Risky choice framing with various problem descriptions: A replication and extension study

Abstract

AbstractIn “Risky choice framing: Task versions and a comparison of prospect theory and fuzzy-trace theory”, Kühberger and Tanner (2010) examined the impacts of removing stated zero/non-zero complements of risky options on the gain/loss framing effect. They also tested two rival theoretical explanations for this effect: prospect theory and fuzzy-trace theory. The present study aimed to examine the reliability and robustness of the evidence provided by Kühberger and Tanner by precise replication in Study 1. The original findings were reported for conditions in which the probability of the risky option was fixed, and the expected value of the two alternatives was approximately equivalent. The present study also aimed to examine the generality of their findings under additional conditions in which large, medium and small probabilities of the risky option were assigned, and the expected value of the certain or risky options differed. The main findings of Kühberger and Tanner (2010) were successfully replicated and confirmed under the original and additional conditions. The implications of these findings are discussed.