Electrodermal responding (EDR) and heart rate (HR) were assessed for seven subjects participating in a reaction time task consequated with monetary bonuses (250, 100, and 10), monetary penalties (250,100, and 10), and a monetary neutral value (00). Unlike previous research employing group designs and a tonic measure (i.e., mean over long periods of time), this study utilized a single-subject design and a phasic measure (i.e., mean over 2-s intervals). Heart rate data was too variable for meaningful analysis. EDR data showed that the peak levels of EDR were higher for penalties than for the corresponding values of bonuses (e.g., -250 vs. +250) for most subjects. Similarly, peak levels of EDR were generally higher during sessions in which consequences were presented than in sessions during which consequences were absent.