The illusion of the framing effect in risky decision making

2010 ◽  
Vol 25 (1) ◽  
pp. 63-73 ◽  
Author(s):  
Hidetaka Okder
Keyword(s):  
Decision Making ◽  
Framing Effect ◽  
Risky Decision Making ◽  
Risky Decision

The effects of optimism on self-framing and risky decision making

2020 ◽  
Vol 48 (10) ◽  
pp. 1-9
Author(s):  
Ran Zhang ◽  
Luming Zhao ◽  
Lin Wu ◽  
Hongxu Chen ◽  
Gaoxing Zhou ◽  
...  
Keyword(s):  
Decision Making ◽  
Framing Effect ◽  
Risky Decision Making ◽  
Risky Decision ◽  
Life Orientation Test ◽  
Life Orientation ◽  
Risk Seeking ◽  
Behavioral Decision Making ◽  
Behavioral Decision ◽  
Orientation Test

The framing effect is a key topic that has been insufficiently studied in research on behavioral decision making. In our study we explored the effects of optimism on self-framing and risky decision making. Participants were 416 undergraduates who responded to the Life Orientation Test and a self-framing test based on the Asian disease problem. The results demonstrate that, compared with people low in optimism, highly optimistic individuals tended to use more positive words to describe problems, generate more positive frames, and choose more risky options. There was also a significant self-framing effect: Participants with a negative frame tended to be risk-seeking, whereas those with a positive frame tended to avoid risks. Additionally, selfframing suppressed the effect of optimism on risky decision making. We can conclude that optimism has significant effects on self-framing and risky decision making.

Mixed Frames and Risky Decision-Making

2017 ◽  
Vol 120 (6) ◽  
pp. 1037-1057 ◽  
Author(s):  
Jiaxi Peng ◽  
Jiaxi Zhang ◽  
Hao Sun ◽  
Zhicong Zeng ◽  
Yuexia Mai ◽  
...  
Keyword(s):  
Decision Making ◽  
Reference Point ◽  
Framing Effect ◽  
Presentation Order ◽  
Decision Makers ◽  
Risky Decision Making ◽  
Hedonic Tone ◽  
Risky Decision ◽  
Risky Option

By applying unitive vocabulary, “die” or “save,” to respective frames of the Asian disease problem, Tversky and Kahneman were able to define framing effect. In this study, we preliminarily explored the effect of mixed frames, which are characterized by the use of different vocabulary in one frame. In study 1, we found that only the sure option description had significant effect on decision-making, while the effects of risky option descriptions were not significant, nor were interactions between descriptions. In study 2, the results suggested that after controlling the effects of the hedonic tone of the sure options, risky option description did not significantly predict decision-making. In study 3, we found that neither the sure-to-risky option presentation order nor presentation order within risky options had significant effect on decision-making. We thus concluded that sure option description can serve as the decision-making foundation (reference point) for decision-makers in mixed frames.

Planning and Search in Multi-Stage Risky Decision Making

2011 ◽  
Author(s):  
Jared Hotaling ◽  
Jerry Busemeyer ◽  
Richard Shiffrin
Keyword(s):  
Decision Making ◽  
Risky Decision Making ◽  
Risky Decision ◽  
Multi Stage
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