An economic perspective on the Reinforcement Sensitivity Theory of personality

Reinforcement Sensitivity Theory postulates personality factors of 'reward sensitivity' and 'punishment sensitivity' linked to neural systems that control approach and avoidance, respectively. In contrast, behavioural economics distinguishes gain ('reward') and loss ('punishment') valuation systems that are orthogonal to approach/avoidance behaviour. We combined gain and loss with both their presentation and omission and found evidence for separate gain valuation, loss valuation, approach, and avoidance systems. This suggests that it is possible to integrate valuation/input and behaviour/output views of 'reward' and 'punishment' in a way that may be of use to both personality theory and economics and so forge closer links between these two major perspectives on decision-making and behaviour.