The description-experience gap in risky choice framing

Vallee-Tourangeau, Gaelle, Vallee-Tourangeau, Frederic and Ramasubramanian, Madhuri (2016) The description-experience gap in risky choice framing. In: 38th Annual Meeting of the Cognitive Science Society (COGSCI 2016): Recognizing and Representing Events; 10-13 Aug 2016, Philadelphia, U.S.. ISBN 9780991196739

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Abstract

We examined whether the classical framing effect observed with the Asian Disease problem could be reversed when people make decisions from experience. Ninety-five university students were randomly allocated to one of three conditions: Description, Sampling (where the participants were allowed to sample through the outcomes presented as a pack of cards) and Interactive (where the participants were invited to spread out all possible outcomes in a sample) and made three gain-framed choices and three loss-framed choices, with two filler tasks after the first three choices. The results revealed a significant interaction effect between framing and choice condition. In the Description choice condition, participants were more risk-seeking with loss-framed problems. This pattern was reversed in the Sampling choice condition where participants were more risk-seeking with gain frames. Finally, the Interactive choice condition resulted in a classic pattern of framing effect, whereby people were more risk averse in the domain of gains.

Item Type: Conference or Workshop Item (Paper)
Event Title: 38th Annual Meeting of the Cognitive Science Society (COGSCI 2016): Recognizing and Representing Events
Additional Information: This paper was published in Proceedings of the 38th Annual Conference of the Cognitive Science Society, 2016, pp.2627-2632. ISBN: 9780991196739
Research Area: Business and management studies
Psychology
Faculty, School or Research Centre: Faculty of Arts and Social Sciences > School of Psychology, Criminology and Sociology (from November 2012)
Faculty of Business and Law
Faculty of Business and Law > Kingston Business School (Department of Management) (from August 2013)
Depositing User: Gaelle Vallee-Tourangeau
Date Deposited: 01 Nov 2016 16:09
Last Modified: 01 Nov 2016 16:09
URI: http://eprints.kingston.ac.uk/id/eprint/36232

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