Framing effects on risk-taking behavior: evidence from a field experiment in multiple choice tests
Fecha
2022Versión
Acceso abierto / Sarbide irekia
Tipo
Artículo / Artikulua
Versión
Versión publicada / Argitaratu den bertsioa
Identificador del proyecto
Impacto
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https://doi.org/10.1007/s10683-022-09748-9
Resumen
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, ...
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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. [--]
Materias
Framing,
Prospect theory,
Loss-aversion,
Risk-taking,
Test taking,
Non-response
Editor
Sringer
Publicado en
Experimental Economics, 2022.
Departamento
Universidad Pública de Navarra. Departamento de Economía /
Nafarroako Unibertsitate Publikoa. Ekonomia Saila
Versión del editor
Entidades Financiadoras
Pau Balart and Lara Ezquerra acknowledge financial support from Fundación Ramón Areces through the XVII Concurso Nacional para la Adjudicación de Ayudas a la Investigación en Ciencias Sociales. Iñigo Hernandez-Arenaz acknowledges financial support from Ministerio de Ciencia, Innovación y Universidades (PID2019-108343GA-I00).