# Risk and Loss Aversion and Attitude to COVID and Vaccines in Anxious Individuals

## TL;DR

This study explores how anxiety affects decision-making related to risk and loss aversion, and how these traits relate to behaviors during the pandemic and vaccine attitudes.

## Contribution

The study provides new insights into the relationship between anxiety, loss aversion, and pandemic-related behaviors using computational modeling.

## Key findings

- Individuals with higher GAD symptoms show increased loss aversion compared to less anxious individuals.
- There is no significant difference in risk aversion between anxious and less anxious individuals.
- No evidence was found linking risk or loss aversion to attitudes toward COVID or vaccines under the study conditions.

## Abstract

Anxious individuals are known to show impaired decision-making in economic gambling task and in everyday life decisions. This impairment can be due to aversion to uncertainty about outcomes (risk aversion) and/or aversion to negative outcomes (loss aversion). We investigate how non-clinical individuals with high levels of Generalised Anxiety Disorder symptoms (GAD) (N = 54) behave compared to less anxious subjects (N = 61) in a gambling decision-making task delivered online and designed to separate the distinct influences of risk and loss aversion on decision-making. By modelling subjects’ choices using computational models derived from Prospect Theory and fitted using Hierarchical Bayesian methods, we estimate individual levels of risk and loss aversion. We also link estimates of these parameters to individual propensity to risk averse behaviours during the COVID pandemic, like wearing safer types of face masks, or completing a COVID vaccination course. We report increased loss aversion in individuals with increased level of GAD compared to less anxious individuals and no differences in risk aversion. We also report no evidence for a link between risk and loss aversion and attitudes towards COVID and vaccines, under the experimental conditions and incentive scheme studied here. These results shed new light on the interplay of anxiety and risk and loss aversion and they can provide useful directions for clinical intervention.