Individual differences in framed risky choice: Risk-style and thinking style

A within-subjects framing study was conducted in which each individual was given gain and loss conditions of multiple framing and risky choice problems. The use of multiple items in this study addresses reliability and generalizability concerns of existing within-subjects studies, which use a single item. Framing effects occur among only a subgroup of individuals in within-subjects studies. Individuals' risk-style and thinking-style were measured and conceived of as potential moderators of the framing effect. Larger framing effects were expected of individuals with moderate risk-styles. High rational thinking-style was hypothesized to lead to smaller framing effects, while high experiential thinking-style was hypothesized to lead to larger framing effects. Though one risk-style measure (the Choice Dilemmas Questionnaire) found risk-averse individuals manifested larger framing effects, no other moderating effects are found. These generally non-significant results may be due to the within-subjects nature of the study, lack of experimental manipulation, or the measures themselves. Overall, within-subjects design appears useful for the study of the framing effect. Future research on individual differences in this situation is warranted.