Risky choice framing by experience: A methodological note

Abstract

In classic research on judgment and decision making under risk, risk is described by providing participants with the respective outcomes and probabilities in a summary format. Recent research has introduced a different paradigm – decisions-by-experience – where participants learn about risk by sampling from the outcomes, rather than by summary descriptions. This latter research reports a description-experience gap, indicating that some of the classic patterns of risk attitude reverse when people experience the risk. Recent research has attempted to investigate risky choice framing in the decisions-by-experience paradigm. I discuss how this research runs into problems in properly manipulating framing in decisions by experience. Drawing from framing research with animals, I argue that framing effects also exist in experience tasks. The classic Asian Disease task, however, awaits proper translation into an experience paradigm.