Prospect Theory in Times of a Pandemic: The Effects of Gain versus Loss Framing on Policy Preferences and Emotional Responses During the 2020 Coronavirus Outbreak

Abstract

During the 2020 coronavirus pandemic, citizens and governments across the globe relied heavily on the legacy media: Not only to inform people about fast-paced developments in the midst of a crisis, but also to stimulate compliance with strict interventions. Prospect theory postulates that gain versus loss framing may affect preferences for different interventions. In a conceptual replication of Tversky and Kahneman’s seminal prospect theory, findings from surveys in the US and the Netherlands (N = 1,121) demonstrate that gain frames of the coronavirus promote support for risk-aversive interventions, whereas loss frames result in more support for risk-seeking alternatives. Beyond these preferences, gain frames yield slightly more support for strict interventions such as a lockdown than loss frames. Loss frames elicit stronger negative emotions, such as frustration and powerlessness. The experience of powerlessness, in turn, mediates the effects of loss versus gain frames on support for stricter interventions. Together, these findings indicate that framing the pandemic in terms of gains may be most effective in promoting support for the strict preventative measures that have been taken throughout the globe.

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