Neural mechanism of intertemporal choice: From discounting future gains to future losses

Brain Research

Volumn 1261, Issue , 2009, Pages 65-74

  Xu, Lijuan ^a   Liang, Zhu Yuan ^b   Wang, Kun ^a   Li, Shu ^b   Jiang, Tianzi ^a  

^a INSTITUTE OF AUTOMATION   (China)

^b INSTITUTE OF PSYCHOLOGY   (China)

Author keywords

Anterior cingulate cortex; Discounting loss; Dorsolateral prefrontal cortex; Intertemporal choice; Medial prefrontal cortex

Indexed keywords

ADULT; ARTICLE; BRAIN REGION; COST BENEFIT ANALYSIS; DECISION MAKING; EMOTION; FEMALE; FUNCTIONAL MAGNETIC RESONANCE IMAGING; HUMAN; HUMAN EXPERIMENT; INTERTEMPORAL CHOICE; MALE; NERVE CELL NETWORK; NEUROIMAGING; NORMAL HUMAN; PARIETAL LOBE; PREFRONTAL CORTEX; PRIORITY JOURNAL; RESPONSE TIME;

ADULT; BRAIN; BRAIN MAPPING; CHOICE BEHAVIOR; FEMALE; HUMANS; MAGNETIC RESONANCE IMAGING; MALE; REWARD; TIME; YOUNG ADULT;

EID: 61549117181     PISSN: 00068993     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.brainres.2008.12.061     Document Type: Article

References (79)

1. Ainslie G. Specious reward: a behavioral theory of impulsiveness and impulse control. Psychol. Bull. 82 (1975) 463-496
2. Ainslie G. Breakdown of Will (2001), Cambridge University Press, Cambridge, UK
3. Baker F., Johnson M.W., and Bickel W.K. Delay discounting in current and never-before cigarette smokers: similarities and differences across commodity, sign, and magnitude. J. Abnorm. Psychol. 112 (2003) 382-392
4. Baker S.C., Rogers R.D., Owen A.M., Frith C.D., Dolan R.J., Frackowiak R.S., and Robbins T.W. Neural systems engaged by planning: a PET study of the Tower of London task. Neuropsychologia 34 (1996) 515-526
5. Baron J. Thinking and Deciding. (4th ed.) (2008), Cambridge University Press, New York, USA 478-486
6. Bechara A. Neurobiology of decision-making: risk and reward. Semin. Clin. Neuropsychiatry 6 (2001) 205-216
7. Benzion U., Rapoport A., and Yagil J. Discount rates inferred from decisions: an experimental study. Manage. Sci. 35 (1989) 270-284
8. Berns G.S., McClure S.M., Pagnoni G., and Montague P.R. Predictability modulates human brain response to reward. J. Neurosci. 21 (2001) 2793-2798
9. Biederman J., and Spencer T. Methylphenidate in treatment of adults with attention-deficit/hyperactivity disorder. J. Atten. Disord. 1 6 Suppl (2002) S101-S107
10. Boettiger C.A., Mitchell J.M., Tavares V.C., Robertson M., Joslyn G., D'Esposito M., and Fields H.L. Immediate reward bias in humans: fronto-parietal networks and a role for the catechol-O-methyltransferase 158(Val/Val) genotype. J. Neurosci. 27 (2007) 14383-14391
11. Botvinick M.M., Braver T.S., Barch D.M., Carter C.S., and Cohen J.D. Conflict monitoring and cognitive control. Psychol. Rev. 108 (2001) 624-652
12. Botvinick M.M., Cohen J.D., and Carter C.S. Conflict monitoring and anterior cingulate cortex: an update. Trends Cogn. Sci. 8 (2004) 539-546
13. Breiter H.C., Aharon I., Kahneman D., Dale A., and Shizgal P. Functional imaging of neural responses to expectancy and experience of monetary gains and losses. Neuron. 30 (2001) 619-639
14. Buchel C., Dolan R.J., Armony J.L., and Friston K.J. Amygdala-hippocampal involvement in human aversive trace conditioning revealed through event-related functional magnetic resonance imaging. J. Neurosci. 19 (1999) 10869-10876
15. Camerer C. Three cheers-psychological, theoretical, empirical-for loss aversion. J. Market. Res. 42 (2005) 129-133
16. Carter C.S., Braver T.S., Barch D.M., Botvinick M.M., Noll D., and Cohen J.D. Anterior cingulate cortex, error detection, and the online monitoring of performance. Science 280 (1998) 747-749
17. Cohen J.D., Perlstein W.M., Braver T.S., Nystrom L.E., Noll D.C., Jonides J., and Smith E.E. Temporal dynamics of brain activation during a working memory task. Nature 386 (1997) 604-608
18. Cohen M.S. Parametric analysis of fMRI data using linear systems methods. Neuroimage 6 (1997) 93-103
19. Damasio A.R., Grabowski T.J., Bechara A., Damasio H., Ponto L.L., Parvizi J., and Hichwa R.D. Subcortical and cortical brain activity during the feeling of self-generated emotions. Nat. Neurosci. 3 (2000) 1049-1056
20. De Martino B., Kumaran D., Seymour B., and Dolan R.J. Frames, biases, and rational decision-making in the human brain. Science 313 (2006) 684-687
21. Delgado M.R. Reward-related responses in the human striatum. Ann. N. Y. Acad. Sci. 1104 (2007) 70-88
22. Delgado M.R., Li J., Schiller D., and Phelps E.A. The role of the striatum in aversive learning and aversive prediction errors. Philos. Trans. R. Soc. Lond., B Biol. Sci. 363 (2008) 3787-3800
23. Elliott R., Friston K.J., and Dolan R.J. Dissociable neural responses in human reward systems. J. Neurosci. 20 (2000) 6159-6165
24. Estle S.J., Green L., Myerson J., and Holt D.D. Differential effects of amount on temporal and probability discounting of gains and losses. Mem. Cognit. 34 (2006) 914-928
25. Frederick S., Loewenstein G., and O'Donoghue T. Time discounting and time preference: a critical review. J. Econ. Lit. 40 (2002) 351-401
26. Gehring W.J., and Willoughby A.R. The medial frontal cortex and the rapid processing of monetary gains and losses. Science 295 (2002) 2279-2282
27. Glimcher P.W., and Rustichini A. Neuroeconomics: the consilience of brain and decision. Science 306 (2004) 447-452
28. Gold J.I., and Shadlen M.N. The neural basis of decision making. Annu. Rev. Neurosci. 30 (2007) 535-574
29. Green L., and Myerson J. A discounting framework for choice with delayed and probabilistic rewards. Psychol. Bull. 130 (2004) 769-792
30. Jensen J., McIntosh A.R., Crawley A.P., Mikulis D.J., Remington G., and Kapur S. Direct activation of the ventral striatum in anticipation of aversive stimuli. Neuron. 40 (2003) 1251-1257
31. Kable J.W., and Glimcher P.W. The neural correlates of subjective value during intertemporal choice. Nat. Neurosci. 10 (2007) 1625-1633
32. Kahneman D., and Tversky A. Choices, values and frames. American Psy. 39 (1984) 341-350
33. Kahneman D., Knetsch J.L., and Thaler R.H. Anomalies: the endowment effect, loss aversion, and status quo bias. J. Econ. Perspect. 5 (1991) 193-206
34. Knutson B., Westdorp A., Kaiser E., and Hommer D. FMRI visualization of brain activity during a monetary incentive delay task. Neuroimage 12 (2000) 20-27
35. Kuhnen C.M., and Knutson B. The neural basis of financial risk taking. Neuron. 47 (2005) 763-770
36. Loewenstein G. Anticipation and the valuation of delayed consumption. Econ. J. 97 (1987) 666-684
37. Loewenstein G., and Prelec D. Negative time preference. Am. Econ. Rev. 81 (1991) 347-352
38. Loewenstein G., and Prelec D. Anomalies in intertemporal choice: evidence and an interpretation Q.J. Econ. 107 (1992) 573-597
39. Loewenstein G., Rick S., and Cohen J.D. Neuroeconomics. Annu. Rev. Psychol. 59 (2008) 647-672
40. MacKeigan L.D., Larson L.N., Draugalis J.R., Bootman J.L., and Burns L.R. Time preference for health gains versus health losses. Pharmacoeconomics 3 (1993) 374-386
41. Mazur J.E. An adjusting procedure for studying delayed reinforcement. In: Commons M.L., Mazur J.E., Nevin J.A., and Rachlin H. (Eds). Quantitative analyses of behavior: Vol. 5. The effect of delay and of intervening events on reinforcement value (1987), Erlbaum, Hillsdale, NJ 55-73
42. McClure S.M., Laibson D.I., Loewenstein G., and Cohen J.D. Separate neural systems value immediate and delayed monetary rewards. Science 306 (2004) 503-507
43. McClure S.M., Li J., Tomlin D., Cypert K.S., Montague L.M., and Montague P.R. Neural correlates of behavioral preference for culturally familiar drinks. Neuron 44 (2004) 379-387
44. McClure S.M., Ericson K.M., Laibson D.I., Loewenstein G., and Cohen J.D. Time discounting for primary rewards. J. Neurosci. 27 (2007) 5796-5804
45. Miller E.K., and Cohen J.D. An integrative theory of prefrontal cortex function. Annu. Rev. Neurosci. 24 (2001) 167-202
46. Moll J., Krueger F., Zahn R., Pardini M., de Oliveira-Souza R., and Grafman J. Human fronto-mesolimbic networks guide decisions about charitable donation. Proc. Natl. Acad. Sci. 103 (2006) 15623-15628
47. Monterosso J.R., Ainslie G., Xu J., Cordova X., Domier C.P., and London E.D. Frontoparietal cortical activity of methamphetamine-dependent and comparison subjects performing a delay discounting task. Hum. Brain Mapp. 28 (2007) 383-393
48. Murphy J.G., Vuchinich R.E., and Simpson C.A. Delayed reward and cost discounting. Psychol. Rec. 51 (2001) 571-588
49. Myerson J., and Green L. Discounting of delayed rewards: models of individual choice. J. Exp. Anal. Behav. 64 (1995) 263-276
50. Novemsky N., and Kahneman D. The boundaries of loss aversion. J. Market. Res. 42 (2005) 119-128
51. Nummenmaa L., Hirvonen J., Parkkola R., and Hietanen J.K. Is emotional contagion special? An fMRI study on neural systems for affective and cognitive empathy. Neuroimage 43 (2008) 571-580
52. O'Doherty J., Kringelbach M.L., Rolls E.T., Hornak J., and Andrews C. Abstract reward and punishment representations in the human orbitofrontal cortex. Nat Neurosci. 4 (2001) 95-102
53. O'Doherty J.P. Reward representations and reward-related learning in the human brain: insights from neuroimaging. Curr. Opin. Neurobiol. 14 (2004) 769-776
54. Paulus M.P., Hozack N., Frank L., and Brown G.G. Error rate and outcome predictability affect neural activation in prefrontal cortex and anterior cingulate during decision-making. Neuroimage 15 (2002) 836-846
55. Peyron R., Laurent B., and Garcia-Larrea L. Functional imaging of brain responses to pain. A review and meta-analysis. Neurophysiol. Clin. 30 (2000) 263-288
56. Platt M.L. Neural correlates of decisions. Curr. Opin. Neurobiol. 12 (2002) 141-148
57. Platt M.L., and Glimcher P.W. Neural correlates of decision variables in parietal cortex. Nature 400 (1999) 233-238
58. Ploghaus A., Tracey I., Gati J.S., Clare S., Menon R.S., Matthews P.M., and Rawlins J.N. Dissociating pain from its anticipation in the human brain. Science 284 (1999) 1979-1981
59. Preuschoff K., Quartz S.R., and Bossaerts P. Human insula activation reflects risk prediction errors as well as risk. J. Neurosci. 28 (2008) 2745-2752
60. Raineri A., and Rachlin H. The effect of temporal constraints on the value of money and other commodities. J. Behav. Decis. Mak. 6 (1993) 77-94
61. Read D. Intertemporal choice. In: Koehler D., and Harvey N. (Eds). Blackwell Handbook of Judgment and Decision Making (2004), Blackwell, Oxford 424-443
62. Sanfey A.G., Rilling J.K., Aronson J.A., Nystrom L.E., and Cohen J.D. The neural basis of economic decision-making in the ultimatum game. Science 300 (2003) 1755-1758
63. Sanfey A.G., Loewenstein G., McClure S.M., and Cohen J.D. Neuroeconomics: cross-currents in research on decision-making. Trends Cogn. Sci. 10 (2006) 108-116
64. Seymour B., Daw N., Dayan P., Singer T., and Dolan R. Differential encoding of losses and gains in the human striatum. J. Neurosci. 27 (2007) 4826-4831
65. Takahashi T. Cortisol levels and time-discounting of monetary gain in humans. Neuroreport 15 (2004) 2145-2147
66. Talmi D., and Frith C. Neurobiology: Feeling right about doing right. Nature 446 (2007) 865-866
67. Tanaka S.C., Doya K., Okada G., Ueda K., Okamoto Y., and Yamawaki S. Prediction of immediate and future rewards differentially recruits cortico-basal ganglia loops. Nat. Neurosci. 7 (2004) 887-893
68. Tanji J., and Hoshi E. Behavioral planning in the prefrontal cortex. Curr. Opin. Neurobiol. 11 (2001) 164-170
69. Thaler R. Some empirical evidence on dynamic inconsistency. Econ. Lett. 8 (1981) 201
70. Tom S.M., Fox C.R., Trepel C., and Poldrack R.A. The neural basis of loss aversion in decision-making under risk. Science 315 (2007) 515-518
71. Tversky A., and Kahneman D. Loss aversion in riskless choice: a reference-dependent model. Q.J. Econ. 106 (1991) 1039-1061
72. Tversky A., and Kahneman D. Advances in prospect theory: cumulative representation of uncertainty. J. Risk Uncert. 5 (1992) 297-323
73. Wager T.D., Rilling J.K., Smith E.E., Sokolik A., Casey K.L., Davidson R.J., Kosslyn S.M., Rose R.M., and Cohen J.D. Placebo-induced changes in FMRI in the anticipation and experience of pain. Science 303 (2004) 1162-1167
74. Weber B.J., and Huettel S.A. The neural substrates of probabilistic and intertemporal decision making. Brain Res. 1234 (2008) 104-115
75. Wheeler E.Z., and Fellows L.K. The human ventromedial frontal lobe is critical for learning from negative feedback. Brain 131 (2008) 1323-1331
76. Winstanley C.A., Theobald D.E.H., Cardinal R.N., and Robbins T.W. Contrasting roles of basolateral amygdala and orbitofrontal cortex in impulsive choice. J. Neurosci. 24 (2004) 4718-4722
77. Wittmann M., Leland D.S., and Paulus M.P. Time and decision making: differential contribution of the posterior insular cortex and the striatum during a delay discounting task. Exp. Brain Res. 179 (2007) 643-653
78. Yeung N., and Sanfey A.G. Independent coding of reward magnitude and valence in the human brain. J. Neurosci. 24 (2004) 6258-6264
79. Zink C.F., Pagnoni G., Martin M.E., Dhamala M., and Berns G.S. Human striatal response to salient nonrewarding stimuli. J. Neurosci. 23 (2003) 8092-8097