Framing effects on risk-taking behavior: evidence from a field experiment in multiple-choice tests |
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Authors: | Balart Pau Ezquerra Lara Hernandez-Arenaz Iñigo |
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Institution: | 1.Department of Business Economics, Universitat de les Illes Balears, Cra de Valldemossa, km 7.5 (Ed. Jovellanos), 07122, Palma, Spain ;2.Department of Economics, Public University of Navarre, Campus Arrosadia, 31006, Pamplona/Iru?a, Spain ; |
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Abstract: | We exploit testing data to gain better understanding on framing effects on decision-making and performance under risk. In a randomized field experiment, we modified the framing of scoring rules for penalized multiple-choice tests. In penalized multiple-choice tests, right answers are typically framed as gains while wrong answers are framed as losses (Mixed-framing). In the Loss-framing proposed, both non-responses and wrong answers are presented in a loss domain. According to our theoretical model, we expect the change in the framing to decrease students’ non-response and to increase students’ performance. Under the Loss-framing, students’ non-response reduces by a 18%-20%. However, it fails to increase students’ scores. Indeed, our results support the possibility of impaired performance in the Loss-framing. |
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