Risky choice framing by experience: A methodological note

In classic research on judgment and decision making under risk, risk is described by providing participants with the respective outcomes and probabilities in a summary format. Recent research has introduced a different paradigm – decisions-by-experience – where participants learn about risk by sampl...

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Bibliographic Details
Published in:Judgment and decision making 2021-09, Vol.16 (5), p.1314-1323
Main Author: Kuhberger, Anton
Format: Article
Language:English
Subjects:
Binomial distribution
Decision making
decisions-by-description
decisions-by-experience
deep structure
framing
Probability
risk
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Summary:In classic research on judgment and decision making under risk, risk is described by providing participants with the respective outcomes and probabilities in a summary format. Recent research has introduced a different paradigm – decisions-by-experience – where participants learn about risk by sampling from the outcomes, rather than by summary descriptions. This latter research reports a description-experience gap, indicating that some of the classic patterns of risk attitude reverse when people experience the risk. Recent research has attempted to investigate risky choice framing in the decisions-by-experience paradigm. I discuss how this research runs into problems in properly manipulating framing in decisions by experience. Drawing from framing research with animals, I argue that framing effects also exist in experience tasks. The classic Asian Disease task, however, awaits proper translation into an experience paradigm.
ISSN:1930-2975
1930-2975
DOI:10.1017/S1930297500008445