EFFECT OF DECISION TIME ON FRAMING OF DECISION - A CASE OF RISKY CHOICE BEHAVIOR

The purpose of this study was to examine the effect of time for decision on framing of decision in risky choice problem. Subjects were 114 men and women. The results were as follows. 1. In the condition where decision makers thought about decision problems for a relatively short time, a framing effect (Tversky & Kahneman, 1981, Science, 211, 453-458.) was observed: Most of the subjects chose the riskless option when decision options were phrased positively in terms of gains, whereas most of the subjects chose the risky option when options were phrased negatively in terms of losses. 2. However, in the condition where decision makers thought about problems for sufficiently long time, the framing effect was not observed: most of the subjects showed a consistent choice pattern.