Amygdala damage eliminates monetary loss aversion
Open accessAbstract
Losses are a possibility in many risky decisions, and organisms have evolved mechanisms to evaluate and avoid them. Laboratory and field evidence suggests that people often avoid risks with losses even when they might earn a substantially larger gain, a behavioral preference termed “loss aversion.” The cautionary brake on behavior known to rely on the amygdala is a plausible candidate mechanism for loss aversion, yet evidence for this idea has so far not been found. We studied two rare individuals with focal bilateral amygdala lesions using a series of experimental economics tasks. To measure individual sensitivity to financial losses we asked participants to play a variety of monetary gambles with possible gains and losses. Although both participants retained a normal ability to respond to changes in the gambles’ expected value and risk, they showed a dramatic reduction in loss aversion compared to matched controls. The findings suggest that the amygdala plays a key role in generating loss aversion by inhibiting actions with potentially deleterious outcomes.
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TL;DR
Two rare individuals with focal bilateral amygdala lesions showed a dramatic reduction in monetary loss aversion while retaining normal sensitivity to reward magnitude and risk. The authors conclude that the amygdala plays a necessary role in generating loss aversion, possibly by signaling prospective losses and inhibiting actions with potentially deleterious outcomes.
Key findings
- Both amygdala-lesioned participants were far more willing than matched controls to accept mixed gain–loss gambles, with significantly lower risk premiums: S.M. t(5) = 7.76, P < 0.001; A.P. t(5) = 13.57, P < 0.001.
- Loss aversion parameter λ was 0.76 for S.M. versus a control mean of 1.52 (SEM = 0.19), and 1.06 for A.P. versus a control mean of 1.76 (SEM = 0.12); A.P. was essentially loss neutral, while S.M. showed mild loss-seeking behavior.
- The lesion participants retained monotonic sensitivity to reward magnitude and disliked increased outcome variance no differently from controls; in a gain-only “double or nothing” task, acceptance rates did not differ significantly from controls (S.M. t(5) = 1.16, P > 0.1; A.P. t(5) = 0.65, P > 0.1).
- The authors interpret the pattern as evidence that the amygdala is necessary for loss aversion, with loss aversion and general risk aversion depending on partly separable neural systems.
Methods
- Case study of two women with focal bilateral amygdala lesions caused by Urbach-Wiethe disease: S.M., 43, with lesions encompassing the entire amygdala plus subjacent white matter and anterior entorhinal cortex; A.P., 23, with lesions confined to the amygdala and occupying roughly 50% of each amygdala’s volume. Each was compared with a separate group of 6 healthy controls matched on age, gender, income, and education (12 controls total).
- Loss aversion task: participants received a $50 endowment and completed 256 trials (four 64-trial sessions) of accept/reject choices for 50/50 mixed gambles with gains from +$20 to +$50 and losses from −$20 to −$50 in $2 increments, covering all 16 × 16 gain–loss pairs. Choices were analyzed with logistic regression on expected value to estimate risk premiums; bootstrap procedures generated 500 pseudosubjects, and independent two-sample two-tailed t tests compared lesion participants with controls.
- Additional analyses: variance sensitivity was assessed using the orthogonality of expected value and outcome variance in the symmetric design; a separate gain-only “double or nothing” task used sure amounts of $2 or multiples of $5 from $5 to $50, with 11 trials each presented 8 times (88 trials total).
Limitations
- Stated: the sample size of lesion participants is n = 2, which is common in neuropsychological studies because focal bilateral amygdala lesions are very rare, but this limits generalization; lesion studies remain one of the few methods for investigating causal brain–behavior relationships in humans.
- Stated: differences between S.M. and A.P. and their respective control groups may be due to sociodemographic factors such as income, education, and aging, and S.M.’s more extensive amygdala damage may also partly account for the difference between the two lesion participants.
- Evident: the study has very small samples (two lesion participants and six controls per group), and the proposed amygdala-to-striatum mechanism is not directly tested here; the paper notes that future functional connectivity studies and fMRI in lesion participants could test this idea.
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Claims the paper makes
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- Findingown data§ Results
Both amygdala-lesioned participants showed a strikingly higher willingness to accept gambles than their matched control groups.
“Both amygdala-lesioned participants showed a strikingly higher willingness to accept gambles than their matched control groups.”
Quote in the paperSubstantial claim - Findingown data§ Results
Each amygdala-lesioned participant had a significantly lower risk premium than her matched control group (S.M. t(5)=7.76, P<0.001; A.P. t(5)=13.57, P<0.001).
“This procedure showed that each amygdala-lesioned participant had a significantly lower risk premium than her matched control group, S.M. t(5) = 7.76 P < 0.001; A.P. t(5) = 13.57; P < 0.001”
Quote in the paperSubstantial claim - Findingown data§ Results
In the gain-only double-or-nothing task, there was no significant difference in acceptance rate between each lesion participant and that participant's matched controls (S.M. t(5)=1.16, P>0.1; A.P. t(5)=0.65, P>0.1).
“In this task, there was no significant difference in the acceptance rate of each lesion participant and that participant’s matched controls S.M. t(5) = 1.16, P > 0.1; A.P. t(5) = 0.65, P > 0.1”
Quote in the paperSubstantial claim - Study design and conductown data§ Results
The two participants have rare focal bilateral lesions of the amygdala.
“The two participants have rare focal bilateral lesions of the amygdala (Fig. 1).”
Quote in the paperSubstantial claim - Interpretationreasoning§ Discussion
The amygdala computes a signal of prospective loss that is integrated with other information to guide behavioral choice.
“Our account of the findings proposes that the amygdala computes a signal of prospective loss that is integrated with other information to guide behavioral choice.”
Quote in the paperSubstantial claim
- Study design and conductnone given§ Results
In the experimental design, the outcome variance of each mixed gain-loss gamble is orthogonal to the gamble's EV.
“The first analysis exploited the fact that in our experimental design the outcome variance (VAR) of each mixed gain–loss gamble is orthogonal to the gamble’s EV (i.e., they are uncorrelated) (Fig. 5).”
Quote in the paperSubstantial claim - Interpretationown data§ Discussion
The amygdala plays a necessary role in generating loss aversion during human decision making.
“Our findings demonstrate that the amygdala plays a necessary role in generating loss aversion”
- Also stated in: § Abstract · hedged
“The findings suggest that the amygdala plays a key role in generating loss aversion by inhibiting actions with potentially deleterious outcomes.”
Quote in the paperSubstantial claim - Also stated in: § Abstract · hedged
- Interpretationown data§ Discussion
Loss aversion may reflect a simple Pavlovian approach-avoidance response mediated by the amygdala.
“Our findings demonstrate that the amygdala plays a necessary role in generating loss aversion and suggest that loss aversion may reflect a simple Pavlovian approach–avoidance response mediated by the amygdala (36, 37).”
Quote in the paperSubstantial claim0 of 2 sources checked- cites [36] Kahneman D, Frederick S. Frames and brains: Elicitation and control of response tendencies. Trends Cogn Sci. 2007;11:45–46. doi: 10.1016/j.tics.2006.11.007. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
- cites [37] Dayan P, Seymour B. Values and actions in aversion. In: Glimcher P, Camerer C, Poldrack R, Fehr E, editors. Neuroeconomics: Decision making and the brain. New York, NY: Academic Press; 2008. pp. 175–191. [Google Scholar]
Not checked in the free run.
- Interpretationreasoning§ Discussion
Individual variance in amygdala function might contribute, together with other socioeconomic factors, to individual differences in loss aversion, even in healthy individuals.
“That finding, and our present results from lesion patients, suggest that individual variance in amygdala function might contribute, together with other socioeconomic factors, to individual differences in loss aversion, even in healthy individuals.”
Quote in the paperSubstantial claim - Interpretationreasoning§ Discussion
The amygdala may implement a very general biological mechanism for inhibiting instrumental behavior when outcomes are potentially aversive.
“we suggest that the amygdala may implement a very general biological mechanism for inhibiting instrumental behavior when outcomes are potentially aversive—a role that is expressed in monetary loss aversion shaping everyday financial decisions.”
Quote in the paperSubstantial claim- Rests on an assumption: The laboratory monetary gamble task measures the same loss aversion that shapes everyday financial decisions.
- Interpretationown data§ Results
The lesion participants' higher willingness to accept mixed gain-loss gambles reflects a specific reduction in aversion to loss, not a general reduction in risk sensitivity or increased appetite for risk.
“This feature of the design allowed us to confirm that the lesion participants’ willingness to gamble is specific to loss processing and not to a general reduction in risk sensitivity.”
Quote in the paperSubstantial claim - Interpretationown data§ Discussion
Loss aversion and general distaste for risk may depend on partly separable neural systems.
“This finding also tentatively suggests that loss aversion and general distaste for risk may depend on partly separable neural systems.”
Quote in the paperSubstantial claim - Premisecitation§ Discussion
Patients with lesions to a variety of emotion-processing regions, including amygdala and prefrontal cortex, are much more likely to take a single gamble with possible losses.
“a study showing that patients with lesions to a variety of emotion-processing regions (including amygdala and prefrontal cortex) are much more likely to take a single gamble with possible losses (32).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites [32] Shiv B, Loewenstein G, Bechara A, Damasio H, Damasio AR. Investment behavior and the negative side of emotion. Psychol Sci. 2005;16:435–439. doi: 10.1111/j.0956-7976.2005.01553.x. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
- May combine two claims. 12
- The quote only partly states this claim. 1
- Classified as probably not a substantial claim. 19
May combine two claims. The quote only partly states this claim.
Findingown data§ ResultsNeither amygdala-lesioned participant exhibits loss aversion; S.M. had λ=0.76 and A.P. had λ=1.06, whereas control means were 1.52 and 1.76.
“This analysis yielded λ = 0.76 for S.M., and a mean λ for the S.M. control group of 1.52 (SEM = 0.19). For A.P., λ = 1.06 whereas the mean λ for the A.P. control group was 1.76 (SEM = 0.12).”
- Also stated in: § Results · plain
“The values of λ estimated by our analysis show that neither amygdala-lesioned participant exhibits loss aversion whereas the control participant λ estimates are close to those found in previous studies (17, 18).”
Quote in the paperSubstantial claim0 of 2 sources checked- cites [17] Sokol-Hessner P, et al. Thinking like a trader selectively reduces individuals’ loss aversion. Proc Natl Acad Sci USA. 2009;106(13):5035–5040. doi: 10.1073/pnas.0806761106. [DOI] [PMC free article] [PubMed] [Google Scholar] source
Not checked in the free run.
- cites [18] Tom SM, Fox CR, Trepel C, Poldrack RA. The neural basis of loss aversion in decision-making under risk. Science. 2007;315:515–518. doi: 10.1126/science.1134239. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
- Also stated in: § Results · plain
May combine two claims.
Findingown data§ ResultsBoth lesion participants exhibited a marked dislike for increasing outcome variance, given a constant level of expected value, and their dislike for increased variance was no different from that of the controls.
“Critically, both lesion participants exhibited a marked dislike for increasing outcome variance, given a constant level of expected value. This was manifested in a reduction in gamble acceptance rates as a function of increases in the gamble’s variance (Fig. 6). Most importantly, their dislike for increased variance was no different from that of the controls.”
Quote in the paperSubstantial claimMay combine two claims.
Findingown data§ ResultsBoth participants retained a monotonic sensitivity to reward magnitude, preferring larger gains and smaller losses.
“Critically, both participants retained a monotonic sensitivity to reward magnitude (i.e., they preferred larger gains and smaller losses).”
Quote in the paperSubstantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Premisecitation§ AbstractLoss aversion has been well documented in the laboratory and in many field settings, including high-stakes game show decisions, financial markets, politics, trade policy for declining industries, rate of organ donation for transplant cases, and monkey behavior.
“Loss aversion has been well documented in the laboratory and in many field settings (2), including high-stakes game show decisions (3), financial markets (4), politics (5), trade policy for declining industries (6), rate of organ donation for transplant cases (7) and has also been evident in monkey behavior (8).”
Quote in the paperNot a substantial claim0 of 3 sources checked- cites [2] Kahneman D, Tversky A. Choices, values, and frames. Am Psychol. 1984;39:341–350. [Google Scholar] source
Not checked in the free run.
- cites [3] Post T, Van den Assem M, Baltussen G, Thaler R. Deal or no deal? Decision making under risk in a large-payoff game show. Am Econ Rev. 2008;98:38–71. [Google Scholar] source
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- cites [4] Haigh M, List J. Do professional traders exhibit myopic loss aversion? An experimental analysis. J Finance. 2005;60:523–534. [Google Scholar] source
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Classified as probably not a substantial claim.
Study design and conductown data§ ResultsEach amygdala-lesioned participant was compared to a separate group of 6 healthy controls (12 total) matched on age, gender, monetary income, and education.
“The two participants were each compared to a separate group of 6 healthy controls (12 in total) matched to that participant on age, gender, monetary income, and education.”
Quote in the paperSubstantial claimMay combine two claims.
Study design and conductown data§ ResultsS.M.'s lesions encompass the entire amygdala plus subjacent white matter and anterior entorhinal cortex; A.P.'s lesions are entirely confined to the amygdala and encompass roughly 50% of the amygdala.
“The first participant, S.M., is a 43-year-old woman with a high school education whose lesions encompass the entire amygdala plus subjacent white matter and anterior entorhinal cortex. The second participant, A.P., is a 23-year-old woman with a college education whose lesions are entirely confined to the amygdala and encompass roughly 50% of the amygdala.”
Quote in the paperSubstantial claimProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Premisecitation§ AbstractLoss aversion appears to increase with affective enrichment of hedonic consumer goods and more generally with emotional attachment.
“loss aversion appears to increase with affective enrichment of “hedonic” consumer goods (e.g., music CDs versus computer disks) (11) and more generally with emotional attachment (12).”
Quote in the paperNot a substantial claim0 of 2 sources checked- cites [11] Dhar R, Wertenbroch K. Consumer choice between hedonic and utilitarian goods. J Mark Res. 2000;37:60–71. [Google Scholar] source
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- cites [12] Ariely D, Huber J, Wertenbroch K. When do losses loom larger than gains? J Mark Res. 2005;42:134–138. [Google Scholar] source
Not checked in the free run.
Classified as probably not a substantial claim.
Premisecitation§ AbstractAcross many studies, losses typically loom about 1.5-2 times as large as gains.
“Across many studies, losses typically loom about 1.5–2 times as large as gains: for instance, people will avoid gambles in which they are equally likely to either lose $10 or win $15, even though the expected value of the gamble is positive ($2.50).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites [1] Kahneman D, Tversky A. Prospect theory: An analysis of decision under risk. Econometrica. 1979;47:263–292. [Google Scholar] source
Not checked in the free run.
Probably not a substantial claim: may not pass S1 (asserted), S3 (load-bearing). May combine two claims.
Premisecitation§ AbstractRecent theories of amygdala function argue that the amygdala subserves an abstract function in detecting uncertainty or ambiguity in the environment and in triggering arousal and vigilance as a consequence.
“recent theories of amygdala function argue that the amygdala subserves an abstract function in detecting uncertainty (13) or ambiguity (14) in the environment and in triggering arousal and vigilance as a consequence.”
Quote in the paperNot a substantial claim0 of 2 sources checked- cites [13] Whalen PJ. The uncertainty of it all. Trends Cogn Sci. 2007;11:499–500. doi: 10.1016/j.tics.2007.08.016. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
- cites [14] Hsu M, Bhatt M, Adolphs R, Tranel D, Camerer CF. Neural systems responding to degrees of uncertainty in human decision-making. Science. 2005;310:1680–1683. doi: 10.1126/science.1115327. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
Probably not a substantial claim: may not pass S1 (asserted), S3 (load-bearing).
Premisecitation§ AbstractIncreased cognitive control of the autonomic emotional responses normally elicited by losses significantly reduced the susceptibility to loss aversion.
“a recent study found that increased cognitive control of the autonomic emotional responses normally elicited by losses significantly reduced the susceptibility to loss aversion (17).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites [17] Sokol-Hessner P, et al. Thinking like a trader selectively reduces individuals’ loss aversion. Proc Natl Acad Sci USA. 2009;106(13):5035–5040. doi: 10.1073/pnas.0806761106. [DOI] [PMC free article] [PubMed] [Google Scholar] source
Not checked in the free run.
Classified as probably not a substantial claim.
Premisecitation§ AbstractAmygdala-lesioned monkeys tend to approach stimuli that healthy monkeys avoid.
“a tendency for amygdala-lesioned monkeys to approach stimuli that healthy monkeys avoid (15)”
Quote in the paperSubstantial claim0 of 1 sources checked- cites [15] Mason WA, Capitanio JP, Machado CJ, Mendoza SP, Amaral DG. Amygdalectomy and responsiveness to novelty in rhesus monkeys (Macaca mulatta): Generality and individual consistency of effects. Emotion. 2006;6:73–81. doi: 10.1037/1528-3542.6.1.73. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
Classified as probably not a substantial claim. May combine two claims.
Premisecitation§ AbstractThe amygdala is implicated in processing fear and threat, as well as in anticipation and experience of monetary loss.
“an idea motivated by a large literature implicating this brain structure in processing fear and threat (9), as well as in anticipation and experience of monetary loss (10).”
Quote in the paperSubstantial claim0 of 2 sources checked- cites [9] Adolphs R, Tranel D, Damasio H, Damasio AR. Fear and the human amygdala. J Neurosci. 1995;15:5879–5891. doi: 10.1523/JNEUROSCI.15-09-05879.1995. [DOI] [PMC free article] [PubMed] [Google Scholar] source
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- cites [10] Kahn I, et al. The role of the amygdala in signaling prospective outcome of choice. Neuron. 2002;33:983–994. doi: 10.1016/s0896-6273(02)00626-8. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
Probably not a substantial claim: may not pass S3 (load-bearing).
Premisecitation§ AbstractA recent fMRI study did not find amygdala activation associated with loss aversion.
“a recent fMRI study (18 ) did not find amygdala activation associated with loss aversion”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites [18] Tom SM, Fox CR, Trepel C, Poldrack RA. The neural basis of loss aversion in decision-making under risk. Science. 2007;315:515–518. doi: 10.1126/science.1134239. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
Probably not a substantial claim: may not pass S4 (based). May combine two claims.
Interpretationreasoning§ DiscussionAn initial negative anticipatory response is generated in the amygdala, influences the striatal computation of the gamble's net value, and consequently leads to behavioral loss aversion through striatal mediation of instrumental behavior.
“A plausible explanation that reconciles our findings with the previous fMRI study is that an initial negative anticipatory response is generated in the amygdala, influences the striatal computation of the gamble’s net value, and consequently leads to behavioral loss aversion through striatal mediation of instrumental behavior.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S2 (checkable), S4 (based).
Premisenone given§ MethodsLesion studies are one of the few methods in human neuroscience to investigate causal relationships between brain function and behavior.
“lesion studies are one of the few methods in human neuroscience to investigate causal relationships between brain function and behavior.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S4 (based).
Study design and conductnone given§ MethodsThe payment procedure of randomly selecting one trial and paying according to actual decision ensures that participants evaluate each gamble independently.
“this is a standard procedure used in behavioral economics, which ensures that participants evaluate each gamble independently.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S4 (based).
Interpretationreasoning§ DiscussionLesions to the amygdala result in a reduced input to downstream regions that compute value through integrating across multiple inputs.
“More specifically, lesions to the amygdala would result in a reduced input to downstream regions that compute value through integrating across multiple inputs.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Premisereasoning§ MethodsThe sample size of lesion participants (n=2) is common in neuropsychological studies; individuals with focal brain lesions such as bilateral amygdala lesions are very rare.
“Note that the sample size of lesion participants (n = 2) is common in neuropsychological studies—indeed, many famous studies used only a single participant. The reason is that individuals with focal brain lesions such as the bilateral amygdala lesions here are very rare.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Study design and conductreasoning§ MethodsThe bootstrap procedure for control groups was more conservative than trial-level bootstrap because it preserves intersubject variability.
“This procedure (i.e., bootstrapping at individuals level) was chosen because it is a more conservative procedure than the bootstrap at trial level, as it preserves the intersubject variability present in the control group.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S4 (based).
Interpretationreasoning§ DiscussionThe amygdala produces an output signal in response to prospective loss, which is conveyed to other value-sensitive brain structures such as the ventral striatum and orbitofrontal cortex.
“In this view, the amygdala produces an output signal in response to prospective loss, which is conveyed to other value-sensitive brain structures such as the ventral striatum and orbitofrontal cortex.”
Quote in the paperNot a substantial claimClassified as probably not a substantial claim. May combine two claims.
Premisecitation§ DiscussionAmygdala and striatum have well-documented anatomic connectivity and show tight functional coupling in stimulus-reward association and stimulus-cue devaluation.
“Amygdala and striatum have a well-documented anatomic connectivity (29) and show a tight functional coupling in stimulus–reward association and stimulus–cue devaluation (30).”
Quote in the paperSubstantial claim0 of 2 sources checked- cites [29] Amaral DG, Price JL, Pitkanen A, Carmichael ST. in The Amygdala: Neurobiological Aspects of Emotion, Memory and Mental Dysfunction. In: Aggleton JP, editor. New York: Wiley−Liss; 1992. pp. 1–66. [Google Scholar]
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- cites [30] Baxter MG, Murray EA. The amygdala and reward. Nat Rev Neurosci. 2002;3:563–573. doi: 10.1038/nrn875. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
May combine two claims.
Interpretationreasoning§ DiscussionIn mixed gambles, reduced aversive signal from potential loss together with normal appetitive signals from potential gain may cause the appetitive response to outweigh the aversive component in lesion patients, particularly when the EV of the gamble is close to zero.
“In the case of evaluation of mixed gambles, this could result in a reduced aversive signal elicited by the prospect of potential loss together with normal appetitive signals triggered by the prospect of potential gain. As a consequence (in particular when the EV of the gamble is close to zero), the appetitive response to the gain component of the gamble may outweigh the aversive component in the”
Quote in the paperSubstantial claimMay combine two claims.
Interpretationreasoning§ DiscussionThe amygdala is not the locus of memory or of choice, but it passes a signal to other brain regions for integration of such processes.
“In those examples, the amygdala is not the locus of memory or of choice, but it passes a signal to other brain regions for integration of such processes.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S2 (checkable).
Interpretationreasoning§ DiscussionThe findings could shed light on the nature of individual differences in loss aversion observed in many behavioral studies.
“Our findings could also shed some light on the nature of individual differences in loss aversion observed in many behavioral studies.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Interpretationcitation§ DiscussionThe amygdala's role in mediating loss aversion may be analogous to its role in modulating caudate- or hippocampal-dependent memory and choice in reversal tasks.
“In this regard, the amygdala’s role in mediating loss aversion may be analogous to its role in modulating caudate- or hippocampal-dependent memory (31), and choice in reversal tasks (20).”
Quote in the paperNot a substantial claim0 of 2 sources checked- cites [31] Packard MG, Cahill L, McGaugh JL. Amygdala modulation of hippocampal-dependent and caudate nucleus-dependent memory processes. Proc Natl Acad Sci USA. 1994;91:8477–8481. doi: 10.1073/pnas.91.18.8477. [DOI] [PMC free article] [PubMed] [Google Scholar] source
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- cites [20] Hampton AN, Adolphs R, Tyszka MJ, O’Doherty JP. Contributions of the amygdala to reward expectancy and choice signals in human prefrontal cortex. Neuron. 2007;55:545–555. doi: 10.1016/j.neuron.2007.07.022. [DOI] [PubMed] [Google Scholar] source
Not checked in the free run.
The paper relies on this without support.
The laboratory monetary gamble task measures the same loss aversion that shapes everyday financial decisions.
“a role that is expressed in monetary loss aversion shaping everyday financial decisions.”
Claims other papers make about this one
Each is checked against this paper’s own text: does it say what the citing paper says it does?
Amygdala activity tracks the subjective values of rewards and punishments and reflects individual preferences.
“Recent studies have shown that amygdala activity tracks the subjective values of rewards and punishments 14 and reflects individual preferences 15 .”
From Oxytocin modulates social value representations in the amygdala (2019) · cites this paper as [15]
Statistics recomputed
Every reported test result, recomputed from its test statistic and degrees of freedom. A result shows as not adding up only once an independent check has confirmed it.
- Consistentt(5) = 1.16reported p > .1 · recomputed p = .298
“t(5) = 1.16, p > .1”
- Consistentt(5) = 0.65reported p > .1 · recomputed p = .544
“t(5) = 0.65, p > .1”
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
Each contradiction between two passages listed here was confirmed by an independent check.
Two expressions for gamble variance are unequal
MinorThe stated variance calculation has an extra factor of 0.5 on its second term, so it does not equal the expression after the equals sign. For G = 20 and L = −20, the left side gives 300 and the right side gives 400.
“0.5[G − (0.5G + 0.5L)]2 + 0.5 × 0.5[L − (0.5G + 0.5L)]2”
“= (0.5G − 0.5L)2”
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Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam
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Amygdala modulation of hippocampal-dependent and caudate nucleus-dependent memory processes
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Investment behavior and the negative side of emotion
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Thinking like a trader selectively reduces individuals' loss aversion
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Self-citationAnticipation of monetary gain but not loss in healthy older adults
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PROSPECT THEORY AND POLITICAL SCIENCE
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When Do Losses Loom Larger than Gains?
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Contributions of the Amygdala to Reward Expectancy and Choice Signals in Human Prefrontal Cortex
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Self-citationA Genetically Mediated Bias in Decision Making Driven by Failure of Amygdala Control
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The Role of the Amygdala in Signaling Prospective Outcome of Choice
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The effects of loss aversion on trade policy: Theory and evidence
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Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show
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Fear of losing money? Aversive conditioning with secondary reinforcers
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Values and Actions in Aversion
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Risk and Time Preferences: Experimental and Household Survey Data from VietnamPreprint
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Urbach-Wiethe disease (Lipoglycoproteinosis; Lipoid proteinosis; Hyalinosis cutis et mucosae)
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- TW Buchanan, D Tranel, R Adolphs The Human Amygdala and Social Function (Oxford Univ Press, London, 2009).
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The theory of constructed emotion: an active inference account of interoception and categorization
Barrett, L. F. (2016) · Social Cognitive and Affective Neuroscience · doi:10.1093/scan/nsw154 · Cited by 1,426 · see citing works
“…Adolphs and Tranel, 1999, 2003; Atkinson et al., 2007; de Gelder et al., 2014; Hampton et al., 2007; Tsuchiya et al., 2009; Hurlemann et al., 2007; De Martino et al., 2010; Boes et al., 2011; Feinstein et al., 2011, 2013, 2016; Becker et al., 2012; Terburg et al., 2012; Feinstein, 2013; Mihov et…”
Variability in the analysis of a single neuroimaging dataset by many teams
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Self-citationThe theory of constructed emotion: an active inference account of interoception and categorization
Barrett, L. F. (2017) · Social Cognitive and Affective Neuroscience · doi:10.1093/scan/nsx060 · Cited by 950 · see citing works
“This typological characterization fundamentally underestimates within-category variation (in its phenotypic features and in it’s gene pool) and over-estimates between category variation (and borderline cases are often encountered; Mayr, 2004; Gelman and Rhodes, 2012).”
What does the amygdala contribute to social cognition
Adolphs, R. (2010) · Annals of the New York Academy of Sciences · doi:10.1111/j.1749-6632.2010.05445.x · Cited by 836 · see citing works
Self-citationGuiso, L., Sapienza, P., & Zingales, L. (2013) · Journal of Financial Economics · doi:10.1016/j.jfineco.2018.02.007 · Cited by 775 · see citing works
Understanding Emotions: Origins and Roles of the Amygdala
Šimić, G., Tkalčić, M., Vukić, V., Mulc, D., Španić, E., Šagud, M., Olucha-Bordonau, F. E., Vukšić, M., & Hof, P. R. (2021) · Biomolecules · doi:10.3390/biom11060823 · Cited by 556 · see citing works
“[277], due to calcification of the amygdala, the dominant finding was a loss of fear, it should be emphasized once again that the amygdala (especially the left amygdala) is not only involved in generating and processing the emotion of fear, but also with other types of emotional signals, including the generation of lo…”
BackgroundThe Human Amygdala and the Induction and Experience of Fear
Feinstein, J. S., Adolphs, R., Damasio, A., & Tranel, D. (2011) · Current Biology · doi:10.1016/j.cub.2010.11.042 · Cited by 497 · see citing works
Self-citationHartley, C. A., & Phelps, E. (2012) · Biological Psychiatry · doi:10.1016/j.biopsych.2011.12.027 · Cited by 480 · see citing works
“A study demonstrating decreased loss aversion in patients with amygdala lesions (98) as well as an fMRI study showing a correlation between amygdala activity at choice and degree of loss aversion (99) suggest a role for the amygdala in generating this increased sensitivity to loss.”
BackgroundHow the brain integrates costs and benefits during decision making
Basten, U., Biele, G., Heekeren, H. R., & Fiebach, C. J. (2010) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.0908104107 · Cited by 466 · see citing works
“At the brain level, we hypothesized that the decision process involves separate representations of expected reward and loss, in the ventral striatum (1) and amygdala (14, 15), respectively, from which a comparison signal is computed.”
BackgroundMethodResultEmotion and Decision Making: Multiple Modulatory Neural Circuits
Phelps, E. A., Lempert, K. M., & Sokol‐Hessner, P. (2014) · Annual Review of Neuroscience · doi:10.1146/annurev-neuro-071013-014119 · Cited by 437 · see citing works
The dissociable effects of punishment and reward on motor learning
Galea, J. M., Mallia, E., Rothwell, J. C., & Diedrichsen, J. (2015) · Nature Neuroscience · doi:10.1038/nn.3956 · Cited by 359 · see citing works
Mind the gap: bridging economic and naturalistic risk-taking with cognitive neuroscience
Schönberg, T., Fox, C. R., & Poldrack, R. A. (2010) · Trends in Cognitive Sciences · doi:10.1016/j.tics.2010.10.002 · Cited by 321 · see citing works
Emotion regulation reduces loss aversion and decreases amygdala responses to losses
Sokol‐Hessner, P., Camerer, C. F., & Phelps, E. A. (2012) · Social Cognitive and Affective Neuroscience · doi:10.1093/scan/nss002 · Cited by 303 · see citing works
“This connection between emotion and choices is further supported by studies of patients with damage to those same regions (Shiv et al., 2005; De Martino et al., 2010), providing compelling evidence that the mechanisms underlying emotions and choice overlap.”
BackgroundResultInfluentialSelf-citationCritical Roles for Anterior Insula and Dorsal Striatum in Punishment-Based Avoidance Learning
Palminteri, S., Justo, D., Jauffret, C., Pavlicek, B., Dauta, A., Delmaire, C., Czernecki, V., Karachi, C., Capelle, L., Dürr, A., et al. (2012) · Neuron · doi:10.1016/j.neuron.2012.10.017 · Cited by 244 · see citing works
Dispositional negativity: An integrative psychological and neurobiological perspective.
Shackman, A. J., Tromp, D., Stockbridge, M. D., Kaplan, C. M., Tillman, R. M., & Fox, A. S. (2016) · Psychological Bulletin · doi:10.1037/bul0000073 · Cited by 234 · see citing works
Genetic origins of social networks in rhesus macaques
Brent, L. J. N., Heilbronner, S. R., Horvath, J. E., Gonzalez-Martinez, J., Ruiz-Lambides, A., Robinson, A. G., Skene, J. H. P., & Platt, M. L. (2013) · Scientific Reports · doi:10.1038/srep01042 · Cited by 220 · see citing works
Amygdala regulates risk of predation in rats foraging in a dynamic fear environment
Choi, J.-S., & Kim, J. J. (2010) · Proceedings of the National Academy of Sciences of the United States of America · doi:10.1073/pnas.1010079108 · Cited by 202 · see citing works
“In accordance, a recent study found that two human subjects with focal bilateral lesions of the amygdala (caused by Urbach–Wiethe disease) displayed a significant reduction in loss aversion in a gambling task (39).”
BackgroundThe Functional and Structural Neural Basis of Individual Differences in Loss Aversion
Canessa, N., Crespi, C., Motterlini, M., Baud‐Bovy, G., Chierchia, G., Pantaleo, G., Tettamanti, M., & Cappa, S. F. (2013) · Journal of Neuroscience · doi:10.1523/jneurosci.0497-13.2013 · Cited by 199 · see citing works
“The reduced range of potential losses, along with the overall positive expected value of the gambles, may have thus elicited only a weak and undetectable amygdala activity (De Martino et al. 2010).”
BackgroundResultInfluentialEnhanced Risk Aversion, But Not Loss Aversion, in Unmedicated Pathological Anxiety
Charpentier, C. J., Aylward, J., Roiser, J. P., & Robinson, O. J. (2016) · Biological Psychiatry · doi:10.1016/j.biopsych.2016.12.010 · Cited by 198 · see citing works
The role of the amygdala in atypical gaze on emotional faces in autism spectrum disorders
Kliemann, D., Dziobek, I., Hatri, A., Baudewig, J., & Heekeren, H. R. (2012) · Journal of Neuroscience · doi:10.1523/jneurosci.5294-11.2012 · Cited by 183 · see citing works
“Recent findings suggest a crucial role in detecting and processing environmental features (Adolphs et al., 1995; Whalen, 2007; De Martino et al., 2010).”
BackgroundThe amygdala and decision making
Gupta, R., Koscik, T., Bechara, A., & Tranel, D. (2010) · Neuropsychologia · doi:10.1016/j.neuropsychologia.2010.09.029 · Cited by 185 · see citing works
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The Impact of Culture on Loss Aversion
Wang, M., Rieger, M. O., & Hens, T. (2016) · Journal of Behavioral Decision Making · doi:10.1002/bdm.1941 · Cited by 172 · see citing works
Decision Making: From Neuroscience to Psychiatry
Lee, D. (2013) · Neuron · doi:10.1016/j.neuron.2013.04.008 · Cited by 169 · see citing works
“For example, activity in the amygdala changes according to whether a particular outcome is framed as a gain or a loss (De Martino et al., 2006), and loss aversion is abolished in patients with focal lesions in the amygdala (De Martino et al., 2010).”
Neural mechanisms of social decision-making in the primate amygdala
Chang, S. W. C., Fagan, N. A., Toda, K., Utevsky, A. V., Pearson, J. M., & Platt, M. L. (2015) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.1514761112 · Cited by 157 · see citing works
“More recent studies demonstrate activity in BLA tracks the value of rewards and punishments (18), predicts risky financial decisions (19), reflects internal motivational goals (20), and correlates with vigilance and attention (21).”
BackgroundGuiso, L., Sapienza, P., & Zingales, L. (2013) · National Bureau of Economic Research · doi:10.3386/w19284 · Cited by 158 · see citing works
Distorted expectancy coding in problem gambling: is the addictive in the anticipation?
van Holst, R. J., Veltman, D. J., Büchel, C., van den Brink, W., & Goudriaan, A. E. (2012) · Biological Psychiatry · doi:10.1016/j.biopsych.2011.12.030 · Cited by 155 · see citing works
Seeing is believing? Executives' facial trustworthiness, auditor tenure, and audit fees
Hsieh, T., Kim, J., Wang, R. R., & Wang, Z. (2019) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2019.101260 · Cited by 154 · see citing works
The Psychological and Neural Basis of Loss Aversion
Sokol‐Hessner, P., & Rutledge, R. B. (2018) · Current Directions in Psychological Science · doi:10.1177/0963721418806510 · Cited by 150 · see citing works
Dynamic integration of information about salience and value for saccadic eye movements
Schütz, A. C., Trommershäuser, J., & Gegenfurtner, K. R. (2012) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.1115638109 · Cited by 149 · see citing works
Neural systems underlying aversive conditioning in humans with primary and secondary reinforcers
Delgado, M. R., Jou, R. L., & Phelps, E. A. (2011) · Frontiers in Neuroscience · doi:10.3389/fnins.2011.00071 · Cited by 141 · see citing works
“The experiments were approved by the University Committee on Activities Involving Human Subjects.”
BackgroundMethodA comparative fMRI meta-analysis of altruistic and strategic decisions to give
Cutler, J., & Campbell-Meiklejohn, D. K. (2018) · NeuroImage · doi:10.1016/j.neuroimage.2018.09.009 · Cited by 142 · see citing works
Meta-analysis of Empirical Estimates of Loss Aversion
Brown, A. L., Imai, T., Vieider, F. M., & Camerer, C. F. (2024) · Journal of Economic Literature · doi:10.1257/jel.20221698 · Cited by 140 · see citing works
Self-citationMarchand, W. R. (2010) · Brain Structure and Function · doi:10.1007/s00429-010-0280-y · Cited by 133 · see citing works
Modeling the interplay between affect and deliberation.
Loewenstein, G. F., O’Donoghue, T., & Bhatia, S. (2015) · Decision · doi:10.1037/dec0000029 · Cited by 122 · see citing works
The Golden Age of Social Science
Buyalskaya, A., Gallo, M., & Camerer, C. F. (2019) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.2002923118 · Cited by 131 · see citing works
Self-citationBested, A. C., Logan, A. C., & Selhub, E. M. (2013) · Gut Pathogens · doi:10.1186/1757-4749-5-3 · Cited by 121 · see citing works
Miloyan, B. H., & Suddendorf, T. (2015) · Trends in Cognitive Sciences · doi:10.1016/j.tics.2015.01.008 · Cited by 120 · see citing works
Damage to insula abolishes cognitive distortions during simulated gambling
Clark, L., Studer, B., Bruss, J., Tranel, D., & Bechara, A. (2014) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.1322295111 · Cited by 117 · see citing works
“Data from neuropsychological testing and functional neuroimaging in pathological gamblers provide much evidence for disruption of the vmPFC and orbitofrontal cortex (16, 27, 28, 56), as well as preliminary evidence for amygdala involvement in loss aversion (57) and gain expectancies (17).”
BackgroundMrkva, K., Johnson, E. J., Gächter, S., & Herrmann, A. P. (2019) · Journal of Consumer Psychology · doi:10.1002/jcpy.1156 · Cited by 120 · see citing works
Can the neuroeconomics revolution revolutionize psychiatry?
Hasler, G. (2011) · Neuroscience & Biobehavioral Reviews · doi:10.1016/j.neubiorev.2011.04.011 · Cited by 117 · see citing works
Prospect Theory and Political Decision Making
Vis, B. (2011) · Political Studies Review · doi:10.1111/j.1478-9302.2011.00238.x · Cited by 118 · see citing works
Neuroeconomic approaches to mental disorders
Kishida, K., King-Casas, B., & Montague, P. R. (2010) · Neuron · doi:10.1016/j.neuron.2010.07.021 · Cited by 9 · see citing works
Pathological choice: the neuroscience of gambling and gambling addiction
Clark, L., Averbeck, B., Payer, D., Sescousse, G., Winstanley, C. A., & Xue, G. (2013) · The Journal of Neuroscience · doi:10.1523/jneurosci.3231-13.2013 · Cited by 116 · see citing works
“Loss aversion may be underpinned by value computations in the ventral striatum and amygdala (Tom et al., 2007; De Martino et al., 2010) and has been shown to be modulated by thalamic norepinephrine (Takahashi et al., 2013).”
BackgroundPositive emotional context eliminates the framing effect in decision-making.
Cassotti, M., Habib, M., Poirel, N., Aïte, A., Houdé, O., & Moutier, S. (2012) · Emotion · doi:10.1037/a0026788 · Cited by 114 · see citing works
Neural Basis for Economic Saving Strategies in Human Amygdala-Prefrontal Reward Circuits
Zangemeister, L., Grabenhorst, F., & Schultz, W. (2016) · Current Biology · doi:10.1016/j.cub.2016.09.016 · Cited by 29 · see citing works
“Accordingly, amygdala planning signals differed from known amygdala processing of externally cued, immediate rewards [17–20, 40] and decision parameters in isolated, single-trial choices [23, 24, 27].”
BackgroundLosses, gains, and brains: Neuroeconomics can help to answer open questions about loss aversion
Rick, S. I. (2010) · Journal of Consumer Psychology · doi:10.1016/j.jcps.2010.04.004 · Cited by 105 · see citing works
“In De Martino et al. (2010), possible gains ranged from +$20 to +$50 and possible losses ranged from −$20 to −$50.”
InfluentialPowell, T. C. (2011) · Strategic Management Journal · doi:10.1002/smj.969 · Cited by 107 · see citing works
Risk-Taking Behavior: Dopamine D2/D3 Receptors, Feedback, and Frontolimbic Activity
Kohno, M., Ghahremani, D. G., Morales, A. M., Robertson, C. L., Ishibashi, K., Morgan, A., Mandelkern, M. A., & London, E. D. (2013) · Cerebral Cortex · doi:10.1093/cercor/bht218 · Cited by 97 · see citing works
“This view is in line with observations that loss-aversion behavior is positively correlated with amygdala activation in a risky monetary-choice task (Sokol-Hessner et al. 2012), and that patients with amygdala lesions are less loss-averse than healthy controls (De Martino et al. 2010).”
ResultTime Varying Risk AversionPreprint
Guiso, L., Sapienza, P., & Zingales, L. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2303800 · Cited by 99 · see citing works
“De Martino et al. (2010) find that amygdala-damaged patients take risky gambles much more often than subjects of the same age and education who have no amygdala damage.”
BackgroundHeightened aversion to risk and loss in depressed patients with a suicide attempt history
Baek, K., Kwon, J., Chae, J.-H., Chung, Y. A., Kralik, J. D., Min, J.-A., Huh, H., Choi, K. M., Jang, K.-I., Lee, N.-B., et al. (2017) · Scientific Reports · doi:10.1038/s41598-017-10541-5 · Cited by 98 · see citing works
Negative Valence Widens Generalization of Learning
Schechtman, E., Laufer, O., & Paz, R. (2010) · Journal of Neuroscience · doi:10.1523/jneurosci.2377-10.2010 · Cited by 97 · see citing works
“Loss-aversion, for example, was indeed shown to depend on the amygdala and connected structures (Tom et al., 2007; De Martino et al., 2010).”
BackgroundNeural Basis of Emotional Decision Making in Trait Anxiety
Xu, P., Gu, R., Broster, L. S., Wu, R., Dam, N. T. V., Jiang, Y., Fan, J., & Luo, Y. (2013) · Journal of Neuroscience · doi:10.1523/jneurosci.1253-13.2013 · Cited by 97 · see citing works
“This idea explains why excessive amygdala activity could result in not only increased urges to avoid negative outcomes (De Martino et al., 2010) but also increased urges to obtain rewards (Aupperle and Paulus, 2010).”
BackgroundThe Teenage Brain: Cognitive Control and Motivation
Luna, B., Paulsen, D. J., Padmanabhan, A., & Geier, C. (2013) · Current Directions in Psychological Science · doi:10.1177/0963721413478416 · Cited by 92 · see citing works
“Key components of this circuitry include the dorsal and ventral striatum (Delgado et al., 2000), ventral medial prefrontal cortex (Knutson et al., 2005), amygdala (De Martino et al., 2010), and orbitofrontal cortex (O’Doherty et al., 2001), among others ( see Schultz, 2000, for review).”
On the role of impulsivity and decision-making in suicidal behavior
Gvion, Y., Levi‐Belz, Y., Hadlaczky, G., & Apter, A. (2015) · World Journal of Psychiatry · doi:10.5498/wjp.v5.i3.255 · Cited by 89 · see citing works
Aversive stimuli and loss in the mesocorticolimbic dopamine system
Brooks, A. M., & Berns, G. S. (2013) · Trends in Cognitive Sciences · doi:10.1016/j.tics.2013.04.001 · Cited by 85 · see citing works
Oxytocin modulates social value representations in the amygdala
Liu, Y., Li, S., Lin, W., Li, W., Yan, X., Wang, X., Pan, X., Rutledge, R. B., & Ma, Y. (2019) · Nature Neuroscience · doi:10.1038/s41593-019-0351-1 · Cited by 89 · see citing works
Amygdala Functional and Structural Connectivity Predicts Individual Risk Tolerance
Jung, W. H., Lee, S., Lerman, C. E., & Kable, J. W. (2018) · Neuron · doi:10.1016/j.neuron.2018.03.019 · Cited by 80 · see citing works
“…for given risky options (Ernst et al., 2004; Krain et al., 2008; Levy et al., 2010); and activity in the anterior insula (aINS), anterior cingulate cortex (ACC), and amygdala reflect the degree of risk or uncertainty (Kuhnen and Knutson, 2005; Preuschoff et al., 2008; De Martino et al., 2010).”
Pessiglione, M., & Delgado, M. R. (2015) · Current Opinion in Behavioral Sciences · doi:10.1016/j.cobeha.2015.08.006 · Cited by 82 · see citing works
“A recent study investing choices between lotteries reported that patients with amygdala calcification did not exhibit the change in risk attitude between gain and loss domains (the so-called framing effect) and were therefore considered as more rational than healthy subjects [92].”
Stress effects on framed decisions: there are differences for gains and losses
Pabst, S., Brand, M., & Wolf, O. T. (2013) · Frontiers in Behavioral Neuroscience · doi:10.3389/fnbeh.2013.00142 · Cited by 81 · see citing works
“Also, patients with amygdala lesions showed decreased framing effects in the loss domain (de Martino et al., 2010).”
BackgroundResultInfluentialSocial Preferences and the Brain
Fehr, E. (2009) · Elsevier eBooks · doi:10.1016/b978-0-12-374176-9.00015-4 · Cited by 84 · see citing works
Jai, T.-M. C., Fang, D., Bao, F. S., James, R. N., Chen, T., & Cai, W. (2020) · Journal of Interactive Marketing · doi:10.1016/j.intmar.2020.04.005 · Cited by 83 · see citing works
Bad World: The Negativity Bias in International Politics
JOHNSON, D. D. P., & Tierney, D. (2019) · International Security · doi:10.1162/isec_a_00336 · Cited by 78 · see citing works
Genauck, A., Quester, S., Wüstenberg, T., Mörsen, C. P., Heinz, A., & Romanczuk‐Seiferth, N. (2017) · Scientific Reports · doi:10.1038/s41598-017-16433-y · Cited by 76 · see citing works
“…+ 𝛽𝑒𝑑 ∗ 𝑒𝑑), the original model by (Tom et al, 2007) used in the current study (la, 𝑣𝑎𝑙𝑢𝑒 = 𝛽0 + 𝛽𝑔𝑎𝑖𝑛 ∗ 𝑔𝑎𝑖𝑛 + 𝛽𝑙𝑜𝑠𝑠 ∗ 𝑙𝑜𝑠𝑠), the ratio model (Gelskov et al, 2016) (lar, 𝑣𝑎𝑙𝑢𝑒 = 𝛽0 + 𝛽𝑟𝑎𝑡𝑖𝑜 ∗ 𝑟𝑎𝑡𝑖𝑜) and the De Martino/Charpentier model (Charpentier…”
MethodFollow the heart or the head? The interactive influence model of emotion and cognition
Luo, J., & Yu, R. (2015) · Frontiers in Psychology · doi:10.3389/fpsyg.2015.00573 · Cited by 76 · see citing works
Affect and Decision Making: Insights and Predictions from Computational Models
Roberts, I. D., & Hutcherson, C. A. C. (2019) · Trends in Cognitive Sciences · doi:10.1016/j.tics.2019.04.005 · Cited by 76 · see citing works
The Endowment Effect as Self-Enhancement in Response to Threat
Chatterjee, P., Irmak, C., & Rose, R. L. (2013) · Journal of Consumer Research · doi:10.1086/671344 · Cited by 74 · see citing works
Zhang, X., Liu, Y., Chen, X., Shang, X., & Liu, Y. (2017) · Frontiers in Psychology · doi:10.3389/fpsyg.2017.01601 · Cited by 74 · see citing works
“Because participants did not know which trial would be selected, they should have treated every trial independently (De Martino et al., 2010).”
BackgroundStrategic and non‐strategic problem gamblers differ on decision‐making under risk and ambiguity
Lorains, F. K., Dowling, N. A., Enticott, P. G., Bradshaw, J. L., Trueblood, J. S., & Stout, J. C. (2014) · Addiction · doi:10.1111/add.12494 · Cited by 69 · see citing works
“[48] task and administered using E-Prime (version 2.”
MethodEmotion-induced loss aversion and striatal-amygdala coupling in low-anxious individuals
Charpentier, C. J., Martino, B. D., Sim, A. L., Sharot, T., & Roiser, J. P. (2015) · Social Cognitive and Affective Neuroscience · doi:10.1093/scan/nsv139 · Cited by 67 · see citing works
“This was done to ensure that the same ranges of wins and losses were presented for each emotion condition, and to optimize sensitivity to detect emotiondriven changes in loss aversion with a majority of gambles close to the participant’s indifference point.”
BackgroundMethodResultInfluentialOpen versus Closed: Personality, Identity, and the Politics of Redistribution
Johnston, C. D., Lavine, H. G., & Federico, C. M. (2017) · Cited by 74 · see citing works
Chapman, J., Snowberg, E., Wang, S., & Camerer, C. F. (2018) · SSRN Electronic Journal · doi:10.3386/w25072 · Cited by 70 · see citing works
Self-citationMusic-evoked incidental happiness modulates probability weighting during risky lottery choices
Schulreich, S., Heussen, Y. G., Gerhardt, H., Mohr, P. N. C., Binkofski, F., Koelsch, S., & Heekeren, H. R. (2014) · Frontiers in Psychology · doi:10.3389/fpsyg.2013.00981 · Cited by 68 · see citing works
“We limited our study to the gain domain for the following reasons: first, neuroimaging and lesion studies suggest that losses and gains are processed differently in the human brain (Tom et al., 2007; De Martino et al., 2010).”
BackgroundKorn, C. W., Vunder, J., Miró, J., Fuentemilla, L., Hurlemann, R., & Bach, D. R. (2017) · Biological Psychiatry · doi:10.1016/j.biopsych.2017.01.018 · Cited by 67 · see citing works
“Patients with selective amygdala lesions are extremely rare, and often studies need to rely on single cases (35,43,44).”
Humans incorporate trial-to-trial working memory uncertainty into rewarded decisions
Honig, M., Ma, W. J., & Fougnie, D. L. (2020) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.1918143117 · Cited by 58 · see citing works
Decomposing loss aversion from gaze allocation and pupil dilation
Feng, S., Ramakrishnan, A., Seok, D., Zhao, W. J., Thelaus, S., Cen, P., & Platt, M. L. (2020) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.1919670117 · Cited by 67 · see citing works
Opponent Brain Systems for Reward and Punishment Learning
Palminteri, S., & Pessiglione, M. (2016) · Elsevier eBooks · doi:10.1016/b978-0-12-805308-9.00023-3 · Cited by 63 · see citing works
Goals, Methods, and Progress in Neuroeconomics
Camerer, C. F. (2013) · Annual Review of Economics · doi:10.1146/annurev-economics-082012-123040 · Cited by 56 · see citing works
“For example, the behavior of patientswith brain lesions in the amygdala, for example, is suggestive of whether the amygdala is part of a neural circuit creating that behavior (e.g., loss aversion) (see De Martino et al. 2006, 2010).”
BackgroundSelf-citationHow do self-interest and other-need interact in the brain to determine altruistic behavior?
Hu, J., Li, Y., Yin, Y., Blue, P. R., Yu, H., & Zhou, X. (2017) · NeuroImage · doi:10.1016/j.neuroimage.2017.06.040 · Cited by 62 · see citing works
“The task procedure and the trial-set matrix were exactly the same as the loss aversion task used in De Martino et al. (2010).”
MethodEmotion as a boost to metacognition: How worry enhances the quality of confidence
Massoni, S. (2014) · Consciousness and Cognition · doi:10.1016/j.concog.2014.08.006 · Cited by 62 · see citing works
“Indeed De Martino, Kumaran, Seymour, and Dolan (2006), De Martino, Camerer, and Adolphs (2010) found an activation of the amygdala in the case of loss frame.”
BackgroundBerger, S., Baria, A. T., Baliki, M. N., Mansour, A. R., Herrmann, K. M., Torbey, S., Huang, L., Parks, E. L., Schnizter, T. J., & Apkarian, A. V. (2014) · BMC Research Notes · doi:10.1186/1756-0500-7-739 · Cited by 61 · see citing works
“Although similar to prospect theory, this calculation makes the assumptions of (1) a linear rather than curvilinear function and (2) identical decision weights for choices involving a 50% chance of either winning or losing money; this approach is identical to those used in previous studies [14,46].”
Acute stress does not affect risky monetary decision-making
Sokol‐Hessner, P., Raio, C. M., Gottesman, S. P., Lackovic, S. F., & Phelps, E. A. (2016) · Neurobiology of Stress · doi:10.1016/j.ynstr.2016.10.003 · Cited by 60 · see citing works
“First, we checked the baseline parameter estimates for risk attitudes, loss aversion, and consistency to ensure they replicated previous work (Tom et al., 2007; Sokol-Hessner et al., 2009; De Martino et al., 2010; Sokol-Hessner et al. 2013, Chumbley et al. 2014, Sokol-Hessner et al. 2015a, 2015b).”
The effects of reward and punishment on motor skill learning
Chen, X., Holland, P. J., & Galea, J. M. (2017) · Current Opinion in Behavioral Sciences · doi:10.1016/j.cobeha.2017.11.011 · Cited by 62 · see citing works
“, economic decision-making 79 task) [9-11], rather than the process of learning/estimating action values through trial-and80 error/reinforcement learning (e.”
BackgroundAmygdalar Atrophy in Early Alzheimer’s Disease
Klein, Y., Heckemann, R. A., Ramdeen, K. T., Moreaud, O., Keignart, S., Krainik, A., Hammers, A., Baciu, M. V., Hot, P., & Initiative, A. D. N. (2014) · Current Alzheimer Research · doi:10.2174/1567205011666140131123653 · Cited by 58 · see citing works
“Regarding memory function, the amygdala is able to modulate the encoding and consolidation of information when it pertains to emotional stimuli [76-79].”
BackgroundThe role of dopamine in risk taking: a specific look at Parkinson’s disease and gambling
Clark, C. A., & Dagher, A. (2014) · Frontiers in Behavioral Neuroscience · doi:10.3389/fnbeh.2014.00196 · Cited by 60 · see citing works
Laufer, O., & Paz, R. (2012) · Journal of Neuroscience · doi:10.1523/jneurosci.6281-11.2012 · Cited by 56 · see citing works
“…classical trials of loss conditioning (Seymour et al., 2007; Delgado et al., 2011), but was involved during instrumental conditioning, in accordance with studies of active choice bias (Bechara et al., 1999; Breiter et al., 2001; Yacubian et al., 2006; Smith et al., 2009; De Martino et al., 2010).”
BackgroundResultOver a Decade of Neuroeconomics: What Have We Learned?
Konovalov, A., & Krajbich, I. M. (2016) · Organizational Research Methods · doi:10.1177/1094428116644502 · Cited by 51 · see citing works
Decision-Making in Suicidal Behavior: The Protective Role of Loss Aversion
Hadlaczky, G., Hökby, S., Mkrtchian, A., Wasserman, D., Balázs, J., Machín, N., Sarchiapone, M., Sisask, M., & Carli, V. (2018) · Frontiers in Psychiatry · doi:10.3389/fpsyt.2018.00116 · Cited by 53 · see citing works
Norepinephrine in the brain is associated with aversion to financial loss
Takahashi, H., Fujie, S., Camerer, C., Arakawa, R., Takano, H., Kodaka, F., Matsui, H., Ideno, T., Okubo, S., Takemura, K., et al. (2013) · Molecular Psychiatry · doi:10.1038/mp.2012.7 · Cited by 52 · see citing works
Self-citationDissociable Neural Processes Underlying Risky Decisions for Self Versus Other
Jung, D., Sul, S., & Kim, H. (2013) · Frontiers in Neuroscience · doi:10.3389/fnins.2013.00015 · Cited by 56 · see citing works
“This effect is a representative example of emotionally driven decision making in risky situations and was strongly associated with activity in the amygdala (De Martino et al., 2006); further, the effect was significantly diminished in patients with amygdalar damage (De Martino et al., 2010).”
BackgroundInfluentialShared Neural Correlates Underlying Addictive Disorders and Negative Urgency
Um, M., Whitt, Z. T., Revilla, R., Hunton, T., & Cyders, M. A. (2019) · Brain Sciences · doi:10.3390/brainsci9020036 · Cited by 53 · see citing works
“which previous studies have associated with the functional process of the ventral striatum and amygdala [84,85].”
ResultGu, R., Zhang, D., Luo, Y., Wang, H., & Broster, L. S. (2017) · Cognitive Affective & Behavioral Neuroscience · doi:10.3758/s13415-017-0555-3 · Cited by 55 · see citing works
Pammi, V. S. C., Rajesh, P. P. G., Kesavadas, C., Mary, P. R., Seema, S., Radhakrishnan, A., & Sitaram, R. (2015) · The Neuroradiology Journal · doi:10.1177/1971400915576670 · Cited by 51 · see citing works
Amygdala function in emotion, cognition, and behavior
Domínguez‐Borràs, J., & Vuilleumier, P. O. (2022) · Handbook of clinical neurology · doi:10.1016/b978-0-12-823493-8.00015-8 · Cited by 53 · see citing works
The perceptual and social components of metacognition.
Pescetelli, N., Rees, G. E., & Bahrami, B. (2016) · Journal of Experimental Psychology General · doi:10.1037/xge0000180 · Cited by 48 · see citing works
Determinants of Propranolol’s Selective Effect on Loss Aversion
Sokol‐Hessner, P., Lackovic, S. F., Tobe, R. H., Camerer, C. F., LEVENTHAL, B. L., & Phelps, E. A. (2015) · Psychological Science · doi:10.1177/0956797615582026 · Cited by 47 · see citing works
Self-citationA meta-analysis of loss aversion in risky contextsPreprint
Walasek, L., Mullett, T. L., & Stewart, N. (2018) · Journal of Economic Psychology · doi:10.2139/ssrn.3189088 · Cited by 65 · see citing works
“…individual difference in perception of gains and losses. forecasting errors (Kermer et al., 2006), uncertainty (Loomes et al., 2009; Walasek et al., 2014), as well as brain activation in regions responsible for reward sensitivity (Tom et al., 2007) and emotion processing (De Martino et al., 2010).”
Cocker, P. J., & Winstanley, C. A. (2014) · Behavioural Brain Research · doi:10.1016/j.bbr.2014.10.043 · Cited by 48 · see citing works
Loss aversion is associated with bilateral insula volume. A voxel based morphometry study
Markett, S. A., Heeren, G., Montag, C., Weber, B., & Reuter, M. (2016) · Neuroscience Letters · doi:10.1016/j.neulet.2016.03.029 · Cited by 48 · see citing works
Neuroeconomics of Emotion and Decision Making
Lempert, K. M., & Phelps, E. A. (2013) · Elsevier eBooks · doi:10.1016/b978-0-12-416008-8.00012-7 · Cited by 47 · see citing works
- Authors
- De Martino, B., Camerer, C. F., & Adolphs, R.
- Affiliations
- California Institute of Technology, Pasadena, CA 91125; and
- California Institute of Technology (US)
- Venue
- Proceedings of the National Academy of Sciences
- Publisher
- National Academy of Sciences
- Published
- 2010-02-23
- Volume
- 107
- Issue
- 8
- Pages
- 3788-3792
- ISSN
- 0027-8424 (ISSN-L)
- 1091-6490
- PMC
- PMC2840433
- OpenAlex
- W2131236995
- Cited by
- 444
- References
- 46
- Citations by year
- 2026: 11 · 2025: 23 · 2024: 20 · 2023: 23 · 2022: 20 · 2021: 29 · 2020: 33 · 2019: 35 · 2018: 35 · 2017: 32 · 2016: 29 · 2015: 28 · 2014: 35 · 2013: 31 · 2012: 23
- FWCI
- 19.61
- Type
- journal article
- Language
- en
- Open access
- green
- www.ncbi.nlm.nih.gov
- Locations
- Proceedings of the National Academy of Sciences (publishedVersion)
- PubMed Central (publishedVersion)
- PubMed (publishedVersion)
- CaltechAUTHORS (California Institute of Technology) (submittedVersion)
- UCL Discovery (University College London) (submittedVersion)
- Funders
- Wellcome Trust
- National Institute of Mental Health (R01MH080721)
- National Institute of Neurological Disorders and Stroke (P01NS019632)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
- Social Sciences › Safety Research › Experimental Behavioral Economics Studies
- Keywords
- loss aversion, amygdala, monetary gambles, risk aversion, expected value, neuroeconomics, behavioral economics
- MeSH terms
- Adult, Amygdala, Female, Gambling, Humans, Middle Aged
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