Hormonal changes after competition predict sex‐differentiated decision‐making

COVID-19 stressor reduces risk taking: the role of trait interoception

The Framing Effect (FE) demonstrated that the way two alternatives are displayed affects people's inclination to make a specific choice, showing a risk aversion when alternatives are displayed on positive frames and risk seeking in negative frames. Risk seeking in negative frames is closely linked to loss aversion. Moreover, classical research and the salience-of-losses hypothesis argues that stress may enhance the FE and loss aversion. Recent studies also suggest that the trait interoception and alexithymia could interact and moderate the framing susceptibility. However, experimental paradigms on stress could ignore variables such as threat perception. In this sense, COVID-19 pandemic has become a powerful real-life stressor in many countries. We aimed to study how real-life stressors influence decision-making under risk. A total of 97 participants were divided into a control (n = 48) and an experimental group (n = 49). The experimental group were exposed to a stressor manipulation, a 5 min COVID-19 lockdown documentary. Our results show that COVID-19-related stressors significantly decreased bet acceptance regardless of the frame, also reducing loss aversion. Moreover, interoception was a significant predictor of loss aversion under stress conditions. Our results do not support classical research on stress and FE.

Risky Decision Making Under Stressful Conditions: Men and Women With Smaller Cortisol Elevations Make Riskier Social and Economic Decisions

Men often make riskier decisions than women across a wide range of real-life behaviors. Whether this sex difference is accentuated, diminished, or stable under stressful conditions is, however, contested in the scientific literature. A critical blind spot lies amid this contestation: Most studies use standardized, laboratory-based, cognitive measures of decision making rather than complex real-life social simulation tasks to assess risk-related behavior. To address this blind spot, we investigated the effects of acute psychosocial stress on risk decision making in men and women (N = 80) using a standardized cognitive measure (the Iowa Gambling Task; IGT) and a novel task that simulated a real-life social situation (an online chatroom in which participants interacted with other men and women in sexually suggestive scenarios). Participants were exposed to either an acute psychosocial stressor or an equivalent control condition. Stressor-exposed participants were further characterized as high- or low-cortisol responders. Results confirmed that the experimental manipulation was effective. On the IGT, participants characterized as low-cortisol responders (as well as those in the Non-Stress group) made significantly riskier decisions than those characterized as high-cortisol responders. Similarly, in the online chatroom, participants characterized as low-cortisol responders (but not those characterized as high-cortisol responders) were, relative to those in the Non-Stress group, significantly more likely to make risky decisions. Together, these results suggest that at lower levels of cortisol both men and women tend to make riskier decisions in both economic and social spheres.

Role of Cortisol and Testosterone in Risky Decision-Making: Deciphering Male Decision-Making in the Iowa Gambling Task

Despite the widely observed high risk-taking behaviors in males, studies using the Iowa gambling task (IGT) have suggested that males choose safe long-term rewards over risky short-term rewards. The role of sex and stress hormones in male decision-making is examined in the initial uncertainty and the latter risk phase of the IGT. The task was tested at peak hormone activity, with breath counting to facilitate cortisol regulation and its cognitive benefits. Results from IGT decision-making before and after counting with saliva samples from two all-male groups (breath vs. number counting) indicated that cortisol declined independent of counting. IGT decision-making showed phase-specific malleability: alteration in the uncertainty phase and stability in the risk phase. Working memory showed alteration, whereas inhibition task performance remained stable, potentially aligning with the phase-specific demands of working memory and inhibition. The results of hierarchical regression for the uncertainty and risk trials indicated that testosterone improved the model fit, cortisol was detrimental for decision-making in uncertainty, and decision-making in the risk trials was benefitted by testosterone. Cortisol regulation accentuated hormones' phase-specific effects on decision-making. Aligned with the dual-hormone hypothesis, sex, and stress hormones might jointly regulate male long-term decision-making in the IGT.

Early stages of the acute physical stress response increase loss aversion and learning on decision making: A Bayesian approach

When the cortisol peak is reached after a stressor people learn slower and make worse decisions in the Iowa Gambling Task (IGT). However, the effects of the early stress response have not received as much attention. Since physical exercise is an important neuroendocrine stressor, this study aimed to fill this gap using an acute physical stressor. We hypothesized that this stress stage would promote an alertness that may increase feedback-sensitivity and, therefore, reward-learning during IGT, leading to a greater overall decision-making. 90 participants were divided into two groups: 47 were exposed to an acute intense physical stressor (cycloergometer) and 43 to a distractor 5 min before IGT. The Prospect Valence-Learning (PVL) computational model was applied to the IGT to investigate decision-making components (feedback-sensitivity, loss aversion, learning and choice consistency). There were no differences in the overall IGT performance, but physically stressed participants showed greater loss aversion and higher learning than controls. In addition, this loss aversion was linearly related to the learning and the choice consistency. These results would support the potentially beneficial role that early stages of stress could play in decision-making and suggest the need of studying the components that underlie this cognitive skill, rather than addressing it as a single dimension.

FRN and P3 during the Iowa gambling task: The importance of gender

Previous research has shown gender-related psychobiological differences in risky and competitive strategies that affect win and loss outcomes. In addition, some studies have found differences in the decision-making process, with women taking longer to reach the same performance as men. However, the underlying neural mechanisms remain unclear. The present study aimed to investigate gender differences in behavioral performance and neural correlates during a decision-making task, the Iowa Gambling Task (IGT). Forty healthy young adults (23 men and 17 women) performed the IGT while the feedback-related negativity (FRN) and P3 were recorded as neural correlates of feedback processing. No gender differences were observed in the behavioral performance on the IGT after 100 and 150 trials, or in the P3 component. In women, but not in men, the FRN component showed a greater amplitude for losses than for wins. There were no significant gender-related differences in behavioral performance, and men and women revealed a similar learning process on the IGT. At the neural level, no direct differences between men and women were observed in the feedback processing stage for the FRN or P3. However, our results indicate that women showed greater sensitivity to losses than to wins during the decision-making task, as reflected in the FRN component.

Neural Signatures of Gender Differences in Interpersonal Trust

Trust plays a critical role in nearly every aspect of social life. Parental investment theory and social role theory predict that women trust less than men due to a higher sensitivity to risk and betrayal, while men trust more than women to maximize resources and to signal their willingness to lose something. However, the underlying neuropsychological underpinnings for this gender difference are still obscure. In this study, we used functional magnetic resonance imaging (fMRI) to investigate the neural signatures of gender differences in trust by simultaneously scanning 11 male and 11 female same-gender, fixed dyads who played a multi-round binary trust game with varying levels of payoff (low/moderate/high) as an indicator of social risk. Our results showed that men trusted more than women and payoff level moderated the effect of gender on trust. While men trusted the same at all payoff levels, women trusted less with higher payoff levels. This pattern was supported by our neuroimaging finding: men showed a higher activation in the left inferior frontal gyrus (ventrolateral prefrontal cortex) and right precuneus than women, indicating that men exert more effort to inhibit the information of payoff levels and to use self-referencing to infer the strategies of partners with the goal of maximizing profit. Furthermore, men showed equivalent activation in the subgenual anterior cingulate cortex across payoff levels, whereas women showed a decreased activation with increasing payoff level - indicating decreased group bonding with higher risk in women. In conclusion, our results imply that women are more sensitive to social risk while trusting, which has implications for financial interactions, interpersonal relationships, and social involvement.