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: Contribution to conference › Paper › 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
Publication status	Published - 2016
Event	38th Annual Meeting of the Cognitive Science Society (COGSCI 2016): Recognizing and Representing Events - Philadelphia, U.S. Duration: 10 Aug 2016 → 13 Aug 2016

Conference

Conference	38th Annual Meeting of the Cognitive Science Society (COGSCI 2016): Recognizing and Representing Events
Period	10/08/16 → 13/08/16

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

The description-experience gap in risky choice framing
Vallee-Tourangeau, G., Vallee-Tourangeau, F. & Ramasubramanian, M., 2016, 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
Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

Cite this

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title = "The description-experience gap in risky choice framing",

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.",

keywords = "Business and management studies",

author = "Gaelle Vallee-Tourangeau and Frederic Vallee-Tourangeau and Madhuri Ramasubramanian",

note = "Note: This paper was published in Proceedings of the 38th Annual Conference of the Cognitive Science Society, 2016, pp.2627-2632. ISBN: 9780991196739; 38th Annual Meeting of the Cognitive Science Society (COGSCI 2016): Recognizing and Representing Events ; Conference date: 10-08-2016 Through 13-08-2016",

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T1 - The description-experience gap in risky choice framing

AU - Vallee-Tourangeau, Gaelle

AU - Vallee-Tourangeau, Frederic

AU - Ramasubramanian, Madhuri

N1 - Note: This paper was published in Proceedings of the 38th Annual Conference of the Cognitive Science Society, 2016, pp.2627-2632. ISBN: 9780991196739

PY - 2016

Y1 - 2016

N2 - 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.

AB - 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.

KW - Business and management studies

M3 - Paper

T2 - 38th Annual Meeting of the Cognitive Science Society (COGSCI 2016): Recognizing and Representing Events

Y2 - 10 August 2016 through 13 August 2016

ER -

The description-experience gap in risky choice framing

Abstract

Conference

Bibliographical note

Keywords

Access to Document

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Research output

The description-experience gap in risky choice framing

Cite this