The Sure Thing: The Role of Integral Affect in Risky Choice Framing

When faced with a decision, certain aspects of the decision itself shape our affective responses to choice options, which, in turn, influence our choices. These integral affective influences manifest as immediate feelings about choice options as well as the feelings that we anticipate we will feel after certain potential outcomes. We examined whether the effect of framing on risk taking can be explained through the mediating roles of immediate and anticipated affect. Two experiments were conducted using a gambling task. On each trial, participants were endowed a sum of money (e.g., $25) then presented with a choice between a sure option (leaving them with a portion of the initial endowment) and a gamble option (that could result in either keeping or losing the entire endowment). The sure option was framed differently across two within-participant conditions: as a gain (keep $20 from $25) or loss (lose $5 from $25). Experiment 1 examined whether immediate feelings toward choice options explain how framing the sure option as a loss versus a gain increases risk taking. Experiment 2 examined whether immediate and/or anticipated affect explain how framing guides risk taking. We found that the tendency to take risks to avoid sure losses was explained by immediate (not anticipated) affective evaluations of the sure option only. Individuals tended to take more risks when faced with sure losses due to greater negative immediate feelings that were evoked by sure losses relative to sure gains.