Pain and value-based decision-making: An introduction and implications for neuroeconomics

Pain is central to numerous clinical conditions and is the main reason that individuals seek medical treatment. Although pain involves subjective decisions and the psychophysics and neural basis of pain have been studied for decades, few have applied neuroeconomic approaches to the study of pain and its modulation. In this chapter, we provide an introduction to pain for those in the field of neuroeconomics. We focus on acute pain, which can be experimentally manipulated and studied using neuroscience tools. We first review aspects of pain-related decisions and the circuits that support different aspects of pain. We then discuss the common neural pathways that support pain and reward, as well as evidence of their interactions. Next, we introduce how pain might be viewed from a neuroeconomic perspective, focusing on the value of pain. Finally, we address hypotheses and outstanding questions for those at the intersection of pain and neuroeconomics. By providing this introduction, our goal is to inspire a new generation of studies that bridge neuroeconomics and pain to tackle critical challenges such as those brought about by the opioid epidemic.