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Thoughtful Days and Valenced Nights: How Much Will You Think About the Problem?

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  • Todd McElroy
  • David L. Dickinson

Abstract

Research investigating risk preference has pointed towards motivation and ability as important factors for determining the strength and likelihood of the framing effect. In the current study we explored the influence of individual differences in motivation and ability through circadian rhythm. We predicted that during circadian off-times participants would exhibit stronger framing effects whereas framing effects would be relatively weaker during on-times. Six-hundred and eighty five individuals took part in the study; the findings supported our hypothesis, revealing a diurnal pattern of risk responding that varies across the 24-hour circadian cycle. Key Words:

Suggested Citation

  • Todd McElroy & David L. Dickinson, 2010. "Thoughtful Days and Valenced Nights: How Much Will You Think About the Problem?," Working Papers 10-06, Department of Economics, Appalachian State University.
    • Handle: RePEc:apl:wpaper:10-06
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    File URL: http://econ.appstate.edu/RePEc/pdf/wp1006.pdf
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    References listed on IDEAS

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    1. Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2009. "Cognitive abilities and behavioral biases," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 147-152, October.
    2. Ellen Peters & Irwin P. Levin, 2008. "Dissecting the risky-choice framing effect: Numeracy as an individual-difference factor in weighting risky and riskless options," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3(6), pages 435-448, August.
    3. repec:cup:judgdm:v:3:y:2008:i:6:p:435-448 is not listed on IDEAS
    4. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    5. Subimal Chatterjee & Timothy B. Heath & Sandra J. Milberg & Karen R. France, 2000. "The differential processing of price in gains and losses: the effects of frame and need for cognition," Post-Print hal-00670450, HAL.
    6. Fagley, N. S. & Miller, Paul M., 1997. "Framing Effects and Arenas of Choice: Your Money or Your Life?," Organizational Behavior and Human Decision Processes, Elsevier, vol. 71(3), pages 355-373, September.
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    Cited by:

    1. Dickinson, David L. & McElroy, Todd, 2017. "Sleep restriction and circadian effects on social decisions," European Economic Review, Elsevier, vol. 97(C), pages 57-71.
    2. David L. Dickinson & Andrew R. Smith & Robert McClelland, 2019. "An Examination of Circadian Impacts on Judgments," Working Papers 19-11, Department of Economics, Appalachian State University.
    3. Mehdi Hossain & Ritesh Saini, 2014. "Suckers in the morning, skeptics in the evening: Time-of-Day effects on consumers’ vigilance against manipulation," Marketing Letters, Springer, vol. 25(2), pages 109-121, June.
    4. Marco Castillo & David L. Dickinson & Ragan Petrie, 2017. "Sleepiness, choice consistency, and risk preferences," Theory and Decision, Springer, vol. 82(1), pages 41-73, January.

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