The Effects of Framing, Reflection, Probability, and Payoff on Risk Preference in Choice Tasks.

@article{Khberger1999TheEO,
  title={The Effects of Framing, Reflection, Probability, and Payoff on Risk Preference in Choice Tasks.},
  author={K{\"u}hberger and Schulte-Mecklenbeck and Perner},
  journal={Organizational behavior and human decision processes},
  year={1999},
  volume={78 3},
  pages={204-231}
}
A meta-analysis of Asian-disease-like studies is presented to identify the factors which determine risk preference. First the confoundings between probability levels, payoffs, and framing conditions are clarified in a task analysis. Then the role of framing, reflection, probability, type, and size of payoff is evaluated in a meta-analysis. It is shown that bidirectional framing effects exist for gains and for losses. Presenting outcomes as gains tends to induce risk aversion, while presenting… CONTINUE READING

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