Neural correlates of individual differences in aversion to risk and choice inconsistency

AO_SCPLOWBSTRACTC_SCPLOWWhen making financial choices, most people prefer smaller but more certain gains to larger but more uncertain ones with the same expected value (risk aversion). However, attitudes toward risk may vary greatly also within individuals (choice inconsistency). To examine the brain dynamics implementing risky and inconsistent decisions, we recorded event-related brain potentials (ERPs) from 24 adults engaged in a task requiring choices between certain but smaller gains and uncertain but larger ones. Choice consistency and risk aversion were quantified for each individual. Participants were classified into three groups according to their attitude toward risk. Relative neutrality to risk was accompanied by a higher consistency across trials than risk aversion or proneness. Choice consistency was related to the amplitude of the positive ERP peaking near 200 ms after stimulus onset (P200), while risk aversion was related to modulation of the medial frontal negativity (MFN) and to the amplitude of a late positive potential (LPP). Late ERP activity was related to the modulation of value signals by risk levels and associated with individual differences in behavior. Overall, this study suggests that individual differences in attitude toward risk and choice consistency are associated with distinct brain dynamics.