Framing Effect In Risky Decision Making: The Role Of Immediate Emotion And Cognitive Reappraisal Strategy

Frame effect,as a common irrational bias in decision making,refers to the phenomenon of preference reversal of individual decision making on the same problem when different frame representations are used to express the same problem.Based on the risk-as-feelings model,decision-making is a complex cognitive process,which is accompanied by emotional changes.Different frame conditions,potential gains or losses will affect our emotions towards different options,and our emotions will affect our decisions.Therefore,we introduced the variable of immediate emotion in the study,and designed two behavioral experiments.Experiment 1 adopted a risk decision task to investigate the influence of the immediate emotion in determining and risk options on the frame effect of risk decision under the frame of gain and loss.Experiment 2 aims to use cognitive reappraisal strategy to influence individual choice from the perspective of application in order to reduce the influence of emotion on decision making.The findings:(1)the risk preference of the subjects in the gain frame was significantly lower than that in the loss frame,which verified the frame effect of risk decision-making.(2)the immediate emotion score of the decision options of the gain frame was significantly higher than that of the decision options of the loss frame;And the immediate emotion score for the selection of options has a complete mediating effect between the frame type and the risk preference.(3)there was no significant difference in risk preference between the cognitive reappraisal strategy group and the non-cognitive reappraisal strategy group in the gain frame,and there was a significant difference in risk preference in the loss frame.The risk preference of the cognitive reappraisal group was significantly lower than that of the non-cognitive reappraisal group.The results show that the frame type influences the individual's immediate emotion towards the sure options,while the immediate emotion towards the sure options further influences the individual's risk preference under different frames,and the frame type has a complete mediating effect between the frame type and the risk preference for the sure options.Moreover,cognitive reappraisal strategy can influence individuals' risk preference and reduce their risk behaviors in the loss framework.