The description-experience gap in risky choice framing

Gaelle Vallee-Tourangeau; Frederic Vallee-Tourangeau; Madhuri Ramasubramanian

The description-experience gap in risky choice framing

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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.

Original language	English
Title of host publication	This paper was published in Proceedings of the 38th Annual Conference of the Cognitive Science Society, 2016, pp.2627-2632. ISBN: 9780991196739
Place of Publication	Austin, TX
Publisher	Cognitive Science Society
ISBN (Print)	9780991196739
Publication status	Published - 2016

Bibliographical note

Note: This paper was published in Proceedings of the 38th Annual Conference of the Cognitive Science Society, 2016, pp.2627-2632. ISBN: 9780991196739

Keywords

Business and management studies

Access to Document

https://mindmodeling.org/cogsci2016/papers/0453/paper0453.pdf

1 Paper

The description-experience gap in risky choice framing
Vallee-Tourangeau, G., Vallee-Tourangeau, F. & Ramasubramanian, M., 2016.
Research output: Contribution to conference › Paper › peer-review

Cite this

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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.",

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Vallee-Tourangeau, G , Vallee-Tourangeau, F & Ramasubramanian, M 2016, The description-experience gap in risky choice framing. in This paper was published in Proceedings of the 38th Annual Conference of the Cognitive Science Society, 2016, pp.2627-2632. ISBN: 9780991196739. Cognitive Science Society, Austin, TX. <https://mindmodeling.org/cogsci2016/papers/0453/paper0453.pdf>

The description-experience gap in risky choice framing. / Vallee-Tourangeau, Gaelle ; Vallee-Tourangeau, Frederic; Ramasubramanian, Madhuri.
This paper was published in Proceedings of the 38th Annual Conference of the Cognitive Science Society, 2016, pp.2627-2632. ISBN: 9780991196739. Austin, TX: Cognitive Science Society, 2016.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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ER -

The description-experience gap in risky choice framing

Abstract

Bibliographical note

Keywords

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Research output

The description-experience gap in risky choice framing

Cite this