Object valence as a moderator of the framing effect on risk preference
This paper tests an extension of prospect theory by comparing individuals' risk preferences for desirable and undesirable decision objects. Results show that decision objects' valence significantly moderated the relationship between frame of reference and risk preferences: Individuals were...
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| Veröffentlicht in: | Journal of economic behavior & organization 1996-08, Vol.30 (2), p.241-256 |
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| container_end_page | 256 |
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| container_title | Journal of economic behavior & organization |
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| creator | Kessler, Eric H. Ford, Cameron M. Bailey, James R. |
| description | This paper tests an extension of prospect theory by comparing individuals' risk preferences for desirable and undesirable decision objects. Results show that decision objects'
valence significantly moderated the relationship between frame of reference and risk preferences: Individuals were riskaverse when faced with value-increasing contingencies and risk-seeking when faced with valuedecreasing contingencies. Further, qualitative data suggest that prospect theory's generalizability is limited in multi-goal problems and under conditions where probabilities can be actively managed. These extensions clarify the applications of prospect theory in more contextually embedded decision making environments. |
| doi_str_mv | 10.1016/S0167-2681(96)00860-8 |
| format | Article |
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valence significantly moderated the relationship between frame of reference and risk preferences: Individuals were riskaverse when faced with value-increasing contingencies and risk-seeking when faced with valuedecreasing contingencies. Further, qualitative data suggest that prospect theory's generalizability is limited in multi-goal problems and under conditions where probabilities can be actively managed. These extensions clarify the applications of prospect theory in more contextually embedded decision making environments.</description><subject>Decision making</subject><subject>Decision theory</subject><subject>Economic behaviour</subject><subject>Economic theory</subject><subject>Framing effect</subject><subject>Multi-goal decisions</subject><subject>Preferences</subject><subject>Probability</subject><subject>Prospect theory</subject><subject>Risk</subject><subject>Risk preferences</subject><subject>Studies</subject><subject>Valence</subject><issn>0167-2681</issn><issn>1879-1751</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1996</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><sourceid>K30</sourceid><sourceid>7QJ</sourceid><recordid>eNqFkV1rFTEQhoNY8Fj9CUJQEL1Ym4_N15VIsX5Q6EXr9ZDNzrY5nt2syZ4D_fdme6QXghh4Z26ed5jMS8grzj5wxvXZdS2mEdryd06_Z8xq1tgnZMOtcQ03ij8lm0fkGXleypbVZ4TbkIurbothoQe_wykg9YV6OqYes19Spmmgyx3SIfsxTrcUh2GF00RzLD_pnHHAvPpekJPB7wq-_NNPyY-LzzfnX5vLqy_fzj9dNkEJsTSD6BUK4UVnfC9Ma2wbHGOBGexE67VQCnv0wXneCVTaBN52RvVdJ43krZen5O1x7pzTrz2WBcZYAu52fsK0LyCt04YJV8HXf4HbtM9T3Q2EZFYa41iF3vwL4lY6K1otV0odqZBTKfXLMOc4-nwPnMEaADwEAOt1wWl4CABs9X0_-jLOGB5NiLjFLuVbOID0ktVyX8VdtUofq0TVvPaWg1Aa7paxDvt4HIb1uoeIGUqI6-X7mGsk0Kf4n3V-A5HgpDc</recordid><startdate>19960801</startdate><enddate>19960801</enddate><creator>Kessler, Eric H.</creator><creator>Ford, Cameron M.</creator><creator>Bailey, James R.</creator><general>Elsevier B.V</general><general>Elsevier</general><general>North-Holland Pub. 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| identifier | ISSN: 0167-2681 |
| ispartof | Journal of economic behavior & organization, 1996-08, Vol.30 (2), p.241-256 |
| issn | 0167-2681 1879-1751 |
| language | eng |
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| source | RePEc; Periodicals Index Online; Applied Social Sciences Index & Abstracts (ASSIA); Access via ScienceDirect (Elsevier) |
| subjects | Decision making Decision theory Economic behaviour Economic theory Framing effect Multi-goal decisions Preferences Probability Prospect theory Risk Risk preferences Studies Valence |
| title | Object valence as a moderator of the framing effect on risk preference |
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