The Effects of Framing, Reflection, Probability, and Payoff on Risk Preference in Choice Tasks

A meta-analysis of Asian-disease-like studies is presented to identify the factors which determine risk preference. First the confoundings between probability levels, payoffs, and framing conditions are clarified in a task analysis. Then the role of framing, reflection, probability, type, and size of payoff is evaluated in a meta-analysis. It is shown that bidirectional framing effects exist for gains and for losses. Presenting outcomes as gains tends to induce risk aversion, while presenting outcomes as losses tends to induce risk seeking. Risk preference is also shown to depend on the size of the payoffs, on the probability levels, and on the type of good at stake (money/property vs human lives). In general, higher payoffs lead to increasing risk aversion. Higher probabilities lead to increasing risk aversion for gains and to increasing risk seeking for losses. These findings are confirmed by a subsequent empirical test. Shortcomings of existing formal theories, such as prospect theory, cumulative prospect theory, venture theory, and Markowitz's utility theory, are identified. It is shown that it is not probabilities or payoffs, but the framing condition, which explains most variance. These findings are interpreted as showing that no linear combination of formally relevant predictors is sufficient to capture the essence of the framing phenomenon.     

Ein neuer apparat für Herstellung quantitativ variabler akustischer Reize

Ohne Zusammenfassung Mit 1 Abbildung im Text.     

Binaural loudness gain measured by simple reaction time

In order to yield equal loudness, different studies using scaling or matching methods have found binaural level differences between monaural and diotic presentations ranging from less than 2 dB to as much as 10 dB. In the present study, a reaction time methodology was employed to measure the binaural level difference producing equal reaction time (BLDERT). Participants had to respond to the onset of 1-kHz pure tones with sound pressure levels ranging from 45 to 85 dB, and being presented to the right, the left, or both ears. Equal RTs for monaural and diotic presentation (BLDERTs) were obtained with a level difference of approximately 5 dB. A second experiment showed that different results obtained for the left and right ear are largely due to the responding hand, with ipsilateral responses being faster than contralateral ones. A third experiment investigated the BLDERT for dichotic stimuli, tracing the transition between binaural and monaural stimulation. The results of all three RT experiments are consistent with current models of binaural loudness and contradict earlier claims of perfect binaural summation.     

Polemics on Ethical Aspects in the Compost Business

This paper focuses on compost use in overpasses and underpasses for wild animals over roads and other similar linear structures. In this context, good quality of compost may result in faster and more resistant vegetation cover during the year. Inter alia, this can be interpreted also as reduction of damage and saving lives. There are millions of tones of plant residue produced every day worldwide. These represent prospective business for manufacturers of compost additives called “accelerators”. The opinions of the sale representatives’ with regards to other alternatives of biowaste utilization and their own products were reviewed. The robust analyzes of several “accelerated” composts revealed that the quality was generally low. Only two accelerated composts were somewhat similar in quality to the blank sample that was produced according to the traditional procedure. Overlaps between the interests of decision makers on future soil fertility were weighed against the preferences on short-term profit. Possible causes that allowed the boom of these underperforming products and the possible consequences are also discussed. Conclusions regarding the ethical concerns on how to run businesses with products whose profitability depends on weaknesses in the legal system and customer unawareness are to follow.     

Covert shifts of attention can account for the functional role of “eye movements to nothing”

When trying to remember verbal information from memory, people look at spatial locations that have been associated with visual stimuli during encoding, even when the visual stimuli are no longer present. It has been shown that such “eye movements to nothing” can influence retrieval performance for verbal information, but the mechanism underlying this functional relationship is unclear. More precisely, covert in comparison to overt shifts of attention could be sufficient to elicit the observed differences in retrieval performance. To test if covert shifts of attention explain the functional role of the looking-at-nothing phenomenon, we asked participants to remember verbal information that had been associated with a spatial location during an encoding phase. Additionally, during the retrieval phase, all participants solved an unrelated visual tracking task that appeared in either an associated (congruent) or an incongruent spatial location. Half the participants were instructed to look at the tracking task, half to shift their attention covertly (while keeping the eyes fixed). In two experiments, we found that memory retrieval depended on the location to which participants shifted their attention covertly. Thus, covert shifts of attention seem to be sufficient to cause differences in retrieval performance. The results extend the literature on the relationship between visuospatial attention, eye movements, and verbal memory retrieval and provide deep insights into the nature of the looking-at-nothing phenomenon.     

On the origin of worries about modern health hazards: Experimental evidence for a conjoint influence of media reports and personality traits

Objective: Worries about health threatening effects of potential health hazards of modern life (e.g. electric devices and pollution) represent a growing phenomenon in Western countries. Yet, little is known about the causes of this growing special case of affective risk perceptions termed Modern Health Worries (MHW). The purpose of this study is to examine a possible role of biased media reports in the formation of MHW.

Design: In two experiments, we investigated whether typical television reports affect MHW. In Study 1, 130 participants were randomly assigned to a film on idiopathic environmental intolerance (IEI) or a control film about cystic fibrosis. In Study 2, 82 participants were randomly assigned to either a film on the dangers of electromagnetic fields or a control condition.

Main outcome measures: Increases in MHW after sensational media reports.

Results: In Study 1, only participants high on the personality trait of absorption revealed increased MHW after watching the IEI film. In Study 2, specifically worries about radiation were found to be elevated after watching the film on the dangers of electromagnetic fields compared to the control film.

Conclusion: The results of both studies reveal a significant and specific influence of sensational short mass media reports on MHW. The influence of potential moderators such as absorption remains to be clarified.