Abstract
This study investigates the prolonged effects of physiological responses induced by acute stress on risk-taking in decision-making. Participants were divided into a Stress group (N = 14) and a Control group (N = 12). The Trier Social Stress Test was administered as an acute stressor, and reading was administered as a control task; thereafter, participants performed a decision-making task in which they needed to choose a sure option or a gamble option in Gain and Loss frame trials 2 h after (non-) exposure to the stressor. Increased cortisol, adrenaline, heart rate (HR), and subjective stress levels validated acute stress manipulation. Stressed participants made fewer risky choices only in the Gain domain, whereas no effect of stress was shown in the Loss domain. Deceleration of HR reflecting attention was greater for Gains compared with Losses only in the Stress group. Risk avoidance was determined by increased levels of cortisol caused by acute stress. These results suggest that processes regarding glucocorticoid might be involved in the prolonged effects of acute stress on the evaluation of risks and the monitoring of outcomes in decision-making.
Highlights
Many important decisions, in economics, are made under stress
The present study explored this issue with an experiment measuring typical physiological indices of stress and risky choices in a lottery decision-making task performed 2 h after exposure to acute stress
Participants showed fewer risky choices in the Gain domain 2 h after exposure to acute stress, whereas no effect of acute stress on risky choices was observed in the Loss domain
Summary
In economics, are made under stress. For example, stock dealers must make financial decisions under time and psychological pressures while facing difficulties in the workplace and in interpersonal relationships. Previous literature has shown that, even hours after the induction of stress, acute stress can robustly affect many facets of higher-order cognitive functions, including emotional memory (Diamond et al, 2007), selective attention to emotional stimuli (Henckens et al, 2012), working memory (Henckens et al, 2011), and altruistic punishment in an economic game (Vinkers et al, 2013) These findings led us to infer the possibility of acute stress affecting decision-making under risk in longer time ranges. Acute stress might affect evaluations of the magnitude of reward and probability and can bias risk-taking (the description account) To examine this issue, we tested dependency of risky choice rates on previous outcomes. Acute stress can facilitate individuals’ strategic deliberation in preferring or avoiding risk to satisfy their inner goals To examine this issue, we manipulated expected values (EV) of a safer and a riskier option in each decision-making trial. If acute stress facilitates goal-directed action, participants should become more sensitive to EVs of options, and they should make risk-taking or risk-avoiding choices depending on relative comparisons of the EVs of options
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