Intro Outline for Exp. 1: Framing Effects<\/p>\n
NOTE: You cannot take sentences directly from this outline. You must write in all in your own words<\/p>\n
Articles:<\/p>\n
Johnson (1987)<\/p>\n
Chien, et al. (1996)<\/p>\n
Kahneman & Tversky (1973) <\/p>\n
Hawkins & Hastie (1990)<\/p>\n
Slovic & Fischhoff (1977)<\/p>\n
YOU must find at least 5 more (you can use these in other sections of the paper as well)<\/p>\n
Introduce and define problem: we all make decisions and choices involving risk (uncertainty). Usually we are good at it; sometimes, not so much! (1,3)<\/p>\n
With uncertain decisions, we are essentially \u201cpredicting\u201d the likelihood of our desired result (1, 3)<\/p>\n
When dealing with uncertainty, 3 things affect our predictions (3)<\/p>\n
Prior knowledge\u00a0<\/p>\n
Specific info about the subject\/object\/person<\/p>\n
\u201cexpected accuracy of prediction\u201d (YOU MUST EXPLAIN WHAT THIS MEANS \u263a )<\/p>\n
C. When expected accuracy is low (i.e. we are not confident in our assessment), we rely more\/add more weight to prior knowledge and specific info (1, 3)<\/p>\n
This is especially true when we are not given all the information needed (1, 3)<\/p>\n
We then rely even more heavily on prior knowledge and heuristics<\/p>\n
D.\u00a0 New information can influence us to not rely on our own heuristics or prior experience (1)<\/p>\n
2. One such type of influence is framing (how things are worded).<\/p>\n
A. Define, explain, give example<\/p>\n
B. Some research looked at whether people would chose a positively framed option over a negatively framed one, even if they were the same (1, others, your own articles?)<\/p>\n
Demographic differences?\u00a0<\/p>\n
Seems robust- works on everyone,\u00a0 in every situation<\/p>\n
Except: when we take into account EUT and Prospect Theory (3)<\/p>\n
Expected Utility Theory: when making decisions, we assess probable outcomes by weighing the probabilities of each of them occurring (3)<\/p>\n
Prospect Theory: a modified (improved?) version of the EUT (your own articles)<\/p>\n
Focuses on decisions involving risk (gambles or prospects)<\/p>\n
Insurance example: People like the certainty of coverage for one event better than the possibility of coverage for a bunch of events<\/p>\n
Especially when it\u2019s better than the probability of what you might lose<\/p>\n
We select the option that we feel is most useful to us<\/p>\n
Compare to the idea of \u201cyou get what you pay for\u201d (1)<\/p>\n
Main point: people are risk aversive (avoid risk) when one of the options is a sure gain; and risk-takers when there is a certainty of a loss.\u00a0<\/p>\n
note that this is about the certainty and sure-gain options, compared to the possible or probable options.<\/p>\n
Researchers began looking at other factors that would influence our decision making, and if the Framing Effect is affected by these things. (your own articles)<\/p>\n
Demographic differences (others?)<\/p>\n
Hmm\u2026 so researchers began wondering if the TYPE of risk would be a factor<\/p>\n
Morality (others?)<\/p>\n
Monetary (2)<\/p>\n
Mortality (2)<\/p>\n
The results show\u2026<\/p>\n
However, overall, research has shown that we seem to be most affected by FE when<\/p>\n
we are personally involved in the situation. So how about level of involvement?<\/p>\n
Your own life? (others?)<\/p>\n
Loved one\u2019s life? (others?)<\/p>\n
Strangers\u2019 lives? (2, others?)<\/p>\n
The results show\u2026<\/p>\n
3.5 Hindsight Bias <\/p>\n
What is it? How does it influence decision-making\/outcome judgments? <\/p>\n
Why does Hindsight bias occur? <\/p>\n
Possible explanations? <\/p>\n
The current experiment (ours): Purpose:<\/p>\n
To understand the susceptibility of people to the framing effect by measuring differing responses based on either a positively or negatively framed prompt.<\/p>\n
Will replicate K&T \u201981 experiment, with the exception that we will only be using mortality-based scenarios.\u00a0(This article was not provided for Fall 2021)<\/p>\n
Hypothesis <\/p>\n","protected":false},"excerpt":{"rendered":"
Intro Outline for Exp. 1: Framing Effects NOTE: You cannot take sentences directly from this outline. You must write in<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-34319","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n