While making decisions under objective risk conditions, the probabilities of the consequences of the available options are either provided or calculable. Brand et al. (Neural Networks 19:1266-1276, 2006) introduced a model describing the neuro-cognitive processes involved in such decisions. In this model, executive functions associated with activity in the fronto-striatal loop are important for developing and applying decision-making strategies, and for verifying, adapting, or revising strategies according to feedback. Emotional rewards and punishments learned from such feedback accompany these processes. In this literature review, we found support for the role of executive functions, but also found evidence for the importance of further cognitive abilities in decision making. Moreover, in addition to reflective processing (driven by cognition), decisions can be guided by impulsive processing (driven by anticipation of emotional reward and punishment). Reflective and impulsive processing may interact during decision making, affecting the evaluation of available options, as both processes are affected by feedback. Decision-making processes are furthermore modulated by individual attributes (e.g., age), and external influences (e.g., stressors). Accordingly, we suggest a revised model of decision making under objective risk conditions.

In two experiments with healthy subjects, we used the Game of Dice Task (GDT), the Probability-Associated Gambling (PAG) task, the Iowa Gambling Task (IGT), and executive-function and logical thinking tasks to shed light on the underlying processes of decision making under risk. Results indicate that handling probabilities, as in the PAG task, is an important ingredient of GDT performance. Executive functions and logical thinking also play major roles in deciding in the GDT. Implicit feedback learning, as measured by the IGT, has little impact. Results suggest that good probability handling may compensate for the effects of weak executive functions in decisions under risk.

Executive functioning is supposed to have an important role in decision making under risk. Several studies reported that more advantageous decision-making behavior was accompanied by better performance in tests of executive functioning and that the decision-making process was accompanied by activations in prefrontal and subcortical brain regions associated with executive functioning. However, to what extent different components of executive functions contribute to decision making is still unclear. We tested direct and indirect effects of three executive functions on decision-making performance in a laboratory gambling task, the Game of Dice Task (GDT). Using Brand's model of decisions under risk (2006) we tested seven structural equation models with three latent variables that represent executive functions supposed to be involved in decision making. The latent variables were general control (represented by the general ability to exert attentional and behavioral self-control that is in accordance with task goals despite interfering information), concept formation (represented by categorization, rule detection, and set maintenance), and monitoring (represented by supervision of cognition and behavior). The seven models indicated that only the latent dimension general control had a direct effect on decision making under risk. Concept formation and monitoring only contributed in terms of indirect effects, when mediated by general control. Thus, several components of executive functioning seem to be involved in decision making under risk. However, general control functions seem to have a key role. They may be important for implementing the calculative and cognitively controlled processes involved in advantageous decision making under risk.

Little is known about how normal healthy aging affects decision-making competence. In this study 538 participants (age 18-80 years) performed the Game of Dice Task (GDT). Subsamples also performed the Iowa Gambling Task as well as tasks measuring logical thinking and executive functions. In a moderated regression analysis, the significant interaction between age and executive components indicates that older participants with good executive functioning perform well on the GDT, while older participants with reduced executive functions make more risky choices. The same pattern emerges for the interaction of age and logical thinking. Results demonstrate that age and cognitive functions act in concert in predicting the decision-making performance.

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