title: Determinants of Propranolol's Selective Effect on Loss Aversion.
abstract: Research on emotion and decision making has suggested that arousal mediates risky decisions, but several distinct and often confounded processes drive such choices. We used econometric modeling to separate and quantify the unique contributions of loss aversion, risk attitudes, and choice consistency to risky decision making. We administered the beta-blocker propranolol in a double-blind, placebo-controlled within-subjects study, targeting the neurohormonal basis of physiological arousal. Matching our intervention's pharmacological specificity with a quantitative model delineating decision-making components allowed us to identify the causal relationships between arousal and decision making that do and do not exist. Propranolol selectively reduced loss aversion in a baseline- and dose-dependent manner (i.e., as a function of initial loss aversion and body mass index), and did not affect risk attitudes or choice consistency. These findings provide evidence for a specific, modulatory, and causal relationship between precise components of emotion and risky decision making.
authors.affiliation: Department of Psychology, New York University Center for Neural Science, New York University.
authors.forename: Peter
authors.initials: P
authors.lastname: Sokol-Hessner
authors.affiliation: Department of Psychology, New York University.
authors.forename: Sandra F
authors.initials: SF
authors.lastname: Lackovic
authors.affiliation: Nathan Kline Institute, Orangeburg, New York.
authors.forename: Russell H
authors.initials: RH
authors.lastname: Tobe
authors.affiliation: Division of the Humanities and Social Sciences, California Institute of Technology.
authors.forename: Colin F
authors.initials: CF
authors.lastname: Camerer
authors.affiliation: Nathan Kline Institute, Orangeburg, New York Department of Psychiatry, University of California, San Francisco.
authors.forename: Bennett L
authors.initials: BL
authors.lastname: Leventhal
authors.affiliation: Department of Psychology, New York University Center for Neural Science, New York University Nathan Kline Institute, Orangeburg, New York liz.phelps@nyu.edu.
authors.forename: Elizabeth A
authors.initials: EA
authors.lastname: Phelps
mesh_terms: D000319:Adrenergic beta-Antagonists / Q000008:administration & dosage*; D000328:Adult; D000339:Affect / Q000187:drug effects*; D001143:Arousal / Q000187:drug effects*; D002755:Choice Behavior / Q000187:drug effects*; D003657:Decision Making / Q000187:drug effects*; D004311:Double-Blind Method; D005260:Female; D006801:Humans; D016014:Linear Models; D008297:Male; D011433:Propranolol / Q000008:administration & dosage*; D012309:Risk-Taking; D055815:Young Adult
chemical_list: D000319:Adrenergic beta-Antagonists; D011433:Propranolol
keywords: decision making; emotion; loss aversion; open data; propranolol; risk attitudes