Reappraisal and expected value modulate risk taking

Decision making is informed by appraisals of appetitive cues and their associated opportunities for rewards. Such appraisals can be modulated by cognitive regulation strategies in order to promote goal-directed choices. Little is known about how cognitive regulation strategies, especially reappraisal, alter risk taking during decision making. To characterise the effect of reappraisal on risk taking, we systematically varied both the goal of regulation and the value of the decision options. Participants engaged in two reappraisal strategies with opposite goals, to increase (“emphasise”) or decrease (“de-emphasise”) the importance of an upcoming decision, during the presentation of cues signalling monetary decisions. The expected value of taking a risk was systematically varied across decisions such that a risky choice could be beneficial or disadvantageous. Reappraisal strategies increased or decreased risk taking in accordance both with regulation goals and expected value information. These results suggest that reappraisal can be used to flexibly alter behaviour associated with appetitive cues while maintaining value information.     

文化价值观是一种特殊货币形式

金钱是一种经人们约定的用来测量商品价值的独特测量工具。同样地, 文化价值也是能让人对自身价值做出一致评价的一种独特的测量工具。本文在综述有关研究的基础上提出一个观点：文化价值和金钱价值在人类的发展史上、神经机制、行为以及认知方面是重叠的。作者认为, 文化价值和货币都是基于类似的进化功能而产生的。其次, 当进行与社会价值观一致的活动(如捐赠和合作)时, 其行为所激活的脑区和获得金钱时所激活的脑区是相同的。同样地, 当进行违反社会价值观的活动(如欺骗和攻击)时, 其行为所激活的脑区和失去金钱所激活的脑区是相同的。第三, 相对于亲社会行为和获得金钱, 我们对社会背叛和失去金钱会更敏感(如厌恶损失)。第四, 全球化对金钱体系和价值体系的影响是相似的。     

Improving return rates for health-care outcome

The objective was to test two methods of reducing loss of data in follow-up by abbreviating the questionnaire and offering a token monetary incentive. Primary data were collected between September 14, 1998 and July 23, 1999 from an adult psychiatric population, representing about 50% of all patients, all of whom agreed to participate in a quality-assurance monitoring program. Briefer components of the SF-36 Health Status Survey were expected to yield higher return rates than would the SF-36 plus a form assessing amount of treatment received. Small monetary incentives were expected to result in higher return rates also. Patients were randomly assigned to the groups (n = 73 each). Abbreviation of the questionnaire and use of a monetary incentive each reduced attrition by 10%. A diminishing returns effect for both methods was observed. Further study of a possible interaction between the questionnaire's length and monetary incentive is recommended.     

Delay of gratification in psychopathic and nonpsychopathic offenders.

Delay of gratification is a prototypical measure of self-control that merits systematic investigation in psychopaths. White male prisoners were provided with repeated opportunities to select an immediate response with uncertain reward or a delayed response with a higher rate of reward under one of three incentive conditions. Psychopaths' performance depended on their level of trait anxiety and incentive condition: Whereas low-anxious psychopaths were relatively unwilling to delay when omission of expected rewards also incurred monetary punishments, they displayed relatively superior performance when the task involved rewards only. Findings complement those for passive avoidance learning in psychopaths and suggest that inhibitory self-control in low-anxious psychopaths is somewhat impaired under conditions involving a combination of monetary rewards and punishments.     

Expectations and Preferences for Sequences of Health and Money

Three experiments demonstrated that preferences for sequences of money differed from preferences for sequences of health. Undergraduates gave preference ratings for graphs that illustrated how monetary income or health quality might change over time, with total amount of money or health held constant. In Experiment 1, subjects expected to experience health that decreased over a lifetime; they also preferred such a sequence. In contrast, they expected to experience increasing monetary income over their lifetimes and preferred such monetary sequences. Experiment 2 showed that these different preferences for sequences of health and money did not hold true for short, 1-year sequences, where subjects had similar expectations about health and money. Experiment 3 replicated Experiment 2 and showed that expectations mediate the effect on preference of decision domain (health or money) and sequence length. These results point to the importance of expectations in forming preferences for sequences.     

The need of young adults to text now: Using delay discounting to assess informational choice

This study examined the value of responding immediately to a text or call and the ability to wait. The willingness to delay texting or calling for a larger monetary reward was compared with delay tolerance for monetary rewards alone. The results of two experiments showed no differences in the qualitative shape of the delay discounting functions, indicating a similar decision-making process for informational (texting or calling) and monetary decisions. Data in the second experiment showed that the degree of delay tolerance varied as a function of the social distance of the texting partner, indicating a strategic decision-making process in informational decisions. However, the time course of loss of value for informational versus monetary rewards revealed substantial quantitative differences. While money loses value on the time span of weeks, information loses value within minutes, which may explain why behaviors like texting often occur in inappropriate situations and may seem like addictions.     

Effort for payment. A tale of two markets

The standard model of labor is one in which individuals trade their time and energy in return for monetary rewards. Building on Fiske's relational theory (1992), we propose that there are two types of markets that determine relationships between effort and payment: monetary and social. We hypothesize that monetary markets are highly sensitive to the magnitude of compensation, whereas social markets are not. This perspective can shed light on the well-established observation that people sometimes expend more effort in exchange for no payment (a social market) than they expend when they receive low payment (a monetary market). Three experiments support these ideas. The experimental evidence also demonstrates that mixed markets (markets that include aspects of both social and monetary markets) more closely resemble monetary than social markets.     

Sizing up information distortion: quantifying its effect on the subjective values of choice options

When choosing between options, people often distort new information in a direction that favors their developing preference. Such information distortion is widespread and robust, but less is known about the magnitude of its effects. In particular, research has not quantified the effects of distortion relative to the values of the choice options. In two experiments, we manipulated participants’ initial preferences in choices between risky three-outcome monetary gambles (win, lose, or neither) by varying the order of five information items (e.g., amount to win, chance of losing). In Experiment 1 (N = 397), the effect of initial information on gambles’ certainty equivalents (subjective values) was mediated by the distortion of later information. The indirect effect on the difference between gambles’ certainty equivalents averaged 27% of the gambles’ mean expected value. In Experiment 2 (N = 791), we increased the difference between gambles on a later information item to overcome the effect of initial information on participants’ choices. The required change averaged 31% of the gambles’ mean expected value. We conclude that the effects of information distortion can be substantial.     

Temporal Patterning in Probabilistic Choice

Human subjects making repeated choices between probabilistic and near-certain monetary rewards tended to be less risk-averse the shorter the inter-trial interval. Subjects were also less risk-averse when the choice-outcome sequences were clustered in threes than when each choice-outcome sequence was separated from its neighbors by equal intertrial intervals. These results further extend the analogy between delay discounting and probability discounting. Probability discounting, like delay discounting, may be described by hyperbolic function relating discounted value to expected delay to the next reward.     

Social discounting rate is negatively correlated with fluid intelligence

The purpose of the study was to verify a hypothesis, inspired by the handicap principle, of a positive relationship between subjective value of a hypothetical monetary reward shared with others and the level of fluid intelligence. Manipulation involved the amount of reward to be shared (small vs. large amount) and subject’s relationship to recipients (related vs. unrelated). As expected, a positive correlation was found between the subjective value of a reward to be shared with others, measured as the area under the curve for the discounting function and Raven Advanced Progressive Matrices scores, but the relationship was only present for rewards shared with relatives. In addition, participants who made altruistic choices in all items scored higher in RPM than those who were not as consistent. The implications of results for the evolutionary interpretation of the relationship between intelligence and altruism are discussed.     

Improving judgement with prepaid expert advice

Decision makers (“Judges”) often make decisions after obtaining advice from an Advisor. The two parties often share a psychological “contract” about what each contributes in expertise to the decision and receives in monetary outcomes from it. In a laboratory experiment, we varied Advisor Experitise and the opportunity for monetary rewards. As expected, these manipulations influenced advice quality, advice taking, and Judge post‐advice decision quality. The main contribution of the study, however, was the manipulation of the timing of monetary rewards (before or after the advising interaction). We found, as predicted, that committing money for expert—but not novice—advice increases Judges' use of advice and their subsequent estimation accuracy. Implications for advice giving and taking are discussed. Copyright © 2004 John Wiley & Sons, Ltd.     

Putting a Price tag on Healthy Behavior: The Monetary Value of Sports Participation to Individuals

This study estimates the monetary value of sports and physical activity applying the compensation variation method. While previous studies put a price tag on various health conditions, this study assigns a monetary value to healthy behavior, such as participation in sports and physical activity. Data from the German Socio-Economic Panel (1992–2013) are used for the analysis (n = 191,828). A generalized ordered response model is estimated to take the heterogeneity in the dependent variable, a single-item life satisfaction measure, into account. The results show that females (males) would be willing to forgo between €195 and €840 (€330 and €790) of their monthly net income in order to participate in sports and physical activity several times a year. A higher frequency of participation is associated with higher monetary values: females (males) are willing to forgo between €552 and €1281 (€491 and €1483) of their monthly net income to participate in sports or exercise at least once a month and between €577 and €1471 (€577 and €1662) to participate at least once a week, respectively, compared to not participating at all. Evidently, participation in sports and physical activity improves individuals’ life satisfaction and is of substantial value to individuals. The findings have implications for health economists, policy makers, and the courts. This study contributes to the literature examining the relationship between sports participation and well-being.     

“金钱-环境”复合收益的风险决策:价值取向的影响

现实中的环境决策,往往要在多个由"金钱-环境"复合而成的结果间做选择。人们如何对异质复合结果进行评估与选择,是决策研究面临的新课题。本研究着重考察个体金钱取向和环境取向的相对强度对复合收益风险决策的影响。结果表明,无论是采用自陈量表(实验1)或内隐联想测验(实验2)来测量价值取向,还是采用混词造句任务(实验3)来启动价值取向,均发现价值取向相对强度对复合风险决策有显著影响。(1)相比于金钱取向占优的个体,环境取向占优的个体在进行复合风险决策时更偏好环境风险较小的复合选项;(2)在复合选项等价匹配任务中,环境取向占优的个体会赋予复合选项中的环境收益以更高权重,倾向于用更多的金钱收益来弥补环境收益的风险折扣;(3)在复合收益风险概率匹配任务中,环境取向占优的个体更倾向于为获取倍增的环境收益而承担更大的复合收益风险。作为对复合结果风险决策的首次探索,本研究初步回答了不同价值取向的个体在金钱-环境复合风险决策中更倾向于规避什么风险、拿什么冒险以及为什么冒险等问题,为今后进一步开展复合决策研究打下了理论和方法基础。     

Value seeking and prediction-decision inconsistency: Why don’t people take what they predict they’ll like the most?

In this research, it is proposed that, when making a choice between consumption goods, people do not just think about which option will deliver the highest consumption utility but also think about which choice is most consistent with rationales—beliefs about how they should make decisions. The present article examines a specific rationale, value seeking. The value-seeking rationale refers to the belief that one should choose the option in a choice set that has the highest monetary value. Studies 1 and 2 show that value seeking could lead to a prediction-decision inconsistency, predicting a high consumption utility from one option but choosing another option. Study 3 shows that the prediction-decision inconsistency could be created even by “illusory” (as opposed to truly monetary) values and that the inconsistency could be turned on or off through empirical manipulation.     

Risky decision: Attention and path dependency as a function of response mode

It was previously shown and was here replicated that the amount of money required to induce a subject to exchange one gamble for a second and then the second for a third depends on the second (intermediate) gamble. This path dependency cannot be explained by any of the algebraic models (including SEU), nor can it be explained as a simple attention effect. A model was put forward which explains the effect in terms of differential masking depending on a kind of stimulus—response compatibility. The effect of response mode on path dependency was examined in this study; similarity judgements showed no consistent path dependency nor did difference in rated attractiveness of gambles presented in pairs, but rated attractiveness was different for gambles presented singly. Since it might be that monetary response emphasises the monetary aspects, that is, the winning amount of the gamble, it was thought that a probability response would emphasise the probability of winning. However, when subjects were asked to set the probability of winning $ 12 which would induce them to exchange one gamble for another, not only was no path dependency observed, but the subjects' responses seemed to depend only on the difference in expected value of the gambles. This suggests the possibility of developing response-display modes which would eliminate or at least attenuate the inconsistencies observed in risky decision processes.     

Differences in motivations of paid versus nonpaid volunteers

143 AmeriCorps volunteers (30 men; 113 women) and 127 college student volunteers (43 men; 84 women) completed the Volunteer Functions Inventory to assess whether monetary compensation was associated with choice to volunteer to provide educational services, e.g., tutoring, mentoring. Based on Snyder's 1993 theory of functionalism, motives of paid (AmeriCorps participants) and nonpaid (college students) volunteers were expected to differ. It was also predicted that the motives of female and male volunteers would differ. Multivariate analysis of variance confirmed these assumptions. In general, paid male participants reported perceiving numerous benefits associated with volunteering and reported stronger beliefs about such benefits. Female participants reported motives for volunteering, in contrast, which were not linked with monetary compensation. The women reported recognizing the benefits of volunteering and engaging in this activity for egoistic reasons. Their reported motives had little relation to compensation.     

Differential effects of social and non‐social reward on response inhibition in children and adolescents

An important issue in the field of clinical and developmental psychopathology is whether cognitive control processes, such as response inhibition, can be specifically enhanced by motivation. To determine whether non‐social (i.e. monetary) and social (i.e. positive facial expressions) rewards are able to differentially improve response inhibition accuracy in typically developing children and adolescents, an ‘incentive’ go/no‐go task was applied with reward contingencies for successful inhibition. In addition, the impact of children's personality traits (such as reward seeking and empathy) on monetary and social reward responsiveness was assessed in 65 boys, ages 8 to 12 years. All subjects were tested twice: At baseline, inhibitory control was assessed without reward, and then subjects were pseudorandomly assigned to one of four experimental conditions, including (1) social reward only, (2) monetary reward only, (3) mixed social and monetary reward, or (4) a retest condition without reward. Both social and non‐social reward significantly improved task performance, although larger effects were observed for monetary reward. The higher the children scored on reward seeking scales, the larger was their improvement in response inhibition, but only if monetary reward was used. In addition, there was a tendency for an association between empathic skills and benefits from social reward. These data suggest that social incentives do not have an equally strong reinforcing value as compared to financial incentives. However, different personality traits seem to determine to what extent a child profits from different types of reward. Clinical implications regarding probable hyposensitivity to social reward in subjects with autism and dysregulated reward‐seeking behaviour in children with attention‐deficit/hyperactivity disorder (ADHD) are discussed.     

Behavioral, but not reward, risk modulates activation of prefrontal, parietal, and insular cortices

Risky decisions may involve uncertainty about possible outcomes (i.e., reward risk) or uncertainty about which action should be taken (i.e., behavioral risk). Determining whether different forms of risk have distinct neural correlates is a central goal of neuroeconomic research. In two functional magnetic resonance imaging experiments, subjects viewed shapes that had well-learned response-reward contingencies. Magnitude of a monetary reward was held constant within one experiment, whereas expected value was held constant within the other. Response selection, in the absence of behavioral risk, evoked activation within a broad set of brain regions, as had been found in prior studies. However, behavioral risk additionally modulated activation in prefrontal, parietal, and insular regions, within which no effect of reward risk was observed. Reward delivery, in comparison with omission, evoked increased activity in the ventromedial prefrontal cortex and the nucleus accumbens. We conclude that distinct brain systems are recruited for the resolution of different forms of risk.