This review synthesizes recent neurophysiological studies on decision-making in humans and non-human primates, highlighting the emerging neurobiological mechanism for primate choice. The mechanism is composed of two stages: valuation and choice. The valuation stage involves a multi-component process implemented in the ventromedial prefrontal cortex and associated parts of the striatum, where subjective values of options are learned, stored, and represented. The choice stage involves lateral prefrontal and parietal areas, which implement a decision-making algorithm to select the most valuable option from a set of alternatives. The review discusses the role of midbrain dopamine in learning subjective values and the computational mechanisms underlying choice, including the winner-take-all and thresholding models. It also addresses open questions and controversies in the field, such as the integration of multiple valuation systems and the function of dorsomedial prefrontal and medial parietal circuits. The authors emphasize the importance of neurophysiological models in understanding economic and social behavior and their potential applications in addressing health disorders related to decision-making.This review synthesizes recent neurophysiological studies on decision-making in humans and non-human primates, highlighting the emerging neurobiological mechanism for primate choice. The mechanism is composed of two stages: valuation and choice. The valuation stage involves a multi-component process implemented in the ventromedial prefrontal cortex and associated parts of the striatum, where subjective values of options are learned, stored, and represented. The choice stage involves lateral prefrontal and parietal areas, which implement a decision-making algorithm to select the most valuable option from a set of alternatives. The review discusses the role of midbrain dopamine in learning subjective values and the computational mechanisms underlying choice, including the winner-take-all and thresholding models. It also addresses open questions and controversies in the field, such as the integration of multiple valuation systems and the function of dorsomedial prefrontal and medial parietal circuits. The authors emphasize the importance of neurophysiological models in understanding economic and social behavior and their potential applications in addressing health disorders related to decision-making.