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

Abstract

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. However, for these models to predict choice preferences, more complex decision mechanisms have had to be introduced. We review here the complex decision mechanisms necessary to account for context effects found with multi-attribute, multi-alternative choices. In addition, we review linkages between these more complex processes and their neural substrates to develop a comprehensive and biologically plausible account of human value-based decision making.

Keywords: context effects; evidence accumulation; preferential choice; prefrontal cortex; sequential sampling; value-based decisions.