Behavioral preference in sequential decision-making and its association with anxiety

Cardiac-Sympathetic Contractility and Neural Alpha-Band Power: Cross-Modal Collaboration during Approach-Avoidance Conflict

As evidence mounts that the cardiac-sympathetic nervous system reacts to challenging cognitive settings, we ask if these responses are epiphenomenal companions or if there is evidence suggesting a more intertwined role of this system with cognitive function. Healthy male and female human participants performed an approach-avoidance paradigm, trading off monetary reward for painful electric shock, while we recorded simultaneous electroencephalographic and cardiac-sympathetic signals. Participants were reward sensitive but also experienced approach-avoidance "conflict" when the subjective appeal of the reward was near equivalent to the revulsion of the cost. Drift-diffusion model parameters suggested that participants managed conflict in part by integrating larger volumes of evidence into choices (wider decision boundaries). Late alpha-band (neural) dynamics were consistent with widening decision boundaries serving to combat reward sensitivity and spread attention more fairly to all dimensions of available information. Independently, wider boundaries were also associated with cardiac "contractility" (an index of sympathetically mediated positive inotropy). We also saw evidence of conflict-specific "collaboration" between the neural and cardiac-sympathetic signals. In states of high conflict, the alignment (i.e., product) of alpha dynamics and contractility were associated with a further widening of the boundary, independent of either signal's singular association. Cross-trial coherence analyses provided additional evidence that the autonomic systems controlling cardiac-sympathetics might influence the assessment of information streams during conflict by disrupting or overriding reward processing. We conclude that cardiac-sympathetic control might play a critical role, in collaboration with cognitive processes, during the approach-avoidance conflict in humans.

Decoding emotion with phase-amplitude fusion features of EEG functional connectivity network

Decoding emotional neural representations from the electroencephalographic (EEG)-based functional connectivity network (FCN) is of great scientific importance for uncovering emotional cognition mechanisms and developing harmonious human-computer interactions. However, existing methods mainly rely on phase-based FCN measures (e.g., phase locking value [PLV]) to capture dynamic interactions between brain oscillations in emotional states, which fail to reflect the energy fluctuation of cortical oscillations over time. In this study, we initially examined the efficacy of amplitude-based functional networks (e.g., amplitude envelope correlation [AEC]) in representing emotional states. Subsequently, we proposed an efficient phase-amplitude fusion framework (PAF) to fuse PLV and AEC and used common spatial pattern (CSP) to extract fused spatial topological features from PAF for multi-class emotion recognition. We conducted extensive experiments on the DEAP and MAHNOB-HCI datasets. The results showed that: (1) AEC-derived discriminative spatial network topological features possess the ability to characterize emotional states, and the differential network patterns of AEC reflect dynamic interactions in brain regions associated with emotional cognition. (2) The proposed fusion features outperformed other state-of-the-art methods in terms of classification accuracy for both datasets. Moreover, the spatial filter learned from PAF is separable and interpretable, enabling a description of affective activation patterns from both phase and amplitude perspectives.

Modulating risk-taking behavior with theta-band tACS

Although risk is prevalent in decision-making, the specific neural processes underlying risk-taking behavior remain unclear. Previous studies have suggested that frontal theta-band activity plays a crucial role in modulating risk-taking behavior. The functional relevance of theta in risk-taking behavior is yet to be clearly established and studies using noninvasive brain stimulation have yielded inconsistent findings. We aimed to investigate this relevance using transcranial alternating current stimulation (tACS) over right or left dorsolateral prefrontal cortex (DLPFC). We also studied the influence of stimulation intensity on risk-taking behavior and electrophysiological effects. We applied theta-band (6.5 Hz) tACS over the left (F3) and right (F4) DLPFC with lower (1.5 mA) and higher (3 mA) tACS intensities. We employed a single-blinded, sham-controlled, within-subject design and combined tACS with electroencephalography (EEG) measurements and the Maastricht Gambling Task (MGT) to elicit and evaluate risk-taking behavior. Our results show an increase in risk-taking behavior after left DLPFC stimulation at both intensities and a reduction of risk-taking behavior after 3 mA (and not 1.5 mA) right DLPFC stimulation compared to sham. Further analyses showed a negative correlation between resting-state frontal theta-power and risk-taking behavior. Overall, frontal theta-power was increased after left, but not right, theta-band tACS independent of stimulation intensity. Our findings confirm the functional relevance of frontal theta-band activity in decision-making under risk and the differential role of left and right DLPFC. We also were able to show that stimulation intensity did have an effect on behavioral responses, namely risk-taking behavior. Significant right hemisphere stimulation effects were observed only after high-intensity stimulation. Nevertheless, electrophysiological effects were only significant after left DLPFC stimulation, regardless of tACS intensity. Furthermore, the results indicate the role of the baseline frontal theta-power in the direction of behavioral effects after theta-band tACS.

Disruptions of salience network during uncertain anticipation of conflict control in anxiety

BACKGROUND

Anxiety has been characterized by disrupted processing of conflict control, while little is known about anticipatory processing of conflicts in anxiety. Anticipation is the key factor in both anxiety and cognitive control, especially under uncertain conditions. The current study therefore examined neurocomputational mechanisms of uncertain anticipation of conflict control in anxiety.

METHODS

Twenty-six participants with high-trait anxiety and twenty-nine low-trait anxiety participants completed a cue-flanker task with functional magnetic resonance imaging. The hierarchical drift diffusion model (HDDM) was used to measure the cognitive computations during the task. To identify the neurocomputational mechanism of anticipatory control in anxiety, mediation analysis and dynamic causal modelling (DCM) analysis were conducted to examine the relationship between functional connectivity of brain networks and the parameters of HDDM.

RESULTS

We found influences of regulatory signals from the dorsolateral prefrontal cortex to dorsal anterior cingulate cortex on decision threshold in low-trait anxiety (LTA), but not in high-trait anxiety (HTA), especially for the condition with uncertain cues. The results indicate deficient top-down anticipatory control of upcoming conflicts in anxious individuals. DCM and HDDM analyses revealed that lower decision threshold was associated with higher intrinsic connectivity of salience network (SN) in anxious individuals, suggesting that dysfunctional SN disrupts anticipation of conflict control under uncertainty in anxiety.

CONCLUSIONS

Our results suggest hyperfunction of the SN underlies the deficient information accumulation during uncertain anticipation of upcoming conflicts in anxiety. Our findings shed new light on the mechanisms of anticipation processing and the psychopathology of anxiety.

Adaptations of the balloon analog risk task for neuroimaging settings: a systematic review

Introduction

The Balloon Analog Risk Task (BART), a computerized behavioral paradigm, is one of the most common tools used to assess the risk-taking propensity of an individual. Since its initial behavioral version, the BART has been adapted to neuroimaging technique to explore brain networks of risk-taking behavior. However, while there are a variety of paradigms adapted to neuroimaging to date, no consensus has been reached on the best paradigm with the appropriate parameters to study the brain during risk-taking assessed by the BART. In this review of the literature, we aimed to identify the most appropriate BART parameters to adapt the initial paradigm to neuroimaging and increase the reliability of this tool.

Methods

A systematic review focused on the BART versions adapted to neuroimaging was performed in accordance with PRISMA guidelines.

Results

A total of 105 articles with 6,879 subjects identified from the PubMed database met the inclusion criteria. The BART was adapted in four neuroimaging techniques, mostly in functional magnetic resonance imaging or electroencephalography settings.

Discussion

First, to adapt the BART to neuroimaging, a delay was included between each trial, the total number of inflations was reduced between 12 and 30 pumps, and the number of trials was increased between 80 and 100 balloons, enabling us to respect the recording constraints of neuroimaging. Second, explicit feedback about the balloon burst limited the decisions under ambiguity associated with the first trials. Third, employing an outcome index that provides more informative measures than the standard average pump score, along with a model incorporating an exponential monotonic increase in explosion probability and a maximum explosion probability between 50 and 75%, can yield a reliable estimation of risk profile. Additionally, enhancing participant motivation can be achieved by increasing the reward in line with the risk level and implementing payment based on their performance in the BART. Although there is no universal adaptation of the BART to neuroimaging, and depending on the objectives of a study, an adjustment of parameters optimizes its evaluation and clinical utility in assessing risk-taking.

General deficits of attentional inhibition in high trait anxiety: ERP evidence

Behavioral evidence shows that individuals with high trait anxiety tend to be distracted by irrelevant stimulation not only for threat-related stimuli but also for non-emotional neutral stimuli. These findings suggest that there may be a general deficit of attentional control in trait anxiety. However, the neural mechanism underlying the anxiety-related deficit in attentional control, especially inhibition function, is still unclear. Here, we examined the attentional processing of the non-emotional neutral distractor on 66 young adults with different levels of trait anxiety, using the ERP indices of attentional selection (N2pc) and top-down inhibition (Pd) in a search task with geometric stimuli. We found that the distractor-evoked N2pc amplitude did not vary with anxiety levels, but increased anxiety was associated with smaller Pds (i.e. worse inhibition). Besides, delayed attentional selection of targets was associated with higher anxiety levels. These correlations of trait anxiety remained significant even after controlling for state anxiety, and state anxiety did not affect the attentional processing of distractors and targets, suggesting that trait anxiety, not current anxiety, affects attentional function. Our findings clarify the mechanism underlying the general attentional deficits in trait anxiety, e.g. reduced distractor inhibition and delayed target selection.

Informational Entropy Threshold as a Physical Mechanism for Explaining Tree-like Decision Making in Humans

While approaches based on physical grounds (such as the drift-diffusion model-DDM) have been exhaustively used in psychology and neuroscience to describe perceptual decision making in humans, similar approaches to complex situations, such as sequential (tree-like) decisions, are still scarce. For such scenarios that involve a reflective prospection of future options, we offer a plausible mechanism based on the idea that subjects can carry out an internal computation of the uncertainty about the different options available, which is computed through the corresponding Shannon entropy. When the amount of information gathered through sensory evidence is enough to reach a given threshold in the entropy, this will trigger the decision. Experimental evidence in favor of this entropy-based mechanism was provided by exploring human performance during navigation through a maze on a computer screen monitored with the help of eye trackers. In particular, our analysis allows us to prove that (i) prospection is effectively used by humans during such navigation tasks, and an indirect quantification of the level of prospection used is attainable; in addition, (ii) the distribution of decision times during the task exhibits power-law tails, a feature that our entropy-based mechanism is able to explain, unlike traditional (DDM-like) frameworks.

Temporal and electroencephalography dynamics of surreal marketing

Event-related spectral perturbation analysis was employed in this study to explore whether surreal image designs containing metaphors could influence product marketing effects, including consumers' product curiosity, product comprehension, product preference, and purchase intention. A total of 30 healthy participants aged 21-30 years were recruited. Neurophysiological findings revealed that lower gamma, beta, and theta spectral powers were evoked in the right insula (Brodmann Area 13) by surreal marketing images. This was associated, behaviorally, with the manifestation of higher product curiosity and purchase intention. Based on previous research, the brain functions of this area include novelty, puzzle-solving, and cravings for reward caused by cognitive overload.

The degree of mu rhythm suppression in women is associated with presence of children as well as empathy and anxiety level

In experiments on observing and performing social gestures, the level of mu rhythm suppression is associated with the activity of the mirror neuron system (MNS), which is responsible for the perception and understanding of nonverbal signals in social communication. In turn, while MNS activity may be associated primarily with empathy, it is also associated with other psychological and demographic factors affecting the effectiveness of cortical neural networks.In this study, we verified the influence of empathy, state and trait anxiety levels, presence and number of children, age, and menstrual cycle phase on the mu-suppression level in 40 women. We used 32-channel EEG recorded during observation, and synchronous execution of various hand movements. The ICA infomax method was used for decomposing and selecting the left hemisphere component of the mu-rhythm.Mu-suppression was higher in women with one child, with higher levels of empathy, and with lower anxiety levels. It is possible that MNS activity is stronger in women during parental care.

Neural sensitivity to helping outcome predicts helping decision in real life

Prosocial helping behavior is a highly valued social practice across societies, but the willingness to help others varies among persons. In our opinion, that willingness should be associated with the sensitivity to helping outcome at the individual level - that is, increasing as a function of positive outcome sensitivity but decreasing as a function of negative outcome sensitivity. To examine this possibility, we asked participants to make helping decisions in a series of hypothetical scenarios, which provided outcome feedback (positive/negative) of those decisions. Event-related potential (ERP) response to helping outcome was recorded, such that the feedback-related negativity (FRN) and P300 were supposed to reflect the sensitivity to negative outcome and positive outcome, respectively. After the formal task, participants were asked if they would like to donate money to a charity. Consistent with our hypothesis, we found that compared to those who were not willing to donate, the participants who donated money (22 of 41 individuals) showed a smaller FRN but a larger P300. Among these participants, the amount of donation was negatively correlated with FRN response to negative outcome, but positively correlated with P300 response to positive outcome. These findings support the importance of helping outcome sensitivity to prosocial behavior.

Reactive Risk-Taking: Anxiety Regulation Via Approach Motivation Increases Risk-Taking Behavior

Experimental research and real-world events demonstrate a puzzling phenomenon-anxiety, which primarily inspires caution, sometimes precedes bouts of risk-taking. We conducted three studies to test whether this phenomenon is due to the regulation of anxiety via reactive approach motivation (RAM), which leaves people less sensitive to negative outcomes and thus more likely to take risks. In Study 1 (N = 231), an achievement anxiety threat caused increased risk-taking on the Behavioral Analogue Risk Task (BART) among trait approach-motivated participants. Using electroencephalogram in Study 2 (N = 97), an economic anxiety threat increased behavioral inhibition system-specific theta activity, a neural correlate of anxiety, which was associated with an increase in risk-taking on the BART among trait approach-motivated participants. In a preregistered Study 3 (N = 432), we replicated the findings of Study 1. These results offer preliminary support for the reactive risk-taking hypothesis.

Males with low risk-taking propensity overestimate risk under acute psychological stress

Arousing research has investigated stressed individuals' decision biases, but whether and how stress and individual traits interact to impact the underlying decision-making process is unknown. Here, we aim to explore the effect of acute stress on the interaction between the objective level of risk and subjective risk preference (i.e. risk-taking propensity). Eighty-three healthy males participated in the study. We adopted the Trier Social Stress Test (TSST) to induce acute psychological stress and categorized participants into the high or low risk-taking propensity (HRP/LRP) group according to their traits in daily life. The Balloon Analogue Risk Task (BART) was applied to measure their feedback processing in a risky decision task, while behavioral indexes and EEG signals were recorded. The results showed that stressful participants pumped fewer times than the controls, especially for the LRP under stress, indicating that they were more willing to avoid taking risks. Compared with the stressed HRP group, the stressed LRP showed higher salivary cortisol responses and a more positive FRN following positive feedback in higher risk levels. It implies that acute psychological stress leads the LRP to overestimate the risk probability and become more cautious in the sequential processing of risk. These findings highlight the role of the feedback process and individual traits in risky decision-making under stress.

Impaired probabilistic reversal learning in anxiety: Evidence from behavioral and ERP findings

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High and low anxious participants finish a probabilistic reversal learning task.

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High anxious participants showed a worse performance and less likely to lose-shift.

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Feedback-related negativity (FRN) was correlated with the frequency of lose-shift.

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High anxious participants showed a smaller FRN in response to lose-shift.

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Anxious people’s reversal learning is affected by impaired sensitivity to losses.

Background

Reversal learning reflects an individual’s capacity to adapt to a dynamic environment with changing stimulus–reward contingencies. This study focuses on the potential influence of anxiety on reversal learning skills.

Methods

We asked 40 participants with a high level of trait anxiety (HTA) and 40 counterparts with a low anxiety level (LTA) to finish a probabilistic reversal learning task with event-related potential (ERP) recording, during which stimulus–reward contingencies are reversed after players have learned the optimal choice.

Results

We found that compared to their LTA counterparts, the HTA participants showed worse learning performance and were less likely to make lose-shift choices. The FRN amplitude might help interpret these behavioral results, which is suggested to be associated with punishment sensitivity and was positively correlated with the number of lose-shift in this study. Seeing that anxiety level predicted the FRN amplitude for lose-shift, we explain that anxious individuals’ inflexible behavioral responses to losses are due to their impaired sensitivity to negative feedback.

Conclusions

A higher level of anxiety is associated with weaker reversal learning performance, possibly because of abnormal sensitivity to negative outcomes. These findings have implications for the understanding of behavioral symptoms in anxiety.

Objective assessment of impulse control disorder in patients with Parkinson's disease using a low-cost LEGO-like EEG headset: a feasibility study

Background

Patients with Parkinson’s disease (PD) can develop impulse control disorders (ICDs) while undergoing a pharmacological treatment for motor control dysfunctions with a dopamine agonist (DA). Conventional clinical interviews or questionnaires can be biased and may not accurately diagnose at the early stage. A wearable electroencephalogram (EEG)-sensing headset paired with an examination procedure can be a potential user-friendly method to explore ICD-related signatures that can detect its early signs and progression by reflecting brain activity.

Methods

A stereotypical Go/NoGo test that targets impulse inhibition was performed on 59 individuals, including healthy controls, patients with PD, and patients with PD diagnosed by ICDs. We conducted two Go/NoGo sessions before and after the DA-pharmacological treatment for the PD and ICD groups. A low-cost LEGO-like EEG headset was used to record concurrent EEG signals. Then, we used the event-related potential (ERP) analytical framework to explore ICD-related EEG abnormalities after DA treatment.

Results

After the DA treatment, only the ICD-diagnosed PD patients made more behavioral errors and tended to exhibit the deterioration for the NoGo N2 and P3 peak amplitudes at fronto-central electrodes in contrast to the HC and PD groups. Particularly, the extent of the diminished NoGo-N2 amplitude was prone to be modulated by the ICD scores at Fz with marginal statistical significance (r = − 0.34, p = 0.07).

Conclusions

The low-cost LEGO-like EEG headset successfully captured ERP waveforms and objectively assessed ICD in patients with PD undergoing DA treatment. This objective neuro-evidence could provide complementary information to conventional clinical scales used to diagnose ICD adverse effects.

From structure to concepts: The two stages of facial expression recognition

Facial expressions are the dominant way of human emotional and social communications. However, it remains unclear that how can perceivers extract emotion from the face. In the present study, we adopted a repetition-priming paradigm in combine with event-related potentials (ERP) to examine neurocognitive processing stages of facial expression perception. Results showed that emotional words were recognized faster than emotional faces, when both of which were primed by emotional faces, indicating the involvement of concepts processes in facial expression recognition. ERP results showed that all emotional faces could evoke responses of N170, while there was no significant difference between positive and negative emotional faces, suggesting that geometrical configurations of faces rather than emotional concepts of faces are processed at the stage of N170. In contrast, both emotional words and faces showed larger P2 in response to anger than happiness, which suggests that emotional concepts are extracted from faces at the stage of P2. To examine the underlying dynamic causal connectivity between facial structure and emotional conception, we conducted information flow analysis, which showed significant decreases of information flow from the fusiform gyrus to dorsal anterior cingulate cortex/dorsal medial prefrontal cortex and increases of information flow from the fusiform gyrus to posterior insula. These results revealed neural mechanisms underlying processes from physical structure to emotional concepts. Our findings suggest that facial expression recognition consists of two stages from geometrical structure of faces to emotional concepts of facial expressions, which provides evidence for facial expression processing and has important implications in the diagnosis and treatment of emotion recognition related disorders.

The influence of fear on risk taking: a meta-analysis

A common finding in the study of emotion and decision making is the tendency for fear and anxiety to decrease risk taking. The current meta-analysis summarises the strength and variability of this effect in the extant empirical literature. Our analysis of 136 effect sizes, derived from 68 independent samples and 9,544 participants, included studies that experimentally manipulated fear or measured naturally varying levels of fear or anxiety in both clinical and non-clinical samples, and studies measuring risky decision making and risk estimation. A multilevel random effects model estimated a small to moderate average effect size (r = 0.22), such that fear was related to decreased risky decision making and increased risk estimation. There was also high heterogeneity in the effect sizes. Moderator analyses showed that effect sizes were greater when risk tasks used tangible (e.g. monetary) outcomes and when studies used clinically anxious participants. However, there also remained considerable variability in effect sizes, the sources of which remain unknown. We posit several potential factors that may contribute to observed variability in this effect for future study, including factors concerning both the nature of fear experience and the risk taking context.

Global Psychological Implications of Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) and Coronavirus Disease-2019 (COVID-19). What Can Be Learned From Italy. Reflections, Perspectives, Opportunities

On December 31, 2019, the Chinese authorities announced that in the city of Wuhan, Hubei Province, central-eastern China, a cluster of pneumonia cases of unknown etiology had developed. A new coronavirus (SARS-CoV-2) that causes serious problems like pneumonia and even death, has been discovered. This new disease (COVID-19) has spread also in Italy starting from the first recognized case on February 20. Beyond its biological implications, this coronavirus allows us many psychological reflections. A new virus is indeed a potentially serious problem for mankind, but it can also be an opportunity to bring the focus back to us, to observe what is happening, who we are and how we are reacting both as individuals and as a population. Even positive implication of this pandemic was discussed.

The Neural Mechanism of the Social Framing Effect: Evidence from fMRI and tDCS Studies

As an important cognitive bias, the framing effect shows that our decision preferences are sensitive to the verbal description (i.e., frame) of options. This study focuses on the neural underpinnings of the social framing effect, which is based on decision-making regarding other people. A novel paradigm was used in which participants made a trade-off between economic benefits and the feelings of others. This decision was described as either a "harm" to, or "not helping," other persons in two conditions (Harm frame vs Help frame). Both human males and females were recruited. Participants behaved more prosocially for Harm frame compared with Help frame, resulting in a significant social framing effect. Using functional magnetic resonance imaging, Experiment 1 showed that the social framing effect was associated with stronger activation in the temporoparietal junction (TPJ), especially its right part. The functional connectivity between the right TPJ (rTPJ) and medial prefrontal cortex predicted the social framing effect on the group level. In Experiment 2, we used transcranial direct current stimulation to modulate the activity of the rTPJ and found that the social framing effect became more prominent under anodal (excitatory) stimulation, while the nonsocial framing effect elicited by the economic gain/loss gambling frame remained unaffected. The rTPJ results might be associated with moral conflicts modulated by the social consequences of an action or different levels of mentalizing with others under different frame conditions, but alternative interpretations are also worth noting. These findings could help elucidate the psychological mechanisms of the social framing effect.SIGNIFICANCE STATEMENT Previous studies have suggested that the framing effect is generated from an interaction between the amygdala and anterior cingulate cortex. This opinion, however, is based on findings from nonsocial framing tasks. Recent research has highlighted the importance of distinguishing between the social and nonsocial framing effects. The current study focuses on the social framing effect and finds out that the temporoparietal junction and its functional connectivity with the medial prefrontal cortex play a significant role. Additionally, modulating the activity of this region leads to changes in social (but not nonsocial) framing effect. Broadly speaking, these findings help understand the difference in neural mechanisms between social and nonsocial decision-making. Meanwhile, they might be illuminating to promote helping behavior in society.

Impaired emotional memory and decision-making following primary insomnia

Previous studies have indicated that sleep plays an important role in emotional memory and decision-making. However, very little attention has been given to emotional memory and decision-making in patients with primary insomnia (PI). We investigated whether PI influences the accuracy of emotional memory and social decision-making.We examined 25 patients with PI and 20 healthy controls (HC) using an emotional picture memory task and the Iowa Gambling Task (IGT). In the emotional picture memory task, participants completed two testing sessions: an emotional picture evaluation and a delayed recognition phase. During the emotional picture evaluation phase, participants were presented with 48 pictures with different valence (16 positive, 16 neutral, and 16 negative), which they had to evaluate for emotional valence and arousal. During the recognition phase, participants were asked to make a yes/no memory assessment of a set of pictures, which contained the 48 target pictures intermingled with 48 non-target pictures.The performance of the participants with PI was the same as that of the HC in the emotional picture evaluation task. However, the PI group showed worse recognition of the positive and neutral pictures than did the HC group, although recognition of negative pictures was similar in the 2 groups. In the IGT, participants in the PI group more frequently selected cards from the risky decks as the game progressed and selected more disadvantageous cards than did participants in the HC group after the first block.Our findings suggest that insomnia had different effects on memory, depending on the valence of the memory. Specifically, memory performance was impaired for positive and neutral items, but the recognition of negative stimuli seemed to be more resistant to the effects of insomnia. Our results also suggest that decision-making, which is known to be mediated by the ventromedial prefrontal cortex, including decision-making under conditions of uncertainty, may be vulnerable in PI.

Behavioral preference in sequential decision-making and its association with anxiety

In daily life, people often make consecutive decisions before the ultimate goal is reached (i.e., sequential decision-making). However, this kind of decision-making has been largely overlooked in the literature. The current study investigated whether behavioral preference would change during sequential decisions, and the neural processes underlying the potential changes. For this purpose, we revised the classic balloon analogue risk task and recorded the electroencephalograph (EEG) signals associated with each step of decision-making. Independent component analysis performed on EEG data revealed that four EEG components elicited by periodic feedback in the current step predicted participants' decisions (gamble vs. no gamble) in the next step. In order of time sequence, these components were: bilateral occipital alpha rhythm, bilateral frontal theta rhythm, middle frontal theta rhythm, and bilateral sensorimotor mu rhythm. According to the information flows between these EEG oscillations, we proposed a brain model that describes the temporal dynamics of sequential decision-making. Finally, we found that the tendency to gamble (as well as the power intensity of bilateral frontal theta rhythms) was sensitive to the individual level of trait anxiety in certain steps, which may help understand the role of emotion in decision-making.