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Visual imagery skills and risk attitude
Cathy Zeng1, David Fielding1,2, Ronald Peeters3
1Department of Economics, University of Otago, PO Box 56, Dunedin, 9054, New Zealand.
Scientific Reports
|December 10, 2022
Summary
This study investigated how visual imagery ability and decision framing affect risk-taking. Results indicate neither factor significantly impacts risk attitude in decision-making under risk.
Area of Science:
- Cognitive Psychology
- Behavioral Economics
Background:
- Kahneman and Tversky's research highlighted framing effects in decision-making under risk.
- They proposed imaginability (visual imagery ability) might influence subjective probability evaluation.
Purpose of the Study:
- To explore the impact of visual imagery ability on choice under risk.
- To examine the influence of visual versus non-visual decision frames on risk attitude.
Main Methods:
- An online experiment assessed visual imagery ability using the Vividness of Visual Imagery Questionnaire.
- Participants completed risk attitude tasks in either a visual or non-visual decision frame.
- Random assignment to decision frames ensured unbiased comparison.
Main Results:
- Visual imagery ability did not show a substantial impact on risk attitude.
- The decision frame (visual vs. non-visual) also had no significant effect on risk-taking.
- No interaction effect between imagery ability and framing was observed.
Conclusions:
- Neither individual visual imagery ability nor the framing of risk information significantly alters risk attitude.
- Further research may be needed to identify factors influencing decision-making under risk.
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