An alternative interpretation of framing effect in decision making

1991 ◽  
Author(s):  
Jerwen Jou ◽  
James Shanteau ◽  
Richard Jackson Harris
Keyword(s):  
Decision Making ◽  
Framing Effect ◽  
Alternative Interpretation

Would you Make the Right Decision? – Decision Making Biases in Economy - Related Dilemmas

2018 ◽  
Vol 9 (1) ◽  
pp. 59-66
Author(s):  
Zsuzsanna Gödör ◽  
Georgina Szabó
Keyword(s):  
Decision Making ◽  
Online Survey ◽  
Framing Effect ◽  
Economic Knowledge ◽  
Bank Account ◽  
Financial Decisions ◽  
Hungarian Population ◽  
The Moment ◽  
The Right ◽  
Decision Making Biases

Abstract As they say, money can’t buy happiness. However, the lack of it can make people’s lives much harder. From the moment we open our first bank account, we have to make lots of financial decisions in our life. Should I save some money or should I spend it? Is it a good idea to ask for a loan? How to invest my money? When we make such decisions, unfortunately we sometimes make mistakes, too. In this study, we selected seven common decision making biases - anchoring and adjustment, overconfidence, high optimism, the law of small numbers, framing effect, disposition effect and gambler’s fallacy – and tested them on the Hungarian population via an online survey. In the focus of our study was the question whether the presence of economic knowledge helps people make better decisions? The decision making biases found in literature mostly appeared in the sample as well. It proves that people do apply them when making decisions and in certain cases this could result in serious and costly errors. That’s why it would be absolutely important for people to learn about them, thus increasing their awareness and attention when making decisions. Furthermore, in our research we did find some connection between decisions and the knowledge of economics, people with some knowledge of economics opted for the better solution in bigger proportion

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.

scholarly journals Pain and social decision-making: New insights from the social framing effect

2019 ◽  
Vol 5 (4) ◽  
pp. 221-238 ◽  
Author(s):  
Ruolei Gu ◽  
Jie Liu ◽  
Fang Cui
Keyword(s):  
Decision Making ◽  
Social Life ◽  
Brain Area ◽  
Framing Effect ◽  
Neural Activation ◽  
Social Emotions ◽  
Temporoparietal Junction ◽  
Social Decision ◽  
The Social ◽  
Social Decision Making

This paper focuses on the social function of painful experience as revealed by recent studies on social decision-making. Observing others suffering from physical pain evokes empathic reactions that can lead to prosocial behavior (e.g., helping others at a cost to oneself), which might be regarded as the social value of pain derived from evolution. Feelings of guilt may also be elicited when one takes responsibility for another’s pain. These social emotions play a significant role in various cognitive processes and may affect behavioral preferences. In addition, the influence of others’ pain on decision-making is highly sensitive to social context. Combining neuroimaging techniques with a novel decision paradigm, we found that when asking participants to trade-off personal benefits against providing help to other people, verbally describing the causal relationship between their decision and other people’s pain (i.e., framing) significantly changed participants’ preferences. This social framing effect was associated with neural activation in the temporoparietal junction (TPJ), which is a brain area that is important in social cognition and in social emotions. Further, transcranial direct current stimulation (tDCS) on this region successfully modulated the magnitude of the social framing effect. These findings add to the knowledge about the role of perception of others’ pain in our social life.

The framing effect in medical decision-making: a review of the literature

2013 ◽  
Vol 18 (6) ◽  
pp. 645-653 ◽  
Author(s):  
Jingjing Gong ◽  
Yan Zhang ◽  
Zheng Yang ◽  
Yonghua Huang ◽  
Jun Feng ◽  
...  
Keyword(s):  
Decision Making ◽  
Medical Decision Making ◽  
Framing Effect ◽  
Medical Decision ◽  
Review Of The Literature
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