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Given that we live in highly complex social environments, many of our most important decisions are made in the context of social interactions. Simple but sophisticated tasks from a branch of experimental economics known as game theory have been used to study social decision-making in the laboratory setting, and a variety of neuroscience methods have been used to probe the underlying neural systems. This approach is informing our knowledge of the neural mechanisms that support decisions about trust, reciprocity, altruism, fairness, revenge, social punishment, social norm conformity, social learning, and competition. Neural systems involved in reward and reinforcement, pain and punishment, mentalizing, delaying gratification, and emotion regulation are commonly recruited for social decisions. This review also highlights the role of the prefrontal cortex in prudent social decision-making, at least when social environments are relatively stable. In addition, recent progress has been made in understanding the neural bases of individual variation in social decision-making.
By combining the models and tasks of Game Theory with modern psychological and neuroscientific methods, the neuroeconomic approach to the study of social decision-making has the potential to extend our knowledge of brain mechanisms involved in social decisions and to advance theoretical models of how we make decisions in a rich, interactive environment. Research has already begun to illustrate how social exchange can act directly on the brain's reward system, how affective factors play an important role in bargaining and competitive games, and how the ability to assess another's intentions is related to strategic play. These findings provide a fruitful starting point for improved models of social decision-making, informed by the formal mathematical approach of economics and constrained by known neural mechanisms.