Study On The Framing Effect And Influencing Factors In Economic Decision-making

In various types of management activities and economic decision-making processes,it is always combined with risk.In the situation with risk,how to make appropriate economic decisions has always been an important issue to many disciplines such as economics,management,and psychology.The framing effect is a typical phenomenon in risk decision-making.It was first proposed by Tversky and Kahneman in 1981.It is believed that adopting different ways of expressing the same problem will produce completely different risk preferences.Nowadays,framing effect is widely used in different fields such as management and marketing.Individuals show different risk preferences and make irrational economic decision.Existing studies often use the simple decision task of "choosing one out of two" to describe and explain the framing effect and its influencing factors.However,whether these results are applicable to dynamically changing risk decision-making situations is still insufficient.Whether the lack of sleep due to accelerated life pace and increased work pressure will affect the framing effect in risk decision-making also remains unknown.In recent years,with the development of neuroimaging technology and the application of neuroscience methods,the research of economic decision-making has found new growth points.This type of cross-study mainly focuses on the cognitive neural mechanism of economic decisionmaking.It uses more objective and direct physiological indicators to describe and explain individual decision-making behavior,which has contributed to the construction of a more effective economic decision-making theoretical model.However,combined with the experimental methods of neuroscience,the research on the framing effect and influencing factors of economic decision-making in the dynamic risk decision-making situation is still lacking.This research focuses on the framing effect in economic decision-making under dynamic risk context,comprehensively uses decision neuroscience methods,behavioral experiments and questionnaire surveys.By using the balloon analogue risk task(BART),which can create a dynamic decision context,exploring the framing effect of economic decision-making,the impact of sleep quality and its brain mechanism through three ways.According to the questionnaire research,the framing effect has a significant impact on risk decision-making,and individuals are more inclined to seek risk under the loss frame than the gain frame.In the further study of behavioral data analysis,there is a marginally significant interaction between sleep quality and frames.Compared with lower sleep quality group,the framing effect is more significant in higher sleep quality group,and individuals are more inclined to take risks in the loss frame.Finally,results of ERP research show that there is a significant interaction between the frame and feedback,and a larger negative FRN wave is triggered under negative feedback.Furthermore,in the analysis of negative feedback,the main effect of the frame is significant,and there is a significant interaction between sleep quality and the frame.The negative FRN wave in the gain frame is larger than the loss frame.The results show that framing effect affects risk preference and is modulated by sleep quality.The framing effect is more pronounced in the better sleep quality group.The results of this paper reveal the effects of framing effects and sleep quality in dynamic risk decision-making situations and their corresponding neural mechanisms.It provides experimental basis and guidance to people how to understand the influence of framing effects and sleep insufficiency in real economic decision-making activities.