Induced Worry Increases Risk Aversion in Patients with Generalized Anxiety.

Generalized anxiety disorder is characterized by disruptions in decision-making, including an enhanced aversion to uncertain outcomes (i.e., risk aversion), which is not specific to negative outcomes (i.e., no loss aversion). It is unknown if this uncertainty bias is a trait-like causal factor contributing to anxiety symptoms, or a state-like feature triggered by anxiety symptoms such as worry chains. Here, in-patients with Major Depression Disorder (MDD), with (N=16) or without (N=24) Generalized anxiety (GA) symptoms, and healthy controls (N=23), completed an economic decision-making task before and after worry induction. They were asked to choose between a certain monetary payoff, and an uncertain gamble, allowing for estimation of risk and loss aversion through a computational prospect-theoretic model. There were no significant differences in risk and loss aversion between any of the three groups at baseline. After worry induction, patients with GA symptoms, compared to those without, showed increased risk aversion. This increase was modulated by the severity of anxiety symptoms. These findings suggest that decision-making disruptions in anxiety disorder may be driven by anxiety symptoms such as worry, rather than causing them. This could shape etiological models, motivate standardization of emotional state in research on decision-making in anxiety disorders, support treatment strategies primarily aimed at worry management, and could guide novel interventions focusing on uncertainty exposure across aversive and appetitive domains.

Exploring the Loss Aversion Scale's psychometric properties in Spain.

Loss aversion is a psychological construct defined as a tendency to value potential losses more than gains in a situation that requires decision-making. The Loss Aversion Scale (LAS, eight items) measures an individual's loss aversion to various situations. However, the generalization of its psychometric properties to different population groups is unknown. This study aimed to validate the LAS instrument for use among Spanish university adults. To this end, two studies were conducted: a content validity study calculating the substantive validity (N = 24) of the instrument's translation from original English to Spanish and a study of internal structure and association (N = 766) among Spanish university men and women aged 18-35. The analyses performed for each sample indicated that the instrument had adequate validity and reliability values as a one-dimensional measure; however, items 5 and 8 had to be removed. Their scores indicated moderate-magnitude correlations with social desirability. This article debates the study's limitations, practical implications, and future lines of research based on the results. The conclusion is that the Loss Aversion Scale instrument suits general Spanish population samples and requires probable methodological control concerning social desirability.

Clustering of behavioral economic biases in decision-making and risk for cigarette smoking and other substance use in women and men.

BACKGROUND: Low loss aversion (LA) and high delay discounting (DD) are behavioral-economic decision-making biases that independently predict cigarette smoking and other risky substance use. Here we examine (1) whether low-LA and high-DD co-occur, (2) does co-occurrence increase the odds of current smoking and other substance use compared to only low-LA, high-DD, or neither; and (3) potential gender differences in these associations. METHOD: Data are from five studies with U.S. adults who currently smoked or never-smoked cigarettes recruited using online convenience sampling matching on gender and education. Participants completed identical sociodemographic, substance use (cigarette, other drugs, alcohol), and LA (hypothetical 50-50 gambles) and DD (monetary-choice questionnaire) measures. LA and DD scores were dichotomized as low and high using Receiver-Operating-Characteristic Curve logistic regression. RESULTS: LA and DD each independently predicted substance use and with few exceptions were not influenced by gender. Low-LA compared to high-LA predicted two-fold greater odds of co-occurring high-DD (AOR = 2.120, 95%CI:1.749-2.571, p < .0001). Similarly, high-DD compared to low DD predicted two-fold greater odds of low-LA (AOR = 2.118, 95%CI:1.747-2.568, p < .0001). Among those with co-occurring low-LA and high-DD, odds of substance use were 5-10 times greater than those exhibiting neither, and 2-3 times greater than those exhibiting only low-LA or high-DD. CONCLUSIONS: Low-LA and high-DD cluster in women and men such that exhibiting one of these decision-making biases doubles the odds of exhibiting the other. These results demonstrate reliable clustering of low-LA and high-DD and a striking increase in risk for substance use relative to having only one or neither decision-making bias.

Age matters: The effect of regret and loss aversion on cultured meat acceptance.

Cultured meat shows great promise as a more sustainable alternative to conventional meat consumption. However, consumer acceptance of cultured meat remains a great challenge as studies indicate a general reluctance to adopt this product. Notably, while existing literature has provided various factors influencing consumer acceptance of cultured meat, there is a limited focus on the use of affective cues. The present research examines the impact of regret appeal on consumers' willingness to try cultured meat. In two experimental studies, the authors investigate (1) the interactive effect between regret and age on willingness to try cultured meat, and (2) the role of loss aversion as a mediating factor between regret and willingness to try cultured meat. The results demonstrate the effectiveness of regret appeal in increasing consumers' willingness to try cultured meat, particularly among older populations. This is because older populations exhibit higher levels of loss aversion. The present study is the first to shed light on the interactive effect of regret and age in influencing sustainable product acceptance. Furthermore, the study establishes the first empirical evidence to demonstrate that loss aversion is a valid self-regulating strategy adopted to cope with the feeling of regret in a consumption context.

Religiosity, Financial Risk Taking, and Reward Processing: An Experimental Study.

The present study investigated the extent to which financial risk-taking (FRT) perspectives and religiosity influenced an individual's performance on financial decision-making tasks under risk and/or uncertainty. It further investigated the potential to measure this interaction using electro-encephalogram (EEG) assessments through reward-related event-related potentials (P3 and FRN). EEG data were collected from 37 participants undergoing four decision-making tasks comprising the Balloon Analogue Risk Task (BART), Iowa Gambling Test (IGT), Mixed-Gamble Loss-Aversion Task (MGLAT), and MGLA-Success Task (MGLAST). The present study found that BART performance may be affected by an interaction of FRT perspectives and religiosity. The physiological effects of task feedback were also distinguished between religious and non-religious individuals objectively with EEG data. Overall, while religiosity and FRT may not significantly influence IGT and MGLA performance, and interact with BART in a complex way, physiological reaction towards feedback after BART performance appears to be strongly affected by religiosity and FRT perspectives.

An ecological assessment of decision-making under risk and ambiguity through the virtual serious game Kalliste Decision Task.

Traditional methods for evaluating decision-making provide valuable insights yet may fall short in capturing the complexity of this cognitive capacity, often providing insufficient for the multifaceted nature of decisions. The Kalliste Decision Task (KDT) is introduced as a comprehensive, ecologically valid tool aimed at bridging this gap, offering a holistic perspective on decision-making. In our study, 81 participants completed KDT alongside established tasks and questionnaires, including the Mixed Gamble Task (MGT), Iowa Gambling Task (IGT), and Stimulating & Instrumental Risk Questionnaire (S&IRQ). They also completed the User Satisfaction Evaluation Questionnaire (USEQ). The results showed excellent usability, with high USEQ scores, highlighting the user-friendliness of KDT. Importantly, KDT outcomes showed significant correlations with classical decision-making variables, shedding light on participants' risk attitudes (S&IRQ), rule-based decision-making (MGT), and performance in ambiguous contexts (IGT). Moreover, hierarchical clustering analysis of KDT scores categorized participants into three distinct profiles, revealing significant differences between them on classical measures. The findings highlight KDT as a valuable tool for assessing decision-making, addressing limitations of traditional methods, and offering a comprehensive, ecologically valid approach that aligns with the complexity and heterogeneity of real-world decision-making, advancing research and providing insights for understanding and assessing decision-making across multiple domains.

Noradrenergic modulation of stress induced catecholamine release: Opposing influence of FG7142 and yohimbine.

Background: Life stress modulates decision making, particularly in the face of risk, in some cases prompting vulnerable populations to make suboptimal, life-altering choices. In the brain, stress is known to alter the extracellular release of catecholamines in structures such as basolateral amygdala (BLA) and nucleus accumbens (NAc), but the relationship between catecholamines and decision-making behavior under stress has not been systemically explored. Methods: We developed an operant touchscreen decision-making task for rats comprising elements of loss aversion and risk seeking behavior. Rats were first injected systemically with an adrenergic α 2 A -receptor agonist (guanfacine) and antagonist (yohimbine), as well as a partial inverse GABAA agonist, FG 7142, known to induce anxiety and stress related physiological responses in a variety of species, including humans. We then used fiber photometry to monitor NE in the basolateral amygdala (BLA), and DA activity in the nucleus accumbens (NAc) while animals engaged in decision-making and following systemic injections of FG 7142 and yohimbine. Results: Neither yohimbine nor guanfacine had any impact on decision making strategy but altered motivational state with yohimbine making the animal almost insensitive to the reward outcome. The pharmacological induction of stress with FG 7142 biased the rats' decisions towards safety, but this bias shifted toward risk when co-treated with yohimbine. In the BLA and NAc, the FG 7142 altered catecholamine release, with systemic yohimbine producing opposing effects on NE and DA release. Conclusions: Stress induced changes in catecholamine release in the BLA and NAc can directly influence loss sensitivity, decisions and motivation, which can be modulated by the α 2 A adrenoreceptor antagonist, yohimbine.

Loss, gain and choice difficulty in gambling patients: Neural and behavioural processes.

Impaired decision-making is often displayed by individuals suffering from gambling disorder (GD). Since there are a variety of different phenomena influencing decision-making, we focused in this study on the effects of GD on neural and behavioural processes related to loss aversion and choice difficulty. Behavioural responses as well as brain images of 23 patients with GD and 20 controls were recorded while they completed a mixed gambles task, where they had to decide to either accept or reject gambles with different amounts of potential gain and loss. We found no behavioural loss aversion in either group and no group differences regarding loss and gain-related choice behaviour, but there was a weaker relation between choice difficulty and decision time in patients with GD. Similarly, we observed no group differences in processing of losses or gains, but choice difficulty was weaker associated with brain activity in the right anterior insula and anterior cingulate cortex in patients with GD. Our results showed for the first time the effects of GD on neural processes related to choice difficulty. In addition, our findings on choice difficulty give new insights on the psychopathology of GD and on neural processes related to impaired decision-making in GD.

Material Hardship Predicts Response Bias in Loss-Averse Decisions: The Roles of Anxiety and Cognitive Control.

Income poverty is associated with an enhanced tendency to avoid losses in economic decisions, which can be driven by a response bias (risk avoidance) and a valuation bias (loss aversion). However, the impact of non-income dimensions of poverty on these biases remains unclear. The current study tested the impact of material hardship on these biases, and the mediating effects of anxiety, depression, and cognitive control in these associations. Healthy adults (N = 188) completed questionnaire and behavioral measures of the variables. Results of regression-based analyses showed that participants who reported higher material hardship exhibited greater response bias, but not valuation bias. This effect was mediated by anxiety. Although material hardship predicted lower cognitive control, cognitive control did not mediate the association between material hardship and either type of bias. These findings suggest that material hardship may lead to economic decision-making biases because it impacts emotional states rather than cognitive control.

Adult age differences in value-based decision making.

A better understanding of age-related differences in judgment and decision making is important from both theoretical and applied perspectives. In this review, we focus on value-based decisions across adulthood and specifically on how loss aversion (a relatively stronger weight of losses than gains on decisions) and the relative motivational impact of gains and losses may change with aging. In doing so, we will also cover recent findings about the effects of gain or loss incentives on performance in cognitive tasks that involve attention, learning, and remembering. We point out open questions and critical moderating variables for future theorizing and research.

Risk-taking, loss aversion, and performance feedback in dynamic and heterogeneous tournaments.

Within the context of professional football, we examined the impact of the interim game state on risk-taking and performance during a dynamic tournament. This study used 9,256 segments from the top five European football leagues as samples. These segments were derived from 1,826 games played during the 2017-2018 season. Poisson regression was employed to analyze the distinct effects of game state and heterogeneity on performance under pressure. The results indicated that stronger teams tended to increase their attack intensity when facing weaker opponents. However, as their lead expanded, they tended to reduce their attack intensity, particularly in matches with heterogeneous characteristics. Moreover, teams trailing in scores tended to intensify their attacks but achieved little. However, leading teams consistently underperformed in terms of blocked shots and corner kicks. Additionally, tied teams systematically exhibited lower performance in shots on target and free kicks compared to leading teams, despite having a higher motivation to excel. These findings extend our understanding of how risk-taking and performance depend on disclosing information regarding relative performance.

Value-based decision-making predicts alcohol use and related problems in young men.

BACKGROUND: Alcohol consumption is a leading cause of morbidity and mortality worldwide, disproportionately affecting young men. Heavy episodic drinking is particularly prevalent among men, with this behavior peaking between the ages of 20 and 24. AIMS: We sought to identify dimensions of decision-making in men that would predict the development of hazardous alcohol use through emerging adulthood. METHODS: This prospective observational study profiled value-based decision-making in 198 healthy men at age 18 and assessed their alcohol involvement annually until age 24. Latent growth curve modeling estimated individual variability in trajectories of alcohol involvement and regressed this variability on five choice dimensions. RESULTS: Low loss aversion predicted sustained heavy episodic drinking from age 18 to 24. Both high delay discounting and risk-seeking for gains independently predicted a considerably higher cumulative alcohol use during these 6 years, with high delay discounting indicating escalating consumption from age 21. Risk-seeking for gains additionally predicted meeting more criteria for Alcohol Use Disorder in these 6 years. Risk-seeking for losses was not significantly related to alcohol outcomes. Choice preferences were largely independent of each other but were correlated with choice consistency, with low consistency predicting heavy episodic drinking from age 18 to 24 beyond these associations. CONCLUSIONS: The predictive effects collectively suggest that overvaluing immediate and probabilistic incentives, rather than underestimating harm, drives hazardous drinking in young men. The differential relations of choice preferences and consistency to alcohol involvement through emerging adulthood provide distinct cognitive-behavioral patterns that warrant consideration in the development of harm reduction interventions.

Avoiding threats, but not acquiring benefits, explains the effect of future time perspective on promoting health behavior.

Promoting health behavior among the public is always a pressing issue. The present research systematically investigated the association between future time perspective and adherence to health behavior including dietary habits, physical activities, and substance use in a Chinese college student sample (N = 519). Results showed that individuals with stronger future time perspective were more likely to adhere to health behavior. Moreover, building upon the health belief model and the protection motivation theory, the present research further explored the underlying mechanisms. Results revealed that it is perceived threats of not carrying out health behavior, but not perceived benefits of carrying out health behavior, that asymmetrically explained the association between stronger future time perspective and greater adherence to health behavior. These findings contribute to both the future time perspective literature and the health behavior literature.

How risk perception and loss aversion affect farmers' willingness to withdraw from rural homesteads: Mediating role of policy identity.

Government-guided withdrawal from rural homesteads is a sustainable solution to the problem of vacant rural residential land. Nonetheless, few studies have considered the influence of risk perception and loss aversion on farmers' decisions to withdraw from rural homesteads, and even fewer have investigated the role of policy identity. Using fieldwork-collected primary data and a lottery-choice experiment from a reform pilot area of southwestern China, this study aimed to provide a new focus for risk perception and loss aversion in farmers' intention to withdraw from rural homesteads through policy identity. According to our findings, only 45.30 % are willing to withdraw from their homesteads. Farmers typically perceive two to three categories of risks among residence risk, livelihood risk, security risk, and policy risk. Only 29.28 % of respondents report a low level of loss aversion, with the remainder reporting a moderate or high level. More than half demonstrate a high level of policy identity. Most notably, after dealing with endogeneity, risk perception has a negative impact on farmers' intention to withdraw from rural homesteads, whereas loss aversion has a positive impact. Policy identity has a positive influence on farmers' intention, partially mediating the negative path of risk perception and entirely mediating the positive path of loss aversion. Robust concluding remarks advocate for the improvement of farmers' policy identity based on heterogeneous characteristics of risk perception and loss aversion, as well as a more individualized consideration of land withdrawal options.

The endowment effect and temporal discounting of drug and non-drug commodities.

OBJECTIVES: Despite a rich history of behavioral economic research on substance use there remains a need for further exploration of behavioral mechanisms that may underlie the etiology or persistence of substance use disorder. The purpose of this study was to measure the association between delay discounting and the endowment effect in people who smoke cigarettes, use cocaine, and controls, using online crowdsourcing. METHODS: Participants were categorized to a cocaine group (n = 36), cigarette group (n = 48), or control group (n = 47) based on recent reported drug use. Based on group, participants completed up to three delay discounting tasks (i.e., money, cigarettes and cocaine), an endowment effect task for multiple commodities, and other questionnaires. RESULTS: Participants in the cocaine and cigarette group demonstrated an increased rate in discounting for money compared to controls. Participants in the cocaine group had a less pronounced endowment effect for beer, compared to controls, as suggested by willingness to accept less to sell beer. A significant negative association was found between endowment ratios for non-drug commodities and delay discounting for cigarettes, but not monetary or cocaine delay discounting, indicating an inconsistent relationship between the two measures. CONCLUSIONS: These results support prior research demonstrating a relationship between cocaine and cigarette use and delay discounting and extend that work by measuring the association between delay discounting and the endowment effect. Future research should include both loss aversion and endowment effect tasks and compare their relationship with delay discounting among people that use drugs.

Reference-Point Theory: An Account of Individual Differences in Risk Preferences.

We propose an account of individual differences in risk preferences called "reference-point theory" for choices between sure things and gambles. Like most descriptive theories of risky choice, preferences depend on two drivers-hedonic sensitivities to change and beliefs about risk. But unlike most theories, these drivers are estimated from judged feelings about choice options and gamble outcomes. Furthermore, the reference point is assumed to be the less risky option (i.e., sure thing). Loss aversion (greater impact of negative change than positive change) and pessimism (belief the worst outcome is likelier) predict risk aversion. Gain seeking (greater impact of positive change than negative change and optimism (belief the best outcome is likelier) predict risk seeking. But other combinations of hedonic sensitivities and beliefs are possible, and they also predict risk preferences. Finally, feelings about the reference point predict hedonic sensitivities. When decision makers feel good about the reference point, they are frequently loss averse. When they feel bad about it, they are often gain seeking. Three studies show that feelings about reference points, feelings about options and feelings about outcomes predict risky choice and help explain why individuals differ in their risk preferences.

Applying behavioural economics principles to increase demand for free HIV testing services at private doctor-led clinics in Johannesburg, South Africa: A randomised controlled trial.

Background: Expanding free HIV testing service (HTS) access to include private clinics could increase testing rates. A donor funded programme, GP Care Cell, offered free HIV testing at selected private doctor-led clinics but uptake was low. We investigated whether HTS demand creation materials that used behavioural economics principles could increase demand for HIV testing at these clinics. Methods: We conducted a randomised controlled trial in Johannesburg, South Africa (January-April 2022) distributing brochures promoting HTS to adults in five private doctor-led clinic catchment areas. Individuals were randomised to receive three brochure types: (1) "Standard of care" (SOC) advertising a free HIV test and ART; (2) "Healthy lifestyle screening" promoted free low-cost health screenings in addition to HTS; and (3) "Recipient of care voucher" leveraged loss aversion and the endowment effect by highlighting the monetary value of free HTS. The primary outcome was presenting at the clinic following exposure to the brochures. Logistic regression compared outcomes between arms. Results: Of the 12,129 brochures distributed, 658 were excluded because of errors or duplicates and 11,471 were analysed. About 59% of brochure recipients were male and 50,3% were aged 25-34 years. In total, 448 (3.9%) brochure recipients presented at the private doctor-led clinics of which 50.7% were males. There were no significant differences in clinic presentation between the healthy lifestyle screening and SOC arm (Adjusted Odds Ratio [AOR] 1.02; 95% CI 0.79-1.32), and similarly between the recipient of care voucher and SOC arm (AOR 1.08; 95% CI 0.84-1.39). Individuals were more likely to attend clinics that were centrally located with visible branding for HTS (AOR=5.30; 95% CI: 4.14-6.79). Conclusion: Brochures that used behavioural insights did not increase demand for HTS at private doctor-led clinics. However, consistent distribution of the brochures may have potential to increase HIV testing uptake at highly visible private doctor-led clinics.

Gender differences in optimism, loss aversion and attitudes towards risk.

Systematic differences in the attitudes of men and women towards risk is well established. In this paper, we investigate the joint role of two prominent psychological characteristics in explaining this difference. Our starting point is that risk assessments can be thought of, in general terms, to combine beliefs about the probability of negative outcomes occurring with a subjective valuation of how painful that negative outcome would be. Exploiting large-scale panel data from the United Kingdom, we find that gender differences in financial optimism and financial loss aversion - the stronger psychological response to monetary losses than monetary gains - explain a substantial proportion of the parallel gender difference in willingness to take risks. This result prevails even after controlling for the Big Five personality traits, suggesting that the prominent psychological characteristics capture different aspects of behaviour than the Big Five.

Logical decisions after a psychosocial stressor: The late phase of acute stress reduces loss aversion.

Loss aversion, the principle that losses have a greater impact on decision-making than gains, can be modulated by stress. Most findings reported that stress reduces loss aversion, in line with the alignment hypothesis. Yet, decision-making was always assessed at the early stages of the stress response. Instead, the latter phase of the stress response enhances the salience-network and then, it could amplify the salience of losses, thereby increasing loss aversion. To our knowledge, it has never been studied how the latter stress response influences loss aversion and our aim is to fill this gap. 92 participants were divided into experimental and control group. The first one was exposed to the Trier Social Stress Test, and controls viewed a match-length distractor video. Both groups performed a mixed gamble task to measure loss aversion through a Bayesian-computational model. During and after the stressor, experimental group exhibited signs of both physiological and psychological stress which indicated that stress induction was effective. However, rather than increasing, loss aversion of stressed participants was lower. These results constitute a new evidence of stress influencing loss aversion and are discussed within the alignment hypothesis, according to which stress aligns sensitivity to gains and losses.

Inquiring about Loss Aversion of Achievement Value.

According to the achievement motivation theory, in achievement context, students may have to not only approach success/gain (e.g., strive to get a better grade) but also avoid failure/loss (e.g., avoid performing worse). However, these two types of achievement motivation have often been investigated separately. In contrast, loss aversion, a central argument in prospect theory, posits that avoiding losses has a greater impact on preferences than does approaching gains; suggesting that gain approach and loss avoidance should be treated as asymmetric forces that can be analyzed simultaneously to study approach to gain and avoidance to loss among students in terms of grades. The main purposes of this study were to propose an alternative measure to frame the dynamic evaluation process in the context of achievement that considers students' sensitivity to performance change, and to further investigate students' loss aversion in relation to grades through intrapersonal and interpersonal comparisons. A total of 41 and 72 college students participated in study 1 and study 2, respectively. One-way repeated measure ANOVA was conducted for the former sample while the single sample t-tests and independent sample ANOVA were used for the latter. Through the implementation of this alternative measure, the results revealed that (1) college students were more sensitive to performance changes than to their current or final performance, and (2) loss aversion was dependent on the referents. Students were averse to interpersonal loss, but not to intrapersonal loss. These findings indicate the usefulness of the proposed measure for investigating the asymmetric responses between two types of achievement motivation, and the proposed measure can be used to extend and revise the explanatory boundaries of prospect theory and self-discrepancy theory.