Table 1.
Functional magnetic resonance imaging studies of risk-taking for gains and losses.
| Authors and year | Focal topic | Time of measurement | Conditions | Active regions identified | Sample size | Result |
|---|---|---|---|---|---|---|
| TIME OF MEASUREMENT BEFORE DECISION-MAKING | ||||||
| Knutson et al. (2001) | Anticipation of monetary reward | Before decision-making (anticipation of choice phase) | Gains (reward anticipation versus neutral) | Nucleus accumbens Caudate Putamen Anterior thalamus Amygdala Anterior cingulate cortex Medial prefrontal cortex Supplementary motor area Posterior cingulate cortex Cerebellar vermis |
8 | Study supports separate structures because additional other regions were activated for gains compared to losses |
| Losses (punishment anticipation versus neutral) | Caudate Anterior thalamus |
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| Matthews et al. (2004) | Risky decision-making | Before decision-making (prior to selection phase) | Gains (risky response minus safe responses) | Medial frontal gyrus Nucleus accumbens Caudate tail Middle occipital gyrus |
12 | Study supports separate structures because different regions were activated for gains versus losses |
| Losses (safe minus risky responses) | Superior temporal gyrus Middle temporal gyrus Inferior frontal gyrus |
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| Kuhnen and Knutson (2005) | Risky decision-making in a financial context | Before decision-making (anticipation of choice phase) | Gains (risky choices and risk-seeking mistakes) | Nucleus accumbens | 19 | Study supports separate structures because different regions were activated for gains versus losses |
| Losses (riskless choices and risk-aversion mistakes) | Insula | |||||
| Gains versus losses | Medial prefrontal cortex Orbitofrontal cortex Nucleus accumbens Anterior cingulate cortex Precuneus Posterior cingulate |
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| Yacubian et al. (2006) | Decision-making under uncertainty | Before decision-making (anticipation of choice phase) | Gains (computation of expected value for gains) | Ventral striatum | 66 | Study supports separate structures because different regions were activated for gains versus losses |
| Losses (computation of expected value for losses) | Amygdala | |||||
| Knutson et al. (2007) | Decision-making in purchasing context | Before decision-making (anticipation of choice phase) | Gains (purchasing a preferred product) | Anterior cingulate cortex Dorsolateral prefrontal cortex Medial frontal gyrus Superior frontal gyrus Anterior insula Nucleus accumbens Caudate Globus pallidus Posterior cingulate |
26 | Study supports separate structures because different regions were activated for gains versus losses |
| Losses (spending money) | Frontopolar cortex Medial prefrontal corte Anterior cingulate cortex Parahippocampal gyrus |
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| Seymour et al. (2007) | Risky decision-making in a financial context | Before decision-making (prediction error phase) | Gains (rewards) | Anterior striatum | 20 | Study supports separate structures because different regions were activated for gains versus losses |
| Losses | Posterior striatum | |||||
| Knutson et al. (2008a) | Decision-making in a buying and selling context | Before decision-making (anticipation of choice phase) | Gains (buying versus selling at low prices) | Medial prefrontal cortex | 24 | Study supports separate structures because different regions were activated for gains versus losses |
| Buying and selling of preferred products | Nucleus accumbens | |||||
| Losses (selling product) | Insula | |||||
| Knutson et al. (2008b) | Risky decision-making in a financial context | Before decision-making (anticipation of choice phase) | Gains (high-risk shift versus low-risk shift) | Anterior insula Caudate Nucleus accumbens |
15 | Study supports separate structures because different regions were activated for gains versus losses |
| Gains versus losses | Medial prefrontal cortex Caudate Putamen Inferior frontal gyrus Precentral gyrus Posterior cingulate Lingual gyrus |
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| Breiter et al. (2001) | Expectancy and experience of monetary gains and losses | Before decision-making (expectancy phase) | Gains (good spinner) | Frontal lobe Amygdala Nucleus accumbens Sublenticular extended amygdala Hypothalamus |
12 | Study does not support separate structures because same key regions were activated for both gains and losses |
| Losses (bad spinner) | Frontal lobe Amygdala Nucleus accumbens Sublenticular extended amygdala |
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| Fukui et al. (2005) | Risk anticipation during Iowa Gambling Task | Before decision-making (anticipation of choice phase) | Gains (risky response minus safe responses) | Medial frontal gyrus | 14 | Study does not make claims about separate structures because the medial frontal cortex was the region of focus |
| Paulus and Frank (2006) | Comparison of high versus low probability prospects | Before decision-making (from onset of the presentation of the options until the subject had made a response) | Losses (high probability prospects) versus gains (low probability prospects) | Precuneus Cingulate gyrus Insula Middle frontal gyrus Middle occipital gyrus Precuneus Superior parietal lobule Insula Thalamus Postcentral gyrus Inferior parietal lobule Middle frontal gyrus Superior temporal gyrus Precentral gyrus Caudate |
16 | Study does not support separate structures because same regions were activated for both gains and losses |
| Tom et al. (2007) | Risky decision-making and loss aversion | Before decision-making (anticipation of potential gains or losses phase) | Gains (potential gain effects) | Nucleus accumbens Caudate Thalamus Ventromedial prefrontal cortex Orbitofrontal cortex Frontal pole Middle frontal gyrus Middle/superior frontal gyrus Posterior cingulate Midbrain |
16 | Study does not support separate structures because same regions were activated for both gains and losses |
| Losses (potential loss effects) | Nucleus accumbens Caudate Thalamus Ventromedial prefrontal cortex Orbitofrontal cortex Frontal pole Middle frontal gyrus Middle/superior frontal gyrus Posterior cingulate Midbrain |
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| Preuschoff et al. (2008) | Risk prediction error and risk in decision-making | Before decision-making (prediction phase) | Risk prediction error | Insula | 19 | Study does not make claims about separate structures because the insula was the region of focus |
| Tobler et al. (2009) | Risk and expected value in decision-making | Before decision-making (prediction phase) | Gains (increased risk-seeking) | Lateral prefrontal cortex | 15 | Study does not support separate structures because same regions were activated for both gains and losses |
| Losses (increase risk-aversion) | Lateral prefrontal cortex | |||||
| TIME OF MEASUREMENT DURING DECISION-MAKING | ||||||
| O’Doherty et al. (2001) | Reversal learning task of monetary reward and punishment | During decision-making (acquisition/reversal phase) | Gains | Orbitofrontal cortex Medial prefrontal cortex Posterior inferior prefrontal sulcus |
9 | Study does not clearly support separate structures because same key region (here: orbitofrontal cortex) was activated for both gains and losses |
| Losses | Orbitofrontal cortex Posterior inferior prefrontal sulcus Dorsal anterior cingulate cortex |
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| Gottfried et al. (2002) | Appetitive and aversive olfactory learning | During learning phase | Gains (appetitive olfactory learning) | Medial orbitofrontal cortex Anterior orbitofrontal cortex Ventral striatum Nucleus accumbens Pallidum/dorsomedial amygdala Uncus/ventromedial amygdala Dorsomedial amygdala Ventromedial prefrontal cortex Cerebellar hemisphere Anterior hippocampus |
15 | Study does not support separate structures because same key regions were activated for both gains and losses |
| Losses (aversive olfactory learning) | Lateral orbitofrontal cortex Medial orbitofrontal cortex Nucleus accumbens Temporal pole/piriform cortex |
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| Paulus et al. (2003) | Risky decision-making | During decision-making | Gains (risky response versus safe response) | Insula Cuneus Precuneus Middle frontal gyrus |
17 | Study does not clearly support separate structures because same key region (here: insula) was activated for both gains and losses but to a greater extent for risky versus safe responses |
| Losses (risky response versus punishment response) | Inferior frontal gyrus Insula Superior parietal lobule |
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| Huettel et al. (2005) | Uncertain decision-making | During decision-making | Gains/losses (increasing uncertainty) | Insula Inferior frontal gyrus Middle frontal gyrus Thalamus Inferior parietal lobule Intraparietal sulcus |
12 | Study does not clearly support separate structures because same regions were activated for both gains and losses |
| Plassmann et al. (2010) | Processing of appetitive versus aversive goal values | During decision-making (decision-making phase) | Gains (appetitive goal values) | Medial orbitofrontal cortex Dorsolateral prefrontal cortex |
19 | Study does not support separate structures because same key regions were activated for both gains and losses |
| Losses (aversive goal values) | Medial orbitofrontal cortex Dorsolateral prefrontal cortex |
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| TIME OF MEASUREMENT AFTER DECISION-MAKING (OUTCOME PROCESSING) | ||||||
| Hsu et al. (2005) | Ambiguous decision-making | After decision-making (response to risk) | Gains (gamble versus certainty) | Occipital cortex Medial frontal gyrus Brodmann area 6 Precentral gyrus Insula Caudate head Brodmann area 18 Insula Middle temporal gyrus |
16 | Study supports separate structures because additional other regions were activated for gains compared to losses |
| Losses (certainty versus gamble) | Precentral gyrus Occipital cortex |
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| Fujiwara et al. (2009) | Monetary reward and punishment | After decision-making (presentation of chosen outcome) | Gain-specific regions | Anterior cingulate cortex Posterior cingulate cortex Superior frontal gyrus Inferior operculum Insula Midbrain Inferior temporal gyrus Inferior parietal lobule Cerebellum |
17 | Study does not support separate structures because same key regions were activated for both gains and losses |
| Loss-specific regions | Anterior cingulate cortex Inferior operculum Insula |
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| Common gain and loss regions | Anterior cingulate cortex Posterior cingulate cortex Postcentral gyrus Inferior operculum Insula Midbrain Middle temporal gyrus |
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This table is sorted by time of measurement (before, during, or after decision-making) and by result (supportive of separate structures or not). In each category, the table is sorted first in chronological order, then in alphabetical order.