Dr. Wolfram Schultz is a Professor of Neuroscience at the University of Cambridge and one of the world’s leading experts on dopamine. In this episode, we discuss the dopamine system's role in reward processing, evolutionary fitness, the functioning of dopamine neurons, the interplay between reward vs punishment, and the complexity of neurons. Dr. Schultz overviews core mechanisms of value-guided decision-making, risk-taking, addiction, the role of prediction error in shaping reinforcement learning, how these are all explained by dopamine, and the differences between dopamine and serotonin 00:18 Understanding Reward Processing in Animals 01:29 Evolutionary Role of Reward System 03:31 Complexity of Reward System and Dopamine Neurons 04:31 Differentiating Reward and Avoidance Systems 05:35 Role of Emotion in Reward Processing 08:07 Exploring Consciousness and its Measurement 08:49 Dopamine Firing in Different Scenarios 11:41 Understanding the Complexity of Neurons 18:23 Exploring the Concept of Prediction Error 27:36 Understanding the Role of Dopamine in Depression 30:52 Understanding the Role of Serotonin and Dopamine 33:55 Exploring the Concept of Metacognition 43:28 Understanding the Development of Reward System in Humans 43:59 Understanding the Reward System in Infants 45:36 The Maturation of the Reward System 46:41 The Role of Neural Connections in Reward System 47:23 The Concept of Reward Sensitivity During Adolescence 48:44 The Importance of Exploration in Reward System 54:53 The Role of Dopamine in Reward System 01:02:41 Understanding Addiction and Dopamine's Role 01:02:45 The Impact of Modern Day Environment on Reward System 01:13:04 The Role of Risk in Assessing Subjective Reward Value 01:18:06 Understanding Individual Differences in Reward Sensitivity 01:20:14 The Never-Ending Journey of Incentive Reward #Neuroscience #Dopamine #RewardProcessing #BehavioralEconomics #Addiction #RiskTaking #NatureandNurture