Event-related potentials (ERPs) have been used to investigate neural mechanisms underlying risk-related decisions over the last 16 years. We aimed to systematically evaluate associations between risk-taking and ERP components elicited during decisions and following feedback. A total of 79 articles identified from PsychINFO and PubMed databases met the inclusion criteria. Selected articles assessed early ERP components (feedback-related negativity/FRN, error-related negativity/ERN, and medial frontal negativity/MFN) and the mid-latency P3 component, all using gambling paradigms that involved selecting between choices of varying risk (e.g., Iowa Gambling Task, Balloon Analogue Risk Task, and two-choice gambling tasks). The P3 component was consistently enhanced to the selection of risky options and when positive feedback (as compared to negative feedback) was provided. Also consistently, the early negative components were found to be larger following feedback indicating monetary losses as compared to gains. In the majority of studies reviewed here, risk was conceptualized in the context of simple economical decisions in gambling tasks. As such, this narrow concept of risk might not capture the diversity of risky decisions made in other areas of everyday experience, for example, social, health, and recreational risk-related decisions. It therefore remains to be seen whether the risk-sensitivity of the ERP components reviewed here generalizes to other domains of life.
Keywords: ERN; ERP; FRN; MFN; P3; event-related potentials; risk.