In a recent review article in Nature Reviews Neuroscience, Antonio Rangel, Colin Camerer and Read Montague suggest a framework for neuroeconomic research. Indeed, the very core of its idea is simple, but not simplistic. After reading the article, I think it will provide a useful reference for future research into neuroeconomics, aka value-based decision making. I’ve made a copy of the model here for you to see:
The caption reads:
Basic computations involved in making a choice. Value-based decision making can be broken down into five basic processes: first, the construction of a representation of the decision problem, which entails identifying internal and external states as well as potential courses of action; second, the valuation of the different actions under consideration; third, the selection of one of the actions on the basis of their valuations; fourth, after implementing the decision the brain needs to measure the desirability of the outcomes that follow; and finally, the outcome evaluation is used to update the other processes to improve the quality of future decisions.
In my own emerging work on this arena, I am trying to combine this with recent advances cognitive neuroscience. First, the advances in imaging genetics, i.e., the knowledge and study of how genetic variance leads to specific changes in neurotransmission, which in turn may affect cognition, emotion and behaviour. Second, the advances in the cognitive neuroscience of ageing, i.e, the relationship between age-related changes in brain structures and functions, and mental alterations.
Briefly put, in a just submitted manuscript, I suggest that the Rangel-Camerer-Montague framework can serve as a model for looking at genotype and age effects. This leads us to three advances: first, it provides a better way to illustrate and understand the minute details of the preference and decision making systems. Second, it serves as a demonstration that individual (and intra-individual) differences must be taken into account. The “economic agent” is not a homogenous subject, but an agent that differs from person to person and with persons over time. Finally, it may also serve as a framework for identifying potential ways to induce alterations in the systems, e.g., through medical intervention. More on this story later, given that the manuscript is accepted😉 For now, here’s an illustration of how genotype (exemplified through COMT, MAO-A and 5-HT) and age effects may expand the model. Of course, this is only scratching the surface, but I hope you’ll see what I mean.
This is an extended version of the Rangel-Camerer-Montague model. Within each processing node, two dimensions are added, here exemplified with the three primary nodes. The genotype dimension is a categorical variable that divides subjects into two or three classes, while the age dimension is continuous (inset, top left).