Framing and repetition effects on risky choices: A behavioural approach

Abstract

Framing effects play an important role in individual decision-making under risk. This investigation revisits framing effects caused by two versions of the choice list procedure, lottery vs. lottery (LL) and lottery vs. certainty (LC). In the first, subjects face pairwise choices between lotteries within a choice list. In the second, subjects face pairwise choices between a safe amount and a lottery. In order to measure the sensitivity of subjects' choices to the structure of the tasks, we implement an incentivecompatible experiment using repetition in order to have a robust measure of the subjects' propensity to make a choice. Particularly, it is tested whether variations in the number of options offered in a choice list with and without variations in the range of options affect subjects' choices. Our results suggest that changes in framework disturb subjects' risk preferences only in the LC version when the range of options presented has been varied.

Choice Repetition Bias in Intertemporal Choice: An Eye‐Tracking Study

“…This is in line with similar effects reported for other value‐based decision tasks (Chung et al. 2023; Herranz‐Zarzoso, Sabater‐Grande, and Jaramillo‐Gutiérrez 2020; Senftleben, Kruse, et al. 2021; Senftleben and Scherbaum 2021).…”

“…Here, we found convincing evidence for these effects in an intertemporal choice task across two experiments. This is in line with similar effects reported for other value-based decision tasks (Chung et al 2023;Herranz-Zarzoso, Sabater-Grande, and Jaramillo-Gutiérrez 2020;Senftleben, Kruse, et al 2021;. We expected to see corresponding biases in attentional processes, such that participants would either show an option-based (where they focus on the same option they chose in the previous trial) or a dimension-based (where they focus on the dimension that favored their previous choice, such as the monetary dimension after making large or late choices, or the temporal dimension after making small or soon choices) attentional repetition bias.…”

“…In this paper, we focus on another factor that might impact intertemporal choice if seen as value-based decision making: biases from previous decisions, or more specifically, the choice repetition bias. The choice repetition bias (i.e., the tendency to repeat the previous choice and to perform choice repetitions faster than choice switches) has been long established in perceptual decision tasks (Bertelson 1961;Bonaiuto, de Berker, and Bestmann 2016;Cho et al 2002;Gao et al 2009;Remington 1969;Soetens, Boer, and Hueting 1985;Urai et al 2019) and has recently also been demonstrated in value-based decision tasks (Chung et al 2023;Herranz-Zarzoso, Sabater-Grande, and Jaramillo-Gutiérrez 2020;Senftleben, Kruse, et al 2021;. Here, we ask if this bias can also be found in intertemporal choice.…”

Choice repetition bias in intertemporal choice: An eye-tracking study

“…Here, we found convincing evidence for these effects in an intertemporal choice task across two experiments. This is in line with similar effects reported for other value-based decision tasks (Chung et al, 2023;Herranz-Zarzoso et al, 2020;. We expected to see corresponding biases in attentional processes, such that participants would either show an option-based (where they focus on the same option they chose in the previous trial) or a dimension-based (where they focus on the dimension that favoured their previous choice, such as the monetary dimension after making large or late choices, or the temporal dimension after making small or soon choices) attentional repetition bias.…”

“…In this paper, we focus on another factor that might impact intertemporal choice if seen as value-based decision making: bias from previous decisions, or more specifically, choice repetition biases. The choice repetition bias (i.e., the tendency to repeat the previous choice and to perform choice repetitions faster than choice switches) has been long established in perceptual decision tasks (Bertelson, 1961;Bonaiuto et al, 2016;Cho et al, 2002;Gao et al, 2009;Remington, 1969;Soetens et al, 1985;Urai et al, 2019) and has recently also been demonstrated in value-based decision tasks (Chung et al, 2023;Herranz-Zarzoso et al, 2020;. Here, we ask if this bias can also be found in intertemporal choice.…”