The Science of Value: Decoding The Neuroscience of Decision Making and Neuroeconomics

Your decisions rule your life. Your brain is the source of your decisions. So, if you can understand the neuroscience of decision making, then you should be able to make better decisions that improve your life in the future. One key component of decision making, as emphasized by the field known as “neuroeconomics,” is the process of valuation, or how your brain determines how much you value something. This video will explain the science of value, helping to decode the complex neuroscience of decision making and neuroeconomics. At the end, I’ll describe 3 neuroscience based strategies for avoiding cognitive biases and making better decisions in the future. #neuroscience #brain #neuroeconomics 📺 If you want more videos about how your brain works and how you can use that knowledge to improve your life, become a Patron by going to https://www.patreon.com/senseofmind You’ll not only get exclusive live streams and blog posts, but you’ll also be ensuring that I can continue to bring you neuroscience content on this channel. 🎉 🙏 *So a big THANK YOU to all the current Patrons who make Sense of Mind possible.* 🙏 -- Chapters: 00:00 The vmPFC and Preference 04:09 Decision Neuroscience vs Neuroeconomics 05:10 Common Currency Value Signal (Ventral Striatum and vmPFC) 12:55 Separate Value Signals (Orbitofrontal Cortex) 19:39 Influence of Choice on Neural Signals 20:48 Drift-Diffusion Models (DDM) 27:08 Decision Tool: Introduce a cooling off period 30:35 Decision Tool: Multifaceted evaluation 32:40 Decision Tool: Hypothesize, Act, Observe, and Repeat (or Just Choose!) 43:00 Summary -- Videos I Mentioned: - https://www.youtube.com/live/L7wDYqnt1eM?si=ARiZSHadc1bGX7h1 -- - Check out the podcast: https://podcasts.apple.com/us/podcast/sense-of-mind/id1603691298 - Follow Sense of Mind on instagram: https://www.instagram.com/sense.ofmind/ - Never miss new content from Sense of Mind! Sign up for the email newsletter here: - https://senseofmindshow.com/newsletter/ - And don’t forget to subscribe to this channel: https://www.youtube.com/@senseofmindshow -- All graphics and images obtained from scientific articles have been credited in the video and/or in the above list of references. All are licensed under either CC BY 3.0 (https://creativecommons.org/licenses/by/3.0/deed.en_US) or CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/deed.en_US) Wikipedia images: All wikipedia images have been credited in the video and all are licensed under either CC BY 3.0 (https://creativecommons.org/licenses/by/3.0/deed.en_US) or CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/deed.en_US) All B-roll comes from either https://www.storyblocks.com/ (using the appropriate purchased license) or from https://www.pexels.com/ All other images are property of Andrew Cooper-Sansone -- References: - Dennison, J. B., Sazhin, D., & Smith, D. V. (2022). Decision neuroscience and neuroeconomics: Recent progress and ongoing challenges. Wiley Interdisciplinary Reviews: Cognitive Science, 13(3), e1589. - Dobryakova, E., & Smith, D. V. (2022). Reward enhances connectivity between the ventral striatum and the default mode network. Neuroimage, 258, 119398. - Monosov, I. E., Haber, S. N., Leuthardt, E. C., & Jezzini, A. (2020). Anterior cingulate cortex and the control of dynamic behavior in primates. Current Biology, 30(23), R1442-R1454. --- Support this podcast: https://podcasters.spotify.com/pod/show/senseofmind/support