Risky-choice framing and its null effect on integral emotions

Abstract

The effects of risky-choice framing are well-established and have been demonstrated in several decision contexts. Recent research has pointed to a role for affect and emotions in risky-choice framing, but those findings may have been influenced by carry-over effects due to the use of multiple decision problems. In a one-off decision, the effects of riskychoice framing on affect and emotions remain unclear. This article extends the risky-choice framing literature by using the Emotion-Imbued Choice model to investigate whether integral fear and anger can account for the effects of risky-choice framing in a one-off decision. In two studies involving a one-off decision about internet connectivity and human lives respectively, we expected higher levels of integral fear in participants who chose the certain option in the positive framing condition as compared to the negative framing condition, and also higher levels of integral anger in participants who chose the risky option in the negative framing condition as compared to the positive framing condition. Our findings did not support these hypotheses and suggest that the effects of risky-choice framing are not due to integral emotions. We explained our findings by proposing that the choice architecture involved in risky-choice framing prevents integral emotions from becoming attached to the choice options because it offers a less effortful decision tactic than considering one's emotional response to those options. We call for future research to investigate this possibility and to also consider the demand characteristics of conducting risky-choice framing problems online.

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“…Their findings revealed that negative emotions (such as fear) influenced risky investment decision-making, resulting in more distorted probabilities weighting when making decisions. In addition, Cheng et al (2022) also found in their empirical study that incidental emotions (such as fear and anger) influence risky investment decisions. Moreover, Arıkan _ Iyilikci and Amado (2018) also revealed in their empirical study that individuals with certainty-associated conditions outperformed individuals with uncertaintyassociated conditions (such as fear or sadness) in a gambling task.…”

“…EIC model depicts how rational choice inputs, in conjunction with (a) integral emotions arising from past decisions (e.g. past experiences/probabilities), (b) incidental emotions (such as anger, anxiety) and (c) personality traits (such as impulsivity and self-efficacy), affect an individual's decision-making (Cheng et al, 2022;Lerner et al, 2015;Traczyk and Fulawka, 2016;Wyer et al, 2019). In addition, Lerner et al (2015) states that integral emotions are mostly related to an individuals' past experiences/judgements in decision-making, whereas incidental emotions are considered to be induced within an individual without their awareness and has a triggering effect on an individuals' decisionmaking behaviour.…”

“…EIC model depicts how rational choice inputs, in conjunction with (a) integral emotions arising from past decisions (e.g. past experiences/probabilities), (b) incidental emotions (such as anger, anxiety) and (c) personality traits (such as impulsivity and self-efficacy), affect an individual's decision-making (Cheng et al ., 2022; Lerner et al ., 2015; Traczyk and Fulawka, 2016; Wyer et al ., 2019). In addition, Lerner et al .…”

“…Further, it is seen that individuals do have a positive emotional attachment towards a specific food, sport, or a movie star. Additionally, the reason behind this inclination towards their choices/decision is because of effects of integral emotions that are developed within an individual based on their past experiences (Damasio, 2006; Lerner et al ., 2015; Västfjäll et al ., 2016; Cheng et al ., 2022). However, incidental emotions such as happiness, anger, sadness and anxiety are seen to arise without awareness of an individual and have triggering effects on an individual's decision-making behaviour (Lerner et al ., 2015; Loewenstein and Lerner, 2003; Zaleskiewicz and Traczyk, 2020; Wyer et al ., 2019).…”

“…Their findings revealed that negative emotions (such as fear) influenced risky investment decision-making, resulting in more distorted probabilities weighting when making decisions. In addition, Cheng et al . (2022) also found in their empirical study that incidental emotions (such as fear and anger) influence risky investment decisions.…”