Event Title

Decision Making Under Uncertainty

Location

CSU Ballroom

Start Date

21-4-2014 2:00 PM

End Date

21-4-2014 3:30 PM

Student's Major

Psychology

Student's College

Social and Behavioral Sciences

Mentor's Name

Emily Stark

Mentor's Email Address

emily.stark@mnsu.edu

Mentor's Department

Psychology

Mentor's College

Social and Behavioral Sciences

Description

People make hundreds of decisions every day, and very little is known about how they do this. A big question in decision-making is how people make decisions when faced with uncertainty. It has been shown by Tversky and Kahneman (1981) that people are affected by the framing effect when faced with an uncertain decision. This experiment was designed to look at the effects of providing a rationale for an uncertain decision, and also looked if being a rational or intuitive thinker affected the decisions. This study included an online survey of two loss of life questions and two monetary gamble questions that were framed either positively or negatively. Some participants were asked to justify their answer before submitting it, another group were asked to justify their answers after they were submitted, and the last group was not asked to submit a justification. After the four questions, everyone took survey that showed whether he or she tended to think emotionally or rationally. Preliminary analyses of the results show that frame did affect choice as predicted, but the effect of personality traits on choice is less clear.

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Apr 21st, 2:00 PM Apr 21st, 3:30 PM

Decision Making Under Uncertainty

CSU Ballroom

People make hundreds of decisions every day, and very little is known about how they do this. A big question in decision-making is how people make decisions when faced with uncertainty. It has been shown by Tversky and Kahneman (1981) that people are affected by the framing effect when faced with an uncertain decision. This experiment was designed to look at the effects of providing a rationale for an uncertain decision, and also looked if being a rational or intuitive thinker affected the decisions. This study included an online survey of two loss of life questions and two monetary gamble questions that were framed either positively or negatively. Some participants were asked to justify their answer before submitting it, another group were asked to justify their answers after they were submitted, and the last group was not asked to submit a justification. After the four questions, everyone took survey that showed whether he or she tended to think emotionally or rationally. Preliminary analyses of the results show that frame did affect choice as predicted, but the effect of personality traits on choice is less clear.

Recommended Citation

Person, Carter. "Decision Making Under Uncertainty." Undergraduate Research Symposium, Mankato, MN, April 21, 2014.
http://cornerstone.lib.mnsu.edu/urs/2014/poster_session_B/41