Individual differences in a within-subjects risky-choice framing study

Abstract

A within-subjects study investigated several different risky-choice framing problems patterned after Kahneman and Tversky's classic economic game, the Asian Disease problem, but included variations to increase generality. Risk-style and thinking-style were utilized to predict individual differences in response to the framing problems. Significant framing effects were found at both the item and composite level. Individual difference effects were rare when framing was strictly defined as a preference reversal. When a more encompassing preference shift defined framing, risk-averse individuals (measured by the Choice Dilemmas Questionnaire) and those scoring high on experiential (heuristic) thinking were more likely to show a framing effect. Discussion focuses on the meaning of these results in terms of individual susceptibility to framing. © 2010 Elsevier Ltd.