The lateral prefrontal cortex and complex value-based learning and decision making

Tremendous progress has been made in discerning the neurocognitive basis of value-based decision making and learning. Although the majority of studies to date have employed simple task paradigms, recent work has started to examine more complex aspects of value processing including: the value of engaging rule-based cognitive control; the integration of multiple pieces of information (e.g., reward magnitude and delay) to discern the best course of action; pursuing future rewards; valuation of abstract concepts (e.g., fairness); and comparing the value of executed versus imagined alternative actions. We provide a comprehensive review of functional neuroimaging, electrophysiological, and lesion evidence suggesting that the lateral prefrontal cortex (LPFC) plays a critical role in these complex aspects of value processing. In particular, we focus on the specific information that the LPFC represents, and argue that it includes both cognitive and value-based information. We also discuss how the role of the LPFC is distinct from other value-related regions. Finally, we articulate a framework for understanding the contribution of subregions along the rostro-caudal axis of the LPFC, and thereby bridge the cognitive control and decision making literatures.