Emotion and motivation depend on the assessment of the value of environmental stimuli. Multiple representations of stimulus value are created in the brain by Pavlovian and instrumental conditioning procedures. The basolateral amygdala (BLA) appears necessary for a Pavlovian conditioned stimulus (CS) to gain access to the current value of the specific unconditioned stimulus (US) that it predicts, while the central nucleus of the amygdala (CeA) controls brainstem arousal and response systems and subserves some forms of stimulus–response Pavlovian conditioning. The nucleus accumbens (Acb) appears not to be required to represent instrumental action–outcome contingencies, but influences instrumental behaviour strongly by mediating the impact of Pavlovian CSs on instrumental responding, and is required for the normal ability of animals to choose delayed rewards. Prelimbic cortex is required for action–outcome contingency detection, while insular cortex may allow rats to remember the sensory properties of foodstuffs and thereby retrieve their specific values. The orbitofrontal cortex (OFC) may represent aspects of reinforcer value governing instrumental choice behaviour. Finally, the anterior cingulate cortex (ACC) may play a role in responding to the emotional significance of stimuli and preventing responding to inappropriate conditioned stimuli.