Short- and long-term consequences in decision-making under risk: immediate feedback about long-term prospects benefits people tending to impulsive processing

Many decisions in everyday life involve weighing up immediate and expected future outcomes that may be conflictive. Yet, it is still unclear which cognitive functions may affect decision-making in such situations. We examined 150 healthy subjects using a new decision-making task that measures people’s ability at handling short- and long-term consequences under objective risk. Two task versions were developed to investigate the effects of feedback about long-term consequences on decision-making. One version includes feedback about changes in long-term prospects while the other does not. Both groups revealed that advantageous decision-making correlated with reasoning and working-memory abilities, however, no correlations with executive functions were found. The effect of feedback on decision-making performance was moderated by impulsivity and need for cognition. Our findings contribute to recent dual-system approaches for risky decision-making by showing that individuals with predispositions towards impulsive rather than reflective information processing could profit from feedback about long-term prospects.