Mental representations distinguish value-based decisions from perceptual decisions

Abstract

In our daily lives, we make a wide variety of decisions. One major distinction that has been made is between perceptual decisions and value-based (economic) decisions. We argue that this distinction is ill-defined, because these decisions vary on multiple dimensions. We present an alternative way to categorize decisions, based on two dimensions: subjective versus objective criteria, and evaluation of a stimulus versus a representation. We experimentally study the decision-making process (with eye-tracking) in each of the four resulting categories, using the same stimulus set of food images. Using a combination of individual-level and group-level modeling, we find surprisingly consistent patterns of behavior across the categories. However, we find stronger similarities between the subjective and objective categories, and stronger differences between the stimulus and representation categories.