- [[problems with the concepts of utility and value]] # Idea If value normalization and range adaptation indeed take place, it changes how we should think about the value computation process (and challenges the [[common currency hypothesis]]). That is, the values are first compared (which results in normalization), and then represented: comparison -> representation, instead of representation -> comparison. Value normalization also results in the [[neuroeconomic relativity problem]]: Value is relative to the reference frame of the decision maker. We can never determine the "true [[subjective value]]" of any option. Pure subjective value codings might not even exist. # References - [[Louie 2013 normalization is a general neural mechanism]] - [[Hayden the case against economic values in the brain]]