Economic decision-making theories typically assume rationality, where choices are driven by the subjective value (utility) of options independently of context. The Independence of Irrelevant Alternatives (IIA) axiom formalizes this premise, stating that decisions between two options should not be influenced by the presence or quality of additional options. While violations of IIA have been documented across species, gaps in our understanding about the cognitive and neural mechanisms of the effects of context on economic decisions still exist. To close these gaps, we developed a new freely-moving task where rats made choices between six options with distinct reward values. Critically, because either one, two, or three ports could be available for choice on each trial, the same option was featured in multiple contexts. This task design allowed us to understand how the presence and value of unchosen options influenced both neural activity and choice behavior. We inferred the utilities of the six ports based on animals’ choices on 2-option trials. Utility was highly correlated with expected value and preferences were remarkably stable and transitive over time. Notably, when a third low utility option (distractor) was added to the set, the choice ratio between the two highest utility options significantly decreased, demonstrating violations of the IIA axiom. We replicated previous findings showing that neurons in the rat orbitofrontal and secondary motor cortices, both implicated in economic decision-making, multiplexed information about space and value of the chosen option. Crucially, we saw that utility coding of chosen options not only was modulated by total utility of a choice set, including the utility of unchosen options, but also was sensitive to value context on longer timescales. Our findings suggest that utility coding in these regions is context-dependent and provide a foundation for ongoing investigations into contributions of distinct regions to context-sensitive economic choice.