Common Neural Code for Reward and Information Value

Adaptive acquisition of information is critical for goal-directed behavior. Popular theories posit that information acquisition is driven by intrinsic motives (curiosity or exploration bonus) and mediated by valuation system. However, they are insufficient when agents need to evaluate instrumental benefit of new information in a forward-looking manner. We tested whether human brain computes value of information (VOI) on a scale common with more basic rewards to acquire information. In an fMRI task, subjects purchased information for choices on monetary lotteries. Behaviorally, subjective VOI was largely driven by instrumental benefit, as normatively predicted, but additionally affected by non-instrumental motive, particularly the utility of anticipation. Neurally, VOI was represented in striatum, ventromedial prefrontal cortex, and dorsolateral prefrontal cortex. Cross-categorical decoding revealed that these regions use a common scale for VOI and another type of value, expected utility of the lotteries. These provide new insight on neurocognitive mechanism of forward-looking, value-based information acquisition.