Money, Lives, and Frames: What Evidence from Bulgarian Students Tells about Framing of Risky Choices
Money, Lives, and Frames: What Evidence from Bulgarian Students Tells about Framing of Risky Choices

Summary/Abstract: Prospect theory accounted for the framing effect by assuming an automatic translation of the problem content into expected utilities and a passive acceptance of the externally provided frame regardless of problem content. The size of the framing effect in the famous Asian Disease problem initially suggested that these assumptions are met but subsequent research showed otherwise. In a dataset collected during regular class sessions among Bulgarian students, a framing effect was found for monetary problems but not for the Disease problem. These results are consistent with previous findings by the author and add to the view that a top-down and domain-specific approach might be a necessary complication when one is aiming to account for the psychological processes during risky choices.

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