The Further Study Of Framing Effects In Risk Decision-Making

The framing effect, describes that presenting the same option in different formats can alter people's decisions. Kahneman and Tversky pointed out that the frame of the question would influence people's risky partiality in their prospect theory. In the following years, there're great deals of studies about the framing effect. Many researches have proved the existence of the framing effect.This study includes two experiments. One hundred and thirty university students participated in the first experiment. Adopting a within-subject design, each participant was provided with two risky choice problems. Experiment I, in accordance with the "Asian disease" model, using risk materials in recent years. Experiment II, was selected for many years of working experience of the trial to answer. Comprehensive two experimental results, the main conclusions obtained are as follows:When participants facing familiar contents, the framework will not have effect. The results indicated there was no framing effect both in the life problem and in the property problem. When facing the life problem,people preferred to take a risk;when facing property problem,people preferred to be conservative. There are no difference between students and working people. No major difference in risk preference was found. The university participants were apt to the risk option whether in positive or negative framing.