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Risk attitudes and probability level , the framework of the mandate of risk decisions

Author: XuZhaoJun
Tutor: DuXiuFang
School: Shandong Normal University
Course: Applied Psychology
Keywords: Risk attitudes Probability level Framing effects
CLC: C934
Type: Master's thesis
Year: 2011
Downloads: 189
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Abstract

Many of the field of behavioral decision research tells us that people's decision-making results often exhibit inconsistent with rational decision-making criteria, with varying degrees of decision-making deviation, while the effect of risk decision-making framework is a typical example of irrational decision-making. Since Tversky and Kahneman framing effect (framing effect) and its conduct in-depth studies, many researchers at home and abroad have studied from different angles of the decision-making task characteristics, risk decision-making scenarios and individual differences such an obvious violation of the expectation value classical decision theory paradox, trying to figure out the reasons for framing effects as well as factors that affect the framing effect. As Tversky once said, as a decision-maker framework, in part, due to the presentation of the problem caused by the part is caused due to the behavior patterns, habits and personality characteristics of the decision-makers. Based on this, in recent years, many scholars have to start from the two aspects of the task situational factors and individual factors probe into the mechanism of action of framing effects. This study on the basis of previous studies by two experimental design different income backgrounds, to explore the risk attitude of the individual variables, and a probability level of this situational variables on the effect of risk decision-making framework. Experimental material risk of stock investment decision-making material, experiment a material loss background material investment risk decisions, experiment benefited background material investment risk decisions, are made of 3 × 3 × 2 mixed design, since the variable is individual risk attitude (risk seeking, risk neutral, risk aversion), the probability level (low probability, in probability, high probability), the framework of the mandate (positive framework, negative framework). Risk attitudes and the framework of the mandate of the subjects variables, probability level of within-subject variables, two experiments were 300 college students were required were positive, the possible outcomes under the the negative two different task framework to select. Select Preferences dependent variable was risk (embodied score for risk), he incurs trial on a 6-point scale choose different programs favor. The study results show that: (1) loss background of experimental scenarios, the framework of the mandate will affect risk selection preference performance in a positive framework, tend adventure program; tend to be conservative in a negative framework program. Benefit backgrounds experimental scenario in the framework of the mandate of the risk choice preference is not significantly affected. (2) individual risk attitudes significantly affect their risk selection preferences, the performance of the most risky type of test selection tendency for risk seeking, risk neutral, followed by the most conservative, risk aversion tend to favor. (3) whether it is the loss of background, or benefit from the experimental scene in the background, the probability level of framing effects produced impact probability level, the framework of the mandate significant interaction, manifested in the high probability level, there has been a significant framing effects in the high probability level of risk decisions, subjects in a positive framework, the choices are more conservative, the choices are more adventurous in the negative framework.

Risk attitudes and probability level , the framework of the mandate of risk decisions

Abstract

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