Discrepancies in the weight of plastic vials.

Abstract

Monkeys and other animals appear to share with humans two risk attitudes predicted by prospect theory: an inverse-S-shaped probability-weighting (PW) function and a steeper utility curve for losses than for gains. These findings suggest that such preferences are stable traits with common neural substrates. We hypothesized instead that animals tailor their preferences to subtle changes in task contexts, making risk attitudes flexible. Previous studies used a limited number of outcomes, trial types, and contexts. To gain a broader perspective, we examined two large datasets of male macaques9 risky choices: one from a task with real (juice) gains and another from a token task with gains and losses. In contrast to previous findings, monkeys were risk seeking for both gains and losses (i.e., lacked a reflection effect) and showed steeper gain than loss curves (loss seeking). Utility curves for gains were substantially different in the two tasks. Monkeys showed nearly linear PWs in one task and S-shaped ones in the other; neither task produced a consistent inverse-S-shaped curve. To account for these observations, we developed and tested various computational models of the processes involved in the construction of reward value. We found that adaptive differential weighting of prospective gamble outcomes could partially account for the observed differences in the utility functions across the two experiments and thus provide a plausible mechanism underlying flexible risk attitudes. Together, our results support the idea that risky choices are constructed flexibly at the time of elicitation and place important constraints on neural models of economic choice. <b>SIGNIFICANCE STATEMENT</b> We respond in reliable ways to risk, but are our risk preferences stable traits or ephemeral states? Using various computational models, we examined two large datasets of macaque risky choices in two different tasks. We observed several deviations from “classic” risk preferences seen in humans and monkeys: no reflection effect, loss seeking as opposed to loss aversion, and linear and S-shaped, as opposed to inverse-S-shaped, probability distortion. These results challenge the idea that our risk attitudes are evolved traits shared with the last common ancestor of macaques and humans, suggesting instead that behavioral flexibility is the hallmark of risky choice in primates. We show how this flexibility can emerge partly as a result of interactions between attentional and reward systems.