Year: 2021
Type: article
Abstract: In this paper we discuss the link between risky decisions and regret, uncertainty about choice and willing to change the chosen option. We used a classic and modified versions of “Asian disease” task. The modification consisted in adding a series of side effects to the sure option to decrease it's the preferability. An attempt to replicate framing effect, action effect and its inversion in certain and uncertain decision-makers was made. The estimation of utility through integration of information about alternatives and role of metacognitive processes in choice are discussed. Accordingly to results the uncertain decision-makers tend to feel regret about choosing safe option in loss domain. Action effect and its inversion were not found. The inversion of framing-effect in uncertain decision-makers in loss domain was shown. In conclusion, the absence of framing effect in loss domain can be explained by strong the differences between certain and uncertain decision-makers.
Authors: Artem P. Karabanov, Mikhail A. Varenov
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4200526646