A number of recent hypothetical models on adolescent development take a dual-systems perspective and propose an imbalance in the maturation of neural systems underlying reward-driven and control-related behavior. In particular, such models suggest that the relative dominance of the early emerging subcortical reward system over the later emerging prefrontal-guided control system leads to higher risk-taking and sensation-seeking behavior in mid-adolescents. Here, we will review recent empirical evidence from behavioral and neuroscientific studies examining interactions between these systems and showing that empirical evidence in support for the view of a higher sensitivity to rewards in mid-adolescents is rather mixed. One possible explanation for this may be the use of different kinds and amounts of incentives across studies. We will therefore include developmental studies comparing the differential influence of primary and secondary incentives, as well as those investigating within the class of secondary incentives the effects of monetary, cognitive, or social incentives. We hypothesized that the value of receiving sweets or sours, winning or losing small or large amounts of money, and being accepted or rejected from a peer group may also changes across development, and thereby might modulate age differences in decision-making and cognitive control. Our review revealed that although developmental studies directly comparing different kinds of incentives are rather scarce, results of various studies rather consistently showed only minor age differences in the impact of incentives on the behavioral level. In tendency, adolescents were more sensitive to higher amounts of incentives and larger uncertainty of receiving them, as well as to social incentives such as the presence of peers observing them. Electrophysiological studies showed that processing efficiency was enhanced during anticipation of incentives and receiving them, irrespective of incentive type. Again, we found no strong evidence for interactions with age across studies. Finally, functional brain imaging studies revealed evidence for overlapping brain regions activated during processing of primary and secondary incentives, as well as social and non-social incentives. Adolescents recruited similar reward-related and control-related brain regions as adults did, but to a different degree. Implications for future research will be discussed.

This study examined whether age differences in risky decision making are dependent on known probability and value of outcomes (i.e., the expected value [EV]), the valence of anticipated outcomes (gains or losses), and individual differences in working memory and impulsivity. We used a task that varied risk independently from EV so that taking risks could be advantageous or disadvantageous. Results indicated differential developmental courses for the sensitivity to EV and outcome valence from early to late adolescence. An increase in risk-advantageous but a decrease in risk-disadvantageous behavior was obtained between early-to-mid and late adolescence. All adolescents showed higher risky behavior when losses rather than gains were expected. Age differences in the sensitivity to EV were fully mediated by individual differences in working memory but not by self-reported impulsivity, suggesting that decision making under known risk is strongly limited by the maturation of cognitive control processes.

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Recent developmental models assume a higher tendency to take risks in mid-adolescence, while the empirical evidence for this assumption is rather mixed. Most of the studies applied quite different tasks to measure risk-taking behavior and used a narrow age range. The main goal of the present study was to examine risk-taking behavior in four task settings, the Treasure Hunting Task (THT) in a gain and a loss domain, the Balloon Analogue Risk Task (BART), and the STOPLIGHT task. These task settings differ in affective task moderators, like descriptive vs. experienced outcomes, anticipation of gains vs. losses, static vs. dynamic risk presentation, and time pressure vs. no time pressure and were applied in a sample of 187 participants from age 9–18. Beneath age trends, we were interested in their association with individual differences in approach behavior, venturesomeness, impulsivity, and empathy above age, gender, and fluid intelligence. Our findings revealed that risk-taking behavior is only low to moderately correlated between the four task contexts, suggesting that they capture different aspects of risk-taking behavior. Accordingly, a mid-adolescent peak in risk propensity was only found under time pressure in the STOPLIGHT that was associated with higher impulsivity and empathy. In contrast, risky decisions decreased with increasing age in task settings, in which losses were anticipated (THT Loss), and this was associated with higher cognitive abilities. We found no age differences when gains were anticipated, neither in a static (THT Gain) nor in a dynamic task setting (BART). These findings clearly suggest the need to consider affective task moderators, as well as individual differences in temperament and cognitive abilities, in actual models about adolescent development.

It has been assumed that adolescents increase risk-taking tendencies when peers are present but findings on experimental decision-making have been inconclusive. Most studies focus on risk-taking tendencies, ignoring the effects peer presence can exert over other cognitive processes involved in decision-making, as well as any other underlying developmental and individual differences. In the present study, the trial-by-trial choice behavior was analyzed in a task in which adolescents adjust to dynamically changing risk probabilities. Using Bayesian modeling, the study aimed to infer about peer presence effects on risk-taking tendencies but also on reactions to, exploration of, and learning from positive and negative outcomes of risk-taking. 184 pre- to late adolescents (M = 14.09 years, min = 8.59, max = 18.97, SD = 2.95, 47% female) conducted the Balloon Analog Risk Task under two conditions: Once alone and once in the presence of a (non-existent) peer observing them virtually. Findings revealed that (a) peer observation reduced risk-taking but increased exploration tendencies and (b) that individual differences modulated this effect. Especially female pre-adolescents increased their openness to explore different choice outcomes when a peer observed their behavior. These results support the assumption that the occurrence and direction of peer influences on risk-taking depend on a person-environment interaction, emphasizing the dynamic role peers play in adolescent risk-taking.