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ISSN : 1226-9654

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Vol.21 No.4

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Influences of Cognitive Processing Levels on Framing Effects in Decision Making of Risk

The Korean Journal of Cognitive and Biological Psychology / The Korean Journal of Cognitive and Biological Psychology, (P)1226-9654; (E)2733-466X
2009, v.21 no.4, pp.249-263
https://doi.org/10.22172/cogbio.2009.21.4.001


& (2009). Influences of Cognitive Processing Levels on Framing Effects in Decision Making of Risk. The Korean Journal of Cognitive and Biological Psychology, 21(4), 249-263, https://doi.org/10.22172/cogbio.2009.21.4.001

Abstract

On problems involving risky choices, people tend to act risk-averse when the problem is framed in terms of gains and risk-seeking when the same problem is instead framed in terms of losses. This refers framing effect and is one of most investigated biases in research of judgment and decision making. Dual-process theories suggest that when analytical thinking system is activated through increasing cognitive processing levels, framing effects disappear or decrease. In order to test this hypothesis, we performed two experiments in which framing effects were investigated in different decision problems after we altered levels of cognitive processing of decision makers. In first experiment the level of cognitive processing was increased through demanding participants to choice options on the basis of reason. Significant framing effects in lives problems found in control group were disappeared in this reason-based group. The second experiment decreased the cognitive processing levels in decision problems through the manipulation of working memory(WM) load during risky decisions so that the choice was made while maintaining a concurrent WM load of random letters. Under cognitive load, not only lives problems but also property problems showed significant framing effects. The results of two experiments support hypothesis of dual-process theories. The need of further subsequent researches about the relationship between levels of cognitive processing and framing effects were discussed.

keywords
틀효과, 인지처리 수준, 이중사고체계, 결정짓기, framing effects, cognitive processing levels, dual-process theories, decision making, framing effects, cognitive processing levels, dual-process theories, decision making

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