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Uncertainty is ubiquitous in cognitive processing, which is why agents require a precise handle on how to deal with the noise inherent in their mental operations. Previous research suggests that people possess a remarkable ability to track and report uncertainty, often in the form of confidence judgments. Here, we argue that humans use uncertainty inherent in their representations of value beliefs to arbitrate between exploration and exploitation. Such uncertainty is reflected in explicit confidence judgments. Using a novel variant of a multi-armed bandit paradigm, we studied how beliefs were formed and how uncertainty in the encoding of these value beliefs (belief confidence) evolved over time. We found that people used uncertainty to arbitrate between exploration and exploitation, reflected in a higher tendency towards exploration when their confidence in their value representations was low. We furthermore found that value uncertainty can be linked to frameworks of metacognition in decision making in two ways. First, belief confidence drives decision confidence—that is people’s evaluation of their own choices. Second, individuals with higher metacognitive insight into their choices were also better at tracing the uncertainty in their environment. Together, these findings argue that such uncertainty representations play a key role in the context of cognitive control.

Animal research suggests that the consolidation of fear and extinction memories depends on N-methyl D-aspartate (NMDA)- type glutamate receptors. Using a fear conditioning and extinction paradigm in healthy normal volunteers, we show that postlearning administration of the NMDA partial agonist D-cycloserine (DCS) facilitates fear memory consolidation, evidenced behaviorally by enhanced skin conductance responses, relative to placebo, for presentations of a conditioned stimulus (CS) at a memory test performed 72 h later. DCS also enhanced CS-evoked neural responses in a posterior hippocampus/collateral sulcus region and in the medial prefrontal cortex at test. Our data suggest a role for NMDA receptors in regulating fear memory consolidation in humans.