Stage-specific neural correlates of how personal and observational experiences affect risky decision-making: an...

Risky decision-making relies on information derived from personal and observational experiences, yet it remains unclear whether these sources influence behavior through shared or differentially neural processes. In this EEG study, we explored whether stage-specific neural responses differed according to the source of risk information. Using a sequential risk-taking task, we found preliminary evidence for a possible dissociation between early risk evaluation and later outcome-related processing. Behavioral modeling and event-related potential (ERP) analyses suggested that personal experience was associated with stronger early sensitivity to risk information, indexed by larger frontal P2 amplitudes. Time-resolved multivariate pattern analysis (MVPA) further showed higher decoding accuracy following personal experience, while cross-condition decoding was consistent with partially shared neural representations of risk information. By contrast, observational experience was associated with greater outcome-related sensitivity in the reward positivity (RewP) during later feedback evaluation. These findings provide exploratory evidence that personal and observational experience may influence risky decision-making through partly different processing stages and associated neural activity.