Risk Attitudes And Probability Level, The Framework Of The Mandate Of Risk Decision-making

The variety research results of behavioral decision fields have proved that the decision making always be different from the rational standard, and the framing effect is one of the good samples of the unrational decisions. Science the Tversky and Kahneman presented their theory of framing effect, many researchers have made their own researches on subjects characters, risk decision scenes and the individual differences and tried to find out all the influences which can affect the final decision. Just like Tversky said,"The frame that a decision-maker adopts is controlled partly by the formulation of the problem and partly by the norms, habits, and personal characteristics of the decision-maker."Under this consider, in the recent years, many researchers make their effort on discussing the task situation factors and personal factors of framing effect.Based on the previous researches, by designing losing-gaining backgrounds into consider, we want to systematically find out how the risk attitude and probability levels influence the framing effect.This experiment set the stock markets as the experimental materials. We use the losing background of stock markets as experimental material in study 1 and gaining background in study 2. We used a 3×3×2 mixed design, and the personal risk attitude, task frame and probability levels as the independent variables. In the above three factors, the risk attitude and task frame is between-subjects variable, the probability levels is within-subjects variable. In the two experiments, 300 college students were asked to choose under both negative and positive frame. The dependent variable is their risk preference, which they choose in a 6 rank tables.The result reflects that: (1) in the losing backgrounds, task frame show out that it can influence the risk preference. Under the positive frame, the decision makers will incline to choose the risky scheme, but under the negative frame, they will adapt to conservative one. But in the gaining background, no special preference appeared.(2) The personal risk attitude significantly influenced the risk preference, the risk seeking decision makers'choose was the most risky and the risk aversion ones is the least.(3) Whether the losing background or the gaining background, the probability levels influenced the framing effect, and specifically. Under the high probability level, the framing effect appeared. Under high probability level, the participators'choose was risky under the positive frame and was conservative under the negative frame.