Framing in the field. A simple experiment on the reflection effect
AbstractThis 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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Bibliographic InfoPaper provided by Faculty of Economic Sciences, University of Warsaw in its series Working Papers with number 2011-14.
Length: 14 pages
Date of creation: 2011
Date of revision:
framing; reflection effect; field experiments;
Find related papers by JEL classification:
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-07-02 (All new papers)
- NEP-EXP-2011-07-02 (Experimental Economics)
- NEP-UPT-2011-07-02 (Utility Models & Prospect Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Stefan Trautmann & Ferdinand Vieider & Peter Wakker, 2008. "Causes of ambiguity aversion: Known versus unknown preferences," Journal of Risk and Uncertainty, Springer, vol. 36(3), pages 225-243, June.
- Michał Krawczyk, 2011.
"To answer or not to answer? A field test of loss aversion,"
2011-13, Faculty of Economic Sciences, University of Warsaw.
- MichaÅ‚ Krawczyk, 2012. "To answer or not to answer? A field test of loss aversion," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 29.
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