Effect
of Decision Time on Framing of Decision: A Case of Risky Choice
Behavior
K. Takemura |
The
purpose of this study was to examine the effect of time for decision
on framing of decision in risky choice problem. Subjects were 114
men and women. The results were as follows. 1. In the condition where
decision makers thought about decision problems for a relatively
short time, a framing effect (Tversky & Kahneman, 1981, Science,
211, 453-458.) was observed: Most of the subjects chose the riskless
option when decision options were phrased positively in terms of
gains, whereas most of the subjects chose the risky option when options
were phrased negatively in terms of losses. 2. However, in the condition
where decision makers thought about problems for sufficiently long
time, the framing effect was not observed: most of the subjects showed
a consistent choice pattern.
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