Relations between metacognitive processes and differences in framing effect performance

Abstract

In this paper we discuss the link between risky decisions and regret, uncertainty about choice and willing to change the chosen option. We used a classic and modified versions of “Asian disease” task. The modification consisted in adding a series of side effects to the sure option to decrease it's the preferability. An attempt to replicate framing effect, action effect and its inversion in certain and uncertain decision-makers was made. The estimation of utility through integration of information about alternatives and role of metacognitive processes in choice are discussed. Accordingly to results the uncertain decision-makers tend to feel regret about choosing safe option in loss domain. Action effect and its inversion were not found. The inversion of framing-effect in uncertain decision-makers in loss domain was shown. In conclusion, the absence of framing effect in loss domain can be explained by strong the differences between certain and uncertain decision-makers.

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