Decision-making Categories And Point Of Reference For Risk Decision-making Results

Decision has been a hot topic of psychology, and closely related with people's real life. Risky decision-making has uncontrollable factors and uncertain outcomes. There are two types of factor that effect risk decision-making, factors of task characteristics and the factors of decision-makers themselves. This study focuses on examining the characteristics of task factors in decision-making; and proposes the category of decision is one of the factors affect the decision outcome. Combined with the role of reference points, the study's purpose is to understand the difference of selection preferences of people making decision under different decision category and reference point.College students are selected as subjects. This study uses problems in the frame effects and sunk cost effect as model. With descriptive statistics and inference statistical methods combined, the subjects' feedbacks are analyzed. Conclusions are as follows:1. In the study of the influence of category, frame, reference point and the utility value on risky decision-making, the effect of category, frame, reference point and the utility value is different. The effect of frame and reference point is more significant. Subjects are more risky making decisions of safety than decisions of economics.2. The diversity in selection bias caused by frame and reference point is more apparent. Frame as a known key factor of decision-making has a prominent role. Subjects in negative frame group are more inclined to take risks than those in the positive frame group. Overall, subjects in conditions of high reference point are more risky than those in conditions of low reference point.3. Utility values and categories a also caused some degree of diversity of selection bias. When categories of decisions have caused diversity, subjects'selection bias is the same. Subjects are more risky on safety category than economic category.4. The effect of utility value is slightly larger on safety category than economic category. When utility value has caused diversity, subjects'selection bias is inconsistent. Subjects are more risky on safety category along with high utility value; and economic category along with small utility value. 5. In the study of the influence of categories and the reference point in decision-making in the context of sunk costs, subjects do not distinguish between internal and external causes of dangerous situation in the safety category; and pay more attention to individuals than the group. Very small number of subjects will take the strategies of giving up the individuals.6. Subjects treat investment and lottery problems decision-making differently. The continuing investment changes along with the size of sunk costs in economic category.7. The continuing investment does not change along with the size of sunk costs in time category.This study opens up new paths which, in theory, to extend the decision making task characteristic factors with decision categories, and explore the difference of selection preferences of people making decision under different decision category and reference point.; in practice, it has some reference value for the people's decision making.