Comparative studies have implicated the nucleus accumbens (NAcc) in the ant
icipation of incentives, but the relative responsiveness of this neural sub
strate during anticipation of rewards versus punishments remains unclear. U
sing event-related functional magnetic resonance imaging, we investigated w
hether the anticipation of increasing monetary rewards and punishments woul
d increase NAcc blood oxygen level-dependent contrast (hereafter, "activati
on") in eight healthy volunteers. Whereas anticipation of increasing reward
s elicited both increasing self-reported happiness and NAcc activation, ant
icipation of increasing punishment elicited neither. However, anticipation
of both rewards and punishments activated a different striatal region (the
medial caudate). At the highest reward level ($5.00), NAcc activation was c
orrelated with individual differences in self-reported happiness elicited b
y the reward cues. These findings suggest that whereas other striatal areas
may code for expected incentive magnitude, a region in the NAcc codes for
expected positive incentive value.