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

Visual Attention to Novel Products - Cross-Cultural Insights From Physiological Data

The study aims to investigate visual attention and perceived attractiveness to known versus unknown (novel) products above and beyond self-report applying physiological methods. A cross-cultural exploratory approach allows for comparing results gathered in the United States and China. We collected field data on physiological parameters accompanied by behavioral data. Mobile eye-tracking was employed to capture attention by measuring gaze parameters and electrodermal activity serves as indicator for arousal at an unconscious level. A traditional scale approach measuring perceived attractiveness of known versus novel products provide insights at a conscious level. US-American and Chinese consumers in our sample indeed process novel products differently. This can be observed at an unconscious and conscious level. Different gaze movements and arousal levels are observed at an unconscious level. Regarding behavioral data, the level of vertical orientation shapes the perceived attractiveness of novel products at a conscious level. The study showcases how physiological methods complement behavioral ones when investigating visual attention to products. It underlines varying conscious as well as unconscious visual attention and attractiveness ratings comparing known versus novel products, driven by cultural differences. Data from a field setting further enrich the implications derived for new product development and applied marketing.

Decision neuroscience and neuroeconomics: Recent progress and ongoing challenges

In the past decade, decision neuroscience and neuroeconomics have developed many new insights in the study of decision making. This review provides an overarching update on how the field has advanced in this time period. Although our initial review a decade ago outlined several theoretical, conceptual, methodological, empirical, and practical challenges, there has only been limited progress in resolving these challenges. We summarize significant trends in decision neuroscience through the lens of the challenges outlined for the field and review examples where the field has had significant, direct, and applicable impacts across economics and psychology. First, we review progress on topics including reward learning, explore-exploit decisions, risk and ambiguity, intertemporal choice, and valuation. Next, we assess the impacts of emotion, social rewards, and social context on decision making. Then, we follow up with how individual differences impact choices and new exciting developments in the prediction and neuroforecasting of future decisions. Finally, we consider how trends in decision-neuroscience research reflect progress toward resolving past challenges, discuss new and exciting applications of recent research, and identify new challenges for the field. This article is categorized under: Psychology > Reasoning and Decision Making Psychology > Emotion and Motivation.

Cross-Frequency Coupling Between Brain and Body Biosignals: A Systemic Physiology Augmented Functional Near-Infrared Spectroscopy Hyperscanning Study

BACKGROUND

Understanding the brain and body processes during interaction or cooperation between two or more subjects is an important topic in current neuroscientific research. In a previous study, we introduced a novel approach that enables investigation of the coupling of biosignals (brain and systemic physiology, SP) from two subjects: systemic physiology augmented functional near-infrared spectroscopy (SPA-fNIRS) hyperscanning.

AIM

The aim was to extend our signal analysis approach by the cross-frequency time-dependent wavelet transform coherence (WTC) of the fNIRS and SP biosignals to gain new insights into the nature and cause of functional hyperconnectivity.

SUBJECTS AND METHODS

24 pairs of adults took part in a closed-eye versus prolonged eye-contact task of 10 min each. Brain and body activity was measured continuously by SPA-fNIRS hyperscanning. We calculated the time-dependent WTC of the biosignals for four different frequency bands: very low-frequency band (VLF, 0.002-0.08 Hz), low-frequency band 1 (LF1, 0.015-0.15 Hz), low-frequency band 2 (LF2, 0.08-0.15 Hz) and heart rate band (HR, 1-2 Hz). We then performed the cross-frequency correlated-coherence coupling analysis.

RESULTS

A stronger cross-frequency coupling during the eye-contact condition (between 99 pairs of biosignals) was found than during the eye-closed condition (between 50 pairs of biosignals). Prolonged eye contact led to entrainment of the brain and body between different frequency bands and two subjects. The strongest hyperconnectivity was between the LF1-VLF frequency band.

DISCUSSION AND CONCLUSION

With this exploratory study, we reveal further benefits of the SPA-fNIRS approach for future hyperscanning studies.

Age-Related Changes in the Role of Social Motivation: Implications for Healthy Aging

Prior research has established the importance of social relations and social embeddedness for motivation in healthy aging. Thus, social orientation appears to be essential for understanding healthy aging. This article focuses particularly on age-related changes in goals concerning social orientation, such as increased prioritization of emotional goals, increased prosociality/altruistic motives, generativity, and ego transcendence. We then consider open questions regarding gaps in the links between goals related to social orientation and healthy aging, as well as the implications of theories and research on social goals for leveraging motivation to promote healthy aging. In particular, interventions to promote healthy behavior in late life may be most effective when they match the themes of older adults' strivings to find meaning and purpose in their personal goals.

Better the devil you know than the devil you don't: Neural processing of risk and ambiguity

Risk and ambiguity are inherent in virtually all human decision-making. Risk refers to a situation in which we know the precise probability of potential outcomes of each option, whereas ambiguity refers to a situation in which outcome probabilities are not known. A large body of research has shown that individuals prefer known risks to ambiguity, a phenomenon known as ambiguity aversion. One heated debate concerns whether risky and ambiguous decisions rely on the same or distinct neural circuits. In the current meta-analyses, we integrated the results of neuroimaging research on decision-making under risk (n = 69) and ambiguity (n = 31). Our results showed that both processing of risk and ambiguity showed convergence in anterior insula, indicating a key role of anterior insula in encoding uncertainty. Risk additionally engaged dorsomedial prefrontal cortex (dmPFC) and ventral striatum, whereas ambiguity specifically recruited the dorsolateral prefrontal cortex (dlPFC), inferior parietal lobe (IPL) and right anterior insula. Our findings demonstrate overlapping and distinct neural substrates underlying different types of uncertainty, guiding future neuroimaging research on risk-taking and ambiguity aversion.

Intermittent Theta Burst Stimulation (iTBS) as an Optimal Treatment for Schizophrenia Risk Decision: an ERSP Study

Objective: People with schizophrenia have serious impairments in social function, especially in decision-making ability. Transcranial magnetic stimulation modified intermittent theta burst transcranial magnetic stimulation (iTBS) has been shown to regulate the functional connection of brain networks. Our study explored the therapeutic effect of iTBS on decision-making disorders in schizophrenia. Methods: Participants were pseudorandomized and assigned to iTBS (n = 16) or sham (n = 16) group. iTBS group was administered 1,800 pulses on the target of the left dorsol lateral prefrontal cortex (L-DLPFC) per day for 14 consecutive days. We compared Iowa gambling task performance and associated event-related spectral perturbation results (ERSP) among two groups. Results: The results show that participants' performance in the high-lose in the iTBS group had stronger stimulation of theta spectral power than those in the sham group. Specifically, we found that under high-risk conditions, compared with the control group, the iTBS group showed significant activation of the theta spectrum power in the FPZ, FZ, FCZ, and CZ regions after treatment. Conclusions: Our results provide evidence that long-term iTBS stimulation effectively improves the decision-making ability of schizophrenia. After receiving negative feedback, patients can turn to safety options. These findings support that iTBS may be a potential treatment for clinical decision-making disorders.

Differences in executive function of the attention network between athletes from interceptive and strategic sports

The differences in the executive attention network and the related blood oxygen characteristics of the right frontal-parietal network brain area between athletes from interceptive and strategic sport were investigated. Strategic athletes had higher accuracy and longer reaction time (RT) compared with interceptive sports athletes, lower flanker conflict effects on accuracy compared to the other two group. It was accompanied by significant activation of the rdLPFC and the rIFG. Strategic athletes had higher flanker conflict effects on RT compared with interception athletes under the invalid cue condition, which was accompanied by significant activation of the right IFG. The strategic athletes complete the task under the condition of invalid clues indicating top-down control, and which is closely related to the activation of the right frontal-parietal network.

Translating concepts of risk and loss in rodent models of gambling and the limitations for clinical applications

Gambling involves placing something of value at risk in exchange for the opportunity to potentially gain something of greater value in return. A variety of gambling paradigms have been designed to study the maladaptive decision-making that underlies problematic gambling. Central to these gambling models are the definitions of "risk" and "loss", especially when translating the results from rodent studies to clinical applications. Risk and loss are not mutually exclusive but rather share some overlap. With careful interpretation and consideration of the limitations of these behavioral paradigms, results from rodent models may provide insights into the neurobiology of risky decision-making that leads to problematic gambling in humans.

Predicting risk decisions in a modified Balloon Analogue Risk Task: Conventional and single-trial ERP analyses

Event-related potential (ERP) has the potential to reveal the temporal neurophysiological dynamics of risk decision-making, but this potential has not been fully explored in previous studies. When predicting risk decision with ERPs, most studies focus on between-trial analysis that reflects feedback learning, while within-trial analysis that could directly link option assessment with behavioral output has been largely ignored. Suitable task design is crucial for applying within-trial prediction. In this study, we used a modified version of the classic Balloon Analogue Risk Task (BART). In each trial of the task, participants made multiple rounds of decisions between a risky option (pump up the balloon) and a safe option (cash out). Behavioral results show that as the level of economic risk increased, participants were less willing to make a risky decision and also needed a longer response time to do so. In general, the ERP results showed distinct characteristics compared with previous findings based on between-trial prediction, particularly about the role of the P1 component. Specifically, both the P1 (amplitude and latency) and P3 (amplitude) components evoked by current outcomes predicted subsequent decisions. We suggest that these findings indicate the importance of selective attention (indexed by the P1) and motivational functions (indexed by the P3), which may help clarify the cognitive mechanism of risk decision-making. The theoretical significance of these findings is discussed.

Impulsivity Moderates Skin Conductance Activity During Decision Making in a Modified Version of the Balloon Analog Risk Task

Individual differences in traits such as impulsivity and processing of risk and reward have been linked to decision making and may underlie divergent decision making strategies. It is, however, unclear whether and how far individual differences in these characteristics jointly influence decision making. Here, we aimed to investigate the roles of skin conductance responses, a psychophysiological marker of risk processing and impulsivity, as assessed by the Barratt Impulsiveness Scale 11 on decision making. Forty-six healthy participants performed a modified version of the Balloon Analog Risk Task (BART), where reward and explosion risk are manipulated separately. Participants are informed about whether they play a high versus low reward and high versus low explosion risk condition. The exact risk and reward contingencies are, however, unknown to participants. Participants were less risk-taking under high, compared to low explosion risk and under high reward, compared to low reward on the modified BART, which served as a validation of the paradigm. Risk-taking was negatively related to skin conductance responses under high explosion risk. This relationship was primarily driven by individuals with relatively high levels of impulsivity. However, impulsivity alone was not found to be related to decision making on the modified BART. These results extend evidence that skin conductance responses may guide decision making in situations, where participants are informed about risk level (high vs. low), which might be differentially moderated by different levels of impulsivity.

Testosterone, Cortisol and Financial Risk-Taking

Both testosterone and cortisol have major actions on financial decision-making closely related to their primary biological functions, reproductive success and response to stress, respectively. Financial risk-taking represents a particular example of strategic decisions made in the context of choice under conditions of uncertainty. Such decisions have multiple components, and this article considers how much we know of how either hormone affects risk-appetite, reward value, information processing and estimation of the costs and benefits of potential success or failure, both personal and social. It also considers how far we can map these actions on neural mechanisms underlying risk appetite and decision-making, with particular reference to areas of the brain concerned in either cognitive or emotional functions.

Prefrontal hemodynamic after-effects caused by rebreathing may predict affective states - A multimodal functional near-infrared spectroscopy study

Brain activity has been shown to be influenced by respiratory behavior. Here, we evaluated whether respiration-induced hypo- or hypercapnia may support differentiation between physiological versus pathological respiratory behavior. In particular, we investigated whether systemic physiological measures could predict the brain's time-frequency hemodynamics after three respiratory challenges (i.e., breath-holding, rebreathing, and hyperventilation) compared to resting-state. Prefrontal hemodynamics were assessed in healthy subjects (N = 27) using functional near-infrared spectroscopy (fNIRS). Systemic physiological measures were assessed in form of heart rate, partial end-tidal carbon dioxide, respiration rate, and saturation of peripheral oxygen. Time-frequency dynamics were quantified using the wavelet transform coherence (i.e., defined here as cortical-systemic coherence). We found that the three respiratory challenges modulated cortical-systemic coherence differently: (1) After rebreathing, cortical-systemic coherence could be predicted from the amplitude of the heart rate (strong negative correlation). (2) After breath-holding, the same observation was made (moderate negative correlation). (3) After hyperventilation, no significant effect was observed. (4) These effects were found only in the frequency range of very low-frequency oscillations. The presented findings highlight a distinct role of rebreathing in predicting cortical-systemic coupling based on heart rate changes, which may represents a measure of affective states in the brain. The applied multimodal assessment of hemodynamic and systemic physiological measures during respiratory challenges may therefore have potential applications in the differentiation between physiological and pathological respiratory behavior.

Application of Functional Near-Infrared Spectroscopy to the Study of Brain Function in Humans and Animal Models

Functional near-infrared spectroscopy (fNIRS) is a noninvasive optical imaging technique that indirectly assesses neuronal activity by measuring changes in oxygenated and deoxygenated hemoglobin in tissues using near-infrared light. fNIRS has been used not only to investigate cortical activity in healthy human subjects and animals but also to reveal abnormalities in brain function in patients suffering from neurological and psychiatric disorders and in animals that exhibit disease conditions. Because of its safety, quietness, resistance to motion artifacts, and portability, fNIRS has become a tool to complement conventional imaging techniques in measuring hemodynamic responses while a subject performs diverse cognitive and behavioral tasks in test settings that are more ecologically relevant and involve social interaction. In this review, we introduce the basic principles of fNIRS and discuss the application of this technique in human and animal studies.

Adaptive Value Normalization in the Prefrontal Cortex Is Reduced by Memory Load

Adaptation facilitates neural representation of a wide range of diverse inputs, including reward values. Adaptive value coding typically relies on contextual information either obtained from the environment or retrieved from and maintained in memory. However, it is unknown whether having to retrieve and maintain context information modulates the brain's capacity for value adaptation. To address this issue, we measured hemodynamic responses of the prefrontal cortex (PFC) in two studies on risky decision-making. In each trial, healthy human subjects chose between a risky and a safe alternative; half of the participants had to remember the risky alternatives, whereas for the other half they were presented visually. The value of safe alternatives varied across trials. PFC responses adapted to contextual risk information, with steeper coding of safe alternative value in lower-risk contexts. Importantly, this adaptation depended on working memory load, such that response functions relating PFC activity to safe values were steeper with presented versus remembered risk. An independent second study replicated the findings of the first study and showed that similar slope reductions also arose when memory maintenance demands were increased with a secondary working memory task. Formal model comparison showed that a divisive normalization model fitted effects of both risk context and working memory demands on PFC activity better than alternative models of value adaptation, and revealed that reduced suppression of background activity was the critical parameter impairing normalization with increased memory maintenance demand. Our findings suggest that mnemonic processes can constrain normalization of neural value representations.

Whether Modulating the Activity of the Temporalparietal Junction Alters Distribution Decisions within Different Contexts: Evidence from a tDCS Study

Distributive justice concerns how individuals and societies distribute income in a just or equal manner. We aimed to test the roles of social preference in behavioral distributive justice. We thus provide evidence of a causal link between the neural and behavioral results through the application of bilateral transcranial direct current stimulation (tDCS) over the temporoparietal junction (TPJ) of our participants. The participants were found to make fairer distributions within the known position after receiving right anodal/left cathodal tDCS and receiving right cathodal/left anodal tDCS over the TPJ than the participants who received the sham stimulation. Simultaneously, we elicited the participants’ advantage inequity aversion and found that the participants who received right anodal/left cathodal tDCS and who received right cathodal/left anodal tDCS over the TPJ were more averse to advantage inequity. Additionally, the participants’ distributive proportions to the lowest income stratum within the known position were strongly related to their social preference of advantage inequity aversion. Therefore, the present study demonstrated that the modulation of the excitability of the TPJ using tDCS altered the distributive decisions of the participants within the known position, and this effect might be attributable to a change in the individuals’ social preferences.

Activation of the DLPFC Reveals an Asymmetric Effect in Risky Decision Making: Evidence from a tDCS Study

The phenomenon of loss aversion (the tendency for losses to have a greater impact than comparable gains) has long been observed in daily life. Neurocognitive studies and brain imaging studies have shed light on the correlation between the phenomenon of loss aversion and the brain region of the prefrontal cortex. Recent brain stimulation studies using bilateral transcranial magnetic stimulation or transcranial direct current stimulation (tDCS) have obtained various results showing the causal relationship between brain regions and decision making. With the goal of studying whether unilateral stimulation can change participants’ risky decision making in the frames of gains and losses, we applied different polarities of tDCS over the regions of the right or left prefrontal cortex. We also designed a risk measurement table (Multiple Price List) to reflect the participants’ attitudes toward risky decision making via the crossover point including the frames of gains and losses. The results of our experiment indicated that the participants tended to be more risk averse in the gain frame after receiving left anodal tDCS and more risk seeking in the loss frame after receiving right cathodal tDCS, which was consistent with the hypothesis that the process of risky decision making was correlated with the interaction of multiple systems in the brain. Our conclusion revealed an asymmetric effect of right/left DLPFC when the participants faced gains and losses, which partially provided the neural evidence and a feasible paradigm to help better understand risky decision making and loss aversion. The current study can not only expand the traditional understanding of the behavioral preferences of humans in economics but also accommodate empirical observations of behavioral economists on the preferences of humans.

Missed losses loom larger than missed gains: Electrodermal reactivity to decision choices and outcomes in a gambling task

Loss aversion is a defining characteristic of prospect theory, whereby responses are stronger to losses than to equivalently sized gains (Kahneman & Tversky Econometrica, 47, 263-291, 1979). By monitoring electrodermal activity (EDA) during a gambling task, in this study we examined physiological activity during risky decisions, as well as to both obtained (e.g., gains and losses) and counterfactual (e.g., narrowly missed gains and losses) outcomes. During the bet selection phase, EDA increased linearly with bet size, highlighting the role of somatic signals in decision-making under uncertainty in a task without any learning requirement. Outcome-related EDA scaled with the magnitudes of monetary wins and losses, and losses had a stronger impact on EDA than did equivalently sized wins. Narrowly missed wins (i.e., near-wins) and narrowly missed losses (i.e., near-losses) also evoked EDA responses, and the change of EDA as a function of the size of the missed outcome was modestly greater for near-losses than for near-wins, suggesting that near-losses have more impact on subjective value than do near-wins. Across individuals, the slope for choice-related EDA (as a function of bet size) correlated with the slope for outcome-related EDA as a function of both the obtained and counterfactual outcome magnitudes, and these correlations were stronger for loss and near-loss conditions than for win and near-win conditions. Taken together, these asymmetrical EDA patterns to objective wins and losses, as well as to near-wins and near-losses, provide a psychophysiological instantiation of the value function curve in prospect theory, which is steeper in the negative than in the positive domain.

Activation of the prefrontal cortex by unilateral transcranial direct current stimulation leads to an asymmetrical effect on risk preference in frames of gain and loss

Previous brain imaging and brain stimulation studies have suggested that the dorsolateral prefrontal cortex may be critical in regulating risk-taking behavior, although its specific causal effect on people's risk preference remains controversial. This paper studied the independent modulation of the activity of the right and left dorsolateral prefrontal cortex using various configurations of transcranial direct current stimulation. We designed a risk-measurement table and adopted a within-subject design to compare the same participant's risk preference before and after unilateral stimulation when presented with different frames of gain and loss. The results confirmed a hemispheric asymmetry and indicated that the right dorsolateral prefrontal cortex has an asymmetric effect on risk preference regarding frames of gain and loss. Enhancing the activity of the right dorsolateral prefrontal cortex significantly decreased the participants' degree of risk aversion in the gain frame, whereas it increased the participants' degree of risk aversion in the loss frame. Our findings provide important information regarding the impact of transcranial direct current stimulation on the risk preference of healthy participants. The effects observed in our experiment compared with those of previous studies provide further evidence of the effects of hemispheric and frame-dependent asymmetry. These findings may be helpful in understanding the neural basis of risk preference in humans, especially when faced with decisions involving possible gain or loss relative to the status quo.

Doubt in the Insula: Risk Processing in Obsessive-Compulsive Disorder

Extensive cleaning or checking of patients with obsessive-compulsive disorder (OCD) are often interpreted as strategies to avoid harm and as an expression of the widespread belief that OCD patients are more risk-averse. However, despite its clinical significance, the neural basis of risk attitude in OCD is unknown. Here, we investigated neural activity during risk processing using functional magnetic resonance imaging and simultaneously assessed risk attitude using a separate behavioral paradigm in OCD patients with different symptoms versus healthy controls (HCs). We found opposite insula responses to high versus low risk in OCD patients compared to HCs: a positive correlation between insula activity and risk-aversion in patients versus a negative correlation in controls. Although OCD patients overall were not more risk-averse than controls, there were differences between subgroups of OCD patients: patients with doubt/checking symptoms were more risk-averse than other patients. Taken together, OCD patients show a reversed pattern of risk processing by the insula compared to HCs. Moreover, the data suggest that increased activation of the insula signals an abnormal urge to avoid risks in the subpopulation of OCD patients with doubt and checking symptoms. These results indicate a role for the insula in excessive risk-avoidance relevant to OCD.

Psychophysiological arousal and inter- and intraindividual differences in risk-sensitive decision making

The current study assessed peripheral responses during decision making under explicit risk, and tested whether intraindividual variability in choice behavior can be explained by fluctuations in peripheral arousal. Electrodermal activity (EDA) and heart rate (HR) were monitored in healthy volunteers (N = 68) during the Roulette Betting Task. In this task, participants were presented with risky gambles to bet on, with the chances of winning varying across trials. Hierarchical Bayesian analyses demonstrated that EDA and HR acceleration responses during the decision phase were sensitive to the chances of winning. Interindividual differences in this peripheral reactivity during risky decision making were related to trait sensitivity to punishment and trait sensitivity to reward. Moreover, trial-by-trial variation in EDA and HR acceleration responses predicted a small portion of intraindividual variability in betting choices. Our results show that psychophysiological responses are sensitive to explicit risk and can help explain intraindividual heterogeneity in choice behavior.

Neural correlates of expected risks and returns in risky choice across development

Adolescence is often described as a period of increased risk taking relative to both childhood and adulthood. This inflection in risky choice behavior has been attributed to a neurobiological imbalance between earlier developing motivational systems and later developing top-down control regions. Yet few studies have decomposed risky choice to investigate the underlying mechanisms or tracked their differential developmental trajectory. The current study uses a risk-return decomposition to more precisely assess the development of processes underlying risky choice and to link them more directly to specific neural mechanisms. This decomposition specifies the influence of changing risks (outcome variability) and changing returns (expected value) on the choices of children, adolescents, and adults in a dynamic risky choice task, the Columbia Card Task. Behaviorally, risk aversion increased across age groups, with adults uniformly risk averse and adolescents showing substantial individual differences in risk sensitivity, ranging from risk seeking to risk averse. Neurally, we observed an adolescent peak in risk-related activation in the anterior insula and dorsal medial PFC. Return sensitivity, on the other hand, increased monotonically across age groups and was associated with increased activation in the ventral medial PFC and posterior cingulate cortex with age. Our results implicate adolescence as a developmental phase of increased neural risk sensitivity. Importantly, this work shows that using a behaviorally validated decision-making framework allows a precise operationalization of key constructs underlying risky choice that inform the interpretation of results.

Near-infrared spectroscopy (NIRS) as a new tool for neuroeconomic research

Over the last decade, the application of neuroscience to economic research has gained in importance and the number of neuroeconomic studies has grown extensively. The most common method for these investigations is fMRI. However, fMRI has limitations (particularly concerning situational factors) that should be countered with other methods. This review elaborates on the use of functional Near-Infrared Spectroscopy (fNIRS) as a new and promising tool for investigating economic decision making both in field experiments and outside the laboratory. We describe results of studies investigating the reliability of prototype NIRS studies, as well as detailing experiments using conventional and stationary fNIRS devices to analyze this potential. This review article shows that further research using mobile fNIRS for studies on economic decision making outside the laboratory could be a fruitful avenue helping to develop the potential of a new method for field experiments outside the laboratory.