The Framing of Social Comparisons: Driving Upward and Downward Directions in Risky Decision Making

Download or read book The Framing of Social Comparisons: Driving Upward and Downward Directions in Risky Decision Making written by Marios Andrianos and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The present study investigated the influence of social comparisons and framing effect on risky decision making. Prospect theory has successfully addressed several deviations of risky decision-making with framing effects to have been largely discussed in literature. Previous research has suggested that decision making under uncertainty is sensitive to social reference points, yet few evidences exist regarding the combined effect of framing and social comparisons. The aim of the current study was to investigate the role of attribute framing in relative performance feedback with upward social comparisons expected to lead to a greater risk-seeking behavior compared to downward social comparisons. Differences on risky decision making were also examined between high and low performance rankings, gain and loss trials, and different expected values between the decision probable outcomes. The sample consisted of 113 undergraduate students (60 females). A cross-sectional 2x2x2x3 mixed factorial experimental design was adopted. Purported relative performance feedback was given to participants in relation to the Cognitive Reflection Test. Feedback was presented in short vignettes in the form of upward-framed and downward-framed social comparisons in respect to high-ranking and low-ranking positions. Participants completed a Two-Outcomes Risky Decision-Making Task that included manipulation of expected values among probable outcomes within trials of gains and trials of losses. A four-way mixed analysis of variance was performed. Between-subjects analysis revealed that upward-framed social comparisons lead to increased risk-seeking compared to downward-framed social comparisons (p = .022). Different performance rankings did not have a significant effect on risky decision making. Within-subjects analysis showed that risk-seeking was greater in gain trials compared to loss trials (p