Unhappiness Intensifies the Avoidance of Frequent Losses While Happiness Overcomes It

The Iowa Gambling Task: Men and Women Perform Differently. A Meta-analysis

The Iowa Gambling Task (IGT) was designed to assess decision-making under conditions of complexity and uncertainty; it is currently one of the most widely used tests to assess decision-making in both experimental and clinical settings. In the original version of the task, participants are given a loan of play money and four decks of cards and are asked to maximize profits. Although any single card unpredictably yields wins/losses, variations in frequency and size of gains/losses ultimately make two decks more advantageous in the long term. Several studies have previously suggested that there may be a sex-related difference in IGT performance. Thus, the present study aimed to explore and quantify sex differences in IGT performance by pooling the results of 110 studies. The meta-analysis revealed that males tend to perform better than females on the classic 100-trial IGT (UMD = 3.381; p < 0.001). Furthermore, the significant heterogeneity observed suggests high variability in the results obtained by individual studies. Results were not affected by publication bias or other moderators. Factors that may contribute to differences in male and female performance are discussed, such as functional sex-related asymmetries in the ventromedial prefrontal cortex and amygdala, as well as differences in sensitivity to wins/losses.

Impact of Induced Moods, Sensation Seeking, and Emotional Contagion on Economic Decisions Under Risk

In addition to probabilities of monetary gains and losses, personality traits, socio-economic factors, and specific contexts such as emotions and framing influence financial risk taking. Here, we investigated the effects of joyful, neutral, and sad mood states on participants' risk-taking behaviour in a simple task with safe and risky options. We also analysed the effect of framing on risk taking. In different trials, a safe option was framed in terms of either financial gains or losses. Moreover, we investigated the effects of emotional contagion and sensation-seeking personality traits on risk taking in this task. We did not observe a significant effect of induced moods on risk taking. Sad mood resulted in a slight non-significant trend of risk aversion compared to a neutral mood. Our results partially replicate previous findings regarding the presence of the framing effect. As a novel finding, we observed that participants with a low emotional contagion score demonstrated increased risk aversion during a sad mood and a similar trend at the edge of significance was present in high sensation seekers. Overall, our results highlight the importance of taking into account personality traits of experimental participants in financial risk-taking studies.

The Negative Association Between Positive Psychological Wellbeing and Loss Aversion

When making decisions, people tend to overweigh the impact of losses compared to gains, a phenomenon known as loss aversion (LA). A moderate amount of LA may be adaptive as it is necessary for protecting oneself from danger. However, excessive LA may leave people few opportunities and ultimately lead to suboptimal outcomes. Despite frequent reports of elevated LA in specific populations such as patients with depression, little is known about what psychological characteristics are associated with the tendency of LA. Based on the neurobiological studies of LA, we hypothesized that positive psychological wellbeing may be negatively associated with people's tendency of LA. In the present study, we set out to test this hypothesis in a sample of young adults. We evaluated LA using a decision-making task in which subjects were asked to decide whether to accept or reject a series of coin-toss gambles. Our results revealed that individuals with more advanced personal growth as assessed by the Ryff's Psychological Well-being Inventory showed reduced LA. To our knowledge, this is the first report demonstrating an association between positive psychological wellbeing and LA. These findings suggest that personal growth might be employed as interventional targets for correcting excessive LA in vulnerable populations.

Recollecting Cross-Cultural Evidences: Are Decision Makers Really Foresighted in Iowa Gambling Task?

The Iowa Gambling Task (IGT) has become a remarkable experimental paradigm of dynamic emotion decision making. In recent years, research has emphasized the "prominent deck B (PDB) phenomenon" among normal (control group) participants, in which they favor "bad" deck B with its high-frequency gain structure-a finding that is incongruent with the original IGT hypothesis concerning foresightedness. Some studies have attributed such performance inconsistencies to cultural differences. In the present review, 86 studies featuring data on individual deck selections were drawn from an initial sample of 958 IGT-related studies published from 1994 to 2017 for further investigation. The PDB phenomenon was found in 67.44% of the studies (58 of 86), and most participants were recorded as having adopted the "gain-stay loss-randomize" strategy to cope with uncertainty. Notably, participants in our sample of studies originated from 16 areas across North America, South America, Europe, Oceania, and Asia, and the findings suggest that the PDB phenomenon may be cross-cultural.

Choice rates are independent from perceived patterns (when patterns are not obvious): A reply to Plonsky and Teodorescu

In Ashby, Konstantinidis, and Yechiam (2017) we argued that the variance in people's choices in decisions from experience stems from uncertainty about preferences. This was confirmed by high correlations between the variance in experiential choices and subsequent one-shot policy decisions: both showing considerable diversification. In the present paper we address a comment regarding our paper by Plonsky and Teodorescu (2020). These authors suggested that variance in experiential choices is driven by responses to perceived patterns in prior outcomes (rather than individuals' preferences), and that these responses can also drive subsequent policy decisions. This was supported by an apparent "wavy recency" effect in our data indicatory of responses to patterns, and by an experiment showing that outcome patterns affected subsequent policy decisions. We demonstrate that our study results do not in fact show a significant wavy recency. We do find positive recency but it is very poorly correlated with the overall choice rates. Hence, we contend that the variance in choice rates mostly reflects one's preferences when there are no obvious patterns. Moreover, we argue that because Plonsky and Teodorescu's experimental manipulation was confounded with the frequency of relatively positive/negative outcomes, their results do not conclusively show an effect of response to patterns on subsequent policies.

Robust consistency of choice switching in decisions from experience

Decision making is a multifaceted process but studies of individual differences in decision behavior typically use only the proportions of choices from different options as behavioral indices. I examine whether the probability of choice switching in decisions from experience, reflecting one’s exploration strategy, is consistent across sessions and tasks. In Study 1, I re-analyzed an experiment in which participants performed six decision tasks in two sessions that were 45 days apart. Choice switching rates were highly consistent across sessions and tasks, and their consistency exceeded that of rates of risky choices. In Study 2 I conducted a similar analysis for the Technion Prediction Tournament, and also found higher consistency across tasks in switching rates than in choice rates. Additionally, in both studies, there were moderate to high correlations between switching rates at the beginning and towards the end of the task. The results thus highlight an often overlooked but highly consistent and independent aspect of human behavior.