The effects of real versus hypothetical reward on delay and probability discounting

No effects of acute stress on monetary delay discounting: A systematic literature review and meta-analysis

Many everyday decisions, including those concerning our health, finances and the environment, involve choosing between a smaller but imminent reward (e.g., €20 now) and a later but larger reward (e.g., €40 in a month). The extent to which an individual prefers smaller imminent rewards over larger delayed rewards can be measured using delay discounting tasks. Acute stress induces a cascade of biological and psychological responses with potential consequences for how individuals think about the future, process rewards, and make decisions, all of which can impact delay discounting. Several studies have shown that individuals focus more on imminent rewards under stress. These findings have been used to explain why individuals make detrimental choices under acute stress. Yet, the evidence linking acute stress to delay discounting is equivocal. To address this uncertainty, we conducted a meta-analysis of 11 studies (14 effects) to systematically quantify the effects of acute stress on monetary delay discounting. Overall, we find no effect of acute stress on delay discounting, compared to control conditions (SMD = -0.18, 95% CI [-0.57, 0.20], p = 0.32). We also find that neither the gender/sex of the participants, the type of stressor (e.g., physical vs. psychosocial) nor whether monetary decisions were hypothetical or incentivized (i.e. monetary decisions were actually paid out) moderated the impact of acute stress on monetary delay discounting. We argue that establishing the effects of acute stress on the separate processes involved in delay discounting, such as reward valuation and prospection, will help to resolve the inconsistencies in the field.

Recent Experience Affects Delay Discounting: Evidence across Temporal Framing, Signs, and Magnitudes

Delay discounting, the decrease in outcome value as a function of delay to receipt, is an extensive area of research. How delays are framed (i.e., temporal framing), as well as the sign and magnitude of an outcome, produce important effects on the degree to which outcomes are discounted. Here, we examined how recent experience (i.e., order of presentation) modifies these well-known findings. Experiment 1 examined the effects of temporal framing across gains and losses. Regardless of outcome sign, the order of task presentation affected the effect of temporal framing. In particular, when typical delay frames (e.g., 1 week) preceded delays framed as actual dates (e.g., February 15), discounting was less in the date-framed task. However, when dates were followed by the delay frame, there was no difference in the degree of discounting. The experience of date-framed delays persisted or carried over to the delay-framed task. Experiment 2 examined recent experience and the magnitude effect. In particular, $10 and $100 were discounted similarly between-subjects when it was the first task completed. However, once participants completed the second magnitude task, the magnitude effect was present both within-subjects and across subjects. Furthermore, $10 was discounted more steeply when it followed $100, and $100 was discounted less steeply when it followed $10. The impact of recent experience on delay discounting has important implications for understanding mechanisms that may contribute to delay discounting. Recent experience should be considered when designing delay discounting experiments as well as when implementing interventions to reduce steep delay discounting.

The Use of Nonmonetary Outcomes in Health-Related Delay Discounting Research: Review and Recommendations

Delay discounting (DD) refers to the tendency to devalue an outcome as a function of its delay. Most contemporary human DD research uses hypothetical money to assess individual rates of DD. However, nonmonetary outcomes such as food, substances of misuse, and sexual outcomes have been used as well, and have advantages because of their connections to health. This article reviews the literature on the use of nonmonetary outcomes of food, drugs, and sexual outcomes in relation to health and reinforcer pathologies such as substance use disorders, obesity, and sexual risk behaviors, respectively, and makes a case for their use in discounting research. First, food, substances, and sex may be more ecologically valid outcomes than money in terms of their connections to health problems and reinforcer pathologies. Second, consistent trends in commodity-specific (i.e., domain) effects, in which nonmonetary outcomes are discounted more steeply than money, enhance variation in discounting values. Third, commodity-specific changes in discounting with treatments designed to change health choices are described. Finally, methodological trends such as test-retest reliability, magnitude effects, the use of hypothetical versus real outcomes, and age-related effects are discussed in relation to the three outcome types and compared to trends with monetary discounting. Limitations that center around individual preferences, nonsystematic data, and deprivation are discussed. We argue that researchers can enhance their DD research, especially those related to health problems and reinforcer pathologies, with the use of nonmonetary outcomes. Recommendations for future directions of research are delineated.

Electrocortical correlates of hypersensitivity to large immediate rewards in sensation seeking

Sensation seeking and delay discounting are strong predictors of various risk-taking behaviors. However, the relationship between sensation seeking and delay discounting remains elusive. Here, we addressed this issue by examining how high sensation seekers (HSS; N = 40) and low sensation seekers (LSS; N = 40) evaluated immediate and delayed rewards with low and high amounts during a behavioral task and an EEG task of delay discounting. Although HSS and LSS exhibited comparable discounting preference at the behavioral level, HSS relative to LSS was associated with a greater delay discounting effect at the neural level when earned rewards were large. This abnormality of reward magnitude was further corroborated by an electrocortical hypersensitivity to large immediate rewards and a stronger neural coding of reward magnitude for HSS as compared to LSS. Our findings support both the hyperactive approach theory and the optimal arousal theory in sensation seeking and have implications for the prevention and intervention targeting sensation seeking to reduce maladaptive risk-taking behaviors.

Reduced access to reinforcement drives delay discounting during experienced delays

Rewards lose value as a function of delay. Previous studies suggest that delays have a bigger effect on reward value when people must wait during the delay. However, whether delays involve waiting or postponing has often been confounded with whether choices are about hypothetical or real rewards. The current study characterized the effects of waiting and postponing in hypothetical and experiential choice contexts separately. In Experiment 1 we observed steeper delay discounting for waiting than for postponing in choices about both hypothetical money and about experienced computer game points. Two factors potentially contributing to steeper discounting in choices about waiting are reduced access to other rewards and direct costs of waiting. In Experiment 2, we adapted the experiential delay-discounting task to manipulate each factor separately. Reduced access to other reinforcers had a bigger effect on delay discounting than direct costs of waiting. These results underscore the importance of considering the unique influence of waiting and associated opportunity costs in both basic delay-discounting research and in applied contexts.

Real, potentially real, and hypothetical monetary rewards in probability discounting

Although hypothetical rewards have been used almost exclusively in human discounting studies, investigations of their validity are limited. The present experiment compared the discounting of monetary reward value by probability across conditions in which the rewards were real, potentially real, and hypothetical. Twenty-four undergraduates choose between an uncertain large reward and a certain small reward 60 times (trials). In the real and hypothetical reward conditions, the participants made choices with real and hypothetical money, respectively, in every trial. In the potentially real condition, they did so with real money in randomly selected three of the 60 trials and with hypothetical money in the remainder. The log10 -transformed h values of a hyperbolic probability-discount function and the values of the area under the curve with an ordinal transformation of odds against were higher and lower, respectively, in the potentially real and in the hypothetical reward conditions than in the real reward condition, demonstrating that the probability discounting of hypothetical monetary rewards was larger than that of real rewards. These results suggest that future studies are required to identify why the hypothetical reward procedure overestimates the discounting rates of real rewards.

Reliability and validity of behavioral-economic measures: A review and synthesis of discounting and demand

This review sought to synthesize the literature on the reliability and validity of behavioral-economic measures of demand and discounting in human research, introduce behavioral-economic research methodologies for studying addictive behaviors, discuss gaps in the current literature, and review areas for future research. A total of 34 studies was included in this review. The discounting literature showed similar responding regardless of whether hypothetical or actual outcomes were used, though people tended to discount the outcome presented first more steeply, suggesting order effects. Although delay-discounting measures seem to show temporal stability, exceptions were found for probability- and experiential-discounting tasks. The demand literature also demonstrated similar responding regardless of outcome type; however, some demand indices showed exceptions. Randomized price sequences tended to show modest increases in Omax and α and modestly higher rates of inconsistent or nonsystematic responses compared with sequential price sequences. Demand indices generally showed temporal stability, although the stability was weaker the larger the time interval between test sessions. Future studies would benefit by examining addictive commodities beyond alcohol, nicotine, and money; examining temporal stability over longer time intervals; using larger delays in discounting tasks; and using larger sample sizes.

Moderate Stability among Delay, Probability, and Effort Discounting in Humans

The stability of delay discounting across time has been well-established. However, limited research has examined the stability of probability discounting, and no studies of the stability of effort discounting are available. The present study assessed the steady-state characteristics of delay, probability, and effort discounting tasks across time with hypothetical rewards in humans, as well as whether response characteristics suggested a common discounting equation. Participants completed delay, probability, and effort discounting tasks on three occasions. We found moderate relative stability of delay and probability tasks, and similar evidence for absolute stability across time for all tasks. The interclass correlations coefficient showed some correspondence across time points and tasks, and higher levels of between subject variability, especially for the effort discounting task, suggesting trait level variables has a stronger influence on performance than state level variables. Performance on the delay and probability tasks were moderately correlated and similar mathematical functions fit choice patterns on both tasks (hyperbolic), suggesting that delay and probability discounting processes shared some common elements. Lower correlations and different function fits suggested that effort discounting involves more unique features.

Pattern-setting for improving risky decision-making

Self-control can be defined as making choices in accordance with long-term, rather than short-term, patterns of behavior. Rachlin (2016) suggested a novel technique to enhance self-control, by which individual choices carry the weight of a larger pattern of choices. This report describes a study of 169 college students who made repeated choices between two gambles. The better of the two gambles had a greater win probability but required waiting an uncertain amount of time. Some "patterned" subjects were forced to repeat their previous choices according to a schedule, while control subjects could choose freely on every trial. It was found that on free-choice trials, the patterned subjects chose the better gamble more often than controls. There was stronger evidence for such an effect appearing immediately than for it developing gradually from a process of learning over the course of the task. An additional condition in which subjects were forced to choose the better gamble yielded inconsistent results. Overall, the results support the use of pattern-setting as a strategy to improve decision-making.

The (Gami)fictional Ego-Center: Projecting the Location of the Self Into an Avatar

A rich body of research suggests that self-associated stimuli are preferentially processed and therefore responses to such stimuli are typically faster and more accurate. In addition, people have an understanding of what they consider their “Self” and where it is located, namely near the head and upper torso—further boosting the processing of self-related stimuli if they are presented near the felt location of the self. We were interested in whether the same mechanism can be found when people transfer their “Self” into a static avatar. We investigated this in two studies with N = 33 and N = 39 young, healthy adults, respectively. Taken together, the results showed that (i) people indeed show enhanced processing for self-avatar-related stimuli and (ii) that self-associations are stronger if the to-be-associated stimuli are closer to the avatar’s upper torso—suggesting some kind of a projected location of the self in the avatar. This implies that attention is not equally distributed across the avatar. Beyond a theoretical level, this also has implications for practical use. For example, digital games opting for a non-traditional user interface where information is displayed on or in the direct vicinity of the character should take this effect into account when choosing which information to present where (i.e., present the most crucial piece of information close to the self-center of the avatar).

Effects of acetaminophen on risk taking

Acetaminophen, an analgesic and antipyretic available over-the-counter and used in over 600 medicines, is one of the most consumed drugs in the USA. Recent research has suggested that acetaminophen’s effects extend to the blunting of negative as well as positive affect. Because affect is a determinant of risk perception and risk taking, we tested the hypothesis that acute acetaminophen consumption (1000 mg) could influence these important judgments and decisions. In three double-blind, placebo-controlled studies, healthy young adults completed a laboratory measure of risk taking (Balloon Analog Risk Task) and in Studies 1 and 2 completed self-report measures of risk perception. Across all studies (total n = 545), acetaminophen increased risk-taking behavior. On the more affectively stimulating risk perception measure used in Study 2, acetaminophen reduced self-reported perceived risk and this reduction statistically mediated increased risk-taking behavior. These results indicate that acetaminophen can increase risk taking, which may be due to reductions in risk perceptions, particularly those that are highly affect laden.

Attention-deficit/hyperactivity disorder and risk-taking: A three-level meta-analytic review of behavioral, self-report, and virtual reality metrics

Meta-analytic methods were used to examine ADHD-related risk-taking in children and adults, and to compare the magnitude of risk taking across behavioral, self-report, and virtual reality metrics. Potential moderators of effect size heterogeneity were also examined via a three-level multi-level approach and a hybrid meta-analytic/systematic review approach. Aggregated effect sizes obtained from 56 behavioral-task studies (82 effect sizes; ADHD_N = 2577; TD_N = 2606), 51 self-report studies (130 effect sizes; ADHD_N = 18,641; TD_N = 113,163), and 8 virtual reality studies (16 effect sizes; ADHD_N = 382; TD_N = 436) suggest that children and adults with ADHD exhibit moderately more risk-taking compared to children and adults without the disorder. Notably, the aggregated effect size obtained from virtual reality simulations (Hedges', g = 0.43) was 30-40% larger than effect sizes obtained from self-report and behavioral task metrics (Hedges' g = 0.31 and 0.27), respectively. Suboptimal Decision Making was the only significant moderator identified via multi-level modeling; however, comparison of subgroup effect sizes revealed potential moderating effects of ADHD presentation and trial-by-trial feedback on behavioral tasks. Collectively, findings suggest that ADHD is reliably associated with small to moderate magnitude greater risk-taking behavior and virtual reality simulations appear be the most sensitive currently available metric.

Risk-taking unmasked: Using risky choice and temporal discounting to explain COVID-19 preventative behaviors

To reduce the spread of COVID-19 transmission, government agencies in the United States (US) recommended precautionary guidelines, including wearing masks and social distancing to encourage the prevention of the disease. However, compliance with these guidelines has been inconsistent. This correlational study examined whether individual differences in risky decision-making and motivational propensities predicted compliance with COVID-19 preventative behaviors in a sample of US adults (N = 404). Participants completed an online study from September through December 2020 that included a risky choice decision-making task, temporal discounting task, and measures of appropriate mask-wearing, social distancing, and perceived risk of engaging in public activities. Linear regression results indicated that greater temporal discounting and risky decision-making were associated with less appropriate mask-wearing behavior and social distancing. Additionally, demographic factors, including personal experience with COVID-19 and financial difficulties due to COVID-19, were also associated with differences in COVID-19 preventative behaviors. Path analysis results showed that risky decision-making behavior, temporal discounting, and risk perception collectively predicted 55% of the variance in appropriate mask-wearing behavior. Individual differences in general decision-making patterns are therefore highly predictive of who complies with COVID-19 prevention guidelines.

More Later: Delay of Gratification and Thought About the Future in Children

We investigated whether individual differences in future time perception and the detail with which future events are imagined are related to children's delay of gratification. We administered a delay choice task (real rewards), a delay discounting task (hypothetical rewards), a novel future time perception measure, an episodic future thinking (EFT) interview and IQ measures to a sample of 7- to 11-year-olds (N = 132) drawn from a urban predominately white population in N. Ireland. We found a strong correlation between delay choice and delay discounting. Future time perception and EFT were related to delay discounting, however only the relation with future time perception survived controlling for age and IQ. Children who showed greater compression of future time periods were the steepest discounters.

Delay and probability discounting in cocaine use disorder: Comprehensive examination of money, cocaine, and health outcomes using gains and losses at multiple magnitudes

Understanding factors associated with cocaine use disorder is important given its public health impact. One factor is delay discounting (devaluation of future consequences). Cocaine users have shown greater delay discounting of money rewards than non-cocaine users. But underexamined are factors known to affect discounting, such as the sign (reward vs. loss), magnitude (e.g., $10 vs. $1,000), and commodity (e.g., money vs. health) of the consequence. Also underexamined is probability discounting (devaluation of uncertain consequences). We conducted a comprehensive group-comparison study of discounting processes by comparing sign, magnitude, and commodity effects between demographically matched cocaine users (n = 23) and never users (n = 24) for delay discounting and sign and magnitude effects for probability discounting. Participants completed delay and probability discounting tasks spanning rewards and losses; money, cocaine, and health outcomes; and magnitudes of $10, $100, and $1,000. Four primary findings emerged when controlling for other drug use. First, cocaine users pervasively discounted delayed consequences more than never users regardless of sign, magnitude, or commodity, with the possible exception of delay discounting of $1,000 health equivalences. Second, both groups discounted delayed rewards more than losses, with a similar trend for probability discounting. Third, magnitude effects in cocaine users for delayed and probabilistic outcomes were similar to those previously observed in never users and other-drug users. Fourth, cocaine users discounted cocaine-related outcomes more than money and health, with variable results comparing money and health. These data suggest that the behavioral processes of delay and probability discounting are qualitatively similar for cocaine users and never users. However, quantitatively, cocaine users generally showed greater delay discounting and similar probability discounting compared with never users. (PsycInfo Database Record (c) 2020 APA, all rights reserved).

Effective Gamification of the Stop-Signal Task: Two Controlled Laboratory Experiments

Background

A lack of ability to inhibit prepotent responses, or more generally a lack of impulse control, is associated with several disorders such as attention-deficit/hyperactivity disorder and schizophrenia as well as general damage to the prefrontal cortex. A stop-signal task (SST) is a reliable and established measure of response inhibition. However, using the SST as an objective assessment in diagnostic or research-focused settings places significant stress on participants as the task itself requires concentration and cognitive effort and is not particularly engaging. This can lead to decreased motivation to follow task instructions and poor data quality, which can affect assessment efficacy and might increase drop-out rates. Gamification—the application of game-based elements in nongame settings—has shown to improve engaged attention to a cognitive task, thus increasing participant motivation and data quality.

Objective

This study aims to design a gamified SST that improves participants’ engagement and validate this gamified SST against a standard SST.

Methods

We described the design of our gamified SST and reported on 2 separate studies that aim to validate the gamified SST relative to a standard SST. In study 1, a within-subject design was used to compare the performance of the SST and a stop-signal game (SSG). In study 2, we added eye tracking to the procedure to determine if overt attention was affected and aimed to replicate the findings from study 1 in a between-subjects design. Furthermore, in both studies, flow and motivational experiences were measured.

Results

In contrast, the behavioral performance was comparable between the tasks (P<.87; BF01=2.87), and the experience of flow and intrinsic motivation were rated higher in the SSG group, although this difference was not significant.

Conclusions

Overall, our findings provide evidence that the gamification of SST is possible and that the SSG is enjoyed more. Thus, when participant engagement is critical, we recommend using the SSG instead of the SST.

Hard to Bear

Abstract. Establishing a causal relationship between state boredom and risk taking is contributory to understand the nature of boredom and its influences. This research examines how and why state boredom influences financial risk taking. Across multiple inductions of state boredom, we found that state boredom increased participants’ preference for engaging in financial risk-taking behavior (Studies 1, 2, and 3) and actual financial risk-taking behavior (Studies 2 and 4). An internal meta-analysis verified the robustness of this effect. We also assessed four potential mediators and found motivation to seek stimulation as the best explicable mediator (Studies 3 and 4). Overall, the current research signified the role of state boredom in predicting financial risk taking as a function of motivation to seek stimulation.

When piloting health services interventions, what predicts real world behaviours? A systematic concept mapping review

Background

Modeling studies to inform the design of complex health services interventions often involves elements that differ from the intervention’s ultimate real-world use. These “hypothetical” elements include pilot participants, materials, and settings. Understanding the conditions under which studies with “hypothetical” elements can yield valid results would greatly help advance health services research. Our objectives are: 1) to conduct a systematic review of the literature to identify factors affecting the relationship between hypothetical decisions and real-world behaviours, and 2) to summarise and organize these factors into a preliminary framework.

Methods

We conducted an electronic database search using PsycINFO and Medline on November 30th, 2015, updated March 7th, 2019. We also conducted a supplemental snowball search on December 9th 2015 and a reverse citation search using Scopus and Web of Science. Studies were eligible to be included in this review if they clearly addressed the consistency between some type of hypothetical decision and a corresponding real decision or behaviour. Two reviewers extracted data using a standardized data collection form developed through an iterative consensus-based process. We extracted basic study information and data about each study’s research area, design, and research question. Quotations from the articles were extracted and summarized into standardized factor statements.

Results

Of the 2444 articles that were screened, 68 articles were included in the review. The articles identified 27 factors that we grouped into 4 categories: decision maker factors, cognitive factors, task factors, and matching factors.

Conclusions

We have summarized a large number of factors that may be relevant when considering whether hypothetical health services pilot work can be expected to yield results that are consistent with real-world behaviours. Our descriptive framework can serve as the basis for organizing future work exploring which factors are most relevant when seeking to develop complex health services interventions.

Do our risk preferences change when we make decisions for others? A meta-analysis of self-other differences in decisions involving risk

BACKGROUND

Are we more risk-averse or risk-seeking when we make decisions on behalf of other people as opposed to ourselves? So far, findings have not been able to provide a clear and consistent answer.

METHOD

We propose a meta-analysis to assess whether self-other differences vary according to particular features of the decision. We reviewed 78 effect sizes from 49 studies (7,576 participants).

RESULTS

There was no overall self-other difference, but there were moderating effects of domain and frame. Decisions in the interpersonal domain were more risk-averse for self than for other. Decisions in the medical domain were more risk-seeking for self than for other. There were no overall self-other differences in the financial domain, however there was a moderating effect of frame: decisions in a gain frame were more risk-averse for self than other whereas decisions in a loss frame were more risk-seeking for self than other. This effect of frame was slightly different overall and in the medical domain, where self-other differences occurred in a loss frame but not in a gain frame.

CONCLUSION

Future work should continue to investigate how the specific content and context of the decision impacts self-other differences in order to understand the effects of domain and frame we report.

Hypothetical Versus Real Monetary Reward Decrease the Behavioral and Affective Effects in the Balloon Analogue Risk Task

Abstract. A critical question is whether the same decision-making processes underlie task performance with hypothetical and real money as rewards. Across two studies, we administered the Balloon Analogue Risk Task to healthy young adults under these two reward conditions. We found that participants displayed greater risk aversion during trials immediately after the balloon exploded in the previous trial in case the reward was real money, than if the reward was hypothetical money and exhibited greater subjective ratings of regret following losing trials. Moreover, subjective regret ratings after the balloon exploded in the previous trial with real money correlated with risk-taking behavior changes in the current trial, whereas we did not observe this correlation with hypothetical monetary rewards. In addition, when we manipulated the real money amounts to be large or small, participants were more risk averse in the large real money condition compared to the real money amount, whereas we did not observe these differences with varying amounts of hypothetical money.

Greater tolerance to losses in sensation seeking: Evidence from probability and delay discounting

BACKGROUND

Sensation seeking is a behavioral endophenotype of substance use and is associated with abnormalities in financial reward processing. Previous research suggests that high sensation seekers (HSS) relative to low sensation seekers (LSS) show either an enhanced sensitivity to financial rewards or a reduced sensitivity to financial punishments. However, there are few studies investigating the valuation of financial rewards and punishments as a function of delivery probability and delay, two important aspects of reward processing that influence the valuation.

METHODS

We administrated a probability discounting task and a delay discounting task to 56 HSS and 57 LSS selected from a large sample. Each task was crossed with two factors: valence (gain vs. loss) and amount (Ұ1000 vs. Ұ50000).

RESULTS

For the probability discounting task, HSS discounted probabilistic losses but not gains more steeply than LSS, irrespective of the amount of outcome. For the delay discounting task, HSS discounted delayed losses more steeply than LSS, for the large but not small amount condition. In contrast, both groups exhibited comparable discounting rates for gains across the two amount conditions. These results remained significant when impulsivity levels were controlled for.

CONCLUSIONS

Together, our data strengthen the argument that the dysfunctional valuation in sensation seeking is valence specific, which may be driven by a weaker avoidance system, rather than by a stronger approach system.

Present bias and health

This study uses a dynamic discrete choice model to examine the degree of present bias and naivete about present bias in individuals' health care decisions. Clinical guidelines exist for several common chronic diseases. Although the empirical evidence for some guidelines is strong, many individuals with these diseases do not follow the guidelines. Using persons with diabetes as a case study, we find evidence of substantial present bias and naivete. Counterfactual simulations indicate the importance of present bias and naivete in explaining low adherence rates to health care guidelines.

Parents Versus Peers: Assessing the Impact of Social Agents on Decision Making in Young Adults

Young adulthood is a developmental phase when individuals must navigate a changing social milieu that involves considering how their decisions affect close others such as parents and peers. To date, no empirical work has directly evaluated how young adults weigh these relationships against one another. We conducted a preregistered experiment in which we pitted outcomes for parents against outcomes for friends. Participants ( N = 174, ages 18-30 years) played two runs of the Columbia Card Task-one in which gains benefited a parent and losses were incurred by a friend and another in which the opposite was true. We also tested whether age, relationship quality, and reward type earned for parents and friends (simulated vs. real) acted as moderating influences on parent-friend prioritization. Results showed that individuals were more likely to make decisions that benefited a parent at the expense of a friend. Relationship quality and reward type moderated this effect, whereas age did not.

Differential effects of real versus hypothetical monetary reward magnitude on risk-taking behavior and brain activity

Human decisions are more easily affected by a larger amount of money than a smaller one. Although numerous studies have used hypothetical money as incentives to motivate human behavior, the validity of hypothetical versus real monetary rewards remains controversial. In the present study, we used event-related potential (ERP) with the balloon analogue risk task to investigate how magnitudes of real and hypothetical monetary rewards modulate risk-taking behavior and feedback-related negativity (FRN). Behavioral data showed that participants were more risk averse after negative feedback with increased magnitude of real monetary rewards, while no behavior differences were observed between large and small hypothetical monetary rewards. Similarly, ERP data showed a larger FRN in response to negative feedback during risk taking with large compared to small real monetary rewards, while no FRN differences were observed between large and small hypothetical monetary rewards. Moreover, FRN amplitude differences correlated with risk-taking behavior changes from small to large real monetary rewards, while such correlation was not observed for hypothetical monetary rewards. These findings suggest that the magnitudes of real and hypothetical monetary rewards have differential effects on risk-taking behavior and brain activity. Real and hypothetical money incentives may have different validity for modulating human decisions.

Risk Preferences in Surrogate Decision Making

Abstract. There is growing evidence that decisions made on behalf of other people differ from the decisions we make for ourselves because we are less affected by the subjective experience of their outcome. As a result, the decisions we make for other people can be more optimal. This experiment investigated surrogate decision making using a probability discounting task where participants made choices between risky and sure options. Psychological distance between the decision maker and the recipient was manipulated by having participants make decisions for themselves, their friend, and another unknown participant. Risk preferences were closer to neutrality (i.e., more consistent with expected value) when making decisions on behalf of another participant than when making decisions for themselves or a friend. We conclude that subjective risk preferences are attenuated in surrogate decision making. Findings are discussed in relation to inconsistencies in the literature and theories of surrogate decision making.

The role of emotions and physiological arousal in modulating impulsive behaviour

Impulsivity received considerable attention in the context of drug misuse and certain neuropsychiatric conditions. Because of its great health and well-being importance, it is crucial to understand factors which modulate impulsive behaviour. As a growing body of literature indicates the role of emotional and physiological states in guiding our actions and decisions, we argue that current affective state and physiological arousal exert a significant influence on behavioural impulsivity. As 'impulsivity' is a heterogeneous concept, in this paper, we review key theories of the topic and summarise information about distinct impulsivity subtypes and their methods of assessment, pointing out to the differences between the various components of the construct. Moreover, we review existing literature on the relationship between emotional states, arousal and impulsive behaviour and suggest directions for future research.

Devaluation of Safe Sex by Delay or Uncertainty: A Within-Subjects Study of Mechanisms Underlying Sexual Risk Behavior

The value of safe sex may be discounted based on contextual factors associated with an opportunity for sex. College students in a within-subjects study selected hypothetical sexual partners from a set of pictures and classified them based on attractiveness and estimated chance of having an sexually transmitted infection (STI). In the Sexual Delay Discounting (SDD) task, participants rated their likelihood (0-100 %) of waiting for some period of time (e.g., 3 h) to have protected sex with their selected partners, when they could have immediate sex without protection. In the Sexual Probability Discounting (SPD) task, participants rated their likelihood of having protected sex if the opportunity was uncertain (e.g., 50 %), when they could have unprotected sex for sure (100 %). All participants included in the final analyses were aware of and had a positive attitude towards protection against STIs as they were likely to have immediate (or certain) protected sex. Results from 432 delay data in the SDD task and 488 probability data in the SPD task showed that participants' preference for safe sex systematically decreased as the delay to and odds against having safe sex increased. However, this preference was altered by the participants' perception of their partner's attractiveness and STI risk.

Real and hypothetical monetary rewards modulate risk taking in the brain

Both real and hypothetical monetary rewards are widely used as reinforcers in risk taking and decision making studies. However, whether real and hypothetical monetary rewards modulate risk taking and decision making in the same manner remains controversial. In this study, we used event-related potentials (ERP) with a balloon analogue risk task (BART) paradigm to examine the effects of real and hypothetical monetary rewards on risk taking in the brain. Behavioral data showed reduced risk taking after negative feedback (money loss) during the BART with real rewards compared to those with hypothetical rewards, suggesting increased loss aversion with real monetary rewards. The ERP data demonstrated a larger feedback-related negativity (FRN) in response to money loss during risk taking with real rewards compared to those with hypothetical rewards, which may reflect greater prediction error or regret emotion after real monetary losses. These findings demonstrate differential effects of real versus hypothetical monetary rewards on risk taking behavior and brain activity, suggesting a caution when drawing conclusions about real choices from hypothetical studies of intended behavior, especially when large rewards are used. The results have implications for future utility of real and hypothetical monetary rewards in studies of risk taking and decision making.

Decisions in Motion: Decision Dynamics during Intertemporal Choice reflect Subjective Evaluation of Delayed Rewards

People tend to discount rewards or losses that occur in the future. Such delay discounting has been linked to many behavioral and health problems, since people choose smaller short-term gains over greater long-term gains. We investigated whether the effect of delays on the subjective value of rewards is expressed in how people move when they make choices. Over 600 patrons of the RISK LAB exhibition hosted by the Science Gallery Dublin^TM played a short computer game in which they used a computer mouse to choose between amounts of money at various delays. Typical discounting effects were observed and decision dynamics indicated that choosing smaller short-term rewards became easier (i.e., shorter response times, tighter trajectories, less vacillation) as the delays until later rewards increased. Based on a sequence of choices, subjective values of delayed outcomes were estimated and decision dynamics during initial choices predicted these values. Decision dynamics are affected by subjective values of available options and thus provide a means to estimate such values.

Impulsivity, Rejection Sensitivity, and Reactions to Stressors in Borderline Personality Disorder

This research investigated baseline impulsivity, rejection sensitivity, and reactions to stressors in individuals with borderline personality disorder compared to healthy individuals and those with avoidant personality disorder. The borderline group showed greater impulsivity than the avoidant and healthy groups both in a delay-discounting task with real monetary rewards and in self-reported reactions to stressors; moreover, these findings could not be explained by co-occurring substance use disorders. Distress reactions to stressors were equally elevated in both personality disorder groups (relative to the healthy group). The borderline and avoidant groups also reported more maladaptive reactions to a stressor of an interpersonal vs. non-interpersonal nature, whereas the healthy group did not. Finally, self-reported impulsive reactions to stressors were associated with baseline impulsivity in the delay-discounting task, and greater self-reported reactivity to interpersonal than non-interpersonal stressors was associated with rejection sensitivity. This research highlights distinct vulnerabilities contributing to impulsive behavior in borderline personality disorder.

Incidental rewarding cues influence economic decisions in people with obesity

Recent research suggests that obesity is linked to prominent alterations in learning and decision-making. This general difference may also underlie the preference for immediately consumable, highly palatable but unhealthy and high-calorie foods. Such poor food-related inter-temporal decision-making can explain weight gain; however, it is not yet clear whether this deficit can be generalized to other domains of inter-temporal decision-making, for example financial decisions. Further, little is known about the stability of decision-making behavior in obesity, especially in the presence of rewarding cues. To answer these questions, obese and lean participants (n = 52) completed two sessions of a novel priming paradigm including a computerized monetary delay discounting task. In the first session, general differences between groups in financial delay discounting were measured. In the second session, we tested the general stability of discount rates. Additionally, participants were primed by affective visual cues of different contextual categories before making financial decisions. We found that the obese group showed stronger discounting of future monetary rewards than the lean group, but groups did not differ in their general stability between sessions nor in their sensitivity toward changes in reward magnitude. In the obese group, a fast decrease of subjective value over time was directly related to a higher tendency for opportunistic eating. Obese in contrast to lean people were primed by the affective cues, showing a sex-specific pattern of priming direction. Our findings demonstrate that environments rich of cues, aiming at inducing unhealthy consumer decisions, can be highly detrimental for obese people. It also underscores that obesity is not merely a medical condition but has a strong cognitive component, meaning that current dietary and medical treatment strategies may fall too short.

Delay and probability discounting of sexual and monetary outcomes in individuals with cocaine use disorders and matched controls

Individuals with cocaine use disorders are disproportionately affected by HIV/AIDS, partly due to higher rates of unprotected sex. Recent research suggests delay discounting of condom use is a factor in sexual HIV risk. Delay discounting is a behavioral economic concept describing how delaying an event reduces that event’s value or impact on behavior. Probability discounting is a related concept describing how the uncertainty of an event decreases its impact on behavior. Individuals with cocaine use disorders (n = 23) and matched non-cocaine-using controls (n = 24) were compared in decision-making tasks involving hypothetical outcomes: delay discounting of condom-protected sex (Sexual Delay Discounting Task), delay discounting of money, the effect of sexually transmitted infection (STI) risk on likelihood of condom use (Sexual Probability Discounting Task), and probability discounting of money. The Cocaine group discounted delayed condom-protected sex (i.e., were more likely to have unprotected sex vs. wait for a condom) significantly more than controls in two of four Sexual Delay Discounting Task partner conditions. The Cocaine group also discounted delayed money (i.e., preferred smaller immediate amounts over larger delayed amounts) significantly more than controls. In the Sexual Probability Discounting Task, both groups showed sensitivity to STI risk, however the groups did not differ. The Cocaine group did not consistently discount probabilistic money more or less than controls. Steeper discounting of delayed, but not probabilistic, sexual outcomes may contribute to greater rates of sexual HIV risk among individuals with cocaine use disorders. Probability discounting of sexual outcomes may contribute to risk of unprotected sex in both groups. Correlations showed sexual and monetary results were unrelated, for both delay and probability discounting. The results highlight the importance of studying specific behavioral processes (e.g., delay and probability discounting) with respect to specific outcomes (e.g., monetary and sexual) to understand decision making in problematic behavior.

Dopamine enhances willingness to exert effort for reward in Parkinson's disease

Parkinson's disease (PD) is traditionally conceptualised as a disorder of movement, but recent data suggest that motivational deficits may be more pervasive than previously thought. Here, we ask whether subclinical deficits in incentivised decision-making are present in PD and, if so, whether dopaminergic therapy ameliorates such deficits. We devised a novel paradigm in which participants decided whether they were willing to squeeze a hand-held dynamometer at varying levels of force for different magnitudes of reward. For each participant, we estimated the effort level at which the probability of accepting a reward was 50% – the effort ‘indifference point’. Patients with PD (N = 26) were tested ON and OFF their usual dopaminergic medication, and their performance compared to those of age-matched controls (N = 26). No participant was clinically apathetic as defined by the Lille Apathy Rating Scale (LARS). Our data show that, regardless of medication status, patients with PD chose to engage less effort than controls for the lowest reward. Overall, however, dopamine had a motivating effect on participants' choice behaviour – patients with PD chose to invest more effort for a given reward when they were in the ON relative to OFF dopamine state. Importantly, this effect could not be attributed to motor facilitation. We conclude that deficits in incentivised decision-making are present in PD even in the absence of a clinical syndrome of apathy when rewards are low, but that dopamine acts to eliminate motivational deficits by promoting the allocation of effort.

Further evidence of the heterogeneous nature of impulsivity

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Impulsivity is not a unitary construct and instead comprises dissociable subtypes.

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Reflection-impulsivity is a distinct and well-defined facet of impulsivity.

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Additional characterisations of motor-impulsivity are required.

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Several tasks purported to index impulsivity should be treated with caution.

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Researchers should employ multiple measures of types of impulsivity simultaneously.

‘Impulsivity’ refers to a range of behaviours including preference for immediate reward (temporal-impulsivity) and the tendency to make premature decisions (reflection-impulsivity) and responses (motor-impulsivity). The current study aimed to examine how different behavioural and self-report measurements of impulsivity can be categorised into distinct subtypes.

Exploratory factor analysis using full information maximum likelihood was conducted on 10 behavioural and 1 self-report measure of impulsivity.

Four factors of impulsivity were indicated, with Factor 1 having a high loading of the Stop Signal Task, which measures motor-impulsivity, factor 2 representing reflection-impulsivity with loadings of the Information Sampling Task and Matching Familiar Figures Task, factor 3 representing the Immediate Memory Task, and finally factor 4 which represents the Delay Discounting Questionnaire and The Monetary Choice Questionnaire, measurements of temporal-impulsivity.

These findings indicated that impulsivity is not a unitary construct, and instead represents a series of independent subtypes. There was evidence of a distinct reflection-impulsivity factor, providing the first factor analysis support for this subtype. There was also support for additional factors of motor- and temporal-impulsivity. The present findings indicated that a number of currently accepted tasks cannot be considered as indexing motor- and temporal-impulsivity suggesting that additional characterisations of impulsivity may be required.

Is there time discounting for risk premium?

Individuals with a higher subjective discount rate concentrate more on the present and delay is more significant for them. However, when a risky asset is delayed, not only is the outcome delayed but also the risk. In this paper, we suggest a new, two-stage experimental method with real monetary incentives that allows us to distinguish between the effect of the risk and the effect of the time when pricing a risky asset. We show that when individuals have greater preference for the present, their risk aversion for a risky asset realized in the future decreases. We argue that the effect of the risk for future asset is lower for individuals with higher time preference because they discount not only the outcome but also the risks.

Altering participants' hypothetical annual income can alter their rates of discounting the same delayed monetary outcome

Delay discounting occurs when the subjective value of an outcome decreases because its delivery is delayed. Past research has shown that how steeply participants discount an outcome varies inversely with the value of previously discounted outcomes. In the present study, participants discounted the same hypothetical monetary outcome ($1,000) after their hypothetical annual income was halved (Experiment 1) or doubled (Experiment 2). Rates of discounting decreased and increased, respectively, after these manipulations (although a similar change in discounting was observed for the control and treatment groups in Experiment 2). These results suggest that altering the context in which the discounting task is framed alters the subjective value of the outcome itself, in this case money. This result has implications for understanding contrast effects that are observed in rates of discounting, as well as for researchers and practitioners who are interested in determining methods for altering how individuals discount delayed outcomes.

Cocaine dependent individuals discount future rewards more than future losses for both cocaine and monetary outcomes

Cocaine dependence and other forms of drug dependence are associated with steeper devaluation of future outcomes (delay discounting). Although studies in this domain have typically assessed choices between monetary gains (e.g., receive less money now versus receive more money after a delay), delay discounting is also applicable to decisions involving losses (e.g., small loss now versus larger delayed loss), with gains typically discounted more than losses (the "sign effect"). It is also known that drugs are discounted more than equivalently valued money. In the context of drug dependence, however, relatively little is known about the discounting of delayed monetary and drug losses and the presence of the sign effect. In this within-subject, laboratory study, delay discounting for gains and losses was assessed for cocaine and money outcomes in cocaine-dependent individuals (n=89). Both cocaine and monetary gains were discounted at significantly greater rates than cocaine and monetary losses, respectively (i.e., the sign effect). Cocaine gains were discounted significantly more than monetary gains, but cocaine and monetary losses were discounted similarly. Results suggest that cocaine is discounted by cocaine-dependent individuals in a systematic manner similar to other rewards. Because the sign effect was shown for both cocaine and money, delayed aversive outcomes may generally have greater impact than delayed rewards in shaping present behavior in this population.

Predictive validity of delay discounting behavior in adolescence: a longitudinal twin study

A standard assumption in the delay discounting literature is that individuals who exhibit steeper discounting of hypothetical rewards also experience greater difficulty deferring gratification to real-world rewards. There is ample cross-sectional evidence that delay discounting paradigms reflect a variety of maladaptive psychosocial outcomes, including substance use pathology. We sought to determine whether a computerized assessment of hypothetical delay discounting (HDD) taps into behavioral impulsivity in a community sample of adolescent twins (N = 675). Using a longitudinal design, we hypothesized that greater HDD at age 14-15 predicts real-world impulsive choices and risk for substance use disorders in late adolescence. We also examined the genetic and environmental structure of HDD performance. Individual differences in HDD behavior showed moderate heritability, and were prospectively associated with real-world temporal discounting at age 17-18. Contrary to expectations, HDD was not consistently related to substance use or trait impulsivity. Although a significant association between HDD behavior and past substance use emerged in males, this effect was mediated by cognitive ability. In both sexes, HDD failed to predict a comprehensive index of substance use problems and behavioral disinhibition in late adolescence. In sum, we present some of the first evidence that HDD performance is heritable and predictive of real-world temporal discounting of rewards. Nevertheless, HDD might not serve as a valid marker of substance use disorder risk in younger adolescents, particularly females.

Steeper delay and probability discounting of potentially real versus hypothetical cigarettes (but not money) among smokers

There is a strong relationship between drug use and the tendency to discount the value of outcomes as a function of their delay and probability. Most discounting researchers use hypothetical monetary outcomes to establish discounting patterns among human subjects, who tend to discount the value of hypothetical money and real money similarily. However, no research to date has examined whether hypothetical non-monetary outcomes are discounted similarly to real non-monetary outcomes. In this study, smokers were assigned randomly to complete delay and probability discounting tasks for money and cigarettes that were either potentially real (n=33) or hypothetical (n=31). Consistent with previous research, smokers discounted the value of hypothetical and potentially real money similarly. However, smokers evidenced steeper rates of discounting for potentially real cigarettes in both delay and probability discounting. These findings suggest domain-specific discounting patterns in which potentially real and hypothetical outcomes may be synonymous in the context of monetary outcomes, but not in the context of non-monetary outcomes.

Demand curves for hypothetical cocaine in cocaine-dependent individuals

RATIONALE

Drug purchasing tasks have been successfully used to examine demand for hypothetical consumption of abused drugs including heroin, nicotine, and alcohol. In these tasks, drug users make hypothetical choices whether to buy drugs, and if so, at what quantity, at various potential prices. These tasks allow for behavioral economic assessment of that drug's intensity of demand (preferred level of consumption at extremely low prices) and demand elasticity (sensitivity of consumption to price), among other metrics. However, a purchasing task for cocaine in cocaine-dependent individuals has not been investigated.

OBJECTIVES

This study examined a novel Cocaine Purchasing Task and the relation between resulting demand metrics and self-reported cocaine use data.

METHODS

Participants completed a questionnaire assessing hypothetical purchases of cocaine units at prices ranging from $0.01 to $1,000. Demand curves were generated from responses on the Cocaine Purchasing Task. Correlations compared metrics from the demand curve to measures of real-world cocaine use.

RESULTS

Group and individual data were well modeled by a demand curve function. The validity of the Cocaine Purchasing Task was supported by a significant correlation between the demand curve metrics of demand intensity and O max (determined from Cocaine Purchasing Task data) and self-reported measures of cocaine use. Partial correlations revealed that after controlling for demand intensity, demand elasticity and the related measure, P max, were significantly correlated with real-world cocaine use.

CONCLUSIONS

Results indicate that the Cocaine Purchasing Task produces orderly demand curve data, and that these data relate to real-world measures of cocaine use.

Statistical equivalence and test-retest reliability of delay and probability discounting using real and hypothetical rewards

Delay discounting (DD) and probability discounting (PD) refer to the reduction in the subjective value of outcomes as a function of delay and uncertainty, respectively. Elevated measures of discounting are associated with a variety of maladaptive behaviors, and confidence in the validity of these measures is imperative. The present research examined (1) the statistical equivalence of discounting measures when rewards were hypothetical or real, and (2) their 1-week reliability. While previous research has partially explored these issues using the low threshold of nonsignificant difference, the present study fully addressed this issue using the more-compelling threshold of statistical equivalence. DD and PD measures were collected from 28 healthy adults using real and hypothetical $50 rewards during each of two experimental sessions, one week apart. Analyses using area-under-the-curve measures revealed a general pattern of statistical equivalence, indicating equivalence of real/hypothetical conditions as well as 1-week reliability. Exceptions are identified and discussed.