Framing and the Role of the Second Actor: An Application of Prospect Theory to Bargaining

An actor's frame of reference significantly affects that actor's risk attitude. Although the frame of reference is often taken as a given, earlier work shows it to be the result of an actor's assumptions and beliefs, which can be manipulated by a second actor in a bargaining situation. As modeled here, confidence in selected assumptions can be manipulated by one of two means: changing the confidence of the actor about the future domain, and getting the actor to adopt a particular domain by discounting the utility of a course of action. Both methods force a change in the perceived domain and a shift in risk attitude. In addition to showing manipulation of an actor's frame, the model adds to our understanding of Kahneman and Tversky's original expression of prospect theory.     

公共决策中的框架效应：理论解释及影响因素

公共决策中的框架效应是指在公共决策情境中, 人们的决策行为受媒体或领导人对同一问题的框架表述形式的影响而表现出不同决策偏好的现象。目前, 研究者对这一现象的解释主要有预期理论、查询理论和模糊痕迹理论。公共决策中框架效应的影响因素主要包括价值取向、知识水平、人际沟通、情绪以及框架的特征等。未来的研究需要从公共决策中框架效应的理论解释及神经机制、跨文化研究以及研究方式和应对策略等方面进一步探讨。     

封面故事、选项框架和损益概率对风险偏好的影响

以股市投资为背景设计决策问题,考查了问题的封面故事类型、备择选项框架和风险项的概率水平对327名股民被试和465名大学生被试的风险偏好的影响。结果表明,股民被试的风险偏好不同于大学生被试,前者在所有实验处理上呈现出稳定的风险回避倾向。大学生被试在不同类型的封面故事下呈现出不同的风险偏好。在传统的坏封面故事下,风险偏好只受到备择选项框架的影响,不受损益概率的影响,即出现经典的框架效应现象。在好封面故事下,风险偏好受到备择选项框架、损益概率及两者交互作用的影响,即在高概率水平上出现框架效应现象,在低概率水平上出现框架效应反转现象     

Prospect Theory in Political Science: Gains and Losses From the First Decade

Prospect theory offers a number of advantages that justify its use in the analysis of political behavior, but it also has some aspects that limit its wider applicability in political contexts. This article reviews recent research highlighting these successes and limitations. Future research on the incorporation of prospect theory into models of political behavior should focus on such areas as group decision-making, reference point specification, and emotion.     

The Prospects for Prospect Theory: An Empirical Evaluation of International Relations Applications of Framing and Loss Aversion

International relations theorists have tried to adapt prospect theory to make it relevant to the study of real-world decision-making and testable beyond the constraints of the laboratory. Three experiments with undergraduate samples were conducted in an effort to clarify the advantages and limitations of prospect theory as adapted to explain political behavior. The first experiment tested hypotheses regarding the impact of prospect framing on group polarization, but these were only weakly supported. The second and third experiments examined alternative adaptations of the concept of framing; the results suggest that the political science expansion of the concept of framing may, under certain conditions, produce clear and robust preference reversals.     

Framing and Risky Choice as Influenced by Comparison of One's Achievements with Others: The Case of Investment in the Stock Exchange

Based on social comparison theory and equity theory, the first aim of this study was to examine the hypothesis that framing is affected not only by previous success or failure, but also by comparisons with relevant others' outcomes as well. The second aim of the study was to examine prospect theory propositions that people are risk aversive for gains and risk seeking for losses. A total of 220 students were administered scenarios that described outcomes of their stock investments (gains or losses). In addition, they were provided with information about their close friends' outcomes investing in similar stocks. Generally, the hypothesis regarding the influence of others' outcomes on framing was confirmed. However, results showed that, in contradiction to prospect theory, gain framing rather than loss framing was related to risk seeking behavior. Specifically, in the gain framing situation, the readiness to take risks was highest when the others' outcomes were equal to those of the participants. The limitations of prospect theory are discussed.     

Institutional Prospects: Exploring Perceptions of Past Benefits and Future Risks From Supreme Court Decisions and Support for Institutional Change

This study investigates support for changes to the U.S. Supreme Court using prospect theory. Risk domain is alternatively conceptualized as the perception of retrospective benefits and future risks posed by Supreme Court decision-making. Two experiments explore how citizens think about gains and losses from Court outputs. Findings indicate that retrospective benefits are influenced by the relevant time frame respondents are asked to consider, political partisanship, and the interaction between them; prospective risks are affected by question wording, partisanship, and an interaction between respondents' partisanship and the relevant time frame. Using retrospective benefits as a proxy for determining if someone is in the domain of gains or losses does not yield consistent results regarding support for change to the Supreme Court. Conceptualizing risk domain in terms of the expectation of future gains and losses, however, does yield significant effects consistent with prospect theory.     

Cheating: One common morality for gains and losses but two components of morality itself

Previous studies show that decision makers (DMs) lie more to avoid a loss than achieve a gain. Two compelling mechanisms might explain this observation. One assumes that lying is a risky activity and relates to the shape of the monetary value function described by prospect theory, which assumes (a) increased risk taking for loss frames and (b) an asymmetry between the perceived values of losses and gains. The other relates to the importance of self-esteem functions as expressed in self-concept maintenance models, self-esteem issues being weighed against monetary issues. This alternative explanation assumes that a loss frame serves as a factor lowering moral considerations. We report an experimental study presenting sets of lotteries to DMs, once in a moral context and once in a traditional probabilistic context. The results show that DMs take less risk when lotteries are presented in a moral context. It is also shown that DMs take more risk for losses than gains, this holding for both the moral and probabilistic contexts. This latter result suggests that loss/gain asymmetry can be completely explained by prospect theory factors, and framing makes no difference to the valuing of moral considerations.     

经验决策：概念、研究和展望

传统风险决策研究范式中, 决策信息是事先限定的, 即在决策之前呈现各个决策选项的概率和收益, 被试基于这些信息进行决策。已有研究表明, 在传统风险决策任务中人们会高估小概率事件(rare event)。然而最近出现的一种基于不完整信息的决策形式, 即经验决策却对这一发现提出了挑战。研究发现, 人们在进行经验决策时会表现出对小概率事件的低估, 经验决策和传统决策形式之间存在差异。本文主要介绍经验决策的概念及其研究, 并从学习和不确定程度等角度对两种决策形式进行再认识, 以进一步理解经验决策并提出展望。     

Risk Orientation,Risk Exposure,and Policy Opinions: The Case of Free Trade

This research offers a general framework for thinking about how individual disposition towards risk influences public policy opinions. Affinity for or aversion to risk is, in part, a stable personality characteristic that interacts with risk and reward messages in complex policy debates. We examine the implications of this for public opinions about free trade with extensions to immigration policy. We argue and find that opinions about policy depend jointly upon one's exposure to potential gains or losses and one's risk orientation. The findings have implications for crafting and framing public policies because they highlight how individual characteristics are likely to shape the public response to policy proposals. Our findings suggest that there may be limits, in the aggregate, to the degree to which elites can alter the level of support for policies through framing or through offering risk‐mitigating policy provisions.     

A Comparison of ML,WLSMV, and Bayesian Methods for Multilevel Structural Equation Models in Small Samples: A Simulation Study

Multilevel structural equation models are increasingly applied in psychological research. With increasing model complexity, estimation becomes computationally demanding, and small sample sizes pose further challenges on estimation methods relying on asymptotic theory. Recent developments of Bayesian estimation techniques may help to overcome the shortcomings of classical estimation techniques. The use of potentially inaccurate prior information may, however, have detrimental effects, especially in small samples. The present Monte Carlo simulation study compares the statistical performance of classical estimation techniques with Bayesian estimation using different prior specifications for a two-level SEM with either continuous or ordinal indicators. Using two software programs (Mplus and Stan), differential effects of between- and within-level sample sizes on estimation accuracy were investigated. Moreover, it was tested to which extent inaccurate priors may have detrimental effects on parameter estimates in categorical indicator models. For continuous indicators, Bayesian estimation did not show performance advantages over ML. For categorical indicators, Bayesian estimation outperformed WLSMV solely in case of strongly informative accurate priors. Weakly informative inaccurate priors did not deteriorate performance of the Bayesian approach, while strong informative inaccurate priors led to severely biased estimates even with large sample sizes. With diffuse priors, Stan yielded better results than Mplus in terms of parameter estimates.