Characteristic Of Decision Task On The Influence Of Different Risk Preference

When making choices, people are sensitive to the way in which the problem is presented.This sensitivity was well exemplified by the framing effect initially described by Tversky andKahneman (1981). In the well known “Asian disease problem”, they found that the majoritywere risk averse when the options of the problem were framed positively, yet turned to be riskseeking when the options were framed negatively.1. The group of college studentsThe first study was to investigate625Chinese college students’ cognitive relativity indifferent temporal distances and cover stories. The results of the questionnaire survey showed amain effect of temporal distances, and the main effect of cover stories were significant, theeffects of interaction was also significant. It showed a greater cognitive relativity when thetemporal distance was1year under the cover stories were bad.The second study used scenarios that were similar to the Asian disease problem to researchhow the characteristics of the cover story, framing effects and probability levels influence riskpreference in different temporal distances. In order to examine whether temporal distances(1week,1year,5year or50year), the characteristics of the cover story (good vs. bad) and theprobability of outcomes would affect people’s risk preference, the scenarios used in the researchwere designed to begin with four different temporal distances, therefore, there was a2(the coverstory: good vs. bad)*3(probabilities: high vs. median vs. low)*2(outcome framing: positive vs. negative) mixed design with probabilities as the within participants variable and the otherthree factors as between participants variables. Chi-square and logistic regression wereperformed for the analysis. The results were as follows:(1)When temporal distance was1week,under bad cover story, the difference among three probabilities were significant in the number ofpursuing sick； when the probability was95%, the effect of cover story and the effects ofinteraction between cover story and outcome framing was significant；(2) Framing effect wasfound only on high probabilities level under bad cover story when temporal distance was1week.2. The group of senior high school studentsThe first study was to investigate751Chinese senior high school students’ cognitiverelativity in different temporal distances and cover stories. The results of the questionnairesurvey showed a main effect of temporal distances, and the main effect of cover stories weresignificant, the effects of interaction was also significant. It showed a lower cognitive relativitywhen the temporal distance was6month under the cover stories were bad.From the perspective of Construal Level Theory deciding for near psychological distanceversus far psychological distance involves different cognitive processes, and thus leads to divergent preference and decisions. Therefore, people advising for near psychological distancetended to construct the decision in terms of its end-state or outcome (i.e.desirability aspects);when evaluating far psychological distance, however, people would attend to the more specificprocess to achieve that outcome(i.e.feasibility aspects).The second study used two scenarios, the present study addresses the above issue. Acrosstwo experiments, participants made decisions about “college entrance examination will” and“Asian disease problem”. Comparing to “Asian disease problem”,“college entrance examinationwish” will make nearer social distance for senior high school student, we would make researcheson how the characteristics of the cover story, framing effects and probability levels influence riskpreference in different temporal distances. In order to examine whether temporal distances, thecharacteristics of the cover story, outcome framing and the probability of outcomes would affectpeople’s risk preference in two scenarios, the scenarios were designed to begin with fourdifferent temporal distances(1week,1month,6month or1year), therefore, there was a2(coverstory: good vs. bad)*3(probabilities: high vs. median vs. low)*2(outcome framing: positive v s.negative) mixed design with probabilities as the within participants variable and the other threefactors as between participants variables.Chi-square and logistic regression were performed for the analysis. The results were asfollows:(1) In near social distance, risk preference was influenced by temporal distances, coverstory, outcome framing and the probability; In far social distance, risk preference was notinfluenced by these factors.(2) In “college entrance examination will”, risk preference wasinfluenced by cover story and outcome framing when the probability only was low, under thegood cover story, framing effect was found, not influenced by temporal distances, but under thetraditional bad cover story, risk preference was influenced by frame and temporal distances.