Mapping the functional neurocognitive correlates of loss aversion: A coordinate-based meta-analysis

We performed the first coordinate-based meta-analysis of functional neuroimaging studies using functional magnetic resonance imaging (fMRI) and positron emission tomography (PET) to investigate the neural correlates of loss aversion, defined as the tendency to overweight potential losses relative to equivalent gains in decision-making under risk. We aimed both to identify its core functional neurocognitive correlates, and to characterize the roles of the identified regions across behavioral domains. Among the studies reporting λ, mean estimates ranged from 1.12 to 2.20 (overall mean = 1.71), confirming the typical overweighting of losses relative to equivalent gains. Meta-analytic findings revealed the consistent involvement of the striatum, anterior insula and dorsal anterior/middle cingulate cortex (dACC/MCC). We complemented these findings with a functional characterization of these regions in terms of their associated behavioral domains, including reward processing, emotion, interoception, pain and higher-order reasoning. This characterization supports a model in which loss aversion reflects the integration of affective and cognitive mechanisms. By contrast, we found no consistent meta-analytic evidence for amygdala involvement in loss aversion. This negative finding likely reflects both methodological constraints inherent in coordinate-based meta-analyses, including the selective inclusion of whole-brain results, and the sensitivity of amygdala responses to task and/or stimulus characteristics. In addition to providing a foundational framework for understanding the neural correlates of human choice and loss aversion, these findings offer a benchmark for investigating clinical conditions characterized by altered evaluative processes and for assessing the effects of therapeutic interventions.