AFFECT AND THE FRAMING EFFECT WITHIN INDIVIDUALS OVER TIME: RISK TAKING IN A DYNAMIC INVESTMENT SIMULATION

• 成果类型: Article
• 署名作者: Seo, Myeong-Gu; Goldfarb, Brent; Barret, Lisa Feldman
• 署名单位: University System of Maryland; University of Maryland College Park; Boston College
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/AMJ.2010.49389383
• 发表日期: 2010
• 页码: 411-431
• 关键词: PROSPECT-THEORY; positive affect; STRATEGIC PERSISTENCE; VALENCE FOCUS; CORE AFFECT; mood; emotions; DECISION; PSYCHOLOGY; INFORMATION

摘要

We examined the role of affect (pleasant or unpleasant feelings) and decision frames (gains or losses) in risk taking in a 20-day stock investment simulation in which 101 participants rated their current feelings while making investment decisions. As predicted, affect attenuated the relationships between decision frames and risk taking. After experiencing losses, individuals made more risky choices, in keeping with the framing effect. However, this tendency decreased and/or disappeared when loss was simultaneously experienced with either pleasant or unpleasant feelings. Similarly, individuals' tendency to avoid risk after experiencing gains disappeared or even reversed when they simultaneously experienced pleasant feelings.