title: Effects of loss aversion on neural responses to loss outcomes: An event-related potential study.
abstract: Loss aversion is the tendency to prefer avoiding losses over acquiring gains of the same amount. To shed light on the spatio-temporal processes underlying loss aversion, we analysed the associations between individual loss aversion and electrophysiological responses to loss and gain outcomes in a monetary gamble task. Electroencephalographic feedback-related negativity (FRN) was computed in 29 healthy participants as the difference in electrical potentials between losses and gains. Loss aversion was evaluated using non-linear parametric fitting of choices in a separate gamble task. Loss aversion correlated positively with FRN amplitude (233-263ms) at electrodes covering the lower face. Feedback related potentials were modelled by five equivalent source dipoles. From these dipoles, stronger activity in a source located in the orbitofrontal cortex was associated with loss aversion. The results suggest that loss aversion implemented during risky decision making is related to a valuation process in the orbitofrontal cortex, which manifests during learning choice outcomes.
authors.affiliation: Department of Psychological Sciences, University of Liverpool, Liverpool, UK; Institute for Risk and Uncertainty, University of Liverpool, Liverpool, UK.
authors.forename: Katerina
authors.initials: K
authors.lastname: Kokmotou
authors.affiliation: Department of Psychological Sciences, University of Liverpool, Liverpool, UK.
authors.forename: Stephanie
authors.initials: S
authors.lastname: Cook
authors.affiliation: School of Securities and Futures, Southwestern University of Finance and Economics, China.
authors.forename: Yuxin
authors.initials: Y
authors.lastname: Xie
authors.affiliation: Department of Psychological Sciences, University of Liverpool, Liverpool, UK.
authors.forename: Hazel
authors.initials: H
authors.lastname: Wright
authors.affiliation: Department of Psychological Sciences, University of Liverpool, Liverpool, UK.
authors.forename: Vicente
authors.initials: V
authors.lastname: Soto
authors.affiliation: Department of Psychological Sciences, University of Liverpool, Liverpool, UK.
authors.forename: Nicholas
authors.initials: N
authors.lastname: Fallon
authors.affiliation: Unilever, Research and Development, Port Sunlight, UK.
authors.forename: Timo
authors.initials: T
authors.lastname: Giesbrecht
authors.affiliation: Institute for Risk and Uncertainty, University of Liverpool, Liverpool, UK; Department of Mathematical Sciences, University of Liverpool, Liverpool, UK.
authors.forename: Athanasios
authors.initials: A
authors.lastname: Pantelous
authors.affiliation: Department of Psychological Sciences, University of Liverpool, Liverpool, UK; Institute for Risk and Uncertainty, University of Liverpool, Liverpool, UK. Electronic address: a.stancak@liverpool.ac.uk.
authors.forename: Andrej
authors.initials: A
authors.lastname: Stancak
mesh_terms: D000328:Adult; D000339:Affect / Q000502:physiology; D002540:Cerebral Cortex / Q000502:physiology; D002755:Choice Behavior; D003657:Decision Making / Q000502:physiology*; D004569:Electroencephalography; D005071:Evoked Potentials / Q000502:physiology*; D005246:Feedback; D030141:Feedback, Psychological / Q000502:physiology*; D005260:Female; D005715:Gambling / Q000503:physiopathology / Q000523:psychology*; D064368:Healthy Volunteers; D006801:Humans; D007858:Learning / Q000502:physiology; D008297:Male; D013997:Time Factors; D055815:Young Adult
keywords: Decision making; Feedback-related negativity; Loss aversion; Orbitofrontal cortex; Reward and punishment