The role of emotion in economic decision making: behavioral and neurophysiological evidence from the Wheel of Fortune Gambling Task

Abstract Decision making is frequently influenced by factors such as an individual’s emotional state, cognitive biases, social influences, and environmental constraints. Understanding how these factors influence the way decisions are made is essential for optimizing and improving this cognitive process. Therefore, this review examines the theoretical basis of emotion-influenced decision making. Here, we integrate insights from eye-tracking, electroencephalography (EEG), and magnetic resonance imaging (MRI) evidence, as well as behavioral findings. We specifically review evidence from studies applying the Wheel of Fortune Gambling Task paradigm. Through critical and reflective synthesis, we (1) present suggestions for distinguishing between emotion types in decision-making theoretical models, (2) identify key research gaps, and (3) explore innovative applications of emerging technologies. In essence, our review highlights the role of diverse emotions in decision making across theoretical models and neural mechanisms, utilizing the Wheel of Fortune Gambling Task paradigm to link clinical disorders with decision-making impairments. This knowledge may have implications for predicting and intervening in behavioral addictions and cognitive disorders through strategies such as the neuromodulation. Additionally, by synthesizing existing knowledge and proposing new avenues for research, this review aims to deepen understanding of emotion-driven decision making and inspire further exploration into this vital area of cognitive science.