The continuous and changing impact of affect on risky decision-making

Abstract

Affective experience has an important role in decision-making with recent theories suggesting a modulatory role of affect in ongoing subjective value computations. However, it is unclear how varying expectations and uncertainty dynamically influence affective experience and how dynamic representation of affect modulates risky choices. Using hierarchical Bayesian modeling on data from a risky choice task (N = 101), we find that the temporal integration of recently encountered choice parameters (expected value, uncertainty, and prediction errors) shapes affective experience and impacts subsequent choice behavior. Specifically, self-reported arousal prior to choice was associated with increased loss aversion, risk aversion, and choice consistency. Taken together, these findings provide clear behavioral evidence for continuous affective modulation of subjective value computations during risky decision-making.