The effect of chronotype in risky decision making: An ERP study

Chronotype, the individual predisposition toward morningness or eveningness, is associated with behavioral and emotion regulation traits such as impulsivity, reward sensitivity, and self-control. However, the extent to which it modulates risky decision-making and neural feedback processing remains unclear. This study examined behavioral (percentage of risky choices and reaction time (RT)) and electrophysiological (feedback-related negativity (FRN) and P300 components) differences in risky choices and feedback evaluation individual differences in chronotypes. Chronotype was determined using the Morningness-Eveningness Questionnaire (MEQ) and Munich Chronotype Questionnaire (MCTQ). 39 Participants (20 morning-types, 19 evening-types; aged 18-31) completed a modified monetary gambling task during EEG recording. Behaviorally, evening-types made more risky choices than morning-types, particularly after gain-correct and loss-error feedback. They also responded faster overall, with the most pronounced RT reductions after error feedback, suggesting diminished post-error slowing and greater impulsivity. Electrophysiologically, FRN amplitudes were attenuated in evening-types, especially in gain-correct and loss-error conditions. FRN amplitudes correlated with both MEQ and MCTQ scores, indicating that greater eveningness was associated with reduced neural sensitivity to outcome feedback. In contrast, no significant group differences emerged for P300 amplitudes, although both groups showed enhanced P300 responses to gain-correct outcomes, reflecting feedback salience. These findings suggest that chronotype is linked to distinct behavioral and neural profiles in risky decision-making. Eveningness is characterized by greater impulsivity, risk preference, and attenuated feedback monitoring, which may increase vulnerability to maladaptive risky decision-making in real-world contexts.