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The Exploratory Study for the Effect of Good and Bad Luck on Risky Decision: Perspective of Probabilistic Framing Effect  

Lee, Byung-Kwan (Department of Industrial Psychology, Kwangwoon University)
Lee, Guk-Hee (Department of Industrial Psychology, Kwangwoon University)
Publication Information
Korean Journal of Cognitive Science / v.26, no.3, 2015 , pp. 279-300 More about this Journal
Abstract
Present research was carried out on the level of exploration to verify that good luck increases probabilistic framing effect but bad luck decrease the effect. And we organized an experiment that designed experience of luck (good luck vs. bad luck vs. control) ${\times}$ probabilistic frame (high vs. low) and observed whether people response based on probabilistic frame or not. As a result, we observed the two-way interaction where experience of good luck increased probabilistic framing effect, while experience of bad luck decreased the effect (Figure 1). We expect to see more studies of contextual framing effect besides probabilistic frame (e.g., positive vs. negative; loss related to context vs. loss irrelevant to context).
Keywords
experience of luck; risky decision; common-ratio effect; common-consequence effect; probabilistic framing effect;
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Times Cited By KSCI : 3  (Citation Analysis)
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