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Framing in the field. A simple experiment on the reflection effect

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Author Info

  • Michał Krawczyk

    ()
    (Faculty of Economic Sciences, University of Warsaw)

Abstract

This study makes use of an unusual opportunity to manipulate framing of a simple decision under uncertainty: whether or not to answer an exam question when unsure which answer is correct and a missing response is scored higher than an incorrect one. Two treatments were compared in a natural field experiment: one in which the decision was framed in terms of losses, and the other – in terms of gains. Some alternative theories of decision making under risk, notably prospect theory, propose that individuals display reflection effect, i.e. tend to be more risk-seeking in losses than gains. No such evidence was found: subjects were generally risk-averse and this disposition was not affected by treatment.

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File URL: http://www.wne.uw.edu.pl/inf/wyd/WP/WNE_WP54.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by Faculty of Economic Sciences, University of Warsaw in its series Working Papers with number 2011-14.

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Length: 14 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:war:wpaper:2011-14

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Related research

Keywords: framing; reflection effect; field experiments;

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References

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  1. Trautmann, S.T. & Vieider, F.M. & Wakker, P.P., 2008. "Causes of ambiguity aversion: Known versus unknown preferences," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3160951, Tilburg University.
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Cited by:
  1. Michał Krawczyk, 2011. "To answer or not to answer? A field test of loss aversion," Working Papers 2011-13, Faculty of Economic Sciences, University of Warsaw.

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