Heart rate variability after vigorous physical exercise is positively related to loss aversion

ABSTRACT

Background and Objectives of the article

Loss aversion bias, whereby losses loom larger than gains, can be reduced by stress. At the same time, vigorous physical exercise is a powerful neuroendocrine stressor and heart rate variability (HRV) provides an objective measure of the actual exercise impact, relative to each individual physical condition. Our aim was to study whether vigorous exercise can influence loss aversion, considering HRV in this relation. We hypothesized that the lower HRV derived from vigorous exercise (i.e., when stressor produced the most impact) would predict a lower loss aversion.

Methods

Two groups (Experimental, N = 37; Control, N = 39) completed a loss aversion task, but the experimental group was exposed to an acute physical stressor before.

Results

Results revealed a significant group x HRV interaction. In the control group, HRV was not associated with loss aversion. Conversely, as hypothesized, the lower HRV levels derived from exercise were associated with a lesser loss aversion in the experimental group.

Conclusions

Results suggest that physiological changes from physical exercise could affect decision-making by reducing loss aversion.

KEYWORDS:

• Loss aversion
• stress
• physical exercise
• heart rate variability
• decision-making

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Funding

This study was supported by a grant from Ministerio de Economía y Competitividad [grant number: PSI2016-78763-P]. FM is a predoctoral research fellow, supported by the Generalitat Valenciana (ACIF/2020/062); Secretaría de Estado de Investigación, Desarrollo e Innovación.