Abstract
We report two studies investigating individual intuitive-deliberative cognitive-styles and risk-styles as moderators of the framing effect in Tversky and Kahneman's famous Unusual Disease problem setting. We examined framing effects in two ways: counting the number of frame-inconsistent choices and comparing the proportions of risky choices depending on gain-loss framing. Moreover, in addition to gain-loss frames, we systematically varied the number of affected people, probabilities of surviving/dying, type of disease, and response deadlines. Study 1 used a psychophysical data collection approach and a sample of 43 undergraduate students, each performing 480 trials. Study 2 was an online study incorporating psychophysical elements in a social science approach using a larger and more heterogeneous sample, i.e., 262 participants performed 80 trials each. In both studies, the effect of framing on risky choice proportions was moderated by risk-styles. Cognitive-styles measured on different scales moderated the framing effect only in study 2. The effects of disease type, probability of surviving/dying, and number of affected people on risky choice frequencies were also affected by cognitive-styles and risk-styles but different for both studies and to different extents. We found no relationship between the number of frame-inconsistent choices and cognitive-styles or risk-styles, respectively.