Explaining Risk Attitude in Framing Tasks by Regulatory Focus: A Verbal Protocol Analysis and a Simulation Using Fuzzy Logic

We investigate the role of salient regulatory focus for risk attitude in framed gambles. In Experiment 1 we measured regulatory focus by collecting verbal protocols and found that people avoided risk under prevention focus and preferred risk under promotion focus. In Experiment 2 the same result was...

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Bibliographic Details
Published in:Decision analysis 2012-12, Vol.9 (4), p.359-372
Main Authors: Kuhberger, Anton, Wiener, Christian
Format: Article
Language:English
Subjects:
Analysis
Attitudes
Decision making
Disease prevention
framing
Fuzzy algorithms
Fuzzy logic
Fuzzy systems
Preferences
Probability
Prospect theory
Questionnaires
Regulation
risk
Risk management
Self regulation
Studies
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Summary:We investigate the role of salient regulatory focus for risk attitude in framed gambles. In Experiment 1 we measured regulatory focus by collecting verbal protocols and found that people avoided risk under prevention focus and preferred risk under promotion focus. In Experiment 2 the same result was found when measuring people's regulatory focus with a questionnaire. Finally, the questionnaire data were used as inputs for simulating the choices of our participants by a fuzzy-logic decision generator. The findings show that regulatory focus has a strong effect on risk attitude and that risk attitude in framing tasks can be successfully modeled as some form of fuzzy processing.
ISSN:1545-8490
1545-8504
DOI:10.1287/deca.1120.0254