The Genetics of Risk Aversion: A Systematic Review

Abstract

Risk and loss aversion are phenomena with an important influence on decision-making, especially in economic contexts. At present, it remains unclear whether both are related, as well as whether they could have an emotional origin. The objective of this review, following the PRISMA statements, is to find consistencies in the genetic bases of risk and loss aversion with the aim of understanding their nature and shedding light on the above issues. A total of 23 empirical research met the inclusion criteria and were included from PubMed and ScienceDirect. All of them reported genetic measures from human samples and studied risk and loss aversion within an economic framework. The results for risk aversion, although with many limitations, attributed mainly to their heterogeneity and the lack of control in the studies, point to the implication of multiple polymorphisms related to the regulation of the serotonergic and dopaminergic pathways. In general, studies found the highest levels of risk aversion were associated with alleles that are linked to lower (higher) sensitivity or levels of dopamine (serotonin). For loss aversion, the scarcity of results prevents us from drawing clear conclusions, although the limited evidence seems to point in the same direction as for risk aversion. Therefore, it seems that risk aversion could have a stable genetical base which, in turn, is closely linked to emotions, but more research is needed to answer whether this phenomenon is related to loss aversion, as well as if the latter could also have an emotional origin. We also provide recommendations for future studies on genetics and economic behavior.

The role of the genetic influence of DRD4 in Chinese adults in the context of the choice of tourist attractions

“…Firstly, for the above reasons, it is necessary to expand both the geographical scope of future similar works and the social boundaries of various demographic groups. It is also necessary to improve the accounting and subsequent analysis of personal characteristics in the study that affect the motives of choice in a person, and it is desirable to use formalized scales with a rank assessment of a trait on a point basis (Molins et al, 2022). Portella et al (2021) studied that among the polymorphic variants of the DRD4 gene, the 7R allele appears to be a factor contributing to neurobiological mechanisms for attenuating the response to dopamine, and carriers of this polymorphism may be more likely to increase brain dopamine levels through aberrant eating behaviour or excessive consumption of stimulants in response to negative environmental stimuli, as genes involved in dopaminergic functions play an important role in reward and reinforcement processes.…”

“…Firstly, for the above reasons, it is necessary to expand both the geographical scope of future similar works and the social boundaries of various demographic groups. It is also necessary to improve the accounting and subsequent analysis of personal characteristics in the study that affect the motives of choice in a person, and it is desirable to use formalized scales with a rank assessment of a trait on a point basis (Molins et al, 2022).…”

“…The results of studies show that the DRD4 variant 7R increases the detection of reward prediction errors and improves controlled attention, and the cultural background of the study participants (East Asian or European-American) did not affect the net effect of genotype (Glazer et al, 2020). Molins et al (2022) point to the involvement of numerous polymorphisms associated with the regulation of serotonergic and dopaminergic pathways. Overall, studies have shown that the highest levels of risk aversion are associated with alleles that are associated with lower sensitivity or levels of dopamine.…”

“…Molins et al (2022) point to the involvement of numerous polymorphisms associated with the regulation of serotonergic and dopaminergic pathways. Overall, studies have shown that the highest levels of risk aversion are associated with alleles that are associated with lower sensitivity or levels of dopamine.…”