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Related Concept Videos

Framing Effects03:26

Framing Effects

Information is everywhere and its presentation—such as how and when items are presented—can impact our perceptions and decisions surrounding the info. This broad concept umbrellas framing effects—influences that occur due to the way information is framed in its appearance, whether it’s purely the order or the specific wording of a message. Let’s take a look at numerous ways in which two versions of something can objectively say the same thing, yet we respond in different ways based on the...
Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches01:23

Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches

Biopharmaceutical studies constitute a vital field aiming to enhance drug delivery methods and refine therapeutic approaches, drawing upon diverse interdisciplinary knowledge. In research methodologies, the choice between controlled and non-controlled studies significantly influences the study's reliability and accuracy.
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast, controlled...
Decision Making01:20

Decision Making

Decision-making is a fundamental cognitive process that involves evaluating alternatives and selecting among them. This process can range from simple choices, such as deciding what to wear, to complex decisions, like choosing a major in college or a career path. The complexity of the decision often dictates the approach we use, which can be broadly categorized into two types: automatic and controlled decision-making.
Automatic decision-making is fast, intuitive, and relies on gut feelings...
Reason and Intuition01:37

Reason and Intuition

The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the brain can only use...
First Impression01:09

First Impression

First impressions play a crucial role in social perception, shaping how individuals assess others in professional, academic, and interpersonal contexts. Psychological research highlights the significance of cognitive biases, such as the primacy and recency effects, which influence how people interpret and recall information.The Primacy Effect and Cognitive AnchoringThe primacy effect describes the tendency for initial information to impact judgment disproportionately. When individuals encounter...
The Anchoring-and-Adjustment Heuristic01:25

The Anchoring-and-Adjustment Heuristic

In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the $2,000...

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Related Experiment Video

Updated: May 26, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
13:04

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Published on: September 19, 2012

Framing effects and risk-sensitive decision making.

Sandeep Mishra1, Margaux Gregson, Martin L Lalumière

  • 1University of Guelph, Ontario, Canada University of Lethbridge, Alberta, Canada. mishrs@gmail.com

British Journal of Psychology (London, England : 1953)
|January 11, 2012
PubMed
Summary

People exhibit risk-sensitivity, preferring high-risk choices when needs are high. Framing effects still occur, especially negative frames in high-need situations, augmenting prospect theory for decision-making under need.

Related Experiment Videos

Last Updated: May 26, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
13:04

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Published on: September 19, 2012

Area of Science:

  • Behavioral Economics
  • Decision Science
  • Cognitive Psychology

Background:

  • Prospect theory explains risk aversion for gains and risk-seeking for losses (framing effect).
  • Limited research exists on framing effects under conditions of need.
  • Risk-sensitivity theory posits increased risk-seeking when low-probability options are insufficient to meet needs.

Purpose of the Study:

  • Investigate framing effects in risky decision-making (description and experience).
  • Assess if risky decision-making aligns with risk-sensitivity theory predictions.
  • Examine the interaction between decision framing and need conditions on risk-taking.

Main Methods:

  • Two experiments were conducted using behavioral tasks.
  • Decision-making from description and decision-making from experience paradigms were employed.
  • Experimental conditions manipulated framing (positive/negative) and need (high/low).

Main Results:

  • Risky decision-making consistently aligned with risk-sensitivity theory predictions across conditions.
  • Framing effects were observed under all experimental conditions.
  • Negative frames significantly increased risky choices in high-need situations.

Conclusions:

  • Risk-sensitivity theory effectively explains decision-making under conditions of need.
  • Framing effects persist even when needs are high.
  • Combining prospect theory with risk-sensitivity theory provides a more comprehensive model for understanding choice under need.