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An Experimental Study Of Framing Effect In Risk Decision-making

Posted on:2005-04-09Degree:MasterType:Thesis
Country:ChinaCandidate:Y SunFull Text:PDF
GTID:2156360122995365Subject:Development and educational psychology
Abstract/Summary:PDF Full Text Request
In the risk decision-making , invariance is a core premise to Expected Utility Model, but Tversky and Kahneman ask for the " Asia disease problem" to display to people: The different describing ways can cause the decision makers to have the different risk preferences to the same problem. This kind of phenomenon were called framing effect.In the study of framing effect, the losing-gaining backgrounds and probability levels of decision problem are always neglected, and the difference of subjects is scarcely paid attention in study.This study takes 600 university students of Changsha and 400 stock market investors as decision makers, adopts stock markets as the decision problems' background, and investigates the problem's losing-gaining backgrounds and probability levels in framing effect. Moreover, this study classifies the university students according to their risk preference levels, and classifies the investors according to their investment characteristics (including sex, investment experience, investment quantity), investigates the difference of different decision makers in framing effect.This study insists that:1 The framing effect exits in students'decision-makings, but not in investors'. Problem's losing-gaining backgrounds and probability levels can influence framing effect.2 For student decision makers, cautious decision makers have more framing effects than risky decision makers in decision-makings.3 For investor decision makers, framing effects cannot be found in classified decision makers on the whole. But in losing-background decisions, the investors with more experience and the investors with different investment quantity have framing effects.According to the results of the study, the author discusses the difference of framing effect between students and investors in details, analyzes the losing-gaining backgrounds and probability levels of decision problems inframing effect.The author insists that this study finds the factors of influencing framing effect in some way, so it has important theory and application value.
Keywords/Search Tags:The risk decision, framing effects, Prospect Theory, losing-gaining background, probability levels
PDF Full Text Request
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