Class Questions
Did level of education make a difference in this study?
No, effects were consistent
How many different scenarios were there?
3
When did participants favor the certain option (non- risky decision)?
After positive framing
What is decision making?
choosing between multiple options
What is a risky decision in this study?
Choosing the option that is uncertain or probabilistic
How many participants were in each group?
What was the overall effect of age on decision making in the scenarios?
Age does not seem to be a factor
The year this article was published
2005
What is a bidirectional framing effect?
"The mirror-image reversal of choice preferences from risk averse under positive framing to risk seeking under negative framing"
How many people participated in each scenario?
32
In what scenario were the decision preferences most clear?
The scenario involving human lives
What country did this study take place?
Sweden
What does descriptive invariance mean?
It means that the decision an individual makes should be the same regardless of how the situation is described (framing)
What were the different scenarios used in the study?
Human lives, museum paintings, and money
How did the magnitude of the framing effects differ between the young and old groups?
It didn't, "the magnitude of the framing effect was virtually identical for the younger and the older group"
What university was this study conducted at?
What is expected utility theory?
A theory that says the decision that an individual makes is based on the personal value put on what is at risk
What were the average ages of the participants in the young group and the old group>
23.8 years and 69.1 years
What scenario "yielded a symmetrical difference in choice preferences depending on framing (i.e., risk aversion in the positive framing condition and risk seeking in the negative framing condition)"
The human life scenario
What effects were of most interest for this study?
Framing effects