© 2005 Nature Publishing Group http://www.nature.com/natureneuroscience
ARTICLES
Risk-sensitive neurons in macaque posterior
cingulate cortex
Allison N McCoy1 & Michael L Platt1,2,3
People and animals often demonstrate strong attraction or aversion to options with uncertain or risky rewards, yet the neural
substrate of subjective risk preferences has rarely been investigated. Here we show that monkeys systematically preferred the risky
target in a visual gambling task in which they chose between two targets offering the same mean reward but differing in reward
uncertainty. Neuronal activity in posterior cingulate cortex (CGp), a brain area linked to visual orienting and reward processing,
increased when monkeys made risky choices and scaled with the degree of risk. CGp activation was better predicted by the
subjective salience of a chosen target than by its actual value. These data suggest that CGp signals the subjective preferences
that guide visual orienting.
To survive and thrive, animals must make choices that relate internal
states to the current environment. For example, choosing to pursue
food or water depends not only upon available resources but also on
whether hunger or thirst is greater. The decision to make a particular
action thus depends on subjective needs and desires as well as any
objectively measurable gains1–3.
In addition to state-dependent variables such as hunger, thirst and
even wealth, subjective biases also contribute to decision making. Since
the 18th century, it has been known that people’s choices reflect reward
uncertainty as well as reward value4. When confronted with two
options of the same mean value but differing in uncertainty, both
people and animals typically avoid choosing the uncertain, or risky,
option5,6. The idea that subjective preferences guide decision making
has since become a core concept in the decision sciences2,7. However,
the impact of subjective preferences on neural mechanisms of decision
making remains largely unexplored (but see ref. 8).
The simplest economic models of decision making posit that
rational choosers select the alternative with the highest expected
value9,10. Recent neurophysiological studies of visual orienting decisions have demonstrated that neurons in several brain areas linking
visual perception with eye movements also track target value11–15.
These observations suggest that orienting decisions are computed, in
part, by scaling neuronal responses by target value11,14,16. One question
these observations raise, however, is whether reward modulation of
neuronal activity in these brain areas reflects scaling by subjective
value17, predicted reinforcement14,18 or motivation19.
As people and animals often demonstrate strong attractions or
aversions to options with uncertain rewards2,6,20, risk preference
provides a promising behavioral framework for exploring neural
mechanisms underlying decision making and offers a potential way
to dissociate subjective value from objective rewards. Specifically,
neurons participating in the decision process should be sensitive to
subjective risk preferences, even when available options have the same
objective value.
To test this prediction, we recorded from single neurons in posterior
cingulate cortex (CGp), a limbic area linking reward with spatial
attention21,22 and orienting23,24. Two adult male rhesus macaques
performed a visual gambling task in which they chose between two
visual targets offering the same mean reward but differing in reward
uncertainty (Fig. 1a). We found that monkeys preferred orienting to
targets offering uncertain rewards, and neuronal activity in CGp
reflected these risk preferences. Our data suggest that neuronal
responses in CGp signal subjective spatial biases that guide orienting.
RESULTS
Behavioral risk preferences in monkeys
Although numerous studies have sought to understand risk preferences
in humans, birds and insects (reviewed in refs. 3,6), risk preferences in
monkeys remain largely unstudied. Therefore, we first probed monkeys’ behavioral sensitivity to reward uncertainty in a visual gambling
task. Shifting gaze to the ‘certain’ target resulted in 150-ms access to
fruit juice; shifting gaze to the ‘risky’ target resulted in the random
receipt of less than 150 ms on one-half of the trials and more than
150 ms on the other half of trials (mean ¼ 150 ms). The locations of the
certain and risky targets, as well as the degree to which risky reward
values deviated from the mean, were varied across blocks of 50 trials
(Fig. 1a, lower panel). Here we define risk as the coefficient of variation (CV) of rewards associated with the risky target, a dimensionless measure of relative risk permitting direct comparisons with
other studies3.
qffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi
Reward CV ¼ ðððx1 meanÞ2 +ðx2 meanÞ2 Þ=nÞ=mean
1Department of Neurobiology, 2Center for Cognitive Neuroscience and 3Department of Biological Anthropology and Anatomy, Duke University Medical Center, Box 3209,
Durham, North Carolina 27710, USA. Correspondence should be addressed to M.L.P. (
[email protected]).
Published online 14 August 2005; doi:10.1038/nn1523
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Vertical amplitude
where x1 and x2 are values for risky target and
a
b
n is the number of risk values. Overall, both
MR
CS
monkeys preferred the risky target and the
T1
T1
frequency of choosing it increased systemReward
CC
Move
atically with the degree of risk (Fig. 2a).
T2 Fixation
T2
Sensitivity to reward uncertainty is not
Delay off
Target on
predicted by standard models of reinforceFixation on
Time
ment learning. Specifically, reinforcement
learning models predict that the associative
Fix
strength of any stimulus for controlling behaTarget T1
c 20
Target
T2
vior is determined by rewards delivered in
Eye
RF
25,26
T1
association with that stimulus
. Because
Reward
average reward size was the same for risky
Fix
0
Sample reward schedules
and certain targets, such models would not
0.667
Reward CV 0.0667
0.1
0.167
0.333
0.5
predict a preference for one option over the
Certain target
150
150
150
150
150
150
T2
other. To explore this surprising behavioral
Risky target 140 160 135 165 125 175 100 200 75 225 50 250
–20
pattern further, we therefore examined the
–20
0
20
50 trials
Horizontal amplitude
impact of prior reward outcomes on subsequent choices. We found that receipt of smal- Figure 1 Method for investigating risk sensitivity in macaque posterior cingulate cortex. (a) Visual
ler-than-average rewards on the previous trial gambling trials were used to investigate risk sensitivity. On each trial, subjects initially fixated (± 1–21) a
blunted the likelihood of choosing the risky central yellow LED (200–800 ms). Two peripheral yellow LEDs were then illuminated diametrically
target on the next trial (Fig. 2b) but not nearly opposite the fixation LED (200–800 ms). The fixation LED was extinguished, cueing the monkey to shift
as much as would be expected by standard gaze to either target (± 3–51) within 350 ms. Correct trials were rewarded with a 300-ms noise burst and
reinforcement learning25. Moreover, monkeys juice. Lower panel: example of reward schedule. Mean reward size for each target was 150 ms; the range
of reward differences for the risky target was 20–250 ms across blocks of trials. (b) Recording sites in
behaved as if they overvalued relatively large
posterior cingulate cortex (CGp), estimated by digital ultrasound imaging. Diagonal hatches indicate
rewards. Our behavioral dataset was large approximate neuron locations within areas 31 and 23. Recording chamber projection (red box) and major
enough to examine sequences of up to seven landmarks in the ultrasounds are indicated (CS: cingulate sulcus, horizontal limb; MR: marginal ramus;
prior reward outcomes with statistical CC: corpus callosum). (c) Example of target geometry. One target was inside the response field (RF) while
confidence. Analysis showed that monkeys the other was diametrically opposite the fixation point. Neuronal response is plotted as a function of
significantly preferred the risky target even target location using an arbitrary color scale from blue to red (low to high firing rate).
after a sequence of six smaller rewards that
followed a large reward (F ¼ 5.709, P o 0.00001). These data make target when the monkey chose it:
plain that the choices monkeys make depend not only on expected
Vcertain ¼ Reward receivedcertain target + Riskcertain target
ð2Þ
reward value, as shown previously16, but also on reward uncertainty.
We next examined the impact of both received rewards and risk
experienced for prior choices on the probability of choosing the risky where the risk of the certain target was always 0.
target using logistic regression27. We found that both the degree of risk
We next estimated the subjective utility of the risky target Urisky on a
and normalized reward value associated with the target chosen on the given trial (t) according to the following algorithm:
previous trial biased the probability of choosing the risky target on the
Urisky ðtÞ ¼ Sn ¼ 1 to i ½Vrisky ðt nÞ Vcertain ðt nÞ an
ð3Þ
following trial (logistic regression coefficients: target risk ¼ 2.768;
target reward value ¼ 4.16 (risky), 3.378 (certain); all P-values | where an is the logistic coefficient for the difference in the experienced
0.001); moreover, including both risk and rewards received for prior value of the risky and certain targets lagged n trials. Multiple logistic
choices significantly improved the explanatory power of the model over regression analysis of the probability of a risky choice as a function of
any other single variable or combination of variables (Akaike’s Infor- the difference in experienced value for the two targets (Vrisky Vcertain)
mation Criterion (AIC)combined ¼ 14,629.66; AICtarget risk ¼ 15,476.45; on each of up to ten prior trials was used to derive the weighting factor
AICrisky target reward ¼ 14,847.19; AICcertain target reward ¼ 18,079.97; all an. This analysis showed that the value function difference (Vrisky
other combinations, AICs 4 (AIC)combined).
Vcertain) significantly influenced the probability of choosing the risky
Next, we developed a simple model of monkeys’ subjective prefer- target at all lags up to five trials (AIClags1–5 o AICs for all other
ence for the risky target—which we refer to here as subjective target combinations) but declined rapidly thereafter (Fig. 2c). As the addition
utility—on the basis of the difference in the experienced value of of further lags did not significantly improve the model, i was set to 5
the risky and certain targets. Since the logistic regression analysis trials. Using the weighting factor an, our estimate of subjective target
showed that both experienced risk and rewards received influenced utility, derived from prior choices and their associated rewards and risk,
the probability of choosing the risky target on subsequent trials, we provided a good prediction of the probability of choosing the risky
denoted the experienced value of the risky target Vrisky on each trial as target (logistic regression coefficient ¼ 5.2222, Wald statistic ¼
the sum of the risk and reward associated with that target when the 2,560.93, P o 0.00001).
In animals and humans, preference for risky options has been
monkey chose it:
associated with impoverished physiological6,28 or financial2,29 status.
Vrisky ¼ Reward receivedrisky target + Riskrisky target
ð1Þ We therefore asked how the risk sensitivity of our monkeys was affected
by their hydration status. In our experiments, access to fluids was
Similarly, we denoted the experienced value of the certain target Vcertain limited during the week but freely available on weekends. Risk
on each trial as the sum of the reward and risk associated with that sensitivity was therefore examined as a function of the day of the
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Response (Hz)
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Coefficient for risky value
Probability of novel choice
Probability of risky choice
Probability of risky choice
Probability of risky choice
week, as well as time during an experimental
a 0.9
b 1.2
c 1.2
session, under the assumption that fluid bal1.0
1.0
ance would decrease over the course of the
0.8
0.9
0.8
week and increase as juice was consumed
during each daily session. We found no effect
0.6
0.8
0.7
of day of the week (logistic regression coeffi0.4
0.7
cients, day of the week ¼ 0.005, P 4 0.97;
0.6
0.2
0.6
subject ¼ 0.23, P o 0.000001; risk ¼ 0.281,
0.0
0.5
Monkey Niko
0.5
P o 0.000001) or number of trials performed
Monkey Broome
–1.2
in each session (logistic regression coeffi0 50 100 150 200 250 300
10 9 8 7 6 5 4 3 2 1
0.0 0.2 0.4 0.6 0.8 1.0
cients: trial ¼ –0.00004, P 4 0.42; subject
Risk (reward CV)
Reward on previous trial (ms)
Lag (trials)
¼ 0.22, P o 0.000001; risk ¼ 2.44, P o
d 0.05
e 0.9
f 1.0
0.000001). Thus, monkeys showed consistent
n = 2032 trials
n = 2008 trials
preferences for uncertain fluid rewards, and
0.8
0.04
0.8
these preferences were apparently independent of fluid balance.
0.6
0.03
0.7
One important question is whether any
0.4
nonlinearity in the computer-driven solenoid
0.02
0.6
controlling fluid delivery might explain why
0.2
monkeys preferred the risky option. In fact,
0.01
0.5
fluid reward size was a linear function of
0.0
100
200
300
0
Broome
Niko
0.0 0.2 0.4 0.6 0.8 1.0
solenoid open time (volume ¼ 0.0026 +
Solenoid open time (ms)
Monkey
Risk (reward CV)
0.001 (open time in ms); Fig. 2d). Thus,
the risk preferences of our monkeys could not Figure 2 Monkeys prefer targets offering uncertain rewards. (a) Probability of choosing the risky target as
be explained by an asymmetry in the size of a function of risk for each monkey. Risk preference increased with increasing risk (logistic regression
rewards delivered across the range of values coefficients: Broome, 2.442, P o 0.0000001; Niko, 2.426, P o 0.0000001). (b) Monkeys discount
tested. We also performed a control experi- low payoffs at the risky target. Probability of choosing the risky target is plotted as a function of reward
received on the previous trial for both monkeys. Both monkeys were indifferent to the average reward size
ment in which choosing the risky target was (150 ms) but systematically preferred the risky target after either small or large payoffs. (c) Influence of
followed by delivery of larger-than-average rewards received and risk on current choice declines with time. Logistic regression coefficient for the
rewards on one-third of trials and smaller- experienced value of the risky target, estimated as the sum of the reward and risk received for choosing
than-average rewards on two-thirds of trials that target, plotted as a function of trial lag. (d) Juice volume varies linearly with solenoid open-time.
(as compared with one-half larger-than- (e) Monkeys preferred the risky target despite receiving a net loss of juice. Probability of choosing the
average and one-half smaller-than-average risky target as a function of risk for control experiment in which choosing the risky target resulted in a
rewards in standard visual gambling trials). two-thirds chance of a lower-than-average reward and a one-third chance of a higher-than-average reward.
(f) Monkeys were indifferent to targets that changed color. Probability of choosing novel colored target
The certain target, as before, offered 150-ms when reward size was equal is plotted for both monkeys. Broome, n = 2,032 trials; Niko, n = 2,008 trials.
access to juice on all trials, and the specific
values of high and low rewards were
unchanged from standard gambling trials. Choosing the risky target Neural correlates of reward uncertainty in CGp
thus resulted in a net loss of juice compared with choosing the certain Having established the risk preferences of two monkeys performing a
option, and this loss increased with increasing risk. Despite the fact that visual gambling task, we next examined the activity of single neurons in
the expected value of the risky target now declined with increasing risk, posterior cingulate cortex (Fig. 1b) for evidence of similar risk
sensitivity. Neurons in this area respond to the illumination of conmonkeys continued to prefer it (Fig. 2e).
Another question these data raise is whether the observed risk tralateral visual stimuli30, after contraversive gaze shifts16,24,30 and after
preferences might simply reflect a preference for the novelty, or reward delivery16, and the strength of these responses is modulated by
variability, of rewards associated with the risky target. In other reward size and expectancy16. Because most CGp neurons respond
words, perhaps a changing target or reward is simply more interesting selectively for a broad range of contralateral saccades, experiments were
for monkeys. This is an important potential confound which we conducted such that one target was placed inside the response field of
sought to address in a control experiment. Reward size was held the neuron under study while the other target was diametrically
constant at 150 ms access to juice for both targets while novelty was opposite the fixation point (Fig. 1c). The response field was determined
introduced by systematically changing the color of one of the targets during 100–400 standard mapping trials in which monkeys were asked
during reward delivery. For the ‘monotonous’ target, the color of the to shift gaze to targets throughout the visual field.
target remained yellow throughout the trial. For the ‘novel’ target,
The activity of a single CGp neuron recorded during visual
target color changed from yellow to green on half of the trials and from gambling trials is shown in Figure 3. Neuronal activity increased
yellow to red on the other half of the trials. Notably, both targets were after movement onset, and this activity was modulated both by whether
yellow until the delivery of reward such that any difference in the movement was into or out of the response field as well as whether
luminance by color would not affect the monkeys’ choices. The those choices were for risky or certain rewards (Fig. 3a). During the
locations of the novel and monotonous targets were reversed across epoch 200–400 ms after movement onset, firing rate was modulated by
blocks of trials to mitigate any spatial bias in the monkeys’ choices. both movement direction and risk (Fig. 3b). Neuronal activity
Neither monkey showed any preference for the novel colored target increased systematically with increasing risk, and this risk-related
(Fig. 2f). Thus, monkeys’ preference for risky targets is unlikely to be modulation was stronger for movements in the neuron’s preferred
explained by novelty alone.
direction (Fig. 3c).
Juice volume (ml)
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Firing rate (Hz)
15
0
BR030429
500 ms
Movement onset
b
c
30
Into RF
Out of RF
Firing rate (Hz)
© 2005 Nature Publishing Group http://www.nature.com/natureneuroscience
30
Figure 3 Posterior cingulate neurons are risk-sensitive. (a) Post-stimulus
time histogram for a single CGp neuron aligned on movement onset.
Points indicate average (± s.e.m.) firing rate measured in 100-ms bins.
Firing rate was greater for choices into RF than out of RF, as well as for
risky choices than for certain choices. Gray shaded box indicates 200-ms
epoch analyzed in b,c. (b,c) Average firing rate of the same CGp neuron
plotted as a function of choice (risky or certain) and reward CV for choices
in the neuron’s preferred (black) and non-preferred (gray) directions.
Firing rate systematically increased for risky choices as well as with
increasing reward CV for movements in the preferred direction (b: t-test,
t ¼ 5.55, df ¼ 375, P o 0.000001; c: multiple regression, r ¼ 0.230,
df ¼ 375, P o 0.00003).
Risky choices into RF
Certain choices into RF
Risky choices out of RF
Certain choices out of RF
15
0
Certain
0.0
Risky
0.2
0.4
0.6
0.8
Risk (reward CV)
Choice
Neuronal activity was modulated both by which target was chosen
and whether that target was associated with uncertain rewards. Overall,
the activity of 22/41 (53.7%) studied neurons was significantly modulated by whether the risky target was chosen (14/25 neurons in monkey
Broome and 8/16 neurons in monkey Niko). Across the population,
average neuronal activity was greater for risky target choices than for
certain target choices (ANCOVA: fixation epoch, F ¼ 3.957, P o 0.05;
pre-movement, F ¼ 11.321, P o 0.001; post-movement, F ¼ 2.346, P
4 0.10), even when the effects of movement amplitude, latency, peak
velocity and direction were removed statistically.
We collected data from 39/41 CGp neurons in the same four
conditions of risk. Population neuronal activity increased systematically with increases in risk throughout trials (Fig. 4; multiple
regression: fixation epoch, rrisk ¼ 0.030, n ¼ 9,153, P o 0.005; premovement epoch, rrisk ¼ 0.048, n ¼ 9153, P o 0.00001; post-movement epoch, rrisk ¼ 0.047, n ¼ 9153, P o 0.00001), roughly paralleling
the frequency of risky choices made by monkeys in these experiments
(compare to Fig. 2a). Notably, the effect of risk on neuronal firing rates
persisted as a tonic change throughout trials but was maximal when
superimposed upon phasic, movement-related responses (Fig. 4c).
Consistent with previous reports, the CGp population was also
sensitive to whether the chosen target was in the neuronal response
field, even while monkeys maintained central fixation before target
onset (Fig. 4; fixation epoch: rdirection ¼ 0.056, n ¼ 9,153, P o
0.000001; pre-movement epoch: rdirection ¼ 0.067, n ¼ 9,153, P o
0.000001; post-movement epoch: rdirection ¼ 0.125, n ¼ 9,153,
P o 0.000001). These data indicate that CGp neuronal activity is
sensitive to reward uncertainty as well as to target choice. For any
particular choice, either into or out of the response field, CGp neuronal
activity varied with risk.
Our data also indicate that the spatial selectivity of CGp neurons was
enhanced by increasing risk: in high-risk blocks, the neuronal population more accurately discriminated movement direction, visualized
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here as a larger separation between black and gray lines (Fig. 4; posthoc Tukey’s honestly significant difference tests for saccade direction;
fixation epoch: low-risk, not significant (n.s.); high-risk, P o 0.000001;
pre-movement epoch: low-risk, n.s.; high-risk, P o 0.000001; postmovement: low-risk, P o 0.01; high-risk, P o 0.00000001). Thus,
increasing risk did not seem to be associated with global or uniform
changes in neuronal activity, but rather with selective enhancement of
task-related neuronal activity.
The enhancement of spatial sensitivity by risk is difficult to explain
by global changes in arousal. Nevertheless, we sought to examine
whether changes in neuronal activity associated with risky choices
reflected changes in autonomic arousal. Correlates of autonomic
arousal such as heart rate, galvanic skin response, and cortisol levels
are elevated during gambling in humans31–33 and are attenuated in
medial prefrontal lesion patients with poor impulse control in gambling tasks34. We therefore recorded the heart rates of both monkeys
while they performed visual gambling trials in a separate set of
experiments (monkey Niko: 4,471 trials; monkey Broome: 3,780 trials).
Although there were fluctuations in heart rate over the course of
behavioral sessions as well as upon block changes, we found no
systematic effect of risk on heart rate (Fig. 5).
We examined other potential behavioral correlates of arousal or
motivation that might vary with reward uncertainty35. Reaction
times were not significantly faster when monkeys made risky choices
(F ¼ 2.7, P 4 0.1) but were significantly slower on trials after delivery
of either unusually large or small rewards (F ¼ 13.8, P o 0.000001).
Similarly, risky choices had no influence on peak saccade velocity scaled
by saccade amplitude (ramplitude ¼ 0.519, P o 0.000001; rrisky choice ¼
0.00850, P 4 0.322), but peak saccade velocity was significantly
higher after delivery of both the smallest and largest rewards
a10
Firing rate (Hz)
a
Fixation
b
Pre-movement
c
Post-movement
Into RF
Out of RF
8
6
4
0.0
0.2
0.4
0.6
0.8
Risk (reward CV)
Figure 4 Target risk enhances neuronal activity in CGp as well as sensitivity
to movement direction. Plots of average (± s.e.m.) neuronal firing rate as a
function of risk (reward CV) for the epochs after fixation (a), before movement
onset (b) and after movement onset (c). Activity was greater for movements
made into the RF and scaled with the degree of risk.
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We therefore first computed the experienced values of the target in the
response field (RF) and the target outside the response field (ORF)
using the risk and reward outcomes associated with prior choices, as
above. The experienced value of the RF target VRF and the experienced
value of the ORF target VORF on a trial were computed as
Monkey Niko
Monkey Broome
Heart rate (beats/min)
120
115
VRF ¼ Reward receivedRF + RiskRF
ð4Þ
110
VORF ¼ Reward receivedORF + RiskORF
ð5Þ
The subjective utility of the target in the response field URF on a given
trial t was then estimated according to the following algorithm:
105
100
0.0
0.2
0.4
0.6
0.8
1.0
URF ðtÞ ¼ Sn ¼ 1 to i ½VRF ðt nÞ VORF ðt nÞ an
Risk (reward CV)
Figure 5 Average heart rate does not increase with increasing risk. Average
heart rate (± s.e.m.) measured at 12 Hz by means of pulse oximetry is
plotted as a function of risk (reward CV) for both monkeys.
(F ¼ 23.858, P o 0.000001). Thus, while the saccade metrics and
choices of monkeys suggested that monkeys were, in fact, sensitive to
risk, the effects of risk on firing rate are not readily explained by global
changes in arousal.
CGp neurons track subjective target preferences
Despite the fact that the amount of reward received from choosing each
target was equivalent over time, monkeys systematically preferred the
risky target. Moreover, neuronal activity in CGp increased with the
selection of risky targets. These data suggest that, under these conditions, the activation of CGp neurons reflects subjective biases for targets
associated with uncertain rewards. If this is true, then firing rate on any
particular trial should be more closely associated with subjective
preferences for a particular target than with the actual rewards
harvested by choosing it. We tested this hypothesis by first examining
neuronal activity as a function of prior rewards received and, second, by
computing an estimate of subjective target utility on the basis of the
influence of both risk and reward received for previous choices27 and
asking whether neuronal activity was related to this measure.
First, we examined neuronal activity in the CGp population on each
trial as a function of the size of the rewards delivered on the previous
trial to ask whether neuronal activity reflected in any simple way the
actual rewards received (Fig. 6). In all three measured epochs, firing
rate discriminated between target choices into and out of the response
field (fixation: F ¼ 29.951, P o 0.000001; pre-movement: F ¼ 42.226,
P o 0.0000001; post-movement: F ¼ 148.152, P o 0.0000001).
Moreover, firing rate was elevated when monkeys received rewards
that deviated from the average, certain value (fixation: F ¼ 5.358,
P o 0.0000001; pre-movement: F ¼ 7.022, P o 0.0000001; postmovement: F ¼ 5.649, P o 0.0000001). However, CGp neuronal
activity did not distinguish between the lowest and highest rewards
received on previous trials (post-hoc Tukey honestly significant difference tests, P 4 0.15 in all epochs). Thus, neuronal responses in CGp
did not monotonically reflect the actual value of rewards received. We
suspected that, instead, CGp responses for a particular target choice
reflected monkeys’ subjective valuation of the target on the basis of
their own internal preferences (compare with Fig. 2b).
As a second test of this hypothesis, we computed a local estimate of
subjective target preference, which we refer to as subjective target
utility. Analysis of behavioral data, described above, showed that both
the risk and reward value associated with prior choices roughly equally
biased the probability of choosing the risky target on subsequent trials.
1224
ð6Þ
where an is the logistic coefficient for the difference in the experienced
value of the RF and ORF targets lagged n trials. Multiple logistic
regression analysis of the probability of an RF target choice as a
function of the difference in experienced value for the two targets
(VRF VORF) on each of up to ten prior trials was used to derive the
weighting factor an. We found that differences in the experienced value
of the two targets significantly influenced the probability of choosing
the RF target at all lags up to ten trials (AIClags1–10 o AICs for all other
combinations), so the weighting term an was therefore weighted on the
basis of the logistic regression coefficients for each trial lag with i set at
10 trials. The utility of the target outside the response field was
computed as the sign-reversed utility of the response field target.
High target utility implied that the monkey frequently chose, and
therefore preferred, a particular target in the past ten trials. These
computations were performed across the entire dataset.
We examined the percentage of cells in the population that were
significantly correlated with the subjective utility of the response field
target and whether the response field target was chosen, using a
multiple linear regression analysis with movement latency, amplitude
and peak velocity as co-regressors. The firing rates of 64% of cells were
significantly modulated by target utility as well as target choice in any of
twelve epochs examined (see Methods; Fig. 7). Modulations of firing
rate by target utility and target choice, however, varied over time as
well. Over 20% of the studied population of neurons showed a
significant correlation between firing rate and subjective target utility
during initial fixation before target onset (Fig. 7a), and the percentage
of neurons with a significant correlation between firing rate and target
utility gradually increased and peaked at around one-third of the
a 12
Fixation
b
Pre-movement
c
Post-movement
Into RF
Out of RF
Firing rate (Hz)
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125
10
8
6
4
50 100 150 200 250
Reward on previous trial (ms)
Figure 6 Population neuronal activity reflects monkeys’ preference for risky
targets but not prior reward outcomes. Firing rate is plotted as a function of
reward on previous trial for epochs after fixation (a), before movement onset
(b) and after movement onset (c). Activity was greater for movements made
into the RF as well as when relatively small or large rewards were delivered on
previous trial.
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© 2005 Nature Publishing Group http://www.nature.com/natureneuroscience
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Figure 7 CGp neurons carry information about both target choice and
subjective target utility. Multiple linear regression analysis was performed
with utility, RF choice and saccade kinematic parameters as co-factors.
(a) Percentage of cells with a significant correlation are plotted as a function
of time during trials. (b) Population activity is correlated with subjective
target utility. Firing rate measured after saccade onset is plotted as a function
of target utility, estimated from the influence of risk and rewards received on
target choices over the previous ten trials.
population in the epochs after movement onset. In contrast, fewer than
5% of neurons showed a correlation between eventual target choice and
firing rate during fixation before target onset, and the percentage of
cells with a significant correlation peaked just after target choice and
persisted through the end of the trial. These trends suggest a gradual
temporal shift in the information carried by CGp neurons, initially
favoring the subjective utility of available targets and later reflecting
target choice and, to a lesser degree, target utility.
Across the studied population of neurons, firing rate was positively
correlated with target utility for all trials in which monkeys chose the
target in the neuronal response field (Fig. 7b, black lines; post-movement epoch: r ¼ 0.146, P o 0.0000001) and negatively correlated with
target utility when monkeys chose the target out of the response field
(Fig. 7b, gray lines; post-movement epoch: r ¼ 0.0893, P o 0.005).
Activity in the CGp population was therefore well correlated with a
measure of target utility, estimated from the monkeys’ history of
choices, rewards received and associated risk. Note that black and
gray lines overlap at low measures of target utility and diverge with
increasing values, indicating that the ability of CGp neurons to
discriminate target choice depended on the utility of those targets.
If, as these data suggest, CGp neurons carry information about both
the direction and subjective utility of movements monkeys make, an
important question remaining is whether such activity causes—or
reflects—the animals’ choices. To address this issue, we examined the
time course of neuronal activity and the pattern of behavioral choices
after a switch in the location of risky and certain targets. We found that
the proportion of risky choices rose steeply from indifference (0.5) and
reached a plateau within 15–20 trials (averaged across multiple values
of risk; Fig. 8a). Similarly, neuronal activity in the 200–400 ms epoch
after movement onset increased by approximately 50% and began to
plateau within 15–20 trials from a block change (Fig. 8b). Piecewise
linear regression analysis for the probability of a risky choice and
neuronal activity as a function of time after a switch in the location of
the risky target showed break points, respectively, of 19.4 (r ¼ 0.889,
r2 ¼ 79.1%) and 24.6 (r ¼ 0.868, r2 ¼ 75.4%) trials, suggesting that
neuronal activity in CGp closely followed changes in monkeys’ choices.
This interpretation should be viewed with caution, however, as piecewise linear regression break points can be sensitive to the range of data
included in the model.
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Figure 8 Both the frequency of risky target choices and neuronal activity
gradually increase after block changes. Probability of risky choice (a) and
neuronal activity (b) are plotted as a function of trial after a change in the
location of the risky target. Behavioral preference for risky target and
neuronal firing rate increased at a similar rate and reached asymptote
within 15–20 trials.
Taken together, our results indicate that a subset of neurons in
posterior cingulate cortex carries information about the subjective
utility of targets in the visual world. Indeed, neuronal activity in
CGp mirrors the behavioral sensitivity of monkeys to risk. These
data are consistent with a role for CGp in signaling the subjective
salience of locations in the visual scene.
DISCUSSION
Economists, experimental psychologists and behavioral ecologists
have long argued that decision making depends on the conversion
of external variables into a common internal currency of value. Without such a common currency, neither animals nor people would be
able to choose adaptively between apples and oranges, much less
activities as disparate as eating and mating. While it is readily
accepted that internal representations of value lie at the very core of
decision making, most neurobiological studies of the decision
process have manipulated objective value, typically by changing reward
size or probability, because these factors are easily controlled and
quantified. On the other hand, subjective value can be measured
only indirectly, and attempts to correlate it with neuronal activity
are, not surprisingly, rare14,17.
The visual gambling task used in the current study affords a unique
opportunity to examine neural activity under conditions in which
subjective value, but not objective value, varied, as indicated by
subjects’ choices. Although there was no apparent reason for monkeys
to prefer one option or the other, they showed systematic preferences
for targets offering uncertain rewards, much like hungry birds6,20,28,36,
typical adolescents37–39 and people addicted to drugs40 or pathological
gambling32. Moreover, preference for the uncertain reward increased
parametrically with the coefficient of variation of reward or risk, in
accord with some recent findings in humans3.
Similarly, neurons in posterior cingulate cortex were also risksensitive, carrying information about both the direction of impending
movement, as shown previously24,30, and the uncertainty of rewards
associated with this movement. These findings both corroborate and
extend the findings of a previous study16, in which posterior cingulate
neurons were reported to be sensitive to reward size and predictability,
manipulations that also presumably influenced subjective value. However, the previous study could not discern whether such modulations in
neuronal activity reflected subjective preferences for larger or more
surprising rewards. In the present study, the average reward value
of each target was held constant, yet monkeys demonstrated clear
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© 2005 Nature Publishing Group http://www.nature.com/natureneuroscience
ARTICLES
preferences for one option over the other, thus permitting dissociation
of subjective and objective value. Under these conditions, CGp neurons
were sensitive to subjective target utility, consistent with recent findings
in posterior parietal cortex, a premotor area that has been implicated in
oculomotor decision making14,17.
Recent studies have suggested that orienting decisions are computed,
in part, by scaling neuronal responses by target value and then
comparing them with a threshold41,42. Our data indicate that CGp
neurons signal subjective biases for uncertain rewards (or, perhaps, the
potential to receive a large reward) rather than objective target value.
Thus, CGp appears to carry spatial information that is scaled by
subjective preferences for particular patterns of reward outcome.
Other investigators have shown recently that the responses of a
population of midbrain dopamine neurons are selectively enhanced
by reward uncertainty43. Such dopamine responses may indirectly
facilitate neuronal activity in CGp through projections to anterior
cingulate cortex, a major input to posterior cingulate cortex44. Several
neuroimaging studies have also shown hemodynamic responses to
outcome uncertainty in midline cortical areas such as anterior cingulate
cortex, orbitofrontal cortex and precuneus45,46. Our data extend those
findings, demonstrating a direct relationship between subjective preferences for uncertain rewards, or the opportunity to harvest a
relatively large reward, and the activity of neurons thought to participate in the allocation of attention21,22.
Neuronal activity in CGp reflects subjective preferences for risky
target locations during fixation as well as before and after saccade onset,
suggesting that this area contributes to visuospatial biases guiding
orienting22,30,47. Our data are in sharp contrast with findings in
posterior parietal cortex, where modulations by local fractional
income14 or subjective desirability17 are found to emerge around the
time of target onset and end after the eye movement. Therefore,
posterior parietal cortex has been proposed to signal the relative
value of potential eye movements17 but is unlikely to actually compute
this value, as the signals seem to be ‘reset’ at the start of each trial14. In
contrast, modulations in neuronal activity in CGp seem to persist
across trials, and the timing of these modulations is consistent with a
role in predicting and/or evaluating subjective value16,41. Thus, CGp
may convey information about subjective target value that scales
neuronal signals in parietal cortex.
Our data also indicate that the spatial sensitivity of neurons in CGp
is enhanced under conditions of risk or uncertainty. This result echoes a
recent finding that the spatial selectivity of parietal neurons is greatest
when target value is high14. Because both parietal and cingulate cortices
have been implicated in the allocation of spatial attention, such
enhancement may reflect heightened attention to regions of space
with high subjective value48. We speculate that enhanced neuronal
activity associated with risky rewards biases attention spatially, marking
large payoffs as salient for guiding behavior48 and thereby favoring
behavioral responses to risky targets. Such a link between risk preference, salience, attention and action has profound implications not
only for oculomotor decision making, but also for why people and
animals sometimes demonstrate irrational and even harmful preferences for risky behaviors.
In conclusion, two monkeys were systematically risk prone when
offered choices of targets associated with certain and uncertain fluid
rewards. Posterior cingulate neurons were similarly risk sensitive, and
their firing rates conveyed information about the direction of impending movements as well as the subjective utility of those movements.
Moreover, the spatial sensitivity of CGp neurons was enhanced under
conditions of high risk. Neurophysiological studies of risk preferences,
as reported here, may serve as an important model for probing the
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neural processes that underlie pathological risk taking in individuals
with addictions to drugs, sex, food or gambling.
METHODS
Surgical and training procedures. All procedures were approved by the Duke
University Institutional Animal Care and Use Committee and were designed
and conducted in compliance with the Public Health Service’s Guide for the
Care and Use of Animals. Initially, a head restraint prosthesis and scleral search
coil49 were implanted using standard surgical techniques30. Six weeks later,
animals were habituated to head restraint and trained to perform oculomotor
tasks for liquid rewards. A second surgical procedure was then performed to
implant a stainless steel recording chamber (Crist Instruments) over posterior
cingulate cortex at the intersection of the interaural and midsagittal planes. The
chamber was kept sterile with regular antibiotic washes and sealed with sterile
caps. Animals received analgesics and antibiotics after all surgeries.
Behavioral techniques. Horizontal and vertical eye positions were sampled at
500 Hz (Riverbend Instruments) and recorded by computer (ryklinsoftware.
com). Visual stimuli were LEDs (LEDtronics), which were illuminated to
appear yellow, red or green to normal human observers, fixed on a tangent
screen 144.78 cm (57 inches) from the animals’ eyes and forming a grid of
points separated by 11, spanning 491 horizontally and 411 vertically.
Behavioral datasets were collected for 12 sessions from both monkeys before
physiological recording. A 300-ms broadband noise before juice delivery served
as a secondary reinforcer on all correct trials. During visual gambling trials, one
target was placed in the response field of the neuron under study, while the
other target was placed diametrically opposite the fixation point. One target
was associated with a ‘certain’ reward outcome of 150 ms access to juice on
every trial, while the other ‘risky’ target was randomly rewarded with less than
150 ms on half of trials and greater than 150 ms on the other half of trials
(mean ¼ 150 ms across trials). The locations of the certain and risky targets, as
well as the coefficient of variation in reward for the risky target, were varied
every 50 trials. Heart rate was measured at 12 Hz by pulse-oximetry (SurgiVet)
on eight sessions for both monkeys.
Two control experiments were performed for risk and novelty. First, for the
risk control, visual gambling trials were as above with the following important
difference: the risky target was associated with larger-than-average rewards on
one-third of trials and smaller-than-average rewards on two-thirds of trials (as
compared with one-half larger-than-average and one-half smaller-than-average
rewards in standard visual gambling trials). Second, for the novelty control,
reward size was held constant at 150-ms access to juice for both targets while
novelty was introduced by systematically changing the color of one of the
targets during reward delivery. The color of the ‘monotonous’ target remained
yellow throughout trials, while the color of the ‘novel’ target randomly changed
color from yellow to green on half of trials, and from yellow to red on the other
half of trials.
Microelectrode recording techniques. Single electrodes (Frederick Haer) were
lowered under physiological guidance until the waveform of a single neuron
was isolated. Individual action potentials were identified in hardware by time
and amplitude criteria (BAK Electronics) and recorded by computer at 25 KHz.
Neurons were selected for recording experiments on the basis of the quality of
isolation and apparent task-sensitivity. Neuronal activity was first monitored
during 100–400 single-target trials to identify the neuron’s response field and
select appropriate target locations for subsequent visual gambling trials. Data
were collected for 4 to 14 blocks of gambling trials for each neuron, depending
on the duration and quality of isolation.
Following some recording sessions, we confirmed the location of the
electrode using a hand-held digital ultrasound device (Sonosite 180) placed
against the recording chamber50. Ultrasound images taken in the sagittal plane
showed that recordings were made in areas 23 and 31 in the cingulate gyrus and
ventral bank of the cingulate sulcus, anterior to the intersection of the marginal
and horizontal rami30.
Analysis. Data were analyzed off-line using custom software (Eyemove,
supported by K. Pearson, D. Sparks Laboratory, Baylor College of Medicine),
which computed saccade direction, amplitude, latency, peak velocity and times
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of spike occurrence. For behavioral data, logistic regression was used to
estimate the effects of experienced rewards and risk associated with prior
choices on the probability of choosing the risky target. Statistics were computed
using Statistica 6 or Matlab.
Firing rates were measured for each trial during 12 200-ms intervals
aligned with the time of an event during the trial: (i) 0–200 ms after the
onset of fixation; (ii) 0–200 ms after the illumination of the eccentric target;
(iii) 200–0 ms before target offset; (iv) 200–0 ms before movement onset;
(v) 0–200 ms after movement onset; (vi) 200–400 ms after movement onset;
(vii) 0–200 ms after the reinforcing noise burst; (viii) 200–0 ms before juice
onset and (ix–xii) 0–200 ms, 200–400 ms, 400–600 ms and 600–800 ms after
juice delivery. Analysis of firing rates focused on three 200 ms intervals in
particular: 0–200 ms after the onset of fixation (fixation epoch), 200–0 ms
before target offset (pre-movement epoch) and 200–400 ms after movement
onset (post-movement epoch). Multiple regression was used to quantify the
relationship between neuronal firing rate and target risk, independent of the
effects of latency, amplitude and peak velocity of eye movements.
In addition, neuronal activity was also analyzed as a function of subjective
target utility, which was estimated by assuming that the experienced value of
each target was the sum of both the received rewards and risk associated with
prior choices. Experienced value for each target was incorporated into the
model of subjective target utility by first multiplying this value by a weighting
factor and then summing across up to ten previous trials. Weighting factors for
the influence of experienced value at each trial lag were estimated by logistic
regression of the effects of experienced target value on the probability of
choosing the response field target. Aikake’s Information Criterion (AIC) was
used to evaluate the inclusion of experienced target value for trials at different
lags in the model.
ACKNOWLEDGMENTS
We thank G. Haghighian and J. Crowley for their contribution to the early
stages of this work. We also thank S. Roberts for assistance in animal care
and S. Huettel, J. Stowe, P. Glimcher, R. Deaner, J. Roitman, M. Bendiksby,
S. Shepherd and A. Khera for valuable comments on the manuscript.
Supported by the Klingenstein Foundation, the Duke Provost’s Common
Fund and the National Eye Institute.
COMPETING INTERESTS STATEMENT
The authors declare that they have no competing financial interests.
Received 5 May; accepted 18 July 2005
Published online at http://www.nature.com/natureneuroscience/
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