Working memory loads differentially influence frame-induced bias and normative choice in risky decision making

Area of Science:

• Cognitive psychology
• Decision science
• Neuroeconomics

Background:

• Framing effects bias risky decision-making, often attributed to affective reactions.
• Alternative theories suggest selective information weighting contributes to framing bias.
• Previous research primarily examined preferences, not decisions with normative correctness criteria.

Purpose of the Study:

• To investigate framing effects in advantageous and disadvantageous risky decisions.
• To examine the impact of non-affective and affective working memory loads on framing bias.
• To determine the cognitive mechanisms underlying framing effects in decision-making.

Main Methods:

• A novel hypothetical risky decision-making task with sure and gamble options.
• Gamble options were normatively advantageous or disadvantageous based on expected value.
• Working memory load manipulated using non-affective or affective stimuli.

Main Results:

• Risk avoidance observed with gain frames and risk-seeking with loss frames.
• Non-affective working memory load amplified framing effects and reduced decision accuracy.
• Affective working memory load showed varied effects on framing and no reliable impact on accuracy or knowledge.

Conclusions:

• Framing effects in risky decisions may stem from cognitive non-engagement rather than affective processes.
• Non-affective cognitive load significantly impairs decision-making accuracy and knowledge.
• Affective processes appear to have a limited role in framing bias and decision accuracy.