Recent research has focused on decision-making under risk and its neural bases. Two kinds of bad decisions under risk may be defined: too risky decisions and too cautious decisions. Here we show that suboptimal decisions of both kinds lead to increased activity in the anterior cingulate cortex in a Blackjack gambling task. Moreover, this increased activity is related to the avoidance of the negatively evaluated decision under risk. These findings complement other results suggesting an important role of the dorsal anterior cingulate cortex in reward-based decision-making and conflict resolution.

We examined scalp-recorded event-related potentials following feedback stimuli in a time-estimation task. Six hundred msec after indicating the end of a 1 sec interval, subjects received a visual, auditory, or somatosensory stimulus that indicated whether the interval they had produced was correct. Following feedback indicating incorrect performance, a negative deflection occurred, whose characteristics corresponded closely to those of the component (the error-related negativity) that accompanies errors in choice reaction time tasks. Furthermore, equivalent dipole analysis suggested that, for all three modalities, the distribution of the scalp potential was consistent with a local source in the anterior cingulate cortex or a more distributed source in the supplementary motor areas. These loci correspond closely to those described previously for the error-related negativity. We conclude that the error-related negativity is the manifestation of the activity of a “generic” neural system involved in error detection.