The Effect Of Need For Cognition And Material Characteristics On The Framing Effect In Risk Decision Making

The different describing ways can cause the deeision makers to have the different risk Preferences to the same problem, the Phenomenon were called framing effect. Since the"framing effects"has been presented by Kahneman and Tversky in 1979 as an important issue in risky decision making, many studies have confirmed its existence. But there are also some studies which have not found it. Thus some researchers suggest that there are some factors, such as individual traits, task context, affect framing effects. In this study, we examined whether Need for cognition and material characteristics affects framing effects in risky decision.Two experiments were conducted in this study. In experiment 1, We used typical"Stock Problem''as the experimental material to examined whether in risky decision making self- related task and Need for cognition affects framing effects. In experiment 2, We used typical"Tsunami Problem''as the experimental material to examined whether in risky decision making time- related task and Need for cognition affects framing effects. The experiment is 2×2×2 between groups design. The independent variables was frame (positive frame, negative frame), the Need for cognition (high Need for cognition , low Need for cognition) and material characteristics . In experiment 1, the material was characterized by self- related events (self- related task, no self-related task); In experiment 2, the material was characterized by time-correlated (correlation close to the time, much time correlation). Dependent variable was the risk preferences defined in the 6 point scale test on the choice of two degree programs in favor.The following conclusions were drawn from this research:(1) Overall, the frames (negative frames, positive frames) have strong influence on risk choice in typical"Stock Problem''and typical"Tsunami Problem''(2) Material characteristics and frame had strong influence on framing effects, Participants responding to no self-related options showed the framing effects, but participants responding to self-related options didn't show the framing effects.(3) Need for cognition and frame had strong influence on framing effects, The low Need for cognition participants showed the framing effects, but The high Need for cognition participants didn't show out the framing effects.