The moderating effect of a no-choice option on risky framing effect

Abstract

Risky framing effects refer to changes in risk preferences as a result of how choices are verbally presented, such as in terms of gains or losses. Prior research on framing has produced mixed results, with only some showing reliable framing effects. We argue that this is because different framing studies have created different levels of between-alternative conflict. Two studies were conducted to examine how different levels of between-alternative conflict and the inclusion of a no-choice option influence framing effects using both between- and within-individuals experimental designs. These studies found that high levels of between-alternative conflict were associated with framing effects, and that high levels of between-alternative conflict were moderated by including the no-choice option in the choice set. Taken together, these two studies demonstrated that the inclusion of a no-choice option provides an alternative way of resolving difficult choices regarding decision frames that are not available when individuals are forced to choose. It is concluded that between-alternative conflict makes people influenced by decision frames and determines the appearance of the framing effect.

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