Anxiety and risky decision-making: The role of subjective probability and subjective costs of negative events

This article investigates in two studies the influence of trait anxiety and depression on preferences for risky behaviour using choice scenarios in a non-clinical sample. Potential mediator variables considered were subjective costs and the expected probability of the negative event. In addition, the impact of response format on judgemental bias was investigated. Results show that the relationship between subjective probability of the negative event for the own person and trait anxiety was affected by response format: there was a significant relationship when using the verbal format but when using the numerical format no relationship was found. In contrast, there was a global effect that anxious subjects estimate the risk higher for their own person compared to other persons. Furthermore, conclusions concerning the relationship between anxiety and risk taken were not firm. In study 1, high-anxious subjects more often choose the safe alternative, which was mediated by the subjective costs of the threatening events. However, the relationship between trait anxiety and risk taken was not significant in study 2. Depression was not related to probability, costs, or risk-taking.