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Related Experiment Videos

Thinking Fast Increases Framing Effects in Risky Decision Making.

Lisa Guo1, Jennifer S Trueblood2, Adele Diederich3

  • 11 Institute for Mathematical Behavioral Sciences, University of California, Irvine.

Psychological Science
|April 14, 2017
PubMed
Summary
This summary is machine-generated.

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Time pressure intensifies framing effects in risky decision-making. This suggests that how choices are presented significantly influences intuitive, fast decisions, especially when time is limited.

Area of Science:

  • Cognitive Psychology
  • Behavioral Economics
  • Decision Science

Background:

  • Framing effects influence choices based on presentation, particularly in decision-making.
  • Time constraints are common in everyday decisions, necessitating rapid choices.
  • Dual-process theory posits framing effects stem from intuitive, emotional responses.

Purpose of the Study:

  • To investigate the interaction between time pressure and framing effects in risky decision-making.
  • To determine if time pressure amplifies or diminishes framing effects.
  • To test the dual-process theory's prediction regarding framing effects.

Main Methods:

  • Participants made decisions on gambles framed as gains or losses.
  • Time pressure was systematically manipulated across experimental blocks.
Keywords:
dual-process theoryframing effectsopen datarisky decision makingtime pressure

Related Experiment Videos

  • Choices were analyzed under both hypothetical and incentivized conditions.

    • Main Results:

    • Framing effects were significantly increased under conditions of time pressure.
    • This effect was observed consistently across both hypothetical and incentivized decision tasks.
    • Results support the notion that framing effects are driven by rapid, intuitive processing.

    Conclusions:

    • Time pressure exacerbates framing effects in risky decision-making.
    • Findings align with dual-process theory, highlighting the role of intuitive systems.
    • The presentation of choices has a stronger impact on decisions when individuals must decide quickly.