Effort Expenditure Increases Risk-Taking for Improbable Rewards

Previous studies have found that exerting effort can lead people to engage in risk-taking behaviors. While effort can be either cognitive or physical, risk-taking can take place in either a risky context with known outcome probabilities or an ambiguous context with unknown outcome probabilities. The goal of the current research is to investigate how effort type and decision context influence risk-taking after effort exertion. Across three experiments, we find evidence that investing effort increases risk-taking at a short timescale. Importantly, this effect is particularly noticeable when the chance of winning is low, rather than when it is uncertain. Furthermore, the increase in risk-taking happens regardless of whether the effort is cognitive or physical. These findings suggest the existence of a cost-invariant but decision context-variant mechanism for the risk-taking after-effect of effort expenditure, which helps to bring the negative emotions caused by effort exertion back to a state of emotional homeostasis.