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Explaining Risk Attitude in Framing Tasks by Regulatory Focus: A Verbal Protocol Analysis and a Simulation Using Fuzzy Logic

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  • Anton Kühberger

    (Department of Psychology, University of Salzburg, A-5020 Salzburg, Austria)

  • Christian Wiener

    (Department of Psychology, University of Salzburg, A-5020 Salzburg, Austria)

Abstract

We investigate the role of salient regulatory focus for risk attitude in framed gambles. In Experiment 1 we measured regulatory focus by collecting verbal protocols and found that people avoided risk under prevention focus and preferred risk under promotion focus. In Experiment 2 the same result was found when measuring people's regulatory focus with a questionnaire. Finally, the questionnaire data were used as inputs for simulating the choices of our participants by a fuzzy-logic decision generator. The findings show that regulatory focus has a strong effect on risk attitude and that risk attitude in framing tasks can be successfully modeled as some form of fuzzy processing.

Suggested Citation

  • Anton Kühberger & Christian Wiener, 2012. "Explaining Risk Attitude in Framing Tasks by Regulatory Focus: A Verbal Protocol Analysis and a Simulation Using Fuzzy Logic," Decision Analysis, INFORMS, vol. 9(4), pages 359-372, December.
    • Handle: RePEc:inm:ordeca:v:9:y:2012:i:4:p:359-372
    DOI: 10.1287/deca.1120.0254
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    References listed on IDEAS

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    Cited by:

    1. L. Robin Keller & Ali Abbas & J. Eric Bickel & Vicki M. Bier & David V. Budescu & John C. Butler & Enrico Diecidue & Robin L. Dillon-Merrill & Raimo P. Hämäläinen & Kenneth C. Lichtendahl & Jason R. W, 2012. "From the Editors ---Brainstorming, Multiplicative Utilities, Partial Information on Probabilities or Outcomes, and Regulatory Focus," Decision Analysis, INFORMS, vol. 9(4), pages 297-302, December.

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