Self‐framing of risky choice

Datos Bibliográficos

ID12166809
AutoresX T Wang (0000-0003-1706-2446, University of South Dakota, autor de correspondencia)
Año2003
Volumen17
Número1
Páginas1-16
Fecha de publicación2003-10-15
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaJournal of Behavioral Decision Making (JOURNAL)
Identificadores de la revistaISSN: 0894-3257 • E-ISSN: 1099-0771
EditorialWiley (PUBLISHER • GB)
DOI10.1002/bdm.454
OpenAlexW1976780959
IdiomaEN
Citas recibidas11
Referencias citadas25

Previous research on framing effects has largely focused on how choice information framed by external sources influences the response of a decision maker. This research examined how decision makers framed choice options and how the hedonic tone of self‐framing influenced their risk preference. By using pie charts and a complementary sentence‐completion task in Experiment 1, participants were able to interpret and frame the expected choice outcomes themselves before making a choice between a sure option and a gamble in either a life–death or a monetary problem. Each of these self‐frames (phrases) was then rated by a group of independent judges in terms of its hedonic tone. The hedonic tone of self‐frames was mostly positive and was more positive in the life–death than the monetary context, suggesting a motivational function of self‐framing. However, positive outcomes were still more likely to be framed positively than negative outcomes. In Experiment 2, choice outcomes were depicted with a whole‐pie chart instead of a pie slice in order to emphasize positive and negative outcomes equally. The results showed that the hedonic tone of self‐framing was still largely positive and more positive in the life domain than the monetary domain. However, compared to Experiment 1, the risk preference in the life–death domain was reversed, showing an outcome salience effect: when the pie‐slice chart emphasized only survival outcomes, participants were more risk taking under positive hedonic frames whereas when the whole‐pie chart depicted both survival and mortality outcomes, they became risk averse under positive frames. In sum, self‐framing reflected a positive bias in encoding risk information and affected the risk preference of the decision maker. Like the tone of voice used in communication, the hedonic tone of self‐framing, either positive or negative, can affect risk perception of a choice problem. Copyright © 2003 John Wiley & Sons, Ltd

Cognitive psychology · Framing (construction · Framing effect · Mortality salience · Persuasion · Salience (neuroscience · Sentence · Sentence completion tests · Computer Science · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Optimism, Hope, and Well-being · Psychology · Social Psychology