Neural Correlates of Value, Risk, and Risk Aversion Contributing to Decision Making under Risk

Abstract

Decision making under risk is central to human behavior. Economic decision theory suggests that value, risk, and risk aversion influence choice behavior. Although previous studies identified neural correlates of decision parameters, the contribution of these correlates to actual choices is unknown. In two different experiments, participants chose between risky and safe options. We identified discrete blood oxygen level-dependent (BOLD) correlates of value and risk in the ventral striatum and anterior cingulate, respectively. Notably, increasing inferior frontal gyrus activity to low risk and safe options correlated with higher risk aversion. Importantly, the combination of these BOLD responses effectively decoded the behavioral choice. Striatal value and cingulate risk responses increased the probability of a risky choice, whereas inferior frontal gyrus responses showed the inverse relationship. These findings suggest that the BOLD correlates of decision factors are appropriate for an ideal observer to detect behavioral choices. More generally, these biological data contribute to the validity of the theoretical decision parameters for actual decisions under risk.

Impact of tDCS on performance and learning of target detection: Interaction with stimulus characteristics and experimental design

“…This hypothesis is supported by a number of prior studies, including our own (Clark et al, 2012) which found greater BOLD fMRI responses in right inferior frontal cortex evoked by occluded target objects indicating possible threats when contrasted with stimuli without target objects, suggesting that this brain region was a part of a network associated with the detection of threatening target objects. Additional studies have found that these regions are also involved in the perception of risk associated with decision making (Christopoulos, Tobler, Bossaerts, Dolan, & Schultz, 2009).…”

Comparison of functional near-infrared spectroscopy and electrodermal activity in assessing objective versus subjective risk during risky financial decisions

“…In the introduction, we considered four alternatives of how risk attitudes may manifest themselves in mental functions and their physiological correlates (negative linear, positive linear, curvilinear and flat relation). For hemodynamic fMRI responses, we have previously found response increases with risk but a flat relation with risk attitude in the middle cingulate cortex (Burke and Tobler, 2011;Christopoulos et al, 2009) and posterior parts of the lateral orbitofrontal cortex (Tobler et al, 2007).…”

Neural correlates of reward processing in schizophrenia — Relationship to apathy and depression

“…Cingulate regions are known to mediate integration and evaluation of emotional, motivational and cognitive information, and to modulate attention (Bishop et al, 2004;Vogt, 2005) with direct connections to amygdala, thalamus, prefrontal and insular areas and to the posterior parietal lobe (Goldman-Rakic, 1988). Cingulate activity in risk tasks was associated with a higher probability of a risky choice (Christopoulos et al, 2009) and was increased when risky choices involved immediate losses (Xu et al, 2009). Activation within the PCC was suggested to signal the subjective preferences that guide visual orienting within a gambling task comprising risky choices (McCoy and Platt, 2005).…”

“…Presented stimuli or terms had to be assessed in relation to a personal risk for the subject, or decision making was investigated under risky conditions with reward or loss for the subject (overview in Mohr et al, 2010a, e.g. Bach et al, 2009Christopoulos et al, 2009;Huettel, 2006;Preuschoff et al, 2006;Quartz, 2009;Smith et al, 2009;Vorhold et al, 2007;Xu et al, 2009, and others). This meant also a direct emotional impact of the risk-related stimulus to the subjects: a possibly immediate negative consequence as fear or enjoying a positive outcome.…”