Abstract
To address the heterogeneity between lateral orbital (LO) and ventral orbital (VO) aspects of the orbitofrontal cortex, neural ensembles were recorded while rats made economic decisions on a sequential foraging task. LO contained representations of reward value, and VO contained opposing representations of the opportunity costs associated with waiting out the delay to reward. The relative balance of these representations tracked decisions to approach or leave a reward during each stage of an encounter (i.e., task state) but scaled with externally and internally induced changes in reward value (reward scarcity and hunger, respectively). Representations of value in LO and opportunity costs in VO persisted throughout each stage of an encounter but were realized by distinct clusters of cells within each task state. Thus, LO and VO encoded opposing representations to guide sequential foraging decisions using a shared coding scheme that multiplexed information about value, via overall activity, with task state, via cell clusters.