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Converging developmental decision-making studies have demonstrated that until late adolescence, individuals prefer options for which the risk of a loss is low regardless of the final outcome. Recent works have shown a similar inability to consider both loss frequency and final outcome among adults. The current study aimed to identify developmental changes in feedback-monitoring ability to consider both loss frequency and final outcome in decision making under ambiguity. Children, adolescents, and adults performed an adapted version of the Soochow Gambling Task. Our results showed that children and adolescents presented an exclusive preference for options associated with infrequent punishment. In contrast, only adults seemed to consider both loss frequency and the final outcome by favoring the advantageous options when the frequency of losses was low. These findings suggest that the ability to integrate both loss frequency and final outcome develops with age. Moreover, the analysis of strategic adjustments following gains and losses reveals that adults switch less often after losses compared with children and adolescents. This finding suggests that psychological tolerance to loss may facilitate learning the characteristics of each option and improve the ability to choose advantageously., (Copyright © 2012 Elsevier Inc. All rights reserved.)

Regret and relief are related to counterfactual thinking and rely on comparison processes between what has been and what might have been. In this article, we study the development of regret and relief from late childhood to adulthood (11.2-20.2 years), and we examine how these two emotions affect individuals' willingness to retrospectively reconsider their choice in a computerized monetary gambling task. We asked participants to choose between two "wheels of fortune" that differed in the amount of gain and loss expected and the probability of winning. We manipulated the outcome of the wheel of fortune that was not selected by participants to induce regret or relief. For each trial, participants rated how they felt about the outcome and their willingness to modify their choice. Participants' ratings suggest that regret and relief are stronger in adults than in children and adolescents. Regret affects participants' willingness to modify their initial choice, but this desire is stronger for adults than for children. In children, the experience of regret seems to be dissociated from the willingness to reconsider a choice. This study provides the first evidence that the ability to experience counterfactually mediated emotions, such as regret and relief, and the ability to take them into consideration continue to develop during late childhood and adolescence., (Copyright © 2012 Elsevier Inc. All rights reserved.)

This study aims to clarify the developmental changes in real-life decision making when strategy is adjusted using both positive and negative feedback, that is, whether strategic adjustment evolves with age. A total of 84 participants divided into three age groups (children, adolescents, and adults) performed the standard version of the Iowa Gambling Task (IGT). Children and adolescents showed a strong bias in favor of disadvantageous choices whereas adults learned to decide advantageously during the course of the task. Interestingly, the results clearly demonstrate that children did not switch differently following gains and losses whereas adolescents and adults switched more often after a loss than after a gain, corresponding to the "loss-shift" and the "win-stay" strategies, respectively. The results also revealed that adults switched less often after losses compared to children and adolescents and, thus, used the loss-stay strategy more often than the 2 youngest groups. These new findings suggest that successful completion of the IGT by adults requires fine feedback monitoring and more frequent use of the win-stay and loss-stay strategic adjustments.