AbstractOur behavior is shaped by multiple factors, including direct feedback (seeing the outcomes of our past actions) and social observation (in part, via a drive to conform to other peoples' behaviors). However, it remains unclear how these two processes are linked in the context of behavioral change. This is important to investigate, as behavioral change is associated with distinct neural correlates that reflect specific aspects of processing, such as information integration and rule updating. To clarify whether these processes characterize both direct learning and conformity, we elicited the two within the same task, using a role‐swapping version of the Ultimatum Game—a fairness paradigm where subjects decide how to share a pot of money with other players—while electroencephalography (EEG) data were recorded. Behavioral results showed that subjects decided how to divide the pot based on both direct feedback (seeing whether their past proposals were accepted or rejected) and social observation (copying the splits that others just proposed). Converging EEG evidence revealed that increased centroparietal positivity (P2, P3b, and late positivity) indexed behavioral changes motivated by direct feedback and those motivated by drives to conform. However, exploratory analyses also suggest that these two motivating factors may also be dissociable, and that frontal midline theta oscillations may predict behavioral changes linked to direct feedback but not conformity. Overall, this study provides novel electrophysiological evidence regarding the different forms of behavioral change. These findings are also relevant for understanding the mechanisms of social information processing that underlie successful cooperation.