Incidental emotions influence risk preference and outcome evaluation

The impact of stress on the risk decision-making process

The effect of stress on risk-taking or risk-averse behavior in decision-making has been inconclusive in previous research, with few studies revealing the underlying neural mechanisms. This study employed event-related potentials technique and combined a social cold pressor assessment test with a mental arithmetic task to induce stress responses, aiming to investigate the influence of exogenous stress on the risk decision-making process. Stress induction results indicated that, in addition to raising heart rate and blood pressure, stress responses were accompanied by enhanced negative emotions, diminished positive emotions, and alterations in neural activity. The outcomes of risk decision-making showed that stress did not significantly affect risk preference or time of choice but did reduce the feedback-related negativity/reward positivity, with a particularly significant effect observed for large outcomes. Stress also altered the amplitude of the P3 component, with stress decreasing the P3 value for winning outcomes relative to losing outcomes. The study suggests that understanding how stress affects risk preference should consider the emotional valence induced by stress. Contrary to the reward sensitivity hypothesis, stress weakened reward sensitivity. Stress led to changes in the allocation of cognitive resources for outcome evaluation: compared to negative outcomes, stress reduced cognitive resources for positive outcomes, which might be related to the enhanced negative emotions induced by stress. The study highlights the importance of focusing on the subjective emotional experience induced by stress in future research on stress and risk decision-making.

A multinational analysis of how emotions relate to economic decisions regarding time or risk

Emotions have been theorized to be important drivers of economic choices, such as intertemporal or risky decisions. Our systematic review and meta-analysis of the previous literature (378 results and 50,972 participants) indicates that the empirical basis for these claims is mixed and the cross-cultural generalizability of these claims has yet to be systematically tested. We analysed a dataset with representative samples from 74 countries (n = 77,242), providing a multinational test of theoretical claims that individuals' ongoing emotional states predict their economic preferences regarding time or risk. Overall, more positive self-reported emotions generally predicted a willingness to wait for delayed rewards or to take favourable risks, in line with some existing theories. Contrary to the assumption of a universal relationship between emotions and decision-making, we show that these relationships vary substantially and systematically across countries. Emotions were stronger predictors of economic decisions in more economically developed and individualistic countries.

Do incidental positive emotions induce more optimistic expectations of decision outcomes? An empirical study from the perspective of event-related potential

INTRODUCTION

Previous research has found that incidental emotions of different valences (positive/negative/neutral) influence risky decision-making. However, the mechanism of their influence on psychological expectations of decision outcomes remains unclear.

METHODS

We explored the effects of different incidental emotions on the behavioral, psychological, and electrophysiological responses of individuals in risky decision-making through a money gambling task using a one-way (emotion type: positive, negative, neutral emotions) between-subjects experimental design.

RESULTS

Individuals with positive emotions had significantly greater risk-seeking rates than those with negative emotions during the decision selection phase (p < .01). In the feedback stage of decision outcomes, individuals showed stronger perceptions of uncertainty in the decision environment under gain and loss feedback compared with neutral feedback, as evidenced by a more positive P2 component (i.e., the second positive component of an event-related potential). Positive emotions produced greater than expected outcome bias than neutral emotions, as evidenced by a more negative FRN component (i.e., the feedback-related negativity component).

CONCLUSION

Our results suggest that positive emotions increase individuals' psychological expectations of decision outcomes. This study provides new empirical insights to understand the influence of incidental emotions on risky decision outcome expectations.

Solving problems with an Aha! increases risk preference

Solving problems with insight culminates in an "Aha! moment": a feeling of confidence and pleasure. In daily life, insights are often followed by important decisions, such as deciding what to do with a new idea. Here, we investigated whether having an Aha! moment affects subsequent decision-making. Because Aha! moments tend to elicit positive affect, which is generally associated with an increased risk-taking tendency, we hypothesized that people would favor a monetary payout with more upside despite greater uncertainty after solving a problem with insight. Participants were asked to solve verbal puzzles and report whether they solved them with insight or without insight. After each puzzle, they chose between two bonuses: a fixed payout or a risk payout with 50% chance of receiving a high or a low payout. Participants were more likely to choose the risk payout after they solved with insight compared to without, suggesting a temporarily higher risk preference. The study provided preliminary evidence of a carryover effect - the impact of an Aha! moment on the subsequent risk choice - that can have implications in everyday decision-making.

A negative emotional context disrupts the framing effect on outcome evaluation in decision making under uncertainty: An ERP study

The framing effect refers to the phenomenon that different descriptions of the same option lead to a shift in the choice of the decision maker. Several studies have found that emotional contexts irrelevant to a decision in progress still influence the framing effect on decision making. However, little is known about the potential role of emotional contexts in the framing effect on outcome evaluation under uncertainty and the related neural mechanisms. The present study measured event-related potentials (ERPs) to capture the time series of brain activities during the processing of gain- and loss-framed choices and outcomes primed with neutral and negative emotional contexts. The results revealed that in the neutral emotional context, the P300 amplitudes following both positive and negative feedback were greater in the gain-framed condition than those in the loss-framed condition, demonstrating a framing effect, whereas in the negative emotional context, this effect was unstable and observed only following negative feedback. In contrast, regardless of whether the feedback was positive or negative, the framing effect on the feedback-related negativity (FRN) amplitudes was insensitive to neutral and negative emotional contexts. Furthermore, the time-frequency analysis showed that the framing effect on the theta power related to the FRN was also insensitive to neutral and negative emotional contexts. Our findings suggest that brain responses to framing effects on outcome evaluation in a later cognitive appraisal stage of decision making under uncertainty may depend on the emotional context, as the effects were observed only following negative feedback in the negative emotional context.

The Influencing Mechanism of Incidental Emotions on Risk Perception: Evidence from Event-Related Potential

Incidental emotions would lead to accidents by influencing risk perception. However, few works of research further studied how incidental emotions affect risk perception at the neurological level. Before the experimental task, we used video clips for emotion elicitation. Then, the event-related potential (ERP) technique was used to obtain data on the risk perception process. The results showed that: compared to neutral emotion, the participants’ average reaction time was significantly shorter in positive and negative incidental emotion. Under negative incidental emotion, individuals overestimated risk and had a more significant deviation in risk perception; the amplitude of P2 and N2 components increased, and the amplitude of LPP component decreased under negative incidental emotion. Under positive incidental emotion, individuals’ correct-response rate was higher. These findings indicated that incidental emotions affected the mid-term risk analysis stage and the late risk judgment stage of risk perception. In the mid-term risk analysis stage, individuals processed high-risk information with a negativity bias which led to stronger cognitive conflict, while individuals assessed risks more accurately due to a larger attentional span under positive incidental emotions. In the late risk judgment stage, individuals under negative incidental emotion devoted few attentional resources to risk information which led to a risk judgment deviation. In contrast, individuals had a more detailed cognitive process of risk information under positive incidental emotion. On these bases, this paper confirmed the influence of incidental emotions on risk perception and established an emotional information-processing model. This study provided a reference for emotional interventions to facilitate accident prevention.

Estimation Strategy Utilization Is Modulated by Implicit Emotion Regulation: Evidence from Behavioral and Event-Related Potentials Studies

A large number of studies have studied the influence of emotional experience on an individual's estimation performance, but the influence of implicit emotion regulation is still unknown. Participants were asked to complete the following tasks in order: idiom matching task, multiplication computational estimation task (MCE task), gender judgment task (GJ task), and emotional experience intensity assessment task. The words matching task was adopted to achieve the purpose of implicit emotion regulation (implicit reappraisal and implicit suppression). Behavioral results showed that implicit reappraisal and implicit suppression equally contributed to improving an individual's estimation speed (but not ACC (accuracy)). The MCE task related ERP (event-related potential) results showed that the influence of implicit emotion regulation on estimation consisted of two phases. In the first phase (encoding phase), implicit reappraisal both enhanced (larger P1 amplitudes) and weakened (smaller N170 amplitudes) an individual's encoding sensitivity, while implicit suppression enhanced an individual's encoding sensitivity (larger P1 amplitudes). In the second phase (estimation strategies retrieval phase), implicit reappraisal (but not implicit suppression) cost more attention resources (larger LPC2 and LPC3 amplitudes). The present study suggested that both implicit reappraisal and implicit suppression contributed to improving an individual's estimation performance, and the regulation effect of implicit suppression (vs. implicit reappraisal) was better.

P300 as a neural indicator for setting levels of goal scores in educational gamification applications from the perspective of intrinsic motivation: An ERP study

The challenge level of goal achievement affects intrinsic motivation. Thus, the goal score learners are required to achieve is an important element in gamified educational applications to foster users' intrinsic motivation. However, determining optimal goal scores that enhance the intrinsic motivation of each learner is not easy because individual competence and preferences for the challenge level (e.g., preference for difficult-to-achieve challenges) vary. One approach is to determine the goal score using physiological measurements to estimate when an individual's intrinsic motivation is reinforced. Measurement of event-related potentials (ERPs) is considered useful for this purpose. ERPs time-locked to feedback onset, such as feedback-related negativity and P300, reflect intrinsic motivation. However, it remains unclear whether these ERPs can serve as indicators of optimal goal scores for gamified educational applications in terms of intrinsic motivation. The present study aimed to examine whether ERP measures vary with the challenge levels of the goal score determined by participants' competence (too-easy, moderate and too-hard levels) and/or with their preference for these levels when using a gamified mental arithmetic application. Thirty-three participants solved 64 addition problems in one session in this application and received auditory feedback immediately after each answer entry. Scores were then calculated based on their task performance. Before each session, participants were informed of the goal score and instructed to exceed it as much as possible. Sessions were repeated six times at easy, moderate, and hard levels of goal scores, with two sessions per level. Goal score preferences were quantified based on subjective ratings of the motivation to achieve each level of goal score using a 7-point Likert scale. The mean amplitudes of ERPs were obtained for each participant. Results showed that P300 was significantly related to subjective ratings but not to levels of goal scores, indicating that P300 could be an indicator of participant preference for goal score levels. This study suggests that measurement of P300 may serve as a neural indicator providing an optimal goal score for individual learners that maximizes their intrinsic motivation in gamified learning applications.

Effects of mental fatigue on risk preference and feedback processing in risk decision-making

Mental fatigue is a common phenomenon in modern people, especially after a long period of mental work. Individuals frequently have to make critical decisions when in a mentally fatigued state. As an important and complex cognitive function, risk decision-making might be influenced by mental fatigue, which is consequent with increased distraction and poor information processing. However, how mental fatigue shapes individuals’ decision-making remains relatively unclear. The purpose of this study was to examine the effect of mental fatigue on risk decision-making performance and risk-preference in a simple gambling task, using both behavioral methods and event-related potential techniques. Forty young adults were divided into a mental fatigue group and a no-fatigue group and participated in the experiments. Results showed that individuals with mental fatigue tended to be more risk-averse than those without fatigue when facing risk options. The P300 amplitudes were smaller and FRN amplitudes were larger in the mental fatigue group than in the no-fatigue group. These findings provide insight into a relationship between mental fatigue and risk decision-making, from the perspective of the neurological mechanism.

Context and the Perceived Fairness of Price Increases Coming out of COVID-19

OBJECTIVE

As the U.S. economy responds to prolonged COVID-19 disruptions, it is important to understand what factors affect the perceived fairness of pandemic-driven price increases.

METHODS

Participants read a vignette and rated how fair they found a pandemic-driven price increase. Versions vary (1) the source (hardware-store products or bus fare), (2) the magnitude of the price increase (6 percent or 18 percent), and (3) the tone of an initial description of COVID (positive or negative).

RESULTS

The price increase was perceived to be fairer when it involved the hardware store or when it was smaller. The relationship between fairness and magnitude was context-specific, as fairness perceptions were insensitive to the magnitude of the price increase in the bus scenario or when the initial description of COVID had a positive tone.

CONCLUSION

Retailers and municipalities may face different fairness constraints as they consider pandemic-driven price increases. The tone of COVID information may affect price fairness through its impact on sensitivity to magnitude.

Do Emotions Benefit Investment Decisions? Anticipatory Emotion and Investment Decisions in Non-professional Investors

Increasing financial trading performance is big business. A lingering question within academia and industry concerns whether emotions improve or degrade trading performance. In this study, 30 participants distributed hypothetical wealth between a share (a risk) and the bank (paying a small, sure, gain) within four trading games. Skin Conductance Response was measured while playing the games to measure anticipatory emotion, a covert emotion signal that impacts decision-making. Anticipatory emotion was significantly associated with trading performance but the direction of the correlation was dependent upon the share’s movement. Thus, anticipatory emotion is neither wholly “good” nor “bad” for trading; instead, the relationship is context-dependent. This is one of the first studies exploring the association between anticipatory emotion and trading behaviour using trading games within an experimentally rigorous environment. Our findings elucidate the relationship between anticipatory emotion and financial decision-making and have applications for improving trading performance in novice and expert traders.

Your happy expressions encourage me to take risks: ERP evidence from an interpersonal gambling game

Although the influence of endogenous emotion on decision-making has been widely studied, the effect of interpersonal emotions on risk decision-making is less understood. To address this issue, participants were asked to perform an interpersonal gambling game after perceiving their cooperator's facial emotions. The results found that the cooperator's happy expressions increased individuals' risk-approaching choice compared with angry expressions. Moreover, happy expressions induced larger P300 potentials in the option assessment stage, and diminished the differences between losses and wins in feedback-related FRN/RewP in the outcome valuation stage. Additionally, single-trial analysis found that the neural response induced by interpersonal expressions and feedback could predict participants' subsequent decision-making. These findings suggest that interpersonal emotions shape individuals' risk preference through enhancing in-depth valuation in the option assessment stage and early motivational salience valuation in the outcome valuation stage.

Emotional State and Feedback-Related Negativity Induced by Positive, Negative, and Combined Reinforcement

Reinforcement learning relies on the reward prediction error (RPE) signals conveyed by the midbrain dopamine system. Previous studies showed that dopamine plays an important role in both positive and negative reinforcement. However, whether various reinforcement processes will induce distinct learning signals is still unclear. In a probabilistic learning task, we examined RPE signals in different reinforcement types using an electrophysiology index, namely, the feedback-related negativity (FRN). Ninety-four participants were randomly assigned into four groups: base (no money incentive), positive reinforcement (presentation of money rewards), negative reinforcement (removal of money losses), and combined reinforcement (money rewards and removal of money losses) groups. In addition, in order to evaluate the engagement of emotional activity in the different reinforcement processes, Positive and Negative Affect Schedule-Expanded Form (PANAS-X) scales were applied before and after the experiment to detect the emotional changes. The results showed that there was no difference between groups in the dopamine-related learning bias. However, compared to the other three groups, negative reinforcement elicited smaller FRN (the difference-wave measure) during the learning, stronger positive affect and joviality, and less fatigue after the learning, in which the difference between the negative and positive reinforcement groups was smaller. The results indicated that pure avoidance motivation may induce distinct emotional fluctuations, which influence the feedback processing.

Emotional valence modulates arithmetic strategy execution in priming paradigm: an event-related potential study

Combined with the prime paradigm, the present study aimed to explore the influence of emotion (anger, fear, happiness, and neutral) on performing multiplication estimation. Participants were asked to complete a two-digit multiplication estimation task using the down-up strategy (e.g., doing 20 × 80 = 1600 for 24 × 79). Behavioral results showed that the reaction time for completing multiplication estimation tasks under happy conditions was shorter than for those under anger and fear, and it was shorter under neutral than under fearful conditions. The ERP results showed that about 100 ms after multiplication estimation task onset, multiplication estimation execution in the context of happiness (vs. neutral) elicited smaller P1 amplitudes; about 170 ms after multiplication estimation task onset, the N170 amplitudes elicited by multiplication estimation strategy execution under different emotional priming conditions showed no significant differences. The above results showed that the impact of emotion priming demonstrates the occurrence of a dynamic process when participants use a specified strategy to complete the multiplication estimation task. The present study revealed that emotional valence modulated arithmetic strategy execution, suggesting the role of different emotions should be fully considered in similar study.

Pain Modulates Responses to Emotional Stimuli

Pain and emotion are common subjective experiences that play vital roles in daily life. Pain has been clinically confirmed to increase depressive mood. However, little is known about how pain modulates cognitive emotional judgment processing. A better understanding of this may help explain the effect of pain on the development of depressive moods. We recruited 30 adult participants to test their responses to pictures of scenes (Experiment 1) and faces (Experiment 2) that represented happy, neutral, and sad emotions, while experiencing painful (induced via topical capsaicin cream) and control (hand cream) treatments. Results showed that participants in the painful condition showed lower accuracy to emotional scene stimuli and longer reaction times to both emotional scene and face stimuli, relative to the control condition. In addition, the difference values of the reaction times between the painful and control conditions were larger for sad scenes than for happy or neutral scenes. These results suggest that pain alters attentional processing of emotional stimuli, especially with regards to sad scene stimuli, which may explain how painful stimuli affect the development of depressive moods.

Increased Accuracy of Emotion Recognition in Individuals with Autism-Like Traits after Five Days of Magnetic Stimulations

Individuals with autism-like traits (ALT) belong to a subclinical group with similar social deficits as autism spectrum disorders (ASD). Their main social deficits include atypical eye contact and difficulty in understanding facial expressions, both of which are associated with an abnormality of the right posterior superior temporal sulcus (rpSTS). It is still undetermined whether it is possible to improve the social function of ALT individuals through noninvasive neural modulation. To this end, we randomly assigned ALT individuals into the real (n = 16) and sham (n = 16) stimulation groups. All subjects received five consecutive days of intermittent theta burst stimulation (iTBS) on the rpSTS. Eye tracking data and functional magnetic resonance imaging (fMRI) data were acquired on the first and sixth days. The real group showed significant improvement in emotion recognition accuracy after iTBS, but the change was not significantly larger than that in the sham group. Resting-state functional connectivity (rsFC) between the rpSTS and the left cerebellum significantly decreased in the real group than the sham group after iTBS. At baseline, rsFC in the left cerebellum was negatively correlated with emotion recognition accuracy. Our findings indicated that iTBS of the rpSTS could improve emotion perception of ALT individuals by modulating associated neural networks. This stimulation protocol could be a vital therapeutic strategy for the treatment of ASD.

How do different kinds of incidental emotions influence risk decision making?

Incidental emotions, which are irrelevant to the ongoing decision, play a significant role in decision-making processes. In this study, we investigated the influence of specific incidental emotions on behavioral, psychological, and electrophysiological responses during the process of decision making. Participants finished a forced-choice gambling task, during which incidental emotions (anger/fear/happiness) were elicited by recalling emotional experiences. Behavioral and event-related potential (ERP) data were recorded in the experiment. Behavioral results showed that risk preference was weaker in the fearful condition than in the angry and happy conditions, but emotional feelings to outcome feedback were not influenced by incidental emotions. The feedback-related negativity (FRN) amplitude was larger in the fearful condition than in the angry, happy, and neutral conditions for large outcomes, whereas there was no difference between the four conditions for small outcomes. In addition, the influence of outcome magnitude (small/large) on the P3 amplitude was stronger in the fearful condition than in the angry, happy, and neutral conditions. We suggest that incidental fear elicits risk-avoidant behavior (manifested in behavioral choices), stronger motivation (manifested in the FRN amplitude) and cognitive resources (manifested in the P3 amplitude) for risky outcomes of decision making unconsciously (indicated by unchanged subjective emotional experiences). The current findings have expanded our understanding of the role of specific incidental emotions in decision making.

Neural Dynamics of Processing Probability Weight and Monetary Magnitude in the Evaluation of a Risky Reward

Risky decision-making involves risky reward valuation, choice, and feedback processes. However, the temporal dynamics of risky reward processing are not well understood. Using event-related brain potential, we investigated the neural correlates of probability weight and money magnitude in the evaluation of a risky reward. In this study, each risky choice consisted of two risky options, which were presented serially to separate decision-making and option evaluation processes. The early P200 component reflected the process of probability weight, not money magnitude. The medial frontal negativity (MFN) reflected both probability weight and money magnitude processes. The late positive potential (LPP) only reflected the process of probability weight. These results demonstrate distinct temporal dynamics for probability weight and money magnitude processes when evaluating a risky outcome, providing a better understanding of the possible mechanism underlying risky reward processing.

Females Are More Sensitive to Opponent's Emotional Feedback: Evidence From Event-Related Potentials

It is widely believed that females outperformed males in emotional information processing. The present study tested whether the female superiority in emotional information processing exists in a naturalistic social-emotional context, if so, what the temporal dynamics underlies. The behavioral and electrophysiological responses were recorded while participants were performing an interpersonal gambling game with opponents' facial emotions given as feedback. The results yielded that emotional cues modulated the influence of monetary feedback on outcome valuation. Critically, this modulation was more conspicuous in females: opponents' angry expressions increased females' risky tendency and decreased the amplitude of reward positivity (RewP) and feedback P300. These findings indicate that females are more sensitive to emotional expressions in real interpersonal interactions, which is manifested in both early motivational salience detection and late conscious cognitive appraisal stages of feedback processing.

Event-Related Potentials in Relation to Risk-Taking: A Systematic Review

Event-related potentials (ERPs) have been used to investigate neural mechanisms underlying risk-related decisions over the last 16 years. We aimed to systematically evaluate associations between risk-taking and ERP components elicited during decisions and following feedback. A total of 79 articles identified from PsychINFO and PubMed databases met the inclusion criteria. Selected articles assessed early ERP components (feedback-related negativity/FRN, error-related negativity/ERN, and medial frontal negativity/MFN) and the mid-latency P3 component, all using gambling paradigms that involved selecting between choices of varying risk (e.g., Iowa Gambling Task, Balloon Analogue Risk Task, and two-choice gambling tasks). The P3 component was consistently enhanced to the selection of risky options and when positive feedback (as compared to negative feedback) was provided. Also consistently, the early negative components were found to be larger following feedback indicating monetary losses as compared to gains. In the majority of studies reviewed here, risk was conceptualized in the context of simple economical decisions in gambling tasks. As such, this narrow concept of risk might not capture the diversity of risky decisions made in other areas of everyday experience, for example, social, health, and recreational risk-related decisions. It therefore remains to be seen whether the risk-sensitivity of the ERP components reviewed here generalizes to other domains of life.

Differentiating the influence of incidental anger and fear on risk decision-making

Previous research has revealed that incidental emotions of different valence (positive/negative/neutral) produce distinct impacts on risk decision-making. This study went on to compare the effects of different emotions of which the valence are identical. We focused on anger and fear, both of which are negative emotions but differ in motivational and appraisal dimensions. Participants finished a forced-choice gambling task, during which incidental emotions (anger/fear/happy) were elicited by facial stimuli selected from the Chinese Facial Affective Picture System. Behavioral and event-related potential (ERP) data were recorded in the experiment, which showed that anger and fear were different in their influence on behavioral risk preference and the relationship between outcome processing and subsequent risk decisions. Regarding the behavioral results, risk preference in the anger condition was higher than the fear condition, but lower than the happy condition. Regarding the ERP results elicited by outcome feedback (gain/loss), in the fear condition, the feedback-related negativity (FRN) was positively correlated with risk preference; in the anger condition, the gain-related P3 component was positively correlated with risk preference; in the happy condition, both the FRN and the loss-related P3 was negatively correlated with risk preference. The current findings provide novel insight into distinguishing the effect of different incidental emotions on risk preference.

The neural dynamics underlying the interpersonal effects of emotional expression on decision making

Although numerous studies explore the effects of emotion on decision-making, the existing research has mainly focused on the influence of intrapersonal emotions, leaving the influence of one person’s emotions on another’s decisions underestimated. To specify how interpersonal emotions shape decision-making and delineate the underlying neural dynamics involved, the present study examined brain responses to utilitarian feedback combined with angry or happy faces in competitive and cooperative contexts. Behavioral results showed that participants responded slower following losses than wins when competitors express happiness but responded faster following losses than wins when cooperators express anger. Importantly, angry faces in competitive context reversed the differentiation pattern of feedback-related negativity (FRN) between losses and wins and diminished the difference between losses and wins on both P300 and theta power, but only diminished the difference on FRN between losses and wins in cooperative context. However, when partner displays happiness, losses versus wins elicited larger FRN and theta power in competitive context but smaller P300 in both contexts. These results suggest that interpersonal emotions shape decisions during both automatic motivational salience valuation (FRN) and conscious cognitive appraisal (P300) stages of processing, in which different emotional expressions exert interpersonal influence through different routes.

The interaction between state and dispositional emotions in decision making: An ERP study

In this study, to investigate the influence of incidental emotions on decision making in high-anxious individuals, participants were required to perform a monetary gambling task. Behavioral and electroencephalography responses were recorded to explore the stages of option assessment and outcome evaluation during decision making, respectively. Incidental emotions were elicited by facial expression pictures presented on the background, which included four conditions (control, neutral, fearful, and happy). Results showed smaller feedback-related negativity (FRN) amplitudes in high-anxious participants than low-anxious participants in the control, neutral, and fearful conditions, but not in the happy condition, for small outcomes. The P3 amplitudes were larger in high-anxious participants compared to their counterparts in the fearful and happy conditions, but not in the other conditions. In short, the interaction effects between trait anxiety and facial emotions manifested on the outcome evaluation stage of decision making.