Reliable population utility signal from diverse economic value coding in orbitofrontal neurons
Economic value encapsulates the subjective combination of reward magnitude and probability. We investigated the mechanism for subjective value computation in single neurons using an economic axiomatic approach. We found that single neurons in the macaque orbitofrontal cortex, known to be sensitive to reward magnitude and probability, encode the economic value functions (utility and probability weighting) in a heterogeneous manner, such that the activity of individual neurons did not match the animal's choices. However, the utility and probability weighting code from a population of these varied neurons reliably matched the animals' choices and risk attitudes. Thus, the neuronal population code for economic value amounted to a distributional representation of the formal economic functions. With a diverse single-unit economic value code converging into a reliable population-level utility code, this scheme suggests a brain mechanism for the flexible accommodation of multiple choice patterns and risk attitudes.