Exploring the boundaries of the framing effect: The moderating roles of disparate expected values and perceived costs of judgmental errors |
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Authors: | James J Kellaris Frank R Kardes Theresa Dinovo |
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Institution: | (1) Department of Marketing, University of Cincinnati, 433 Carl H. Lindner Hall, 45221-0145 Cincinnati, OH;(2) Northlick, Stolley, and LeWarre, USA |
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Abstract: | Framing effects on retail store choice decisions were investigated in four experiments. Subjects preferred the store that guaranteed (a sure option) good prices (experiment 1), product availability (experiment 2), or a rebate (experiment 3) when consequences were framed in terms of gains; subjects preferred the risky option when consequences were framed in terms of losses. Consistent with fuzzy-trace theory, framing effects were reduced when the expected values of options were disparate in a direction that disfavored sure gain or probabilistic loss options (experiment 2) and when the perceived costs of committing a judgmental error were high (experiment 3). Experiment 4 shows that the moderating effects of disparate expected values and costs of judgment errors generalize to within-subject designs. |
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Keywords: | Prospect theory decision frames framing effect judgmental biases |
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