English, Article, Journal or magazine article edition: Framing and stakes: A survey study of decisions under uncertainty Baucells, Manel; Rata, Cristina

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Bookmark: http://trove.nla.gov.au/version/171190
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Framing and stakes: A survey study of decisions under uncertainty
Author
  • Baucells, Manel
  • Rata, Cristina
Physical Description
  • preprint
Notes
  • Using a survey study of 261 decisions under uncertainty, we explore the factors that explain risk taking behavior and those that predict the importance of a decision. We also examine the relationship between framing and status quo, the similarity between monetary and non-monetary decisions, as well as the similarities and differences among our three subject groups (Undergraduates, MBAs and Executives). We find that framing, domain, and probability of success have a strong influence on the probability of taking risks. Other factors, such as group, importance of a decision, and whether the consequences are monetary or not, do not seem to influence risk attitudes. Our analysis of importance of a decision highlights the frequency with which a decision is taken as a key variable. Our results suggest that the cumulative effects of unimportant and frequent decisions are greater than the cumulative effects of very important and infrequent decisions.
  • Decision making under uncertainty; Framing; Importance and frequency of decisions;
  • RePEc:ebg:iesewp:d-0568
Language
  • English
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