Framing effects on risk-taking behavior: evidence from a field experiment in multiple choice tests

Date

2022

Authors

Balart, Pau
Ezquerra, Lara

Director

Publisher

Sringer
Acceso abierto / Sarbide irekia
Artículo / Artikulua
Versión publicada / Argitaratu den bertsioa

Project identifier

  • AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2019-108343GA-I00/ES/ recolecta
Impacto

Abstract

We exploit testing data to gain better understanding on framing effects on decision-making and performance under risk. In a randomized field experiment, we modified the framing of scoring rules for penalized multiple-choice tests. In penalized multiple-choice tests, right answers are typically framed as gains while wrong answers are framed as losses (Mixed-framing). In the Loss-framing proposed, both non-responses and wrong answers are presented in a loss domain. According to our theoretical model, we expect the change in the framing to decrease students' non-response and to increase students' performance. Under the Loss-framing, students' non-response reduces by a 18%-20%. However, it fails to increase students¿ scores. Indeed, our results support the possibility of impaired performance in the Loss-framing.

Description

Keywords

Framing, Prospect theory, Loss-aversion, Risk-taking, Test taking, Non-response

Department

Economía / Ekonomia

Faculty/School

Degree

Doctorate program

item.page.cita

Balart, P.; Ezquerra, L.; Hernandez-Arenaz, I. (2022). Framing effects on risk-taking behavior: evidence from a field experiment in multiple choice tests. Experimental Economics.

item.page.rights

This article is licensed under a Creative Commons Attribution 4.0 International License

Licencia

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