrieval outcome dependent on the current behavioral goals rather than being a consequence of memory reactivation. We have recently shown that the striatum also correlates with confidence in memory recognition, which could reflect high subjective value ascribed to high certainty decisions.

Deciding not to decide: computational and neural evidence for hidden behavior in sequential choice.

Understanding the cognitive and neural processes that underlie human decision making requires the successful prediction of how, but also of when, people choose. Sequential sampling models (SSMs) have greatly advanced the decision sciences by assuming decisions to emerge from a bounded evidence accumulation process so that response times (RTs) become predictable. Here, we demonstrate a difficulty of SSMs that occurs when people are not forced to respond at once but are allowed to sample information sequentially: The decision maker might decide to delay the choice and terminate the accumulation process temporarily, a scenario not accounted for by the standard SSM approach.

Classic EEG motor potentials track the emergence of value-based decisions.

Making a value-based decision is a cognitively complex phenomenon and divisible into several sub-processes, such as the perception, evaluation, and final selection of choice options. Although previous research has attempted to dissociate these processes in the brain, there is emerging evidence that late action selection mechanisms are influenced continuously throughout the entire decision act. We used electroencephalography (EEG) and an established sequential decision making paradigm to investigate the extent to which the readiness potential (RP) and the lateralized readiness potential (LRP), two classic preparatory EEG motor components, reflect the ongoing evaluation process in value-based choices.